Technology, such as artificial intelligence or products like cryptocurrency, the recent growth of mega banks and mega banks actions to climate risk. I look forward to hearing testimony from all of our witnesses today. Recognize the gentleman from North Carolina Mr. Mchenry for four minutes. Thank you, Madam Chair, and thank you all for being here today. Were here today for the sequel that nobody asked for in 2019 democrats held this exact hearing to drill ceos. Republicans used the hearing to focus on systemic risk issues to our financial system. Clearly none of us could have predicted what would happen just one year later. The pandemic presented us with a once in a generation challenge. Congress, the fed, and treasury stood together and met this Crisis Head on. Your institutions also played a critical role, as did the financial system generally speaking. Banks of all sizes and credit unions of all sizes. Making sure support was available to families and small businesses. You deserve s
Committed to taking a look at this Market And Understanding that this is the way in which people lowcost housing in lowcost Housing Cant become owners unless they get loans from you. You raised a very good point with us a couple of days ago. We are going to dig deep into it and see if we can come up with programs. Ms. Fraser . Exactly the same, chairwoman waters. Ok. Moynihan . As we enter some markets with lower cost housing, we will probably be doing more with that. Chairman waters, we do a significant amount of loans under 100,000. We will look to see if we can do more. Ok. Its really not the business we are in. We only did seven loans this year. Ok, thank you. My time has expired and i cannot get back to this any deeper. I will now call on our ranking member. You have five minutes. Thank you, Madam Chair. I want to thank you all for being here in this format. As i open, this is a sequel that no one asked for. The hearing two years ago, i dont know if much was learned. We will have
Inadvertent background noise. Members are also reminded that they may only participate in one remote proceeding at a time. If youre participating today, please keep your camera on, and if you choose to attend a different remote proceeding, please turn your camera off. Additionally, i want to announce that for this hearing, it is my intention to recess the committee for five minutes every two hours. Lastly, before we begin, id like to take a moment to recognize congresswoman items who is celebrating her 75th birthday today. Happy birthday, congresswoman adams. Thank you, maxine. Happy birthday. Thank you so much. Thank you. I now recognize myself for four minutes to give an opening statement. Good afternoon, everyone. Today, this committee convenes for a hearing entitled, holding mega banks accountable, an update on banking practices, programs, and policies. And of course you know, testifying before the Committee Today, we will have the ceos of Jpmorgan Chase, Citi Group, morgan stanley
The fed and the future of wealth in america. Barbara rem, analyzing Banking Policy Today may be ever. Expectations are very high and we are keen to know why you think the fed is contributing to policy but tell us a little how you chose to take on this topic. Thank you for remembering barts comments, they still startle me when i hear them. I started thinking about this because it is very clear to me even after the great financial crisis of 2008 when the framework began to evolve but it will have unintended consequences. The papers reflect our opinion. Sometimes we do it for clients and because the issue seems really important and that is one of the things we do. In 2011 on our own initiative, we point out the fact that i hope the Post Crisis Framework would have unintended consequences. The stronger you made the banks the more the costs would rise making banks sober and the financial system weaker and of course i think weve seen, that is true in not too much fury in march of 2020 but wi
The fed and the future of wealth in america. Barbara rem, analyzing Banking Policy Today may be ever. Expectations are very high and we are keen to know why you think the fed is contributing to policy but tell us a little how you chose to take on this topic. Thank you for remembering barts comments, they still startle me when i hear them. I started thinking about this because it is very clear to me even after the great financial crisis of 2008 when the framework began to evolve but it will have unintended consequences. The papers reflect our opinion. Sometimes we do it for clients and because the issue seems really important and that is one of the things we do. In 2011 on our own initiative, we point out the fact that i hope the Post Crisis Framework would have unintended consequences. The stronger you made the banks the more the costs would rise making banks sober and the financial system weaker and of course i think weve seen, that is true in not too much fury in march of 2020 but wi