In our road map, time warner, 21st century fox and cbs reporting a mixed set of results. Tesla shares sharply higher despite a wider than expected loss. And groupon down almost 30 in the premarket on a trio of negative news. First, stocks looking to maintain upward momentum a day after the nasdaq 100 closes at that record high. Adp said the private sector added 182,000, trade deficit narrows in december to a sevenmonth low. Fed chair yellen set to testify on capitol hill in the next hour. Late yesterday at the deal book conference, Andrew Sorkin asked legendary investor stanley drunk drukenmiller for his view. Does that mean you are anticipating chaos and you have all this cash under your mattress . No, im flexible. Im playing around like everybody else. And im watching and leery and ready to move. I can see myself get very bearish. I cant see myself getting bullish. Talked a lot about the national debt, about the end game for qe. Karmazin this morning asked to respond to that saying h
Internet caucus taking a look at internet privacy and personal data protection. The chair of the Federal Reserve, janet yellen, testified on the u. S. Economy and Monetary Policy appearing before the House Financial Services committee on wednesday for about three hours. The committee will come to order. Without objection the chair is authorized to suggest a recess for the committee at any time. This is the annual testimony on the Federal Reserves supervision and regulation of the Financial System. I now recognize myself for three minutes to give an opening statement. The dodd frank act requires the Federal Reserves vice chair of supervision to testify before our Committee Twice a year regarding the supervision and regulation of Financial Institutions. Regrettably, five years after the passage of dodd frank, no such person exists. President obama has been unwilling or unable to follow the law in a point at vice chair. We can no longer wait for the president to do his job so we can be al
Reforms along with her description of how the fed is using the flexibility embedded in doddfrank to tailor regulations appropriate to the sizes and risks of different types of banks. Congress specifically permitted the fed to differentiate among companies on an individual basis or by category considering their capital structure, riskiness, complexity, size and other factors. The fed should use this authority. Likewise, doddfrank provided the fed with new responsibility to collectively regulate the activities of systemically risky nonbank entities such assurance companies, aig, whose near failure imposed systemic consequences on our economy just seven years ago. I very much would like to hear from chair yellen about how the fed has bolstered its expertise to that on these new responsibilities. And let me also express my deep concern about legislation that would severely undermine efforts by the fed to regulate banks and nonbanks. With regard to banks, the legislation would hamstring the
The economy. The other thing is, if you act too soon and you decide, oops, we acted too soon, you get you put yourself in a position where you have a zigzag policy and you will face criticism from that by people i know. Second, if you then want to go in the other direction, you only have a quarter point to play with. If you hit the brakes too soon, you dont have gas. With that in mind, im concerned about the effect raising Interest Rates now would have on the real estate recovery and i would ask you what you would think the impact would be of raise zing Interest Rates on the housing recovery and would we squeeze credit worthy borrowers out of the Housing Market and create a negative feedback loop with prices going down . So, you have made very large number of very good points and indicated many relevant considerations that the committee is trying to weigh and balance and has been taking into account. With respect to the Housing Market, of course the level of Mortgage Rates is relevant
Thank you very much. Thank you for calling this hearing, mr. Chairman, and trying to get to the bottom of some of these questions. I appreciate the line of questions. I want to follow up, i believe mr. Pummill made a statement to the extent i think you said it was virtually impossible to fire a gs employee . Could you clarify and explain that a little more from your experience . In my experience its not very much. Ive been with the va for five years. The Civil Servants i believe this is federal government wide have incredible protections and safeguards so the process of taking care of a problem employee takes an incredible amount of documentation and oversight and time and energy and taxpayer dollars and normally ends with somebody outside of our organization coming back and saying you missed a step, reinstate the person with back pay or i personally find it very, very hard and impossible to navigate through. So it is virtually impossible in your opinion. Thats my opinion, yes, congres