the political and economic reality of the moment we are in. i think we have to be flexible and adjust our policies to meet industrial policy that was in the at all in place when i wrote that article. >> last question before open it up to the floor here. your address worker centric policies -- worker centered policies in your remarks. as we look back, there has been a particular lack of domestic policy over the course of decades focused on ensuring that workers can thrive in a rapidly changing economy whether it's lifelong learning, transition assistance, we haven't done very well as a government. if you had your magic wand, what

domestic policies do you think you would promote? >> i don't need a magic wand. i would argue that we are doing that in real time, i'm not taking a victory lap, but i very much like the emphasis of -- look at the geographical dispersion of where our investments are gone. >> me take you live to a conference. >> i am even prouder of the great work we have done together in my hometown of detroit. on behalf of the board, staff

and around 700 members of the organizations around the country, i want to welcome you to the 2024 conference here in washington dc. give yourselves a round of applause. i am so excited that you are here with us. u.s. in the past, present and future of the economic justice movement. it together, we are powerful. together we can bring opportunity to this country where it does not yet exist. together, we can help bring dignity to the lives of millions and millions of americans are not yet getting what they deserve from their country. [applause] i am honored to be a member of the detroit coalition and i

remember has come together. we are working together to address the housing issues in detroit. you have been able to get funding that we might not have otherwise gotten and as a result of our ncic -- ncrc affiliation. all that has been made possible because of our membership within ncrc. just ask some other members while you are here this week. look for the people with the red ribbon on their badge. to my fellow members, this is important. the ncrc is listing and wants to hear from you. we need feedback on how we can improve and continue enhancing our support.

we need you to complete our members survey, a quick survey right there in the conference app. you have the conference app, right? ok. we had a packed schedule these next couple of days and many of you were up on capitol hill yesterday. how many people were out there? all right. it does make a difference. get that lunch and refuel because we are going to cover a lot of ground today. in the breakout rooms, we will drill down on what change looks like on the ground. here on the main stage, we will look at the bigger picture and get insight from some of the people who hold the most power in washington. we want to hear from leaders about what the next step is for

this movement. because we are in movement, we are a coalition of people doing hundreds of different types of work in thousands of different places, but we all have one shared goal, to make a just economy a priority and a local reality. we are going to start our first mainstage session in a couple of minutes, but first i want to hear about your experience here. you can take advantage of all that we have to offer. you can use the mobile app to personalize your schedule. you can read speaker bios and you will need it to complete the evaluation, which is very important. they help us, so please do not forget to submit yours.

you are attending the sessions, right? you can find the mobile app and you should have received a qr code that will point you to the app or just search. it is two words. once you are on the app, search for the economy conference. the current members out there, people will see our membership survey. please take a few minutes to let us know how we are doing. last couple of things for everybody. do not forget to let the world though that you are here and why. share your pictures and your thoughts on social media and do not forget to include the #just economy. if you have any questions about that or anything else while you are here, look for staff

members. they have a white ribbon on their badges and will be happy to help you. make sure that you check out the 2 billion just outside the doors to the ballroom. our organizers and rocketing teams want to hear from you at the advocacy table. our research and policy teams have some pretty cool displays and interactive learning situations at the ncrc story. if you're looking to take merchandise home, please stop by the store. thank you to all the conference sponsors. laments acts, jpmorgan chase, u.s. bank, first horizon bank, pnc bank, morgan stanley, wells

fargo, citibank, bank of america and i also wanted to make all the workers in the hotel who made this event possible. and i do hope that you treat them with dignity and respect. they make this event possible. i used to be a member in michigan and i worked very diligently with the local 600. i always have a shout out to the union crew. that's. for these hard workers. we can do better than that. [applause] all right. thank you. we are going to get it rolling

