Good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key officials to help mitigate the fallouts if the Silicon Valley bank and Signature Bank failures early this year. We are very lucky to happen with us today. I suspect that this afternoons event must feel like a bit of a victory lap to the fdic chair given in 2019 he sadness very real and ward in great detail about the risk of failure by a large Regional Bank. His remarks, which are required reading for anyone trying to understand the issue, he warned of the risks posed by
Gina ewing testified that the Biden Administration has driven a historic recovery over the last three years and address the need for Regulatory Framework stable corns and Digital Assets. Intelligence and the financials actor. This is about two hours. Committee on banking an the committee will come to order. Secretary ellen who has been taxable in the schedule and we had to change the time from yesterday to today and then she has to leave at 11 30. We will risk back that. I will enforce the five minute rule on myself and everyone else. Thank you for understanding, all of you. For a long time, its clear what gets rewarded and wall street. Bigger risks mean bigger profits. Your profits mean more stock options. Bigger profits mean fatter bonuses. Then we end up with a wall street culture that glorifies seen just how much they can get away with. Executives know that when big bets pay off, they get to cash out and when is bets failed, they dont clean up the mess. Workers and taxpayers and ou
Thank you. The board of supervisors and committees are convening hybrid meeting that allow inperson attendance and Public Comment while Remote Access and Public Comment via telephone. The board recognizes equitable Public Access is essential and will take Public Comment first Public Comment will be taken on each item. Those in person will be allowed to speak first, then take those waiting on the telephone line. When your item of interest comes up, those joining in person should line up to speak and those on the telephone dial star 3 to added to the queue. If on your phone, please remember to turn down your tv and listening devices you may be using. You may submit written Public Comment to the government audit oversight clerk at stephanie. Cabrera sfgov. Org. You may send written comments to our office in city hall at 1 dr. Carlton b goodlett place, room 244, San Francisco california 94102. If you submit Public Comment in writing it will be forwarded to the sfr visors and included as pa
Good afternoon, everyone. Thank you for coming. My name is ben harris, and as of this very morning, i am the Vice President and director for economic studies of the Brookings Institution. It is a true privilege and honor to have the opportunity to again be joined at this famed institution. There are many reasons why i found a return to brookings appealing, but a major motivation is events like the ones we are hosting today. Fdic chair marty gruenberg, who will be introduced by aaron klein and moments, was one of the key officials to help mitigate the fallouts if the Silicon Valley bank and Signature Bank failures early this year. We are very lucky to happen with us today. I suspect that this afternoons event must feel like a bit of a victory lap to the fdic chair given in 2019 he sadness very real and ward in great detail about the risk of failure by a large Regional Bank. His remarks, which are required reading for anyone trying to understand the issue, he warned of the risks posed by
Yield. Thanks, mr. Chair. A chair brown senator tester f montana, is recognized. Thank yr being here, chair powell. We appreciate your work. Difficult situation. But i think you have done a really good job. Thank you for that. Look, success at the fed mandate for strong employment and stable prices is critical for smallsin. For farmers, ranchers, for montana families. You fall all the metrics. From perspective, where is the economy at . Now and where is it going . Chair powell healthy, sustainable pace. Thats the one thing. Second thing, the labor market is very strong and quite tights. 3 3. 7 unemployment for the last 24 months. Thats the longest period since 50 years. Third is inflation. Inflation was too high. Its come down sharply since the beginning of last year. The head line number has come down from the 5 down to 2. 4. The core number is at 2. 8. I think it was atear ago. These are big declines. We are in a very different place. A healthy place. We are going to use our tools to