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    Steve Mnuchin, Fed Chair Powell testify on coronavirus pandemic response

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    WHICH ONE ARE LATE NOVEMBER IN THE ROOM ON THE WORK ORDER NETWORKING ON THAT ARE THERE ANY QUESTIONS ABOUT ANYTHING AFTER I'M THE ONLY OKAY WONDERFUL SENATE- ONLINE TV TIMER SO THIS HEARING WILL BE CONDUCTED IN ACCORDANCE HOUSE COMPLETE ON TIME ON IT HEARING AND HEARING MEMBERS WILL SHOCK WARNING FOR LOOKING STATEMENTS AND INSURANCE NUMBER OVERSIGHT ANYMORE

    EACH APPOINTMENT ARE WE THIS MORNING FIVE MINUTES FROM WHERE FASHION YOU HAVEN'T HEARD THAT WOULD DISPLAYED REMINDER ON DEMAND FOR THE YEAR HELLO CONFIRMATION GRETCHEN YEAH IN ORDER TO TRAVEL THIS SUMMER YOU CAN HEAR THREE AND SO IF YOU MOVE YOUR CURSOR THE YEARS AFTER ON THE SMALLER ON

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    ONE OF THE FOLLOWING INSTRUCTIONS ON YOUR ON THAT WHAT KIND STUFF THAT YOU WILL HEAR AND THAT WAS AS A REMINDER THAT YOUR HAVE EXPIRED ANY HALF ON SORRY ARE YOU HAVING ISSUES COPYING TIME I THINK ON THE SCREEN OKAY FINALLY ON

    MICROPHONE WHEN YOU'RE NOT THINKING AND THE ONLY ONE CALL ON IF YOU ACCIDENTALLY LEAVE YOUR MICROPHONE ON YOU'RE NOT RECOGNIZING THAT WE NEED ON FURNITURE THAT IS THE NAME ON IT YOURSELF AFTER YOU ARE DONE HE CAME CLEAN ALSO REMEMBER THAT WHILE YOU'RE ATTENDING THIS HEARING YOU MUST KEEP YOUR VIDEO ON AND MEMBERS ARE FURTHER REMINDED THAT HOUSE RULES PROHIBIT ATTENDANCE IN MORE THAN ONE VIRTUAL PROCEEDING AT ANY GIVEN TIME

    THIS HEARING WILL BE LIVE STREAMED AND AVAILABLE TO THE PUBLIC FOR DEALING IF YOU HAVE ANY TECHNICAL DIFFICULT REASONS THE STAFF IS RESPONSIBLE FOR OUR AWARENESS SO THAT WE CAN GET YOU SET UP WITH TECH SUPPORT AND GET YOU BACK ON ARE THERE ANY LAST QUESTIONS BEFORE WE GO LIVE OKAY THEN I WILL TURN IT OVER TO THE CHAIRWOMAN ON TO START THE HEARING AND TO START RECORDING THE COMMITTEE WILL COME TO ORDER

    I WANT TO THANK A SECRETARY MNUCHIN INSURER POWELL FOR YOUR PATIENCE WHILE WE WRAP UP THE A RECENT I THINK ABOUT VOTERS APPRECIATE THAT THEY MAY BE ABLE HOLD A JOINT HEARING AS WELL HOWEVER IF I PLAN TO CONTINUE THE HEARING IT BOTH BOTH SO I'M TOLD BY MY STEP THAT TO BOTH OF YOU HAVE AGREED TO BE FOR HERE FOR TWO HOURS FROM THE START OF THE HEARING AND I THANK YOU SO WITHOUT OBJECTION THE CHAIR IS AUTHORIZED TO DECLARE A RECESS OF THE COMMITTEE AT ANY TIME I WANT TO WELCOME ALL MEMBERS IN OUR DISTINGUISHED WHAT IS THE FIRST FULL COMMITTEE EVER GEARING BEING CONDUCTED BY THE COMMITTEE ON FINANCIAL SERVICES AS COP BREAK NEW GROUND THESE REMOTE HEARINGS I'D LIKE TO REMIND

    YOU BRING FROM REQUIRED BY THE REGULATIONS ACCOMPANYING HOUSE RESOLUTION NINE SIXTY FIVE THE AVERAGE THE FRAMEWORK FOR REMOTE AND HARD COMMITTEE PROCEEDINGS BIRTH I WOULD ASK MEMBERS ON THE WEB TECH PLATFORM TO KEEP THEMSELVES MUTED WHEN THEY'RE NOT BEING RECOGNIZED THIS WILL MINIMIZE DISTURBANCES WHILE MEMBERS ARE ASKING QUESTIONS OF OUR WITNESSES

    MEMBERS ON WEBEX PLATFORMS A RESPONSIBLE COMMUTING AND I'M NEEDING THEMSELVES THE STAFF HAVE BEEN INSTRUCTED NOT TO NEW MEMBERS EXCEPT WOULD NOT RECOGNIZE IF THERE'S AN ADVERT IN BACKGROUND NOISE MEMBERS ON THE WEB EX PLATFORMS ARE REMINDED THAT MAY ONLY ATTEND ONE REMOTE HEARING AT A TIME SO IF YOU COULD JUST UPDATING TODAY PLEASE REMAIN WITH US DOING THE HEARING MEMBERS SHOULD TRY TO AVOID CUTTING IN AND OUT OF MEETING PARTICULARLY DURING THE QUESTION PERIOD IF DOING HEARING MEMBERS WISH TO BE RECOGNIZED THAT YOUR RECOMMENDS THAT MEMBERS IDENTIFY THEMSELVES BY NAME SO AS TO FACILITATE THE CHAIRS RECOGNITION I WOULD ALSO ASK THAT MEMBERS BE PATIENT

    AT THE CHAIR PROCEED GIVEN THE NATURE OF THE AUTOBAHN PLATFORM THE COMMITTEE IS USING IN ADDITION THE CHAIR INFORMS THE MEMBERS PARTICIPATING IN PERSON THAT IN FORCING AND DECORUM IN THE HEARING ROOM THAT YOU'RE HAS A DUTY TO PROTECT THE SAFETY OF MATTER THIS SHOULD PROVIDE THE FOLLOWING TYPES ARE US THE COMMITTEE HEARING

    FOR GREATER THAN FIFTEEN MINUTES FACE COVERINGS ARE REQUIRED ACCORDING TO THE G ACCORDINGLY THE CHAIR WILL TREAT WEARING MASKS AS A MATTER OF ORDER AND DECORUM AND ALL MEMBERS SHOULD WEAR A MASK THE CHAIR HAS A STRONG PREFERENCE FOR MEMBERS TO CONTINUE TO WEAR MASKS EVEN WELL RECOGNIZED MEMBERS WHO DO NOT WISH TO WEAR A MASK MAY PARTICIPATE VIRTUALLY THROUGH THE WEBEX PLATFORM SITTING TO THE HEARING I HAVE ONE COMMITTEE BUSINESS MATTER

    WITHOUT OBJECTION TWO RESOLUTIONS DISTRIBUTED IN ADVANCE TO ALLOW MEMBERS OFFICES ESTABLISHING COMMITTEE TASK FORCES FOR THE REMAINDER OF TWENTY TWENTY OUR APPROVED THIS HEARING IS ENTITLED OVERSIGHT OF DEPARTMENT OF THE TREASURY DEPARTMENT SAID FEDERAL RESERVES PANDEMIC RESPONSE THIS HEARING IS THE COMMITTEE'S FIRST QUARTERLY HEARING REQUIRED BY THE CURES ACT OVERSIGHT OF THE VARIOUS FACILITIES AND PROGRAMS UNDER THE ACT

    I'D LIKE TO INFORM MEMBERS THAT ARE WITNESSES HAVE A HARD STOP A TODAY AT TWO O'CLOCK AND I RECOGNIZE MYSELF BEFORE MEMBERS FOUR MINUTES TO GIVE AN OPENING STATEMENT SECRETARY MNUCHIN YOUR POWER WELCOME BACK THE PANDEMIC CONTINUES TO HAVE A TERRIBLE IMPACT MORE THAN ONE HUNDRED AND TWENTY SIX THOUSAND PEOPLE HAVE LOST THEIR LIVES IN THE UNITED STATES

    AT THIS PAST SUNDAY THERE WERE FORTY THOUSAND NEW CASES OF COVID NINETEEN THE HIGHEST NUMBER OF DAILY CASES AND SO THE UNEMPLOYMENT RATE IN MAY WAS THIRTEEN POINT 3% NEARLY FOUR TIMES HIGHER THAN IT WAS LAST MAY ALL OF THE JOB GAINS OF THE PAST DECADE HAVE BEEN LOCKED OUT COMMUNITIES OF COLOR HAVE AFFECTED DISPROPORTIONATE BEEN AFFECTED DISPROPORTIONATELY BOTH BY THE VIRUS AND IF ECONOMIC IMPACT THE CENTERS FOR DISEASE CONTROL REPORTS THAT AS OF JUNE BLACK AND LATIN ACT AMERICANS ABOARD TO FIVE TIMES MORE LIKELY THAN WHITES

    TO BE HOSPITALIZED FOR COVID NINETEEN AND HALF OF ALL BLACK ADULTS ARE NOT WORKING DO IN THE TWO THOUSAND EIGHT FORECLOSURE CRISIS WE SELL A SIMILARLY DISPROPORTIONATE IMPACT ON COMMUNITIES OF COLOR THIS WAS FOLLOWED BY AN EQUAL RECOVERY WERE WHITE HOUSE FELLOWS GAIN THE WEALTH DAY LOSS BLACK AND BROWN HEALTH THOSE ARE STILL TRYING TO CATCH UP WE CANNOT AND DO ANOTHER ON EQUAL CRISIS ARE UNBEATABLE RECOVERY AGENCIES AND CONGRESS MUST DO ALL THAT WE CAN TO ENSURE THAT HIS IS NOT REPEAT ITSELF

    SO I WANT TO THANK BOTH OF YOU FOR YOUR EFFORTS THUS FAR AND BY THE WAY IS THAT YOU HAVE WORKED WITH ME AND MY MEMBERS OF THIS COMMITTEE INCLUDING TAKING MY MANY CALLS TO STRENGTHEN THE IMPLEMENTATION OF THE CURES ACT SECRETARY MNUCHIN WHO HAS YOU INSURED THORGY TO PROVIDE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS THAT IS THAT VIDEO FIVE AND MINORITY DEPOSITORY INSTITUTIONS ARE EMPTY EYES GREATER ACCESS TO THE PAYCHECK PROTECTION PROGRAM INCLUDING BY SETTING ASIDE TEN BILLION DOLLARS FOR THEM TO LAND TO

    ENSURE MORE LOG LOANS GO TO SMALL MINORITY OWNED BUSINESSES GERMAN HOW YOU'VE WORKED WITH US TO REDUCE THE MINIMUM LOAN SIZE AT THE MAIN STREET IN AN INVINCIBILITY FROM ONE MILLION DOLLARS TO TWO THAT AT TO EXTEND THE LENGTH OF THE LOANS YOU'VE ALSO BROUGHT ME OF ELIGIBILITY AT THE MUNICIPAL LIQUIDITY FACILITY TO INCREASE ACCESS TO A GREATER NUMBER OF CITIES AND TOWNS CARES ACT

    BAM WITH BUT AS THE- HISTORY SLOW MO OUR EFFORTS AND SO WITH THAT I NOW RECOGNIZE THE RANKING MEMBER OF THE COMMITTEE THE GENTLEMAN FROM NORTH CAROLINA MISTER MCKINLEY FOR FOUR MINUTES THANK YOU I THANK YOU ALL FOR BEING BEFORE THE COMMITTEE AND BE HAPPY ON THE SALAD GUARDS IT WOULD ARRANGE FOR IF I GO TO SEE YOUR SMILING FACES BEHIND MASKS AND- BUT I'M GRATEFUL THAT WE'RE ABLE TO ASSEMBLE THIS IS CERTAINLY A LARGE UNDERTAKING FOR THE SECOND LARGEST COMMITTEE CONGRESS

    END UP YOU WANT TO COMMEND THE- FOR THOSE EFFORTS SO THAT WE CAN ACTUALLY HAVE THIS HYBRID HEARING I THINK IT SHOWS THE CONGRESS OUR GOVERNMENT ARE STILL WORKING EVEN IF WE HAVE TO DO SO USING TECHNOLOGY THANK YOU ALL FOR YOUR RESPONSE YOUR ACTIVE RESPONSE SINCE THIS CRISIS BEGAN SO I WANT TO SAY FIRST OF ALL I BELIEVE THE FEDERAL TREASURY'S DECISIVE ACTIONS PREVENTED THE WORK OF THE ECONOMIC CATASTROPHE

    BUT THERE'S STILL MUCH WORK TO BE DONE IT'S IMPORTANT REMEMBER THIS IS NOT A CRIME THIS IS CAUSED BY IRRESPONSIBLE CHOICES BY ANY SPECIFIC INDUSTRY OR CORPORATION WHAT WE'VE SEEN IS THE IMPACT OF A VOLUNTARY SHUTDOWN OF OUR ECONOMY AN EFFORT TO SAVE LIVES

    THE BIPARTISAN CARES ACT DIRECTED BOTH THE TREASURY DEPARTMENT TO RESERVE A STANDUP RESPONSIBLE PROGRAMS IT WOULD BEEN UNTHINKABLE EVEN MONTHS AGO AND TO DO SO QUICKLY AND YOU HAVE DONE SO RATHER QUICKLY NOW THAT MANY OF THESE PROGRAMS ARE UP AND RUNNING WE MUST BE FORWARD THINKING TO SEEK SOLUTIONS RETURN US TO THE ROARING ECONOMY THAT WE EXPERIENCE RIGHT BEFORE THE GLOBAL HEALTH CRISIS

    THAT MEANS WE NEED TO UNDERSTAND THE NATURE OF WHAT WE'VE DONE AND WHAT WE NEED TO DO GOING FORWARD WE KNOW THE PAIN BECAUSE NEARLY EVERY ASPECT OF OUR ECONOMY AND EVERY FAMILY FACILITIES DISCUSSED TODAY NEED TO BE SIMILARLY FAR REACHING AND RESPONSIVE TO ECONOMIC NOT THE COLTS ANOTHER NUMBER OF PROGRAMS THAT ARE BEEN AT BEEN DESIRED POLICY MAKERS TO BE COMPANY SPECIFIC OR SOMETHING A- THAT NOT A PROPER RESPONSE MARKET BUT WITH A LOT MOREOVER NUMBER'S GONNA HAVE A LOT OF QUESTIONS ABOUT FISCAL POLICY WHICH I THINK SECRETARY MNUCHIN'S BEST FITTED TO AND MONETARY POLICY WHICH CHAIRMAN POWELL IS BEST SUITED TO I THINK THE UNDERSTANDING OF THAT IS IMPORTANT FOR US AS POLICY MAKERS TO EXPERIENCE AND BEGINNING OF THIS HEARING

    RATHER THAN HERE YOU ARE AT DIFFERENT OF ONE ANOTHER ARE ROLLING CONGRESS IS TO ASSESS THE EFFECTIVENESS OF EXISTING PROGRAMS DETERMINE THE GOALS OF FOR ADDITIONAL RELIEF PROGRAMS AND IDENTIFY APPROPRIATE ENTITY TO PROVIDE THAT RELIEF THAT'S OUR ROLE OF COURSE WE NEED TO WE NEED ACCESS TO KEY PROGRAMMATIC DATA AND SO I WANT TO COMMEND SECRETARY MNUCHIN

    I MEAN FOR OVER AND A MASSIVE UNPRECEDENTED WAY- WITH THAT TYPE OF LOAN LEVEL DATA THAT WE REQUESTED IN CONGRESS AND PROVIDE THAT A TRANSPARENT WAY- THE THOUSANDS OF PAGES OF DOCUMENTS TO YOU AND YOUR TEAM HAVE ASSEMBLED FOR THE JUSTICE COMMITTEE ALONE IS STAGGERING IN SHORT PERIOD OF TIME SO I HOPE MY COLLEAGUES WILL USE THIS DATA PROPERLY SO THAT WE CAN ASSESS THIS PROGRAM TO MAKE SURE THEY'RE WORKING AND SO I DO WANT TO NJ YOUR TERMINATION DELIVERY OF THE PPP PROGRAMME SO EFFECTIVELY AND SO QUICKLY IT WASN'T PERFECT OF COURSE BUT IT SAVES MILLIONS OF JOBS IN GERMANTOWN I WANT MINS YOU YOU'VE MAJOR WERE GOOD IN TERMS OF ACTION AND THAT ITS CONTENTS IN THE INSTITUTION PRESERVES THE YOUR WORDS ACTUALLY ARE AS GOOD AS ACTION BY THE FEDERAL RESERVE SO THANK YOU FOR FOLLOWING THROUGH ON YOUR WORD IN YOUR- SO I THINK THERE IS THERE IS A POSITIVE NEW IN TERMS THE ASSESSMENT FOR THIS INITIAL RESPONSE AND I WANT TO THANK YOU FOR BEING HERE AT THE FIRST QUARTERLY OVERSIGHT

    HEARING UNDER THE CARES ACT I DON'T CARE ON A PERSONAL NOTE I WOULD LIKE TO WELCOME BACK OUR FRIEND AND COLLEAGUE THE RANKING MEMBER THE OVERSIGHT SUBCOMMITTEE ANTI BAR- FROM- HIS HIS FAMILY CONCERNS HE'S BEEN ATTENDING TO SELL- THANK YOU RANDY WE WELCOME YOU BACK THANK YOU THANK YOU VERY MUCH I DON'T RECOGNIZE THE CHAIR OF THE SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS MR GREEN FOR ONE MINUTE THANK YOU MADAM CHAIR I THANK EVERYONE IT IS AN HONOR TO SERVE ON THE LEADERSHIP MADAM CHAIR

    THE TWENTY NINETEEN HOME MORTGAGE DISCLOSURE ACT ON THE DATA WERE RELEASED LAST WEEK AND DEMONSTRATE THAT ON EQUAL ACCESS TO CREDIT ON THE BASIS OF RACE AND ETHNICITY REMAINS THE NORM IN AMERICA TODAY THIS IS SOMETHING THAT WE CAN DO SOMETHING ABOUT BUT THERE'S A PROBLEM

    MANY OF THE PEOPLE WHO HAVE THE AUTHORITY AND WHO ARE IN POSITIONS TO MAKE A DIFFERENCE RECORD BEEN REFUSED TO EVEN ACKNOWLEDGE THAT THE PROBLEM EXISTS I HAVE THE EVIDENCE I HAVE PICTURES FROM PRIOR HEARINGS THE ONE TOMORROW RIGHT F DO YOU BELIEVE THAT DISCRIMINATION IN LENDING EXIST ONE PERSON HAS HIS HAND UP HE IS WITH THE NAACP HE IS AFRICAN AMERICAN THE FOR ANGLO PERSONS ON THIS PANEL REFUSED TO RAISE THEIR HANDS

    THESE ARE THE PROBLEMS THAT WE HAVE TO CONTEND WITH I YIELD BACK THE BALANCE OF MY TIME THANK YOU DEGREE I NOW RECOGNIZE THE SUBCOMMITTEE'S RANKING MEMBER MISTER BAR FOR ONE MINUTE MADAM CHAIRWOMAN BEFORE DELIVER MODEL PENING STATE NOT RISE QUESTIONS FOR SURE THE PERSONAL PRIVILEGE REQUESTED I DIDN'T HEAR

    WITHOUT OBJECTION I THANK YOU MADAM CHAIRWOMAN AS YOU KNOW TWO WEEKS AGO I LOST MY WIFE UNEXPECTEDLY INTO A HEART CONDITION AND I WANT TO EXPRESS MY SINCERE APPRECIATION TO YOU MADAM CHAIRWOMAN RANKING MEMBER MAKE HENRY- INTO ALL OF MY COLLEAGUES ON THIS COMMITTEE ON BOTH SIDES OF THE AISLE FOR THE OUTPOURING OF PRAYERS AND EXPRESSIONS OF SYMPATHY FOR CAROL AND HER GREATEST LEGACY OUR TWO DAUGHTERS YOUR FRIENDSHIP AND KINDNESS STRIPPING THIS DIFFICULT TIME FOR ME AND MY FAMILY MEANS SO MUCH AND I THANK ALL OF YOU MERGER MR BARTON NOW YOU MAY TAKE ONE MINUTE IF YOU'D LIKE THANK ON THE SUBJECT OF THE FORCE TODAY THANK YOU AND THANK YOU SECRETARY MNUCHIN AND CHAIRMAN POWELL FOR APPEARING BEFORE THE COMMITTEE TODAY AND FOR YOUR CONTINUED EFFORTS TO AMELIORATE THE EFFECTS OF THE GOVERNMENT IMPOSED SHUT DOWN OF THE ECONOMY ARISING OUT OF THE PANDEMIC

