I now recognize myself for an opening statement. Chair,his tenure as fed he served as the chair of president bushs council of economic advisers. In their first congressional testimony since leaving the Federal Reserve, former chairs ben bernanke and janet yellen called on congress to take action to encourage economic recovery. To 2014 before being appointed chair. In 2014 by president barack obama. Dr. Yellen also previously asved in the white house chair of the council of economic advisers. Time eitherfirst dr. Bernanke or dr. Yellen have testified before Congress Since stepping down from the Federal Reserve. These extraordinary times require congress to seek out of experts with extraordinary experience. As Congress Works to end the economic crisis and enable a strong recovery, we are fortunate to benefit from their individual insights and gain from their unique position as Federal Reserve chairs in the last economic crisis and recovery. I want to thank both of them for agreeing to testify today. Crisis, thento this coronavirus pandemic continues to spiral out of control. Today, over 3 million americans have tested positive for the virus, including a recordbreaking 75,600 confirmed yesterday. Than 140,000 americans have died. Far more than any other country. This administration has not only failed to fix the problem, it has made things worse. They want to push states to reopen without a plan to keep everyone safe. As a result, we have new arizona,s in florida, texas, and here in our home state of south carolina. Floridas the capital infection, now 20 higher than new york was at the peak of the outbreak in april. Now the administration is undermining its own Public Health experts in the rush to reopen schools again without a plan. Unemployment is at a historic high. Americans areion collecting Unemployment Benefits. Just last week, several Federal Reserve officials expressed the law that the countrys modest recovery is starting to level off. Has beenomic crisis especially damaging to communities of color. Who as our witness recently are bearing the greatest share of covid19 deaths, and also face higher rates of unemployment than their white counterparts. Is whattion for today can we do about it . Address ournnot economic woes until we first address the urgent Public Health crisis. It is far past time for the white house to take responsibility for others and provide the muchneeded federal leadership and a clear National Strategy to fight this pandemic. Second, the Federal Reserve and usesury must act quickly to the authority and Funding Congress provided to help american families. Crisis an unprecedented that requires an unprecedented response. While the fed has taken significant steps to sure up credit markets and protect big businesses, it has done less to protect workers. In fact, the feds primary mechanism to protect jobs, main Street Lending program, has struggled to get off of the ground. The fed should do more to ensure the Lending Program is accessible for the Small Businesses who most need it and deserve this assistance and to protect the workers the program was designed to help. Third, the white house must work with congress to act boldly and decisively to prevent an economic catastrophe. American families and Small Businesses cannot wait any longer for relief. Congress must pass another economic recovery package that includes support for lowwage workers and the unemployed. States andnce to localities. And programs that invest in Public Health. On may 15, more than two months ago, the house passed the heroes act to do exactly that. I urge my colleagues in the senate to end the delays and pass this vital legislation. Id also like to address one final point. After we announced this hearing, my republican colleagues call up a witness who is not a Federal Reserve chair, or a former Federal Reserve chair. Now, i have accepted. Every other witness my republican colleagues have proposed, and i think it has been five thus far, and i look forward to hearing from this proposed witness at a future date. Is to hearmy goal from the unique insights from chair bernanke and chair yellen on their efforts to help our nation recover from the 2008 financial crisis as leaders of the fed. Hasexample, dr. Bernanke the initial 2009 Fiscal Program was perhaps not adequately sized, given the size of the problem. We must not make that same mistake again. Honorably under president s of both parties. I am hopeful all of our colleagues will participate in this hearing in a bipartisan manner and help us search for solutions to benefit the American People. The chair now recognizes the distinguished Ranking Member for his opening statement. Thank you, mr. Chairman. I want to thank our witnesses for appearing before the subcommittee. They can offer important insight on the hearing about responding to the economic crisis, which is todays topic. With due respect, both of todays witnesses were selected by the majority. I know we spoke about this, but i requested as rule 11 of the house of representatives actually requires, that the minority get to also have a witness so the select committee can hear from a diversity of perspectives. Whether from different parties, both bringing a similar perspective on an issue, thats not the intention of the house rules, which is why i asked for a witness, as well. Somebody as widely regarded as an expert on the economy. He has testified before Congress Dozens of time. He was the former head of the congressional budget office. He is the person tasked to inform