Do it, but i think well get our arms around it and it will work, but we cant rely on regulation alone and thats why you need moral hazard and no institution can be too big to fail. Thats why its just essential that we end too big to fail. I think weve gone a long way to doing that. I think the biggest way to do it is making sure the biggest, most systemically important institutions have significant capital charges and that the regulators have the tools to make sure we dont prop them up in the current form and they fail. I guess thats a semioptimistic note in which to end, so thank you all, and thanks to hank and david for a really informative briefing. Thank you. [ applause ] were going to leave this program and take you live to a capitol hill hearing for global assistance to the philippines after a recent typhoon devastated the country. Well hear from state department and u. S. Aid officials held by the Foreign Relations subcommittee. This is live coverage on cspan3. Good morning. Let
Ms. Lerner impeded official investigations. She risked exposing and may actually have exposed confidential taxpayer information in the process. Day after day, action after action ms. Lerner exposed herself as a servant to her political philosophy rather than a servant to the American People. This, mr. Speaker, is why the house has taken the extraordinary action of referring ms. Lerner to the department of justice for criminal prosecution. And why we will request a special council to investigate this case. Not only has the president asserted that there is, quote, not even a smidgen of corruption at the i. R. S. , but leaks from the department of justice have indicated that no one will be prosecuted. Thats not surprising, as a top donor to the president s campaign is playing a key role in their investigation. Potentially compromising any semblance of independence and justice. An independent, nonpartisan, special prosecutor is needed to ensure a fair investigation that all americans can t
Directly impacted and they are worried about their well being. H they also are frustrated becaush they want to help, and how can they help . Que and thats a question were try going to try to focus on during this hearing, is how can individuals help in the responss effort, what is the best way to deal with it . Deal w i thought the meeting with billy was particularly helpful, but it was clear to me that we have to keep a focus on what is happening, and that brings me ts this hearing, the purpose, of course, to get an update where the circumstances exist today ie the philippines, what is the government doing, what is the W International response, and wha role america is playing on thise latest humanitarian need. With that, let me turn it over to senator rubio for his comments. Mr. Chairman, thank you for a holding this timely hearing. Over the past week, our hearts t have been broken by the news ans the images that have been comina out of the philippines, entire towns and villages, and,
Posthigh school, junior college, and the like, is the basic approach. But it is a very, very difficult problem. To bring the Federal Reserve into it for a moment, as i said theres not much the Federal Reserve can do about very longterm trends like this that dont really have much to do with monetary policy. But over the shorter period, our efforts to put people back to work, and we are making extraordinary efforts to try to increase the number of jobs in our economy, thats going to be important factor reducing inequality, because obviously the unemployed will be much better off if they have work, and labor income. Now we will in sequence have the most loaded and least loaded two questions in the pack. From ed wyler, how would you respond to criticism that quantitative easing has provi d provided, quote, trivial relief for main street, unquote, and then absolute coup for wall street. I dont want to shock you i hate to shock you but i dont agree with that. Whod have guessed . Its simply n
He referred to the issue of her making statements to the Justice Department. With that, i yield to the distinguished gentlelady, a member of our committee, ms. Speer for two minutes. The speaker pro tempore the entlelady is recognized. Ms. Speier i thank the gentleman for his leadership and to say a few minutes here on the floor. Im not here to defend lois lerner today but i am here to defend the constitution and every americans right to assert the fifth amendment so as not to incriminate themselves. And every Single Member of this body should be as committed to doing the same thing. Im also here to defend the integrity of the committee and the rules of that committee. Lois lerner pled the fifth amendment before our committee. And she also professed her innocence. Pure and simple. 30 independent legal experts have said the proceedings were constitutionally deficient to bring a contempt proceeding. They were constitutionally deficient because the chair did not overrule ms. Lerners fifth