Report and the state of the economstate of theeconomy before banking committee. This hearing begins with Committee Chairman tim johnson i call this hearing to order. This morning we welcome you back to the committee for testimony and the Federal Reserve semiannual Monetary Policy report to the congress. Since the chair was the last before the committee, Fisher Bernard and jerome were to effectively carry out the Monetary Policy and military functions. To that end, there are two remaining spots to be filled on the board and i hope for a swift nomination of qualified candidates with expertise in Community Banking as well as tough and effective oversight experience. The fed continues to grapple with many issues to spend both monetary and regulatory policy and look forward to hearing yellens perspective on these issues today. The study path of economic recovery will fall on the Great Recession took a sidestep with First Quarter. The Unemployment Rate has continued to drop in recent months