[background sounds] good afternoon, good afternoon and we will to the American Enterprise is to do. My name is paul, im an aei resident scholar and Financial Services of the organizer of todays events. This afternoon i am pleased to host matthew sake to discuss his new biography of carter glass. One of the most influential politicians of his time, and architect of key legislation that the American Financial system. Kind of in 1858 in lynchburg virginia and grew up in the reconstruction self. Is this policy on the role of government was shaped by the views of thomas jefferson. For just 70 miles north. From 1903 until the early 1940s they played a key role in every important legislative debate. Its colleagues in the house, later in the senate, both democrats and republicans, as the go to expert when it came to baking issues. Our glass was a consummate politician. He was an expert when it came to reading the political tea leaf and crafting compromises that could be passed into law. He was
Highlights rebounding from covid19 and Silicon Valley bank which was under the regulation of the San Francisco Federal Reserve. This is just under an hour. Good morning im director of the hutchens center at brookings i want to welcome everybody and pleased to have mary daily, president of the Federal Reserve bank of San Francisco with us today and mayor daily an economist joined the San Francisco fed in 1996. And she worked on a number of issues labor market dynamics, inequality and throws to be director of research and became president in 2018. Now shes one of 12 reserve Bank President s. And except for new york, the other 11 are sort of considered the same. But mary daily has the distinction her district because we do the lines in 1913 represents fifth of the nations population but unfortunately for her they dont do population waiting when you vote on the f1c. Maybe they should. [laughter] so president i wanted to start by talking a little bit about how do you read the economy right
Mr. Wessel good morning. Im david wessel, director of the Hutchins Center here at brookings. I want to welcome everybody and i am very pleased to have mary daly, the president of the Federal Reserve bank of San Francisco with us today. Mary daly, who is an economist, joined the San Francisco fed in 1996, and she worked on a number of issues, labor market dynamics, income inequality, and rose to be the director of research and became the president in 2018. Now she is one of 12 reserve Bank President s and, except for new york, the other 11 are sort of considered the same. But mary daly has the distinction at her district because we drew the lines in 1913, which represents a fifth of the nations population. But unfortunately for her, they do not do population weighting when you vote on the fomc. Ms. Daly no, but maybe they should. [laughter] mr. Wessel so, president , i wanted to start by talking a little bit about how do you read the economy right today, and there seems to be a sense in
Next time. [applause] our live coverage continues now or three marks from the San Francisco Federal Reserve Bank President mary daly who as an event hosted by the brooking institution. We joined the slide in progress here on cspan. I think my team calls extreme data dependent where i will be watching and looking at people asked me this question, i think it is an important one, common or public data releases will we get before the meeting . If date adjustment public data releases, probably would could. But that is not what we mean by data. We be talking to firms and households and worker groups and community groups. You can do that all the way up to the meeting and then you have the debates and conversation at the meeting, which help us make the best decisions. Besides looking at all the data that comes in and the economist to work for you parsing the different ways to slice and dice inflation and labor market data, how else to go about getting information about what is going on with th
[background noises] clicks the committee will come to order without objection shares authorized to declare recess for the committee any time. The hearing todays entitled oversight of regulators. Without objection all members of five legislative days in which to submit extraneous materials to the chair for inclusion in the record. Just one additional comment members about the schedule. This has a hard stop at 2 00 p. M. And accommodation of the three regulars before us. We will not go past 2 00 p. M. Arachnids must sell for four minutes to give an Opening Statement we here to conduct oversight regulators there is plenty to discuss put forward a proposal that require robust debate and explanation. You are first up. We all know why you failed your employees your agency the fact have not yet resigned approves no responsibility for your actions showing up today is not an act of courage is an act of hubris. You are confronted with a report outlining appalling and abhorrent behavior at the fe