At roughly 2 00 p. M. The president is expected to take the podium and unveil a policy action or slate of actions that is expected to significantly escalate tensions with china in the wake of the coronavirus and just months after that much harolding phase one deal was struck in january. You can see the reporters there to answer questions. This has been an announcement thats been telegraphed slowly throughout the week. Theres been an significant ramp up on behalf of the administration in the last week after china sought to impose a National Security law in hong kong that would crackdown on public demonstrations there. Since then, the secretary of state has told congress that hong kong is no longer autonomous the secretary of state certifying that is the case and that could result in some policy actions that could lead to the revocation of the special economic status in hong kong that allows that territory to be free of tariffs. That is one of the policy recommendations that was on a men
Important this is the one criticism i have of the regulators. I believe Risk Retention is the best way to go about this. It leaves the decision in the hands of the market. You cant get away from the responsibility you cant get away from this. You can shift it. This goes also, i would say, to the question about regulation. There was some regulation before the crisis started. But it wasnt regulating there wasnt regulation for two important things, Financial Derivatives. I agree about the end user. I appreciate his noting that there was irresponsible speculative activity in derivatives which the cftc was length there were prevented from dealing with. The model for loans shifted from the kind that mr. Wilson makes and keeps in portfolio to those made and then secure advertised. Passing the risk off. I want to do in the bill was to require that if people are going to secure a loan, they have to have a 5 Risk Retention. That was weakened in the senate. I would prefer a situation which there
Laundering concerns. They are no longer dealing big banks are no longer dealing with Community Banks because of know your customer concerns. We would recommend to remedy this situation, a, we eliminate fsoc, a regulator composed of regulators. Its a huge redundancy and double jeopardy in the system. Eliminate ambiguities in the terminology and then finally to carve out some protections for the 99. 999 of all american businesses and Financial Institutions that have nothing to do with this regulation. To wrap it up in just a second. Two years ago i testified to this committee. I asked the question, when they business calls its bank for financial services, would anybody be there to answer the phone . We now know the answer to that. And the answer is yes. The Compliance Officer will be there, not the loan officer. Ladies and gentlemen, that is no way to run the best economy in the world. Again, chairman frank. Welcome back home. You are now recognized for your testimony. Thank you, mr. Cha
Really, the mid h90s, it was people on our side that were trying to restrict these kind of loans, and we passed the Home Protection act and he wouldnt use it. The state of georgia passed laws to assist subprime lending abuses and the Bush Administration preempted it. Then i was working with brad miller and mel watt from the democratic side. We were trying to put regulation through to regulate subprime homes, and the public leadership shut it down. And on the day this committee wants democrats in control, again, to regulate subprime loans, it was over the objection of several members here who said subprime loans were good. And the wall street journal rejected it and said, these are good loans. 80 of them are paying on time, which didnt seem to me to be a great statistic. In fact, what happened was this. People on the conservative side were generally pushing these loans until the crisis hit. And then they needed an alternative victim villain to blame for the crisis. So they retroactively
The Union government is expecting an increase in demand from the farm sector and is making arrangements to supply seeds, fertilizers and pesticides in the required amounts.