i don't need to wait another minute, let alone an hour to take common sense steps that will save lives in future and urge my colleagues in the house and senate to act. we can ban assault weapons and high capacity magazines in this country once again i got that done when i was a senator. it passed. it was law for the longest time. it brought down these mass killings we should do it again. we can close the loopholes on our background check systems that's one of the best tools we have right now to prevent gun violence the senate should immediately pass, let me say it again. the united states senate, i hope some are listening should immediately pass the two house pass billed that close loopholes in the background check zsystem

these bills that receive votes of republicans and democrats in the house. this is not -- it should not be an partisan issue. this is an american issue. it will save lives, american lives. we have to act we should also ban asaul weapons in the process i'll have much more to say as we learn more i want to be clear those poor folks who died left behind families with a big hole in their hearts. and we can save lives. increasing the background checks that are supposed to occur and eliminate assault weapons and the size of magazines. i'll be talking later today or next couple of days about what else we know god bless you all and those families who are mourning today because of gun violence in colorado and georgia and all across the country

we have to act thank you so much. >> will you introduce new gun legislation? >> that is president biden at the white house. live making remarks about yesterday's mass shooting in colorado calling out gun violence specifically. commending officer eric talley was who was killed in process of trying to come to the aid of people there calling for ban on assault weapons and calling on the senate to pass two house passed bills the close loopholes in the background check system. let's head back to fed chair jerome powell and janet yellen testifying in front of the house financial services committee as quick as you can so they are there. we need to use them now. so many of our people cannot get the money quickly because they

don't have the kind of high standing within our financial system when you put these things in bank owned and get my payment, we need to use them right now. i appreciate you looking into that now, let me move to you. the american rescue plan also included $350 billion in assistance to state and local governments to make up for the lost revenue and to ease the economic impact of the covid-19 pandemic when can local governments to expect treasury to release guidance on the american rescue plan >> well, we have to issue guidance quite quickly

i think within 60 days and to distribute the funds and we're working very hard to sort through the issues that we need to in order to provide clarity about the purpose of the funds and how they can be used >> all right,sir madame chair lady, i am concerned we have the treasury secretary here and we have the chairman of the federal reserve here we past this bill and we put certain things in here to increase the delivery and everybody cannot get this payments through electronic

accounts most of the people you and i have been very concerned about getting inclusion are not getting the funds as quickly i want to take a moment here we pass it's there please, please treasury secretary, please federal reserve, all of us need to hurry up we put these things in place so we can reach those who have been excluded very quickly. they need money as quickly as every one else thank you. >> thank you very much, mr. scott. i recognize the gentleman from florida for five minutes >> thank you, chairman waters for calling this hearing today

we continue to live in a period of uncertainty there's some good news on the horizon. it appears to recover rapidly as the vaccine is given to more and more people. chair powell told us in the semiannual appearance a few weeks ago that the economy could grow by as much as 6% during this year alone. at the same time, other factors could plow horizon such as the unprecedented level of spending, corporate bond yield and mysterious enthusiasm for raising taxes. it threatens our recently acquired energy independence you said the treasury department could facilitate for climate change but you wouldn't results would be used for capital requirements or other

regulation what would the purpose of such stress test be >> the purpose of maybe we should call it scenario analysis rather than stress test is for financial institutions and for the regulators to better understand the risks that climate change owes to the health and resilience of core financial institutions and it will help them better understand the risks. >> are we doing any studies of the risk from solar interaction with our planet? a couple of years ago we missed the solar eruption that would have knocked down a lot of satellite. are we checking on natural phenomenons like that as well?

sgra the weather problems such as hurricane thing and things l that we do that just in response to your question, i would say that >> how would this be used? some people think a federal infomercial. how do you plan to utilize this information? >> let me say the many, many of the large financial institutions are already doing this

understand what are the risks that are involved in climate change and that one way to do that is to run simulations and ask what would happen if there's fo regulatory consequences contemplated. it's an exploration of understanding better what the risks are to the core of our financial system we feel like that's our only g - obligation to understand the financial institutions are actively doing there on their own. it's not something we're forcing them to do, at this point. >> who is doing it who might be doing that with you? >> i'm not going name individual financial institutions many of the large banks are very active in trying to understand how climate change would affect their business over the long sweep of time. many or even all that's also true of large industry companies in the united states

