and federal levels.

this regulatory burden of leverage more private capital, encourage the efficiency and insurance comprehensive housing finance. letters of endorsement one of which is signed from both sides of the aisle the obama

administration without objection so ordered. i asked unanimous 200 to the record bipartisan support letter bob told george. without objection. so ordered. congrats to both of you and thank you for your willingness to serve. >> a long resume with development programs and the

silent housing crisis as long as part of america's time citizens into the arts included manufacturing ohio communities and we have seen the administration threatened reform and take away health insurance from 23 million people and 11

million renters pay over half their income and rent. one thing) their lives and they effectively and their children how to vote a different school. 500,000 people are homeless and

eliminate funding for 250,000 next year and lead exposure 99% of the homes have led. tomorrow is one of five or six who voted for legislation.

his budget about the president promised across the country to revitalize inner cities. i hope we can strengthen our nation while providing good jobs in ohio. the budget will only add and i look forward to tackling the many challenges in this country selects are too many americans think letting me do this is my

friend who just spoke, it's a pleasure delighted to who is the chair? he had known each other for a long time. i respect him and he continued to serve as a policy the clinton administration try to reform the textbook and that's one of his specialties and a lot of respect

on both sides of the aisle excellent served as senior economist his economic advisor and five campaigns. an expert on reform and i think this will be incredibly important and have a textbook that gets rid of references with lower rates and what we need to get the economy moving.

wages are flat and reform the tax code something we can address. it's the right person at the right time and it will be much easier. i hope the committee will send him to the board. >> like to place the nominees under oath please rise. >> you swear or affirm the truth of the whole truth and nothing

but the truth? you may be seated. each of you may take a few moments. >> thank you so much. i am humbled and honored to be here before you today. i am grateful to have a chance to get to know many of you and i wish the people who worry about washington and witnessed the members of this committee and staff in the last few weeks and i like to begin to introduce my college sweetheart my sons, john

and james behind me. i'd like to acknowledge my father john could not be here today. i was raised by teachers. my mother was a kindergarten teacher and my father taught english in high school and still lives in the same house i was growing up in. plants closed and families moved away is something policymakers

can do for prosperity? workers can hi wages in the supply of and policy recommendations and there are many complications the data often surprises me. the observation led me to learn from the data. my early career was spent setting government policy.

sheds light on the circumstance like those my hometown who lost their jobs. i explore causes we see in america today. there's an interactive map dark color red in the council of economic advisors to provide objective economic advice and

they have done so admirably. in 2009, apples to the integrity and make it a center for unbiased analysis. let's eat to you that i will do the same is the ethically take the helm of this country. >> i would like you future within 60 seconds to discuss your priorities as confirmed you look my first priority would be to recruit a lot of economists

are not a lot of agencies they turns over a lot so that would be first order of business and 35 to ten and increase transparency of modeling and communication occurs on so i would like to ring that transparency in your opinion, is 3% growth reasonable target please explain what policies

would be to recycle. >> 3% growth is something americans used to be used to. for some time now but that seems to slow down now. and it has been disappointing growth the things that i've

researched this capital investment and get going then possible to get growth that would include. >> that is correct and i think it was high but there is a survey where congress in fact the economic growth was about 1% tax reform is one of the. >> a debate over the growth rate.

the rate 1.9% and 3% growth rate we experienced. many place more weight than the upside% growth rate over the next decade work is kevin hasek of 2006. >> for sure if we don't take. if they don't envision in a bipartisan fashion proposed the%

tax report zero private sector job growth. not just, can we get anywhere close to this? >> i think that is fair. >> a wonderful family my temperaturethe think tank

you've been a part of has played a role in power writing perfect things in a perfect world let me say this as my temperature cools down.

obviously you are qualified but can you talk with me about the world playing here? hopefully share a little understanding that we represent 320 million people here and there's something to consider in the world removing the country ahead. >> thank you for your time in office. the hallmark of my career as if ever been that person to that, you are a traitor people on all sides and the role to provide

objective advice we need expert analysis. >> that's actually not what people say. they are not staying in a perfect world, they are actually undermining legislative process. ...

as financial markets evolve it's important regulation of speed what i was asking was if you have one thing to keep an eye on or not to worry about right now what would it be? >> i think, i think that we've got a recovery that is very long in the tooth. recovery very often end of old age and something need to be attentive to and think the policies we can adopt that we can extend recover. >> thank you, mr. chairman. >> thank you for your work at

aei. i watch you from a distance and appreciate your commitment to our economy and the way you have said things, paint pictures like long tooth recovery, interesting. you have also said while certain areas of the country doing remarkably well, the recovery has profoundly been an even with large swaths of the country facing chronic rates of long-term unemployment and historically low levels of new investment. can you elaborate on the social and economic cost of this an even economic recovery? and also what can we do to bring more resources into distress community? >> thank you, senator. i think one of the things economists have learned really the last decade of research that really starting to be how extreme it was was there so many people that if they lose her job and don't get a job back in a little while, then they start to

despair and have personal problems and that often, they can happen, turn into a spiral that takes into a very bad place. we know there are pockets of our country where because the mill closed like in my hometown after a number of people that end up having substance abuse and so on. nobel prize-winning economist just wrote a moving piece on this. when i give economic talks of an country if you ask americans about this problem they recognize it. something i've noticed is everyone wants to do something about it. everybody does but they don't know what to do about it especially the really concentrated geographic inequality. what we need do is think of ways that only policies with individual by info we can help people make a difference. i know americans want to. >> there are two individuals have been working on this, myself and cory booker. we have legislation called to

