Fed's Powell: No comments on monetary policy nor economy

Jerome H. Powell, a governor of the Federal Reserve, in his speech titled 'The Role of Boards at Large Financial Firms', said that they need financial institutions that are strong enough to support economic growth by lending through the economic cycle.

Key quotes:

• To achieve that goal, we need strong and effective boards of directors at firms of all sizes.
• A strong and effective board provides strategic leadership and oversight, which is much more challenging and important than checking off lists of assigned tasks.
• I look forward to our continuing dialogue on this subject today and in the months to come, and reviewing carefully the comments received on the proposal.