>> are they sharing that information with you >> they're sharing with the public >> does it seem consistent >> it's early days it's really very early days of trying to understand what all this means it can have longer term implications for our economy and the people we all serve. >> do you think you will discover revelations they have missed or -- >> we have a job to ensure the institutions we regulate are resilient to what they run it's just the same mandate in a

different way. >> gentleman's time has expired the gentleman from texas, mr. green, is recognized for five minutes. >> thank you very much i don't want the historic aspect of this hearing to escape us i've had many persons to appear before this committee. in this statement he says while addressing progress as being made he states we welcome this progress but will not lose sight of the millions of american who is are still hurting including lower wage workers in the service sector

african-american, hispanic and other minority groups that have been hard hit and the secretary of the treasury, in her statement, she indicates that since taking office two months ago we have been expediting relief to areas of greatest need, for example, small businesses and especially the smallest small businesses which are disproportiontionately owney women and people of color. i understand tlhere's still gret work to be done. i don't want to over look the fact that people are talking more now about the needs of minorities and women.

i'm grateful to both you have for understanding it's now time the move forward on the issues of associated with the wealth ga gap, as it relates to minorities in this country and issues related to women who happen to be more than 50% of the population of the country. i have a concern and i'm concerned about the ten billion dollars ta will go to state small business credit initiatives. when it's instituted on a previous occasion, we have reauthorized it in the rescue plan

the agriculture department has the dew uty of making sure it me down the other units of the state. in texas that's probably not the best way to do business. i have this consternation about it my hope is that we'll be able to get this to the end users in a much more expeditious way such as you have indicated you have been trying to accomplish. will you send us the timeline in the 9 billion dollar emergency capital investment program that's come into being under the honorable maxine waters

leadership have the privilege of working on this program and the 10 billion dollar state small business credit initiative, similarly came into existence. relying it to the extent we're helping the smallest of small businesses i have people asking me daily about when will the money be available. i believe your heart is in the right place. i believe you're working expeditiously. i just want to be able to answer those questions when they are posed to me. i thank you.

i would yield back some 16, 12 seconds to you >> thank you very much i recognize the gentleman from missouri for five minutes. >> thank you >> i have a duty in congress which is to be the ranking member of small business during your opening statement, which i'm sure was written by your staff, they made or you made some comments with regards to this administration being responsible for all the loans that are out there, that are being taken by those entity, those small businesses under 20 or 10 employees. i can quote you from my own press release that the loans have been roughly 75 to 80% ten

employees or less already and isover 90% of 20 employees or less and for the administration to actually pause ability of small businesses over 20 to have access to the program is actually harmful from the standpoint if we don't pass the extension of the ppp bill that we passed if the house and senate now has it. those at a disadvantage because they are over 20 delayed and if they don't get the loan in pipeline soon, the pipeline is not going to get processed it won't get the loan process. my comment would be, please tell your staff to quit politicizing your statement and stop taking liberties with the facts mr. powell, we're halfway through the two year cycle now and the capital delay which will

end in 2022 and begin the phase in of the impacts on the capital. we now had nearly four quarters of data available and have banking reviewing the data can you tell us what the fed review of that data is and if you would consider a revision to the current approach if you can unmute, that would be great. >> i double clicked. we're continuing to look at see sell i don't have anything for you on that data. i will get a look at it quickly and come back to you >> that will be great. having deferred it is something that you agree to up front, last year and in the process. it's something you probably agreed to again this time. i think it's something we need to review for sure if not get rid of

fed data indicates that 51% of the commercial real estate debt is held by banks community banks have a higher concentration of those loans of lenders. kop congress has provided relief with the assets through the suspension of tdrs and the extension of foreclosure i think it's important to have discussions around this and what will happen when this relief ends can you give us a little heads up as to what you think will happen, the impact on balance sheet, economic recovery if we take that extension, take that foreclosure off. >> i will look into that for

you. >> apologize for my voice. i have really bad allergies. >> that's time of year >> we're monitoring cre very carefully. you're right it's concentrations arise in smaller banks and we'll have to monitor carefully as we allow those moratoriums to el elapse i don't have anything for you on that today we're well ae waware of the iss and move very, very carefully when we do address that. >> as you know i've got -- i'm very concerned about the situation because as we saw in '08 and '09, when we went in and shut down entire industries, especially the commercial real estate and real estate development areas, it had really devastating e ing affect on loc economies as a whole i hope we're very cautious about this we talked about this before.

