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lord, we are grateful that you have promised never to leave us. in the challenge of decision-making, with its fluctuating intricacies, give each lawmaker a deeper appreciation for cultivating a conscience void of offense toward you and humanity. today, show mercy to the members of this legislative body. lord, let your sovereign hand be over them and your holy spirit be with them directing all their thoughts, words, and works for your glory. we pray in your merciful name. amen. the president pro tempore: please join me in reciting the pledge of allegiance. i pledge allegiance to the flag of the united states of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the president pro tempore: under the previous order, the leadership time is reserved. morning business is closed. and under the previous order, the senate will proceed to executive session to resume consideration of the following nomination, which ....
take you live to the senate on c-span 2. the presiding officer: the senate will come to order. the chaplain, dr. barry black, will lead the senate in prayer. the chaplain: let us pray. eternal god, who alone spreads out the heavens and rules the raging of the sea. give our lawmakers wisdom to draw near to you. may they daily seek your presence, as they reflect on your sacred word. guide them with your instructions, keeping them from falling in life s slippery places. may they strive to please and honor you by living with integrity. mighty god, since we have you, what else could we possibly want on earth? we pray in your matchless name. amen. the presiding officer: please join me in reciting the pledge of allegiance to the flag. i pledge allegiance to the flag of the united states of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the presiding officer: the clerk will read a communication to the senat ....
about more rate hikes ahead and about the outlook for the american economy we re all over that. you cannot afford to go anywhere power lunch starts right now let s get a check on the markets ahead of the fed decision the dow is up for the first time in about three days, pushing closer to record highs a gain right now of 82 points. the s&p 500 up for the first day in four. that s up about 9.5 points the nasdaq is on a three-day winning streak, its longest since late august. the nasdaq is higher by 34 points ibm is driving the dow s gains adding 25 points all by itself and that is helping to offset the drop in nike shares on the back of its earnings it is the ipo of the day here, and of course we re talking about survey monkey. shares are soaring about 60% in its debut as a publicly traded company. and home builders are taking a hit at the prospect of higher rates, mortgage rates and a 30-year loan very close to 5% new home sales data coming in strong more on the heal ....
institutions. the crisis led to greatly expanded fed emergency liquid support t. became the lender of first resort instead of the last resort. the congress passed the dodd-frank act to extend the federal government s post tarp control over the system t. ga. it gave regulators extensive new powers over the defense system. the slow recovery triggered fed qe stimulus which created massive bank reserves which required new fed operating procedures. so this morning we re going to discuss all these changes with a panel of experts. and instead of me introducing a panel of experts, i m going to introduce our moderator of the panel. alex j. pollack is a distinguished senior fellow oh art street institute. alex was previous lly a residen fellow at aei and at the home loan bank of chicago. alex is a recognized authority on financial policy issues including financial cycles, government sponsored enterprises, housing finance, banking, central banking, uncertainty and risk, retirement ....
experts who we ll introduce you to in a minute. but before that, let me just set the stage here. as you all know, the financial crisis changed the banking system. the resolutions that happened in the crisis integrated commercial and investment banking like never before. these resolutions created today s too big to fail institutions. the crisis led to greatly expanded fed emergency liquidity support. the fed became the lender of first resort instead of the lender of last resort. t.a.r.p. temporarily nationalized the banking system, and the congress passed the dodd/frank act to extend post t.a.r.p. control over the system. it gave regulators extensive new powers and responsibilities over the financial system. deposit insurance limits increase by a factor of two-and-a-half, and the slow recovery triggered fed qe stimulus, which created massive bank reserves, which required new fed operating procedures. so this morning, we re going to discuss all these changes with a panel ....