The time is 5 03. And this is the remote meeting via video and tele conferencing. The below link and phone number will be read off momentarily. This meeting is being held by webex pursuant to the governors order declaring a local emergency. During the coronavirus disease emergency, the Fire Commissions regular meeting room at city hall is closed, and meetings of the Fire Commission will convene remotely. You may watch this meeting live at sfgovtv. Org. To participate by Public Comment by phone, call 4156550001, and use access code 146 1463360. Members of the public will have opportunities to give Public Comment. The public is asked to wait for the particular agenda item before making a comment on that i a tem. Comments will be addressed in the order they are received. When the moderator announces that the commission is taking Public Comment, members of the public can raise their hand by pressing star 3 and you will be queued. Caller wills hear silence when waiting for your turn to spea
Devices such as cars and Household Appliances. Among the witnesses is a gary shapiro of the Consumer Electronics association. And a number with the a number with the automobile manufacturers. The chair is authorized to declare a recess of the subcommittee at any time. Today, we welcome everyone for a hearing on the internet of things. Throughout its short history the internet has been transformative and powerful tool. It has a doubling capacity so quickly that by the time you run out of your short warranty, you in fact, have a product that can outperform the one on your desk. But the internet of things, which probably refers to a Network Connected to realworld items, able to Exchange Data with each other and across existing Network Infrastructure is a newer version of what now becomes the future of our lives and our communication in the 21st century. It is estimated by 2020, there will be 25 billion connected things. Without a doubt before we reach 2020, i will be wrong and there will
The Congressional Internet Caucus Advisory Committee hosted a discussion about the National Security agencys Surveillance Programs. It included Stewart Baker and advocates of an open internet. They considered the affects of nsa surveillance on Cloud Computing and the development on new technologies. This is an hour and 15 minutes. A little housekeeping item. Tim is not here today so he asked me to make sure you all know im here as my capacity. I am with the American Enterprise institute. I am not holding any of their opinions and the people here will state whether they are stating the opinion of themselves or the organization. This is really not meant to be a technical debate. Its a debate of where are we a year after the snowden revelations and what weve learned. And im just going to ask each one of our panelists who are really well written and well spoken on this topic to give a couple key points of their point of view. Be thinking about questions. So im going to start with Stewart B
Of the best thing that is weve done. Keeping in mind, at the end of the day, all of us knows this. The straw that breaks the camels bank with regard to failing institutions typically is capital. Its just pushing a button on a computer. And frankly, if we get corrective action at least close to right, those two things alone would have a very, very beneficial effect. Not just on special banks, but on other Financial Intermediaries as well. Well, you know, i agree with the premise of the krekcorrecti action to the statute is very ineffective. I disagree that corrective action is a method of protecting the Banking System in times of financial collapse. Theres two ways one can look at the Banking System. I really want a system that is going to be a hundred percent safe and not have failures. And taking that to its extreme, you have a system that has a hundred percent liquid assets. It has very high capital ratios. The trouble with that type of bank which will never fail is youll never loan
Problems and what potential solutions might be to those problems. The quantitative easing, do you believe the unintended consequences of qe1, 2 and 3 with all the bond buying, that its forcing people into the stock markets creating this bubble . I think an environment of low Interest Rates in general, which have been promoted by our, both our keeping the federal funds rate at zero and additional by our purchases, low rates do have an incentive to push individuals to look for yield, to reach for yield. That is both a good thing and a bad thing. On the one hand, we need healthy risk taking in order to spur a recovery. And low Interest Rates, i think, have had a positive effect on helping the recovery, but of course we have to be careful about looking for situations where low rates may be incenting behavior that can be dangerous to Financial Stability. I particularly outlined in my remarks an area like leverage lending where we are seeing a marked deterioration in underwriting standards.