i appreciate your interest on that and your support on that. i know that you all are doing a good job of working with banks i would ask that you continue to do that. i realize some are bad you have to write them off i think if time is given, i believe we can get out a lot of mess there we're in without having to go through the process of foreclosure i thank you for your thoughtfulness i yield back >> thank you very much the gentleman from missouri is recognized for five minutes. >> let me hopefully for the last time apologize to you, the members of the committee and our witnesses for not being properly attired due to my current medical situation. i thought it might be better for me to do this than miss the meeting.

if i can, i was here in probably everybody on the democratic side who have spoken here and i think all the republicans as well were on the committee when the tax cuts were approved the tax cuts and jobs act was called and it temporarily organized or authorized what was called the opportunity zones and became excited about it. the incentives were designed to encourage private investment in the economically distressed areas around the country and i

have become concerned even though i had great enthusiasm of the program that the larger promise of this organization has not been realized. i thought, i believed, i hoped we would have affordable housing, community amenities like grocery stores, drugstores like cvs would improve the quality of life if these low income areas my dream remains unrealized. tom chairman green and i sent a letter opportunity zones is in ways and means. i respect that

we have seen some things that happen that i think are extremely unfortunate and they bode poorly for what we can do in the future. one of those things is that we have seen, for example, the brookings institution talked about in one of their reports and some of states had picked the opportunity zones covering college campuses where over 90% of the residents of students i'm all for students but i don't believe the program was designed as i recall and read the initial proposal for colleges. it was designed for distressed communities. at any rate, i'm talking too long but i want to make sure you understand the concern we have and in the remaining time yould

talk about economic says about the benefits if we have this program maybe tweaked or redesigned in some ways so that the incentives actually help people in what we thought were going to be zones. >> i think it's critically important to increase opportunities for -- to provide affordable housing especially for low income and historicall marginalized families and opportunity zones are appropriately structured there are a number of other tools that we have that can contribute to affordable housing goals.

the capital magnet fund the serve to facilitate investment in affordable housing construction this is a top priority for the biden administration we're certainly open to exploring opportunities at treasury and across the government to address the affordable housing shortage. we're oerptsing and the programs and the programs that will invest in cdfis and minority depository institutions. we have variety of programs and would look forward to working with you to see how we can use them to address this problem

>> thank you >> the gentleman from michigan is recognized for five minutes >> thank you i'm going to be trying to move through a couple of quick things secretary yellen, congratulations your new position i look forward to continuing to work with you. i have to read you part of an e-mail i received from a cpa constituent of mine and this ex echoes what mr. sherman had to say. extending the filing day of the 2020 filing returns was not an option it was a necessity of the stuff being thrown at us making changes in march, question mark. really question mark it will take software developers to get this into the software correctly. can you imagine e imagine the amount of incorrect correspondence the irs will create and how much we'll have to deal with straightening this out for them because they also

can't get their systems changed correctly that quickly it's going to be a mess this summer for sure. extending the 2020 deadline by 30 days is olympiminimal. it should have been till june 15th as the ways and means committee recommended. we can deal with that. having the first quarter er 21 estimated payment due on april 15th after extending the tax filing day to may 15th is the most ridiculous thing i've heard. how do you think we determine what testhe estimates should be to have the first quarter estimate due on april 15 without knowing where the prior return ended up is ridiculous they should have kept filing date at april 15th i want to know if you are aware of this problem and two, whether you are committed to actually trying to stragighten that out and move that date to make it workable >> sorry i believe the logic of moving

the one date but not the date for estimated taxes is based on the idea that it's mainly high income taxpayers who file estimated taxes and they are able to file by april 15th >> let me just stop you right there. as a former realtor and independent contractor coming out of college, i was not a high end income earner but i paid quarterly taxes. i paid quarterli ly estimates there's all kinds of people like that who are small business ordinary reason and prudence and they are in middle of trying to keep their restaurant owner open like marlana who is an immigrant restaurant owner who is in jail because she violated the michigan health department order to shut her restaurant down because he was trying to save her business we have a lot of those folks that need tounderstand what their tax liability is before they are going out and sometimes

having to borrow cash to make that first estimate payment especially those that are in seasonal work such as construction, andscaping, thos kinds of things. i don't want to take anymore time on that i want to have that conversation with you and your staff offline. mr. powell, materiality. i want to touch on that. you have a interesting quote saying rarld of future engagement with them, we set regulatory expectations as normal that begs the question why the involvement in that and two, materiality, doesn't it need to be definable as well as quantitative

