Financial History Issue 128 (Winter 2019) | Page 16

THE TICKER  MUSEUM NEWS that they deserve a license to operate, they generally can produce far greater, much more sustainable profitability. I’ve said this in the past and I’ll say it again: I am a committed globalist. I am proud of that. And I’m a committed capi- talist. But we have to recognize that we are living with the scars of the financial crisis and that the populism that we’re seeing is clear evidence of the fear that people have with their future, and maybe with their children’s future. We need to take the les- sons of what happened to heart. We need to put pressure on ourselves and the world to take a more long-term approach. I do believe it’s going to be up to public com- panies more than governments because the governmental cycle is making it even more difficult for a long-term approach. And, most importantly, for everyone in this room, we need to create a financial system that creates more inclusion and more economic opportunity. And, that again is why I believe in the Museum’s mission to study our financial past so we can be more secure about our financial future. WILLIAM C. DUDLEY Former President and Chief Executive Officer, Federal Reserve Bank of New York I’m delighted to have the opportunity tonight to introduce Dr. Janet Yellen. Janet, my congratulations to you for being this year’s recipient of the Whitehead Award for Distinguished Public Service and Financial Leadership. I’ve been for- tunate to have the opportunity to work closely with Janet for many years. Part of that has involved introducing her at various events, and believe me, that never gets old. One particular introduction I remem- ber most fondly: The New York Fed was hosting an anniversary celebration for high school students who had participated in the annual Fed Challenge. In the Fed Challenge, students debate US monetary policy, and they take on the roles of key players. And, of course in this role playing, everyone wants to be Janet. Now, Janet happened to be in the building that after- noon to do a town hall event with me and other Fed staff. But I imposed on her to stay a little while longer to come with me afterwards to make an unscheduled and unannounced visit to the Fed Challenge anniversary event. However, rather than making a grand entrance, I decided to make it a surprise. We sneaked in through the back door and slowly walked through the room, introducing ourselves to the students as we made our way to the front. The saucer-sized eyes on the teenagers we encountered as we filed in said it all: “I can’t believe it. There she is. There is Chair Yellen.” Seeing the look on their faces as they realized that this was indeed the real Janet Yellen was among the most satisfy- ing moments during my tenure at the Fed. It was pleasing to contemplate Janet, the Fed chair, as rock star. In contrast, I expect both Janet and I would put tes- tifying before Congress quite a bit fur- ther down our lists. Now this admiration offered Janet was also evident when she paid a final visit to the New York Fed last year soon after her retirement. She is beloved and a role model both for those who aspire to be central bankers in the future and for those who already are. So what makes Janet so special? Well, for me it’s very simple. She’s committed to public service, she has an extraordinary intellect, she’s an extremely hard worker, she’s a person of great integrity and she has the courage of her convictions. More- over, and I think this is important, she leads in a cooperative and collegial way, which empowers others and helps ensure 14    FINANCIAL HISTORY  |  Winter 2019  | www.MoAF.org that the best ideas do, in fact, win. These are the attributes of why she was such an effective leader of the Federal Reserve. When you look at Janet’s career, two things stand out: the length of her com- mitment to public service and the excel- lence with which she served. When Janet became chair of the Fed in 2014, she was without argument the most well-qualified individual ever to assume the role of Fed chair. Not only had she been a governor of the Fed and vice chair of the Fed, but she’d also been president of the San Francisco Fed. She alone had the experience and expertise to bridge the gap between the governors in Washington at the Board and the 12 Federal Reserve Bank presidents. Janet’s service at the Fed was marked by her powerful intellect and exceedingly good judgement. Janet artfully led the fed- eral open market committee in restoring the economy back to full employment and price stability. Now the task facing the Fed is very different: how to stay here. I don’t want to give you the impression that Janet is perfect. She’s close, but she’s not perfect. There is a strong view among her colleagues, for example, that she could be a little bit less cautious about ensuring that she gets to the airport on time. And, today when I came here with my wife Ann, I said let’s get there around 10 past six because I’m sure Janet will be there by then. And she was. But even her caution in making sure she gets to the airport on time has a silver lining. You can always count on her; she’s never going to miss a plane flight. Janet has also been a wonderful col- league and friend to me. We’ve had the type of trusting and supportive relation- ship that led to healthy discussion, debate and collaboration. In the end, I think her collegial approach got the best out of all her colleagues and resulted in better policy—policy that was superior in all its aspects, including design, implementation and communication. I’ve been extraordi- narily fortunate to have the opportunity to be her friend and to work closely with her during the financial crisis and on that long journey back from that crisis to full employment and a healthy US economy. So, without further ado, Janet the floor is yours.