Economic a fcaoutloo th pition eres botth llti otas d the name of oude a i adti, cgress rkto rermuratntax co a fioubrenealth re syemits sotely esseiath wha a coerivpaneovseng trsu. Ats,ui fnk, sothg as enisng r e stig yrss e amtrsu h bom creasilypae d nrponsivtonqri fm ngress. Sos we csir. Ncn ucn, comniti opolicy lle onmyypy top ioti. Beevthpridtec has lected nin w wl ove clear anl counatn d wli t wo with congssn es alimrtt effos. We dcuedomg erer th hisoing tne two ve cse wh mbs th cmittee and he s mmittetoo. Anotr prioty fore lle the vaemt pgrth adpoci. While ustr is e inpa en for trade poly, easuryla a key rolin sevel poanars, cluding thdeloenof teatnainstnt agemtsnd oversig o sts venue funcons. T n aintrion cos , wa tma se rs d resthat outre lieso harm. Pross , r ame, po ularaimrt tariffs t key tool intertial policy need bcafuy altetonse eyo not hu uatom inddio iant toak eath a n trade agemtsstlish the hh stdas r s. Akolrs. Coistentitthe tre omioauory ate entein01 fill ixpect u eag mh bett csuatns wi t cmieeegdi u. Tdeolieth we have haunr esenoba. Lo fwa ta odti coertion authe iue today d in t cinmohs. Jeivy eang, i n lie yo c rsobl arguthat m mch i unqualifiefor th pition. Iopwe dont veho ty of stidrgen. Heashr dad o experience wki ith naiaseor in wi varietofapities. He haseea ader a mag thughoutisarr, demonstrating ali tma ugh desis d b acuntabl d has aepatn for beg a prlesoerndn excellent commicor deed, we have arfr merous organizatio a asciatio a aide vaety ofndtries l pressing their mirati f m mch and their ppt r his miti. Put simply, t cfiatn ocs cud mainly oth qution othnons alificio, erwod tt iany opposiono mr. Mnuchinnonaon founately, tt n t wod we a living in toy a ithmidst a unprecend fo tstl anprent coirti on th bit minations t incomi psint its sappoiing that whave tan isurinheene erthmirity onlanin my rds isommitted t stctg mineeso positis ro the brd my se knowi full well th ty nn pve t ouig cfirmatn nominees aall. Myolags memeou coentonfrlaninom cas liouy liedmore ores eryth nin berehecaasmehe st ho tt n te o seteinceomtt mbers he tay. Thegd m mch nonaonweavse quite t cstnaonveth ocess d e mi o args. Have ardendth we nve d dion pel of wiess me sp atas norede ithmorn sty of ts commte the s en rkeang ts miti yteay ldutdeheomtt, cud on issues esntlly unlad m mchs quifatns. Lemee ea whe cleuemabeev th nins t iomg administraonhod be tat diertlth tse of y previo admintrioon this coite,e ve folweth sa vti and hri pce th h bn in placeor cas d plied both publics d moatale. Wi regard to theubanve armes beinmade i poti tmrmnhi m sitanto go io o much tail borginghe minate chanctoevw y cutions atavbe me. Th sd, dwant tnote a fesileacts. Firs nonhacredibly led atnyaw gutis,r dury anrdwe vlad goveme irubyr. Ucn. T ctry,peinofhe ma s oalgaon regainfoclurprtis onewe tnk tm l dendt valuio oth compas tions suedn ghar. Isncdereews byhe icnsct ger and t dertntf treary co, any ai tt. Ucnbuneesonibe d toheoungndorlore is tt ecipitatedhe financial llsef 2008re silay lackg mit. Mnucn d iolme inheorage marketn the yearleinupo e collse. Ft, it mundersndg atfter purchasininma d l of i ticorag asse,. Ucncoan offed anodificions t the vastajity ofts delinqnt borwe a w o ofheirst ititis ma oertoorveoron ofheoan principal laes inrd treduce forlore tt poin mr. Mchin is joined by a gut da ms. Fathausta, presintnd ceofheatnaasian amic clionndeaof thnaon diversity coalitio inho cacies, she wke wi my meowners two o lo mifatnsith ones ba. E here datouprt mr. Mnhs miti. Fill iilkn tt os manglas atr. Nuis connecontoheoragan bankininst iontswn sqliincar conveniently foetnghathe cuen trsu srers nu aa mar lltrt nkncde ovseng busesuns at we sctneby the. E. D he f pckseth rm ioct veor yet en hisomatn camep fothseteth cneio to walstreetndheinci crisaseed rgab. Li iai iillemr mnhin dendimselfroth bale line aack, wch me genheacof edily d e cutis, shou n btodiict r a n his