    CONGRESS ACTED DECISIVELY THROUGH THE PAST PASSAGE OF THE CARES ACT ANOTHER LEGISLATION TO MITIGATE THE DAMAGE TO THE ECONOMY KEEP PEOPLE EMPLOYED IN BUSINESS IS STRONG TO ENSURE THAT THE ECONOMY CAN HIM EMERGE ON THE OTHER SIDE IN THE POSITION FOR LONG TERM GROWTH CONGRESS DIRECTED THE FED AND TREASURY TO PLAY A CRITICAL ROLE IN THE RESPONSE AND THROUGHOUT THE PROCESS YOU BOTH HAVE BEEN DECISIVE AND AGGRESSIVE IN USING THE TOOLS AT YOUR DISPOSAL AND THE BEEN INCREDIBLY RESPONSIVE TO CONGRESSIONAL CONCERNS YOU'VE MADE ADJUSTMENTS INCLUDING SEVERAL THAT I'VE DISCONTINUED IT CAN'T SEE RIGHT NOW EACH OF YOU PERSONALLY

    AND THERE ARE ELEMENTS OF TREASURIES IN THE BEST RESPONSE TO THE PANDEMIC THAT COULD STILL BE IMPROVED ARE ADJUSTED TO ON A CONDITIONAL AND FOR TO WORKING TO UPLOAD ACCORDING AND- IN COMMERCIAL REAL ESTATE LOOK FOR TO THAT A AND EIGHT AND THANK YOU BOTH OF YOU FOR BEING TO THE YOUR BACK THANK YOU MR BARR I WANT TO WELL TODAY WITH

    BIRTH WE HAVE BEEN TO SECRETARY OF THE- HE HAS SERVED THE CURRENT IN THIS CAR POSITION SINCE TWENTY THREE MR MNUCHIN HAS BY BEFORE THE ON PREVIOUS OCCASIONS I BELIEVE HE DOES NOT NEED ANY FURTHER INTRODUCTION NEXT WE HAVE JEROME POWELL CHAIR OF THE FEDERAL RESERVE BANK SYSTEM MR POWELL HAS SERVED ON THE BOARD OF GOVERNORS SINCE TWENTY TWELVE AND IS CHAIR FOR TWENTY SEVENTEEN MR ALL HAS TESTIFIED BEFORE THE COMMITTEE AND I BELIEVE HE DOES NOT NEED ANY FOR THE INTRODUCTION SO WITHOUT OBJECTION YOUR WRITTEN STATEMENTS WILL BE MADE PART OF THE RECORD EACH OF YOU WILL HAVE FIVE MINUTES TO SUMMARIZE YOUR TESTIMONY WHEN YOU HAVE ONE MINUTE REMAINING A YELLOW LIGHT WILL WORK UP HERE AT THAT TIME I WOULD ASK YOU TO WRAP UP YOUR TESTIMONY SO WE COULD BE RESPECTFUL OF THAT THE MEMBERS FIVE SECRETARY MNUCHIN A NUMBER

    THANK YOU VERY MUCH AND MISTER BARR LET ME EXPRESS MY CONDOLENCES FOR YOUR LOSS CHAIRWOMAN WATERS RANKING MEMBER MCENERY AND MEMBERS OF THE COMMITTEE I'M PLEASED TO JOIN YOU TODAY TO DISCUSS HOW THE TREASURY DEPARTMENT AND THE FEDERAL RESERVE ARE WORKING TOGETHER TO PROVIDE LIQUIDITY TO THE CREDIT MARKETS BUSINESS HOUSEHOLD AS WELL AS STATE AND MUNICIPAL GOVERNMENTS WE REMAIN COMMITTED TO MAKING SURE THAT EVERY AMERICAN GETS BACK TO WORK AS QUICKLY AS POSSIBLE ERICA'S ECONOMY CONTINUES TO RECOVER FROM THE CHALLENGES POSED BY THE COVID NINETEEN PANDEMIC

    THE JOBS REPORT FOR THE MONTH OF A VASTLY EX EXCEEDED EXPECTATIONS WITH THE RECORD GAIN OF TWO AND A HALF MILLION JOBS AFTER EXPERTS HAD PREDICTED NEARLY EIGHT MILLION LOSS WELL THE UNEMPLOYMENT RATE IS STILL HISTORICALLY HIGH WE'RE SEEING ADDITIONAL SIGNS THAT CONDITIONS WILL IMPROVE SIGNIFICANTLY AND THE THIRD FOURTH QUARTERS OF THIS YEAR THE BLUE CHIP REPORT IS FORECASTING ARE HE WILL GROW BY 17% ANDREW WHAT'S IN THE THIRD QUARTER AND 9% IN THE FOURTH QUARTER THE US CHAMBER OF COMMERCE REPORTED THIS MONTH THAT 79% OF SMALL BUSINESSES ARE AT LEAST PARTIALLY OPEN

    AND HALF OF THE REMAINING BUSINESSES- OPEN VARIOUS SHOPPING RETAIL SALES ROSE IN MAY BY 18% WITHIN UP NEXT TRUMP PRIVATE CAPITAL IS READY TO RETURN AS COMMUNITIES REOPENED WE ARE IN A STRONG POSITION TO RECOVER BECAUSE THE ADMINISTRATION WORKING WITH CONGRESS ON A BIPARTISAN BASIS TO PASS LEGISLATION AND PROVIDE LIQUIDITY TO MARKETS AND RECORD TIME IN PARTICULAR THE PPP IS KEEPING TENS OF MILLIONS OF EMPLOYEES CONNECTED TO THEIR JOBS

    ECONOMIC IMPACT A MONTHS ARE ALSO HELPING MILLIONS OF FAMILIES AND WORKERS THROUGH THESE CHALLENGING MONTHS WE ARE MONITORING ECONOMIC CONDITIONS CLOSELY CERTAIN INDUSTRIES SUCH AS CONSTRUCTION A RECOVERING QUICKLY WHILE OTHERS SUCH AS RETAIL AND TRAVEL ARE FACING LONGER IMPACTS AND MAY REQUIRE ADDITIONAL RELIEF WE LOOK FORWARD TO CONTINUED CONVERSATIONS WITH YOU TO ADDRESS THESE CRITICAL ECONOMIC ISSUES TREASURY HAS BEEN HARD AT WORK IMPLEMENTING CARES ACT PROGRAM

    THE PPP WE'VE APPROVED OVER FOUR POINT EIGHT MILLION SMALL BUSINESS LOANS FOR FIVE HUNDRED AND NINETY BILL THE IMPACT NEARLY ALL AND SIXTY NINE PAYING AND RIGHT OUR TOP PROGRAMS TO SUPPORT A AND OTHER BUSINESS WE APPROVE IN JUST OVER TWENTY SEVEN BILLION TO OVER FIVE HUNDRED AIRLINES AND OTHER AVIATION BUSINESS PRESERVING HUNDREDS OF THOUSANDS OF JOBS WERE IN THE PROCESS OF DOCUMENTING LOANS TO BUSINESS AND CRITICAL NATIONAL SECURITY FOR APPROXIMATELY TWENTY FIVE BILLION

    THE CORONAVIRUS RELIEF FUND FROM THIS FUND WE'VE DISTRIBUTED HUNDRED AND FIFTY BILLION DOLLARS ACROSS STATE AND LOCAL GOVERNMENTS NEARLY HALF OF ALL IT IN ADDITIONAL MONEY TO TRIBAL GOVERNMENTS THE CHARACTER ALSO GRANTED TREASURY THE AUTHORITY TO PROVIDE FOUR HUNDRED FIFTY FOUR BILLION TO SUPPORT FEDERAL RESERVE LENDING FACILITIES UNDER SECTION THIRTEEN THREE SINCE MARCH SEVENTEENTH USING FUNDS AVAILABLE I APPROVED A NUMBER OF FEDERAL RESERVE PROGRAMS THE COMMERCIAL PAPER PROGRAM FOR PRIMARY DEALER PROGRAMS THE MONEY MARKET MUTUAL PROGRAM THAT TELLS THE PRIMARY MARKET CORPORATE CREDIT FACILITY THE SECONDARY FACILITY THE MAIN STREET FACILITY THE MUNICIPAL BUS FACILITY AND THE PPP LANDING FACILITY WE HAVE COMMITTED APPROXIMATELY TWO HUNDRED BILLION

    AND TO SUPPORT THESE THE ANNOUNCEMENTS OF THESE PROGRAMS HAVE HELPED UNLOCK MARKETS TO PROMOTE MUCH NEEDED ACCESS TO LIQUIDITY WE HAVE OVER TWO HUNDRED FIFTY BILLION REMAINING TO CREATE EXPAND PROGRAMS NEEDED ALL BEGINNING TO HAVE CON ABOUT SUPPLEMENTS RELIEF OR JUST WILL FORWARD WORKING WITH ON A BIPARTISAN BASIS IN JULY ON ANY OTHER FURTHER LEGISLATION THAT WILL BE NECESSARY TREASURY HAS ALREADY BEEN ENTRUSTED WITH A TREMENDOUS AMOUNT OF FUNDING TO INJECT INTO THE ECONOMY

    WE ARE CLOSELY MONITORING THESE RESULTS AND SEEING CONDITIONS APPROVE WE WOULD ANTICIPATE THAT ANY ADDITIONAL RELIEF WOULD BE TARGETED TO CERTAIN INDUSTRIES THAT HAVE BEEN ESPECIALLY HARD HIT BY THE PANDEMIC WITH A FOCUS ON JOBS AND PUTTING ALL AMERICANS BACK TO WORK LOFT JOBS THREE FALL TO THE GROUND THE TREASURY DEPARTMENT IS PREVENTING THE KHERSON WITH TRACK AND WE'RE INFORMATION TO THE GOVERNMENT WIDE REPORTING ON USA SPENDING IN UPDATES TO CONGRESS WERE ALSO COOPERATING WITH THE CURRENT CONGRESSIONAL OVERSIGHT COMMITTEE G

    A O AND OTHERS WE ARE PLEASED THAT THE FEDERAL RESERVE HAS ANNOUNCED PLANS TO BOOST LOAN INFORMATION ON ITS WEBSITE REGARDING ITS FACILITIES SHARE POWER AND I HAVE HAD VERY PRODUCTIVE INITIAL MEETINGS WITH FOUR MEMBERS OF THE OVERSIGHT COMMITTEE AND WE LOOK FORWARD TO CONTINUING TO WORK WITH THEM THANK YOU VERY MUCH

    THANK YOU TO YOUR PAL YOU'RE NOW RECOGNIZED FOR MINUTES TO PRESENT YOUR ORAL TESTIMONY GERMAN WATERS RANKING MEMBER MCENERY AND OTHER MEMBERS OF THE COMMITTEE THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY TO DISCUSS THE EXTRAORDINARY CHALLENGES OUR NATION IS FACING AND THE STEPS WE'RE TAKING TO ADDRESS THE- WE NEED AS THE PANDEMIC CONTINUES TO CAUSE TREMENDOUS HARDSHIP TAKING LIVES AND LIVELIHOODS BOTH AT HOME AND AROUND THE WORLD THIS IS A GLOBAL PUBLIC HEALTH CRISIS AND WE REMAIN GRATEFUL TO OUR HEALTHCARE PROFESSIONALS FOR DELIVERING THE MOST IMPORTANT RESPONSE INTO OUR ESSENTIAL WORKERS WHO HELP US MEET OUR DAILY NEEDS

    HE'S DEDICATED PEOPLE PUT THEMSELVES AT RISK DAY AFTER DAY IN SERVICE TO OTHERS AND TO OUR COUNTRY BEGINNING IN MARCH THE VIRUS AND PERSONAL MEASURES TAKEN TO CONTROL ITS SPREAD INDUCED A SHARP DECLINE IN ECONOMIC ACTIVITY AND A SURGE IN JOB LOSSES AS THE ECONOMY REOPENS INCOMING DATA ARE BEGINNING TO REFLECT A RESUMPTION OF ECONOMIC ACTIVITY MANY BUSINESSES ARE OPENING THEIR DOORS HIRING IS PICKING UP IN SPENDING IS INCREASING

    THE ECONOMY HAS ENTERED INTO NEW PHASE DONE SO SOONER THAN EXPECTED WELL THIS BOUNCE BACK IN ECONOMIC ACTIVITY IS WELCOME IT ALSO PRESENTS NEW CHALLENGES NOTABLY THE NEED TO KEEP THE VIRUS IN CHECK LAW RECENT ECONOMIC DATA OFFER SOME POSITIVE SIGNS WE'RE KEEPING IN MIND THAT MORE THAN TWENTY MILLION AMERICANS HAVE LOST THEIR JOBS AND THAT THE PAIN IS NOT BEEN EVENLY SPREAD THE RISING AT ESPECIALLY SO FOR LAW WEIGHT WORKERS FOR WE AND FOR HALF AMERICAN AND HISPANICS

    JUST REVERSE NAMIK HAS BECAUSE THE LEVEL OF PAIN IT'S HARD TO CAPTURE IN WORDS LIFE ARE ABOUT AMID GREAT ON ABOUT THE FUTURE THE PATH FORWARD FOR THE ECONOMY REMAINS EXTRAORDINARILY UNCERTAIN AND WILL DEPEND IN LARGE PART ON OUR SUCCESS IN CONTAINING THE VIRUS

    OF FULL RECOVERY IS UNLIKELY TO OCCUR UNTIL PEOPLE ARE CONFIDENT THAT IT'S SAFE TO ENGAGE IN A BROAD RANGE OF ACTIVITIES AT FOUR WILL ALSO DEPEND ON POLICY ACTIONS TAKEN AT ALL LEVELS OF GOVERNMENT TO PROVIDE RELIEF SUPPORT THE RECOVERY FOR AS LONG AS NEEDED THE FEDERAL RESERVE IS STRONGLY HIM IN OUR TOOLS TO DO WHATEVER WE CAN FOR AS LONG AS IT TAKES TO PROVIDE SOME RELIEF INSTABILITY TO ENSURE THAT THE RECOVERY WILL BE AS STRONG AS POSSIBLE AND TO LIMIT LAST IMAGE TO BE A COP

    AFTER BLOWING THE LOWERING THE FEDERAL FUNDS RATE TO ESSENTIALLY R ACTIONS SO FAR FALLEN FOUR CATEGORIES STABILIZING TREASURY AND AGENCY MBS MARKETS MONEY MARKET AND LIQUIDITY LIQUIDITY AND FUNDING MEASURES DIRECT EFFORTS TO SUPPORT THE FLOW OF CREDIT IN THE ECONOMY AND TARGETED REGULATORY MEASURES TO SUPPORT THOSE EFFORTS

    SO FAR WE CREATED ELEVEN FACILITIES UNDER SECTION THIRTEEN THREE OF THE FOUR RESERVE ACT TO SUPPORT LIQUIDITY FUNDING IN THE FLOW OF CREDIT TO HOUSEHOLDS AND BUSINESSES AND STATE AND LOCAL GOVERNMENTS WITHOUT ACCESS TO CREDIT FAMILIES COULD BE FORCED TO CUT BACK ON THE SUBSIDIES OR EVEN LOSE THEIR HOMES BUSINESSES COULD BE FORCED TO DOWNSIZE OR CLOSE RESULTING IN FURTHER LOSSES OF JOBS AND INCOMES AND WORSENING THE DOWNTURN OUR EMERGENCY LANDING HAVE ALL BEEN UNDERTAKEN WITH THE APPROVAL OF THE TREASURY SECRETARY AND MANY ARE SUPPORTED BY FUNDING FROM THE CARES ACT THEIR STATUS AND EFFECTS ARE DISCUSSED IN GREATER LENGTH MY WRITTEN STATEMENT WHICH I PROVIDED TO THE COMMITTEE

    THE FED WILL CONTINUE TO USE THESE POWERS FORCEFULLY PROACTIVELY AND AGGRESSIVELY UNTIL WE'RE CONFIDENT THAT THE NATION IS SOLIDLY ON THE ROAD TO RECOVERY WHEN THE TIME COMES AFTER THE CRISIS IS PASSED WE WILL PUT THESE EMERGENCY TOOLS BACK IN THE TOOLBOX I WOULD STRESS THAT THESE ARE LENDING POWERS NOT SPENDING POWERS I WILL ALSO NOTE THAT WE DESIGN OUR FACILITIES TO WORK FOR BROAD RANGES OF BUSINESSES AND MUNICIPALITIES WE DO NOT TARGET PARTICULAR FIRMS OR INDUSTRIES ELECTED OFFICIALS HAVE THE POWER TO TAX AND SPEND AND TO MAKE DECISIONS ABOUT WHERE TO GRANT TOWARDS DIRECT SUCH TARGETED RELIEF

    THE CARES ACT AND OTHER LEGISLATION PROVIDE DIRECT HELP TO PEOPLE BUSINESSES AND COMMUNITIES THIS DIRECT SUPPORT IS MAKING A CRITICAL DIFFERENCE NOT JUST IN HELPING FAMILIES AND BUSINESSES IN TIME OF NEED BUT ALSO IN LIMITING LONG LASTING DAMAGE TO OUR ECONOMY PUBLIC FAITH IN OUR OPERATIONS DEPENDS ON TRANSPARENCY AT THE FED WERE COMMITTED TO THAT TRANSPARENCY PARTICULARLY IN DEPLOYING ARMORED URGENCY POWERS THANK YOU LOOK FOR YOUR QUESTIONS

    THANK YOU VERY MUCH CHAIRMAN POWELL I NOW RECOGNIZE MYSELF FOR FIVE MINUTES FOR QUESTIONS AS I MENTIONED IN MY OPENING THE PANDEMIC IS THREATENING AND SO TOO MUST OUR RESPONSE TWO WEEKS AGO SURE PAL WHEN I ASKED YOU ABOUT THE NEED FOR MORE CONGRESSIONAL ACTION TO PROTECT OUR COMMUNITIES YOU SAID AND I QUOTE THERE ARE SOMETHING LIKE TWENTY FIVE MILLION PEOPLE WHO ARE STILL DISLODGED FROM THEIR JOB IN FULL OR IN PART DUE TO THE PANDEMIC

    I WOULD THINK IT WOULD BE A CONCERN IF CONGRESS WERE TO PULL BACK FROM THE SUPPORT THAT IS PROVIDING TO QUICKLY END QUOTE UNFORTUNATELY TWO MAR THIS IS EXACTLY WHAT WILL HAPPEN IF THE SENATE DOES NOT PASS THE EUROS ACT TWO MAR THE PPP PROGRAM STOPS TAKE A NEW LOAN APPLICATIONS THE BIG PEOPLE YOU SHOULD BE EXTENDED IMMEDIATE LEAVE SO THAT THE REMAINING ONE HUNDRED AND THIRTY FIVE BILLION DOLLARS IN FUNDING CAN SUPPORT SMALL BUSINESSES ALSO HAPPENING TOMORROW MILLIONS OF FAMILIES WILL BE UNABLE TO PAY THEIR RENT AND MORTGAGES IN JUNE ONE THIRD OF RENTERS COULDN'T PAY RENT

    FOUR POINT TWO MILLION HOMEOWNERS ARE CURRENTLY FOR PARENTS BECAUSE THEY'RE UNABLE TO PAY THEIR MORTGAGES AND EVICTIONS HAVE ALREADY STARTED IN MANY STATE OR LOCAL ELECTION MORTARA HAVE EXPIRED WELL THE MORE TOUR SHOULD BE EXTENDED IT IS NOT BECAUSE IT IS NOT CONSCIONABLE TO SIMPLY DELAY AND A BIG AND FOR CRACK HI AND THE END MUST PROVIDE SUPPORT TO

    LOW FOR TO COVER THEIR RENT A UTILITY PAYMENTS TRUMP GERMS POWELL MILLIONS OF BATTLE OR A GROUP OF BEING OF WHOLE DO YOU THINK CONGRESS PROVIDE FINANCIAL ASSISTANCE TO ENSURE STAY THEIR OLD I THANK YOU THEY YOU A MA'AM CHAIRWOMAN SO ONE

