I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
Highlights rebounding from covid19 and Silicon Valley bank which was under the regulation of the San Francisco Federal Reserve. This is just under an hour. Good morning im director of the hutchens center at brookings i want to welcome everybody and pleased to have mary daily, president of the Federal Reserve bank of San Francisco with us today and mayor daily an economist joined the San Francisco fed in 1996. And she worked on a number of issues labor market dynamics, inequality and throws to be director of research and became president in 2018. Now shes one of 12 reserve Bank President s. And except for new york, the other 11 are sort of considered the same. But mary daily has the distinction her district because we do the lines in 1913 represents fifth of the nations population but unfortunately for her they dont do population waiting when you vote on the f1c. Maybe they should. [laughter] so president i wanted to start by talking a little bit about how do you read the economy right
Order. Without objection, share off the rise to the clearer recess at anytime. This hearing is entirely on youll test when it secretary the treasury of the state of the International Financial system. Without objection, all members of five minutes within which to submit extraneous into aerials to the chair for inclusion in the record. I will note of the outset of this hearing we have a hard stop as a crew to see the secretary at one pm this afternoon. We will strictly observe it. Now i recognize myself for four minutes to get an opening statement. Welcome, secretary yellen. I appreciate you being here today. Todays hearing is about the state of the International Financial institutions. I want to take a minute to talk about the debt ceiling crisis that we narrowly avoided. First, were all glad that they seized behind us and. No one wanted to default no legislative branch official no executive branch official your statement says waiting until the last minute hurts american credibility i
Mr. Wessel good morning. Im david wessel, director of the Hutchins Center here at brookings. I want to welcome everybody and i am very pleased to have mary daly, the president of the Federal Reserve bank of San Francisco with us today. Mary daly, who is an economist, joined the San Francisco fed in 1996, and she worked on a number of issues, labor market dynamics, income inequality, and rose to be the director of research and became the president in 2018. Now she is one of 12 reserve Bank President s and, except for new york, the other 11 are sort of considered the same. But mary daly has the distinction at her district because we drew the lines in 1913, which represents a fifth of the nations population. But unfortunately for her, they do not do population weighting when you vote on the fomc. Ms. Daly no, but maybe they should. [laughter] mr. Wessel so, president , i wanted to start by talking a little bit about how do you read the economy right today, and there seems to be a sense in
Order. Without objection, share off the rise to the clearer recess at anytime. This hearing is entirely on youll test when it secretary the treasury of the state of the International Financial system. Without objection, all members of five minutes within which to submit extraneous into aerials to the chair for inclusion in the record. I will note of the outset of this hearing we have a hard stop as a crew to see the secretary at one pm this afternoon. We will strictly observe it. Now i recognize myself for four minutes to get an opening statement. Welcome, secretary yellen. I appreciate you being here today. Todays hearing is about the state of the International Financial institutions. I want to take a minute to talk about the debt ceiling crisis that we narrowly avoided. First, were all glad that they seized behind us and. No one wanted to default no legislative branch official no executive branch official your statement says waiting until the last minute hurts american credibility i