[gavel] committee will come to order. Without objection the chair to declare recrest of the committee at any time. This hearing is entitledle policy and the state of the economy. I now recognize four minutes to an opening statement. Today we convene on Monetary Policy and the state of the economy. Chairman powell, welcome back. Oday i would like to start by addressing the current elephant in the room when it comes to policy and the fed. This president has made it clear or he has no understanding respect for the independence of the Federal Reserve. Doesnt d the fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmfu
And the state of the economy. The committee will come to order. The chair is authorised to declare recess at any time. This hearing is called Monetary Policy and the state of the economy. I would like to start by addressing the elephant in the room. This president has made it clear that he has no understanding or respect for the independence of the Federal Reserve. Doesnt fed, have a clue. Most lled at this time difficult problem for the u. S. Hes ing to media reports discussed firing chairman powell just as hes fired others he with. Not agree lets be clear. It is essential that the federal maintain its executive e from the branch. So i urge chairman powell and other Federal Reserve board overnors not to submit to the High Pressure tactics of this president who continues to push economic nd harmful and social policies. Another issue i hope chairman powell will address is facebooks recently announced with 27 other crip toe to develop a currency and digital wallet. And others have raised
Lacqua in london. Stoxx 600 gaining. Optimism on the u. S. China trade war truce waning. Focus onear yield, Central Banks in the fed. President exclusively on surveillance tomorrow. The cut extension. Crude oil 59. 08. We will hear from irans oil minister. We focus in on iran and sanctions from the u. S. Opec extending production cuts into 2020, as the worlds , talks inporter vienna were wrinkling. The commitment to a ninemonth extension is solid, strong. Not only are recommitting to individual commitments to conformity from all countries. Tariffsd trump says against mexico are off the table, after the country stepped up efforts to stem the flow of migrants from Central America to the u. S. Trump said mexico is doing a great job and having a big impact on migration. Australia cutting the key rate for the second straight month. Policymakers attempt to provide support to a slowing economy. The Bank Governor lowering a key rate to 1 . Italys government lowering the deficit in a bid to com
Of these families. The way i have it calculated, it costs a family of four about 20,000 for your debt that you are willing to levy against our children and grandchildren in order to give the richest 1 of the americans a massive tax break. Thatannot deny the math almost all the benefit goes to the people at the top. The top 1 are huge beneficiaries. You cannot deny the math that 5400 families will get a massive tax break. You cannot deny the math that says every single american will take on additional debt, a family of four, 20,000 in debt. I was intrigued by the colloquy where members came to ask the leadership if they will work with them to take out a egregious elements of this tax proposal. We get this sort of, yes i will work with him answer. Why the do put it in the first place . Why are you cutting tax credits . Why are you cutting new market tax credits and historic tax credits in the first place . You just wrote the bill. You just wrote it. Why did you put it in the first place
Of the Republican Party was compromised by the new deal. Somebody needed to put together a blueprint of where the movement ought to go and that is where conscious of conservative came from and everybody sensed that that this is it. This is the manifesto. And we should honor it that way because we are facing the same questions today that the party or the conservative movement has been compromised by populist flair d7 you begin the book by saying i regret having to write this book because of the necessity of the American Conservative Movement which was a great force for good is lost. Explain. Barry goldwater defined conservativism with the maximum amount of freedom and the principles that animated that Economic Freedom and individual responsibility and freetrade we look at those items to say where are we . In terms of limited government we had a campaign i would expect the Democratic Party not to touch entitlement spending but they say no. Conservatives have to be fiscally conservative.