    I TRIED TO CATCH KEEP MY COME THAT ARE HIGHLY AND I THAT THAT THAT ACTUALLY COMEDY TO WAS REFERRED TO THE UNEMPLOYMENT EX AT THE OF JULY I AND I FOR THE SPECIFICS OF WHAT YOU NEED TO BE AT THE WE HAVE A TRADE SECRETARY HERE AND I WOULD I WOULD TO THE SEC'S ON ON FISCAL MATTERS HERE

    OKAY SO YOU PUT IT OFF FOR MR BEEN SO WELL YOU HAVE SOME THAT TO GROW THEM IN LIQUOR FOR MAY JURISDICTIONS LIKE THE TWO OF LOCKED OUT WHEN WE LAST YOU MAY THAT WAS THE- BUT PRESS THERE WAS A THAT GUAM THEY ELLA DID YOU FIND A WAY TO TAKE A FOR LOOK AT THAT DID YOU WHETHER OR NOT TO BE COULD I YEAH WE ARE WE ARE TO ON A SERIES LOOK AT THAT- SO THAT THE TERRITORY THEMSELVES ARE NOT INVESTMENT GRADE RATED AND THEY WEREN'T BEFORE THE- THEY WERE NOT BEFORE THE PANDEMIC SET AND- AND THAT'S THE MINIMUM STANDARD FOR ACCESS TO THE MUNICIPAL QUICKLY FACILITY OF COURSE BUSINESSES IN IN THE IN THE TERRITORIES OF WILL DOUBLE

    THE MAIN STREET SO SOME OF THE REVENUE BASED FACILITIES THE VICTOR HAS- OR OR INVESTMENT GRADE RATING BUT BELOW THE MINIMUM AND WE'RE WE'RE ACTUALLY REVIEWING OUR STANDARDS IN IN IN IN THIS EQUITY AT THE MALL I DID IT IF THERE'S A WAY WOULD JUSTICE IN A WAY WOULD MAKE ELIGIBLE SUMPTER WHERE THE ISSUE WITH WITH SORT OF VIOLATING THIS OR LETTER OF SET

    THIRTEEN THREE THANK YOU THANK MNUCHIN WITH THE LAST DAY THE TREASURY AND A CLAIM THAT NEW PPP LOANS CAN BE APPROVE DEATH IN MINISTRY OF EXTENDED THESE PRO AS PROPOSED IN THE EURO THAT WHAT WE DO SUPPORT ALLEGES

    AND WE FORWARD TO WORKING THE HOUSE AND THE SENATE ON AS A RELATES TO PPP I FOR HAD WITH THE S P COMMITTEE IN THIS ABOUT READ THAT HUNG AND THIRTY FIVE BILLION DOLLARS AND THINK THAT SHOULD BE DONE AND LOOK FORWARD TO WORKING WITH BOTH THE HOUSE AND THE SENATE SO THAT WE CAN PASS LEGISLATION BY THE END OF JULY

    THANK YOU VERY MUCH I NOW YIELD TO THE GENTLEMAN FROM NORTH CAROLINA MISTER MCENERY IS NOW RECOGNIZED FOR FIVE MINUTES WELL THANK YOU THANK YOU FOR TESTIMONY SIR TERMINATION I THINK- I AGREE THERE IS WIDE AGREEMENT THAT YOUR ENGAGEMENT IN THE PPP PROGRAMME MADE THINGS LARGELY BETTER RIGHT THE TREASURY EXPERTISE IN MAKING SURE THAT SBA CAN DELIVER ON THIS BEEN THIS REALLY SEVERAL PROGRAM OF THE CARES ACT IT'S PROVING OUT BECAUSE YOU GET FOUR AND A HALF MILLION SMALL THAT BENEFITED FROM IT- THE AVERAGE LOANS QUITE MODEST IN THE CONTEXT FOR OUR ECONOMY BUT THE EFFECT IS PRETTY WIDE SCALE

    SO WHAT WOULD YOU SAY- REGARDING THE ADDITIONAL FUNDS THAT ARE PURPOSE FOR PPP WHAT SHOULD BE OUR FOCUS AS POLICY MAKERS ON REPURPOSING THAT A HUNDRED AND THIRTY FOUR BILLION DOLLARS HOW CAN WE BEST DO THAT IS THAT THE SEVEN A PROGRAM IS THAT EX EXPEDITE LOAN PROGRAMS HOW DO YOU SEE THIS BETTING FITTING AND GIVEN THE ACTIONS OF MAIN STREET AND OTHER FACILITIES YOU'VE SET UP THROUGH FEDERAL THANK YOU APPRECIATE YOUR I THINK AT THE TIME WHEN WE PASSED THE LAW KURTZ ACT THE IT WAS A VERY GOOD SHAPE THAT WE NEEDED TO GET QUICKLY AND AS I SAID BE PRESS THAT TOOK THREE OR MONTHS WERE NOT OKAY I THANK THE THERE'S THERE APPEARS TO BY THE- SUPPORT IN THIS TO READ

    THE HUNDRED THIRTY BILLION FOR PEAK PEAK THE TO BUSINESS THAT ARE MOST HEAD THE HAVE A REQUIRE THAT THERE NEWS PROP SIX THERE IT THINGS REP RONSON HOAX AND ALL KURDISH IT TO WORK THE INCIDENCE THE SEEMS LIKE A RE

    STEPPING WHAT YOU'RE GONNA DO AND YOU FOLLOW THROUGH ON IT A TRANSPARENT IN THAT YOU LAY OUT THE METRICS FRACTION YOU THEREFORE FOLLOW THOSE METRICS

    INCREDIBLE ONE EXAMPLE IS THAT NOT AN OUNCE MEANT YOU SAID THAT YOU'RE GONNA SUPPORT CORPORATE- BONDS AND BY SAYING THAT YOU'RE GONNA SUPPORT CORPORATE BONDS THE MARKET ACTED AS IF THE FED ALREADY HAD THE PROGRAM UP AND RUNNING TO THE POINT WHERE ONCE YOU'RE UP AND RUNNING PEOPLE ASK WHY YOU FOLLOWED THROUGH ON THAT PROGRAM NOW

    I THINK THAT'S AN IMPORTANT TO NOTE THAT TRANSPARENCY THAT GUIDANCE THAT COMMUNICATION HAS BEEN EFFECTIVE IN THIS OPENING STAGE AND SETTING UP THESE RESPONSES SO ALONG THOSE LINES THE FED TOOK WHAT I WOULD CALL STRONG MEDICINE IN TERMS OF ACTION ON THE STRESS TEST TO RESTRICT- DIVIDENDS- AND BUY BACKS AND IN RESTRAINTS ON- THESE LARGE FINANCIAL INSTITUTIONS I WOULD CALL THAT QUITE STRONG MEDICINE I THINK WHAT WE WANT TO UNDERSTAND OR ARE THE METRICS THE THAT THE FED IS GOING TO USE IN ORDER TO MAKE THESE JUDGMENTS AND ASSESSMENTS JORDAN THIS NEXT PHASE OVER THE NEXT COUPLE OF MONTHS FOR THESE LARGE FINANCIALS SO ONE

    I THINK YOU HAVE TO START WITH THE SORT OF TWO MAJOR FACTS HERE ONE IS THAT THE BANKING SYSTEM IS VERY STRONG HAS BEEN A SOURCE OF STRENGTH THE BANKS HAVE BEEN- GROW TAKING ON A WAVE OF DEPOSITS THEY'VE BEEN ENGAGING FOR PARENTS HAVE BEEN MAKING ALONSO THEIR RESOURCES SPRAINED IN THIS SITUATION ON HELLO CRISIS WHERE THEY WERE SOURCE OF IT'S ALL AFFECTED THINGS ARE HIGHLY UNCERTAIN AND SO TO PRESERVE THAT THAT STRAIN FULL WE'VE DONE IS WE'VE STOPPED ALL SHARE REPURCHASES AND WE'VE STOPPED- INCREASES IN DIVIDENDS OR PRESERVING THE LEVEL OF CAPITAL IN THE SYSTEM SO TO ADDRESS THE UNCERTAINTY AND LOOKING FORWARD- WE DID RUN THESE THREE- SENSITIVITY ANALYSES AND- THEY WERE- RELATED TO ASSESS THE OVERALL STRENGTH OF THE SYSTEM IN THE FACE OF- OF THESE DOWNSIDE CASES- WE FOUND THAT THE MAJORITY OF FIRMS WERE STILL- ADEQUATELY CAPITALIZED SUFFICIENTLY CAPITALIZED IN ALL OF THOSE SCENARIOS

    NOT WITHSTANDING THAT WHAT WE DID WITH WAS THAT WE SET FOR THE FIRST TIME IN THE HISTORY OF THESE TESTS WE SAID WE'RE GOING TO ASK THE BANKS TO RESUBMIT THEIR CAPITAL PLANS WE'RE GOING TO DISTRIBUTES WE'RE GONNA LOOK AT THE AISLE TO AT WE LEARN MORE ABOUT THE PATH OF THE CRISIS IN TERMS OF THE PRECISE METRICS WE'RE GONNA BE LOOKING AT WILL BE PROVIDING MORE

    MORE CLARITY ABOUT THAT GOING FORWARD BUT- SET UP CERTAIN YOU WANT TO MAKE YOU ASSERTING AS A REGULAR THAT YOU'LL ACTIVELY REVIEWED AS TO ENSURE THAT WE DON'T HAVE A FINANCIAL CRISIS AS A RESULT OF THIS HEALTH CRISIS YES WE'RE GONNA WE'RE GONNA KEEP MONITORING THIS- WE'RE LEARNING SO MUCH EVERY QUARTER

    AND THE PATH THE ECONOMY IS HIGHLY UNCERTAIN AND YOU KNOW IN OUR SYSTEM DIVIDENDS ARE DECLARED EVERY QUARTER WE'VE ALREADY SEEN THE OVERWHELMING MAJORITY OF FOR DISTRIBUTION SO WE THINK THAT'S THE RIGHT PLACE TO BE THANK YOU THANK YOU FOR YOUR LEADERSHIP THE FACT THE FACT ON SUNDAY AS WELL THE CONTRIBUTION THE SECOND

    THANK YOU I NOW RECOGNIZE THE JOE FROM NEW YORK MS MALONE FOR FIVE MINUTES THANK YOU AND WELCOME SECOND MOVEMENT I'D LIKE ASK YOU ABOUT A VERY TROUBLE OVERSIGHT ISSUE AS YOU KNOW I'M THE CHAIR NOW OF THE EVEREST COMMITTEE AND I TAKE THESE THE MASS VERY SERIOUSLY AND I HOPE THAT YOU DO TO IN THE ACT WE CREATED THE- RISK ACCOUNT OF CAN OR PRESS

    WHICH IS A CAN OF IN THE- INSPECTORS J THAT IS CHARGED OVERSEEING ALL OF THE MONEY SPENT IN THE CARES ACT AND IDENTIFYING WASTE FRAUD AND ABUSE LAST MONTH THE GENERAL COUNSEL'S OFFICE IN TREASURY ISSUED A LEGAL OPINION THAT QUESTIONS PRACTICE AUTHORITY TO OVERSEE TRILLIONS OF DOLLARS OF CARES ACT SPENDING

    TO PUT IT BLUNTLY THIS LEGAL ANALYSIS IS SO BAD THAT IT BORDERS ON BAD FAITH THE OPINION CLAIMS THAT NO EVIDENCE THAT CONGRESS DID NOT INTEND FOR THE PRACTICE HAVE OVERSIGHT AUTHORITY OVER ANYTHING IN THE FIRST HALF OF THE CARES AT INCLUDING THE PPP AND ANY OF THE FED'S LENDING FACILITIES OR THE HUNDRED AND FIFTY BILLION IN FUNDING FOR STATES AND LOCAL GOVERNMENTS SO I WOULD SAY SECRETARY A NEW GYM THAT THIS INTERPRETATION IS WRONG THAT IT IS JUST PLAIN WRONG

    SENATOR GARY PETERS AND I PROPOSED AN AUTHOR THIS SECTION OF THE LAW THE PRACTICE ACT AND I WAS HEAVILY INVOLVED IN NEGOTIATING OF THOSE PROVISIONS IN THE CURES ACT AND I'M TELLING YOU THAT CONGRESS'S INTENT WAS FOR THE PRACTICE OVERSEE ALL OF THE SPENDING IN THE CARES ACT NOT JUST ONE HALF OF THE CARES ACT BUT ALL OF IT THAT WAS OUR INTENT AND THAT WAS WHAT THE BILL SAID EXPLICITLY THE INTER FROM YOUR GENERAL COUNSEL'S OFFICE

    IS ALREADY CAUSING PROBLEMS BECAUSE IT'S HINDERING THE PRACTICABILITY TO MONITOR HOW THE STATES ARE SPENDING THEIR CARES ACT MONEY SO NOW SECRETARY MNUCHIN I WOULD SAY THAT WE HAVE WORKED VERY PRODUCTIVELY TOGETHER IN IN GOOD FAITH NEGOTIATIONS ON THE BENEFICIAL OWNERSHIP OF OIL AND OTHER OF BILLS BEFORE CONGRESS SO I HOPE THAT YOU'LL TAKE MY CONCERNS ABOUT THIS HEIRONEOUS LEGAL OPINION SERIOUSLY AND SO THIS IS WHAT I WOULD LIKE TO ASK TODAY I'D LIKE YOU TO COMMIT TO INTERPRETING THIS SECTION OF THE CARES ACT AS CONGRESS INTENDED WITH THE PRACTICE OVERSIGHT AUTHORITIES APPLYING TO ALL OF THE CARE IS EXPANDING

    I THINK THIS IS A SMALL STEP IMPORTANT ONE THAT YOU CAN TAKE TO SHOW THAT YOU'RE SERIOUS ABOUT THE OVERSIGHT OF THE TRILLIONS OF DOLLARS IN THE CARE ACT WHAT THANK YOU IN I APPRECIATE YOUR COMMENTS AND I ASSURE YOU WE ARE VERY MUCH COMMITTED TO WORKING WITH THE OVERSIGHT COMMITTEES- ON TRANSPARENCY NOW AS IT RELATES TO THIS I CAN ASSURE YOU IT WAS NOT BAD FAITH I'M HAPPY TO HAVE OUR OFFICE FOLLOW UP WITH YOU IT HAS TO DO WITH A TECHNICAL ISSUE OF THE RECIPIENTS REPORTING AS IT RELATES TO THE ISSUE OF MONITORING STATE SPENDING ON MORE THAN HAPPY TO PUT THE PRAC IN TOUCH WITH OUR INSPECTOR GENERAL WHO HAS PRIMARY OVERSIGHT AND MAKE SURE THAT WHATEVER INFORMATION SPECIFICALLY THE PROC WANTS ON THE STATES THAT WE ACCOMMODATE

    WELL I WOULD SAY THAT THAT'S NOT WHAT I'M ASKING WHAT I'M ASKING IS WILL YOU COMMIT TO INTERPRETING THE PRACTICE OVERSIGHT AUTHORITIES AS APPLYING TO ALL OF THE CARES ACT SPENDING THAT WAS OUR INTENT I WROTE THAT SECTION OF THE LAW THAT WAS WHAT CONGRESS WANTED THERE'S NO PROBLEM WITH THE INTERPRETATION IS VERY CLEAR AND EXPLICIT WILL YOU

    COMMIT TO HELP ALLOWING THE OVERSIGHT THAT WAS IN THE BILL J YOU WROTE THAT OF ALSO SAY NINE I HAD VERY DIRECT DISCUSSIONS WITH PEOPLE IN THE SENATE ABOUT VARIOUS DIFFERENT OVERSIGHT THAT'S WHY WE AGREED TO A NEW OVERSIGHT COMMITTEE WITH FULL TRANSPARENCY WE AGREED TO PROVIDE INFORMATION THAT WAS NOT REQUIRED UNDER THIRTEEN THREE

    SO WE HAVE FULL TRANSPARENCY AND AGAIN I'M I'M HAPPY TO FOLLOW UP WITH YOU ON THE SPECIFIC CONCERNS AS TO WHICH DIFFERENT ENTITY YOU SHOULD RECEIVE WHAT INFORMATION I THINK IT'S IMPORTANT THAT THERE IS NOT BUREAUCRATIC OVERLAP BUT AGAIN LET ME EMPHASIZE IF THE PRODUCT NEED CERTAIN INFORMATION WE WILL TRY TO DO WHAT WE CAN TO ACCOMMODATE WELL I'M VERY DISAPPOINTED WITH THAT ANSWER AND I GUESS WE'LL HAVE TO PURSUE A LEGISLATIVE A- SOLUTION IT WAS VERY CLEAR THAT THE INTENT OF CONGRESS IS THAT CRACK WOULD HAVE OVERSIGHT OF ALL OF THE CARES SPENDING A YEAR BACK

    AND I'M OUT OF TOWN AT THE TIME RIGHT THE FROM MISSOURI IS WHERE NOW FOR FIVE MINUTES THANK YOU ONE MATTER AND DEATH THANK YOU FOR US TODAY SECRETARY MNUCHIN AND CHAIRMAN POWELL I WANT TO COMMEND YOU BOTH ON THE ONSET HERE FOR YOUR LEADERSHIP DURING THIS UNPRECEDENTED TIME OF BOTH THE UNITED STATES DEPARTMENT OF TREASURY AND THE FEDERAL RESERVE SYSTEM HAVE SHOWN THEIR ABILITY TO BOTH EFFECTIVELY AND RAPIDLY RESPOND TO THE ECONOMIC CRISIS CAUSED BY COVID NINETEEN BY PROVIDING TRILLIONS OF DOLLARS TO STABILIZE OUR ECONOMY

    OUR CHAIRMAN HOLLINGER TERMINATION LENDER REGISTRATION FOR THE MAIN STREET LENDER LENDING PROGRAM WENT LIVE ON JUNE FIFTEENTH I BELIEVE DO EITHER OF YOU KNOW HOW MANY LET HAVE REGISTERED SO FAR AND YOU KNOW THE AVERAGE SIZE OF THE LENDING LENDERS PARTICIPATING- IF NOT WHEN YOU THINK THAT INFORMATION MIGHT BE MADE AVAILABLE ON TULSA TO EITHER SURE SO IN THE RANGE OF THREE HUNDRED OF BANKS IT MAY BE HOT THE HIGHER THAN THAT THAT THAT NUMBER'S A FEW DAYS OLD- HAVE ENTERED THE REGISTRATION PROCESS IT TAKES A FEW DAYS SO I CAN'T TELL EXACTLY HOW MANY WITHOUT SOMEBODY WILL COME OUT OF THE PIPELINE

    AVERAGE OF THE LENDERS IS NO WERE THE THIS RAIN FROM YOU KNOW THE LARGE TO THE VERY SMALL AND THE VERY SMALLER PARTICULARLY WELL REPRESENTED BUT IT DOES RANGE ACROSS THE- ACROSS THE POLLS AND YOU WILL BE PROVIDING THIS INFORMATION TO US FOR ON A REGULAR BASIS WE'RE WE'RE WORKING- WE'RE WORKING WITH THE BORROWERS TO- FIGURE OUT THE RIGHT WAY TO- YOU KNOW CONNECT LENDERS AND BORROWERS AND BORROWERS AND LENDERS SITTING IN TOUCH WITH YOU SO WE'RE WE'RE WORKING WITH THAT WITH THAT START WITH THE LENDERS TO PUT SOMETHING TOGETHER THAT WILL THAT WILL MAKE THAT HAPPEN IN THE MOST EFFICIENT WAY

    THANK YOU CHAIRMAN POWELL IN YOUR EFFORTS TO CREATE BROAD BASED PROGRAMS DO YOU THINK THAT IN STREET FACILITY WILL NEED EXPANDED ANY FURTHER TO MEET THE NEEDS OF OUR- BUSINESSES LET ME SAY WERE AS YOU'VE SEEN WE BEEN THE SECRETARY AND I FOR ERIC ON AND WE'RE WE'VE BEEN VERY WILLING TO- LEARN FROM EXPERIENCE AND LEARN FROM WHAT WE'RE HEARING FROM A- DIFFERENT- TO THE- DAY SO WE CERTAINLY WITH THE BABY BEEPER

