The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigger, Economic Growth lags and theres scant evidence our economy i
Accountable. This hearing is about three hours. [ room noise ]. The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigg
It is a large document. It goes back and forth. There were iterations that did not come out until late last night. People need time, you know. Regarding todays vote on individual programs, d. C. Do something that should be set forth . Well, its a notice and comment preceding. There will be a notice. There will be a comment period, then there will be a reply comments carried, then there will be how to make sense out of all of that. I do want to set an arbitrary date to it i dont. A small question. When would you expect the item to be resolved . I hope soon. I have a followup. Nice try, mikey. Questions or Public Safety, raise your hands. Public safety, come on up. The rest of my team comes up, some of you may of noticed yesterday we had a test of Emergency Alert system. Went out to the entire nation over 22000 stations have responded to us with results from the and were continuing to compile those results with our partners at fema and industry, as well as the states emergency communicat
Convocations, go to breakingthroughpower. Org, all those of you around the country, or go directly to ticketmaster if youre in the general d. C. Population area. Lets see more of you in the next three days. Thank you very much. You can watch this program from the center for responsive law, including a threehour morning segment, in the cspan video library. Go to cspan. Org. Well, we have two road to the White House Events coming up this afternoon. Hillary clinton campaigns in harrisburg, pennsylvania. Its one of two stops she has planned in that state today. Cspan will bring you that live starting at 3 45 eastern. Real clear politics polls give her an average lead of more than 4 over donald trump. And donald trump will be meeting with supporters at a rally in prescott valley, arizona, later today. Cspan2 will have that live starting at 5 00 p. M. Eastern. Recent polls there show a close race with Donald Trump Holding a slim lead. Well, nationally, Hillary Clinton is ahead of donald trum
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed authorities granted under dod dx frank have been problematic. The see kra si make it impossible to measure the over sight or the integrity of the test findings. As columbia has testifie