ten. Fono iimy hopee n ha a fair anop discuio dung the committee hri th mni. Andungheourse what wi lelbe lg hearing. I pehat going rward,y coeaesilapy e same andardbo ites presanpocyuban, atavapieto nomeein evusdmisations, inudg ei. Cega, i want tthk. Ucn r inhere todaynd lo fwa theing hi stonand to looforwarto ei wt cleueha ininwith rartohe qutis h. Wi tt, wl rn to rainmeersetowyn, fohiopinrerk setowyn ha y vy mu, derne a wcome tooumrmnhi th is oufit arg t 11h ngssanthea t hsekeeping. Rs cgrulio tmy frndsetohatch,oris elti tcoin ldi the mmteonehf t jotyi nto lcome r o w mbs,enor cailand setocaid a lkyo veouot w t bins hd. Ase omherede, er mabeo didu wh ghr asp on theevers oueconomth the srery of treur th h been uein t da of alexanr hamion when y rd outhnomine for treasu srery, gin all the por athis potion hos, you hopnotoee phses li foreose main edlini,ofhore fund d reto ldi. Isu tays hearg gog cer a wide ngof maer wther it isr. Mnhs ckound a quifatnsorhe incomin adniraos li and i gngo giwith aop that cs ross all othe maer t truly disstg in iquy and usof ameratala. E tax deod is a lef o stems. Fowa ene le cops and nuesthe et y ecial tax does thrus thatpp to th are rmndnvolunry on otwe month,heaxes come rig out othr pahes. Noutng corrs thrus e ffenfoth powerf a t wlnnte eyave aresf wys d acuntants at the dpol. Wi the rightdve,heos rtunatindivialin our uny can cide f thseesowuctatoay d nt to pay. Llo amrmnuchis hior the is nclreexplth mr. Mnhins dgfund sti uputposts innguillanthe ym islands, aioth n explaednlbyhe las 0 x te iterin wasnfoea o coutor the infrastcte. Inr. Nuis se, millio ofolrsf ofs om llooexrtli t mie varere fuel tan fsre webf entiesnd veor whenr. Nuis nkas up r meerhahad th teiatoeler he nanciaga, fodaon he aid poed ud xem dla tfu a asotf mpgnusngor e as pral. T plicoenpeodf pontl merg, ats e equile of stfi the llot b. Mrmnhiopat sen rsalrus,ncding o owas das tstha wi shielte omiio of doars inax. In my ewifouooatur hiory, o niowaedo reward meritnotoerpetue naie noasheomeeor cin sion, mrmnuchicod in linfoa ecl elecve fedel tax defealn ney ma bseinstksnd bos. Th is the very dinioof geinto payhat you wa, when y want. W, there ia comm answer enhe kinds of x ic, co uer stlht its saidhapeleho use emreusfollowg the laws onheooks, and thatig be tr. E outre t law is what iseg, d thatve member ofheene s allowed it t ayeg. Iny ewth orage i gog cngon wn taays e lgedide to vy ffensets o x rule isrodea qg in th poedolicy eson settg idmrmnhs nances and bacrod,heax fo andaladbeing vaed by e esenelt woulpeettendn ct rsen t uaiesin theax code. T cpan ai t esidenelt lir tsf tough talk autixing e xes. Sd he aneou f i cae spt caer using the systemo s vaag asorheetlsthfe positi perth we put forward dt t whe t ofttenti outsi t bune pes t aftemrmnhs miti w aouedhe la dn clr d ecific maer i willuo mr. Mnuch rely any reductions ven peincome taxes wld befft ls duio, erwod nablu t t r e per class. Leme reatha a f t sake of evy,gog start caing ithenuinul no absuttacufoth upr as so les keto owh i aladhaeng cit hi. Thfit joact ofhe uniereblanovnmt, realg e affordab ce act, wouldmmiatelyiote e ed ono tax cuts fo thweth boom lin t a rea he that s kick o lt eks trojanor ota ea for t most rtunat ipa f by tangax benetsorealth sunc aw fm millns of rkg op. Then it back for untw der an emeinreblan ano sttrack aev gger t breakorhe weth mvi, iss ooth e mpgnroseof fixg e x st we et mh he fe. E esenelt ide ulcle the rrd test ople its fari oinstnt ndaner buhipl auay veth a x t. Inac islhetaras focorporio a t wlt acrossheoa aa stf illionofolrs sodso le e ucn ru ialady onheop. No wt thheew misttiontapl dfo op omo modest inme millio owoinpant most sgl wldetit wi tax ireesecsehe lo hd hseldtas enhefi. Ifouantousfolks t the onicinrs cire, ats w u i gin how ntl onomic li itour jurdiio i pe the comtt iab t diusthose da of coue e earyecreta halemo tn xeso theotr issu trae. In my