    SO I WOULD HOPE WE WOULD PRO THIS IS WAY WE WERE I'M AS YOU KNOW WE'RE WE'RE THE- RELATIVELY EARLY STAGE OF A UP NON MAINS OFFICER AND I THINK WE'LL BE WILL WATCHING AS REGULAR MAIN STREET- YOU KNOW FULLY COMES ON LINE AND CONTINUING TO LOOK TO SEE WHETHER THEIR WAYS WE CAN IMPROVE IT THANK YOU KAREN HOW

    LET WEEK'S RELEASE OF FEDERAL SAYS SEEK ON COME AND- MORE IMPORTANTLY THE RESULTS THEIR CO NINETEEN SENSITIVITY ANALYSIS

    UNDERSCORES THE- THE RESILIENCE I THINK OF THE BANKING SYSTEM WELL WE CAN ALL AGREE THAT THE LEVEL OF UNCERTAINTY IN THE ECONOMY CONTINUES TO BE HIGH GIVEN THE- PROGRESSION OF THE COVID NINETEEN PANDEMIC I BELIEVE THE FEDERAL RESERVE SUBJECTED TO SEE CAR FILERS TO EXTRAORDINARY

    ASSUMPTIONS REGARDING UNEMPLOYMENT AND GDP CONTRACTION DESPITE THESE ASSUMPTIONS THE THIRTY THREE LARGEST BANKS REMAINED ABOVE MINIMUM TIER ONE CAPITAL MARKETS

    GIVEN THAT I'M WONDERING WHY THE FEDERAL RESERVE HAS INDICATED FIRMS WILL NEED TO RESUBMIT CAPITAL PLANS AND IN ADDITION THERE WILL BE AN OFF CYCLE SUPERVISORY STRESS TEST IN THE- LATTER PART OF THE YEAR YOU KNOW THE FOR THE FEDERAL RESERVE ALREADY CONCLUDED FIRMS

    CAPITAL PLANNING MANAGEMENT PROCESSES I THINK APPROACHES AND ASSUMPTIONS THAT PASSED THE TOUGHEST TESTS SO COULD YOU EXPLAIN IT PLEASE SURE SO THE- WHAT THE TO WHAT THE THIRTY THREE- INSTITUTIONS ALL PASSED WAS THE REGULAR WATER SEVERELY ADVERSE SCENARIO THAT WE WROTE BEFORE THE PANDEMIC ARRIVED

    SO THAT'S WHAT THAT'S WHAT CONTROL THE OUTCOME AT THIS TIME WE ALSO THAT THIS IS A MEMBER THE PANDEMIC ARRIVED RIGHT IN THE MIDDLE OF THE STRESS TEST PERIOD SO WE QUICKLY DEVISED WITHOUT GOING YOUR USUAL VERY THOROUGH VETTING PROCESS NOT THREE ALTERNATIVE ON SENSITIVITY ANALYSIS ONE OF WHICH WAS A V SHAPED- RECOVERY ONE OF WHICH WAS U SHAPED ON LINE WHICH WAS THE- SCARIEST

    WEAPON THESE ARE VERY SERIOUS DOWNTIME DOWNSIDE CASES WE DID USE THEM TO VALUATE INDIVIDUAL STUDENTS BUT TO A- THE- RANGE OF INSTA AND DIDN'T I'M OUT AND I JUST YOU KNOW LIKE A DIGITAL K

    NOW I GUESS THIS IS A HAS THE TO A TICKET TO IF ON THE- ADDED THE WHERE BACK NEEDED CREDIT AND LIKELY TO HOUSEHOLDS IN THIS TO FACILITY ECONOMIC RECOVERY AND FUND IT INTERN MEDIA THE CAP ON MAR AND I LEAVING THAT WE'RE WE DIDN'T DO THAT WE'RE WE'RE NOT TO RAISE CAPITAL OKAY AT THE A DIFFERENT THAT'S NOT THAT'S WHAT'S GOING HERE THANK YOU FOR THAT CLERK FOR

    AND I GO BACK THE YOU THE DOCTOR WILL FROM NEW YORK IS THE LAW NOW RECOGNIZE FOR FIVE MINUTES THANK YOU MADAM CHAIR AND RUN MEMBER IT'S A SECRETARY OF ANYTIME

    HI YOU BEEN BLOCKED BY PRESS TRUMP OR ANY ONE ELSE OTHER WHITE HOUSE FROM PROVIDE ASSISTANCE REQUEST THE BIKE OR ON OVER SO BODY NO HI YOU EVER BEEN PRE HAVE YOU EVER PAID THAT ANYONE WITH THE PRESSURE THE OR THE MORE BROADLY TRUMP OF ACT FOR REQUEST BY CONGRESS OR ON OVERSIGHT BODY HI I WELL IF YOU'RE REFERRING TO AN OVERSIGHT BODY NOT THAT I'M AWARE OF NO

    OKAY SO HERE YOU ARE SIR TONIGHT THE BPP PROGRAM EXPIRE ON YOU ARE ADVOCATING FOR EXPANDING THAT- THIRTY STATION SO YOU ARE TURNING OFF THAT YOU ARE ALREADY DISCUSSING DEATH WAY OF DEFENDING BUT THERE IS A ROLE FOR THE HOUSE AND SO OF COURSE YES AND I WILL REMIND YOU

    THAT NOTHING WILL MOVE ON THIS WE HAVE THOSE CONVERSATIONS OF CHAIR OF THE HOUSE SMALL BUSINESS COMMITTEE I CAN NOT BE ABLE IN GOOD SENSE TO MAKE A DETERMINATION AS TO WHERE THE PROGRAM SHOULD GOAL OR WHAT TWO WEEKS OR WHAT REFORM THE PROGRAM LEAVE UNLESS WE HAVE ACCESS TO THE DATA WHEN ARE YOU GOING TO PROVIDE THE DATA TO OUR COMMITTEE I BELIEVE WE SAID BY THE END OF THIS WEEK AND WE'VE REACHED OUT TO YOUR COMMITTEE TO MAKE SURE WE ESTABLISH SECURE NOT WEEK TO WEEK WE GOT A LETTER

    BUT NO DATE HAS BEEN- AREN'T SUPPOSED TO BE DELIVERED BY THE END OF THIS WEEK SO I WILL ASSURE AND LET ME JUST SAY I'M MORE THAN HAPPY TO SPEAK TO YOU IF YOU'D LIKE TO SET UP A TIME TO SPEAK THURMAN WE HAVE BEEN CONTACTING YOUR OFFICE EVERY WEEK ASKING FOR YOU TO APPEAR BEFORE THE SMALL BUSINESS COMMUNITY WITH THE ADMINISTRATOR I SPOKE TO HER LAST WEEK SHE INTENDS TO COME BEFORE THE COMMITTEE YOUR STAYING HERE THAT WE NEED TO TAKE CARE OF THOSE MOST HARD HIT BUSINESSES IN THE NEXT ARE REPURPOSED OF THE IF HUNDRED THIRTY

    BILLION DOLLARS DOT I'LL LET BUT WE NEED NOT IF THE PROGRAM WORK OFTEN BY CALL WE KNOW THAT ONE MILLION BUSINESSES I THE PROGRAM BUT WHAT ABOUT THE MIDDLE OF MINORITY AND WOMEN OWNED BUSINESSES THAT WERE NOT ABLE TO ACCESS THE PROGRAM SO WHAT YOU'RE SAYING MAYBE A RESTAURANT MY NEED TO GET A SECOND LONG I JUST HEARD FEB ON MARCO RUBIO WELL NOT ONCE YOU GET A SECOND LONG ON LEFT WING NOEL

    THAT MOST BUSINESSES WHO ARE STRUGGLING GET A CHANCE TO GET A LONG ARCHER MANPOWER OF CHAIR OF THE HOUSE SMALL BUSINESS COMMITTEE I PARTICULARLY CONCERNED ABOUT THE FATE OF OUR NATION SMALL BUSINESSES OF THE PANDEMIC POSES ON ACUTE RACE TO THEIR SURVIVAL HI WOULD THE FAILURE OF BASED ESPECIALLY THE- THAT ARE WE ON MY- OWNED ADVERSELY OF THE CO BASED PARTICULAR DOES OF COLOR WHAT IMPACT THEY FAIL HI ON FUTURE MARCH ON THE OF COURSE THE EFFECTS BE VERY SICK SMALL GENERATE MOST OF THE JOB IN MOST OF THE GROWTH IN THE ECONOMY SO THAT COULD BE VERY IMPORTANT PARTICULARLY IN IN MINORITY COMMUNITIES

    KEMET POWER FAILURE DISMISS THEY ALWAYS IF YOU D SAID THE PANDEMIC HOW TRIGGER THE MOST SEVERE RECESSION IN A CENTURY ON WARRANT THAT GO ACROSS COULD CONQUER BY SEVEN POINT SIX PER THIS YEAR SURE IS GONNA RIGHT HE- DO YOU AGREE WITH THIS AT THE FOR NUMBER THERE'S A OF US

    AND THAT'S IN WOULD SAY THAT THAT'S IN THE IN YES I CAN THINK OF A- SAM WYLY DO YOU SEE A THEY'RE GONNA OUTBREAK HOBBY NUMBER DAY YOUR ON THE ON A- WELL SIR I CERTAINLY WOULDN'T FOR THAT AND SO THIS JUST JUST TYPE BUT- OUTBREAK COULD THE YOU KNOW FORCE GOV ENFORCE TO WITHDRAW AGAIN MAKING ON ACT AND I THINK THE WAR PART OF BE TO UNDERMINE PUBLIC THAT IT WHICH IS WHAT WE NEED TO GET THE TO

    THE LOTS OF KINDS OF ACTIVITY THAT INVOLVES CROWDS THANK YOU ARE YOU BACK THANK YOU MISTER LUCAS YOU'RE RECOGNIZED FOR FIVE MINUTES THANK YOU MADAM CHAIR A GERMAN POLAND SECRETARY MNUCHIN THANK YOU FOR ATTENDING THIS HEARING TODAY I WANT TO BEGIN BY COMMENDING CHAIRMAN POWELL ON FINALIZING THE INTER PHILLY AT MARGIN- RULE

    THIS MAY BE THE LAST TIME WE DISCUSSED THE SERVER ALL THESE MAKES LEADS AND IF UNDER THEY HAVE A REAL IN ON I GREW AND OIL AND GAS FOR BACK HOME THE- FINANCIAL MANAGER IN PLAY FOR THE FUTURE WHICH IS WE SEEN ON PASS MONTHS BE

    TO PUT MY UNPREDICTABLE THAT'S OF AS BOTH OF YOU KNOW COMMERCIAL PAPER FUNDING A WHY ARRAY OF ECONOMIC AND PROVIDES LIQUIDITY FOR COMP TO MEET THEIR OPERATIONAL NEEDS WE THE COMMERCIAL PAPER MARKET UNDER SIGNIFICANT STRAIN DUE TO COVID NINETEEN IN MID MARCH THE FEDERAL RESERVE ESTABLISHED THE COMMERCIAL PAPER FUNDING FACILITY YOU ENCOURAGE INVESTORS TO LAND IN THE COMMERCIAL PAPER MARKET WHICH ULTIMATELY SUPPORTS BUSINESS AND JOBS ACROSS THE COUNTRY GERMAN HELP COULD YOU DESCRIBE THE CURRENT INDICATORS OF HOW THE COMMERCIAL PAPER MARKET RESPONDED TO THE CREATION THE FACILITY

    AND HAS THERE BEEN A DECISION A DISCUSSION I SHOULD SAY TO EXPAND THE FACILITY TO ADDRESS LIQUIDITY ISSUES FACED BY TIER TWO ISSUERS THE COMMERCIAL PAPER FACILITY HAD SOME SUBSTANTIALLY HEALED- AS YOU POINT OUT IT REALLY CLOSED- THERE IN THE BEGINNING PART OF MARCH AS SO MANY MARKETS DID AND WE ANNOUNCED THE FACILITY- YOU KNOW THE HIGHEST RATED BORROWERS WERE ABLE START POURING IN WITH YOU SO LARGELY BUT NOT COMPLETELY- THAT THAT MARKET HAS RETURNED TO FAIRLY NORMAL FUNCTION AND WE WERE WATCHING IT CAREFULLY I WOULD SAY WE'RE NOT CURRENTLY ASSESSING WHETHER TO BROADEN THAT FACILITY BUT YOU KNOW SHOULD SHOULD THE SITUATION DETERIORATE WE WOULD HAVE THAT AS AN OPTION

    THANK YOU SECRETARY MNUCHIN BEEN REPORTS THE CHINA RISK GLOBAL AGRICULTURAL IMPORTS DUE TO COVID NINETEEN HOW ARE WE WORKING TO RESOLVE THIS WITH CHINA AND DO YOU ANTICIPATE THIS SOW IMPACTING THE TERMS OF THE PHASE ONE TRADE AGREEMENT TO PURCHASE TWO HUNDRED BILLION DOLLARS AND US GOODS AND SERVICES PARTICULARLY THE COMMITMENT TO PURCHASE FORTY BILLION DOLLARS AND US FARM PRODUCTS WELL IT IS FIRST EMPHASIZE WE HAVE VERY SERIOUS CONCERNS ABOUT THE LACK OF TRANSPARENCY FROM CHINA AS IT RELATES TO COVID HAVING SAID THAT WE HAVE EVERY EXPECTATION THAT THEY WILL

    SUPPORT AND LIVE UP TO THE PHASE ONE AGREEMENT AND THEY ARE WELL ON THEIR WAY FOR THOSE COMMITMENTS ONE LAST QUESTION NATIVE AMERICAN TRIBES HAVE BEEN HIT PARTICULARLY HARD BY COVID NINETEEN TRIBAL EMPLOYMENTS OFTEN CONCENTRATED IN ARTS RECREATION AND ACCOMMODATION INDUSTRIES HOW HAS THE FEDERAL RESERVE AND TREASURY BEEN LOOKING SPECIFICALLY AT THE ECONOMIC CHALLENGES FACED BY TRIBES

    I CAN ANSWER IT AS TO AS TO MAIN STREET OF COURSE THE TRAVEL BUSINESSES ARE ARE ELIGIBLE- FOR PARTICIPATING IN MAIN STREET AND THAT'S WHERE A LOT OF ECONOMIC ACTIVITY IS THERE- THE TRIBES THEMSELVES ARE NOT REALLY GENERAL OBLIGATION ISSUERS SO THEY'RE NOT OF PARTICULAR CANDIDATES FOR- FOR THE MUNICIPAL FACILITY THANK YOU ANOTHER MESSENGER YOU BUT ONCE A MONTH ON THANK YOU THIS IS GERMANY ON FIVE MAY THANK YOU SIR MNUCHIN UP A VERY NICE GUY I WANT MENTION PRESS REPORTS THAT'S THAT OVER BILLION IS BY I HAVE TO PEOPLE WHO ARE JUST THE- BUT I WILL URGE YOU TO DO IT HERE QUICKLY TO THE THAT YOU'VE MADE THE- SENATE THE SMALL BUSINESS COMMITTEE TWO VERY QUICKLY- RELEASE THE NAMES AND DATA ABOUT ALL PPP LET- BORROWERS- THE DEPARTMENT OVER A HUNDRED FIFTY THOUSAND DOLLARS

    A POP OF BACK ON MY TO BY SENT YOU A LETTER URGING THAT YOU STOCK BACK BY THE BYE BYE YOU HAVE DONE SO THANK YOU VERY MUCH ABOUT TWO WEEKS AGO YOU WENT ON THE RECORD TO SAY I A WOULD THINK THAT IT WOULD BE OF CONCERN IF CONGRESS WERE TO PULL BACK THEIR SUPPORT HAVING JUST SAID THAT THERE ARE TWENTY FIVE MILLION PEOPLE HAVE BEEN DISLODGED FROM THEIR JOB I THANK YOU FOR THAT ADVOCACY AND I HOPE CONGRESS LISTENS WE NEED TO DO MORE TO STIMULATE THIS ECONOMY UNDER THE CIRCUMSTANCES SECRETARY MNUCHIN MENTIONED OF THE SUPPORT THAT

    HE'S PROVIDING TO- LOCAL AND STATE GOVERNMENTS BUT THAT IS ALL THE FORM OF LOANS AND OF COURSE ALMOST ALL STATE LOCAL GOVERNMENTS CAN'T RUN A DEFICIT SO WITH THEIR REVENUES DOWN BY HUNDREDS OF BILLIONS OF DOLLARS I HOPE WE PASS THE HEROES ACT AND ACTUALLY PROVIDE AID TO- STATE AND LOCAL

    GOVERNMENTS AND THE- ONE ISSUE US GERMAN POLL IS A FOR THE STREET PRO THAT IS PARTICULARLY RELEVANT TO COMMERCIAL REAL ESTATE IS THAT IF THEY GET A LOAN FROM YOU THEY VIOLATE THE LONE CONFIDENCE THAT THEY HAVE ON THEIR EXISTING MORTGAGE I LOOK FORWARD TO WORKING WITH YOU ON THAT ONE POSSIBLE SOLUTION IS THE BILL THAT I SUBMITTED AND WE'VE HAD HEARINGS ON IN THIS COMMITTEE THE BUSINESS BORROWERS PROTECTION ACT CERTAINLY GETTING A LOAN

    ON A PROGRAM THAT WE OFFER AUTHORIZED BECAUSE THE COVID CRISIS SHOULD NOT TRIGGER THE AND MAKE A PRE EXISTING MORTGAGE IMMEDIATELY DUE AND PAYABLE I WANT TO SPEND THE THIS MORNING AT THE WHITE HOUSE WELL WITH A FEW OF OUR COLLEAGUES- GETTING BRIEFED ON- RUSSIAN INVOLVEMENT IN AFGHANISTAN AND IT APPEARS TO BE A SECRETARY MNUCHIN THAT THEY HAVE BEEN BOLD THEY HAVE KILLED OUR SOLDIERS BECAUSE WHEN THEY DO SOMETHING ELSE THAT WE CATCH THEM ON WE DON'T SANCTIONS THEM VERY MUCH

    THE DEBATE NOW IS WHETHER THEY TOOK THE OBSCENE STEP OF PUTTING A BOUNTY ON THE HEADS OF INDIVIDUAL SOLDIERS OR WHETHER THEY'VE LIMITED THEIR INVOLVEMENT TO AFGHANISTAN TO JUST EATING THE TALIBAN- BUT NOT CORRELATED THAT AIDE TO HOW MANY DEAD AMERICANS ON THIS OR THAT OPERATION- CREATED AND OF COURSE THE RESPONSE FROM THE ADMINISTRATION TO THIS SEEMS TO BE WELL LET HIM INTO THE G

    EIGHT OTHERWISE HELP THEM THAT KIND OF LAX RESPONSE WILL LEAD TO MORE DECEASED AMERICAN SOLDIERS UNDER THE CHEMICAL WEAPONS ACT WHICH CONGRESS PASSED A COUPLE YEARS AGO YOUR DEPARTMENT WAS SUPPOSED TO SANCTION RUSSIA ALL FOR THEIR VIOLATION THE CHEMICAL WEAPONS ACT WHEN THEY USED OF- POISON TO TRY TO ASSASSINATE A RUSSIAN DISSIDENT IN BRITAIN

    BUT YOU OPTED FOR THE WEAKEST SANCTIONS ALLOWED BY THE- IT DOESN'T APPLY TO RUBLE TRANSIT AT WHAT WHAT IT DOES IS IT PROHIBITS CERTAIN LOANS FROM AMERICAN- FROM AMERICANS TO THE RUSSIAN GOVERNMENT BUT IT DOESN'T APPLY TO RUBLE TRANSACTIONS IT DOESN'T APPLY TO LOANS TO STATE OWNED ENTERPRISES AND APPARENTLY DOESN'T APPLY TO PURCHASES IN THE SECONDARY MARKET GIVEN THE FACT THAT OUR UNDER SANCTIONING OF RUSSIA HAS LED AT LEAST TO THEIR EATING THE TALIBAN IN A GENERAL SENSE

    AND ACCORDING TO PRESS REPORTS IS LED TO OF THE SPECIFIC PUTTING A BOUNTY ON OUR SOLDIERS COULD YOU REVISIT YOUR DECISION ON THIS EXISTING LAW A N IMPOSE THESE BANDS ON RUBLE TRANSACTIONS STATE OWNED ENTERPRISES AND SECONDARY MARKETS WHAT YOU COVER A LOT OF EMOTION MUST BE A BIT OF QUESTIONS TAKE OFF YOUR MASK LET LET LET ME LET ME JUST COMMENT ON- WE BELIEVE WE FOLLOW THE LAW AND SELECTED AMONGST A SERIES OF ITEMS AT THE TIME BUT I'M HAPPY TO GO BACK IN I RECALL THE SITUATION I'M HAPPY TO GO BACK AND LOOK AT IT

