back to senator crapo's questions. the materials that are coming in don't have an individual's name on them. is that correct? >> that's correct. >> it's a compilation of credit card activity within an institution with certain characteristics but doesn't identify that by individual. >> i think the phrases under standard anonymize, identified, help us establish how institutions are treating customers not about how any individual customer decides to use their credit card. >> i want to go to some practices internally happen. the bipartisan policy center s has, you got high marks on rule making. you really went through a process. it was open. you got a lot of input. to my knowledge, most people are very happy with that process. dodd/frank also, though, made you do that. it was part of the process. there has been criticism, i'm sure you read it in the report, we're not doing that on other things. you were made to do that on one and the other it isn't occurring. all of us want the same thing, we want good practices out there.

back to senator crapo's questions. the materials that are coming in don't have an individual's name on them. is that correct? >> that's correct. >> it's a compilation of credit card activity within an institution with certain characteristics but doesn't identify that by individual. >> i think the phrases under standard anonymize, identified, help us establish how institutions are treating customers not about how any individual customer decides to use their credit card. >> i want to go to some practices internally happen. the bipartisan policy center s has, you got high marks on rule making. you really went through a process. it was open. you got a lot of input. to my knowledge, most people are very happy with that process. dodd/frank also, though, made you do that. it was part of the process. there has been criticism, i'm sure you read it in the report, we're not doing that on other things. you were made to do that on one and the other it isn't occurring. all of us want the same thing, we want good practices out there.

chairman. >> thank you, senator crapo. we have agreed, to allow for sufficient time for questions, we are limiting opening statements to the chair and member. all senators are welcome to submit an opening statement for the record. we will now swear in dr. yellin. please rise and raise your right hand. do you swear or affirm that the testimony that you are about to give is the truth, the whole truth, and nothing but the truth, so help you god? >> do you agree to appear and testify before any duly constituted committee of the senate? >> i do. >> please proceed. >> please be sure that your written statement will be part of the record and i invite you to introduce your family and friends in attendance before beginning your statement. dr. yellin, please proceed with your testimony. >> thank you. i would like to introduce my husband george, and my sister, and my friend and a former san francisco fed director carla chambers here with me today. chairman johnson, senator crapo and members of the committee, thank you for this opport

chairman. >> thank you, senator crapo. we have agreed, to allow for sufficient time for questions, we are limiting opening statements to the chair and member. all senators are welcome to submit an opening statement for the record. we will now swear in dr. yellin. please rise and raise your right hand. do you swear or affirm that the testimony that you are about to give is the truth, the whole truth, and nothing but the truth, so help you god? >> do you agree to appear and testify before any duly constituted committee of the senate? >> i do. >> please proceed. >> please be sure that your written statement will be part of the record and i invite you to introduce your family and friends in attendance before beginning your statement. dr. yellin, please proceed with your testimony. >> thank you. i would like to introduce my husband george, and my sister, and my friend and a former san francisco fed director carla chambers here with me today. chairman johnson, senator crapo and members of the committee, thank you for this opport

let's go with senator crapo and senator baldwin then. >> thank you, mr. chairman. dr. elmendorf, i kind of want to ask a two-part question like senator portman did. first of all, in 2009 when we had the $800 billion stimulus package before the congress, i believe you were cbo director. you were just starting then. >> yes. >> cbo issued a report that is a common type of report that we see from economists who testify before us, which said that the stimulus package, which was entirely borrowed money, would in the short term have a stimulative effect, and in the longer term, which i recall two or three years, it would start to have a depressing effect on the economy because of the impact of the borrowing. is that your recollection of that report? >> so, our analysis, senator, and we actually still update this, pursuant to federal law, on a regular basis, is that the recovery act provided the biggest boost to the level of output and employment fairly soon after its enactment and provided a waning boost since then. we think that the extra debt will start to be an actual drag

and will ensure monetary stimulus isn't removed too soon now during the here in idaho senator mike crapo wasted no time asking yellen yellen if and when we see an end to quantitative easing. just continue indefinitely i mean if the labor market doesn't improve to the point that you reach your target along this continue do you agree that there has to be some point which we return to normal monetary policy so i would agree that this program cannot continue forever the costs and risks associated with the program. now yellen did however suggest that if the economy picks up in the coming months so continue with plans to wind down the central bank's eighty five billion dollar a month bond buying program however when asked by senator dean heller of nevada about whether she follows gold prices and what causes them to rise or fall no one had this to say. i don't think anybody has a very good model of what makes school prices go up or down but. certainly it is it isn't as shit people want to hold we need a very fearful look out potential financial market catastrophe your economic troubles and risk

