Of Vladimir Putin with alexander lukashenko, he flew to our country the day before, as the press secretary of the russian leader Dmitry Peskov noted. Minsk is our closest ally, so there are always a lot of topics for discussion. And we continue contacts with yurievich. Contacts and consultations regarding our relations and interaction, of course, primarily in the economic sphere. Everything here is developing steadily and reliably. Eh, i want to inform you in detail about what she is doing, uh, the budget process, everything is stable and reliable, which is good news. Why am i saying this because you and i know well. Uh, the state of the russian economy, of course, affects our interaction within the framework of the union state. In this regard , mutual questions are necessarily mutual. But there is a need. I feel like synchronizing watches on some issues. Well, you know, just recently i met. E with the leader of the korean peoples republic. Republic would also like to inform you about
Supportive of the provisions included in the recent treasury report. I hope that the Federal Reserve is taking the recommendation seriously, have you read the report . Chair yellen i have read the report. There are many very useful and productive suggestions that mirror things we have been thinking and doing ourselves with respect to tailoring of our regulations, reducing burdens on Community Banks. I think the recommendations pertaining to the volcker rule and looking for ways to reduce burdens are useful. There are a few points where we have a different view. A lot is very useful. I look forward to working with you because while our branch of the government is a check on the executive branch we want to work with you to try to improve the ability of our banks to do the job of helping the communities grow. I am glad you mentioned Community Banks because i have a quick story i like your response to. I have shared this with the committee in the past with regard to Midamerica Bank and tru
Looking at. We have not looked into individual transactions with the president. That was one of two reviews that was done in deutsche bank. The mirror trading and high profile of politicians elected officials review. Are you familiar with that . Chairman yellen im mott familiar with the details. Our focus has been on the safety and soundness of the operations of deutschy in the u. S. Ms. Waters i yield back. Chairman hensarling the chealed yields back the gentlelady yields back. The chair now recognizes mr. Barr. Mr. Barr thank you, mr. Chairman. Chairwoman yellen, welcome back. In terms of the plan and in terms of portfolio composition and Balance Sheet normalization, why does your plan contemplate rolling off treasury securities at a faster pace than mortgage bonds . Chairman yellen so, the differences are relatively slight. My expectation is although one cant be certain of what the prepayments of principal will be on Mortgage Backed securities that ultimately our caps on reinvestmen
Okay, thank you at that end, i mentioned that im supportive of the provisions you have include in the recent treasury report. I hope that the Federal Reserve is taking some recommendations seriously. Have you read the report yet or are you aware of it yes, i have read the report and there are many very useful and productive suggestions that mirror things you have been thinking and doing ourselves with respect to tillerian the rate we are always looking for ways to reduce the burdens that are very useful there are a few points where we have a different view, but a lot in it that is very useful. I look forward to working with you on that while our branch of the government is a check on the executive branch and agencies, we want to work with you to try to improve the ability of our banks to be able to do the job of helping our communities grow. Ive worked with the committee in the past. My district has been caught in purgatory for the last five years. The agency has blocked the merger and
The committee will come to order. The chair is authorized to declare a recess of the committee at any time. Members will have five legislative days to submit extraneous materials for the record. This is the purpose of receiving the semiannual testimony of the chair of the board of governors of the Federal Reserve system on Monetary Policy on the estate on the state of the economy. Recognize myself for an opening statement. Since we last convened on Monetary Policy, there have been encouraging economic headlines. Onfidence is up unemployment remains low, as does inflation. But it rests too much on incredibly low participation payment high disability participation rights. Both paychecks and savings for working Americans Still have room to grow after eight years of distortionary Economic Policy under the Previous Administration. On the fiscal front, help is on the way. House republicans have passed the American Health care act to lifted the burden of obamacare on our economy and the finan