>> they're trying to understand the best practices >> i know what it is what i need to know is about the materiality. when nobody can define it, how can it be measured and be kwaunts at a timive? >> we're not trying to measure or quantify something now. we're trying to understand at a high level what is the nature of the risks that will affect banks over time from climate change. >> that might be your goal and objective. that's not the goal and objective of a number of my colleague who is have been talking about this needing to be into the review currently. i want to talk about secretary yellen you're a professor, a lifelong educator do you agree we should safely send our kids back to school to ensure their educational development? i'm concerned about that impact on the future of our economy

>> i have concerns about the impact of children not being in school and it is an important objective to reopen the schools safely as soon as we can >> all right my time has expired. i look forward to that other conversation about the irs >> thank you the gentleman from connecticut recognized for five minutes. >> thank you thank you to both you have couple quick things and i have a question chairman powell i saw your comments on cryptocurrency out of the fed you said we would not proceed without support from congress and urged great care and transparency i appreciate that. i just wanted to tip my hat to

that sentiment i think we should work together. it's quite bit of education to be done with the united states congress on that very important topic. secretary yellen, thank you for all the work you and your people have done. i would be remiss if i didn't urge you to be quick on the roll out of the rules for the restaurant revitalization fund that obviously is a sector that's been brutally hit in the last year or so. we're hoping that those funds become available quickly in my remaining four minutes, i have one question for both of you that i'd like to offer it's undeniable that everywhere we have looked today, we see the effects of the very substantial liquidity in the system. it's gratifying to see monetary and fiscal policy working in tandem this was not true when i was a freshman in '09 when the fiscal policy was working against monetary policy for recovery it's very gratifying to see that everywhere we look we see the

effects of a flood of lick wi t -- liquidity in the system. the high yield market is yielding something like 4% everyone and their brother has a spac my question for both you have and let me ask you to take a minute and a half to two minutes, we learned in 2008 that trees do not grow to the sky i wonder if you would take 90 seconds to tell us what you see as the near to medium term risks socialed with the contraction of liquidity in the system. let me start with the treasury secretary and go to the chairman

secretary yellen, you may need to unmute. >> while asset valuations are elevated by historical metrics, there's also belief that vaccinations proceedsing at rapid pace the economy will be able to get back on track. it's important for regulators to make sure that the financial sector is resilient and make sure that markets work well and financial institutions are appropriately managing their risks.

>> monetary policy is highly accommodative now. that's appropriate given how far we are from our employment goal and our inflation goal, for that matter we have a frame work with four pillars. the evidence is kind of mixed. you can say that asset prices are somewhat high. the remaining category is leverage among household and businesses which is somewhat elev elevated pu nothing like the fj crisis it's a mixed picture on that main thing is to have a resilient financial sector that can withstand the sorts of disruptions that will come in terms of moving forward, we have said we would start to

taper our asset purchases when we have seen substantial further progress toward our goals. we will communicate well in advance of time of it tapering we have learned over the course of some years now we need to communicate carefully and move slowly well lead of time we will let people know what's coming we'll chainge it to a different policy >> the gentleman from kentucky is recognized for five minutes >> thank you secretary yellen, you have created a team within treasury to focus on climate change you are also the chair of financial stability oversight

charged with identifying systemic risk to the financial system i understand that changes to weather pattern could pose risk to individual credits or insurance policy holders but linking hypothetical climate scenarios to entire financial system seems highly speculative. an industry that still provides 80% of total energy consumed in the united states and remains the most affordable and reliable source of energy to the american economy. are you incorporating this real risk and how do you plan to account for the disruptions in the labor market the very significant disruptions to the labor market from lost energy jobs and what about

increasing energy prices and decreasing reliability for consumers. is that something to be looked at in addition, in the context of your climate czar you need to unmute >> i believe it can play a role in arranging discussions among financial regular larts. one of whom have responsibilities for assessing risks from climate change to the financial institutions that they supervise and regulate to coordinate a system wide response using the best available tools.

make sure that climate risks are addressed fully in light of these assessments. i don't think it's playing a role in telling financial institutions what kind of lending they can do but it's important. >> thank you just reclaiming my time, i would encourage treasury to consider the role that shifting consumption away from fossil energy towards renewables despite the market's continued demand for fossil that the impact that could have on the economy as well and systemic risk as opposed to just looking at hypothetical climate scenarios. the pandemic has opinion hard for rural family who is don't have broad band connection dm my home state of kentucky i'm dplad the american rescue

plan allows for necessary investment in broad band one of the ongoing problems we had is finding the structure goes to areas that already have broad band and the dollars never get to under served areas like in my district i was disappointed this committee in mark up of the american rescue plan rejected to dedicate funds to rural areas for broad band will you commit to using its authority to see that in the american rescue plan it's spent first and foremost in underserved rule areas >> we needs to distribute the funds to states localities, territories and the like based on the requirements that are in and using the funds for broad band or water or sewer for the

