Following is the text of remarks made by Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System at the Federal Reserve Bank of Kansas City Economic Symposium in Jackson Hole, Wyoming.
Republican presidential candidates promised to deliver the leadership that Washington needs to overcome congressional gridlock as they pitched their plans for jobs and taxes and called for the removal of Federal Reserve Chairman Ben Bernanke during a debate tonight at Dartmouth College in Hanover, New Hampshire. Participating in the event, sponsored by Bloomberg News and the Washington Post, were former Massachusetts Governor Mitt Romney; Texas Governor Rick Perry; former pizza magnate Herman Cain; Michele Bachmann, a Minnesota congresswoman; Newt Gingrich, the former House Speaker; Ron Paul, a Texas representative; former Pennsylvania Senator Rick Santorum and former Utah Governor Jon Huntsman. Moderators of the debate included PBS talk show host Charlie Rose, Bloomberg reporter
While much of the government is shrinking because of automatic budget cuts that went into effect in March, the Federal Reserve System’s budget is poised to increase 8 percent in 2013 to $5.07 billion, as the central bank’s regulatory efforts grow.