right now. some of the turmoil has had a direct impact on the work that we all do in our community. our next conversation is going to help us understand how the roller coaster of a year affected us and our work. please welcome the vice chair for supervision at the federal reserve, mr. michael barr, and politico's the 20 have eta. -- victoria. [applause] >> thank you very much. thank you. what a great audience. >> thank you so much for being here. welcome. i am excited to be here. i will jump right in with the

latest news. the community reinvestment rule locked temporarily by a judge, which i'm sure all of you know. i know you will not want to comment on it directly, but i wonder if you could lay the groundwork for why, from the purpose of the law, by these rules were necessary and why they are better. >> i will not comment on the lawsuit, but i do think it is really important to understand how important the community reinvestment act is and can be for communities all over the country. all the organizations in this room know that. you have been working on it for many decades. you all have been working in this space for some many decades.

you know how important it is to have good bank partners. one of the reasons you can have good bank partners is because of the act. what we have done under the rules is to update the cra for communities that you live in today. that means providing greater clarity and transparency so that you can know what the expectation is. it means updating rules so that you know what activities count for cra consideration. it means making sure that they are serving their entire community, whether they are near bank ranches or in other parts of the country where they are doing lending and investment. so that kind of approach really has the opportunity to make it

vibrant for the next 25 to 30 years. >> there is an underlying statute here. >> i think one of the things that is positive about the way that congress wrote this law is that they wrote it in a broadway. they left it to the banking agencies to make sure that cra kept working overtime. they were put into place as part of a series of laws the equal credit opportunity act, the housing act. they were designed together to make our financial system work better for the community to serve communities, to serve their entire community in a better way. it was written in such a way

that it permits the bank agencies to get together periodically, as we did in 1995 and now almost three decades later with the 2023 will to make sure that it keeps pace with the modern world that we live in. >> so it sounds like no, not necessarily. [laughter] i want to dig in on the details. i know there is a qualitative factor. particularly relevant to this audience, what is the difference in terms of what the community input group means from the new to the old? >> it is one of the constants over time. the new rule improves our metric , our quantitative metrics, our transparency across the system

in a positive way. it raises the bar so that we see more bank lending. i think there is a lot of room to see better bank lending. it is really critical for examiners and for banks to know how they are doing from the community groups. affordable housing providers and small business lenders on the ground and in communities that set the performance context for evaluation that bank examiners need to do. they know better than anybody what the needs of the community are, what the gaps in lending are. how good is the bank serving these communities? that input is absolutely essential for making good,

qualitative judgments about the performance. >> what kind of feedback? >> as much feedback as is possible. what are the gaps in lending? what are the gaps in services? how are people currently being served? what are the innovative products that are needed in a local community that could make a difference? what are the deals that are harder to structure and therefore should get more credit and seen as having a greater impact in that community? from a forward-looking perspective, what is your experience working with banks serving this community? are they responsive to community needs? are they creative in the products and services that they

offer? at the basic level, are they meeting the financial service needs of the community? >> how does that work? how does the geographic location relate to the overall grade? >> it updates the act in important ways by including important assessment for banks that do activity outside branch network. they make sure that those communities are brought into the evaluation. if you have a bank doing a lot of bending outside its network, or it is an online bank with no branch network, you want to know how well it is serving low and moderate income people in all communities where it is doing business.

it takes that into account. the rule also includes clarity to let banks know and communities know that community development and activity can be measured in communities across the country. one of the things that does is, let's say you have some parts of the country where there are lots of activity. there is almost too much competing for those deals. other parts of the country, there are no -- there is no activity at all or very little. a lot of native american communities, a lot of native lands do not have banks with branches on them and have historically gotten very little community development financing. this rule would give credit for a bank that wants to serve a native community does not happen to have a branch there. they can get credit for providing finance to that native american community as an

example. that is an important update to the rule. how do these things add up? they get waited. if you have a bake that is mostly based in the western part of michigan but does some lending in the eastern part of michigan, those things get waited by the extent of their activity. sometimes they wonder, if i do a little bit over here, am i going to have totally changed my business in order to comply with cra? the answer is no. if you do a lot of activity in one place, make sure that your low to moderate income investing is commensurate with your engagement. if you do a little bit of activity in another community, make sure that you are activity is commensurate with your engagement there and they get waited. the activities you are doing more of count more than the areas that you are doing less.

