Wash promises to follow the excellent traditions of the Federal Reserve while seeking reform.

On the occasion of beginning his four-year term as Chairman of the Federal Reserve, Wash addressed more than 20,000 employees of the Federal Reserve in an opening speech, pledging to adhere to the "fine traditions of the Federal Reserve" while also expressing a commitment to comprehensively review areas where improvements can be made. This memo provided an initial glimpse into Wash's direction of efforts: he is trying to advance what he calls a comprehensive reform agenda, believing that the Federal Reserve has strayed from its mission; he is also working on repairing relationships with colleagues and employees who have been criticized by him in the past. In the memo issued on Tuesday, Wash stated, "Our primary task is to formulate the right policies to fulfill our duties and serve the national interest. We will ensure an environment that supports employees to perform at their best." "If better alternatives are found, we will not be bound by past practices," Wash said, "In the coming quarters, I look forward to open and practical discussions on the strategies, policies, and operations of the Federal Reserve." Additionally, according to a source familiar with the new chairman's initial personnel appointments, Wash has appointed two conservative analysts to provide advice during the transition period from his predecessor and current board member Powell. These appointments are reportedly temporary contract positions designed to assist Wash in planning the first key tasks after taking office.