Good morning. Good morning. The committee will come to order. Today were considering the nomination of Eugene Scalia. Let me say before i begin my Opening Statement that we welcome the secretary, good to see you. And we welcome mr. Scalias family. Well give him a chance to introduce all of them a little later. Theres so many of them and i wont the scalias are a productive family, apparently, so we wont come off any of your allotted time for your statement and i would say to the family members that the confirmation hearings arent necessarily a family exercise. I was before this committee myself to be nominated for education secretary and was grilled pretty heavily, i thought, with my family sitting right behind me. I was accustomed to it, but they werent. But they got over it before very long. We welcome you here and were glad youre here. Yesterday i received a letter from senator murray asking me to delays todays hearings. I think the Committee Members know, i do my best to do what sen
Good morning. Good morning. The committee will come to order. Today were considering the nomination of Eugene Scalia. To serve as United States secretary of labor. Let me say before i begin my pening statement that we welcome secretary chao. Good to see you and we welcome mr. Scalias family. Well give him a chance to introduce all of them a little later. Theres so many of them and i wont the scalias are a productive family, apparently, so well well it wont come off any of your allotted time for your statement nd i would say to the family members that the confirmation hearings arent necessarily a family exercise. I was before this committee myself more than 30 years ago to be nominated for education secretary and was grilled pretty heavily, i thought with my family sitting right behind me. I was accustomed to it, but they werent. But they got over it before very long. So we welcome you here and were glad youre here. Yesterday i received a letter from senator murray asking me to delays t
Good morning. Good morning. The committee will come to order. Today were considering the nomination of Eugene Scalia. Let me say before i begin my Opening Statement that we welcome the secretary, good to see you. And we welcome mr. Scalias family. Well give him a chance to introduce all of them a little later. Theres so many of them and i wont the scalias are a productive family, apparently, so we wont come off any of your allotted time for your statement and i would say to the family members that the confirmation hearings arent necessarily a family exercise. I was before this committee myself to be nominated for education secretary and was grilled pretty heavily, i thought, with my family sitting right behind me. I was accustomed to it, but they werent. But they got over it before very long. We welcome you here and were glad youre here. Yesterday i received a letter from senator murray asking me to delays todays hearings. I think the Committee Members know, i do my best to do what sen
Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Test. Captioning performed by vitac there are some well known differences in the current economic environment compared to past environments that make the yield curve a little less of an indicator. The probabilities are pretty high. If you take the unjusted measure, and the other financial variabilities, a year from now, the Second Quarter of 2020, the probability of recession is roughly twothirds. If i make an adjustment, its still high, its not far away. The shaded bars represent recessions. Every time this measure goes over 40 , weve had a recession. And theres a lot of more fundamental reasons to be a little nervous about whats going on out there and why recession risks are high. If you look globally, a number of Major Economies are already in recession or pretty close. Germany, italy, the uk, brexit is complicating things for them. Mexico, brazil, singapore, its small but most open economy on
Have stuck around because they know its a new day. We have some amazing current priorities and staffing, some hiring plans and what is on their desk. And what we can expect in the year in two years to come. Let me get right to introductions. To my right is mary beth murphy, commissioner of Small Business and selfemployed division of paris based in washington d. C. To my left come immediate left is don fort chief criminal Investigation Division ira sent to my far left is nina olson tax tier National Taxpayer advocate. Their bios or on line and if you want to review them they are amazing. They have done tremendous work on behalf of the taxpayers of this country and its going to be really great evening. Let me start by having each of them talk a little bit about the state of the irs and their divisions and then we are going to go into some q a and certainly opened up to the audience for any questions that you might have. Marybeth, can you kick us off . I want to thank the ada for inviting