Breeze by any means a bit of an orange hue above berkeley here its not going to appear that way once the sunshine comes up, but there will be a definite yellow tinge to it like yesterday because of how smoky it is yet again today you notice how the entirety of the shoreline has that worst air quality as do our interior valleys. Thats because the fog thats pushing in has smoke imbedded and not just smoke from our california fires, but smoke all the way from oregon that was pushed out in the pacific. And now is slowly making its way in our direction with that very weak on shore flow. This deep deep red wasnt even on the map yesterday. This is the worst of those conditions and it is not going to be a good day to be stepping outside not this morning, not this afternoon ive been seeing a bunch of you still going on your jobs lately which i mean good for you, but maybe do a workout inside today as much as possible Half Moon Bay of visibility below a mile this morning and we will be looking a
Waters the committee will come to order. Without objection, the chairs authorized to declare a recess of the committee at any time. This hearing is entitled promoting stability, reviewing the administrations deregulatory approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 00 per the request of the p. M. Secretary. I now recognize myself for four minutes to give an Opening Statement. So let me welcome back secretary mnuchin. Today, we are here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As i have said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking regulators are following the deregulatory blueprint that the Treasury Department, under secretary mnuchins leadership, has mapped out point by point and rolling back many of the Critical Reforms demo
Naples . Yeah, absolutely. And i said no, the okay. So it could be, id say that everything points to that being precisely what it is because of the way in which they act it to me, it gives me a mutual kind. As in several of our areas of the country, criminal groups are powerful enough to play a large part of deciding who gets into power and making sure political opponents dont make it to. The post is who part the playbook. As a general have those companies thats minutes can president under his manual lopez over to door to cooper kings, unfortunate more than 600. 00 officials. Im politicians have been killed during his administration. The selection there worries the criminal groups could go further even interfering with votes, as on the election day in june mazda think the test time that i think that even the polling buddhist, i dont know, these people can show up there, and they can intimidate and, and if they can intimidate rich people, its going to be even easier to intimidate them f
Housing affairs will come to order. Thanks to the new deal and the hard work of our regulators today, most Bank Failures of course never a good thing or generally not a big deal but the quick collapses of Silicon Valley bank and Signature Bank were no ordinary failures. In less than a day, Silicon Valley Bank Customers pulled 42 billion dollars out of the bank fueled by Venture Capitalists and their social media accounts. They created the largest and fastest bank run in history in the following days Signature Bank lost 17 billion dollars. Regulators both republicans and democrats came to gather to prevent the panic from spreading. They increase liquidity, they promoted confidence in our Banking System, they protected deposits of customers and Small Businesses not notably the investors the investments of executives and shareholders. I spent that weekend on the phone with ohio Small Businesses and banks and credit unions. While Small Business owners simply wanted to make payroll. They di
Thursday morning on cspan or on cspan now free mobile app up or discussion with your phone calls, Facebook Comments Text Messages and tweets. Bank executive from Silicon Valley bank, Signature Bank, and First Republic bank testified on the recent failures of joint subcommittee hearing. Rapid growth, Digital Assets and rapid deposit withdrawals were contributing factors that led to the collapse of the respective institutions. All makers asked about executive compensation and Risk Management. [background noises] Mike Emmanuel come to order. Joint subcommittee is titled continued oversight over Regional Bank failures. That objection all members will have five alleged days within which to submit extraneous materials to the chair for inclusion in the record. Without objection a chairs office to declare a racist of the committee at any time. With that i now recognize myself for four minutes. Todays hearingng will help the Financial Services committee learn more about recent Bank Failures inc