ms. waters: the committee will come to order without objection the chair is thous authorized to declare a recess. i intend to conclude today s hearing at pentagon 1:00. that mines everybody is going to be kept to the exact time that they are allotted. this hearing is entitled annual testimony of the secretary of the treasury on the state of the international financial system. i recognize myself for four minutes. i would like to welcome treasury secretary janet yellen, who is presenting testimony for the first time on the state of the international financial system. this is a very timely hearing given it is the international financial system established by the united states and its allies after world war ii and enabled the west to hit the russian economy with unprecedented response to the brutality of putin s war against ukraine. the most powerful sanctions have blocked russia s largest financial institution from the global financial system. i commend president biden and secre