Forward with this, wed certainly be looking at that as a characteristic to achieve. Thank you and i think it goes back to resiliency for me. And i know and i think its the concern about resiliency that i had, and we had our discussions here in committee is that if there are concerns about resiliency and its just based on my experience in the private sector when it comes to big data, couldnt you probably address those concerns through the regulatory and Supervisory Authority that already exists in your space were talking about resiliency with the multiple data centers that could be a problem with interoperability do you think resiliency could be something thats a function of what youre doing now and keeping with one faster time Payment System i think im done the gentle woman ms. Pressley is now recognized for five minutes. Thank you, madam chairman and chairman powell. The Federal Reserve can do more to support the needs of hardworking american families. Working families wait days at a
Term. He talked about a weakening economy, headwinds developing enough to trigger optimism in the Financial Community that he is going to cut rates at the end of this month. Maybe not by a halfpoint a lot of people saw happening, maybe a quarter point, just in the course of his testimony, one of the fascinating things i discovered there was about 60 probability we would see we could see a cut in rates by end of this month. When it came to halfpoint cut down to 16 . But again the expectation is that a cut is coming. He is he is making the case for such a move. He is not telegraphing additional moves. We want to say on this, give you a flavor what is happening here. Democrats on this committee have been pouncing whether he feels pressure from the president of the United States, that he should essentially do his bidding to cut rates. He has said no, he doesnt think the president can fire him. By the way the president cant fire him or demote him. Leaving that aside he stood very strong on
The committee will come to order. Without objection, the chair is authorized to declare recess of the committee at any time. This hearing is entitled Monetary Policy and the state of the economy. I recognize myself for four minutes to give an opening statement. Today this committee convenes for a hearing on Monetary Policy and the state of the economy. Chairman powell, welcome back. Today i would like to start by addressing the current elephant in the room when it comes to Monetary Policy and the fed. This president has made it clear that he has no understanding or respect for the independence of the Federal Reserve. He has said the fed, quote, doesnt have a clue, quote, unquote, called it the most difficult problem for the u. S. According to media reports, he discussed firing chairman powell because of policy he doesnt agree with. Lets be clear, it is essential that the Federal Reserve maintain its independence from the executive branch. So i urge chairman powell and other Federal Res
[gavel] committee will come to order. Without objection the chair to declare recrest of the committee at any time. This hearing is entitledle policy and the state of the economy. I now recognize four minutes to an opening statement. Today we convene on Monetary Policy and the state of the economy. Chairman powell, welcome back. Oday i would like to start by addressing the current elephant in the room when it comes to policy and the fed. This president has made it clear or he has no understanding respect for the independence of the Federal Reserve. Doesnt d the fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmfu
And the state of the economy. The committee will come to order. The chair is authorised to declare recess at any time. This hearing is called Monetary Policy and the state of the economy. I would like to start by addressing the elephant in the room. This president has made it clear that he has no understanding or respect for the independence of the Federal Reserve. Doesnt fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmful and social policies. Another issue i hope chairman powell will address is facebooks recently announced with 27 other crip toe to develop a currency and digital wallet. And others have raised