Lenders. I think thats something that id like to talk a little bit about here today because members of our military have to resort to financing from these predatory lenders all too often. We know military Service Members are three times more likely than civilians to use predatory payday loans that charge exorbitant rates. Thats three times the civilians use. The military families carry 10,000 or more in Credit Card Debt compared to 16 for civilian frames. 10 of military families carry more than 20,000 in debt compared to just 7 of the civilian families, and more than half of military Service Members are not saving for the future and have trouble paying their monthly bills. Thats why this morning, i reintroduced my military savings act which is legislation i previously introduced in the house of representatives, and the bill would promote Savings Rates among military Service Members and decrease their need to turn to predatory payday lenders in times of financial crisis. The bill establ
Terms of youre not truly anonymous. There is an encrypted version of who owns what. So one concern about the, if you will, the reliability of the currency is whether that encryption can actually be broken. So i want to ask that question. There are some very powerful code breakers in the world. And we certainly have cussio discussions about our own u. S. Capability to break codes quite often up here. But the second is weve had this series of reported crimes. One was a Bitcoin Savings and trust which ran a pyramid scheme in bitcoins. We also had the hacking of a Bitcoin Exchange called bit floor. And as it was reported, 24,000 bitcoins were stolen. 2 and we had instawallet, a wallet provider that was hacked and ed. They lost 35,000 bitcoins. These are not small dollar items given the value of the individual coins. But maybe to paint a little bit of a picture for us, how does this all work . If there is a public ledger that is keeping track of who owns what, then how does one actually ste
Tools to protect and prevent illegal activity. In terms of your second question on international regimes, i think its important to note that many of these evolving alternative Payment Systems are in response to consumer demand. And as weve seen in europe and as weve seen in canada and elsewhere, there is a big demand for more realtime payments at lower transax costs. Including transmission of money from one country to the next. Ours has not evolved over the past four years. I know this has potential for abuse, but, i, you know, i may want to get back some of the folks from the treasury at some point. I do think there could at least be the potential of serious imp l ly cases about monetary cause. I think the mistakes weve made. But, you know, if you think a little broadly, this could have huge, huge itchly cases. So im looking forward to pursuing the senator. Thank you, mr. Chairman. I would just ask jennifer a quick question. Have we seen any recognized terrorist group ever express int
I send examiners out every day to conduct examinations to do transaction testing, money going abroad. So we have the boots on the ground and a local understandint that these companies. Then we pair that with the National Perspective and knowledge of federal agencies who also interact on an international level. By by leveraging these strengths, i think we do a much better job ah detecting and preventing this de illegal activity. I appreciate bothnt those answers. Do you have a sense about the importance of this activity being certained in the United States . Es . What is it what benefits does our economy and environment gain by encouraging or at least not. Discouraging the bitcoin from being centered here . I think what we gain is our continued replation as being ths country where into va tors start new businesses. And something we would want to continue. I think the great challenge for the regulators are to encouragew innovation wherever we can and put smart regulation in place that tr
And she would come in toting a straw bag in each hand filled with some of these things you see on her desk that she had taken home for signing or speech writing or Event Planning or whatever she was working on. Shed come in. Her desk was always very orderly. And as she worked on her desk with letters she was processing or things, when she completed things shed put them on the floor. She loved this office because she could look out at her alma mater and then a corridor through to the capital in the city she loved so much. We had three office staff at the time. We had a person who handled her calendar. We had a person who came from the white house as her press secretary who helped her work on speeches. And then i was in the office. By friday afternoon she was ready to leave and go to the ranch, which she really called home. And about 3 30 in the afternoon she would say do i have anything else to do . And if the answer was no she would say tell the secret service im ready to go. Watch our