We are live on capitol hill waiting for a house markup to get underway. The Appropriations Committee is working on 2021 spending for state Department Foreign operations, agriculture and military construction. This is live coverage on cspan2. Please be seated. We are ready to begin. My friends, ladies and gentlemen, please be seated. I call the meeting of the Appropriations Committee to order. I would first like to welcome all members to the first full Committee Markup of fiscal year 2021. This will be a markup season unlike any other. Not only are we going to complete our work in record time, but we will be joined by a handful of our colleagues who were unable to be here due to the pandemic. Before we begin i have a number of housekeeping announcements. First, we should all be mindful of our health, and take appropriate actions. Following doctor monahans guidance, everyone, everyone must wear a mask and provide social distancing. Also, this information was previously conveyed to your s
Regulation is 1. 9 trillion to 1. 9 trillion. These businesses pass on the cost of these regulations in the price of there products. Families are spending about 15,000 a year for businesses to comply with government regulation. I am sure that we can agree mr. Chair, the businesses need to be fairly regulated. But when those regulations are killing jobs that is just not right. Several years ago in aa highly partisan vote with very little republican support for 2300 page. Dot frank bill was passed and since then theyre have been mountains and mountains of regulations and rules designed to smother our Financial Services industry. One part of dodd frank is a great concern of mine the too big to fail regulation. Now, when f soc is trying to determine what bank and other nonfinancial institution should be designated too big to fail it means that the taxpayers we will have to step in and bail them out. We all no theyre is a huge difference. They handle their retirement the Retirement Savings
You know section 342 that created the office and part of the thing that we have struggled with is the whole reporting authority and the standards for reporting back what those federal regulation officers are doing. Do you have any insight on the program . I think it is important for countries to take a look at their own debt. And its time for us to look in the mirror and address our own problems, including the 18 trillion in debt that we have accumulated at this time. The Federal Reserve has employed and i will say exceptionally accommodated monastery Monetary Policy to spur Economic Growth, but we are now nearly seven years out with the federal funds rate still at the down. The quantitative easing have made it much easier and certainly has solve our longterm debt problem. And both you and your predecessor have argued that the fiscal reform is important over the long term. However, you also stated that the fiscal prudence can be ignored in the short term does not hamper the economic re
The door is an excellent door. Its very well fortified, and its completely deployed. Its everywhere. The one vulnerability is this period of time when you have to leave for essential purposes, even passing meals or access the bathroom on the aircraft. Even if its for a very short period of time, and we take steps to make sure its for the shortest period possible, that period is when were most vulnerable. The installing of a very costeffective barrier, were talking 5,000 to 12,000 per aircraft once installed, its forever, no operating cost of it you can almost completely if not completely eliminate that risky period of time. Do you know what they look like . Ive seen some renderings, but is it a full door, or screen or what . Yes sir, its a wire mesh retractable, lightweight and its inexpensive as i mentioned. It goes from the floor to the ceiling of the cabin and its installed after the cockpit door, but before the passenger cabin. So as you enter an aircraft, normally you see the cock
Spends its funds because the cfpb operates outside of the appropriations process. Even the Federal Reserve which funds the cfpb from its earnings does not control the bureaus budget. Because congress cannot tighten the financial reins when Budgeting Issues arise the bureaus current structure makes meaningful congressional oversight very difficult. Socalled independence is one reason cited by the authors of dodd frank for the bureau structure. But other independent agencies such as the securities and exchange commission, the cftc, the ftc, and the cpsc are all subject to the appropriations process. Additionally, the bureau does not even have its own office of Inspector General, relying instead on the Inspector General of the Federal Reserve. Some of us have urged the adoption specific reforms to make the bureau more accountable, and more transparent. Putting the bureau through the appropriations process and establishing a board of director i believe it would resemble other agencies and