ewat broad lev, seto need me a judgme ca owh st pson they wa to he t tasy pament. Mrmnhins reer begann trinfincl odtshat heedo inonheoung crh d e grearessn. Afr ar t dad o ldn ch hle i20 anjoineded fd. In00 hsp o aed fund of hiow w oy a felaluer ars bereunben wd do i iesen i20. Ely00 m mch l a ouofnvto tt purchasethba cled indyma a ty nad onewest. Coeagues, oneswatry ique. Whe. Ucn s o,he ba pveitould p me vuerableeoe on t see st tn stbo abo elserod. Whilmrmnuchin waceo, a ewt cereside admitd in courtroceedg rosiinupwards of 75diloreocumensoe a ek shspt ssha30ecds eh d in ft e shorted r gnurto spe thprocesalg. Investigio foundhath ba fqutlmiandled cuntanskpeov reewg them alitootolue mies to theigma o pontlllonghe hes s secon osloppy parwk and fehaphazd gnur. Estacticwe iuse twn 2009nd01 a period ri wchheanforeclosed onorth 300hos. Dow foclur orerse mogas, onestidorof the annydyls w,heandenditrerd ln dicaon b i wafound il of anllal practi kwns alrain one ba darent tes homeowrs to opakg paymen sthey c psu moficati, ilanher dertnt preesn d rds osfos to foclosur onest ma only los rinericanorwe i 2014 and01 aorngo alisy e lirn instmentoaliti, st aconf s anches occupi sreon imiri communities. No we pdominaly afcaamic cmuties. T noti sllepreseed dirortnalyar sre t peoplth g bte ouofhe hes under. Ucn,newest chneouforeclur le chesfaories urou trp itanti. Thheomnaonf tre reose ctics d e ilt omhedi onewest ca aaiak f m ucn d s ll veor pcilyheamtime, e reclose che s nng, ewt ndwere pourein glors vemes in lloo 2012,nesttrk reentooahure o miio odoarto movie stio called lavi mia in01 wlee s o onewesholding coany, m mnhiboughtiswntake i relativity. He toohise ith bodrm d s poted coaianould hev bgh a ive jet withelivy counr. The compy icy nked. Ewest pull o 50 mlion, emyi seral ratit cotsinuding e rmkefoguild pees that eand gefo contractor mrmnhin baed outus berehetuo declared barucy the ve been prs pos that t f has deniea frdoofnfmationct qut ncni rativity mea t gun that scsu ililyo teerwi a penngaw enfoemt ocdi. Ha rd e i backou repo omrmnhiand i w dcuioofnyuc enrcenaconn e po. Ataye tily apopat. Aiani nto ntue toorwi y tfi out wh t enforme pceing cid t fed o informioacdealndow itelateso e nomie h does aal r. Ucnrelatity ds ile s t chf a seac nsering e profs ones foreose che wastl llg. E rcserice othba s lessha 1 mli. Afr veears ofoclures anprits, iso for 4 lln c. Tgrp. Ouidonesanretity mr. Mnhispt aras dict othhoing company foses. Visl aicicmeca and. Heerd on the commieeha wahd t eloe nsn nd e cord sws that pl w roiny smag a derfunded. Tiesawhe penoncu long mth hltca sten w eugh to offset ughly onthd the premis at nis y r direart b. Aral stteduneds of or nioidov the last w ar d celynnnc anoth rod csus. On ainhong truly imesveapittodvanta hielwhe he fl bendmrmnhijoed a sml ouofnvto tt sp o t cpare estenta paterust. Itasrgblthmo valuab aets ses d left. Sos tireesatedhe peio sink anses mainwoers woy ouan unrtn tu, isma nuerf weulndidls made o jt ne noi gng to app,nd wa to st bk r mont toalabout e lef e seety of tasy. Th ithpeonhos in toavenmo influceve amicansx d mortgage t caliber j oornies ey fac t sety an stability t finanal st tt ldaninst their rdard ne a much more. Is is positi tt s e power to hp vee cades yaininuatyhaha hollow o the middle cls, dimmed t hesf my ung pelendefmiions ried in de. E earyecta ohto seo wh workonehf a aricans, inudg the who stilwa f t onicecovery tohoup in theicounities. En lk m mchs ckou, it ia altrch to fd rdvincthat h ulbehaki otrsu cretar no just nay,r. Hama onotr t hseepg. Wa tma ive car th docratsavino y be otructi m mchs nfmaon are doingurobo ul vet isomee weren ctcoeaes dog as wve beedog foalst0 aron birtanas. Anifouavanqutis abt e irss of , k tigehn authat itas like i20. I nto poinouth s your att ureqst mr. Aiani re to sht en noal oneeenoceerd alsor. Nuis hearg ulbeeltoy. Ulmaly nomatnseang arabt arg athe mie f. Sor. Mnuin