that means that cra is flexible and open to the business practices and models that are being assessed. >> that is really interesting. another thing that i think banks are focused on is a component of that. to what extent, to what extent do you want to see in affirmative benefit to the community as part of why it should go through? >> under the bank merger act, we have four categories of things in a big picture way. we look at the effects on competition. we look at financial and managerial capacity. we look at financial stability and we look at convenience. convenience needs is a broad category that includes how well has the bank served its

community? an important way to measure that is by their rating of the community reinvestment act. you want to see strong past performance. they also look at plans going forward. are they going to close a bunch of branches in the income communities? are they planning to serve low income communities that are in the future or not? what kind of products and services do they intend to keep or to grow? we take all of that into account, thinking about the needs of the community. we are not currently planning to do that. we have a pretty robust process that follows existing guidelines in this area. we are working with the other bank agencies and the justice department to see whether those

should be updated, but that is work that we are thinking about on an interagency basis. >> got it. another thing i have to ask you about is raising capital requirements. you and chair powell have talked about seeing material changes. it seems like it will be a question about reissuing a proposal. the question is, is there a timeline by which you would like to make that decision? >> we will take a very thoughtful approach. we gave the public extra time to comment on the rule because it is a big and complex rule. we are analyzing those, -- we are analyzing those now. there is the actual process itself, where we are getting good comments.

i think we will be evaluating those and we want to make sure that we get the final rule right. we take comments seriously in all of our work. we really look at comments and we take them seriously. we got comments a few years ago on a stress test, that we were not properly looking at the risk for certain properties. we were able to address that. we got comments more recently about how we are not appropriately thinking about the kinds of risk profile of small business. we were able to update our approach so that we are appropriately thinking about the risk profiles. it is different from private equity investment.

we had a similar issue with the tax credit. people said, you need to think differently for purposes of the investment test, and we were able to adjust for that. we take all the comments very seriously. we are taking these very seriously and i expect to make adjustments to the final rule. i think it will be a good and strong rule when it comes, but we will make changes along the way. >> this was many years coming. it was finished in 2017. it took a while for the agencies to come to a rule. given the complexity of the rule and what it deals with, were you expecting that this would take some extra work after it came out? flexible expected that the proposal, as proposals do, that it would offer the opportunity

for public comment. we expected to get a lot of comments on the rule. to be expected to make adjustments to the rule and i do think that we will be doing that. >> also, a slightly different question. there was a report this morning that the fed had been resisting requirements for to disclose their green commitments, how they are trying to follow their green commitments. i wonder if you think that is the type of thing we should or should not have. >> our job is financial stability. it is the safety and soundness of banks. we do have a role to play. we need to make sure that banks are looking at climate change, assessing their risk, measuring

the risk and preparing for risk associated with climate change. we did that by issuing guidance to the largest banks. we make sure that they are managing risks for climate change. we engaged in a climate scenario analysis to assess whether they were thinking methodically through these risk management issues. we are focused on it, but we do it within our mandate. it is important but narrow mandate. we are not making climate policy. we are just making sure that institutions that we supervise are looking at all of their material risks. including the risk for climate change. we will have a report out of the

analytics that we did from that and we will have further work that we expect we will do over the coming years. day in and day out work, not flashy work or policy work. it is work that is focused on the way climate change might pose angela risk to banks. >> great. back to your regularly scheduled program. one of the things that is interesting about the new rule is that there is a focus on treating deposit products. can you talk about why you decided to do that? >> this is an important area. they are treated positively for consideration under the rule because deposit products are so

essential for low and moderate income households and businesses to get access to credit. that has always been the case. we have looked at the range of financial services that banks provide because they are related to each other. i have been studying financial access issues for more than a quarter of a century and i can tell you that deposit products are essential beyond the pathway to financial inclusion. >> there is the community development these as well. i know you are monitoring to see the extent to which those investments are increasing or decreasing. the analysis you are doing across banks -- are you looking at the state level?

