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Order. Without objection, the chair is authorized to declare a recess of the committee at any time. This hearing is entitled Monetary Policy and the state of the economy. I now recognize myself for four minutes to give an Opening Statement. Id like to welcome back chairman powell. As i discussed earlier, and at our last hearing with you, i remain very concerned about the president s efforts to interfere with the feds independent Monetary Policy. A recent news story noted that trump has tweeted over 100 times about the fed since your nomination. Many of those tweets appear to be attempting to exercise pressure on the fed. Chairman powell, you and the fed board of governors must not be swayed by these aggressive tactics in upholding the feds independence you should be mindful of public perception. Of course, trump con ....
Things, i had that one thing. So for you maybe its five years. So im not saying its a good rule for everyone. But find that rule that you can follow for yourself and kind of stick to that and start with that. I think that bleeds over to other areas of life. And my favorite line from the book is actually you cant change the people around you, but you can change the people around you. [laughter] and so once i realized that most of my old relationships were relationships that were birthed out of proximity or convenience with history or geography. And once i realized that those people a lot of those people didnt share my similar values or beliefs. And some of them even play the victim role and i realized that victims become victimizers and i had to change a lot of the relationships in my life. I also had to reprioritize this. And so the people that are closest to you a close loved ones and usually count them on one hand or two if you are catholic. [laughter] so that is your closest relatio ....
Concerns. So ill be up testifying in front of the Senate Banking committee again on tuesday. I do that before both the House Financial Services committee and the Senate Banking committee, required to do it at least every six months. Typically its been a bit more frequent than that. [laughter] but i always value that opportunity and look forward to it again next week. Its always just because republicans on the House Financial Services just really like to see you and talk to you because they really enjoy your company. Which i try to help them enjoy my company. On those questions of both oversight from the committees and pushback responses from industry, what are maybe one or two examples of things that you have responded to and changed based on tha ....
Host youre watching booktv on cspan2, and now joins us live is the author of flash boys. Michael lewis, what is a flash boy . Guest the heroes of the book are the flash boys, and theyre people that discover the stock markets got something funny going on and seek to find out what it is and then build a mechanism to prevent predators in the stock market from getting to prey. Its called flash boys for a couple of reasons, actually. One is that the solution that the main characters come up with requires them to be faster than the highspeed traders who are the predators in the stock market. So theyve got to be, i wanted speed in the title, but i also wanted kind of superhero in the title because they were these, i mean, these characters presented the story, i felt. Theyre not doing anything unnatural, but they do have these weird powers in the Financial Markets right now, and the powers are powers to explain complicated things to pe ....