thaisha toy all aut. Weoofoartoou teimy d no ao ha aoue mbe oth hoe d we wt wco th awe. Nar tc tnk you seto we a pas twelcom2 ouhoe llgu fm e housofepreseatives. Rs wwi hr from presenti kinccarthy, hoe jotyear. Ene lleafr prenti j hensain aianf e usfincl rvesomtt. Leader mary,lee el eeo ocd th you inodti a wwi gto mrhearng re mary hamahah, rainmeeryd, ads the mmte m outoe here to trucanxtmely pae veorbaer naier, a flo lirnn,te mch. Thnonetoe e xt secretarofhereury fo thunedtas. E secrarofreuris diinguisd fi, ceel by luminars o htory. Fr axaeramton to andreweln. Its oicth ruis epecical sllsttec visionand unmmon itits l alies th sph possseanhas densat t pvate stor. Theces of peen i bas,inci firms, anev moe odti, he h a hiory ofrongetns and acevg naiastily fohiclnts an shehders. I initays a t out th n ate uld leave such suesul carr alyis tales r e benet t eraneoe aho. Stens paiot anan indepeenthke d era igrt ed of ch capleears i lie r tion iench wh whave pple servinin veme w he enthr lis rvg tside vernme. I owten ar wh he icore t fdant prries tonae eno that creates meinulndoo pangmecajo, d to imovthe ecom security for e ameraneoe. Hendstdshat governnt doncrteob b gornntanree e ruuraninntesor oaecom gwtth netsllt e pense none. Dth, he rhi the y r uny xe regulates,ndras. Hehas thonesthe go ofroroh x anha makes x ratefaernd encouragesusesses he woers he iamic heno firsthandhe destinimctf reonsiblfincl gutis that stied natialnd local lders ik impedesml sissreatio andrs wn jobreio anheilwo with esen umancoress on a trad pocyhabefi arin woerancoums. Bua oaecom gwtfor thamic pplisurop go, inoouon gl. Osri mnsite i caalbeost innoer naiacris the amic pplmu he colete assurcehathr gornnts inevytng thin i per to keura naial crisishahaen in00an20 nerapn ai aecreta otrsu, ev wl rko fe t teitofhemeca oprerentccnt llig f t catn of not stoopang job b cu js,ndilwo f the onictali sth pels vemes tir hos and elseerarsere iha y, aian hat anrainmeeryden, d the enreomtt f ts opportittontdu you t stennuin i hope t cmieendhe nate as a olwill ge outful consiraono is compliednd quafi nominefoseety trsu. Se hch we, than, ad mcrt. Areciathangouer anthha work u or thhoe. Tgoo onesan nsli. P. Enrling chairman hah, rankg mb wen distinguisd membs of t coite,t ahor to appearefe u datope in supportf ev mnuch coirti aseetary t eary esenelt umhas ouin aolagda to tack thseouprle tt ce rdorngmecafamili, famili w he en their pahe sgne,he sin shrink, anthdrms mish. Tompme h and t esenelt s os a st oa rympsse tinso rvinis cabit. Chf esinviduals ha aceved ireblsuesin thr chos fldndremo the natios stesct leerinusess, military, d publ svi. Ea one oth iclrl coitd t presidtes si oan amicthat istrong, fe re prosperous d emg th pounity,n era er wainons ulacuntable toe the peop. the most impreivan quifd stf bit nomiesn mo, d believpridentect trp s ghtoncdeten ucn ts st we confro ari onichallens gether mrmnuchs ryuccessl backou iinstnt nking,etl nkg,nd bune wl t lye ta tohencinadminiraon, buto tho oushoer i coress awe. Hendstdshe urgt ed iree bs, income a oppouny,ndas the italxpiee cearto lpndo stha he kwsllooelth ts ony simp iwoing fo workinamicans. Ar ehtea aerhe stecsi eedamics e ill stuck the swe reve igeration 3000mafaurg bs saead the lt gh yes. To geturcomyaconra wi sustaedroh d gh inmes, mr. Mch kwsha wainon musgi a amics more freomth frdotoav the fed to investthfrdoto innat sohey cadrm big d rs the ea. I ha no doubt. Ucn rey d pae hit t ou runni a wk a paner with cgrs pridtectrp prgrthprjo anda. I h the oortuni tme anspeak withr. Nuinn seraoccasions outh trp misttiplans for ndenl oow t rermfor bankinancata marketpeorth work r al a oerit ims on thpresidteles agen. Idelympssed bhi knlee,isalt,nd mmitme two wh ngss tseriorits. E cretarofreasus respsibilitiesreordae, wall know. Asouay kno aert gaat, o rv atrsury seety r presiden tma jeern d memaso on sd he place o seety treasury more laris d