Businessweeks editorinchief, joel weber. We begin with jay powell. Joel take something complicated and simple it down. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. The Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Anol we believe this is independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more from trump than from powell.
Good afternoon. The subcommittee will come to order. Without objection the chair is authorized to declare recesses of the committee at any time. We welcome everyone to the second of our series of hearings investigating competition in the Digital Markets. This one on innovation and entrepreneurship. I now recognize myself for an opening statement. 30 years ago the First Software for the worldwide member was released into the Public Domain to create a Global Communications network. Within a few years, search and browsing services were built onto this software to give people tools to communicate, share, and explore information through decentralized platform that was designed to be open and nondiscriminatory. An internet pioneer and codesigner of the internets early architecture testified in 2006 on behalf of google that the overarches principle of the open internet was no central gatekeeper should exert control over the internet. As he noted this open and competitive environment meant ent
The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more from trump than from powell. It is onesided, for sure. What effect has not had on the fed . What chris got to was, not much of an effe
Joel weber. A solitary figure on the cover this week, chairman jay powell. We often try to take something complicated and simple it down. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps twitter ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization and for the first time, we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now, weve lived through the tension between trump and powell, more
Businessweeks editorinchief, joel weber. We begin with jay powell. Joel take something complicated and this still it down to its most simple form. Istill it down to its most simple form. The cover is an expression of that this week. Jay powell, fed chair, probably the most important person in the world of finance. He heads the Financial Institution that is probably the most important anywhere in the world and for a year now, hes been the target of trumps friend are ire, because trump wants lower rates, lower rates, and jay powell has basically been a stoic figure through all of that. Carol we believe this is an independent organization, and for the first time we are wondering is it going to remain independent . And can they continue to fend off the executive branchs desire for lower rates . Right . We will see what happens this next week with rate cuts. The market basically thinks there will be a rate cut. The bigger story is one we wanted to ask to dig into, which is for a year now we