congress on understanding budget and Economic Impacts of policy decisions. Mr. Chairman, i know you denied the witness, we talked about it, but because of the decision, we are also being denied the diversity of opinion we should be getting on todays topic. We should always request and seek at the house rules as they require, welcome that diversity of opinion, which is why both parties are allowed to invite witnesses to provide us with pertinent testimony. That was denied today to us at this hearing. It hinders our ability to get all of the facts. But with that, pursuant to clause 2j1 over rule 11, im requesting we get what we are allowed under the rules, a minority hearing. The rules require it. There were not followed in the request we made. It doesnt allow the chair to select both republican and democrat, it allows the chair to select witnesses, but allows the minority to be able to submit a witness. We did that, it was denied. In lieu of that, we required we have a minority day of hearing. I just wanted to invoke that. I know our staff can work through that. But as a point of order, i did want to bring that up. Why dont we talk about the state of the economy . Thank you very much. I understand you have somebody we received the letter. I will take it under advisement. I will commit to you today that i will consider your request in accordance with the house rules. As i understand it, one of the requestedyou have already appeared before this Committee Just last month. And that, i will yield back thank you. Im sure we will be able to deal with this. Thank you, mr. Chairman. Im confident we will be able to work through this. Why dont we talk about the economy. The Unemployment Rate in february was 3. 5 percent. The lowest in over 50 years. The Unemployment Rate for African Americans and hispanic was the lowest in recorded history in this country. Hourly wages were growing at the fastest pace in over a decade. America was experiencing the hottest economy we have ever seen in every segment of our country reaping those benefits. Then a Global Pandemic hit our shores. China lied and hid the truth about it. The organization the world looks to for medical expertise and guidance in a pandemic, the world health organization, was corruptly complicit and regurgitated chinas lies. America got hit hard and fast, like the rest of the world did. The worst we have seen in over 100 years. Immediately, america came together to fight the invisible enemy and prevent our hospitals from being overwhelmed. And we did so without knowing nearly as much as we do today about this unique and destructive virus. All we could really do was shut down. For the largest, most prosperous economy in Human History on pause, the pause was necessary, but came at a staggering cost. From the lowest unemployment in 15 years, to over 40 million jobs lost. Income inequality was made worse. 40 of people making less than 40,000 were laid off. Children lost irretrievable months of in school learning. Vaccinations plummeted. Progress on the Opioid Crisis we made working together was reversed. What america must now decide is whether those losses will be shortterm costs or longterm, irrevocable damage. I supported the cares act. Virtually all members of congress did. There are some important structural building box to recovering in that legislation. We already know about ppp, and we have had the tremendous success of it saving millions of jobs. But we put billions of dollars in place for ppe to protect Frontline Health care workers. We put billions in place for testing, development of therapies. And ultimately, a vaccine. But lets be honest about the relief portions of the cares act. What we did was float the u. S. Economy with borrowed money to temporarily compensate for it shutting down. The question before us is knowing now what we know about the unintended cost of the shutdown, do we continue to extend it, or focus on the Building Blocks of longterm, sustainable, and equitable recovery . A few key principles and shared goals should guide us in this direction. Federal policy should reward and support americas workers. Educating our children safely in the classroom is a paramount responsibility. Its not just a goal, but something we have to achieve. Federal policy should accelerate innovation, research, and manufacturing in the u. S. Only a healthy and growing economy can support longterm, sustainable, and equitable prosperity. With that, all americans are concerned about the continued spread of the virus. All americans have a role and responsibility in helping to slow the spread. As we are all Wearing Masks out in public. Lets also acknowledge some key developments. The death rate continues to fall, because we are doing better protecting our most vulnerable populations, and treating covid patients. President trumps operation warp speed is showing great promise, including this weeks remarkable announcement of promising results from vaccine trials. Testing capacity and ppe production continue to ramp up. Red tape is being cut. This progress gives hope to all of us want to end this pandemic. America must continue to forge ahead with this cando attitude and find Practical Solutions for the challenges that must be solved. Beginning with safely reopening schools. Earlier this week, Vice President pence brought his task force to louisiana. I spent the day with them, along with our governor, who happens to be a democrat, talking with school officials, Public Health experts, and even coach osher on, about getting kids back to