    AGAIN THERE ARE SPREADABLE REPORT THE LIQUID BOUNTY ON OUR TROOPS PLEASE LOOK AT IT AGAIN WELL I GOT ON THAT I JUST WANT TO BE CLEAR SO FOR THE RECORD I AM NOT COMMENTING ON CLASSIFIED INFORMATION NOR DO I THINK IT'S APPROPRIATE AND THIS SATURDAY TO TALK ABOUT PLEDGED INFORMATION THAT'S IN THE PROCESS MR POSEY NUMBER

    FOR FIVE MINUTES I THANK YOU MADAM CHAIR ANDREW MEMBER FOR HOLY THIS TODAY HEARING TO REVIEW THE TREASURE AND FEDERAL RESERVE PANDEMIC RESPONSE ON THIS ON A COMMITTEE EFFORTS AND THOSE OF THE PRESIDENT'S TEAM BUT MOST ESPECIALLY YOU I AM WORKING WITH CONGRESS TO PUT RELIGION PLACE DURING THESE EXTRAORDINARY TIMES AND- DISTINGUISHED CHECKS ON A PAYCHECK PROTECTION PROGRAM I HAVE BEEN TREMENDOUSLY SUCCESSFUL IN BRINGING MUCH NEEDED RELIEF TO HARD HIT AMERICAN IT'S BEEN HUGE NOTHING WHAT YOUR EIGHT VERY BEST SERVICE THANK YOU

    MORE COMMENSURATE WITH PAL NOW FOR HIS LEADERSHIP KEEP TO FOR MARKETS AND LOOK ON THE FACE THE DOWN IN GENERAL CONDITIONS WE AWAIT FOR EMPLOYMENT OF THE MAIN STREET LANDING PROBE AND I'M- LOOKING FORWARD TO HEARING FROM ABOUT THE- OF QUESTION IS ARE NOW HOTEL HAVE BEEN FACING ONE OF THE MOST APPEARED IN OF ANY OF OUR ECONOMY

    REVENUE HAVE PLUMMETED MUCH AS EIGHTY PER DURING SHUTDOWN AND EXTREME CURTAILED OF TRACK YOU KNOW I'M WONDERING AND I RESPONSE FROM OF YOU IF YOU HAVE THE IF YOU NEED UNDER SO THIRTY THREE SEVEN THREE OF THE FEDERAL RESERVE ACT AND MORE BROADLY THE CARES ACT DRESSED LIKE CLEARLY IN CASH FLOW CRISIS THAT THE HOST CELL HOTEL SECTOR WILL BE GOING THROUGH ON EITHER ONE FIRST BUT I'LL HAD SO I WE ARE NOT LOOKING FOR ADDITIONAL THIRD UNDER THREE OUR THIRD IS COURSE TO LAND TO SOLVE INSTITUTE

    AND PROGRAM ABROAD A BILL IN IN COMPANY IN ANY SECTOR THAT MEETS TESTS CAN- CAN BORROW ONE OF OUR FACILITIES HI WHAT YEAH THE ONLY THING I WOULD JUST ADD TO THAT IS THAT- WE DO APPRECIATE ON CERTAIN COMMENTS HAVE BEEN MADE BY THIS COMMITTEE ALREADY AND OTHERS AS IT RELATES TO LOANS THAT ARE IN SECURITIZATIONS AND VERTICALLY HOTELS AND OTHER REAL ESTATE THAT WAS PROPERLY- LEVERED BEFOREHAND IT DOES NOT LEND ITSELF AS WELL TO THE THIRTEEN THREE FACILITIES AND WE CONTINUE TO LOOK AT THAT

    THE MR SUMMER BUSINESSES INCLUDING IN THE HOOD ARE WARNING THAT THE IN A BILL TO MAKE PAYMENTS THREATEN THE SERVICING COMMERCIAL- BACK SECURITY SENATE JUST WONDER IF YOU CAN BRING US UP TO DATE ON THE STATUS OF CMB S MARKET WELL IT IS I JUST MENTIONED OF THE OF THE CMA YES MARKET IS THAT THERE ARE VERY STRICT CONTRACTUAL OBLIGATIONS AND THAT'S WHY ONE OF THE THINGS I DO THINK WE NEED TO LOOK AT IN THE NEXT CARES ACTED AS- ADDITION

    FINDET WHERE THESE INDUSTRY THAT ARE THE HARDEST HEAD SO THEY CAN CONTINUE TO RE HIRE PEOPLE SO THAT IS OCCUPANCY INCREASES THAT THEY HAVE EMPLOYEES THAT THEY CAN MAINTAIN GREAT THANK YOU I RECENTLY WROTE ABOUT THIRTY EXPRESSING MY CONCERN FOR BUSINESSES THAT ARE ASSET BASED AND I BELIEVE THEY'LL FACE HURDLES TO ASSESSING ON MAIN STREET LIVING FACILITIES

    ON BECAUSE OF THE- NATURE OF THEIR BUSINESS CHALLENGES DURABILITY MEET LENDING CRITERIA- BASED ON THE EARNINGS BEFORE INTEREST TAX DEPRECIATION AMORTIZATION CIRCLE ON OF THAT HOW FOR EXAMPLE ON AIRCRAFT MY DISTRICT IS IN ORGAN FALLS THIS IN I WONDER IF YOU COULD TELL ME WHAT THE PA

    ARE PROVIDING ACCESS TO MAIN STREET LANCASTER LEADS FOR BUSINESSES LIKE THAT THE UNIVERSE MR WE'VE DISCUSSED ABOUT LOOKING AT ASSET FINANCING ABOUT SOMETHING WE CONTINUE TO DISCUSS WITH THE FEDERAL RESERVE WHICH PEROT YES THAT'S THAT'S WHERE WE ARE YOUR OF I THINK MINUTE DRIVE YOU BACK THANK YOU MISTER CLAY HERE NOW

    FOR FIVE MINUTES THANK YOU SO MUCH MA'AM JOURNAL VERY BOTH WITNESSES FOR YOUR KIDS TO JERRY UP WAS I'M I'M ON SOMEONE FROM BY LEASE READ THAT SOME BANKS TAKE SOME PAIN FROM OF IT OF WITH THE GARDNER ON ARE NAKED A BALANCE TO UP SAID ON READ DEATHS OLD TO THEM UNFRIENDED THERE BANKS WOULD WOULD

    SO DEATH COULD ON THE TO HAVE MARK AS LONG NEEDS TO REESE MY WHEN WILL TREASURE LET ME FIRST SAY I AGREE WITH YOU AND THAT I THINK IT WOULD BE AWFULLY UNFORTUNATE THANKS FOR DOING THAT- WE HAVE HAD ENQUIRIES ABOUT THE ISSUE OF GARNISHMENT AND- WE AGREE FROM A POLICY STANDPOINT THAT THERE SHOULD HAVE BEEN NO GARNISHMENT UNFORTUNATELY THAT'S SOMETHING WE NEED TO ADDRESS AND THE NEXT CARES ACTIVE DO ADDITIONAL- DIRECT PAYMENTS BECAUSE THERE ARE CERTAIN STATE LAWS THAT WERE NOT OVER WRITTEN IN THE EXISTING CARRIAGE ACT BUT MY UNDERSTANDING THAT'S A STATE ISSUE AND NOT A FEDERAL ISSUE BUT WE AGREE BUT NOT MUCH THANK ABOUT THINK ABOUT THE CRUELTY OF THE PARTS HE WOULD NEW WAR TWO I AS I SAID I AGREE WITH YOU ON THE OUTLETS OKAY COULD YOU ARE ISSUE OF BLOOD GOOD WE'VE GOT WE'VE ASKED OUR LEGAL DEPARTMENT UNFORTUNATELY WE CAN'T THAT'S ONE OF THE THINGS WE WILL ON OFFENSE AND- SO

    WE WITH YOU THE POP IS DOWN CHAIRMAN PIE FOR ME NON AND BUSINESS ARE BEFORE ENTRY TAXES DEPRECIATION AND AMORTIZATION IS NOT A WIDELY USED METRIC HAVE YOU CONSIDERED APPLYING OTHER METRICS OF DAT

    EACH OF GROWTH OR FINANCIAL HEALTH TO THE MAIN STREET LANDING PROGRAM STARTED NONPROFITS AND SMALL BUSINESSES ARE FULLY ABLE TO PARTICIPATE YES AS A MATTER OF FACT WE HAVE PARTICULARLY FOR NON PROFITS OF COURSE- REASON FOR INTEREST TAXES THAT MAKE ANY SENSE SO YOU DON'T NEED TO TAKE TAXES OTHER NONPROFITS IT'LL PAY TAX SO WE'RE LOOKING AT A RANGE OF AND WE PUT THIS FOR COMMENT WE GOT A FULL VERY THOUGHTFUL COMMENTS FROM THE- NONPROFIT COMMUNITY OF KING AND- FLOWING ALSO FINANCIAL RESOURCES MORE BROADLY IN TERMS OF COMPANIES- YOU KNOW FREE TO EVEN DIES JUST BASICALLY PRE TAX CASH FLOW IT'S A VERY WIDELY USE METRICS BUT THERE ARE OTHER PATRICK'S HAS SECRETARY MENTIONED ONE OF THEM PROBABLY THE NEXT ONE IN LINE IS SOMETHING ALONG THE LINES OF ASSET BASED AND THAT'S SOMETHING THAT WE'RE LOOKING AT WITH YEAH THE MAINSTREAM LINDA PROBE

    YOU THE MINIMUM LOAN RATIO FROM ONE MILLION TO TWO HUNDRED FIFTY THOUSAND AND NAME BACK SPENDING PROGRAMS NON PROFITS- WOULD MORE THAN FIFTY EMPLOYEES HOWEVER MANY SMALL BUSINESSES ON MAY THAT NEED TWO HUNDRED FIFTY THOUSAND- WHICH CHAIRMAN HAS THE FAIR CONSIDERED ELIMINATING THE MINIMUM LOAN THRESHOLD AREN'T TOGETHER

    WE HAVE NOT CONSIDERED- ELIMINATING IT YET OF COURSE- AND WE'RE WE'RE JUST NOW GETTING ROLLING WITH LOANS AS YOU KNOW SO- WE CAN ONCE WE GET UP AND RUNNING LOOK AT LOWERING IT AGAIN BUT YOU GET IT TO A VERY DIFFERENT KIND OF LENDING WHEN YOU'RE DOWN LOWER THESE ARE REALLY PERSONAL LOANS RATHER THAN BUSINESS LANDS BILL AND THERE AGAIN E

    BUT THE BUSINESS OPERATOR WE COULD LOOK AT THAT BUT- THAT BE SOMETHING WE LOOK ONCE WE GET UP AND RUNNING YET YEAH BUT BUT I MEAN IT IT IS APPARENT CONCERNING THEIR- YOU HAVE READ THE RIGHT SHOULDER TWO HUNDRED FIFTY THOU WINDS SE OF

    SMALL BUSINESSES AND SAINT LOUIS NEEDS A HUNDRED GIRLS TWO SUPER DURING THE BEAR UNTIL THEY GET BACK ON FEET ANY IN CONSIDERATION GIVEN TO LOOK YES NO I AS WE CAN SEE WE CAN SEE OURSELVES POSSIBLY LOWERING THE THRESHOLD AGAIN BUT- YOU KNOW WE JUST LOGISTICALLY FOR US TO BE MAKING VERY VERY SMALL LOANS- WOULD BE DIFFICULT AND THOSE PEOPLE MAY BE BETTER BETTER DEALT WITH THROUGH FISCAL POLICY BUT I CAN SEE US DOWN THE ROAD LOOKING AT A LOWER THRESHOLD R-S

    C THANK YOU BOTH FOR YOUR RESPONSES AND THAT SHOULD IDEA BACK THANK YOU MR SCOTT YOU'RE RECOGNIZED FOR FIVE MINUTES THANK YOU MMHM YEAH ON MY ON AIR- THE CAMPAIGN ABOUT WE ALL KNOW THAT JOB

    AT A DISPROPORTION BEAR BACKED THE WOMEN AFRICAN AMERICANS AND OTHER MINORITIES BUT AT THE SAME TIME OUR CAPITAL MARKETS HAVE IMPROVED SIGNIFICANTLY SINCE THERE PREVENT WHY IS THIS IS THERE SOMETHING YOU'RE DOING MORE SO TO HELP THE CAPITAL MARKETS BEEN HELPING JOB LOSSES CORRECT NO NOT AFFECTED THE OBJECTIVE OF EVERYTHING WE'RE DOING EVERYTHING WITHIN A SINGLE THING WE'RE DOING IS TO TAKE THE TWENTY FIVE MILLION PEOPLE WHOSE WORKING LIVES HAVE BEEN DISRUPTED AND CREATE A SITUATION IN WHICH THEY HAVE THE BEST CHANCE TO GO BACK TO THEIR OLD JOB OR TO GET A NEW JOB THAT INCLUDES ALL THE FACILITIES THAT WERE THAT'S THE OVERRIDING GOAL WE'RE DOING AND EVERYONE OF THEM HELPS IN THAT DIRECT AND KNOW THAT YOU WILL BUT- SAMPLING WHAT A MESS WHAT I'M TRYING TO GET AT IS IT CORRECTABLE ARE THERE SOME THINGS YOU CAN DO

    TO FIX THIS IMBALANCE BETWEEN STAGGERING LOWERING AND UNEMPLOYMENT AND SOARING RISE IN OUR FINANCIAL CAPITAL MARKETS SO WE WERE TRYING TO WITH WHAT WE'VE- BEEN TRYING TO DO IS CREATE- ACCOMMODATIVE FINANCIAL CONDITIONS AND THAT'S A SUPPORTIVE FINANCIAL CONDITIONS SO THAT WHEN THE ECONOMY REOPENS MEMBER WE SORT OF DELIBERATELY CLOSED ON THE EXIT WHEN THE CONNIE REOPENS THAT EXPANSION CAN BE VIGOROUS AND STRONG AND IS JUST BEGINNING NOW SO OUR SUPPORT FOR THAT IS PART OF WHAT'S DRIVING THE JOB GROWTH HEATS ON MAY WHICH WAS A SURPRISING TO THE UPSIDE HERE ANNOUNCER WHILE WE GET BOTH OF YOU ARE I'M ON A- PICK UP PHONE WHAT CHAIR LADY WARRIORS SAINT BRINCAT UPGRADE

    HERE TO DO BOTH OF THESE THINGS WITH OUR HOUSING A HOMEOWNER TRUNCHEONS THAT WE'RE PUTTING FIVE HOURS THIS GOES RIGHT INTO THE BELLY OF OUR ECONOMIC WILL HOUSE JOBS KEEPING PEOPLE SECURE BECAUSE IT'S COMING MAN WHEN YOU LOSE TWENTY FIVE THIRTY MILLION PEOPLE LOSE THEIR JOBS HOW TO GO PAY THEIR HOUSE KNOWS HOW TO GO PAGE OF RENT HAD A COLD PAY UTILITIES AND MORE THAN THAT HOW THE BANKS AND FINANCIAL INSTITUTIONS

    GOING TO GET THEIR MORTGAGE PAYMENTS AND SO THAT THEY CAN MAKE PAYMENTS THE SECURED A POSITION OF THOSE MORTGAGES THAT KEEPS OUR FINANCIAL SYSTEM OUT SO I WANT TO ASK YOU TO MAKE SURE THAT YOU ALL START TALKING ABOUT THESE THINGS THAT WE ARE PUTTING FLOWERS MAY NOT BE EVERYTHING YOU AGREE WITH US ON BUT ONE THAT IS VERY IMPORTANT THEN WE GO TO ONE OF THE AREA- TO YOU SECRETARY MANAGING NONE OF THE LENDING FACILITIES ESTABLISH HAVE TARGETED NEEDS OF OUR AGRICULTURE INDUSTRY NOW WHY DO I MENTION THAT

    WHO IT'S COMING I MEAN I CAN'T SEE WHY PEOPLE CAME TO SEE THIS CRISIS SHORTAGES ARE COMING IT'S ALMOST LIKE THEY'RE FARMERS ABANDONED FORGOTTEN ONES ARE THEY ARE THEY QUALIFIABLE AS SMALL BUSINESSES MANY OF YOU DON'T KNOW THEIR STORY BEAR JUST DRIBBLING ALONG THE MISSISSIPPI FLAG WHAT ARE YOU ARE DOING TO HELP- LIFT UP AND MAKE SURE THAT WE GIVE OUR FARMERS ARE RULED COMMUNITIES THAT KIND OF HELP THAT THEY NEED BECAUSE ON THE FOOD CHAIN IS GOING DOWN YOU HEAR ABOUT THE CLOSURES THE FOOD PROCESSOR BOEING

    SMALL POST NOVEMBER DAY VERY IMPORTANT WHY CAN'T THEY BE QUALIFIED AS SMALL BUSINESSES WHERE ON FRIDAY THEY'RE GETTING LOST IN THE SHUFFLE AND IF WE GET A FOOD SHORTAGE WELL THANK YOU MR LOOK AMAR YOU'RE RECOGNIZED FOR FIVE MINUTES I WOULD ENCOURAGE ALL THE MEMBERS TO KEEP THEIR MASS GONE- PLEASE THANK YOU MADAM CHAIR AND THANK YOU SIX TO A NEW CHANNEL MANAGER ON FILE FOR BEING HERE TODAY AND- FOR YOUR- GREAT LEADERSHIP DURING HIS TIME- YOU KNOW AS WE'VE GONE THROUGH THIS YOU GUYS HAVE BEEN VERY RESPONSIVE

    YOU'VE BEEN VERY COOPERATIVE I CAN TELL YOU OF FROM DISCUSSIONS THAT WE'VE HAD IN DIFFERENT SETTINGS IMPLEMENTED LOTS OF SUGGESTIONS THAT WE'VE COME UP WITH AS A GROUP PRESS CONGRESS AND FOR THAT WE'RE GRATEFUL- YOU KNOW LEADERS MAKE TOUGH DECISIONS AND TOUGH TIMES AND YOU'RE BOTH EXHIBIT OF THE BUILD MENTAL TOUGH DECISIONS SO THANK YOU VERY MUCH I'M- BOTH OF YOU IN THE PAST EXPRESS YOUR SUPPORT FOR HOUSING FINANCE REFORM GSE CREDIT RISK TRANSFER SECURITIES IN A PROTEST AMMONIUM COMMITTED TO REVIEWING YOUR PERSPECTIVE POLICIES TO DETERMINE WHETHER CAPITAL RELIEF IS APPROPRIATE FOR US BANKING ORGANIZATIONS THAT ENGAGE IN SECURITY WAS SOUND COUNTERPARTIES FHFA RECENTLY RE PROPOSED A CAPITAL FRAMEWORK FOR FANNIE AND FREDDIE WHICH ALLOWS MUCH OF THE US BANKING FRAMEWORK BUT IN DOING SO SEEMS TO HAVE TAKEN A CONFUSED AND MORE PUNITIVE APPROACH TO CERTAIN TYPES OF SECURITY

    I'M COURAGE BY THE QUESTIONS POSED ON THE PROPOSAL THAT WOULD SEEM TO INDICATE THERE REMAINS ROOM FOR REVISION BEFORE THE RULES FINAL I ASK YOU TO DETERMINE WHETHER YOU STILL AGREE THAT IS APPROPRIATE BUT THE ENTERPRISES SHOULD RECEIVE MEANINGFUL CAPITAL CREDIT FOR SOUND C R T TRANSACTIONS

    THEY CONDUCT WAS SALARY SOUND COUNTERPARTIES AND AVOID ACCUMULATION OF CREDIT RISKS ON THE BALANCE SHEETS OF TWO INSTITUTIONS THAT REMAIN TAXPAYER BACKED ONE OF THE YES I AGREE THAT THEY SHOULD RECEIVE RELIEF THAT WE SHOULD ENCOURAGE THEM TO DO CREDIT RISK TRANSFERS WITH CREDIT WORTHY COUNTERPARTIES AND I CAN ALSO TELL YOU- AFTERSHOCK IS BEGINNING TO REVIEW THESE ISSUES AS WELL COMPELLING ON COMING ON AS WELL YEAH NO I DO AGREE AND WE'RE ACTUALLY IN THE MIDDLE OF- DOING A CAREFUL REVIEW OF THE OLD CAPITOL PROPOSAL AS WELL

