Testify on the stability of the Financial System. You are watching live coverage, here on cspan3. Committee on banking and urban affairs will come to order. Secretary yellen has been flexible with the schedule. We had to change the time from yesterday to today. She has to leave at 11 30 and we will respect that. I will enforce the fiveminute rule on myself and everybody else. Thank you for understanding this. For a long time it has been clear what gets rewarded on rall street wall street. Bigger profits mean fatter bonuses and then we end up with a wall street culture that ends up glorifying seeing just how much they can get away with. When their bats fail, the taxpayers in our Community Clean it up. That is what fiascoes boil down to. It leads to an economy of excess and a shrinking middle class. That is how we got east palestine. And the ceo of stellantis making three times what the average worker makes. We saw that plan play out with poorlyrun banks putting profits above Risk Manage
Here on cspan3. Committee on banking and urban affairs will come to order. Secretary yellen has been flexible with the schedule. We had to change the time from yesterday to today. She has to leave at 11 30 and we will respect that. I will enforce the fiveminute rule on myself and everybody else. Thank you for understanding this. For a long time it has been clear what gets rewarded on rall street wall street. Bigger profits mean fatter bonuses and then we end up with a wall street culture that ends up glorifying seeing just how much they can get away with. When their bats fail, the taxpayers in our Community Clean it up. That is what fiascoes boil down to. It leads to an economy of excess and a shrinking middle class. That is how we got east palestine. And the ceo of stellantis making three times what the average worker makes. We saw that plan play out with poorlyrun banks putting profits above Risk Management. And Small Businesses all over the country worry about how they can make thei
Housing affairs will come to order. Thanks to the new deal and the hard work of our regulators today, most Bank Failures of course never a good thing or generally not a big deal but the quick collapses of Silicon Valley bank and Signature Bank were no ordinary failures. In less than a day, Silicon Valley Bank Customers pulled 42 billion dollars out of the bank fueled by Venture Capitalists and their social media accounts. They created the largest and fastest bank run in history in the following days Signature Bank lost 17 billion dollars. Regulators both republicans and democrats came to gather to prevent the panic from spreading. They increase liquidity, they promoted confidence in our Banking System, they protected deposits of customers and Small Businesses not notably the investors the investments of executives and shareholders. I spent that weekend on the phone with ohio Small Businesses and banks and credit unions. While Small Business owners simply wanted to make payroll. They di
Public service, along with these other television providers, giving you a front row seat to democracy. Federal reserve board chair Jerome Powell outline the Central Banks Monetary Policy before the Senate Banking housing and urban Affairs Committee. He also talked about the state of the u. S. Economy, inflation, Interest Rates, and bank Capital Requirements. This is to 15. Thank you, hows urban Affairs Committee will come to order. Give it again, you can certainly do that. The fed has immense power in shaping our economy. Your job is clear. Promote stable prices and maximum employment. Today, the cost of living is still far too expensive for most americans. The fed has only one tool available to fight those high prices. Interest rates. That tool does nothing to address the real cost, the real cause for why costs remain too high. Corporations price gouging to boost profits and make their shareholders richer. High rates dont force higher Interest Rates dont force corporations to lower th
Political will to apply this tool, and i think its a very valid and useful tool for toolkit in the United States, and so we have examples for tunisia and egypt that well talk about, so well talk a little bit about the history of what are these things, how they come about, what can we learn from the past, how are some more recent ones operating, and finally, the most important thing is about the future because i think in some ways this was certainly ahead of its time and theres a lot of learning from the past, but i think there are plenty of countries where we ought to be applying this in new additional countries, but also may be in different ways given the fact that the world is changed from 25 years ago. The instrument needs to adapt the time. We have a very experienced group of panelists. Im excited to have all the smart folks on the panel. I wont go into detailed bios for each of them but i will ask my friend whos the executive director of European Cooperative for Rural Development