Come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. I now recognize myself for an opening statement. Today, a select subcommittee is pleased to welcome our distinguished panel, dr. Ben bernanke and dr. Janet yellen. Dr. Bernanke was appointed chair of the Federal Reserve by president george w. Bush in 2006 and oversaw the Federal Reserves response to the Global Financial crisis. Before his tenure as fed chair, dr. Bernanke served as the chair of president bushs council of economic advisers. Dr. Yellen served as vice chair of the Federal Reserve until 2010 to 2014, before being appointed chair in 2014 by president barack obama. Dr. Yellen also previously served in the white house as chair of the council of economic advisers. This is the first time that either dr. Bernanke or dr. Yellen has testified before Congress Since stepping down from the Federal Reserve these extraordinary times require congress to seek out advice from experts with extraordinary experiences. As Congress Works to end this 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. Six months into this crisis, the coronavirus pandemic continues to spiral out of control. To date, over 3 million americans have tested positive for the virus, including a recordbreaking 75,600 confirmed yesterday. And more 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. It clearly states, to reopen without a plan to keep everyone safe. As a result, we have new epicenters in florida, arizona, texas, and here in my home state of south carolina. Floridas pro capita infection is now 20 higher than new yorks was at the peak of the outbreak in april. And now the administration is undermining its own Public Health experts in the rush to reopen schools, again without a plan. Our nations unemployment is at an historic high. According to recent estimates, nearly 33 million americans are collecting Unemployment Benefits. Just last week, several Federal Reserve officials expressed that the countrys modern recovery is, quote, starting to level off. This economic crisis has been especially damaging to communities of color who, as i witnessed, recently wrote or quoted, bearing a greatest of covid19 deaths and also face higher rates of unemployment than their white counterparts. So, the question for todays hearing is, what can we do about it . First, we cannot address our economic woes until we first address the urgent Public Health crisis. It is far pastime for the white house to take responsibility for this crisis and provide the muchneeded federal leadership and declare a National Strategy to fight this pandemic. Second, the Federal Reserve and treasury must act quickly to use the authority and Funding Congress provided to help americans families. Families. This is an unprecedented crisis that requires an unprecedented response. While taken significant steps to protect the market and businesses, it has done less to protect workers. In fact, the feds primary mechanism to protect jobs, the main Street Lending program, has struggled to get off the ground. The feds should do more to ensure the main Street Lending program is accessible for the Small Businesses who most need it and deserve this assistance and to protect the Program 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 low wage workers and the unemployed. New assistance to states and localities and programs that invest in Public Health. On may 15th, more than two months ago, the house passed the h. E. R. O. E. S. 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 announce this year, my republican colleagues suggested we add the witness who is not a Federal Reserve chair or a former Federal Reserve chair. Now ive accepted. Every other witness my republican colleagues oppose, and i think its been five thus far. I look forward to hearing from this witness at a future date. But today, my goal is to hear from the unique insights from chair bernanke and chair yellin on that effort to help our nation recover from the 2008 financial crisis as leaders of the fed. For example, after bernanke has stated, and i quote, the initial 2009 Fiscal Program was, perhaps, not adequately sized given the size of the problem. We must not make that same that same mistake again. Our Witnesses Today served honorably on the president s of both parties. Im hoping all my 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 as well. They both have distinguished careers that can offer important insights on the hearing about responding to our nations economic crisis, which is todays topic. But with due respect, mr. Chairman, both of todays witnesses were selected by the majority. I know you and i 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 that the select committee can hear from a diversity of perspectives. Whether they are from both parties bringing an issue, thats not the house rules, which is why i asked for a witness as well. Somebody who is widely regarded as an expert on the economy. Hes testified before Congress Dozens of times. In fact, he was a former head of the congressional budget office. Hes the person tasked to inform us, congress, on understanding budget and impacts of policy decisions. So mr. Chairman, i know you denied that witness. We talked about it. But because of that decision, were also being denied the diversity of opinion we should be getting on todays topic. We should all request and seek that 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 and unfortunately hinders our ability to get all of the facts. But with that, mr. Chairman, pursuant to clause 2j 1 of rule 11, im requesting we get what were allowed under the rules and that is a minority day of hearing on this subject. The rules require it. They were not followed in the request that we made. It doesnt allow the chair to select both a republican and democrat. It allows the chair to select witnesses but it also allows the minority to select a witness. We did that. It was denied. In lieu of that, were allowed to have a minority day of hearing. I want to invoke that, mr. Chairman. I know you and i our staffs can work through that. As a point of order, i did want to bring that up, mr. Chairman. Why dont we now talk about the state of the economy. Yes, mr. Chairman. May i interrupt you for a moment. On that point of order. I understand you have some people. I received the letter, and i will take it under advisement. I will commit to you today that i will consider your request in accordance with the house rules. In fact, as i understand it, one of the witnesses that you have requested already appeared before this Committee Just last month. With that, i would yield back. Thank you. Im sure you and i will be able to deal with this in a manner. Thank you, mr. Chairman. Im confident well be able to work through this as well. Now, why dont we talk about the economy. Unemployment in february was 3. 