    OKAY THANK YOU FROM AS YOU KNOW IT'S HARD FOR ME LAWYER AND GROW THAT TIME BUT SEASONAL SO WE'RE GONNA TRY ONE MORE TIME BY MARCH OF THIS YEAR THE FED RESERVE IN THE- FDIC AND OCC- AND ISSUED AN INTERIM RULE TO THE LIFE FOR TWO YEARS ESTIMATED IMPACT ON REGULATORY CAPITAL SOCIAL FOLLOWED BY A THREE YEAR PHASE AND- INITIAL KERR'S ACT INCLUDED OPTIONAL AMC'S LIMITATION

    UNTIL AND TWENTY TWENTY OR THE END OF THE PANDEMIC WHICH SHOT 25% OF THE PICKLE ENTITIES ACTUALLY OPTED FOR PERPETRATOR IS ALSO CONDUCTING STUDIES ABOUT THE IMPACT OF SEASONAL I HOPE- WE'RE DIRECTED TO DO THAT AND- MOST RECENTLY MY COLLEAGUES LAST SENATE BY PERSONAL RESSACA REACHING FOR DELAYING US HE'S ONE PETITION ROLLING PLEASE UNTIL TWENTY TWENTY TO SET EVERY ENTITY BOTH BANKS AND NON BANKS WHICH RADICALLY THE CARES ACT ON THE SAME FOOTING AND TRADER CAN CONDUCT THE STUDY WITH THE INPUT OF A REAL LIFE SCENARIO THAT WE HAVE GONE GOING TODAY

    GIVEN THE ACTIONS BY CONGRESS IN THE PRUDENTIAL REGULATOR SHOULD WE DELAY SEASONAL AS I AND MY COLLEAGUES TO CALL FOR AN SHOULD THE TREASURY EXAMINE THE RELAPSE AND- WE'RE GOING THROUGH WHEN CONDUCTING THEIR STUDY ELECTIONS I THINK THAT SHOULD BE SIR SILICON AND YEAH WE ARE WORKING THE STUDY

    YOU'LL PRESIDENT AN EXECUTIVE ORDER WITH REGARDS TO EACH AGENCY GOING THROUGH AND LOOK AT ALL THE RULES REGULATIONS- OF THE RE THE WAVE DECLINED CHANGE WHATEVER IF THEY DON'T WORK NOW I SHOULD BE CONTINUED ON DOWN THE ROAD WE GET OUT OF THIS MESS AND SO I ASSUME EVERYBODY IS DOING THAT- THIS WITH THIS PARTICULAR ACCOUNTING PRINCIPLE WOULD SEEM TO FALL IN THAT AREA OF WE NEED TO BE LOOKING AT THIS IS SOMETHING DOWN THE ROAD AND REPUBLICANS

    AND HAS STARTED MR OUR DETERRENT VALUE LIKE CONDOMS AS WELL OVER THANK YOU PRITCHARD BECAUSE I THINK THERE'S A THERE'S A TIME PLACE FOR REGULATE OR TIME PLACE THAT BUT NOT THE MONTH UNITY AT RANDOM STAR OVER WITH THE NATION RECOGNISED JUST READING ORGANIZATIONS- AND THE FEDERAL RESERVE- ON SIX SOLDIERS I KNOW YOU'RE LAW ABOUT THIS ISSUE FOR MEMBERS ON BOTH SIDES OF THE AISLE TO REPEL ESPECIALLY UNFILTERED MALL STEPS TO INCLUDE SMALLER ENNIS IN R S

    R O AS IN THE MOST RECENT FAQS BUT ONLY IF THOSE RATINGS ARE ACCOMPANIED BY ONE OF THE THREE INCUMBENT IN RESTAURANTS ARE MAIN CONCERN THE FED UNILATERAL AND HAPHAZARD DURING OF THESE IN OUR SROS IS GOING TO HAVE CERTIFICATION FOR SMALL MID SIZE BUSINESSES HAVE EXAMINED THE IMPACT THE BUILDING BETWEEN THE LARGEST MALLS IS HAVING IN THE MARKETPLACE

    WELL AS YOU MENTIONED YOU KNOW WE START OUT THE GETTING THE SICK WAS SET UP FOR QUICKLY AND WE JUST ONE WITH THE BIG THREE THAT AND MORE THAN A MONTH AGO WE BROUGHT IT OUT TO ANOTHER GROUP AFTER TAKING A LOOK AND YOU KNOW WE'RE WE'RE BALANCING THE NEED TO MOVE QUICKLY AND TO MOVE WITH MOVE INSTITUTIONS THAT WE KNOW WELL OVER THERE THAT ARE WELL KNOWN IN THAT WE INCLUDED MORE MORE THAT'S A PROCESS THAT WORKS WE'RE STILL WE'RE STILL LOOKING AT

    GOOD MORNING THANK YOU VERY MUCH ON YOUR BACK MANAGER THANK YOU MR HIESINGER YOU'RE NOW RECOGNIZED FOR FIVE MINUTES THE APPOINTMENT CORY MANAGER- SHOULD NOT BE ON THE OTHER SIDE OF THE ON ON CERTAIN OKAY ALL RIGHT SO WELL I THANK YOU I APPRECIATE THAT CHAIRMAN AND MR SECRETARY- YOU KNOW THE WORD UNPRECEDENTED HAS BEEN BANNED IN MY HOUSE BY MY COLLEGE WHILE GRADUATE HE GRADUATED REMOTELY- BECAUSE HE HE WAS LOOKING AROUND AND WAS ALL TIRED OF THE AISLE OF THAT WORD MAY BE BEING USED- SO

    HE HAS A HISTORY HIS GRANDFATHER MY DAD WAS BORN IN NINETEEN TWENTY ONE ON A KITCHEN TABLE- IN- IN HIRED MAN'S HAND HOME MY MOTHER WAS BORN IN NINETEEN THIRTY ONE IN FLINT MICHIGAN YES THAT FLINT MICHIGAN AND HAD MOVED OKLAHOMA THE DUST BOWL IN THE MIDDLE OF THE- OF THE OF THE DEPRESSION- TO TRY TO SURVIVE BUT WHEN THEY LOST THEIR HOUSE AND MY GRANDFATHER LOST HIS JOB WE KNOW THAT THERE'S HISTORY BEHIND US SO I'M NOT SURE IF THIS IS UNPRECEDENTED- CERTAINLY MAY BE UNPRECEDENTED IN A WAY IN THE MODERN ERA WHERE WE'VE SEEN THE GOVERNMENT COME IN AND SORT OF SHUT THIS DOWN BUT WHAT WE DO NOW IS FROM LOOKING AT HISTORY IS WE NEED TO GET THE ECONOMY MOVING AGAIN NOW THE QUESTION IS HOW- WHETHER IT'S GETTING KIDS BACK TO SCHOOL AS SOME HAVE SUGGESTED BECAUSE IF YOU CAN'T GET KIDS INTO SCHOOL THAT'S NOT GOING TO BAN FREE UP THOSE PARENTS TO BE AVAILABLE TO WORK- ANECDOTALLY IN MY AREA I KNOW THAT

    AT MANUFACTURERS AND SERVICE COMPANIES ARE HAVING A VERY DIFFICULT TIME GETTING ENOUGH WORKERS TO COME IN- TO COMPLETE A FULL CONTINGENT OF A BOTTLE OF WINE WORKERS FOR EXAMPLE OR TO GET A FULL SHIFT- FILLED THERE'S VARIOUS REASONS SOME HAVE DEBATED ABOUT THE SIX HUNDRED DOLLARS ADDITIONAL PER WEEK KICKER AS BEING A BIT OF A DISINCENTIVE- BUT NONETHELESS WE KNOW THAT WE HAVE TO ADDRESS THOSE FOLKS WHO REALLY TRULY ARE NOT ABLE TO GET A JOB AND HOW DO WE DISTINGUISH FROM THOSE- THAT ARE JUST DECIDING NOT TO TAKE THAT JOB- ONE OF THE- ONE OF THE THINGS THAT I HAVE PROPOSES SOMETHING CALLED PATRIOT BACCHUS- PATRIOT BONUS 50% TAX CREDIT TO ANY COMPANY THAT WOULD I GIVE A PER HOUR BUMP TO THEIR EMPLOYEES OR A WEEKLY BONUS TO THEIR EMPLOYEES ARE IN A ONE TIME- BONUS TO THEIR EMPLOYEES INCENTIVIZE THEM TO COME OFF OF THAT UNEMPLOYMENT INSURANCE SYSTEM GET ACTING GAUGE IN THE WORK FORCE NOW IT'S CRITICAL THAT WE DO ONCE SO THEY- WORK ON THE- PROTECTION PROGRAM I TALKED TO CHERYL WHO OWNS VERY TOP

    BAGEL AND COFFEE IN MY WHO KNOWS THAT SHE WILL- SURVIVED BECAUSE OF IT DONT- WHO OWNS A BOWLING AREA A BOWLING ALLEY IN MY DISTRICT WAS ABLE TO KEEP HIS FOLKS ON ON THE PAYROLL- THOSE TYPES OF THINGS ARE CRITICAL AND- WERE VERY VERY IMPORTANT- AS WE'RE SHIFTING TO THE MAIN STREET- PROGRAM I DO WANT TO DRAW ATTENTION IN TERM POWELL AND I HAD THIS CONVERSATION WEEKS AGO I BROUGHT UP THE CALL LOOK IS AT PHILADELPHIA BASED COMPANY THAT HAS A- MANUFACTURING PRODUCTION FACILITY IN MY DISTRICT THAT'S A TWENTY SIX YEAR OLD FAST GROWING COMPANY MAY HAVE ON THEIR COFFEE- IN- IN THE CANON

    THEY PRODUCE NUMBER GREAT PRODUCTS- BUT FOR THE LAST SIX YEARS THEY'VE BEEN REALLY FOCUSED ON THEIR GROWTH AND THAT ALSO MEET THEY'VE HAD TRUMAN ON A- AND I THAT TO AN ACCUMULATION OF ON SOME OF RULE IS THERE CURRENTLY WRITTEN THE COLUMN WOULD NOT QUALIFY TO PUT IN STREET PROBE

    AND I BELIEVE THAT THE WAY THAT THE LEVERAGE RATIO REQUIREMENTS IN THE PROGRAM CURRENTLY DRAFTED REALLY SORT OF FRANKLY PUNISHES COMPANIES LIKE QUALCOMM AND OTHERS WHO WOULD OTHERWISE BE VIEWED AS REALLY QUICK SUCCESS STORIES- SO IF IT IS THE WAY THE RULES ARE CURRENTLY WRITTEN IT'S DESIGNED TO PREVENT FUNDS FROM GOING TO COMPANIES THAT HAVE THIS DEBT BUT SOMETIMES THOSE COMPANIES MIGHT BE SOME OF THOSE THAT NEED IT THE MOST I'M I'M HOPING THAT YOU'LL COMMIT MR SECRETARY TO WHAT TO WORKING WITH ME ON THAT- TO WHAT TO ADDRESS THAT ISSUE

    YES I'M NOT FAMILIAR WITH THE COMPANY BUT WE'RE HAPPY TO FOLLOW UP WITH YOU AND SEE IF IT CAN WORK GREAT AND THEN IN THE REMAINING TIME I TALKED TO JEFF THIS MORNING JUSTICE FIFTY TWO- TALK TO JIM IN LIZA HE'S SIXTY FOUR XI SLIGHTLY YOUNGER SHE WON'T ON EXACTLY HOW OLD BUT- WHAT WHAT- WHAT I WOULD WHAT I DO WANT THEM TO KNOW IS I WANT THEM TO HEAR FROM YOU- WHAT DO YOU WANT TO TELL THEM ON THE ABREAST OF JOE AND JANE FOUR OH ONE K THAT HAVE THEIR SMALL INVESTMENTS IN THE MARKETS- ARE THERE FRANKLY TO

    THEM APPROACH AS THEY APPROACH RETIREMENT WHAT PEOPLE SURE INSISTING WE GIVE THEM ABOUT THE ECONOMY WELL I WANT TO TELL THEM AND ALL THE OTHER PEOPLE THAT WE ARE GOING TO WORK WITH CONGRESS TO MAKE SURE WE CAN DO WHATEVER WE CAN DO TO GET EVERYBODY BACK TO WORK WHO LOST THEIR JOB ON THE COVID AND I'M ALSO EXTREMELY OPTIMISTIC ABOUT THE RESEARCH THAT IS BEING DONE ON VACCINES AND VIRAL SEND US

    COMBATING THIS THIS TERRIBLE DISEASE THANK YOU YEAH I WOULD I WOULD JUST MAKE YOUR RECOGNIZE FOR FIVE MINUTES MADAM CHAIR MR POWELL YOU OTHERS AT THE FED

    WRITTEN AND SPOKEN ABOUT THE IMPORTANCE OF MAINTAINING ECONOMY AT FULL EMPLOYMENT FULL EMPLOYMENT AS A WAY TO PULL THE GREATEST SHE OF THE MINORITY WORKFORCE UP WHICH IS OFTEN THE FIRST TO BE LAID OFF AND THE LAST HI AND WHILE THIS IS HELPFUL THIS IS INCREDIBLY FRUSTRATING AS IT IS AN ADMISSION THAT EVERYONE ELSE GETS A HEAD START IN THE ECONOMY THE COMMUNITIES OF COLOR ONLY GET THE GET OUT OF THE STARTING BLOCKS AFTER EVERYONE ELSE HAD BEEN RUNNING THE RACE FOR MONTHS YEARS OR DECADES

    LET ME ASK FIRST UP OF MISS THE POWER DO YOU AGREE THAT STRUCK TO DISCRIMINATION EXISTS IN THE UNITED STATES ECONOMY TODAY AND BE THE ECONOMIC SUCCESS OF COMMUNITIES OF COLOR AND IS A KEY TO UNDERSTANDING WHY BLACK WEALTH IS JUST 10% BETTER WHITE COMMUNITIES

    YES I DO AGREE MR MILITANT WOULD YOU AGREE AWESOME I AGREE WE NEED TO DO EVERYTHING TO CREATE A LEVEL PLAYING FIELD TESTS SO I ALSO BELIEVE THAT I WILL APPROACH TO BE DRESSING THE LEGACY ECONOMIC RACISM AND DISCRIMINATION MUST INCLUDE EQUITY INVESTMENTS COMMUNITIES THAT HAVE BEEN FINANCIALLY EXCLUDED FOR DECADES ALL HUNDRED IDIOTS THAT WOULD DISPROPORTIONATELY IMPACTED BY THE I MET TWO CRISES AND NOW BY THE COVID PANDEMIC

    CANNOT BORROW THEIR WAY OUT OF POVERTY AND ECONOMIC EXCLUDES I BELIEVE A SIZEABLE EQUITY INVESTMENTS OVER THE COMING DECADE OLD WALK INTO COMMUNITIES OF COLOR WILL BE A SET TO SUBSTANTIALLY LEFT THEM OUT OF PROBLEMS AND BUILD RESILIENCE I'M WORKING ON A POLL THE BOOK A NATIONAL INVESTMENT FUND PUTTING TOGETHER CAPITAL FROM BOTH THE PRIVATE SECTOR AND GOVERNMENT TO INVEST IN THESE COMMUNITIES OVER THE NEXT DECADE OR MORE

    SO MR MINU SEPTEMBER NEW CHIP DO YOU AGREE THAT MASSIVE AMOUNT OF EQUITY INVESTMENTS WILL BE REQUIRED TO LIFT THESE COMMUNITIES AND THAT DEBT ALONE CANNOT SOLVE THE PROBLEM I DEFINITELY THINK INVESTMENTS IN THESE COMMUNITIES IT IS IMPORTANT THAT WE LOOK FORWARD TO WORKING WITH YOU ON ON YOUR SPECIFIC IDEAS HELLO GREAT M IS THE SAME WITH YOU I GOTTEN UP

    SECOND MR RAPALA CAN WE COUNT ON TO FUND A NEW- WORKING WITH US WE'D BE DELIGHTED TO SO BACK NEARLY GIVEN THAT SECRETARY MNUCHIN THE TREASURY DEPARTMENT HAS THE CAPACITY AND THE AUTHORITY TO INVEST TIER ONE CAPITAL AT DURBIN RD BLOCKED DEPOSITORY INSTITUTIONS IN THE EYES BUT IT'S NEVER DONE SO SIMILARLY THE TREASURY DEPARTMENT COULD USE EXISTING AUTHORITY TO MOBILIZE THE POT FROM TRUST FUNDS INTO INDIA EITHER DIRECTLY OR THROUGH CUSTODIAL ACCOUNTS WHAT DOES THAT DOES AND WE AGREE THAT WE NEED TO HAVE INVESTED WOULD YOU AGREE THAT END YOU GUYS QUITE A CRITICAL ROLE THAT WE ARE DOING B

    AND PROVIDING MINORITY COMMUNITIES ACCESS TO CAPITAL ADD UP AND ASKED YOU THAT WILL BE TREASURY USE ITS EXISTING LEFT ALREADY- AND CAPITAL TO PROVIDE DIRECT SUPPORT TO INDIA I HAVE TO REVIEW OF AND BACK TO YOU SO IF THAT'S SOMETHING WE HAVE THAT SOUNDS VERY INTERESTING COMMENT NOT FAMILIAR WITH THE SPECIFIC AUTHORITY SO LET ME LOOK INTO IT AND WE JUST SAY ALSO THE CDF FIVE BE TERRIFIC JOB AS WELL GREAT AFTER THE EDIT MEDIA BUZZ WE CAN COVER ON THAT

    SO BUT I LOOK FORWARD TO WORKING WITH YOU TO MAKE SURE THAT WE'RE INVESTING ON ME WE HAVE A PUBLIC BODY- AS WELL AS PRIVATE MONEY TO INVEST IN THE EYES SO THAT THEY HAVE THE CAPITAL IN THE WHERE WITH ALL TO MOVE FORWARD THAT IS THE WAY TO GO

    ABOUT HAD THE FED AND ALL THE- DEPARTMENT MADE A ANOTHER DONALD IS AS THE FED MAY A REQUIRE ALL ASSET MATTER AND BROKER

    WITH WHICH THEY CONTRACT TO PARTNER WITH MINORITY FIRMS AND FULFILLING CONTRACTS AND TRANSACTIONS YES WE DO HAVE OBLIGATIONS FOR EXAMPLE WITH THE COMPANY'S WE'VE CONTRACTED WITH- DURING THE PANDEMIC THEY HAVE TO ADDRESS DIVERSITY AND INCLUSION ISSUES AT THEIR COMPANY AND THEY HAVE TO ALSO REACH OUT TO MINORITY SUPPLIERS AS WELL AND THE TREASURY SECTOR MINS AND YES OKAY SO THEN I'M HEARING FROM BOTH OF YOU THAT YOU'LL COMMIT TO INCORPORATING- THIS IMMACULATE I STAND FOR THE FEDERAL TREASURY POLICIES ACROSS ALL CAPITAL MARKET PROGRAMS THAT INVOLVE PARTNERSHIPS WITH PRIVATE SECTOR ASSET MANAGER BROKER DEALERS GOING PUBLIC WITH MINORITY- THE BROKER DEALERS AND ASSET MANAGERS

    THAT'S CORRECT BUT THAT'S REALLY PART OF A PART OF OUR ROLE BOOK NOW ACTUALLY MR BLUE CHECK YES THAT'S SOMETHING WE WORK ON AS WELL THANK YOU AT A TIME IDEA BACK

    MR STIVERS YOU'RE RECOGNIZED FOR FIVE MINUTES THANK YOU MADAM CHAIR- THANKS FOR BEING HERE MISTER SECTOR MR CHAIRMAN I REALLY APPRECIATE IT- SECRETARY MNUCHIN I'M HEARING FROM SOME LENDERS- THAT ARE BEING ACCUSED OF FAILING TO PAY AGENTS WHO ASSISTED BUSINESSES IN OPERATION OF THEIR PAYCHECK PROTECTION PROGRAM- LOAN SUBMISSIONS AND- BEFORE PARTICIPATING IN PPP HEARD COMMENTS FROM BANKS THAT THEY WERE WORRIED THEY MIGHT BE EXPOSED TO LEGAL LIABILITY WITHOUT SUFFICIENT SAFEGUARDS ARE IN WHAT'S ESSENTIALLY A GOVERNMENT GRANT PROGRAM- BUT THEY WEREN'T PARTICIPATED ANYWAY BECAUSE OBVIOUSLY THEY FELT LIKE THEY HAD A DUTY TO THEIR CUSTOMERS IN THE COUNTRY DURING OF NEED NOW I'M TOLD THAT THE- BANKS ARE BEING TARGETED BY LITIGATION THE SURVEY THE LACK OF CLARITY ABOUT HOW EGYPT OUR POST PROCESS IN HOW THEY WORK OF COURSE