what is the stick where they carried? do the agencies take some sort of action? >> i anticipate that under the revised rule or the final rule, that investments will go up around the country. we will be monitoring that. the rule takes a special account of those investment. they are given a kind of higher impact factor, say you have a credit deal that has a higher impact. that is what we are talking about before examiners -- we are going to hear from community groups about how it is an investment that might need to be given a higher weight because it is harder to do. i think we will see investment rising. we will certainly be monitoring all aspects of the rule after it is implemented.

we have two years from the announcement of the rule to implementation. the rule starts 1/21/2026 to work with civil rights groups, banks, examiners altogether to make sure and tatian is strong, going forward. >> there has been some criticism from the rule about how you look at bank performance in relation to each other. is there something in place to combat that? >> we look at all kinds of metrics. how banks perform in relation to each other and we look at how banks perform in relation to the low and moderate income communities that they serve. right now there is a lot of room for improvement, i would say. if you look at large banks,

banks over 100 billion in size, they account for about 9% by volume of mortgage lending to low to moderate income communities. why are the largest communities doing 9% volume of their lending -- it seems quite low. they are doing it proportional to the lending size. they provide about -- for the big banks, there is a lot of room for improvement.

>> the banking sector generally, there was banking crisis. how are the banks doing. what are the big risks that you are watching? >> overall, the banking system is sounded a zillion. we are not seeing the kind of liquidity pressures that we saw a year ago. there are pockets of risk. we are looking at things like losses on the balance sheet and securities. we are looking at banks with

concentration on real estate. commercial real estate covers a lot of different sectors. the office is under stress more than other parts of the sector. we are looking carefully at banks with heavy concentrations and office commercial real estate where there are expected price declines. we are always worried about and think about operational risk exposure. banks exposure is a big operational risk and one that is a constant kind of threat to the system that we have to be careful of and monitor. those are the kinds of things on our mind now. >> is there a time period where once we have gotten through, we

will know that we have made it through? >> this is the kind of thing where it is likely to be a slow moving train. why is it that they refinance at a periodic cycle? they are not done one year or one month. they are being refinanced slowly. we are going to see how properties deal with that refinancing in a higher interest rate environment. they were operating in pre-2019. some of those, we will keep penciling it out just fine. others in ways that are not problematic for banks that funded them because they have high levels of equity cushions.

others will see losses and it will take some time to work through. for commercial real estate, in general, this is how pockets said -- occupancy rates have lowered. some categories are more exposed to risk. >> he cannot say for certain we are through it. flex it will take some time. >> thank you so much, vice chairman. thank you so much to all of you. this has been a fascinating conversation. >> thank you, victoria and thank you for all of you.

>> thank you so much. let's give vice chair bar and them another round of applause. it is always so interesting to hear from people within our government who works so hard to make good policies and clear, fair and sound decisions. we are in key moments right now. they have a big responsibility, the power that we have entrusted them with to protect the financial stability of our country, to ensure that our financial systems work for us. we are grateful to have such a

privilege and responsibility. let's pause on that for a moment. when we said that they have power, but we really mean or what i really mean is that they have the ability to act, and -- in order to achieve the purpose in which they perform. there are only two types of power. there are organized people and organized money. organized money only wins when people are not organized. stay organized with us. it is even more true when we are talking about making sure that the financial system works for our community. sometimes that means that we have to fight. there are bad actors out there

who want to take advantage of the people and places that we represent. we stand up for communities and we fight back. it is going to be a big year. got your shoes on? we are going to get a little dirty. last year we got huge wins from our government. small business lending rules. but the big banks turned around and filed a lawsuit to try to block them. on top of that, now we have one of the biggest banks on the planet as a single largest credit card vendor in america, seeking permission and gaining even more power. we are battling on multiple

