On that leg on the plant weve been planning for quite some time that after achieving stabilisation last year cleaning up the Balance Sheet and in costs under control we now want to take the next step mats to align the bank with its strengths and that is what were pleased to announce to the company stumbled during the world financial crisis and its share price has yet to recover deutscher has also been held back by a procession of legal woes the bank repeatedly saw itself confronted with fines worth billions of dollars for Money Laundering violating sanctions and its role in the subprime mortgage scandal but the restructuring effort is now being seen as a new chance by investors. This dawdling around for the past few years is over now concrete steps are being taken to give the bank in new directions and thats what we were missing over the past 5 to 6 years. While deutsche has said the move will cost 7400000000 euros and hopes it will return the company back to the top tier of banking ma
We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in which to submit extraneous materials for inclusion in the record. I will note at the outset, we have a hard stop at 1 00 p. M. To the observed. I see chairman powell smile. Thats three hours. I will know recognize myself for the opening statement. In june of 2023, the conversation in washingtons concerning inflation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more than 32 . Shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in america today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But ac
32 95 cents, plus shipping and handling. Every purchase supports our nonprofit operation. Scan the code on the right or go to cspanshop. Org to preorder your copy today for delivery this spring. I9 and now, Federal Reserve chair Jerome Powell testifying on the fed semiannual Monetary Policy report before the House Financial Services committee. He says that Economic Activity expanded at a strong pace over the past year with inflation lowering, unemployment and the u. S. Economy performing better than other countries. He also touched on the status of Interest Rates. This is about three hours. We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in which to submit extraneous materials for inclusion in record. I will note at the outset, we have a hard stop at 1 00 p. M. To the observed. I see chairman powell smile. Thats three hours. I will know recognize myself
We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are monetary report. Without objection, all members have five days in ich to submit extraneous materials for inclusion in the record. I will note at the outset, we ve a hardobserved. I see chairman powell smile. Thats three hours. I will know recognize myself for the opening statement. In june of 2023, the conversation in washingtons concerning inflation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more than 32 . Shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in america today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But according to the Biden Administration, t
Do you feel like youve got the visibility and transparency and tools to address it. It makes me nervous because this has echoes of 20082009 when vacancy rates were declined rapidly. How do you feel . Does that risk continue to be manageable . Chr. Powell i would say yes to that. I think it is manageable and weve been working hard for some time now really and what it really is is its a lot of downtown real estate where theres too much officesupply because of work from home and also the Downtown Retail that is no longer as profitable. Things like that are at the heart of it. So what we have done is weve looked at banks that have significant concentrations and weve been in touch with them to make sure they have a plan to deal with that. There will be losses by some banks. Its really medium and small sized banks that have these higher concentrations. Its good to be this problem we work through for several years and the idea is you have to have enough capital and liquidity and a plan to tak