For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

What I've said repeatedly is, 'I think the auto industry is a very important industry.'

I have relied on prayer for health care all of my life.

India is a vibrant nation whose strength lies in its commitment to equal rights and to speech, religious and economic freedoms that enrich the lives of all citizens. India is not only the world's largest democracy; it is also a secular, pluralistic society committed to inclusive growth.

My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy.

It is the policy of the federal government to use all resources at its disposal to make our financial system stronger.

I've always said, 'I don't want to be irrelevant.'