investigate opportunity act which seeks to do for the capital gains tax up to seven years if folks are willing to reinvest those capital gains into distress committees using the new market tax credit designation, i'd like for you to look at the legislation come back with how we might have some success in impacting long-term poverty and unemployment in those distressed communities. >> thank you. if confirmed i would look forward to working with you on it. >> final question since have according to the folks who as question before, two minutes and 38 seconds left in this conversation, i thought that was funny. the question i have is on the notion of the workforce participation rate as you just described impact of long-term unemployment makes it difficult to return to the workforce center workforce participation rate has been declining for the last eight or nine years. i think about the economy to,, gig economy or shared economy,

technology economy. it seems like our focus on workforce investment is going to be a very important part of how to navigate the future challenges that will displace millions of workers in a way we have not seen in the past. how do you factor that into the goal we have growing our economy? >> it's an urgent call for us to address the problem that the share of our population is 27 out of 35 oecd countries come that we need help people get back to work. the sharing economy to be part of that but also presents a number of challenges. >> thank you, mr. chairman. >> thank you. senator cortez masto. >> thank you, mr. chairman, ranking member and thank you for the time he spent with me in my office talking about the issues that obviously are important to so many of us particularly in nevada as well. it's nice to see her family here.

welcome. appreciate your commitment to public service. dr. hussan let me start with you. we had this conversation me follow up. in 2013 you said in a written research peace quote, with lackluster gdp growth rate become our new normal, allowing more immigrants to enter for the sake of employment is one of the few policies that might restore our old normal. has he was doubled its immigration portal to bring in new workers picket at more than half a a percentage point hero expected gdp growth, unquote. despite the clear evidence indicating you are correct, here we are in 2017 with the administration pursuing precisely the opposite policies. the president's policy of mass deportation is sparking panic and fear many latino community is causing consumer spending to fall by double digits. this is threatening these communities, confidence in economy just as a starting to restore after the financial

crisis. by the way financial crisis that was hardest hit in nevada. the question is what you said in 2013 2013 still true about immigration and economic growth? >> thank you, senator. there are a lot of policy angles on immigration. one of them is the border security. i'm not a border security expert but economists are very good at inputs and outputs. if you have input of labor we will get more output.

>> so what you said still holds true? >> i don't know if i advocate specific number of exactly how much immigration should go up anything like that. that's not the role of -- but if there were more workers we would have more. >> i appreciate that. and the pass you characterize wall street reform as quote the worst piece of legislation i've seen in my entire life unquote. and that the law quote needs to be repealed as soon as possible. is it still your view that wall street reform should be repealed? >> i would have to look back at what i don't recall, i would have to look back what is talking about and get back to you on that. it would take more than come to review what was us talk about and why i i was so adamant abt it. i'm usually not so -- >> so let me just say this because, i just said came out of the worst financial crisis would sense of the great depression and differ going to continue to

make economic progress we can't eviscerate the rules were put in place after the collapse. i would hope you consider that and take that into consideration when you're looking at this. thank you. >> senator tillis. >> thank you, mr. chair. thank you both for being here and congratulations on your nominations. mr. hassett come also with you. would go back briefly to the discussion about immigration. the point of your report had to do with legal i would assume legal denigration, guest worker programs, they create an economic multiplier. some would even argue they create american jobs as a result of that reliable, predictable guest worker program that ebbs and flows in this country and is something we need to get sex. was that the essence of your analysis? >> yes, sir. >> i am looking forward supporting your nomination but

now with a little asterisk since i read your report on deflategate. i'm not a patriot samper ensure the folks in new england love you. no, i thought of remarkable. it's going to have to make a go and change my -- not going to use the hearing to drill into that. i do want to talk about a report, you are very well published in very impressive list of writings. what i want you to spend maybe a minute or two on is the spending taxes and certainty roadmap a 4% gdp. in your current role how would you cut through the noise we have right now and emphasize what we think we have to do to build the momentum to actually get to a sustainable 4% gdp growth? >> thank you, senator. it's essential if you were to move forward and make policy changes we need to get higher growth, that we have to build consensus by having rigorous

modeling that draws on empirical evidence and is -- >> but is the tax both, regulatory policy? what are the top point understand that do not have expertise? >> thank you for referencing the specific article that are number of challenges. look at the long run a budget balance and help remove uncertainty about what the future holds. because we haven't fully funded the promises we have made. if you look back at each of those the countries that have gotten their act together of those things have experienced surges in growth and there's every reason to expect that could be an opportunity for the united states. >> dr. hassett and i had the opportunity to collaborate together on workshare program. unimpressed this is not only knowledge but his thoughtfulness

and his analytical skills. we don't always agree but we do agree on workshare. in that vein, dr. hassett, i would hope in your new role you would continue to promote this as an option in every state. with your help we've expanded to about 19 or 20 state. could you comment on that as an appropriate way to deal with it? >> thank you, senator. i commend the senator force leadership on this issue. if there's now an empirical literature evaluating your efforts that says rhode island outperform a lot of other states because you not only help state change unemployment insurance to help serve workers better but make sure the people of rhode island knew they could take advantage of this federal program. i know now there's hard peer-reviewed evidence that our successful. absolutely if unemployment insurance reform were to be on the agenda again the stop and large body of economic evidence