Appropriation hearing but i believe the president has sent us two good nominees. We waited a long time on the vice chairman, supervision for the fed. I hope the hearing goes well and we can expedite these nominees and get them in place, thank you. Thank you, senator shelby. The hearing will come to order. We will consider the nominations for the comptroller of currency, joseph otting and Randal Quarles to be a member of the board of governors of the Federal Reserve system and vice chairman for supervision of the board of governors of the Federal Reserve system. Welcome to both of you and congratulations on your nominations to these offices. You have friends and family sitting with you and welcome them here as well. These positions are critically important to assure a safe, sound, vibrant Financial System. We are fortunate have two qualified individuals to consider for these posts. Joseph otting bring particular understanding of the Banking System from a long career in national service.
He was a senior treasury official in the Bush Administration and Erik Schatzker asked him back in 2015 what he thought about policy. I am all for transparency and i think the fed has that right. What is wrong is it continued it continues to believe it should not follow the rule. If you are going to be transparent, you have to be moral rulebased and what you are doing. Us now is Erik Schatzker who conducted the interview and also Michael Mckee , economics reporter on the fed. York bureau chief who knows a lot about randalls background. Like he is happy to do. He job and is qualified eric you get as much as you need into how he thinks and his appointment to the fed would be with the history of the financial legislation under the obama administration. He believes in a rulebased approach, much like what we heard at the House Financial Services committee p he also believes fannie and freddie should not exist and he believes rules should be he believes some of the things that were done in th
Numisma Bank, a de novo bank backed by former Federal Reserve Vice Chair Randal Quarles, is the first bank without deposit insurance to be granted conditional approval under the Fed's new master account application framework.
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