Accountable. This hearing is about three hours. [ room noise ]. The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigg
And the vast majority of everything we do is right. Firing the highest number of people in 2013 but bragging about your presentation penetration rates in 2014. You knew it was material to shareholders and you knew it was a funny number that you fired people phony number that you five people for falsifying. Fired people for falsifying. We did not know if those were good accounts are not. We looked at 20,000 credit you fired 5300 people. He took 5300 could americans and turned them into felons with a system that you created, benefited from and drop your stock price up by bragging about your levels of new accounts. I disagree with that. Im not surprised. We have institutions that are too big to fail. We found that they were too big not to bail. Eric holder has told us that they are too big to jail saying he fears for bringing equivalent indictment. We now learn they are too big to manage, too big to regulate. It is time to break them up. The time has expired. The chair recognizes the gent
Covering this story since 5 am. What is the latest . Reporter the fire chief told me he is getting closer to nailing down a cause. He said when they arrive on scene, they normally look for a v pattern and that often leads to the origin of the fire. Preliminary evidence has led them to believe that it started outside of a bottom floor unit. The one youre looking at right now is the one in question. Many people who live here have been coming by able to see the damage of clothes for the first time. This used to be my apartment here in j 104. What is left of it. Its quite a scene. Reporter the fire broke out yesterday afternoon around 4 00. More than 75 firefighters from four agencies responded to the blaze and the search for people who may have been trapped there were dozens displaced who are now facing the hard reality of where to go and what to do next. I came rushing as soon as i saw smoke. It was really sad to see that. Now, we cant go in there so my problem is where to find an apartm
Tenyear below october lows right around 1. 8. 30year, a record low, above 2. 40. Road map begins like this futures taking abig hit. Monthly retail sales log the largest drop since this time last year. Banks on the hot seat. Jpmorgan misses estimates across the board. Well hear from wells fargo. Good year for gm . Auto giant expecting improved profits in 2015. Futures extending losses as weaker than expected retail sales in the u. S. And concerns about Global Growth. Sales fell. 9 in december even if you strip out gas and autos, sales in most other categories fell below estimates on a day where the world bank jim, says global economys running on a single engine and that is us. 24 hours ago a mark up 1. 5 . Everything seemed great. Then copper fell kb homes disappointed, next thing you know were down big. I caution people that we open down very big, maybe midday something happens thats not so bad. I didnt think wells was that bat bad. Just disappointing, except for people who have been f
Number of important Consumer Protections, from new mortgage protections to credit cards to payday lending. An independent source said the credit card bill of rights that was supported by the cfpb saves consumers 20 billion a year. That is a huge step forward for onsumers. And the bureau has been willing to make sensible changes when it needed to. Last year they adopted amendments to the card act that would allow stayathome spouses to take out credit cards in their own names. That was commonsense fix for an unintended problem for stayathome spouses that were credit worthy and they made the decision to make them able to get these credit cards. Thats a huge step forward, i worked with it on worked with mrs. Capito across the aisle. And they continue to develop safeguards in rapidly growing areas, such as prepaid cards and other areas. In short the cfpbs work has made the lives of American Consumers and our constituents better on a daytoday basis. This bill would understood mine these resu