Committee will come to order. The panel will take their seats. Chair now recognizes the gentleman from kentucky, mr. Barr, for five minutes. Thank you, mr. Chairman. Mr. Woodall, since youve been the topic of much conversation as a fi beta kappa from kentucky, fellow kentuckian im going to leave you alone for the most part today. Let me start with Bank Regulators, prudential regulators and just note at a macro prudential level fsoc and banking regulators have participated in International Agreements with the Financial Stability board, basel and other forums and the main difference between u. S. Requirements and those promulgated internationally is that it seems that our domestic standards are more stringent than our foreign counterparts. A few examples, capital surcharge on Global Financial firms nearly doubled the International Standard. Supplemental leverage ratio that is double adopted internationally. A liquidity coverage ratio more restrictive than the International Standard and a
Thank you. The gentleman yields back from a very salient point which i think he will agree with the chairman that just citing interconnectedness is not enough of a criteria because no one else from the panel, i see, was able to answer your question as well. My daughters former Lemonade Stand is also interconnected if you go through the whole realm so i think there has to be more substance to it than that. But with that, i will yield to mr. Tipton for five minutes. Microphone, please. Does that work . Thanks for taking the time to be here. We have a large group and id like to echo comments made by mr. Lucas and mr. Stivers in regard to Community Banks, something critical for rural america, particularly in my district. Youve had to raise your hands simply because of the size of the panel several times here but i would like to be able to just get a sense of your feeling on the panel who is concerned about the challenges faced by americas Community Banks and Financial Institutions in these
Report and the state of the economstate of theeconomy before banking committee. This hearing begins with Committee Chairman tim johnson i call this hearing to order. This morning we welcome you back to the committee for testimony and the Federal Reserve semiannual Monetary Policy report to the congress. Since the chair was the last before the committee, Fisher Bernard and jerome were to effectively carry out the Monetary Policy and military functions. To that end, there are two remaining spots to be filled on the board and i hope for a swift nomination of qualified candidates with expertise in Community Banking as well as tough and effective oversight experience. The fed continues to grapple with many issues to spend both monetary and regulatory policy and look forward to hearing yellens perspective on these issues today. The study path of economic recovery will fall on the Great Recession took a sidestep with First Quarter. The Unemployment Rate has continued to drop in recent months
These are the people that distant bureaucrats here in washington should be forced to meet before they draft their rules. This guy just wants to put food on the table, to keep the lights on and to give his kids a better life. But the war on cool jobs is taking the war on coal jobs is taking away more than his livelihood and that of many others. It is taking away his dignity as well. Maybe thats why the administration doesnt want to meet kentuckians like him. Maybe that is why they dont want to look at my constituents, look them in the eye. Its a big problem, and thats why im so proud of the people who stood up to this latest ominous regulation. Yesterday the e. P. A. Confirmed that it wont hold a single hearing within hours of my state as it works to finalize National Energy tax regulations that could devastate the lives of tens of thousands of kentuckians. They dont care, and theyre not listening. Well, i care. I see these folks when i go home. I hear their stories. My heart breaks for
Slowing in the Housing Market might have constrained the rise in household leverage, as mortgage debt growth would have been slower. But the job losses and higher Interest Payments associated with higher Interest Rates would have directly weakened households ability to repay previous debts, suggesting that a sizable tightening may have mitigated vulnerabilities in household Balance Sheets only modestly. Similar mixed results would have been likely with regard to the effects of tighter Monetary Policy on leverage and reliance on shortterm financing within the Financial Sector. In particular, the evidence that low Interest Rates contribute to increased leverage and reliance on shortterm funding points toward some ability of higher Interest Rates to lessen these vulnerabilities, but that evidence is typically consistent with a sizable range of quantitative effects or alternative views regarding the causal channels at work. 4furthermore, vulnerabilities from excessive leverage and reliance