American - Public | February 4, 1953 -
Community banks are a crucial part of our economy and the fabric of our society.
Jerome Powell
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Although I have never worked in a community bank, I have been a customer, and I know from personal experience the special skills that these institutions bring to their customers.
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My colleagues on the Board of Governors and I understand the value of having a diverse financial system that includes a large and vibrant contingent of community banks.
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By fostering the economic health and vitality of local communities throughout the country, community banks play a central role in our national economy. One important aspect of that role is to serve as a primary source of credit for the small businesses that are responsible for creating a substantial proportion of all new jobs.
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We understand that America's prosperity is bound up with the prosperity of other nations, including emerging market nations.
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In a world of global trade and integrated capital markets, it is natural for economic and financial shocks and policy actions to be transmitted across borders.
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Over the longer run, advanced economy policy actions that strengthen global growth and global trade will benefit the EMEs as well.
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The financial crisis involved significant failures in the functioning, regulation, and supervision of OTC derivatives markets.
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