    THANKS HAVE PRECISE ANSWERS ON WHERE THE FEES WERE SUPPOSED TO COME FROM IT IS AN AGREEMENT BETWEEN A BANK AND AN AGENT REQUIRED BEFORE ANY WORK ON THE APPLICATION IS COMPLETED OUR PROCESS IS THIS AN ISSUE YOU'RE AWARE OF INDUSTRY OF A PLAN TO OFFER ANY ADDITIONAL FAQS TO CLARIFY THE ISSUE OF AGENT FEES AND WHEN THEY'RE DUE AND HOW THAT WORKS SO I HAVE RECENTLY BECOME OF THIS ISSUE BECOME AWARE OF THIS ISSUE AS WELL- WHAT OUR GUIDANCE DID SAY IS THAT BANKS COULD PAY AGENT FEES OUT OF THE FEES THAT THEY RECEIVED

    THAT WAS INTENDED TO BE BASED UPON A CONTRACTUAL RELATIONSHIP BETWEEN THE AGENT AND THE BANK AND- TO THE EXTENT THERE'S ANY CONFUSION ON THAT WE'LL WE'LL LOOK AT CLARIFYING THAT IT BE GREAT IF YOU COULD DO CLARIFYING FAQ BECAUSE I THINK IT'LL PREVENT SOME LITIGATION OR AT LEAST ALLOW FOR THAT LITIGATION TO MOVE EXPEDITIOUSLY AND LESS COSTLY THROUGH THE THROUGH THE PROCESS OF FORGET THAT THANK THANK YOU MISTER THANK YOU MR SECRETARY CHAIRMAN POWELL- TREASURY IN THE INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS HAVE STATED PUBLICLY THAT PROPOSALS TO RETROACTIVELY AMEND BUSINESS INTERRUPTION INSURANCE POLICIES

    TO COVER COVID NINETEEN CLAIMS WOULD ENDANGER FINANCIAL STABILITY SPECIFICALLY A I X I

    S STATED THAT THE THEY CAUTION AGAINST INITIATIVE SEEKING TO REQUIRE INSURERS TO RETROACTIVELY COVER COVID NINETEEN RELATED LOSSES SUCH AS BUSINESS INSURANCE- AND THAT- THOSE THINGS WERE EXCLUDED IN THE INSURANCE CONTRACTS SUCH INITIATIVES COULD ULTIMATELY THREATEN POLICYHOLDER PROTECTION AND FINANCIAL STABILITY DO YOU SHARE THE CONCERN REQUIRING- PAY ALSO ON COVERED POLICIES AND THAT THEY COULD RESULT IN INSURER INSOLVENCIES AND DESTABILIZE OUR FINANCIAL SYSTEM SO THAT THAT'S AN ISSUE THAT'S REALLY KIND OF OUTSIDE THE PERIPHERY OF OUR AUTHORITY EXCEPT AS YOU AS YOU POINT OUT AS IT THE EXTENT TO WHICH IT RELATES TO FINANCIAL STABILITY- SO WE'RE WE'RE WE'RE MONITORING IT SO FAR WE HAVEN'T TAKEN A POSITION ON THAT- BUT- WE'RE AWARE OF IT

    IS CONTINUE TO MONITOR IT IF IT IF IT RESULTS IN ANY KIND OF- DESTABILIZATION OF THE FINANCIAL SYSTEM THAT'S ROLL I GET IT AND ASKED YOU TO TEACH YOUR OLDER PLEASE PAY ATTENTION TO IT NOT SURE HOW COULD YOU KIND OF GIVE US- OVERVIEW OF THE CURRENT STATE OF MUNICIPAL FINANCE MARKETS AND THE EFFECTIVENESS OF THE FIX EFFORTS TO STABILIZE THOSE MARKETS TOO SO THE SPOT MARKETS OTHER MARKETS ELITES ABOUT SHUT DOWN IN MEDIA BILL OF MARCH AND WE NOW ADMISSIBLE THE QUALITY BILITY AND REALLY THAT ANNOUNCEMENT IS NORMAL ACT ON THE FUNCTION OF THAT MORE SO YOU SO YOU SEE A LOT OF HEALING MARK SEE ON TV ONCE ISSUE DIFFERENT NOT CREDIT DIFFERENT DIVISIONS REP AND SO IT DOESN'T RETURN TO WHERE WE IN

    OF TWO AND TWENTY PER IT'S BUT THERE'S BEEN A LOT OF SO I GET AS AN EXAM STATE OF DID MOST OF ITS FINANCING IN THE PRIVATE MARKETS WITHOUT OUR SUPPORT AND THEN CAME TO OUR FACILITY FOR IT SPLIT THIS PIECE OF FINANCING SO I'M VERY PLEASED THE ANNOUNCEMENT EFFECT WAS VERY STRONG AND EFFECTIVE AND IS HELPING ALL A LOT OF BOROUGH NOW

    FINALLY I JUST WANT TO SAY THANK YOU SECTOR MISSION THANK YOU CHAIRMAN POWELL FOR YOUR INCREDIBLE LEADERSHIP AND AVAILABILITY THROUGH THIS CRISIS THIS HASN'T BEEN EASY- YOU KNOW CLEARLY MISTAKES WILL HAPPEN WHEN WE'RE IN UNCHARTED WATERS BUT- YOU BOTH HAVE BEEN- BOLDEN YOUR LEADERSHIP YOU'VE MADE A DIFFERENCE YOU HELP BUSINESSES SURVIVE YOU HELP THE ECONOMY SURVIVE THANK YOU FOR YOUR INCREDIBLE LEADERSHIP AND WE WOULDN'T BE DOING AS WELL WITHOUT IT THERE'S MORE WORK TO BE DONE

    I APPRECIATE EVERYTHING YOU HAVE AND HOPE YOU'LL CONTINUE TO FOCUS ON SMALL BUSINESSES AND MEDIUM BUSINESSES AROUND MAIN STREET BECAUSE THE STRUGGLING THANK YOU SO MUCH THANK MISTER GREEN YOUR RECORD FOR FIVE MINUTES SHARE I THANK THE WITNESSES FOR APPEARING AS WELL

    AND I'D LIKE TO LAY A PROPER PREDICATE FORMER QUESTIONS ACCORDING TO THE LATEST FROM THE DATA AND TWENTY NINETEEN THE VAST MAJORITY OF HOME PURCHASE LOANS I WENT TO WHITE BORROWERS AT APPROXIMATELY TEN TIMES BUT OF LOANS THAT WENT TO BLACK AND AAPI BORROWERS

    HERE ARE THE NUMBERS THE SHEER THAT WENT TO WHITE BORROWERS SIXTY POINT 3% TWO HISPANIC BORROWERS NINE POINT 2% TWO APR BORROWERS FIVE POINT 7% AT THE BLACK BORROWERS 7% SIXTY POINT 3% TO WHITE BORROWERS 7% THE BLACK BARS EVEN WHEN LENDING DISCRIMINATION DOES NOT RESULT IN OUTRIGHT DENIALS OF CREDIT IT DRIVES UP BORROWING COSTS

    FOR MINORITY HOME BUYERS LOANS TO BLACK AND HISPANIC BORROWERS CONTINUE TO BE HIGHER PRICED BUT BOTH CONVENTIONAL AND NON CONVENTIONAL LOANS AND TWENTY NINETEEN HOME PURCHASE LOANS WERE HIGHER PRICED FOR THE FOLLOWING SHARE OF BORROWERS TWO BLACK BORROWERS TWENTY POINT 3% HISPANIC BORROWERS 23% WHITE BORROWERS EIGHT POINT 3% CONSISTENTLY WE SEE EMPIRICAL EVIDENCE INDICATING THAT THERE IS INVIDIOUS DISCRIMINATION AND NINETY ESPECIALLY AS IT RELATES TO PEOPLE OF COLOR

    SO HERE ARE MY QUESTIONS DIFFERENCE ADJUSTING FOR EDUCATION CREDIT SCORE ASSETS AND OTHER RELEVANT FACTORS DO YOU BELIEVE THAT INVIDIOUS DISCRIMINATION IN LENDING EXIST AGAINST BORROWERS OF COLOR I HAVE BEEN COLLECTING THESE PICTURES

    I KEEP THEM IN MY OFFICE THESE PICTURES OF PEOPLE WHO DENY THE EXISTENCE OF AN EIGHTY SIX PROTESTS INVIDIOUS DISCRIMINATION AS RELATES TO PEOPLE OF COLOR SO MY QUESTION TO YOU IS DO YOU BELIEVE THAT THIS INVIDIOUS DISCRIMINATION EXISTING LENDING AS IT RELATES TO PEOPLE OF COLOR IF YOU DO BELIEVE SO WHICH ACCOUNT EXTEND THE HAND INTO THE AIR ALL RIGHT

    BUT YOU CAN HOLD IT UP JUST A BIT JUST LIKE TO GET A GOOD PICTURE OF YOU SECRETARY HOUR THANK YOU VERY MUCH NOW NEXT QUESTION DO YOU BELIEVE THAT THIS INVIDIOUS DISCRIMINATION AGAINST BORROWERS OF COLOR CAN BE ADDRESSED WITH LEGISLATION

    CAN WE CRAFT LEGISLATION TO HELP END THIS INVIDIOUS DISCRIMINATION EVERYTHING SOLDIERS CONDUCT INCREASE AHEAD LEGISLATION CAN WE GRAB LEGISLATION CHERUB PANELS INTO THINK SO MR MNUCHIN K CAN I RESPOND TO THE ANSWER WELL YOU CAN RESPOND BUT IF YOU'LL BE SO KIND AS TO LET ME KNOW WHERE YOU'RE GOING FIRST SOMETIMES WHEN PEOPLE FINISH I DON'T KNOW WHAT THEY SAID I THINK THIS WOULD APPLY TO YOU OF COURSE I THINK WE HAVE LEGISLATION SO I THINK WE NEED TO DO A BETTER JOB SO ALL SAY WE CAN LOOK AT LEGISLATION BUT I THINK IT'S MORE THAN JUST LEGISLATION OKAY I AGREE WITH YOU THAT IS MORE THAN LEGISLATION BUT WOULD YOU AGREE THAT LEGISLATION CAN BE A PART OF THE ROOM IF YOU EXTEND THANK YOU

    NOW I'M I'M I'M IN AGREEMENT WITH YOU WE HAVE A COUPLE OF PIECES OF LEGISLATION HR ONE FORTY NINE THE HOUSING FAIRNESS ACT HELPS TO DEAL WITH DISCRIMINATION IN HOUSING AS IT RELATES TO PEOPLE OF COLOR AND OTHERS AS WELL AND THEN H R ONE SIXTY SIX OF BERLIN ALL ACT THAT WOULD PUT AN END TO THIS RACE BASED LENDING AND DISCRIMINATION TWO PIECES OF LEGISLATION HOPEFULLY THEY'LL MOVE IN CONGRESS BUT HERE'S MY FINAL QUESTION

    I BELIEVE THAT IT'S TIME FOR US TO RECONCILE IN THIS COUNTRY WE'VE SURVIVED SLAVERY BUT WE DIDN'T RECONCILE WITH A BUDGET INVIDIOUS DISCRIMINATION EXISTS NOW SEGREGATION BUT WE HAVEN'T RECONCILED IF WE HAD A DEPARTMENT OF RECONCILIATION WITH A SECRETARY OF RECONCILIATION WOULD YOU WORK WITH A SECRETARY OF RECONCILIATION YOUR DEPARTMENTS THE AGENCIES THAT YOU REPRESENT WOULD YOU WORK WITH SUCH A PERSON TO HELP US RECONCILE IN THIS COUNTRY IF SO RAISE YOUR HAND

    ALL RIGHT NOT KNOWING WHAT THAT IS LIKE A BROCHURE IF THERE'S A DEPARTMENT AND YOU KNOW WHAT I CAN TELL YOU IT WOULD BE A DEPARTMENT DESIGNED TO ELIMINATE INVIDIOUS DISCRIMINATION RACISM THAT'S WHAT IT WOULD BE ALL ABOUT AT THE CABINET LEVEL HOPE THANK YOU BOTH THANK YOU MADAM CHAIR YOGA THANK YOU

    MR BARR YOU'RE RECOGNIZED FOR FIVE MINUTES THANK YOU MADAM CHAIR AND TO- SECRETARY MNUCHIN AND CHAIRMAN POWELL WANNA THANK YOU ALL FOR YOUR- THE DECISIVE AND AGGRESSIVE ACTIONS THAT YOU'LL TAKE IN- FROM THE OUTSIDE OF THIS PANDEMIC- I THINK BOTH THE FED AND TREASURY- THROUGH THE EMERGENCY LANDING AND WITH THE TOOLS THAT WE'VE GIVEN YOU THROUGH THE EXCHANGE STABILIZATION FUND OF REALLY MADE A DIFFERENCE AND MAKING A BAD SITUATION A LOT A LOCKED UP- LESS BAD- GIVEN THE CIRCUMSTANCES OF THANK YOU FOR YOUR ACTIONS- AND AS AN EXAMPLE OF THE AGILITY THAT YOU'VE SHOWN SECRETARY THANK YOU PARTICULAR FOR RESPOND VERY WAY TO A BETTER THAT THAT THE REPRESENTATIVE HILL AND I SENT YOU ABOUT STREAMLINING MAKING LOOKS BUREAUCRATIC BE A LOAN FORGIVENESS APPLICATION UNDER THE PPP PROGRAM THAT WAS TREMENDOUSLY HELPFUL FOR BOTH BORROWERS AND LENDERS CUTTING THAT RED TAPE ON THE FOR THEM IT

    WELCOME IN A PRE THE FACT THAT YOU WERE TO THAT LET ME ASK YOU A FOLLOW UP QUESTION ABOUT COMMERCIAL REAL ESTATE WE'VE HAD A COUPLE OF QUESTIONS FROM MISTER SHERMAN MR POSEY THIS IS A PROBLEM WE HAVE NOT ADDRESSED YET AND- I'M I'M HEARING FROM MANY COMMERCIAL PROPERTY OWNERS BORROWERS IN MY DISTRICT ACROSS THE COUNTRY SPECIAL L WHERE OCCUPANCY RATES REMAIN VERY VERY

    HELLO THING CENTER RETAIL CLEAR HAS RECOVERED OTHER BUSINESSES SIGNIFICANTLY DISRUPTED BY THE PANDEMIC- I THINK WE'RE GONNA SEE WITHOUT INTERVENTION A WAVE OF FORECLOSURES AND DEFAULTS AND US SECRETARY YOU YOU DID IDENTIFY THE PROBLEM WITH THE- THE INFLEXIBILITY OF THE SERVICING AGREEMENTS- BUT BUT I THINK YOU MENTIONED THAT WE MIGHT NEED ADDITIONAL LEGISLATION TO ALLOW HOTELIERS TO HIRE WORKERS THAT'S REALLY NOT THE ISSUE THE ISSUE IS DEATH THEY GET THEY CAN'T SERVICE THEIR DEBT BECAUSE IT HAD REVENUE THEY DON'T HAVE SO MY QUESTION IS YOU BOTH OF YOU ALL RECENTLY RECEIVED A LETTER FROM ME CONGRESSMAN TAYLOR CONGRESSMAN HECK CONGRESSMAN LAWSON PLUS OVER A HUNDRED ABOUT COLLEAGUES URGING THE FED AND TREASURY TO ESTABLISH A FACILITY TO ASSIST COMMERCIAL REAL ESTATE BOUGHT BORROWERS ESPECIALLY THOSE WITH CBS LOANS- SECTOR YOU TESTIFIED THAT YOU HAVE TWO HUNDRED FIFTY BILLION REMAINING IN THE ESF- UP TO BOTH OF YOU- DOES THE FED CURRENTLY HAVE THE AUTHORITY TO ESTABLISH SUCH A PRESS THAT THE SAUDI

    AND YOU FEEL THAT MARKET CONDITIONS IN COMMERCIAL REAL ESTATE WARRANT ACTION BY THE FED AND TREASURY WELL OVER DISPERSION THANK YOU FOR YOUR LETTER- THIS IS A LARGE CHALLENGE SO WE AT WE HAVE WORKING WITH THE FED WE HAVE NOT YET FIGURED OUT A WAY TO SET UP A FACILITY SO IT'S NOT OUT OF A LACK OF INTEREST FOR A LACK OF DESIRE THERE ARE STRUCTURAL PROBLEMS LET ME JUST ADD IN MANY OF THESE CASES THESE COMPANIES DON'T NEED MORE DATA- THEY NEED SUPPORT SO ONE OF THINGS WE WILL WANT TO LOOK AT IN THE NEXT CARES ACT AS I SAID

    IS ADDITIONAL SUPPORT FOR THESE HARDEST HIT INDUSTRIES IS- THE CHAIR HAS SAID- THERE'S A DIFFERENCE BETWEEN LANDING AND SPEND RIGHT UGH GERMAN JUDGE I JUST WOULD ECHO AND I'VE GOT YOUR LETTER RIGHT HERE AT THE END YOU KNOW WE VERY BEEN VERY FOCUSED ON THIS AND YOU SAID IN YOUR COMMENTS AND IT'S IN THE LETTER HE KNOWS IT GET MORE DEATH MAY NOT BE THE ANSWER HERE THIS IS A THAT DOESN'T SOLVE EVERY PROBLEM YOU'VE GOT PEOPLE CAN'T CURRENTLY SERVICE THAT YOU'VE GOT THESE INFLEXIBLE CORPORATE

    ARRANGEMENTS THERE'S A SERIOUS PROBLEM HERE THAT NEEDS TO GET FIXED AND WERE RECKON OUR BRAINS TO SEE HOW HOW IT COULD BE SOMETHING WE COULD DO BY LANDING BUT THAT'S REALLY WHAT WE CAN DO IS CREATE MORE DATA I WOULD ENCOURAGE YOU TO CONSIDER IN SOME CASES- THE- COVENANTS AGAINST ADDITIONAL INDEBTEDNESS MAY BE TOO RESTRICTIVE THAT THAT THAT- THESE OWNERS COULD TAKE ON ADDITIONAL DEBT TO GET THEM THROUGH- THIS THIS PERIOD OF TIME BUT BUT I LOOK FORWARD TO WORKING WITH YOU WHATEVER THE ANSWER IS

    A QUICK ON MAIN STREET JUDGE CHAIRMAN PAT I HAVE HEARD FROM A NUMBER OF LENDERS AND BUSINESS OWNERS IN THE THAT THE TERM MAIN STREET A DISCOURAGE BORROWERS TO APPLYING AND WORKERS PROTESTS A PAINTING

    SO I WE- THE CHANGES ARE MADE RECENTLY BY THE FED MINIS ARE BUILT FOR PERMITS TO GET UPPER IN WHAT IS THE RESPONSE AS FAR ON THE LENDER COMMUNITY AND HOUSE THE FAT TO ENCOURAGE

    LENDER PARTICIPATION GIVEN THAT THEY HAVE JAMES WE HAVE AN INTERESTING IN IT WE DO WHETHER ON WELL AS I MENTIONED EARLIER WE'VE HAD LIKE THREE LITTLE MORE THAN THREE HUNDRED NOW I THINK TO UP

    WHAT THE BANKS THOUGH THAT IT'S SORT OF A MIXED THING THEY'RE NOT GETTING A TON OF OF INTEREST FROM FROM BORROWERS AND MANY OF THEM SAY THAT THEY EXPECT THAT'LL CHANGE- YOU KNOW

    OVER THE COURSE AS THE A OVER THE COURSE OF THE NEXT FEW MONTHS THEY DO EXPECT THE DEMAND FROM BORROWERS WILL WILL INCREASE AND I'LL JUST ECHO THAT WE IF WE CONTINUE TO BE AND TO- PLAYING WITH THE FORMULA AND MAKING ADJUSTMENTS- GOING FOR WHAT MY TIME IS EXPIRED BUT THE REASON WHY MAIN STREET DOESN'T WORK FOR COMMERCIAL REAL ESTATE IS THAT EVEN A LIMITATION AS YOU KNOW BUT THANK YOU AT YOUR BACK THANK YOU VERY MUCH MISTER POWELL OF THE ISSUE OF COMMERCIALS