fronts at the same time, but luckily, we had a strong coalition and a great leadership in that fight. great partnership as we fight together in this room, so please welcome the man who is leading us, our own president and ceo. a big round of applause. [applause] they are all yours. >> thank you. that afternoon. so many of you. it is a pool room. great to be here and it is great to have vice chair michael bar, a great friend, speaking to us today. i want to tell you three >>

stories about persistence, which is one of ncrc's core values. you will see why it is so important to us. when i was 18 years old, i almost died. i was could you camping with friends in the boundary waters in the space between the u.s. and canada, in the backwoods. i went for a little walk away from camp, alone, across the peninsula that we were on to the other side of the lake. and on the way back, i foolishly picked a different route. i got turned around. i got confused and almost after an hour of walking, i knew that i was lost. unbeknownst to me, i had walked

one way that i could not walk, the exact wrong way. i had walked off the one side of the peninsula that had the and. i was exhausted, disoriented, discombobulated. i was becoming dehydrated. i drank dirty swamp water. that is when it hit me, my blood sugar was dropping drain -- dangerously low. i am a type one diabetic, which is what you call juvenile diabetes. it is an autoimmune disease. their body destroys their ability to produce and regulate insulin.

it sends your blood sugar downwards. low blood sugar causes weakness, confusion and the shakes. get low enough and your body shuts down. no sugar left to burn, no energy for essential function. at this point, panic set in. i had no food. the realization that i was going to die in these woods. i felt my knees, week. my head was in a fog and i cried . i begged and i pleaded for my life. i grew despondent. i knew this moment that i was done, that this was a. when they say that your life flashes before your eyes, it is true. i had faye images of my life

experiences and a powerful sense of emotion, a twine of feelings. i saw my mother, my father, my brothers, my sister, my friends, not just the moments that we had shared together but a sense of loss for the future that would not be coming. at that point, i stood up. i had to live. otherwise it would leave a hole for family and friends. i mustered every ounce of strength that i had and behind a tree i spied a path. i walked out of those woods that day. i persisted because i had something that was worth fighting for.

, a second story about persistence. i stood up on this stage along with john taylor, our founder who is here today, and with many of you. we announced a groundbreaking agreement. serving underserved communities. five years after that agreement, we became concerned about efforts to fulfill the agreement. we raised concerns about lending and minority and underserved communities and whether they had kept their promise to be a leader. . there were special concerns

raised in metropolitan areas. new york, hartford, bridgeport and new haven. the very footprint that they acquired and announced. it would have been easy for us to walk away. we could have pretended that they had done everything they were supposed to do. we could have avoided the critique of our own methods, or we could lead in. we chose to lean in and we chose to persist because we had something worth fighting for, a better bank and a better community, the opportunity for thousands. we persisted and persistence pays off, so i stand before you

today to make an announcement at the conference, an agreement, to resolve our concerns. this is a big deal. today, they are announcing an agreement to work together to ensure greater levels of investment in minorities in underserved communities. [applause] i will get to the billions. part of this agreement, key banks will provide $17 million in subsidies, grants, down payment assistance, grants expansion, marketing and loan

applicants. they will be independently responsible for allocating. each with meaningful input from the other. $8 million to support ncrc's decision to build a just economy. they will collaborate on an ongoing basis to continue to improve thinking and underserved communities and most important of all, we will return to the table to work in good faith for a new agreement with the potential to channel billions of dollars of lending capital in the community. [applause]

good friends tell their friends when they have gotten off track. ncrc is a good friend. we will always remain open to partnership and collaboration, to those who are truly committed to improving, to those who share our goals, our values and vision for a just economy. we persisted. we had something worth fighting for. third story, we turn to the present moment, a new challenge, an opportunity to show the financial industry that they cannot undermine economic justice for profit. not without a fight. you may have heard that capital one has proposed -- was proposed by discovery. this is a horrible, no good, very bad idea.

