So, he trusted them too much, it turned out. Sunday night at 8 00 eastern on cspans q a. Next, economic scholars and banking experts discuss Monetary Policy and the impact of past Federal Reserve actions on small and large Financial Institutions. This was held by the American Enterprise institute. Its about an hour and 45 minutes. Good morning and welcome to the American Enterprise institute. This morning we have a very interesting policy session entitled how has a decade of extreme Monetary Policy changed the Banking System . Weve assembled a panel of experts, who well introduce you to in a minute. But before that, let me just set the stage here. As you all know, the financial crisis changed the Banking System. The resolutions that happened in the crisis integrated commercial and Investment Banking like never before. These resolutions created todays too big to fail institutions. The crisis led to greatly expanded fed emergency liquidity support. The fed became the lender of first reso
The American Enterprise institute. We have a very interesting policy session entitled, how has a decade of extreme Monetary Policy changed the Banking System . We have a panel of experts, but before we introduce them let me set the stage. The financial crisis changed the Banking System. Resolutions that happened in the crisis integrated commercial and investment ranking like never before. Createdsolutions todays too big to fail institutions. The fed became the lender of first resort instead of the lender of last resort. Temporarily nationalized the Banking System in congress. Assed the dodd frank act it gave regulators extensive new powers and responsibilities over the Financial System. Deposit insurance limits increased by factor of two and a half. Triggeredope recovery fed stimulus which created massive bank reserves, which required new fat operating procedures. This morning we will discuss all these changes with a panel of experts. And instead of me introducing the panel, i am going
Institutions. The crisis led to greatly expanded fed emergency liquid support t. Became the lender of first resort instead of the last resort. The Congress Passed the doddfrank act to extend the federal governments post tarp control over the system t. Ga. It gave regulators extensive new powers over the defense system. The slow recovery triggered fed qe stimulus which created massive Bank Reserves which required new fed operating procedures. So this morning were going to discuss all these changes with a panel of experts. And instead of me introducing a panel of experts, im going to introduce our moderator of the panel. Alex j. Pollack is a distinguished senior fellow oh art street institute. Alex was previous lly a residen fellow at aei and at the Home Loan Bank of chicago. Alex is a recognized authority on financial policy issues including financial cycles, government sponsored enterprises, housing finance, banking, central banking, uncertainty and risk, retirement finance, Corporate
Experts who well introduce you to in a minute. But before that, let me just set the stage here. As you all know, the financial crisis changed the Banking System. The resolutions that happened in the crisis integrated commercial and Investment Banking like never before. These resolutions created todays too big to fail institutions. The crisis led to greatly expanded fed emergency liquidity support. The fed became the lender of first resort instead of the lender of last resort. T. A. R. P. Temporarily nationalized the Banking System, and the Congress Passed the dodd frank act to extend post t. A. R. P. Control over the system. It gave regulators extensive new powers and responsibilities over the Financial System. Deposit insurance limits increase by a factor of twoandahalf, and the slow recovery triggered fed qe stimulus, which created massive Bank Reserves, which required new fed operating procedures. So this morning, were going to discuss all these changes with a panel of experts. And
One of our witnesses, ms. Thosht needs to leave by 10 30 in order to join secretary tillerson on a trip to china and we have a vote at 10 30. In order to allow more senators time to ask their questions, senator brown and i have agreed to submit our Opening Statements for the record. And we have also asked each of our witnesses to shorten their open statements to just a couple minutes each so we can get right to the questions. Obviously, im also going to ask the senators to be very careful to follow the fiveminute allocation for their questioning. First we will receive testimony from the honorable siegel, the undersecretary of for terrorism and crimes. And following her Susan Thornton, acting assistant secretary of state for east asian and pacific affairs. Without anything further, lets proceed. Undersecretary, please proceed. Thank you. Chairman crapo, distinguished members of the committee, im honored to appear before you to discuss the Treasury Departments strategy to combat the prov