5 . Thats the lowest in 50 years. The Unemployment Rate for africanamericans and hispanics was the lowest in reported history of this country. Hourly wage were growing at the fastest pace weve seen in over a decade. America was experiencing the hottest economy weve ever seen in every segment of our country was reaping those benefits. Then a Global Pandemic hit our chores. China lied about it. The experts looked to for guidance in a pandemic, the World Health Organization was corruptly complicit in actually regurgitating chinas lies. America got hit hard and hit fast like the rest of the world did in this Global Pandemic, the worst weve seen in over 100 years. Immediately america came together to fight the invisible enemy and prevent our hospitals from being overwhelmed. We did so without knowing nearly as much as we do today about this unique destructive virus. All we could really do was shut down and put the largest, most prosperous economy in Human History on pause. The pause was necessary but it came at a staggering cost. From the lowest unemployment in 50 years to over 40 million jobs lost. Income equality made worse. 40 of people making less than 40,000 were laid off. Children lost irretrievably months of inschool learning. Vaccinations plummeted. Progress on the Opioid Crisis we made working together was reversed. What america must now decide is whether those losses are going to be shortterm costs or will they be longterm, irrevocable damage. I proudly supported the c. A. R. E. S. Act. In fact, virtually all members of congress did. There are some important structural Building Blocks for recovery in that legislation. We already know about ppp and weve had hearings on the tremendous success that did in saving millions of jobs, but we put billions of dollars in place for ppe to protect our Frontline Health care workers. We put billions in place for testing, for the development of therapies and ultimately a vaccine. But lets be honest about the relief portions of the c. A. R. E. S. Act. What we did was float the u. S. Economy with borrowed money to temporarily compensate for shutting it down. The question before us today is knowing now what we know about the unintended cost of the shutdown, do we continue to extend it or instead 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. Its something we have to achieve. Federal policy should accelerate innovation and research and manufacturing in the United States. Only a healthy growing economy can support longterm sustainable and equitable prosperity. With that, all americans are concerned about continued spread of the virus and all americans have a role and responsibility in helping to slow the spread, as were all Wearing Masks when were out in public. But lets also acknowledge some key developments. The death rate continues to fall because were doing better protecting our most vulnerable population and improving treatment. 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 and this progress helps all of us who want to end the pandemic. America must continue to forge ahead with this can do attitude and find Practical Solutions to the challenges that must be solved, including safely reopening our schools. Earlier this week Vice President pence brought his task force down to louisiana and i had the honor of spending the day with him, along with our governor who happens to be a democrat talking with School Officials about the importance of getting kids back to school and how to do it safely. The white house coordinator, Coronavirus Response coordinator, respected medical official was there how to safely reopen. Our attitude has to be how you can do it not where you do it. Children need to get back to school and continue education. For many time loss will never be made up. Childrens health will improve, vaccinations, child nutrition for the most vulnerable will improve. American academy of pediatrics issued important report which, among other things, strongly advocates all policy considerations for the coming school year should start with a goal of having students physically present. It goes on to say importance of learning is well documented, already evidence of negative impacts on children because of School Closures in the spring. I would hope we would be focused on the damage to students not reopening as we put our efforts on how to safely reopen. Mr. Chairman, i would like to ask unanimous consent this report by american pediatrics be entered into the record, if theres any objection. But i did want to make that request. Though i do not intend to object well provide you with this report by academy of pediatrics and i would ask it be included if theres no objection. Without objection. Thank you. School reopenings also help the economy because parents can more readily get back to work. We should resolve no business in america ever has to compete with a federal policy that makes unemployment relief pay better than actually going back to work. Small business after Small Business has told me their biggest obstacle to reopening now is getting their 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 continuing to float the economy and have the Federal Reserve keep printing more money, that is not a path to prosperity. We have faced big challenges throughout history. America put a man on the moon. For goodness sake, surely we can reopen our schools and safely manage the economy. I yield back my time. I thank the member for his opening statement. Now i would like to introduce our witnesses. The honorable ben bernanke is a distinguished fellow in residence at Brooklyn Institution and served as chair of board of governors from Federal Reserve from 2006 to 2014. The honorable janet yellen, also a distinguished fellow at the brook lins institution and served as chair of the board of governors from Federal Reserve from 2014 to 2018. The witnesses will be unmuted so we can spare them in. Please raise your righthands. Do you swear or affirm that the testimony youre 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 for that. Your joint statements will be made part of the record. With that, mr. Bernanke, you are now recognized for your testimony. Mr. Chairman, can i yield to dr. Yellen to go first . We coordinated our comments . Yes. The chair recognizes dr. Yellen. Thank you. Members of the committee, i appreciate the opportunity to testify before you today. My remarks will focus on the Economic Impact of the coronavirus and the contribution that fiscal policy can make in addressing it. Former chair bernanke will then discuss the reserves response. In many respects, this recession is unique. Like all recessions, its imposing heavy costs. Most downturns result from developments inside the economy. This recession was triggered by a Public Health crisis. The unusual source of the recession is reflected in the extraordinary decline in Economic Activity earlier this year and the sharp but incomplete rebound of recent months following the first steps toward reopening. The heaviest blows are falling on lower paid workers as well as women and minorities who are overrepresented in the most affected service sectors. They have born a disproportionate loss of jobs and income. Despite the factors determining the economys past will be the course of pandemic itself. To support recovery, and more importantly to save tens of thousands of lives, the spread of the virus and mitigating its effects 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 that 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 a