[background noises] [background noises] is nick any on education and workforce will come to order. I note the quorum is present. That objection the chairs authorized to call recess at any time. Good morning everyone and welcome to todays hearing. Acting secretary at soup, i like to start by saying you have been a hard witness to schedule. The committee began working with the department to secure your in person testimony beginning in march. You would not appear in may, we honored your request to appear in june. Using the day, june 7, that was offered by your staff into which you agreed. More than a commenting to establish a mutual date for this meeting, this hearing. Why is it that late friday evening following the committees public posting of the hearing a week ago, your staff told us you were quote no longer to make june 7 work . What was so important that you are willing to stop the work of a Congressional Committee come up in the schedule 45 members of congress and leave the America
[background noises] [background noises] the committee will come to order. Without objection the chairs authorized to declare recess of committee at any time. Im before we begin secretary has informed us she has only two hours available for this hearing. So in the interest of time Ranking Member and i are remedying ourselves to very brief Opening Statements we are asking the secretary to do the same. Additionally we get as many members as possible a chance to ask questions. And in concurrence with the Ranking Member i ask unanimous consent to limit each members q and a to four minutes without objection. So ordered. Out also like to request unanimous consent to submit to statements for the record for bt the first is from chairman lucas who could not be with us here today. As you know he has had a terrible accident with a bowl, he is a rancher. And he is recuperating. We look forward to his return soon because his leadership is dearly missed. The second as a full Opening Statement from my
[background noises] [background noises] the committee will come to order. Without objection the chairs authorized to declare recess of committee at any time. Im before we begin secretary has informed us she has only two hours available for this hearing. So in the interest of time Ranking Member and i are remedying ourselves to very brief Opening Statements we are asking the secretary to do the same. Additionally we get as many members as possible a chance to ask questions. And in concurrence with the Ranking Member i ask unanimous consent to limit each members q and a to four minutes without objection. So ordered. Out also like to request unanimous consent to submit to statements for the record for bt the first is from chairman lucas who could not be with us here today. As you know he has had a terrible accident with a bowl, he is a rancher. And he is recuperating. We look forward to his return soon because his leadership is dearly missed. The second as a full Opening Statement from my
Time. Its disheartening to wall street investors. I wonder at what point investors look back and say remember 2016. Remember that year when amazon was profitable for a whole 7 quarters. Im wondering how long you think aws and the prime revenue will be able to cover Everything Else theyre spending on. Well, jeff besos is a very restless entrepreneur. He is willing to have failures and he is willing to have successes as he is having right now in the content area. Hes going to double down in video content. Its the area everybody is growing into. Its hugely competitive and very extensive and hell continue to use prime and other things to attract consumers and dominate the retail landscape which he does right now. Amazon is still spending a lot. Its interesting to me, in q3 theyre going to open up 18 Fulfillment Centers getting ready for the holiday quarter. Thats three tiles more than they opened last year but at the same time theyre projecting this operating profit and they also talked ab
Im pleased to cochair this hearing on the present and future impact of Virtual Currency. My friend senator merkel and i appreciate the work senator heller has done and senator kirk will be joining us as well. Were going to do this a little different because its a joint subcommittee hearing i will chair the first panel and the senator will chair the second. The uses of Virtual Currencies have proliferated in recent years. My hope for this hearing is to educate the Senate Members and others and start the education of the public about Virtual Currencies, including the potential and drawbacks. I also hope to explore how regulators are keeping up with this technological innovation to protect consumers. Ive got a full statement here but i actually have to acknowledge that ive been following this development of bit coins for the last two months. I would think im only starting to wrap my head around the potential upside, downside, regulatory issues, Monetary Policy issues, taxation issues, Con