Valuation and you get news crossing the wire that people dont know what to make of. Financials did hold up on the day. That appears to be a yield play. Our to extrapolate too much longterm. Taylor i would agree, particularly when you get financials and industrials. You are still seeing some more strength in dollareuro. Start to see some of those classic safe havens moves. I am curious, we will post this adam, next guest, larry if this feels like a shakeout day. Overbought. Eems so see where nextn opportunities present themselves in the coming days. Larry i agree completely and i think that is why it is so important for investors not to overreact for the one day. Levelx was at the lowest since the pandemic. Relative strength was above 70. In many ways, there was a lot of complacency settling into this market. I do think this will be a healthy shakeout so people can determine where there really is some good opportunities in the market. The winnerst is in that have been the winners. Carol
Clock to show you how much time is remaining. All members and witnesses need to be especially mindful of the fiveminute clock. At 30 seconds remaining ill , gently tap the gavel to remind members their time has expired. To simplify the speaking order process, the commission has decided to order ourselves alphabetically. With that, welcome to this virtual hearing convened by the congressional oversight commission, pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As part of our oversight work, the commission has decided to hold this hearing today which will examine the main Street Lending facilities. The Federal Reserve established the main Street Programs to support lending to small and mediumsized businesses, and nonprofit organizations that were sound before the covid pandemic. The program operates through five facilities which we will learn more about this morning.
Small and mediumsized businesses that were in sound Financial Condition before the virus impact of the economy we will hear from the head of the fed in boston and banking and business leaders. Will come tog order. This is a hybrid hearing meaning some of our commissioners are appearing in person and witnesses will testify remotely. Let me offer a few Video Conferencing reminders. Before you start speaking there will be a slight delay before you are displayed on the screen. Click the mute button until your turn to speak or to ask a question. If there is a technology issue, well move to the next speaker until it is resolved. You should all have one box on your screens labeled clock to show you how much time is remaining. Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As a part of our oversight work, the commission has decided to hold
Accused of masterminding the massive task of prominent twitter accounts 2 weeks ago. And zimbabwe sends out its military to enforce a ban on antigovernment protests dozens of people are detained. Now Hong Kong Police are reportedly seeking the arrest of 6 prodemocracy activists living in exile as china steps up its enforcement of its newly imposed National Security they include former u. K. Consulate worker simon chang prominent activist nathan law and u. S. Citizen samuel chu now chang says he was tortured by the chinese authorities for information about hong kongs antigovernment protests while north fled to london soon after china imposed that National Security law and truth founded the Hong Kong Democracy Council in the United States the police have declined to comment but it would be the. Time to talk of an activist outside the 50 under the federal law joining me right now from los angeles is samuel chub one of the activists whose arrest has been ordered by the police as weve been
The subcommittee is now in order. I want to thank you and appreciate you for the work you have done to make this hearing possible. We cannot make it without you. Without objection, the chair is authorized to declare recess from the subcommittee at any time. Members of the full committee not on this subcommittee are authorized to participate in this hearing. Members are responsible to mute themselves and on mute themselves. With the regulations accompanying hrs 965, staff will only use witnesses as appropriate. Members are reminded that all rules relating to order and a decorum applied to the hearing. Members are reminded that this hearing is entitled, paycheck security Economic Perspectives on alternative approaches to protecting workers pay during covid19. I now recognize myself for four minutes to give an opening statement. In february, before a pandemic was declared and the economic livelihood of americans was placed in peril, i sent a letter asking the White House Treasury Departme