Officials tell the Senate Banking committee about the overall state of the financial industry, including the effect of coronavirus made bills passed by congress, and the Federal Reserves Small Business loan program. Please click the mute button. Remind senators that the fiveminute clap still applies. I expect most senators will participate today so we really need to stick to that fiveminute timeframe because we have a vote coming up at noon so i will be tapping the gavel to remind you to wrap it up and to the witnesses i ask you, even though you are asked a question at the end of the five minutes, please Pay Attention to the clock and make those answers after the time has run out prompt and efficient. Seconds i will do a tap on the gavel. The speaking order process, senator brown and i have agreed to go by seniority for this first hybrid hearing. With that, let me start out. Our federale all of predental regulators, the Federal Reserve vice chairman of supervision randal quarles,the co
Caught red handed lying and cheating seems bold but that said what are they lying and cheating about car emissions its like if i sold you a car and guaranteed you it doesnt pollute the environment and youre not going to get fined for driving it ok and then you do for example if you drive a Mercedes Benz right now this may have happened to you investigators say the company that produces Mercedes Benz that produces the 280000 seat class and eat class vehicles that they were outfitted with a trick gadget that fooled people into thinking the car was not polluting when in fact it was what was it it was a special kind of software that allowed it to pass emissions tests by essentially cheating. Thats what it did made it think that there was no pollution coming out when there was more the maker of mercedes has recalled 700000 cars 700000 while the investigation of mercedes continues and were going to drill down on this for you on this investigation volkswagen is still reeling after getting cau
Being caught red handed lying and cheating seems bold but that said what are they lying and cheating about car emissions its like if i sold you a car and guaranteed you it doesnt pollute the environment and youre not going to get fined for driving it ok and then you do for example if you drive a Mercedes Benz right now this may have happened to you investigators say the company that produces Mercedes Benz that produces the 280000 seat class and eat class vehicles that they were outfitted with a trick gadget that fooled people into thinking the car was not polluting when in fact it was. What was it it was a special kind of software that allowed it to pass emissions tests by essentially cheating thats what it did made it think that there was no pollution coming out when there was more the maker of mercedes has recalled 700000 cars 700000 while the investigation of mercedes continues and were going to drill down on this for you on this investigation volkswagen is still reeling after getti
Lieu of people who have been told do not go outside this is crazy but heres what we want to do we want to start with Something Else i want to start with this what in the world i have to ask is going on with european carmakers who are being caught redhanded lying and cheating what are they lying and cheating about car emissions its like if i sold you a car and i guaranteed you that it does not pollute the environment but it does. If you drive a Mercedes Benz this may have happened to you investigate or say the company produced to a t 2 180000 c class and class vehicles 280000 of these things that were outfitted with a little trick gadget that goes into the car to fool people into thinking that its not polluting when in fact it is essentially who they want to fool is the people who test the cars for emissions right the maker of mercedes has recalled 700000 cars and while the investigation of mercedes continues volkswagen is still reeling after they got caught pretty much doing the same t
Lieu of people who have been told do not go outside this is crazy but heres what we want to do we want to start with Something Else i want to start with this what in the world i have to ask is going on with european carmakers who are being caught red handed lying and cheating what are they lying and cheating about car emissions its like if i sold you a car and i guaranteed you that it does not pollute the environment but it does. If you drive a Mercedes Benz this may have happened to you investigate or say the company produced to a t 2 180000 c class and class vehicles 280000 of these things that were outfitted with a little trick gadget that goes into the car to fool people into thinking that its not polluting when in fact it is essentially who they want to fool is the people who test the cars for emissions right the maker of mercedes has recalled 700000 cars and while the investigation of mercedes continues volkswagen is still reeling after they got caught pretty much doing the same