school and doing it safely. Houserx, who is the white Coronavirus Response coordinator and respected medical official, was there talking about how you can safely reopen. Our attitude has to be how to do it, not whether you can do it. It clearly can be done. Children need to get back to school and continue their education. For many children, the time lost will never be made up. Childrens health will improve if schools reopen. Vaccinations will increase. Child nutrition for our most vulnerable will improve. The american pediatrics issued a report, which among other things quotes all policy considerations for the pump coming school year should start with a goal of having students physically present. The report goes on to say the importance of in Person Learning is well documented. Theres already evidence of the negative impacts on children because of School Closures in the spring. I would hope we would be focused on the damage to students of not reopening as we put our efforts behind how to safely reopen. I would like to ask unanimous consent that this report by the American Academy of pediatrics be entered into the record. If theres any objection. I did want to make that request. Object. Not intend to we will provide you with this report. I would ask it be included if there is no objection. Without objection. Helphool reopenings also the economy, because parents can more readily get back to work. We should resolve no business in america ever again have to compete with a federal policy that makes unemployment relief pay better than actually going to work. Small business after Small Business has told me the biggest obstacle to reopening is getting workers to come back, because the temporary bonus unemployment check in many cases pays more than the actual salary. This policy needs to stop. While some in washington want to continue the shutdown with the federal government continue to flow the economy, or have the Federal Reserve print more money, thats not a path to prosperity. We have faced big challenges throughout americas history. America put a man on a moon. We can surely reopen our schools and safely rebuild our economy. Lets rise to this challenge. I yield back the balance of my time. I think the Ranking Member for hit i thank the Ranking Member for his opening statement. I would like to introduce our witnesses. Ae honorable ben bernanke is resident at the Brookings Institution and served as chair of the board of governors of the Federal Reserve from 2006 to 2014. The honorable janet yellen is also a distinguished fellow and resident at the Brookings Institution and served as chair of the board of governors of the toeral reserve from 2014 2018. The witnesses will be under teded so we can unmu so we can swear them in. Please raise your right hands. Affirm that the testimony you are about to give is the truth, the whole truth, and nothing but the truth, so help you god . I do. Let the record show the witnesses answered in the affirmative. Thank you. Without objection, your joint written statements will be made part of the record. With that, chair bernanke, you are recognized to provide your testimony. Mr. Chairman, can i defer to dr. Yellen to go first . Yes. We coordinated our comments. Very well. The chair now recognizes dr. Yellen. Thank you. Chairman clyburn, Ranking Member scullys, and members of the kadesh scalise, and members of the committee, i appreciate the opportunity to testify before you today. I want to focus on the Economic Impact of the coronavirus and the contribution of fiscal policy can make in addressing it. Former chair bernanke will then discuss the Federal Reserves response. Respects, this position is unique. It is imposing heavy costs. Most downturns result from developments inside the economy. This recession was triggered by a Public Health crisis. It is reflective in the extraordinarily rapid decline in Economic Activity earlier this year. Sharp but incomplete rebound of recent months following the first steps toward reopening. Fallingiest blows are on lower paid workers as well as women and minorities who are overrepresented in the most affected services sectors. They have borne a disproportionate share of losses of jobs and income. Most important factor determining the payoff of the economy would be if the pandemic itself. To support recovery and more importantly save tens of thousands of lives to calling the spread of the virus and mitigating it to fix should be the First Priority for members of congress, local leaders, and other policymakers. This requires support for testing and contact tracing, medical research, and sufficient hospital capacity. It also requires working to ensure businesses, schools, and Public Transportation have what they need to reopen safely. If the pandemic comes under better control, economic recovery should follow. The pace of the recovery could be slow and uneven. In the face of ongoing uncertainty, households and businesses may remain cautious for a time. Increasing precautionary saving and reducing spending, hiring, and capital investment. The recession lasts, the greater damage it will inflict on households and business Balance Sheets. Such as the deterioration of unemployed workers skills with the closure of many businesses. The important goal of fiscal and monetary policies should be to speed the recovery and minimize the recessions lasting effects. The fiscal response to the coronavirus has thus far been quite effective in our view. Unemployment insurance and the Paycheck Protection Program have helped unemp