3, 2, 1. This hearing will now come to order. Is in a hybrid format and the hearing room has been configured to maintain the recommended six foot social distancing between senators, witnesses and other individuals in the room necessary to operate the hearing, which we have kept to a minimum. , a those joining remotely few videoconferencing reminders which you should be familiar with at this point. Once you start speaking, there will be a slight delay before your display on the screen. To minimize background noise, click the mute button until it is returned to speak or ask questions. Issue,e is a technology we will move to the next senator until it is resolved. I remind senators and our witnesses the fiveminute clock still applies. Those remote should have on your screen one of the boxes labeled clock which will show how much time is remaining. Weve had some trouble getting those boxes to everyone screen or at least getting everybody to be able to find them and follow them. We are going
We talked about it last night. What is going to happen after that . I dont know. Mr. Meadows . Thank, chairman. , you can take a bit of a breather on your return to the committee. What i want to do is go through with the people who are watching the conversation that you and i had when we spoke on the telephone. You were kind enough to hear out a presentation that i made and i intend to have some questions in that area. It does not make sense if i have not laid the predicate particularly for our viewers who are watching this. I guess the reason i want to do this is because people who are watching this need to understand that this small hearing room and the little tv box you are looking at, the little screen you are looking at are a little bit like the frame of a puppet theater. If you only look at what is going on in the puppet theater, you are not going to understand the whole story, you are not going to understand the real dynamic of what is going on here. You are certainly not going
[inaudible] senator blumenthal. Thank you very much. Thank you for being back. You very much, mr. Chairman, thank you for being back, your honor, and thank you to your family as well. I want to begin by saying, perhaps not surprisingly to you, that i was really disappointed by your responses to a number of my colleagues most recently on the coons issue of whether you would purchase fate in a decision involving the upcoming election if you were confirmed. I continue to believe that if you were to participate in a decision involving that enduring,it would do explosive damage to the court. I think you know it would be wrong, not because of anything you have done. Fact, i am not raising the issue of whether you have done any sort of deal or commitment because of what donald trump has and my republican colleagues, because they have indelibly put at issue your integrity through their statements. The president has said that he is putting you on the court as the ninth justice, so you can decid
Nominee for the Federal Reserve. To be exact. [gavel] mr. Crapo this hearing will come to order. This morning we will consider the nominations of the honorable judy shelton to be a member of the board of governors of the Federal Reserve system. And dr. Christopher waller, to be a member of the board of governors of the Federal Reserve system. Welcome and congratulations to each of you for your nominations. I see friends and family in the room today and i welcome them as well. Were fortunate to have these two highly qualified nominees appearing today. These positions are critical to ensuring a safe, sound and vibrant Financial System and a healthy, growing economy. The Federal Reserve was created by congress as the nations central bank to promote a stable economy and a safer, more flexible Financial System. Among the Federal Reserves responsibilities is conducting the nations Monetary Policy with the mandate of promoting maximum employment, stable prices and moderate longterm Interest R
and i will follow him turn. sen. shelby: thank you. chairman powell, earlier this month, secretary yellen acknowledged she was wrong about the risk of inflation. previously, you also acknowledged that the fed got it wrong in thinking that inflation would be transitory. yet myself and other members of this banking committee here have been warning about inflation for over a year. last july, nearly one year ago, when you came before this committee, i raised concerns about the risk of rising inflation, particularly following the enactment of a $2 trillion spending bill. at that time, there was already evidence that inflation was affecting numerous areas of our economy. i discussed the year-to-year price increases on agricultural goods such as corn, wheat, and soybeans, and i pointed out the rising cost of metals including copper and aluminum. the increase in energy prices, used cars, and airline tickets. as someone who remembers encountering high inflation here in the 1970 s, i w