Treasury secretary Steven Mnuchin delivered the annual stability Oversight Councils report at a hearing at the Senate Banking committee on tuesday. Topics also included russian sanctions, tax reform, the debt ceiling and cryptocurrency. This is two hours and 20 minutes. This hearing will come to order. Today, treasury secretary Steven Mnuchin will testify on Financial Stability Oversight Councils 2017 annual report and the operations and actions of this congress. In december of last year, issued the 2017 annual report in which it provided numerous recommendations, insights into the councils key activities and identified potentially merging threats to Financial Stability. One of the rejss urged congress to reform the Housing Finance system and boost the role of private capital in morning finance. Ive repeatedly stated that the status quo is not a viable option and reforming the Housing Finance system is one of my key priorities. Testifying before the Banking Committee last year, secreta
Year to raise the debt ceiling. We go to the Chairman Committee s senator mike crapo. The chair brings the meeting to order. Today, the secretary of pressure ri Steven Mnuchin is going to testify over the 2017 report. In december of last year, fsoc issued the and report in which it gave numerous re recommendations, and identified potential emerging threats to Financial Stability. One of the recommendations urged congress to reform the Housing Finance system and boost the role of private capital in mortgage finance. I have repeatedly stated that the status quo is not a viable option and reforming the Housing Finance system is one of my key priorities. Testifying before the Banking Committee secretary mnuchin reaffirmed the commitment to work with to us find a solution and stressed the importance of finding a balance of ensuring strong Taxpayer Protection and ample access to credit. Four years ago, a Bipartisan Group of senators passed a Housing Finance reform bill in this committee. We
This morning we will consider the nomination of the honorable jerome or j powell to be chairman of the board of governors of the Federal Reserve system. Governor powell, welcome and cleationings on your nomination. I see friends and family behind you and i welcome them here today as well. And public and private success tore career and Financial Services, he served as an assistance secretary and undersecretary of the treasury under president jorntle h. W. Bush and Financial Institutions and a treasury debt market and understand experience in Investment Banking and was a partner at the Carlisle Group before board of governors in 202 during years of service in government and in the private sector governor powell has proven hes qualified to lead the fed. If confirmed he will play an Important Role in striking the the proper balance between the need for a safe and sound Financial System and the need to promote a vibrant growing economy. Over past year ive seen regulators carefully and evalu
Glad you could join us on this after the bell particularly after yesterday. We got you covered this hour. All the big news moving markets today, what you can expect tomorrow. Lets go straight to Nicole Petallides on the floor of the New York Stock Exchange because, nicole, last night you and i were on together covering what happened at the end of the lou dobbs show. In fact you said the market will start lower, end higher. You were spot on. Thank you, david asman. Youre too kind. I will use ted weisbergs saying, a clock is always right twice a day. In this case, yes, im happy to report that i did get that correct this morning. We opened down 567 points. Just moments ago we were up 600 points on the Dow Jones Industrial average, closing up 568. So this is a much better position here for people who like to see their money going higher in their 401 k s and iras. There is no doubt this was a wailed swing today. It only adds to what weve been seeing over the last several days. We also saw t
Im going to provide a summary of our report to supervisor fewer on options of community banking. At the moment though, the slides are not appearing. I wonder if i might get assistance. Do you have a printed copy . I do and actually here we go. We can do it the oldfashioned way. Here we go. Thank you. My apologies for the delay. This was the report that we issued in december to supervisor fewer. It was update to 2011 report we had prepared for supervisor avalos, it covered some of the same topics, but it is different that we tried to focus on specific steps needed to be taken to establish a public bank. What weve done is provided an outline of the steps. There is obviously many more questions that would be need to be resolved to pursue that. So ill just start briefly with options for the city. There are commercial banks, thats what were using now. Theyre for Profit Institutions and theyre organized to provide a return to their private investors. Thats their primarily goal to maximize th