Cspan, your unfiltered view of government. Created by campell and 97 and brought to you today by your television provider. The former wells fargo executive testified themselves as the consumer abuses that led to the executives earnings. Members of the House Financial Services committee question the witnesses on their actions at wells fargo and why no one has been prosecuted for the consumer abuses. This is just over two and a half hours. Thank you. This hearing is entitled Holding Wells Fargo Accountable examining the roll of board of directors and that the greatest patterns of consumer abuses. Today, we received testimony from elisabeth and mr. James quigley who until earlier this weeks are as chair of the board of directors of wells fargo and companys Walls Fargo Bank respectively. Both have resigned as our call for the resignations following the release of us phasing majority statute on wells fargos compliance failures in their individual failures as Board Members. Resignations do n
Democrats and republicans have been in the same room talking about those topics. One of the points many of us made republicans and democrats is that the process in the house is broken. Theres no interaction. And the president made the point that the most significant legislation has to have bipartisan support. We havent had that. So in that perspective, it was quite impressive the president invited both sides. On the tax issue coming up, thats the most dominant right now. The president repeat what had he said in his original address about it being progrowth and promiddle class. Indicated explicitly that this would not be a tax cut pardon me . You could find this cameras by yourself . It wasnt that hard. Thanks. And so in terms of the broad general principles, the president recited what he said before. And basically everybody will be a winner. The question is when the ink is dry, will you be able to do the math and see that, in fact, middle class folks particularly Rural America that ele
American consumers rightfully expect their personal information should be protected by their Financial Institution by their retailers, payment processors that neither federal government. Consumer should be left to hope and pray that all information will be safe every time despite their debit or credit card or rent your information online. They deserve protection. Today the committee will hear from representatives of organization to constitute major participation for the Payment System. We welcome their expertise and insight. My hope is they carried out for its members on both sides an opportunity to better understand what security measures are currently in place to prevent data breaches, how consumers are notified and what types of emergency technologies will help reduce the frequency and severity of breaches and what steps are being taken by the merchant in Financial Services communities to address the problem and where additional federal legislation may be warranted. I further hope t
It. I said in the opening comments that the preemption should not have the unaintended consequence raised outside the bill. We would certainly be willing to make that plain. Miss moy, you said i thought i heard you say that we shouldnt have 50 different standards is not the answer. Is that what you said, or did i mishear your comments . So what i have said is i think the best for consumers would be to create a floor, not a ceiling so that states can continue so set a National Standard and then allow states to protect additional categories of information. So my understanding is 13 states have data breach standards like this. And ours would be better than all of them except maybe one which is massachusetts and ive been talking to my colleagues from massachusetts. Would you agree with that . I well so i think that oregon has a pretty good standard and i also think there are elements of other state laws that you might not consider specific day sta security laws. A pretty High Standard . It
That as we have this longer term discussion of investment and structure that we do drn that everyone understands that the program, Aviation System and the Grant Program and aviation structure in the United States has always been about achieving twin objectives. First is to have an efficient system that serves the largest number of passengers and second is too provide a level of access to communities throughout the country. And in previous reauthorizations that has always been matter of great debate as you well know between members of congress about how to achieve that balance. That challenge and issue does not go away under any structure, nor does any structure alone deal with what those issues are. What youre raising is a important Public Policy request, where are we going with respect to ensuring a modernization of that system, while at the same time ensuring some level of access. And that debate i think is let me give i was part of building a Great Technology company in montana and