Transferring from one administration to an other. Good morning, and welcome to talking transitions. We all woke up to shocking news this morning so before we get started, let me give our best wishes for a speedy recovery for President Trump, the first lady, and all the officials who work closely with the president. 3, month out from november americans have started voting in the most president ial election in a generation. President elect joe biden or reelect President Donald Trump will face a double digit unemployment situation, growing pandemic, a reckoning on racial inequality. These problems is the federal government and the federal government needs to be effective. Why it is critical for effectiveness on effectiveness. A smooth transition this year is not enough. Bestyear will be the transition ever in american history. Should President Biden win, the challenges are daunting. In normal times, a new president a 78 day. Bank to form a government, select more than pout 4000 political
We are holding this hearing virtually in compliance with the regulations for Remote Committee proceedings pursuant to House Resolution 965. This is the third virtual subCommittee Hearing and the ways and Means Committee. As with our previous hearings i want members to know that i plan to continue this committees long tradition of collegiality and substantial debate, substantive debate, even as we conduct our business from afar. I will continue to work with the Ranking Member, mr. Smith, and his staff to ensure that the rights of all members are resected in these new virtual formats. Before i turn to todays important topic i want to remind members of a few procedural to help you navigate this new platform. First, consistent with regulations the committee willfi keep microphones needed to limit background noise. Members are responsible for on meeting themselves when they seek recognition or when recognized for a fiveminute statement. Second, members and witnesses must have their cameras
The subcommittee will come to order. I ask unanimous consent the chair can declare a recess at any time. Without objection so ordered. I want to remind members of key regulations on rules and then members must also continue to use the video function and then to experience connectivity issues or other technical problems. And then let us know as soon as possible so you can receive assistance. And you can call the committees for a technical assistance. Members may also not participate remotely any other proceeding occurring simultaneously. It is the responsibility of each member and mute your microphone prior to speaking. If i hear any inadvertent background noise lastly please mute your microphone. All standard rules apply. We will have a good faith effort to address the connectivity issues and participate fully members will have five minutes to ask questions to insert a document into the record, please have the staff email it. This hearing is also live streamed for the public to view an
Those that her contract the coronavirus thousands have died in our economy is taking a hugehi it. Plans of americans are out of work and americans are worried about their own health theyre worried about the health of their families and loved ones. And those that are suffering so over the past two months to be responding to the coronavirus we passed several major response bills and more than 2 trillion of assistance. We funded testing, medical car care, personal protective equipment, frontline medical personnel, paid sick leave, leave, direct relief payments to american citizens forgivable loans for Small Businesses and much more. Our goal is to provide a comprehensive response not just the medical priorities but the virus had an so many families. There is more work to be done. That is monitoring the implementation we provided a tremendous amount of money getting it where it needs to go as quickly as possible to be spent in the most effective way. Monitoring the implementation we have a
Front war because has bola is pushing itself in. Something we been watching here which is remarkable, the yield on a 10 year bond has been collapsing. It comes down every time someone buys a lot of people have been buying. This is all the skittishness about the israeli war and investors are drawn to us treasury notes and bonds and thats pushing down bonds but as our stock editor and allaround genius came out with this during the commercial break, the 10 year treasury is down 20 basis points. Monday, the bond market, this represents the biggest two day market decline weve seen in three months. The reason we keep an eye on this and keeping the market selloff for a materializing, rates go down, stocks go up. It goes back to this war and the way the markets are digesting. We will talk about that with Charles Payne, who is saying as recently as monday that all these events notwithstanding the markets have a mind of their own but we are following that. This to front war, the jerusalem editor