Statement from the Chairman

“Trust in the American government has been declining for decades. Trust rests on confidence and too often government, at all levels, in the eyes of its citizens, has been unable to respond effectively to the challenges of the day.

There is an urgent need to restore trust and pride in the way our public institutions implement policies – from the White House and Congress to statehouses, cities, and towns across our country and in democracies around the world.

We need to pay more attention to how things work, to how policies are administered, to how we can combine effectiveness with implementation, to how private initiatives and incentives can be allied with public purpose.

We need to proceed with the practical understanding of what needs to be done to implement policy – appropriate administrative arrangements, trained managers, smart technologies and technical expertise, strong incentives for public service rather than private gain – while recognizing the contribution that private markets can provide.

These are matters that should rightly command our attention. But, with exceptions, they do not.

It is time to do something about it.”

Paul A. Volcker, Chairman