It is not often that i get a musical introduction so i appreciate that very much. I think we will have some fun with our panel when they come up but as i think you know, i believe this is the program, we are going to have a special guest first and a little intimate conversation between this special guest and me and i feel very privileged to be able to chat with them. An old and dear friend, senator john warner. Senator warner is approaching but you would never know it. We have been sitting in the back and talking about old times in this race and that race and all kinds of things. I was thinking about his career and that is absolutely incredible because you can go back as far as world war ii and korea. He was in both of those wars, and he did not have to, he did not have to do the second one if he did the first one, but he was always willing to jump in and participate. He did lots of things in between, but lets start with secretary of the navy and early 1970s. Then he became head of the
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
Goes back to really and see for me. We had our discussions in committee. If there are concerns about resiliency, and that is based on my experience in the private sector, couldnt you address those concerns through the regulatory and Supervisory Authority that exists in your space . When i was talking about the multiple data centers and the redundant systems, you think resiliency could be something that is a function of what you are doing right now . Chair powell the gentlewoman from massachusetts is recognized. Thank you, chairman powell for appearing before the committee. The Federal Reserve can do more to support the needs of hardworking american families. As it stands, working families can wait days at a time to have their checks cleared. There can be no room for error. America,ntral bank of the Federal Reserve has the ability to speed up the process. I want to bring up a report that was issued two years ago. The Faster Payment Task force. The task force called for a Payment System
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