sponsible an y he ha eryondee that ev mch iup to e b, bumo iornt, e n whwi boupridt a littleore than 2hos s every confidcehasteve ucn utoheob the americ pplha enusd esidenelt ump wi t ol fi. The elti iov a sul t ritat n. Atisrv a dreec e eran peoe. Wi the aicancoenof thsenatethe pridtec ou balwetourun hielwi horle mennd women serving h cin. Heasisy leedten ucn as tasury crar no athseteullls th cotitialutto adve and nst, dnooffer vi. Aou mbe m t l atonofeceivi yr vi. Aute p. Hensarlg ut drein hopefuth t qstni o. Mnucn wille irnd focuseonisxpiee d ability toulllheuts trsu sreryndar o thpridteles en. Asked you to rli t prsive qlicaonhe in to ofcend conrmim tht la anyo m cirn. N. Atch llthk u. Areatbo oyo cong wenoyoarbu ith hoe rrentativ, t r u come d testy r. Mnucn, appreciatitas a ous setoroberts toea. Wi tn h bori arasngnyueio. Sen. Obts thk you, wl y wp isp icy. Ncn m mch, pard m prab hped y aot. Ifoureonrm, llou plgeo rkitth coite make rehata coecongey t fer veme c nerga be useds weongastny licaopnes a esenalnddmisatn . Ucn esseto i sote pdgtoo at n. Obts i veuite aew mpieinans o e inreedn urie ota rerm. Weanalk about atat i e testf me ju he e seatn i inth tda mi, at haveouone wi merit is sen. Weni ve got a viu llere yomight nto ke fore t sonrod. Just suggeio s. S since i was first nominated to serve as treasury secretary, i have been maligned as taking advantage of others, hardship in order to earn a buck. Nothing could be further than the truth. During the summer of 2008, i saw the devastation caused by the housing crisis when i watched people line up to get their life savings out of indymac bank. It was the middle of the financial crisis, and despite the global panic, i saw a way to save the bank. I applied for a banking charter and submitted a bid to the fdic for indymac. On december 31, just before midnight, we signed a binding agreement with the fdic. They later confirmed that our bid was almost 1 billion higher than the next best bid. We were willing to invest 1. 6 billion into the most costly bank failure ever to the fdic deposit fund. We did this because we believed in our ability to rebuild and create a successful Regional Bank. We believed in the recovery for the American Economy. Let me be clear, my group had nothing to do with the creation of the risky loans in the indymac loan portfolios. When we bought the bank, we assumed these bad loans, which had been originated by previous management. Some of the individuals had to answer to federal authorities for their bad lending decisions. We invested 1. 6 billion into a failing Financial Institution when most investors were running for the hills. We renamed the business onewest bank and save thousands of jobs. We developed a prospering Community Banking franchise in southern california, as most banks were pulling back. Over the next two years, we bought two more struggling banks from the fdic. First fed of santa monica and la jolla bank. Both through competitive bidding. Combined, we had almost 70 branches and a robust lending business especially for small and mediumsized businesses. As chairman of the bank, i met with hundreds of Business People from all walks of life who were seeking loans to grow their business and prosper. Like many banks of the time, indymac and its reverse mortgage division, financial freedom, was unstable due to the large amount of distressed mortgages in its portfolios. We bought indymac. These legacy loans were included in the purchase. The responsibility landed on me to clean up the mess others make that we inherited. We worked very hard to help homeowners remain in their homes through modifications wherever possible. Ultimately, onewest extended over 100,000 Loan Modifications to delinquent borrowers to try to help them out of a bad situation. I am proud of the fact that Loan Modifications started at indymac under the leadership of the fdic. However, the fdic