i should end the speech there. this is a terrible, horrible, no good, very bad idea. not just because it would create another too big to fail bank and not because it would undermine competition and prices for consumers. it is a bad idea because capital one is a bad actor. notorious might be a better word. if anybody has been paying attention to how capital one moves for the past couple of decades, this is not a company that we can rely on. we saw it a decade ago. a $180 billion 10 year commitment that was not worth the paper it was printed upon. it was a commitment to do more of the same. the one part of the commitment

that was good, a commitment to mortgage lending turned out to be a false promise and capital one abandon the mortgage business two years later. ncrc led the charge then and galvanize their merger. hundreds of common for their merger at every turn. that's right. you can clap for that. [applause] we did not win back then, not entirely. but we have persisted because that is what we do. capital one has not changed for the better. our concerns today were our concerns 10 years ago. the business model is built around lowering people into debt

that they will struggle to pay off. it comes at the direct expense of people who have been unable to repay what they borrowed. capital one does not luck into those capital streams. capital one is hailed as the leader and an innovator. do you know why? because they lead the charge to use big data to precisely identify the source for families that could use a credit limit increase. to identify those people with numbers and computers, chasing after them until they sign up for a credit card with stringent fee structures.

that is bad enough on its own, but even worse, capital one has been identified as one of the banks behind the losses, joining hands with the american bankers association and the chamber of congress, once again they have led the opposition. all the reasons this merger cannot be allowed. we came together with strong partners to demand public hearings on the merger and other accountability processes. it led to coverage in the new york times, washington post, associated press, politico and many others. we ask you to make your own voice is heard. we are educating lawmakers about what they can do to ensure the

same mistakes that have been made so often do not get made in this case. other huge deals that made executives and shareholders which are at the expense of communities that you and i fight for. we have been in these types of battles before and too often, the government failed to heed warnings. so now, we have the fight that kind of fight again. this time, this time, we can win. [applause] because during that 10 years since capital one was approved, we did not just sit idly by. we were persistent.

we worked to change the policy and worked to reinvigorate standards and banking law. we promoted community benefit agreements, totaling over half $1 trillion. and we have enforced them and insisted that they be made real. because of our persistence, they are on the ropes. we will continue to fight because we have some worth fighting for, a banking regulatory system that says no to bad actors, one that recognizes the difference between a legitimate and a cynical one just to get approval antoinette afterwards. as we look to the future, it is

easy to be pessimistic. our enemies conspired against us and people he believed to be friends may fail us. it is under attack. four years after george floyd. our people are under attack. one of our presidential candidate warned it would be a bloodbath if he does not win. i believe him. a fight for our lives, a fight for our nation, a fight for a future worth fighting for. and some days it may feel as though we are lost in the wood,

headed in the wrong direction. sometimes it may feel as though we have lost all energy to go on. that is how i feel for a nonprofit leader, for an advocate, for many of us. lichen in this walk in the woods , like we might not get to the mountaintop, but -- not now or ever, but remember it does not matter how many times we get knocked down. it is only how many times we get back up that matters. remember, we have something that is worth fighting for. i want to close today with a message. to the chamber of commerce, to

capital one, to any bank that thinks it can pretend to be about racial equity and then not be about racial equity anybody would turn their back on serving the community. we represent the community. you mess with us? let's try that again. mess with us? some people, that probably sounds like a threat. it is not a threat. it is a warning. be careful of us. on that, we must insist. and we will persist and we will continue. we will stand up and walk out of these woods because we have

something that is worth fighting for. to say it with me. we have something worth fighting for. thank you. >> thank you for attending this plenary session. please make your way to your breakout room. our next round begins at 2:15. ♪ >> today a discussion about helping young families with children. watch on c-span, c-span now or online at c-span.org.

