Any time. Members are reminded to keep their video function on at all times. Members are reminded that theyre responsible for muting and unmuting themselves and to mute themselves after they are finished speaking. Consistent with the regulations accompanying the resolution, staff will mute members when not recognized to avoid inadvertent background noise. All house rules relating to order and decorum apply to this remote hearing. [ inaudible ] economy and i know recognize myself for four minutes to give an opening statement. Chair powell, the law that required the Federal Reserve chair to testify before congress twice each year was established back in 1978. However, no fed chair has ever testified before this committee with the economy in the condition that it is in today. More than 116,000 americans are dead from the coronavirus. And just last week, 21 states recorded an increase in their average daily new cases compared to the prior week. The april jobs report was the worst in Americ
Housing affairs will come to order. Thanks to the new deal and the hard work of our regulators today, most Bank Failures of course never a good thing or generally not a big deal but the quick collapses of Silicon Valley bank and Signature Bank were no ordinary failures. In less than a day, Silicon Valley Bank Customers pulled 42 billion dollars out of the bank fueled by Venture Capitalists and their social media accounts. They created the largest and fastest bank run in history in the following days Signature Bank lost 17 billion dollars. Regulators both republicans and democrats came to gather to prevent the panic from spreading. They increase liquidity, they promoted confidence in our Banking System, they protected deposits of customers and Small Businesses not notably the investors the investments of executives and shareholders. I spent that weekend on the phone with ohio Small Businesses and banks and credit unions. While Small Business owners simply wanted to make payroll. They di
Feel free to respond in writing on that question. As you know we do have votes on the floor and we will take a recess for not less than five minutes and we will come back and finish up her questions and we think the panel for excellent testimony. We are in a recess for five minutes. I want to thank all of our witnesses for being here and i recognize opening comments. The gentleman from wisconsin is recognized for five minutes. I think the chair and let me start with you if i can come mr. Johnson. Cfpb can see that it lacks sufficient information of substantial number of known participants necessary to estimate their larger participant status. In other words, they dont know have the data to know how Many Companies will be swept under the rule and they dont know how much it costs or what the impact could be. You served as cfpb under a Previous Administration but does moving forward without adequate data, is it something usual . I think it would be unusual and certainly present a challeng
Moan through lasko. I thank the San Francisco port for partnering us with today. Lafco and the important work that we do is largely unknown outside of city hall. So we want to take this opportunity today during the San Francisco climate week to en gaming a wider audience about our work. Im really grateful for you to be with us and to see fashion and innovation that there is in our city to find solution to the climate crisis. I have to say for a long time, work of lafco was caught in a debate whether or not San Francisco should have a cleaner al na tiff. Thankfully the debate has been settled and what many enjoy today is run by the San Francisco Public Utilities commission, is now successfully serving over 400,000 customers are cleaner energy and affordable rate than pgne. To help clean power sf cleaner goals including clean banking that we will hear more about later today. Lafcos authority is to do these studies Municipal Service review and thats really a, you should know that lafco in
Appreciate that. For the last 20 years, the San Francisco board of supervisors, moan through lasko. I thank the San Francisco port for partnering us with today. Lafco and the important work that we do is largely unknown outside of city hall. So we want to take this opportunity today during the San Francisco climate week to en gaming a wider audience about our work. Im really grateful for you to be with us and to see fashion and innovation that there is in our city to find solution to the climate crisis. I have to say for a long time, work of lafco was caught in a debate whether or not San Francisco should have a cleaner al na tiff. Thankfully the debate has been settled and what many enjoy today is run by the San Francisco Public Utilities commission, is now successfully serving over 400,000 customers are cleaner energy and affordable rate than pgne. To help clean power sf cleaner goals including clean banking that we will hear more about later today. Lafcos authority is to do these st