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.

Regulation needs to catch up with innovation.

In terms of the overall economy, we've got challenges and the big focus has got to be on recovery, on repair, and that's going to take a while.

China and the U.S. are the two largest importers of oil. They are the two largest emitters of carbon.

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

Anticompetitive practices hurt Chinese private firms nearly as much as foreign ones.

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.