Calling being present, the subcommittee on health labor and pensions will come to order. Good morning and welcome to todays subcommittee hearing on the financial challenges facing the Pension Benefit Guaranty Corporation and more importantly the impact to workers and retirees, George Miller was a proud liberal lion of this committee. While we very often disagreed, the years that i served with him on this committee, i admired his commitment to ensuring americans have the ability to retire with dignity. In 2014, he worked with john kline, then our chairman, to try to solve a real problem. A retirement system on the brink of collapse. They put politics aside, worked with employers and labor unions and negotiated a set of reforms to the multiemployer Pension System in order to provide benefits for millions of workers. President obama signed this bipartisan approach into law in 2014. The law was based on the premise that the Plan Trustees who have a legal and moral obligation to pensioners
Kong. E in hong for us . Got coming have the chairman of the european committees market. Have steven as our first guest enough just a few minutes followed with june in jumin. The results of the former of ther the Governor Peoples Bank of china will you highse have record and there have been a lot of and was said this rally is going to be much better and healthier if we see that will weigh your it is like a bit like to help rally along. Against. They are sending gains for it and will have stocks in havepore halting and we do a have the in dollar. The dollar falling for the first in threehe first day sessions. He take a look at the big picture, the funds a retreat. Fluctuating all morning. Have a focus on the offshore as theres ground speculation to cool its gained operate we are keeping an eye on oil. Retreatingbrent after closing above the level for the first time in three years. Crude now sliding 4 10 of a percent english comes to what is moving on the regional benchmark, you have mat
Outlook for the economy is strengthened since december. Greater confidence that inflation will rise. Additional headlines, mike and morgan, about nbs, the agree to which they were a success says the new normal for a Balance Sheet to be around 2. 5 to 3 trillion and the emphasis by powell on the strength of the economy, the tail winds, the fact that perhaps the low inflation is transitory that was a take away too in response to representative maloney, she asked if were on pace for three rate hikes . He said well see over the next couple weeks what is submitted in terms of projections. But since the last round, you see continuing strength in labor market stronger economy, signs that inflation could be moving closer to target. More stimulative physical policy thats really when you saw markets begin to move lower. Lets bring in our senior economics reporter Steve Liesman who can help us understand what this may mean for the march meeting as we watch the odds closely today, steve. Good poin
Committee will come together without onbjection. This hearing is for the purpose of receiving the semiannual testimony of the chair of board of governors of the Federal Reserve system on Monetary Policy and the state of the economy. I recognize myself for 3 1 2 minutes to give an Opening Statement. Not with standing the greatest monetary and fiscal stimulus, the economy limp aid long for eight years averaging 1. 6 gdp growth. Wages remain stagnant and failing since the 2008 financial crisis. New phrase by leftleaning academics in an attempt to rationalize the phenomena namely secular stag nation. Far more descriptive phrase is high taxes and heavyhanded regulatory policy. Fortunately with the election of donald trump and passage of tax cuts and jobs act that has all changed. Employment is now at a 17year low. Wage growth is the fastest in companies all over america are anow ns bonuses to employees and skpap expansions in their communities. Economic growth is averaging 3 . There is grea
The second session will begin and we will introduce the second panel. As alpas chief executive and administrati officer, the captain presides over the body and oversees daily operations. The chair recognizes the captain to testify. Good morning, mr. Chairman and congressman payne. I am president of the Airline Pilots association international, and we represent more than 52,000 pilots that fly for 31 passenger and all cargo flights in the United States and canada. Thank you for inviting me here today. For several decades pilots have had a strong relationship with the federal air Marshal Service. We meet on a regular basis to make sure we have a current and most accurate understanding of the rules and responsibilities and training and methods. We focus on how they act. Alpha members have been deeply impressed by the professionalism of the air marshals and the leaders, including the assistant administrator alison. Every day they put their lives at risk to safeguard the crew and passengers