House subcommittee. On challenges facing his agency. Mr. Reeder says he expects the Multiemployer Program to become insolve vent by 2025. Absent changes in the law. A federal agency that ensures pensions of workers and retirees in the private sector defined Pension Plans. This is a 90 minute portion of the hearing due to technical difficulty. Present the subcommittee on Health Employment lay br and pension will come it order. Good morning, 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 the commit toe. While we very often disagreed, in the years i served with him on the committee. I admire his commitment to ensuring americans have the ability to retire with dignity. And in 2014, he worked with john clin. Then our chairman to try to solve a real problem. Retirement system on the brink of collapse. They put politics aside.
House subcommittee. On challenges facing his agency. Mr. Reeder says he expects the Multiemployer Program to become insolve vent by 2025. Absent changes in the law. A federal agency that ensures pensions of workers and retirees in the private sector defined Pension Plans. This is a 90 minute portion of the hearing due to technical difficulty. Present the subcommittee on Health Employment lay br and pension will come it order. Good morning, 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 the commit toe. While we very often disagreed, in the years i served with him on the committee. I admire his commitment to ensuring americans have the ability to retire with dignity. And in 2014, he worked with john clin. Then our chairman to try to solve a real problem. Retirement system on the brink of collapse. They put politics aside.
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
, we speak with the vicechairman of blackrock, the worlds biggest money manager, which handles more than 5 trillion in assets. After the financial crisis, what have we learned . Philipp we have too much had too much leverage in the system without any doubt. When you have too much leverage, bad things happen. Not only do they happen, but when they happen, things tend to be amplified. Thats the key thing. We have also learned that this notion of letting the market be totally free, that governments should get out of the way, that wasnt a good idea. What stands out is banks needed much more capital than they had at the time. We had capital levels that were excessively low. In some cases, these banks were leveraged nearly 100 times. That, to me, has always been the key takeaway. In some ways, i wish we had focused more on the capital issue, and less on all of the other things that have made it into the Regulatory Reform realm. Francine is there a concern now of regulating the financial cris
Good afternoon. I hope everybody enjoyed lunch. Im the Senior Vice President here at the director of the middle east program. One of the great joys of being in washington is sometimes youre in an environment where you get to be the dumbest guy in the room. I think im here as the dumbest guy on the panel. The people that we have talking now, and we envisioned this sort of as a way to capture some of the strategic wisdom, are just three people for whom i have tremendous respect. Lieutenant general mike negata. Your title it has it is the most difficult title, the director of the directorate of Strategic Operational planning. Word name ever. But the job is incredible. He was the commander of the special Operations Forces in the u. S. Central command and now is with the National Counterterrorism center, thinking all of the strategic do thought that i think we have been struggling with in many ways. Were very grateful for you to take the time to be with us. John maclachlan, as many of you k