Accountable. This hearing is about three hours. [ room noise ]. The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigg
It is a large document. It goes back and forth. There were iterations that did not come out until late last night. People need time, you know. Regarding todays vote on individual programs, d. C. Do something that should be set forth . Well, its a notice and comment preceding. There will be a notice. There will be a comment period, then there will be a reply comments carried, then there will be how to make sense out of all of that. I do want to set an arbitrary date to it i dont. A small question. When would you expect the item to be resolved . I hope soon. I have a followup. Nice try, mikey. Questions or Public Safety, raise your hands. Public safety, come on up. The rest of my team comes up, some of you may of noticed yesterday we had a test of Emergency Alert system. Went out to the entire nation over 22000 stations have responded to us with results from the and were continuing to compile those results with our partners at fema and industry, as well as the states emergency communicat
About the life of Edward Snowden is released today. What do you think it should president obama pardon Edward Snowden . If you think yes, call this number, 202 7488000. You dontnk not, if think the president should pardon Edward Snowden, call this number, 202 7488001. If not by phone, you can weigh in by social media. Our twitter handle is cspanwj , and Facebook Comments are coming in at facebook. Com cspan. Go to the website of the American Civil Liberties union, the aclu, you will see this posting by the executive director there, anthony romero. Obama should pardon Edward Snowden, and we are launching a campaign to make it happen and we have got a lot of help. Mr. Romero writes host they point out here at the aclu site that they are being joined in this campaign by Amnesty International and human arty havech, and they an impressive list of more than 100 former National Security officials, legal scholars, technology and business leaders, human rights activists, and artists on board. A
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed authorities granted under dod dx frank have been problematic. The see kra si make it impossible to measure the over sight or the integrity of the test findings. As columbia has testifie
A lot of us have been advocating for a long time that the two leaders of this government project that theyre working together and with the internal dynamics and as we say it is unlikely to have been. But there are some things regarding Strategic Communication and People Like Us point out not of government itself. What have we done and what are we attempting to do . And a lot of the frustration with this government is that it doesnt understand that sense of crisis and those uncertainties. That is what helps to power the opposition that there is a lot of politicians that are not so good but they are in the opposition and government that seems even worse. Picking up on a good point that not acknowledging the crisis that it faces of lot of president can do and quite frankly there isnt that many options but there are two issues one is out of president can strengthen the eyes of the International Community and also nearly in the eyes of his own government. To strengthen the position in the b