We are very, very happy to have congressman teeberry take over as vice chair. Welcome. I also want to welcome our distinguished chair of the Federal Reserve janet yellen and thank her for appearing before us this morning. This committee has a long tradition of receiving regular updates from the chair of the Federal Reserve and were pleased to be continuing that tradition today. U. S. Economy has struggled through a long season of at tted growth. Over that time, our economy has grown at a historically slow pace averaging 2. 2 per year. Some had suggested that a 2 growth rate is and will be the new normal for the economy. All of us should view these low Economic Expectations as unacceptable. The fed certainly has an Important Role to play in setting Monetary Policy. And that is where its focus should be. There will no doubt be discussion of fed policy and Interest Rates during todays hearing as Monetary Policy by the fed has been the norm for some time now. We should also be mindful that
To soak it up. This concerns me, i think financing fiscal spending by attacking the resources of the Federal Reserve sets precedent and on the independence of central banks. It weakens discipline and repurpose seen the Federal Reserve surplus does not actually create any new money for the federal government. If you do not mind my quitting uoting whatitten qyo was written, it is important to note that funds from the Federal Reserve to the treasury has no impact on the status of the federal government, although they do not recognize additions to the Federal Reserve surplus account as revenues, such additions have the same effects as if they have been paid with the treasury and counted as a onnsfer of funds, no affect National Savings come Economic Growth or income. We taking a surplus, our holdings of u. S. Treasuries securities declined and the interest we would earn on those securities would be moneys that would be transferred every year for many years to come, back to the federal coff
Its on our website. Its very powerful. Particularly think the three things katie talked about if ou look at the nature of the terrorist against the United States its all of the above. Every tactic technique that could potentially be available has been aimed at the United States which is important when you think about countering that. When everybody has an easy button answer, seal the border or keep out the refugees or end the visa waiver program. None of these are the terrorists just move on to something else. So in your programs toupt be efficacious and have due diligence. But somehow the notion we put a plug in and the flood is stopped is a rally wrong way to do that. Youll do more damage in terms of freedom prosperity and own security by fixating on something, if you just put my Bumper Sticker up there this problem will be solved. Its a powerful tool. Mentioned today the report that we did the analysis of the administration Counter Terrorism strategy i still think thats a very impor
Development. We see how it breaks apart from the oil price movement. Meanwhile, apple has had enough of the rubles wild swing. S stopped online sales of its products in russia while it reviews pricing. Russia plans to pump the same amount of Oil Next Year as it did in this year. West texas intermediate has been down as much as 2 and has been trading a little under 55 and barrel. Versus theecutives board at American Apparel, the struggling retailer that targets teenagers. The company has fired founder dov charney for misconduct. More than 30 executives want the board to reconsider. They say charney should be around to help the next ceo because he is what makes this thing kick. Charney violated American Apparels sexualharassment policy and missed used company funds. Charney calls the accusations baseless. Hackers are warning sony not to show the movie the interview. Threatdio is taking the seriously. He company has canceled the new York Premiere and have told theaters they are allowed to
We are live from davos. Im guy johnson. This is Francine Lacqua. We are having a small technical issue with her might. We are going to fix that soon. I will just hold this one here and make sure that we are both heard. It is hard to chat with just one microphone. Weve got a big two hours. It was interesting. I really enjoyed our interview with the governor of banco italian. The ecb delivered yesterday. The euro is going down. He was pretty confident. He says theres more to come. We have a mandate and we are going to do it. What youve seen is a continuation this morning of what has been going on with the eurodollar downtrend. We are down at 1. 12 now. Im waiting for i think hes pretty pleased. And the man everybody wants to meet. This is an incredible couple of hours. It will be great to get mr. Kurodas idea on the ecb. That changed the game for him a little bit. Cracks this is the man we want to me, the head of the boj, a man with considerable experience dealing with qe, a man who is l