[inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at anytime. Entitled bureaucratic overreach for Consumer Protection. Examining the cfpbs latest action to restrict composition in the payments. Without objection all members have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give a opening statement. Todays hearing, bureaucratic overreach or Consumer Protection examining the cfpbs latest action to restrict competition in payments in my view is critical because its going to talk about this large participants in of Digital Consumer payment applications market. This is the sixth lpr that the cfpb has initiated. And putting aside the egregiously short Comment Period which frustrates both members of this committee, the deeply flawed cost benefit analysis which are both have become hallmarks of this administration i find the substance of pr
[background noises] quincy subcommittee will be in order. Without objection the chair will authorized to declare a racist at anyob time. I want to welcome everyone to this mornings hearing. Tour subcommittee members that are here. And to secretariat for beingse here with us as well. The department of commerce fiscal year 25 budget requests totals 11. 4 billion which is 654 million or 6 increase. Over the fiscal year 24 this includes initiatives and bolstering trade enforcement, and the patients in manufacturing technology, Economic Development and many t others. All initiatives that are vital to american prosperity. I am pleased to see increases requested for Workforce Development initiatives and strengthening the supply chain security. The department of Commerce Mission to spur Economic Growth and opportunities for all americans grows more and more important every day. We are facing foreign economic influences and challenges that can only be by prioritizing domestic competition and am
Are taking a battering. This market can set whole sectors and polarizing them. Todays healthcare. The French Company cut its forecast and boosted its spending plan. Those are called kisses of death. The pin action from that, drug down the entire group. The negative forecast from bristol mile didnt help either. These used to be safety hiding places with high keep you. With trembling. At this rate is so high the dividends have become meaningless. Many other pipelines seem to be running dry. The cover is bear. Big pharma is just a nightmare. Just as we have been rolling bull markets in the old days, what we find out where marauding bear markets but thats what happens when rates go up. We have now got all over the place stocks falling apart. Thats what i felt all day. Were falling apart. The drugs, the oils, after chevron plummeted 10 points, chemicals failing to deliver the goods, they too used to be brought by the yields. At least until the fed starts cutting rates. Tech got a reprieve t
[inaudible conversations] [inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at anytime. Entitled bureaucratic overreach for Consumer Protection. Examining the cfpbs latest action to restrict composition in the payments. Without objection all members have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give an opening statement. Todays hearing, bureaucratic overreach or Consumer Protection, examining the cfpbs latest action to restrict competition in payments in my view is critical because its going to talk about this large participants in the general use of Digital Consumer payment applications market. This is the sixth lpr that the cfpb has initiated. And putting aside the egregiously short Comment Period which frustrates both members of this committee, the deeply flawed cost benefit analysis which are both have become hallmarks of th
Backers say it is necessary to protect consumers. Opponents say it is too broad and could limit competition. This portion of the subCommittee Hearing is about 90 minutes. [inaudible conversations] [inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at the committee on Digital Assets Financial Technology will come to order. The chair is authorized to declare a recess at any time. This hearing is entitled bureaucratic overreach or Consumer Protection. Examining the latest action to restrict competition in the payments. Without objection all members will have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give an opening statement. Todays hearing bureaucratic overreach or Consumer Protection examining the cfpb latest action to restrict competition and payments in my view is critical. It will talk about this large participants in the genera