Wish to seek recognition. Per House Resolution 955 resolutions and members are required to leave the camera on the entire time they are in an official proceeding. Even if they step away from the camera. Our roll call is not necessary to establish a quorum and official proceedings conducted remotely whenever there is an official receding with remote participation the clerk will call the roll to help make clear who is present at the start of the preceding. This time i asked the clerk to call the roll. [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] thank you very much. Pursuant to Committee Rule 7d Opening Statements are witnessed the chain the Ranking Member for this allows us to hear from our witnesses sooner and provide all members the adequate time to ask questions. Recognize myself a purpose of making an opening statement. Today we are examining how the covid19 pandemic is draining our Higher Education system and discussing what Congress Must do t
Accompanying regulations, members are required to leave the camera on the entire time they are in an official proceeding. Even if a step away from the camera. While roll call is unnecessary to establish a quorum and official proceedings conducted remotely, whenever there is an official proceeding with remote participation, the clerk will call the roll to make clear who is present at the start of the preceding. At this time i ask the clerk to call the roll. [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] chairwoman, this concludes the roll call. Thank you very much. Pursuant to Committee Role 7c, Opening Statements are limited to the chair and the Ranking Member. This allows us to hear from our witnesses sooner and provides all members with adequate time to ask questions. I recognize myself do for the purpose of making and opening statement. Today, as we know were examining how the covid19 pandemic is straining our Higher Education system and discussing what Cong
Any time. Members are reminded to keep their video function on at all times. Members are reminded that theyre responsible for muting and unmuting themselves and to mute themselves after they are finished speaking. Consistent with the regulations accompanying the resolution, staff will mute members when not recognized to avoid inadvertent background noise. All house rules relating to order and decorum apply to this remote hearing. [ inaudible ] economy and i know recognize myself for four minutes to give an opening statement. Chair powell, the law that required the Federal Reserve chair to testify before congress twice each year was established back in 1978. However, no fed chair has ever testified before this committee with the economy in the condition that it is in today. More than 116,000 americans are dead from the coronavirus. And just last week, 21 states recorded an increase in their average daily new cases compared to the prior week. The april jobs report was the worst in Americ
When the time comes, after the crisis has passed, we will put these emergency tools back in the tool box. I would stress that these are lending powers, not spending powers. I will also note that we design our facilities to work for broad ranges of businesses and municipalities. We do not target particular firms or industries. Elected officials make decisions about where to direct such target relief. The cares act and other legislation provide direct help to people, businesses, and communities. This direct support is making a critical difference. Not just in helping families and businesses, but also in limiting long lasting damage to our economy. Public faith in our operations depends on transparency. If the fed were committed to that, particularly in deploying our emergency powers. Thank you. I look forward to our questions. Thank you very much, chairman powell. I now recognize myself for five minutes for questions. As i mentioned in my opening, the pandemic is strengthening and so, to
A bipartisan letter urging for delay in implementation. Every entity both banks and nonbanks which were not included in the cares act on the same footing can conduct the study with real life se narp owe that we had going today. Given the actions by congress, should we delay as i and my colleagues have called for and should the treasury examine the real life scenario we have gone through when kwuki inconducted study. I think that should be considered we are working on the study. The president issued an executive order with regards to each agenc looking at the rules, regulations that were waived, declined or whatever if they dont work now, why should we continue them down the road when we get out of this mess i assume everybody is doing that this accounting principle would fall in that area of we need to be looking at this as something down the road. I would agree thank you appreciate that. Theres a time and place for rules and regulations and a time and place that are nonfunctioning whe