place ceased and has your unfiltered view of government provided by these television companies and more. >> charted is agonized as one of the best internet providers. building new infrastructure to reach those who need it the most. question writer communition supports c-span as a public service along with other television providers, giving you a front row seat to democracy. >> mother 3200 students from across the country participated in the anniversary of c-span's studentcam documentary competition. in the next 20 years, what is the most important change you would like to see in america? or what has been the most

important change in america? all this month we are featuring our top 21 winning entries. a ninth grader from meridian high school in falls church, virginia where c-span is available through cox communication. it talks about the impact and future of cloud computing and called, head in the clouds. >> welcome to northern virginia. this is where i live. the past eight years, buildings like this have been popping up around the region. this building is a data center. i wish you the difference between this, this and this spring. the answer is cloud computing. >> what is cloud computing? instead of storing data on a personal computer or phone with limited power, data is stored on

remote servers accessing the internet. >> this is remote memory you can access from anywhere in the world or any device. high-speed networks, really fast computing networks, means you don't know where your data is because it might only take a second to get it even if it's in ireland or california. his distributed storage -- it is distributed storage. >> this invisible power is behind almost every other visible change in recent history. cloud computing, the single most important advancement of the last 20 years. it started in the 1960's when the military and m.i.t. join forces to figure out how to were more people could use one computer simultaneously. at the time of its conception, it was not clear what the applications could be, but everything changed in the last 20 years, with major tech giants leaping into the fray. these companies were capitalizing on cloud computing.

unlimited, cheap, low maintenance data capable of supporting exponential growth. >> cloud computing has allowed companies like microsoft, google , aws to provide that service for customers. >> but what is really interesting is how cloud computing affects the day-to-day lives of everyday individuals. >> cloud computing supports everything from group chance to search engines to navigation apps to powerful ai technology. furthermore, it is even behind public platforms of communication, and in some cases ad hoc governments. let's take a look at some of the risks of relying on cloud computing. >> if that was just a company's on-site, you would have to get to the premises and physically access it. if someone gets into a cloud, potentially, they could get access to many people's data. >> and south korea, a hacker who

is able to breach a network and able to steal the personal information of 70% of the adult population of korea. this happens every day. >> we have criminals going after money. we have nationstates going after information. >> furthermore, cloud computing can cause an entire generation of americans to get addicted to their devices. in the past, the amount of entertainment a device could provide was limited to the metadata stored on the device. there is only so much tetris one can play. nowadays, the amount of youtube shorts and video games one can watch is infinite. this point was not lost on schools and lawmakers. >> florida passed a bill banning the use of cell phones in schools. to find out more, i interviewed the author of the bill. >> we talked to the teachers and

those who have been implementing it. the feedback has come from them that it's a great bill. most parents seem to agree that it's helping their kids in classrooms. they did research on students. they took the phones away. they are higher performers -- their higher performers increased, scores increased. lower performers increased twice as much as lower performers. >> this is important because the addiction cloud computing enables disproportionately affects minority students. who let's take a further look at what's being done at regulatory, legal and corporate levels. >> this is not an anti-tech bill. this is understanding that technology is part of society and will be more in the future, but understanding the bad types of tech, especially with kids. we have to do something to protect them. >> we try to limit things. >> we invest heavily in process

oriented security measures, which limit who can get access to the data centers and what they can do even when they do get on the servers. >> we are trying to raise the bar so these attacks become operationally difficult and leverage the latest hardware so they are difficult to execute in practice. >> this example vies what people are doing to minimize the risks of cloud computing. >> ai can empower you to do more as a helper. we want this to be accessible to everybody regardless of where you are in the world or what demographic you are in or, you know, if it's a developing country or a first world country. all of them should have access to this technology. continuing novation and investment. i look forward to see how it evolves over the coming years. >> while i embrace technological progress, i also know that every new technology presents great possibilities and great challenges. >> reflecting on his