that there will be no monetary stimulus removal any time soon also during that hearing senator mike crapo he wasted no time grilling yellen over if and when we see any end to quantitative easing but can it just continue indefinitely i mean if the labor market doesn't improve to the point that you reach your targets. this continue do you agree that there has to be some point which we return to normal monetary policy so i would agree that it's this program cannot continue forever to steer our costs and risks associated with the program now yellen went on to say that the fed takes risks to financial stability very seriously and that the fed recognizes that the longer these programs go on the more prominent those risk could be and while today's hearing to put yellen on track to be the next head of a central bank it isn't without any sort of question now senator rand paul he said that he's going to threaten to delay her confirmation process if his bill isn't looked at first clearly janet yellen has been in favor of transparency at the fed that's all we're asking for is an open audit a year aft

that there will be no monetary stimulus removal any time soon also during that hearing senator mike crapo he wasted no time grilling yellen over if and when we see any end to quantitative easing but can it just continue indefinitely i mean if the labor market doesn't improve to the point that you reach your target along can this continue do you agree that there has to be some point which we return to normal monetary policy so i would agree that this program cannot continue forever that there are costs and risks associated with the program now yellen went on to say that the fed takes risks to financial stability very seriously and that the fed recognizes that the longer these programs go on the more prominent there's risk could be and while today's hearing to put yellen on track to be the next head of the central bank it isn't without any sort of question now senator rand paul he said that he's going to threaten to delay her confirmation process if his bill isn't looked at first fairly janet yellen has been in favor of transparency at the fed that's all we're asking for is an open audit a

that there will be no monetary stimulus removal any time soon also during that hearing senator mike crapo he wasted no time grilling yellen over if and when we see any end to quantitative easing but can it just continue indefinitely i mean if the labor market doesn't improve to the point that you reach your target alone can this continue do you agree that there has to be some point which we return to normal monetary policy so i would agree that this program cannot continue forever that there are costs and risks associated with the program now yellen went on to say that the fed takes risks to financial stability very seriously and that the fed recognizes that the longer these programs go on the more prominent those risk could be and while today's hearing to put yellen on track to be the next head of the central bank it isn't without any sort of question now senator rand paul he said that he's going to threaten to delay her confirmation process if his bill isn't looked at first fairly janet yellen has been in favor of transparency and said that's all we're asking for is an open audit a year

senator cryptoh -- crapo. >> dr. elmendorf, i want to ask a two-part question. 0n 2009 when we had the $80 billion stimulus package before congress, you were just starting then. that is a a report common type of report that we see from economists who testified before us, which said the stimulus rock -- package, which was entirely borrowed money, would have a stimulative if it. it was two or three years. starting in two or three years, it would have a depressing effect on the economy. is that your recollection of that report? this pursuantdate to federal law on a regular basis. the recovery act provided the biggest boost to the level of output and employment fairly soon after its enactment and it has provided a waning boost since then. we think the extra debt will start to be a drag on the level of output later in the decade, not yet. you're a point is right. your opponent is right. >> when we get to the drag of that stimulus spending and the debt it is growing and as we look at a question of the tax expenditures that

. >> senator mike crapo is a member of the finance committee.n an exclusive interview and, senator, you propose ad timeout to the senator to, to the senate investigating premiums and other failures regarding the law. what was her response and were you satisfied? >> well, as you have indicated she did take responsibility for the failure of the website. my point to her was, that the website needs to be fixed, yes, but we've got to recognize the rollout of obamacare is having a lot of unintended or frankly i think intended consequences we've been talking about. millions of people are seeing their insurance canceled, they can't keep their own doctor as promised, the promised reduction in health care benefits or health care premiums not only evaporated but skyrocketing premiums in the individual market. frankly now the obamacare taxes are slamming the middle class, which was also promised would not happen. so i've suggested we simply need to take a timeout. stop the individual mandate, take time to fix the website but also go look to try to repair so

crapo: thank you, madam president. i rise today also to speak about a subject on the mind of all americans, and that is the rollout of the affordable protection -- the patient protection and affordable care act or obamacare. many of us have predicted the implementation of obamacare would result in difficulties for american families, businesses and our still-fragile economy. we spoke about the tax hikes that would come to the rising premiums, the canceled policies, the benefit cuts to medicare programs for seniors and other problems in the flawed law. still, the president insisted that he was right and that he knew best what americans wanted. since then, countless opportunities have been provided for our colleagues to join us in defunding or at least delaying the implementation of this damaging law. to further the confusion, the administration has elected to change the law to suit its political advantage. and now that act 1 has come and gone, millions of americans are becoming feignfully aware of the reality of how obam

