Mary Daly

It's constant recalibration, constantly asking the question, are the bridles too tight, or are the reins too tight, or are they too loose?

It's very much like monetary policy in that way.

You don't get to a point and say, great, we won, victory.

If you've ever ridden a horse, and if you haven't, I apologize, but if you've ever ridden a horse, it's not my first vocation, you know if you pull too tight, it stops on a dime and you're over the head.

And if you let go too much, it runs too fast and you're over the back.

So it's basically trying to manage the bridle so that you get the innovation you want without exposing consumers or other businesses or the society to harm.

So I will say that when I first came to this job in 1996, I am going to work at the San Francisco Federal Reserve.

And I had been to California a year before, down in Southern California at the Rand Institute.

And I remember going to a conference there, and we met a lot of business people thinking about not AI, but something else.

And I came home, and I told my wife, we've got to go there.

It's filled with entrepreneurs.

It's filled with people who have never heard the word no.

They just heard why not, right?

And what's interesting about the 12th District

is all of those people don't live in California.

They live in Utah.

They live in Idaho.

They live in Vegas.

They live in the entire Intermountain West, west of the Rockies.

And I'm not saying anything about other places.