Small and mediumsized businesses that were in sound Financial Condition before the virus impact of the economy we will hear from the head of the fed in boston and banking and business leaders. Will come tog order. This is a hybrid hearing meaning some of our commissioners are appearing in person and witnesses will testify remotely. Let me offer a few Video Conferencing reminders. Before you start speaking there will be a slight delay before you are displayed on the screen. Click the mute button until your turn to speak or to ask a question. If there is a technology issue, well move to the next speaker until it is resolved. You should all have one box on your screens labeled clock to show you how much time is remaining. Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As a part of our oversight work, the commission has decided to hold
Commission has decided to order ourselves alphabetically. With that welcome to this virtual hearing convened by the Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As part of our oversight work, the commission has decided to hold this hearing today which will exam examine the main Street Lending facilities. The Federal Reserve established the main Street Programs to support small and immediate you yumsized business answer Nonprofit Organization that is were in found sentence condition before the onset of the covid19 pandemic. The program operates through five facilities which we will learn more about this morning. The programs being administered by the Federal Reserve bank of boston todays hearing will have two panels. President eric rosengry. N, Federal Reserve bank of boston will testify during the first panel. Second panel will i
Apply during the hearing but all members are reminded that they are expected to adhere to the standing rules including the quorum. With that said im designated by the speaker the committee will operate in accordance with 965 under strict it guidance from the rules committee to respect the rights of all members who participate. House regulations require members to be visible throughout a video connection during the proceedings so please keep your cameras on. Also if you park dissipate in the meeting please exit this one and log back in later. If a member encounters a technical issue that prevents them from being rack ignites for their questioning i would move to the next available member of the same party and i will recognize that senator in the next appropriate timeslot provided they have returned. To do to members time being interrupted by technical issues i will recognize that senator at after meeting time with her issues have been resolved. During questioning her testimony while res
I want to make sure to note some important environment. Standing house and Committee Rules will continue to apply during the hearings. All members are reminded to adhere to the standing rules including the quorum. With that said im designated by the speaker the committee will operate in accordance with 965 under strict it guidance from the rules committee to respect the rights of all members who participate. House regulations require members to be visible throughout a video connection during the proceedings so please keep your cameras on. Also if you park dissipate in the meeting please exit this one and log back in later. If a member encounters a technical issue that prevents them from being rack ignites for their questioning i would move to the next available member of the same party and i will recognize that senator in the next appropriate timeslot provided they have returned. To do to members time being interrupted by technical issues i will recognize that senator at after meeting
Captioning performed by vitac by those we regulate, and of course, by this committee and congress. Whether were making changes to the staffs longstanding review process for shareholder proposals, assessing the duties of Investment Advisers or considering how to strengthen company disclosures, we must be fair and transparent about the policy choices we make and the data and information on which we rely on making those choices. I thank the committee for its oversight of these important issues. And i stand ready to answer your questions and listen carefully to your thoughts and concerns. Thank you. Commissioner lee. Chairman clayton you are now recognized. And i want to echo the thoughts of my colleagues on the opportunity we have to testify today and note that their testimony demonstrates the wide range of issues that the Commission Deals with every day. I want to thank this committee for your support of the commission and in particular the dedicated women and men who are our most import