Emergency and given the Public Health recommendations issued by the San Francisco department of Public Health, governor Gavin Newsome and mayor breed have lifted restrictions on teleconference. This meeting is being held virtually with all members and staff participating via teleconference. This will ensure the safety of sfers board, sfers staff, and members of the public. While this allows us to hold meetings via teleconference, it may not be as seamless as it normally would be. A reminder to the public to mute your microphones to minimize background noise. Madam secretary, roll call, please. [roll call] clerk we do have a quorum. President bridges . Thank you, madam secretary. At this time, the board will be going into closed session. The board will begin with general Public Comment, but no earlier than 2 00 p. M. Well take Public Comment ongoing into closed session at this time. Madam secretary, please open the phone lines. Clerk members of the public who wish to provide Public Comm
Public comment. Reminder to all participants to mute themselves to minimize background noise. Please note gray indicates unmuted. This is caption test. Use the live item 5 action item. Of the august 12, 2020 retirement Board Meeting. Its a motion for the august 12, 2020 Board Meeting. So moved. Madame president we received a request to the Administrative Changes to the minutes. She made Public Comment and we indicated she represented the retired employees. She would like the title of her organization to be spelled out in the minutes. I would propose that we make that one correction on page 9 [indiscernible]. Sorry for the interruption. Ill second it. Accept the change. Moved and seconded. Well adopt the minutes with the requested changes and accepted by executive director huish. At this time well take Public Comment. Thank you. Callers, if you have not already done so press star 3 to be added. For those already on hold please continue to wait until the system indicates you have been un
News on the banks. We were discussing on closing bell the banks finding out this evening what this extra stress tests theyll go through this fall will be there will be two severe recessions it will be tested against as opposed to normally one. Its possible we could interpret those severe recessions as not as bad as they could have been june saw unemployment spiking to 10 . This test has two versions one is that it spikes to 12. 5 and then dips more quickly to 7 7. 5 both of those factors perhaps highlight the severely adverse scenario didnt get that much worse given the year that were in than perhaps it could have got. 10 unemployment to 11 or 12 is not that much worse. That will also include a stock market decline by 30 house prices falling 26 all of course headlinegrabbing changes but not that much worse than they could have been given the fact that we already knew this early set of tests was coming there is one line that stands out at the end of the statement that says, the board re
Check futures, dow futures right now in the red to the tune of 360 points, nasdaq futures down 110 and s p futures lower by 40. Oil prices under pressure this morning. The International Energy agency warning that demand could plummet to less than 25 years. Airlines reaching a deal for Financial Aid. Mornings with maria live. Striking a deal Oil Producing countries agreeing to cut output by 9. 7 millionbarrels a day in an effort to stabilize the price of crude. President trump weighing in on much anticipated agreements. Countries around the world will cut Oil Production by approximately 20 millionbarrels. People are saying 10 million but we think the number that theyll actually hit is closer to 20 millionbarrels a day. This historic action will help americans supported by the oil and gas industry. Saudi minister say the cuts will amount to 20 million a day and confirmed what President Trump just said when taking into account policemens by other g20 nations and preserves. Prince abdulazi
Please stay home. Please take care of yourself, so its my true honor to welcome you here tonight to the 40th annual San Francisco Good Government awards. [applause] this is our opportunity to pay tribute to the people who are the great engine of our beloved city. Since its inception, s. P. U. R. Has been advocating for Good Governments. We have hundreds of awards given out to acknowledge hundreds of hard working Public Servants, and we are so proud of that. For many of us who are part of s. P. U. R. , this is our absolute favorite night of the year, so thank you for joining us. I want to start out by recognizing our champion sponsors, people who believe in innovation in government just as much as we do. Bridge, google, and San Francisco airport. Thank you for your generous support, and thanks to everyone for being here tonight. S. P. U. R. Is able to continue to honor employees only because of the collaboration with the Mayors Office, london n. Breed. Mayor breed is the 45 mayor of our