Good morning, everyone. And welcome to this beautiful monday. The meeting will come to order. Welcome to the november 9th, 2020 of the rules committee. Im supervisor hillary ronen, chair of the committee. With me on the Video Conference is Catherine Stefani and rules Committee Member supervisor gordon mar. Our id like to thank sfgov tv for staffing this meeting. Mr. Clerk, do you have any announcements . Clerk yes. Due to the covid19 health emergencier and to protect board members, City Employees and the public, the board of the supervisor legislative chamber are closed. Members will participate in the meeting remotely. Public comment will be available on each item on this agenda on both channel 26 and sfgovtv. Org. Theyre streaming the number across the screen. Comments are opportunities to speak are available via phone by calling 415 6550001. Again thats 415 6550001. The meeting i. D. Is 146 344 9722. Press pound and up and down again. When connected, you will hear the meeting discus
Away from the alltime record high, there you have it the worlds most valuable company, apple the stock is up again, the worlds most innovative dynamic seller, amazon the stock is up again. The market, that is digested a lot of Bank Earnings already, goldman did very well in the dow is looking at 80point gain and look at the nasdaq up about 26, 27point again, i see a lot of green this wednesday morning. Heres the headline dueling townhouse tomorrow night instead of a second debate, mr. Trump working with nbc, joe biden working with abc, obvious question why not reinstate the debate, the Electoral Commission really blew it by insisting on virtual. Did you see Speaker Pelosi getting rattled on cnn, in primetime will blitzer asked her what was wrong with the president 1. 8 trillion stimulus plan, why not pick up the phone, call the president and make a deal. She became very flustered and accused blitzer and his colleagues of being an apologist for republicans. Have you ever watched online
Experiencing unprecedented declines in activity. Although the remains considerable uncertainty about the economy, we know that the Banking System has served as a source of strength throughout this period. They have supported their customers and committees by pppinating 500 million in loans. The Banking Systems ability to support the economy reflects the Industries Strong capital and liquidity position. In the Second Quarter of 2020, Equity Capital increased to more than 2. 1 trillion, which 13. 4 . Ted to highervels were slightly than the quarter preceding the pandemic. Taken meaningful action to provide banks while maintaining safety and soundness. I will provide an update in five areas in which we have made significant progress. Supporting communities in need, encouraging outstanding loan making. I would like to briefly touch on each of those, starting with our response to the Economic Risks related to covid19. We undertook a series of actions that helped maintain stability in financ
Well before the election so please stay tuned for a further announcement. Wed like to extend a special welcome to the diplomatic corps as well as the 2020 class on the Economic Club of new york fellows and students joining from the club and business schools. Now it is our honor and a privilege to introduce the 45th president of the United States, donald trump. A graduate of the university of pennsylvanias school of finance and followed his fathers footsteps and the role of Real Estate Development egging his mark in new york on the way to develop a will a worldwide brand. He won the presidency in 2016 and first ever run for any political office. Over the last four years, his economic agenda included personal income and tax cuts, reduction of regulatory politics, replacing nafta with the Canada Agreement and negotiating comprehensive trade reform with trading partners notably china. Prior to the pandemic, the administration of the economy grew steadily. Unemployment was the lowest in 50
Thankorgie about you for joining us. Worryingld we start about the amount of debt we are generating and the impact it will have on the economy longerterm . First, thank you for having me. The worries about debt levels going up are not for now. For now, the biggest worry is we do not do enough to support the economy until we have a durable exit from the health crisis. With Interest Rates being record and government can borrow inject hopefully not only a recovery, but a more potent, higher productivity based growth so they can repay the debt they are acquiring now. Case for lowhe Income Countries already in distress. Importanty it is so we make sure they are provided with relief and they are supported with grants and concessional financing, a big theme for our annual meeting spirit for our annual meetings. Francine what is the biggest risk to your outlook . You say the recovery will be uneven, but you have increased your projection . Kristalina the situation today is less dire than it wa