Concerns over Marijuana Companies and banking. This is just under three hours. The committee will come to order without objection the clair is authorized to declare a recess of the committee at any time. All members have five legislative days within which to submit materials to the chair. This hearing is for the purpose of receiving the second of treasurys annual report on the Financial Stability of oversight counsel. Now recognize myself for 3 1 2 minutes to give an Opening Statement. Mr. Secretary this is your first appearance before the house. After the tax cuts and jobs act has been signed into law. I want to let you know on behalf of the majority, our grateful we are to you and to the president for your leadership and for helping make this act signed into law. It is truly, truly historic. After eight years of failed economic policies that led to the slowest weakest recovery, the economy is starting to take off in wages are finally growing again. Consumer optimism abounds. Interest
Secretary of the treasurys oversight. Mr. Secretary this is your first appearance before the house after the tax cut and jobs act has been signed into law. On behalf of the majority we are grateful to you and the president for your leadership and to help make this act signed into law that is historic. After eight years of failed policy that led to the slowest and weakest recovery the economy is starting to take off and wages are growing. Consumer optimism abounds. Its ironic but predictable that equity markets would swoon over the prospects of highest Interest Rates and inflation associated with Economic Growth. Low Interest Rates may have benefited some on wall street but not helpful to main street. We knew the fed would face challenges when the economy took off. If youre listening, good luck chairman, you volunteer for the job. Today the economy is getting stronger due to policies of the Trump Administration. Averaging 3 growth unemployment is a 17 year low. Wages grew at the fastest
The speaker pro tempore on this vote the yeas are 242. The nays are 175. The resolution is adopted. Without objection, the motion to reconsider is laid on the table. Pursuant to clause 8 of rule 20 the Unfinished Business is the question on agreeing to the speakers approval of the journal which the chair will put de novo. The question is on agreeing to the speakers approval of the journal. Those in favor say aye. Those opposed, no. In the opinion of the chair, the ayes have it. The journal stands approved. The gentleman from california is recognized. Mr. Speaker, i ask for a recorded vote. The speaker pro tempore a recorded vote is requested. Those favoring a recorded vote will rise. A sufficient number having arisen, a recorded vote is ordered. Members will record their votes by electronic device. This will be a fiveminute vote. [captioning made possible by the national captioning institute, inc. , in cooperation with the United States house of representatives. Any use of the closedca
Nearly 3,000 coming just in the first 90 minutes. The blue chip index closing down more than 500 points for the second straight day and over the last three sessions the dow and s p are down nearly 9 and the nasdaq is off almost 10 yesterday alone 685 billion is lost among market cap in s p 500 companies. Thats 100 billion more than apples market cap. If they dont tell you enough about the volatility check out the vix. Moving above 50 intraday for the first time. Check out the front pages of some major newspapers around the world today. Youre looking at sort of a full list of whats going on in virtually everybody touches on the market above the fold. Like the bear there on the New York Post . Wild. And the guys a lot of times the photographer is waiting and he may have a scratch here on his eyebrow and looks like hes stressed. I think they pose for them now. They see the photographer coming and theyre like that and just do that look. They want to be in the paper. Come on. Have you notic
Sara eisen is joining me once again. Hi there, sara. Good to see you, mandy. Triple digit rally for the dow be up with over 300 points at this hour. Still have a long way to go to make up for yesterdays losses. Bob pisani jones me here on the floor. Youve been looking at historical rebounds. Were due for a rebound, getting it right in line with a historical pattern. Let me show you the s p. We flat lined at the open, up 300 points on the dow, 37 points on the s p and we sort of have been right there throughout the day. A little bit of rise after europe closed once again. Saras right, once we had a correction, 3 down with the s p 500 two days in a row, that has been a rare occurrence. This only happened eight times since 1980, five in 2008 and each time, two sessions in a row, one day later, the s p has been up 75 of the time, averaging 2. 3 . Sara, guess what, were up 2. 2 on the s p. Thats today. Not bad. Its happening exactly in line with expectations. One week later, its up 86 . The