state and local funding is certainly a permitted use but we're going to give flexibility to the recipients of these funds as to precisely allow they are deploy them consistent with the requirements >> thank you i look forward to working with you and treasury on that i appreciate that. i think we can work together on that with the spending bill just passed, does the treasury or the federal, both of you intend to lengthen the maturity of government debt before interest rates rise. >> >> treasury has been look at this question and has no current plans to do that

sgr the gentleman's time has expired. the gentleman from illinois mr. foster is recognized for five minutes. >> thank you i'd like to probe a bit deeper on central bank digital currencies and need for a secure digital id for parparticipants i believe both you have are on the record that an untraceable digital dollar is not a viable option for our country or the free world because its ability to be abused for money laundering, ransomware and so on is that correct? >> i don't think i'm on the record for that but i'll go on the record now for it. >> nor am i on the record but i would agree that we need to be very care ful about the use of a digital currency for finance and

anonymous currency makes that much harder to control >> i concur. i think it's logically impossible i believe the chinese approach to digital currency that give the government immediate and unconditional access to all transaction information will be equally unacceptable to americans and to most citizens of the free world. >> it's a secure digital id and must be backed by a trusted court system and a clear legal regime to determine the conditions under which the participants might be unmasked

if it's to be used internationally, we'll need digital id system that operates internationally, at least among the free countries of the world. i was wondering where you see this discussion going as far as a secure digital id across boundaries, across countries >> i'll let chair powell start with this because he's been more involved than i have >> thank you we're engage inside a process of looking at the technical issues. that's one of most basic ones.

completely private or completely secret about who is owning the digital dollar would not be available. the lack ov privacy in the chinese something is not something we could do here it does call for using the two tiered system in some way so there's a wallet outside of the central bank and transfers can take place there and there are appropriate protections. we're only beginning to think carefully about these things and it's going be a careful detailed and probably lengthy process of consideration. one that we're investing quite a bit if now and i expect will last some time >> secretary yellen, did you

have any thoughts on this? >> ill clear -- >> the issue is very much in your court one of things that coronavirus laid bare is the lack of -- a list of citizens of the u.s. and our ability to rapidly distribute funds to the underbanked. a high quality and universal digital id in the u.s. would have made that immeasurably easier as well as everything from vaccine certificates or you name it. it's an ongoing discussion on many fronts. there are specific proposals i believe you had letters urging both of you to look into this. just as a means for citizens to receive payments, fed accounts

each one of us has an account with the federal government or the irs, at least. i have wondering how you saw this part of the conversation. >> it's worth exploring. i've not done so but we will be glad to have further conversations with you about how something like this could work >> is gentleman's time has expired. the gentleman from texas is recognized for five minutes. >> thank you the president was not really telling the truth when he told voters that anyone earning less than $400,000 would not have paneny raised in taxes this number is reduced to anyone making $200,000 a year and significantly greater number of families can expect to

government to make more of their hard earned paychecks as democrats can fund their progressive priorities they will need to make the necessary changes to accommodate the new normal chairman powell can you talk about the relationship between business and gains and how increasing productivity benefits workers and the overall economy. >> sure. more poutput per hour. incomes can't rise that's human capital and advancing technology >> okay. thank you.

wen this legislation was signed to law, there was some concerns coming from the business community about the impact this will have on small businesses in the form of additional regulatory costs as a small business person i can tell you that's a burden duo not look forward look forward to as you put out guides and implementing the law, i hope you will be mindful of this and do all you can to make sure that businesses will not be stuck with additional new experience secretary yellen, can you give us an update on implementing the anti-money laundering act of 2020 >> yes, timely and effective implement aches of the anti-money laundering act of 2020 is the top priority at fin

sen, and several provisions of the act that involve a fin sin looking at innovation, regu regulatory reform and the like we're actively engaged in, so this is something that's a high priority and we're matter progress on it. >> okay. thank you. chairman powell, in the past, we have talked about the workforce participation rate and how we need to get people off the sidelines and contributing to our economy. in other words, just put them to work in your testimony, you note this figure is still notably lower than it was before the pandemic, and yet the covid-19 bill recently extended the enhanced unemployment benefits until september. now, i have consistently expressed my concerns how this policy will be detrimental to our economic recovery and make it more lucrative, frankly to

