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
Secretary yellen id like to first thank derrick and rebecca for their work in this important organization. As some you may know, this is not my first time speaking at icba. One of my first major speeches as chair of the Federal Reserve is that your 2014 washington policy summit was at your 2014 washington policy summit. Now, weve seen technological change since then, but my conviction remains as firm as it was nearly a decade ago. A broad and diverse Banking System is at the core of a strong u. S. Financial system. Our Community Banks are vital to the health of the American Economy and the Financial Wellbeing of American Families and businesses. Today, id like to share my views about the strength of Community Banks, the recent developments in the regional Banking System, and the debt limit situation. Americas Community Banks have always served as a cornerstone of many cities and towns across the country. But your role has proved even more important in recent years. Over the past two ye
Minutes. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. I would like to take five minute heres for a brief opening statement. Mr. Huizenga congressional oversight a a constitutional authority, used to maintain the well being of government. This is a lesson i learned from my fellow congress sorry, weve got to make sure we get the timer going. There we go. This lesson of oversight was something that i learned from someone who is considered the lion of the house, john dingell. He was still in congress when i first came here and he taught me a couple of things. One, he called it the tyranny of the vote. Didnt matter who you were with, what you were doing, what was happening or where you were. When they rang the bells we had that time to go to the house floor to vote. The other was, our constitutional standing, our obligation, frankly, of oversight of administration. And he was an expert at that. Didnt
[inaudible conversations] [inaudible conversations] [inaudible conversations] [inaudible conversations] i guess we can get started. Thank you all for being hear, hear it is a true honor today to have chair jay powell and former chair and Nobel Laureate ben bernanke with us today. Thank you very much for being here. I very much been looking forward to this conversation or im sure our audience has come to, so lets just get to it. This conference as are the windows is to the memory of order this morning we heard some personal reflections on working with thomas from secretary janet yellen, also former chair on the fed, and from president John Williams. And both of you worked closely with thomas as well. I would like to you both an opportunity to share your own thoughts about his contributions as an economist come as a central banker come as a colleague. Then, they wouldnt show what you. Sure, its great to be here. I was his thesis advisor and he worked with me on a book on inflation target
Democracy. Watch video on demand any time online at cspan. Org. And try our points of interest feature, a timeline tool that uses markers to quickly guide you to news worthy and interesting highlights of our coverage. Use points of interest any time online at cspan. Org. Michael cn official at the Government Accountability office, testifies on his agencys review of now Michael Clements testifies on his agencys review of the Signature Bank and Silicon Valley bank collapses. This runs about 90 minutes. Without objection, all members will have five legislative days to submit extraneous materials to the chair for inclusion in the record. I would like to take five minute heres for mr. Huizenga i would like to take five minute heres far brief opening state. Congressional oversight is a Constitutional Authority used to maintain the well being of our system of government. This is a lesson i learned from my fellow congress sorry surt the timer going. There we go. This lesson of oversight was so