Relief measures congressre has passed there was 150 billion sent to the state and local governments, much of which have yet to be spent and frankly we dont know what the actual need is until we have a better sense of what the revenue loss is to the state and local governments. They are sounding the alarm and justifiably worried about what happens if the downturn in the economy continues and what that dght mean for their revenues. So, they are looking to washington, d. C. For assistance, and i think that as i said earlier, there was 150 billion that went out to state and local governments and thereve been concerns about how they could be used. They were stipulated that they had to be used for these expenses and many state and local leaders were concerned that that didnt give them the flexibility thatee they needed o meet other types of needs. The Treasury Department has come out with an interpretation that would t allow the 150 billion already appropriated to be used to pay firefighters
European equities, up by 8 slaegts 10 off a percent we had pretty Good Movement over it had it last 24 hours because off powells testimony 1. 60 we were over 190 10year note, 2. 056 if youre planning your day its time for the crosswalk flan aer for try to pace yourself and this is right at the it very beginning of your day because youd do vp oorks and later in your day, im watching washington do the same stang and hell not see you. How were going to get numbers from Delta Airlines. After the close. You also have to be aware of ho, thats right im eves dropping youre down to five, are you not . As sooner as the numbers are out, ill give you a free cnbc envelope did you see that engine yesterday with video kw the thingroiding around in the it did. I just saw people complaining they didnt feel like they andaus compensated enough for it sglrts then you would do if you saw that it fer and if you saw nangen come across on a flight i would mang. Ohow would you notify somebody theres not enough
Next, executive Branch Officials and policy advocates examining the impact of Climate Change on u. S. Household finances, especially for those living in vulnerable communities. The Treasury Department released the report that theyve this event. This is hosted by the urban institute in washington, d. C. And runs about an hour and 20 minutes. [inaudible conversations] [inaudible conversations] welcome and good afternoon. I am signemary mckernan, the Vice President here at the urban institute of the center on labor and services and population. And also a Financial Wellbeing expert. So the. Top todays topic near and dear to my heart. Thank you to all of us who joined both in the room today and online. And before i jump in here are a few notes on f housekeeping. One, the event is being recorded and the recording and relevant links will be posted online after the t event. If youre joining us virtually the life captions are turned on and you can adjust those at the bottom off your screen. And
We are halfway through the trading day, and its been a little choppy. Julie this has been a flashback to what we were seeing last week where we are seeing a diversions between technology in the form of the nasdaq going lower as the dow gains on nearly on1 . It appears we are seeing rotation into things like financials out of things like technology, as we see some optimism surrounding the tax plan, but it is not universal. If you look at the nasdaq, the largest Cap Tech Companies are being affected more. That is outpacing the declines in the broader nasdaq composite. A couple examples of stocks we are seeing being traded lower. And square. This appears to be a combination of factors. Weve learned that a Company Paypal acquired was the victim of a Cyber Security breach that affected as many as 1. 6 million accounts. Both paypal and square do not have as much to gain from a tax cut because they have a tax rate. Low im not sure if we have a chart of those companies. There they are. Paypal
The meeting will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. All members will have five legislative days to submit materials for the record. This hearing is for the purpose of receiving the secretary of treasurys annual report on the Financial Stability Oversight Council. Now recognize myself for three and a half minutes to give an Opening Statement. Mr. Secretary, there is your first appearance before the house after the tax cuts and jobs act has been signed into law. I want to let you know on behalf of the majority how grateful we are to you and to the president for your leadership and for helping make this act signed into law. It is truly, truly historic. After eight years of failed economic policies that led to the slowest, weakest recovery in the modern era, the economy is starting to take off. And wages are finally growing again. Consumer optimism abounds. So, how ironic but totally predictable that equity markets wo