live off these overly generous programs than to go out and find a job. given the enhanced unemployment benefits you are now law, how should we be incentivizing people to get off the sidelines and back into the workforce and make a good living for their families >> i think the most important thing is for people to get vaccinated, so we can get the economy fully reopened so those jobs can come back and people can feel safe doing them >> do you have an answer to that, ms. yellen >> well, i agree with that um, many people who are not working are not doing so because of safety considerations or because they have children out of the school, and the studies that have been done about whether or not the additional payments discourage work show pretty clearly that they don't

serve to do that in addition, they will be expiring in the fall >> well, in my remaining time, i want to talk about increasing taxes earlier. i would just say's a small business owner who employs hundreds of people in texas, it's pretty simple, if you cut taxes, you increase jobs if you raise taxes you cost jobs i hope everybody will understand that raising taxes, to any business is not good for our economy. with that in mind, i yield back my time, madam chairman. >> thank you very much i now call on mr. -- from california >> thank you very much, madam chair. i appreciate the hearing, and i also congratulate in the strongest way it chairman

yellen it's great to have a woman in that position, it's very exciting -- about deficit spending when we democrats are in power, they don't seem to remember that when they are, especially their there 19 po 9 trillion giveaway to the wealthiest it's probably even more now, because the wealthiest have made so much money during this pandemic one of the things i have found so interesting about this particular hearing is that we have toe incredibly intelligent people presenting today. one is a democrat and one's a republican one appointed by a democrat, and one appointed by a republican. and yet they seem to be

principled, scientific, speaking about the facts and not crazy things i mean, this is the way it used to be. so i appreciate it very, very much again, i can't tell you how much i have enjoy listening to this intelligent conversation i'm sure that the secretary and the chairman have differences of opinions, as they should, but it would be done on a factual basis, and it would be done, i think, intelligently and scientifically so in that spirit, i do want to ask about climate change it seems that both of you have the notion that climate change could be a big deal, and is in your study what are the long-term investments that we need to be looking at with respect to climate change in our economy? either one can go first.

>> well, i would start off by saying that climate change poses very severe risks to the well-being of humanity, and it's a global problem that demands a global solution. so while we need to address climate change at home, we also need to work globally to help other countries, particularly poorer countries, so they have the resources to address it as well it is a top priority of the biden administration president biden has released a detailed plan to combat climate change we have rejoined the paris agreement. we intent to put forward a proposal to invest in sustainable infrastructure and to create new green jobs in the

process. we have talked earlier in this hearing about evaluating the risks to businesses and to financial institutions from climate change, which the financial regulators are doing, and i hope to facilitate through. fsoc, the information on best practices. we need to focus on information and disclosure of information about the risks to companies that investors need to channel their capital to the right -- in the right directions. >> mr. chairman, so what about the risks to businesses and if this institutions? mr. chairman >> so we see this through a different lens, proechtly, from the treasury department. that really is the lens of our existing mandate we supervise banks and some other institutions to assure

that they understand and managing the risks they are running in their business. we don't have a new mandate. that's what we do. climate change is an emergen risk so we're looking at a carefully -- we actually are just in the very early stages of considering stress scenarios that's what others are doing, too. it's an emerging idea. it's not actually something that people are conducting now, but we're doing that and many other things, again to get a basket understanding of how the financial system can be resilient against what may be very significant emerging risks over time. well, thank you. yesterday in the foreign affairs committee, we talked to david beasley, the world food program, climate change was such a big deal there for famine and so, again, i'm very thankful you're working together and that you're scientific thank you. >> thank you very much mr. hill, the gentleman from

arkansas, is recognized for five minutes. >> well, thank you, madam chair. let me welcome my good friend, jay powell back to this committee for this oversight hearing, and what a pleasure to say welcome, madam secretary, and it's a pleasure to have you both here. >> thank you >> secretary yellen, china, russia, iran, syria, venezuela, myanmar, are all subject to the ofac sanction, and president biden recently called vladimir putin a killer with chairman waters' strong support, now treasury is considering sending billions of dollars to these dictatorships through the imf's special drawing rights allocation. wouldn't you agree that no strings attached liquidity for a

genocidal regime like china run counter to our national interests? >> well, i believe that our rational interest involves augmenting the reserves of countries that need it so that at this very difficult time we don't pressure countries to take contractionary, deflationary actions that would make recovery more difficult and it's especially important to channel our resources to the world's poorest countries that are having a great deal of -- >> madam secretary -- i agree completely, of course david has made available $160 billion of concessional loans to the world bank and the imf billions to the neediest countries through its facilities