Senator grassley was a no. [roll call] [roll call] [roll call] the clerk will report is the results of the vote. Mr. Chairman the final tally is six ayes eight nose. Mrs. Amendment number two and would simply do its a minor amendment would add my chair membership to transportation benefits. As you know the code allows employers to provide compensation for transportation costs for their employees on a taxfree basis. They include taxes who see it with parking en masse transit and since 2008 associated with storage at the employee regularly bikes to work however last summer at the irs move to costs associated with memberships were not eligible as part of the draft and indicated legislative action is necessary to broaden the definition even though they had accepted that definition for previous years. All the men would do is just that. It would send the 20 dollar amendment available to bike owners for those participating in a bike share program. Many employers across the country could offer
Said lets try to get to a level Playing Field and that is what u. N. Senator hatch have talked about and then to have comparable measures. Im going to work closely with you and i appreciate youre not offering it today. Senator nelson is back. I applaud the excellent work in the leadership of hatch and wyden and if you are from pennsylvania, utah, to West Virginia, you are underrepresented as we are in florida on the new markets tax credit. For example it serves the poor population encouraging investment in low income areas. An example in my state we have 6. 3 of the poverty resides in florida in the country and yet our new markets tax credit share is only 2 . Those other states are similar that i mentioned. And so what it does this tax credit is incentivize investment of commercial projects to create jobs in low income areas. And since the program was established back in 2000, 36 billion has been invested in eligible communities and it needs that little tweak to get to the poverty so i
And challenges to the fed independence and its a topic that many of the audience members are working on. Where do you think the greatest threat to Central Bank Independence comes from . Is it from the innovative policies on the macro prudential side and the dealing of Financial Institutions or aggregate Financial Sector or innovative policies on what i call the Monetary Policy side dealing with the stimulustype role. That is a political question and im not sure i can do it justice. Let me just say a preliminary thing, i dont think the central bank should be equally independent in all of its functions. There are good reasons to have independence in Monetary Policy making subject to a mandate or subject to objectives set by the Democratic Parliament or legislature and we understand those reasons having to do with avoiding shortrun political intervention in Monetary Policy and the like. But in many of its other activities, for example, as a bank regulator, while we believe Bank Regulators