    THAT WE'VE TALKED ABOUT IT'S ON MY RADAR WE'LL CONTINUE TO TALK ABOUT THIS ISSUE AND- PAY ATTENTION TO WHAT YOU'RE SAYING TO US ABOUT IT WITH THAT MR CLEAVER YOU'RE RECOGNIZED FOR FIVE MINUTES

    THANK YOU VERY MUCH WELL I'M SURE ALL SECOND I'M SORRY YES THANK YOU VERY MUCH YOUR AS A JOURNALISM- THANK YOU FOR BEING HERE- ON CHANNEL TWELVE THANK YOU FOR OR WILL BE HERE AGAIN I KNOW THAT SO YOU'VE BEEN ASKED BY NUMBER OF MEMBERS BEFORE ME ABOUT THE ISSUE WITH OUR BLACK AND BROWN- BUSINESS OWNERS THERE WE REALLY INTENDED TO HELP DURING THESE DOWN TIMES- AND SO ON

    I'M NOT JUST TREATED LIKE A LOT OF PEOPLE NOT ONLY IN CONGRESS BUT A LOT OF PEOPLE AROUND THE COUNTRY WELL IT IT WHAT WHAT IS YOUR PHILOSOPHY MR SECRETARY MAYBE NOT WHAT LAW WOULD BOOK WHAT DO YOU HAVE TO SAY IT BUT WHAT WHY WEREN'T RULED AND- ON ORDERED BUSINESSES MARKET WAS ORDERED AND THEY MERGED WITH PROGRAM WHAT WHAT WHAT DO YOU THINK HELP WELCOME FOR SAY WE NEED TO ALL DO A BETTER JOB AT MAKING SURE THAT WE HAVE SOURCES OF FUNDS FOR THOSE BUSINESSES AND TO SUPPORT THOSE BUSINESSES IN THE PPP WE'VE- WORKED WITH LOTS OF DIFFERENT PEOPLE TO MAKE SURE THE CDF EYES IN THE IN THE EYES GET THEIR BUT ACROSS THE BOARD WE CAN ALWAYS BE DOING A BETTER JOB THANK YOU

    I GUESS WE'RE ON NOW BECAUSE- ON HERE DEALING WITH- IS NOT BUSINESS AS- OF RIGHT NOW- AND- IF I SAY WE ALL AGREE WE NEED TO DO A BETTER JOB CAN YOU CAN YOU DO YOU HAVE ANY IDEAS OR IDEAS ON ON SPECIFICALLY WHAT WE CAN DO BETTER WELL WHO WOULD WOULD BE HAPPY TO WORK WITH YOU ON THAT- WE'VE BEEN WORKING WITH ROBERT SMITH AND A BUNCH OF EXTERNAL PEOPLE TO TRY TO FIGURE OUT HOW WE CAN USE THE CDFI IS HOW WE CAN MAKE SURE IN THE EYES HAVE MORE ACCESS TO CAPITAL AND I THINK THERE'S A LOT OF GOOD IDEAS OUT THERE THAT WE NEED TO CONTINUE TO EXPLORE BEFORE WE HAVE A- ONE SOLUTION I THINK THERE'S MULTIPLE SELECTIONS

    ADULT MALE MYSTICALLY ROLL JUST AT THAT WERE YOU KNOW WE'RE WE'RE DOING A GREAT DEAL ABOUT REACH WITHIN THE EYES AND SEE IF CDFI IS- TO GET THEM ACCESS TO THE PROGRAMS THAT WERE DOING INCLUDING THAT THE PPP AND YOU KNOW WORK TECH DRIVEN MEETING WITH THE NATIONAL BANKERS ASSOCIATION- TOMORROW ON JULY FIRST SO WE'RE DOING A LOT OF OUTRAGE

    AND WE THINK IT'S HAVING AN EFFECT THANK YOU ACTUALLY- HELP YOU AFTER YOUR APPEARED COMMITTEE WELL I DID AND ABOUT THIRTY FIVE FORTY MINUTES MEETING WITH THE AS YOUR- HERE OFFICER FOR THE- YOU CAN'T GET OFFERS OF THOSE UP YOU SHOULD

    GOING INTO DETAIL ABOUT THAT ISSUE THAT WE WERE RAISING THAT'S THE XI CLERK SO THANK YOU FOR DOING THAT BUT- YOU SHOULD THE- I JUST WAS HOPING OF THE LOCAL SECRETARY OF WOULD UNDERSTAND THE- SURE THE THIS IS ON THE- WHICH MEANS THE THOSE REPRESENTATIVES- OF THEIRS BUT WE ALSO AND TREMENDOUS BUT TREMENDOUSLY- PRESSURIZED SITUATIONS ON WELL I WISH YOU KNOW HOPING THAT I COULD GO BACK INSIDE THIS IS WHAT WE'RE GOING TO DO ONE BUT- YOU KNOW I APPRECIATE WHERE WE ARE MANY OF MY COLLEAGUES ALREADY WITH THIS LOGO RIGHT I WOULDN'T THREE DIMENSIONALLY YOU CAN RESPOND TO NJ- CLASSIFIED INTELLIGENCE LEVEL ALONG WITH THOSE BROKEN UP BUT I REMEMBER THE LAST ONE TO SEND YOU A LETTER- YEAH I DON'T EVEN EXPECT REFORMERS THE REPORT I'M DOING THIS FOR MY OWN- OUT OF PERSONAL

    HISTORIC CONCERN THAT YOU'RE I'M I'M SURE THAT BUT THE NEXT YEAR ON THE GENERAL AFTER WE'LL WE'LL WILL BE ASKING US RUMPLE WOULD WOULD BE JUDITH GRANDMA WHO YOU DO ON DURING THOSE TIMES THE BANK WE'RE GOING OFF THE RAILS

    THANK YOU BOTH FOR YOUR BACK- MANAGER BELLS ABOUT TIME THANK YOU VERY MUCH MISTER TIPTON YOU'RE RECOGNIZED FOR FIVE MINUTES THANK YOU MADAM CHAIR AND- APPRECIATE YOUR SECRETARY GERMANTOWN YOU TAKING THE TIME TO BE ABLE TO BE HERE DO APPRECIATE ALL THE EFFORTS THAT YOU'VE MADE TO BE ABLE TO STIMULATE THE ECONOMY AND TO BE ABLE TO HELP OUR FOLKS AT HOME

    DO YOU WANT TO BRING UP THE ISSUE THAT WE'VE HEARD BACK FROM ARTISTRY AS A YOU KNOW DURING ON HUNDRED CARERS ACT THE GOVERNMENT DID PROVIDE FOR COMMUNITIES FIVE HUNDRED THOUSAND MORE PEOPLE TO BE ABLE TO APPLY DIRECTLY TO TREASURY FOR ASSISTANCE IN COLORADO THAT TRANSLATED INTO FIFTY NINE OF THE SIXTY FOUR COUNTIES IN COLORADO RUN ABLE TO BE ABLE TO RECEIVE DIRECT ASSISTANCE IN FULL RECOGNITION OBVIOUSLY THE TRADITIONAL DOLLARS WOMEN OVER AND ABOVE THE DIRECT ASSISTANCE IT WAS ABLE TO BE APPLIED FOR AND- I GUESS PRESS SECRETARY WOULD I WOULD LIKE TO BE ABLE TO SEE IT FROM YOUR IS THERE BEEN ANY OVERSIGHT TO BE ABLE TO DO WHAT I BELIEVE WAS CONFESSIONAL INTENT TO BE ABLE TO GET THOSE DOLLARS BACK INTO SMALL COMMUNITIES LIKE THOSE THAT I REPRESENT AND- HAVE- WE HAD ANY SORT OF EXAMINATION OF HOW THOSE DOLLARS

    BEING SPENT BY THE STATE'S WELL I'M JUST SAY WE AGREE YOU THOUGHT THE PURPOSE WAS THAT WE SENT MONEY TO CITIES ABOVE FIVE HUNDRED THOUSAND THE REASON WHY WE DIDN'T DO IT TO LAST WAS PURELY ADMINISTRATIVE WE PUT OUT GUIDANCE SAYING THAT THE STATES SHOULD DISTRIBUTE MONEY DOWN WE'VE ALSO HAD DISCUSSIONS WITH THE I

    G TO REVIEW THIS SO- WE APPRECIATE YOUR COMMENTS THANK YOU I APPRECIATE THE RECOGNITION THAT THE SMALL COMMUNITIES HAPPENED TO WHEN WE LOOK AT SMALL BUSINESS THAT WAS MY REAL LIFE WE CREATE SEVEN OUT OF TEN JOBS AND A LOT OF THAT DOES HAPPEN TO BE IN ROLL AMERICAN APPRECIATE YOUR ATTENTION TO THAT AS WE'RE LOOKING FORWARD IN THE OTHER PACKAGE THAT THEY COME FORWARD WHAT ARE THE BIGGEST ASPECT SO I THINK IT'S BOTH SPOKEN TO

    HIS ABILITY TO BE ABLE TO GET THE ECONOMY GOING INTO TO MAKE SURE THEY WERE GOING TO BE ABLE TO CREATE JOBS ONCE AGAIN PROVIDING ACCESS TO CREDIT IS GOING TO BE ULTIMATELY CRITICAL TO BEING ABLE TO DO THAT WE HAVE SOME THAT ARE TEMPTED TO BE ABLE TO WIFE PAT- CREDIT SLATE'S CLEAN DURING THE PANDEMIC BUT I BELIEVE IT'S IMPORTANT THAT WE DO HAVE AN ACRID IN THE FULL CREDIT PROFILE- TO BE ABLE TO HAVE

    RISK MITIGATION THE WILL HELP ULTIMATELY REIGNITE LENDING IN THE COUNTRY MORE QUICKLY SECRETARY MNUCHIN WOULD USE MAYBE TO THE IMPORTANCE OF BEING ABLE TO MAINTAIN- UNALTERED CAN COME FOR SO THE LENDERS CAN THE VALUE THE CREDITWORTHINESS OF BORROWERS

    YES I BELIEVE THAT'S VERY IMPORTANT YOU KNOW ONE OF THE BIGGER ISSUES WE'RE HEARING ON PPPS THAT LENDERS CROSS COUNTRY BIG AND SMALL- READILY ANSWERED THE CALL TO BE ABLE TO MAKE THOSE LOANS OUT TO OUR SMALL BUSINESSES DURING CRISIS AND DEATH SENSORS SENSUALLY NO GUIDANCE WHEN LENDERS BEGAN PROVIDING PPP LOANS- WHAT CAN AGENCIES STILL MISS SECRETARY TO THE EXTENT TO HOLD THEM HARMLESS- IN TERMS OF PROVISIONS TO THE ENTIRETY OF THE PPP PROCESS- AESTHETICALLY PROTECTING THE LENDERS WHO ARE TRYING TO BE ABLE TO DO THE RIGHT THING WELL THE LENDERS WERE MERELY INTENDED TO BE A INTERMEDIARY- THE DAY WE WERE THE FASTEST WAY THAT WE CAN GET MONEY TO THE BUSINESSES MOST OF THE CERTIFICATIONS- WORST CERTIFICATIONS THAT THE BORROWERS HAD TO MAKE AND THAT THEY WOULD BE LIABLE FOR THE THERE WERE A FEW THINGS THAT THE LENDERS HAD TO DO WHICH WAS TRACK THAT PAYROLL AND PAYROLL DOCUMENTS BUT YEAH IT WAS SUPPOSED TO BE PREDOMINATELY AT A PAST AMERICAN K

    THANK YOU YEAH THERE IS A IN A FINAL RULE ON FEES ON THE SP IN THAT- IF THEY CONDUCT LOAN REVIEW AND DETERMINED TO BORROW WITH SKIN ELIGIBLE FOR P P LONG

    LENDERS NOT ELIGIBLE FOR THE PROCESSING FEE- THE SBA WAS ALSO ABLE TO DRAW A CLAWBACK FEATURING OF THE FEE WITHIN ONE YEAR IF THEY DETERMINE THAT THE TARO ISN'T ELIGIBLE FOR THE PEA PEOPLE ON INCIDENT SLENDER DEDICATED SIGNIFICANT AMOUNT OF RESOURCES- TO BE ABLE TO HELP THE ECONOMY WHY DID THE AGENCIES DECIDE TO BE ABLE TO TAKE THIS APPROACH WELL LET ME JUST SAY I HOPE THAT'S A VERY SMALL NUMBER OF LOANS THAT THAT TURNS OUT TO BE BUT THE THAT THE THOUGHT OF THE TAXPAYERS PAYING FEES TO LOANS THAT WEREN'T MADE SEEMED TO BE UNFAIR AND- I WOULD JUST SAY IN GENERAL I THINK THE FEES WERE VERY ATTRACTIVE TO THE LENDER SO IF THERE WERE A SMALL NUMBER OF LOANS THAT THEY MADE THAT WERE THE CASE I THINK THERE'S THERE WAS STILL WELL COMPENSATE THEY MAY ARENA YOU'LL BACK ME ON A- THANK YOU MR PERLMUTTER YOU'RE RECOGNIZED FOR FIVE MINUTES

    THANK YOU MADAM CHAIR- GENTLEMAN THANK YOU FOR YOUR TESTIMONY TODAY THANK YOU FOR YOUR LEADERSHIP ON THE FIRST THREE MONTHS OF THIS EMERGENCY THE PANDEMIC DEALT A REAL BLOW TO THE ECONOMY AND YOU HELPED CUSHION THE BLOW BUT WE'RE NOT OUT OF THIS THING BY ANY STRETCH OF THE IMAGINATION AND RON COLORADO WE SEE CALIFORNIA UTAH ARIZONA TEXAS WITH RISING CASE NUMBERS RISING HOSPITAL RISING DEATH COUNTS

    AND WE ALSO KNOW THAT AT THE END OF JULY THE PANDEMIC UNEMPLOYMENT INSURANCE PAYMENTS SEES AS IT'S CURRENTLY WRITTEN WE KNOW THAT A NUMBER OF THE MORATORIUM ON EVICTIONS AND FORECLOSURES BEGIN THE FEES AN THE EIGHT WEEKS PROVIDED UNDER THE PPP IT CERTAINLY FOR THOSE INITIAL TAKERS OF THE LOANS START TO RUN OUT SO I SEE A BRICK WALL AT THE END OF JULY

    MR SECRETARY YOU PLAYED A KEY ROLE AND HELPING TO FASHION THE FISCAL PIECES OF THIS THE CARES ACT WE CALL WHAT WE'VE DONE AS THIS NEXT ITERATION HEROES ACT SO THAT LAW ENFORCEMENT TEACHERS TRANSPORTATION WORKERS MEDICAL STAFF DON'T GET LAID OFF IN ADDITION TO THE ONES THAT ALREADY HAVE BEEN LAID OFF BY LOCAL GOVERNMENTS BY STATE GOVERNMENT BY SCHOOL DISTRICTS

    SO I'D LIKE I ASKED THE MR POLLOCK WESTON- WHEN HE WAS IN FRONT OF OUR COMMITTEE COUPLE WEEKS AGO ON THE- ON STATE LOCAL GOVERNMENT ASSISTANCE TO BACK FILL THE TAX REVENUE HE SAYS I WILL SAY THOUGH FROM A STANDPOINT STATE LOCAL GOVERNMENT EMPLOYEES SOMETHING LIKE THIRTEEN MILLION PEOPLE STATES HAVE TO BALANCE THEIR BUDGETS AND REVENUES GO DOWN AND EXPENSES GO UP AND WHAT STATES DO IS THEY CUT COSTS AND WE'VE SEEN STATE AND LOCAL GOVERNMENTS LAY OFF A MILLION AND A HALF PEOPLE ALREADY STATE AND LOCAL GOVERNMENTS PROVIDE ESSENTIAL SERVICES AS WE ALL KNOW SO YOU KNOW THEY'RE A GREAT IN A BIG EMPLOYER AND IT'S I WOULD SAY IT'S CERTAINLY WORTH CONSIDERING WE DON'T DO SOMETHING IT WILL HOLD BACK THE ECONOMIC RECOVERY IF THEY CONTINUE TO LAY PEOPLE OFF AND IF THEY CONTINUE TO CUT ESSENTIAL SERVICES AND IN FACT THAT'S KIND OF WHAT HAPPENED POST THE GLOBAL FINANCIAL CRISIS SO MR SECRETARY AS YOU AGAIN OR SORT OF IN THE MIDDLE BETWEEN THE HOUSE AND THE SENATE AND THE WHITE HOUSE I CAN'T ASK

    WHERE ARE YOU ON ASSISTING STATE AND LOCAL AND SCHOOL DISTRICTS TO HELP BACK FILL THE LOST REVENUE THAT WE'VE SEEN FIT THEM ALREADY WELL LET ME JUST FIRST SAY WITHIN THE CONTEXT OF THE LAST CARES BILL WE TRIED TO ISSUE GUIDANCE THAT WAS AS FLEXIBLE AS POSSIBLE PARTICULARLY FOR FIREFIGHTERS FIRST RESPONDERS AND POLICEMEN SAID THAT STATES COULD USE THAT MONEY AND HAD A SAFE HARBOR IN DIDN'T NEED TO LET ANY OF THOSE PEOPLE GOT WHICH AS YOU SAID THIS WOULD BE THE WORST TIME WHEN WE NEED TO SUPPORT ALL THOSE PEOPLE- I I'M COMMITTED TO WORKING WITH BOTH THE DEMOCRATS AND THE REPUBLICANS ON THE HOUSE AND THE SENATE IN JULY ISSUE SAID WE HAVE A LOT OF IMPORTANT FEATURES THAT- ALL COME TO AN END IN JULY AND- I AM COMMITTED TO CONTINUE TO HAVE THESE CONVERSATIONS AND TAKE GREAT PRIDE IN THE FACT WE HAD ENORMOUS BIPARTISAN SUPPORT IN THE PURPOSE BUILT IN ORDER CAN WITH IT FROM

    AND I WOULD ASK BECAUSE WHAT WE'VE SEEN IS A IS A DAY WE THIS THAT SENATE'S BEEN SET ON IT HE AS TIME IS TAKEN AND IN COLORADO FOR INSTANCE- WE'RE LOOKING AT PROBABLY AT TWO AND A HALF TO THREE BILLION DOLLAR DROP IN TAX REVENUES THIS YEAR SEE IT AGAIN NEXT YEAR AND PROBABLY THE YEAR AFTER THAT

    AND SO I WOULD JUST- ASK YOU TO REALLY PUSH ON THAT ONE OR THERE'S GOING TO BE A LOT OF PEOPLE LAID OFF AT JUST THE WORST TIME IN VERY ESSENTIAL SERVICES AND SO GENTLEMAN YOU'VE DONE A HECK OF A JOB YOU GET PATTED ON THE BACK NOW BUT WE'RE STILL IN THIS EMERGENCY AND NOW WE GOTTA FOCUS ON GOING FORWARD WHICH IS THIS NEXT ITERATION OR THEY'RE GOING TO BE A LOT OF THERE'S GONNA BE A LOT OF TROUBLE COMING OF THIS SUMMER WITH THAT I YIELD BACK

    THANK YOU VERY MUCH I'D LIKE TO THANK OUR WITNESSES FOR THEIR TESTIMONY TODAY WITHOUT OBJECTION ALL MEMBERS WILL HAVE FIVE LEGISLATIVE DAYS WITHIN WHICH TO SUBMIT ADDITIONAL WRITTEN QUESTIONS FOR THE WITNESSES TO THE CHAIR WHICH WILL BE PORTED TO THE WITNESSES FOR THEIR RESPONSE ASK OUR WITNESSES TO PLEASE RESPOND AS PROMPTLY AS YOU'RE ABLE WITHOUT OBJECTION ALL MEMBERS WILL HAVE FIVE LEGISLATIVE DAYS WITHIN WHICH TO SUBMIT EXTRANEOUS MATERIALS TO THE CHAIR BORN COLLUSION IN THE RECORD THIS HEARING IS ADJOURNED THANK YOU VERY MUCH THANK YOU I RIGHT

    RIGHT FOR TAKE YEAH SIX YEAH I DIDN'T THINK

    YEAH

    Source: Youtube

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