Financial institutions and markets generally. Those powers we use during the crisis to keep credit flowing to the economy. Sure. And so we want to be very careful about what we do. The words used for that are unusual and exjentsisheses. Sur correct. In my format we take that and we say we add upon it, raise the bar marginally, i would argue, and use the language unusual and exjent circumstances exist that pose a threat to the Financial Stability of the United States. Youve come out and some of the other fed governors come out opposed to that language. Why . Thats when we would use im not sure that we have been opposed. Thats when we would use those powers when there are unusual and exjent. Its understood to mean pose a risk to the Financial System. Weve kind of added two things as a belt and suspnders. One was to include the language that pose a threat to the financial starblete to the United States. And that is the pushback that weve gotten. Ive met with some of the other fed governor
Provide liquidity when there is a financial panic and lenders are worried about the state of Financial Institutions and markets generally. Those powers we use during the crisis to keep credit flowing to the economy. Sure. And so we want to be very careful about what we do. The words used for that are unusual and exjentsisheses. Sur correct. In my format we take that and we say we add upon it, raise the bar marginally, i would argue, and use the language unusual and exjent circumstances exist that pose a threat to the Financial Stability of the United States. Youve come out and some of the other fed governors come out opposed to that language. Why . Thats when we would use im not sure that we have been opposed. Thats when we would use those powers when there are unusual and exjent. Its understood to mean pose a risk to the Financial System. Weve kind of added two things as a belt and suspnders. One was to include the language that pose a threat to the financial starblete to the United S
The economy. The other thing is, if you act too soon and you decide, oops, we acted too soon, you get you put yourself in a position where you have a zigzag policy and you will face criticism from that by people i know. Second, if you then want to go in the other direction, you only have a quarter point to play with. If you hit the brakes too soon, you dont have gas. With that in mind, im concerned about the effect raising Interest Rates now would have on the real estate recovery and i would ask you what you would think the impact would be of raise zing Interest Rates on the housing recovery and would we squeeze credit worthy borrowers out of the Housing Market and create a negative feedback loop with prices going down . So, you have made very large number of very good points and indicated many relevant considerations that the committee is trying to weigh and balance and has been taking into account. With respect to the Housing Market, of course the level of Mortgage Rates is relevant
Not credible, thats a problem. I know youre in the process now. Do you have any idea what the time frame might be when youre nto the Second Chance . So last year working jointly sent very detailed evaluations the living wills to the firms. And directed the firms to take action to improve their resoveability that were quite specific. And quite detailed. Weve received those plans. Were evaluating them jointly with the fdic. And we will be making decisions in the coming months. The time of the gentleman has expired. The chair now recognizes the gentleman from michigan,. Thank you, mr. Chairman. I am happy to rescue you from the hostile questioning my democrat friend over there. Dont take it personally. He is that way with everybody. But i do actually want to kind of follow on on something that he had point of interest and frustration for a number of us speed g to do with the or lack thereof where there has been some very specific things that were laid out for the fed to do and specificall
And Lindsey Graham and former Texas Governor rick perry. [captions Copyright National cable satellite corp. 2015] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] [applause] lets make sure we win and america wins this primary season. Will you and South Carolina join us in New Hampshire and iowa and make sure that happens. . [applause] thank you. And god bless you. What a great lineup of speakers so far. I can tell you backstage the energy is incredible. The next person i want to introduce as a colleague of mine from washington, someone who probably needs no introduction someone who hosted the iowa Freedom Summit. Someone who is rocksolid in his belief in the constitution of the United States and in his belief or america. Please welcome, my good friend from america, congressman steve king. Rep. King thank you. Thank you all so very much for the South Carolina welcome. [applause] im so pleased when t