Remarks before the 55th Annual Meeting of the North Dallas Chamber of Commerce

"As to the Federal Reserve reducing its balance sheet so as not to monetize the excess reserves waiting to be converted to bank loans to the private sector, I have been very clear: Given the lag between the time monetary policy is initiated and when it impacts the economy, that wind-down process needs to begin as soon as there are convincing signs that economic growth is gaining traction and that the lending capacity of the banking system is capable of expansion." ; Remarks before the 55th Annual Meeting of the North Dallas Chamber of Commerce, Dallas, Texas, September 9, 2009.