as someone who was a longtime council of the scc she certainly knows what the rules are at the scc.e all from time to time have disagreement on nominees because of the rules that have taken place previously. i hope will take all this into consideration as we consider new nominees. to be someone here for a very staff would be the next nominee are we going to say they are too partisan to be a scc or they will take action against someone? i know that you and i, i have a feeling i don't know for sure but i have a feeling you up and i are going to spent a lot of time on this deposition of freedom of speech. and i welcome it because i know you are sincere. i want to get a privacy bill. i want to get new regulations in place i would like to do something senator thune and her colleague from hawaii have proposed a notes going to take a lot of work to dissect this correctly. i look forward to working with you on that issue. cox met in a chair. >> to senator wicker. courtrooms true did not mean to say this committee supported the nomination because that is not what transpired today. if the maj

some other information we are following the secures and exchange the scc a range of climate related risk and greenhouse gas emissions the scc chair says the agency is responding to investor demands for information on how climate change will effect financial companies they invest in. they are accusing overstepping legal authority. dr. anthony fauci says now is not the time to declare victory over the coronavirus. president biden's chief medical adviser is predicting an uptick in covid cases similar to the current increase seen in europe. fauci says the ba 2 subvariant is a more contagious version of the omicron variant but causes less severe illness in most people. fauci is urging flexibility in ramping up restrictions in hospitalizations rise again. meantime search and rescue efforts are underway in china after a china eastern airlines flight with 132 people on board crashed in mountains in southern china today. after a sudden dissent from cruising altitude. media reports say there are no signs of survivors there the cause of that crash is under investigation. up next president biden's h

>> currently, stablecoins could be i leave it to my colleagues at scc cftc to determine whether stablecoins are commodities. as a payment mechanism to be used by households and businesses to facilitate payment transactions, that i think is a separate consideration and that is what the pwg report focused on. >> what regulatory actions might you recommend be undertaken for which the department currently lacks statutory authority? >> currently, stablecoin issuers are authorized, they are licensed by state money transmitter laws. some trust banks and some states. there is not a federal agency. the principal recommendation is the stablecoin issuers register, required to register to be insured depository institutions where the regulation and supervision of institutions would be matched to the risks and activities of the stablecoin issuers so that if it does not make loans or extend credit, it is not subject to the same set of rules that other traditional commercial banks might be. >> what are the most common mechanisms by which issuers peg the value of the stablecoin to the u.s. dollar and which

the pwg is chaired by secretary of the treasury and composed of the federal reserve board, the scc, and the cftc. it was formed by a presidential executive order in response to the 1987 stock market crash, and regularly produces reports on financial market issues for the president, which may include recommended legislative changes. for the stable coin report, the pwg was joined by fdic and the occ. stable coins are part of an emerging set of digital assets, activities, and services that could have profound implications for the u.s. financial system and economy. the distinguishing feature is that they are designed to maintain a stable value relative to a reference asset, often, the u.s. dollar. stable coins have grown rapidly from a market capitalization of roughly $5 billion at the start of 2020 to approximately $175 billion today. the pwg report focused on stable coins because the offer of a stable value means they have the potential to be used widely as a means of payment by households, businesses, and financial firms. this potential use could create significant benefits for stable co

obstacle is an issue that's already been brought up by senator shaheen and others and that is that of the scc -- fcc must complete its coverage of the broadband maps and that is really important because the current woefully inadequate fcc maps would lead to an inaccurate allocation of funding and overbuilding. the reason i'm concerned and assigned a letter that the ranking member senator moran circulated is that the treasury department, which has jurisdiction over some of the american rescue plan broadband money recently issued a final rule that removed a requirement that the fund's be targeted to unserved and underserved areas. can you give us an assurance today that federal funds that we've provided through the bipartisan infrastructure bill will be prioritized to unserved and then underserved areas? >> i can. the bipartisan infrastructure law which he was a we worked hard to negotiate provides a crystal clear framework to prioritize unserved then underserved, and so yes that is the way we will do it. also, i share you mentioned overbuilding. i mean,, it is vital that we first give broadban

about the nominees they put forward for comptroller of the currency, for the fed with miss raskin, the sccl that the federal government doesn't support energy production, so it's a huge issue. and from day one they've been focused on killing energy, infrastructure production. and i'll say one thing they're getting a big assist from a lot of our woke and i think weak financial institutions we had an announcement recently. here's an america helping prop up chinese economy for decades and now they're black balling invest wants in alaska >> aig is a public -- it's the free market what aig wants to do >> of course it's the free market >> would you say they're som responding to pressure from the government to enforce this esg if it's just aig they can do what they want, and if a oil company decides they don't want to drill because they don't think they can get their money back on it or it's not feasible, you could make the argument those are market forces, but then again market forces are only as good as the regulations and the government over sight. we've seen so many examples in the past how g