let's go with senator crapo and senator baldwin. >> thank you mr. chairman. dr. elmendorf i want to ask a two-part question like senator portman did. first of all in 2009 when we had the $300 billion stimulus package before the congress, i believe you were the cbo director. you are just starting them and cbo issued a report that is a common type of report that we see from economists who testified before us which said the stimulus package which was entirely or a money would in the short-term have a stimulative effect but in the longer-term which if i recall correctly was two or three years, starting in two or three years would start to have a depressing effect on the economy because of the impact of the borrowing. is that your recollection of that report? >> we actually still update this pursuant to federal law on a regular basis. the recovery act, the biggest boost to the level of output employment fairly soon after it's enacted has provided a waning boost since then. we think the extra debt will start to be an actual drag on the level of output later in this dec

crapo. >> thank you very much. i have listened very carefully to the comments that have been made today and i am heartened by the fact that everyone recognizes that we need to come together and find a consensus. when he to turn the current crisis. we need to recognize the facts that we have to deal with. i have started to hear talk recently that we don't really have a debt crisis anymore. the congress has been responsible in the fast two years. we have passed $2.5 trillion of reform and that we are well on our way to climbing out of the problem that we face. the reality is that we do still have a debt crisis. the $2.5 trillion that is talked about is essentially made up of about $5 billion or $6 billion in tax increases and the budget control act -- anybody who has watched congress and budgets know that the record congress has in sticking to its budgets is deplorable. one of the things we are to focus on is making sure that this $2.5 trillion we talk about is maintained. we have stayed to that budget for the last c

quick question about the database senator crapo alluded to. my understanding is on a couple occasions federal reserve inspector general raised questions about data security and controls on data. i'm just won't earthquake, have you or do you intend to implement recommendations regarding data security on this database? >> we do. by the way, that's not solely the federal reserve's inspector general but cfg's inspector general, they have made a number of recommendations that have improved our operation. this is one of the areas where that is so. yes. >> have you already adopted their recommendations? >> we have been working to adopt their recommendations to understand the basises for them and pay diligent attention you and senator crapo have raised surrounding privacy of this data. >> it's an ongoing process in the works. >> it is. it's an ongoing process. it may be we've implemented all those recommendations at this point. some take more time because they are more complex. we've also been looked at by outside auditors and will be looked at gao in

another example is that senator crapo has been clear about data collection.that has prompted a dialogue between our staff and his staff, myself and him, and senators and representatives who have indicated that concern. that has reminded us that data is sensitive. we need to be sensitive to data and privacy concerns. we have to comply carefully with federal law. it is important to us to get the story out. we have to have data to do our jobs. when congress requires us to write a report about the credit card market, whether it needs to be changed or tweaked or updated, if we do not know anything about the credit card market, we cannot possibly do that job in a way that is useful to congress. when we write mortgage rules, having the data to understand what we are doing and be able to assess its impact over time, which may require revisions over the next two years, is critical to us doing our work in an informed and intelligent way. if we are shooting in the dark without information, that is not going to be good for anybody. >> you are compiling this massive datab

now, before that banking committee vote, the ranking republican, senator mike crapo, questioned the wisdom of continuing those policies with no end in sight. >> these unconventional and untested policies continue unabated as the fed continues to purchase $85 billion worth of securities each month. the long-term costs of these policies are unclear and frankly worrisome. the immediate benefits are questionable, and markets have become far too reliant on monetary stimulus. >> reporter: now, the big question is what kind of procedural moves could delay that senate vote? senator rand paul plans to put a hold on the yellen nomination. democrats control 55 senate votes. 60 is the magic number to overcome hurdles get cloture. at least four high-profile republicans are on the record saying they'd vote for yellen. marco rubio and john mccain are among the gop senators say they intend to vote against her confirmation. tyler? >> very interesting. maybe a close one for a change. usually these votes are not quite the nail-biters that this one may turn out to be. hampton, thank you. >> right you are. >>>

senator crapo went after her on premiums. she said they will be 1% less than what the cbo forecast. he says that's baloney. will they be higher this year than last year. and she said yes. he said so you are trying to tell me they won't be as much as the recent cbo. she said don't worry about the people losing their koornlg. she says the vast majority of people with insurance will be unaffected. there are 153 million insurance policies that are provided by an employer. group coverage. about 15 million policies on the individual market. that's 168 million total. that's policies, not people. those policies coverage multiple people. 90 million of those are not governed by obamacare. there are 17 million private understand policies subject to obamacare. if you have 15 million people losing their coverage. that's 20 per of the people with private insurance governed by obamacare will lose it. other estimates are 35 million. bill: what is that effect of that? >> large numbers of americans who today have private insurance coverage that are governed by obamacare will lose their coverage and h

