Bringing housing and affairs will come to order. Thank you from our eight witnesses today. Senator, thank you for your work on this. The eight bank ceos appearing before us today lead the biggest global systemically important banks of the United States of america, your banks hold nearly 15 trillion in assets, manage trillions of dollars of investments and retirement accounts, fund the Biggest Companies in our country. You hold nearly half the nations deposits, more than 80 trillion in client assets, your banks touch almost every aspect of our Financial System and working americans money, even if they are not your customers. All of that makes you eight of the most powerful people in the country, the banks iran are so large, so complex, so interconnected, that their distress or failure could pose a threat to the entire global Financial System. You may be private companies, but the risks you take and the mistakes you make dont just affect you, they dont even just affect your customers, no
I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
Bringing housing and affairs will come to order. Thank you from our eight witnesses today. Senator, thank you for your work on this. The eight bank ceos appearing before us today lead the biggest global systemically important banks of the United States of america, your banks hold nearly 15 trillion in assets, manage trillions of dollars of investments and retirement accounts, fund the Biggest Companies in our country. You hold nearly half the nations deposits, more than 80 trillion in client assets, your banks touch almost every aspect of our Financial System and working americans money, even if they are not your customers. All of that makes you eight of the most powerful people in the country, the banks iran are so large, so complex, so interconnected, that their distress or failure could pose a threat to the entire global Financial System. You may be private companies, but the risks you take and the mistakes you make dont just affect you, they dont even just affect your customers, no
I spent. [background noises] the committee will come to order. Without objection the chair is authorized to declare a racist of the committee at any time by this hearing is entitled semi annual report of the bureau of financial protection. Without objection all members will have five legislative days within which to submit extraneous materials to the chair or inclusion in the record. I now recognize myself for four minutes to give an Opening Statement. Thank you director for being here today. As the director you wear a lot of hats. You are a member of the federal Deposit Insurance Corporation and the Financial Stability oversight consult. This committee spent a lot of time understanding how regulators reacted to the failures of Silicon Valley macon signature bank. Given both the fcic have equal rolls in the failures i am looking forward to hear about your involvement in the decisionmaking process. As we said the fdics chair grunberg and pfister bar testified before this committee there
Bringing housing and affairs will come to order. Thank you from our eight witnesses today. Senator, thank you for your work on this. The eight bank ceos appearing before us today lead the biggest global systemically important banks of the United States of america, your banks hold nearly 15 trillion in assets, manage trillions of dollars of investments and retirement accounts, fund the Biggest Companies in our country. You hold nearly half the nations deposits, more than 80 trillion in client assets, your banks touch almost every aspect of our Financial System and working americans money, even if they are not your customers. All of that makes you eight of the most powerful people in the country, the banks iran are so large, so complex, so interconnected, that their distress or failure could pose a threat to the entire global Financial System. You may be private companies, but the risks you take and the mistakes you make dont just affect you, they dont even just affect your customers, no