C the committee will come to order. Without objection, the chairs authorized to declare a recess of the committee at any time. This hearing is entitled promoting stability, reviewing the administrations deregulatory approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 00 p. M. Per the request of the secretary. I now recognize myself for four minutes to give an Opening Statement. So let me welcome back secretary mnuchen. Today we are here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As i have said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking regulators are following the deregulatory blueprint that the Treasury Department, under secretary mnuchens leadership, has mapped out point by point and rolling back many of the Critical Reforms democrats
Commission hasnt been paying attention to. Now, if i ask you, commissioners, within San Francisco how many miles of clean water pipes we have and if you go to our website, it says that a very High Percentage of those clean water pipes are over 90 years old. Have you made a Needs Assessment on how many millions of gallons of water leach into our watershed . We talk about it in very general way. We talk about some gap that was arranged in the 1980s, we talk about certain targets, on always thinking about how are we going to make more money . Those in San Francisco are conserving water, and in our previous discussions i used to be here, and the only person that had a vision about something was tod, the chief financial officer. I never see somebody with a vision. They are always talking about generalities within some subject where you can throw some arrows in the air. So if we have over 1100 miles of clean water pipes in San Francisco and they have a percentage of maybe 70 of them leaking
This is nothing this is something we should work on, and the work on this predated me coming to treasury and this has been a long time, and as i mentioned earlier, we may come back to congress and suggest that you pass legislation. I would ask you, this is not on your 2021 calendar. This should be on your december calendar. I agree. I look forward to working with you. I need to know whether you need legislation. I need to know what you need and we need to make sure that are 2 billion of outstanding debt where people kbts determine what interest is supposed to be paid, and i want to move on because i do chair the asia subcommittee for another week, and we focused on china. China could end up with 1. 5 billion of world bank loans. This is under discussion now. Chinas income has exceeded the level where they should be eligible for these loans and the Chinese Government has enough money to put a million uighurs behind bars and to build a military complex that destabilizes the world so it s
With the water fish question, how much more can we actually release and still be able to meet our contract obligations. So i would love to hear your thoughts on that. So ill take a first stab at it. So the 184 is actually a legal requirement stemming from litigation. So its not in your contract, and in fact it survives the contract if the contract is terminated or expired. [please stand by] change our expectation that what water is available. Your obligation to provide it when it is available and most of the time the system has it. It is the dry years with the critical issue. Most of the work with the exception of san jose and santa clara or decision about providing a permanent normal supply are all focused on dry year reliability. That is what those projects are about. That is why the focus is so important. We cant forget that. You know, last year, we had more than enough water. That is not the issue most of the time with the exception of san jose and santa clara. The only thing i wou
That a very High Percentage of those clean water pipes are over 90 years old. Have you made a Needs Assessment on how many millions of gallons of water leach into our watershed . We talk about it in very general way. We talk about some gap that was arranged in the 1980s, we talk about certain targets, on always thinking about how are we going to make more money . Those in San Francisco are conserving water, and in our previous discussions i used to be here, and the only person that had a vision about something was tod, the chief financial officer. I never see somebody with a vision. They are always talking about generalities within some subject where you can throw some arrows in the air. So if we have over 1100 miles of clean water pipes in San Francisco and they have a percentage of maybe 70 of them leaking because they are over 90 years old, what are we doing about it . Do we have a responsibility . We talk about a common footprint, this, that and the other. Do we have a responsibili