Confident, yet humble, wise, yet dependent on your guidance. Give them the wisdom to cultivate a faith that preserves, keeping them from growing weary in doing what is right. Strengthen their ability to see among their colleagues your divine image. May our senators increase in favor with you and humanity. Fill them with a passion to live for your glory. We praise you for being our helper and we desire to magnify your holy 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. Mr. Grassley madam president. The presiding officer the senator from iowa is a recognized. Mr. Grassley i ask one minute in morning business. The presiding officer without objection. Mr. Grassley quite often in our newspapers you can read about a lot of city, state Pension Funds that are in trouble. Theres
Officials tell the Senate Banking committee about the overall state of the financial industry, including the effect of coronavirus made bills passed by congress, and the Federal Reserves Small Business loan program. Please click the mute button. Remind senators that the fiveminute clap still applies. I expect most senators will participate today so we really need to stick to that fiveminute timeframe because we have a vote coming up at noon so i will be tapping the gavel to remind you to wrap it up and to the witnesses i ask you, even though you are asked a question at the end of the five minutes, please Pay Attention to the clock and make those answers after the time has run out prompt and efficient. Seconds i will do a tap on the gavel. The speaking order process, senator brown and i have agreed to go by seniority for this first hybrid hearing. With that, let me start out. Our federale all of predental regulators, the Federal Reserve vice chairman of supervision randal quarles,the co
From the honorable randal quarles, Federal Reserve vice chairman for supervision; the honorable jelena mcwilliams, chairman of the fdic; and the honorable rodney hood, chairman of the ncua. Welcome to all of you. This hearing provides the committee an opportunity to examine the current state of and recent activities related to the regulatory and supervisory activities of these agencies. It has been over a year now since the enactment of s. 2155, the Economic Growth, regulatory relief and Consumer Protection act, and the work of the agencies to implement most of the laws provisions, including the tailoring rules for u. S. Banks and u. S. Operations of foreign banks. Your agencies should also carefully review the existing supervisory frameworks and make any necessary adjustments to appropriately align them with the tailoring rules and requirements. On july 30, 2019, all of the Republican Banking Committee members and i sent a letter to the federal banking regulators urging your agencies
He has written 3 previous books before homewrecker is, how america lost iraq. And washingtons battle against americans, veterans and the thing is. What he has done is looking at veterans, looking at war, because of his reporting, fewer us military veterans face long lines waiting for disability compensation. He has sparked, his journalism sparked federal legislation, congressional hearings. What he does leads to a response by government and maybe we will see the same hedge fund magnates, shady banks and vulture capitalists suckered millions out of their homes and demolished the American Dream. He is a peabody award winner, Journalism Award winner, twice nominated for National Emmy for his work on pbs news hour. He is really good at what he does. We are very fortunate to have Dorothy Brown from Emory University school of law, nationally recognized scholar and tax policy, race, class. And and she was excited because she was eager to read his book. And lets join me in welcoming. Please we
[inaudible conversations] [inaudible conversations] come to order. Without objection the chair is authorized to declare a re cess for the committee at anytime. Entitled bureaucratic overreach for Consumer Protection. Examining the cfpbs latest action to restrict composition in the payments. Without objection all members have five legislative days to submit extraneous materials for inclusion in the record. I want to recognize myself for five minutes to give an opening statement. Todays hearing, bureaucratic overreach or Consumer Protection, examining the cfpbs latest action to restrict competition in payments in my view is critical because its going to talk about this large participants in the general use of Digital Consumer payment applications market. This is the sixth lpr that the cfpb has initiated. And putting aside the egregiously short Comment Period which frustrates both members of this committee, the deeply flawed cost benefit analysis which are both have become hallmarks of th