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Banks are get out of certain communities and countries and they are also denying services to millions of lower income americans, not because the risk is too high, but simply because the profit margin are not considered high enough. There have been serious consequences on vital Correspondent Bank relationships that are critical to bier flows also. Another Major Property in several communities here, including in a district like mine, is that banks are closing branches. In fact economists from the Federal Reserve bank of new york released a report entitled banking debit. Branches closing and soft information. Showing that u. S. Banks have shut nearly 5,000 branches since the financial crisis as a result. Residents of low income neighborhoods have become somewhat more likely to live in a banking desert. That is why i ha ....
Accountable. This hearing is about three hours. [ room noise ]. The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh rece ....
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed auth ....
Are we entering another week where we think a deal is soon on the table but by the end of the week it wont be . And what do you as we understand it, Mitch Mcconnell is trying to pass something regarding taxes. Raise rates on upper income americans, as Many Americans are willing to do, and agree by setting that up, that in the new year they will discuss these spending cuts. Of course, the problem is House Republicans are saying no, we dont want this. You could see a deal on the table that puts them on the spot. Puts the pressure on the table. Yes. The house was forceful in their opposition to this, and i think it will be interesting to see, one of the things, you know, back in 2011 when they were dealing with the debt limit, it was Mitch Mcconnell that came up w ....