From the honorable randal quarles, Federal Reserve vice chairman for supervision; the honorable jelena mcwilliams, chairman of the fdic; and the honorable rodney hood, chairman of the ncua. Welcome to all of you. This hearing provides the committee an opportunity to examine the current state of and recent activities related to the regulatory and supervisory activities of these agencies. It has been over a year now since the enactment of s. 2155, the Economic Growth, regulatory relief and Consumer Protection act, and the work of the agencies to implement most of the laws provisions, including the tailoring rules for u. S. Banks and u. S. Operations of foreign banks. Your agencies should also carefully review the existing supervisory frameworks and make any necessary adjustments to appropriately align them with the tailoring rules and requirements. On july 30, 2019, all of the Republican Banking Committee members and i sent a letter to the federal banking regulators urging your agencies
Goes back to really and see for me. We had our discussions in committee. If there are concerns about resiliency, and that is based on my experience in the private sector, couldnt you address those concerns through the regulatory and Supervisory Authority that exists in your space . When i was talking about the multiple data centers and the redundant systems, you think resiliency could be something that is a function of what you are doing right now . Chair powell the gentlewoman from massachusetts is recognized. Thank you, chairman powell for appearing before the committee. The Federal Reserve can do more to support the needs of hardworking american families. As it stands, working families can wait days at a time to have their checks cleared. There can be no room for error. America,ntral bank of the Federal Reserve has the ability to speed up the process. I want to bring up a report that was issued two years ago. The Faster Payment Task force. The task force called for a Payment System
Employment, greater opportunities, but also, policies that will target those who are hurt the most. I thank you, mr. Chairman. I yield back. The gentlemans time expired. The chair now recognizes the gentleman from pennsylvania. For fooi minute five minutes. Thank you, mr. Chairman. Welcome chair. I want to talk briefly about custody banks, which you know follow a different Business Model from other financial institutions. Custodians do not make consumer loans or engage in investment banking. For these reasons pose relatively little credit risk. I understand that custody banks whose customers would include Pension Funds with millions of beneficiaries are finding it increasingly difficult to provide their core custody services, especially accepting large cash deposits. And this could worsen under a period of stress. One of the reasons appears to be Regulatory Reform such as the supplementary leverage ratio known as slr. They typically place cash received on deposit with the Federal Reser
S big idea this year was they have gone from a flatpanel and a hyperrflat superflat. 2. 5 inches. Im Walking Around the show and here is sony and lg and samsung. Brand after brand after brand. Im going, samsung probably has and sony haseers 200,000 engineers. Theres more than one million engineers that were all committed to working on this one big idea. Think of all that wasted horsepower. Engineer 100,000 turned to solve that problem, if inext 900,000 can take 1000 of them and put them on a bus and drive them to the closed Dicks Sporting Goods grab allenge them to Sporting Good product and innovating it, one would grab a fishing rod and another would grab a football helmet. That thinking was not driving through our industry. Technology was not in Sporting Good. It was the color or silhouette. What if we could apply that type concerned . In my when i hear Companies Like apple and samsung say things when the consumer wheres our product if its wearing, its us. Ill be darned if we are goi
The 15th BRICS Summit ended on Thursday, August 24, following the adoption of their outcome document, the Johannesburg II Declaration. Making headlines globally was their decision to expand the membership from January 1, 2024, by six countries,.