-- >> now there was a moment there where we could have gotten some contention between senator mike crapohis question was look, all of this printing of money hasn't worked and ms. yellen says it's to get the rates down. second question, how long are you going to keep doing this? she said until you get an improvement in the jobs picture. he said you can't do this forever and miss yellen agreed no, you can't do it forever, but until we get improvement in the job picture. is that a decent summary? >> and the part of the hearing that will trigger a market reaction, any indication on the part of janet yellen, what are the raising of fund rates and the timing, and the bond market to show the way in the 90's with the bond surprise in the 10-year note. she avoided that. stuart: there's nothing specific she's said so far that would move the market. when she started responding to the senator, the dow was up 2 points and now we're down 3. i do not call that a significant market reaction to what we've just heard. we'll take you back there if there's any more contention between any of the questioners

another example is that senator crapo has been clear about data collection.that has prompted a dialogue between our staff and his staff, myself and him, and senators and representatives who have indicated that concern. that has reminded us that data is sensitive. we need to be sensitive to data and privacy concerns. we have to comply carefully with federal law. it is important to us to get the story out. we have to have data to do our jobs. when congress requires us to write a report about the credit card market, whether it needs to be changed or tweaked or updated, if we do not know anything about the credit card market, we cannot possibly do that job in a way that is useful to congress. when we write mortgage rules, having the data to understand what we are doing and be able to assess its impact over time, which may require revisions over the next two years, is critical to us doing our work in an informed and intelligent way. if we are shooting in the dark without information, that is not going to be good for anybody. >> you are compiling this massive datab

jon: and idaho secretary mike crapo has been asking questions about the implementation of obamacare. let's listen in as a response continues. >> we have an all time lower rate. >> you can go through those points in the data set that you are talking about. but on the flipside, we are seeing millions of americans lose their health care. millions and millions more to their health care premiums going up and the price for some of these services is phenomenally higher and isn't it time to go in and take a look at the areas of the law but are simply >> actually, senator, in the marketplace, the rates have come in about 16% lower than what the congressional budget office projected the rates to be. >> that is the true direction after -- that's not lower than actual facts. >> those were the projections, the rates were lower, a lot like we just heard senator talking about. the projections around medicare part d, the raid came in significantly. >> are using that in the individual market, insurance rates are going down? >> i didn't say they are going down, but that the rates are lower than even w

crapo: mr. president, i join my colleagues on the floor today because i, like many of them, have many, many upset constituents. idahoans are finding out that the president's promise to the american people that if you like your health care plan, you can keep it, simply was not true. over 100,000 idahoans will find that they cannot keep their current plans. idahoans like jennifer are finding this out the same way. jennifer is a working, self-employed mother of three, whose current health care coverage costs her family $375 a month. now jennifer is being told that her current plan is no longer available under the president's health care law and that the next available plan to her family will cost $900 per month, with a $10,000 deductible. that plan will require jennifer to spend $20,000 a year between premiums and deductibles before she has benefit coverage. then there's kelley, another hardworking mother from boise who was promised affordable health care coverage under obamacare. optimistic to enr

senator crapo pointed out in response to your point of the recovery helped cushion the economy during a really difficult time, that some of the debt service in the out years will provide a little bit of dry. i would just point out that the drag from interes the interest s were occurred as a result of the wars, unpaid for prescription drug plan and the tax rates dwarfed any out your drag from the recovery bill. the sequester as you pointed out will result in approximately 800,000 fewer jobs by this time next year. we should fix that. my question, mr. elmendorf, deals with an employment compensation. at the end of this year the current policy on unemployment compensation will expire. can you tell us what impact that will have on economic growth -- these are people who are still working for work, out of work through no fault of their own -- what benefit would be to the economy from extending the current policy unemployment compensation? >> congressman, we will report about this time last year that extending the additional unemployment insurance benefits through 2013 would provide a boost

another example as senator crapo has been very clear about his concerns about data collection, and that's prompted a dialogue between our staff and his staff, myself and him and some other senators and representatives who have come to share that concern. you know, that has reminded us -- although we shouldn't need any reminding -- that data is sensitive. we need to be very attentive to both security and pryce concerns -- privacy concerns which we're required to be by federal law, and we have to comply carefully, but it's also important for us to get the story out on this which is we have of the day that in order to do our job. when congress requires us to write a report to them informing them about how the card act has affected the credit card market whether it may need to be changed or tweaked or updated in some respect, if we don't know anything about the credit card market, we can't possibly do that job in a way that's useful to congress. and when we do things like write significant mortgage rules affecting the trajectory of the single biggest consumer financial market in the world, ha

. >> that's mike crapo, republican out of idaho. we will take a quick break.n's testimony on capitol hill in just a moment. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 70% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. but it sure feels that way. because with power ports... and wi-fi... and in-seat entertainment, for everyone on board, now when you fly, time flies too. (flight attendant) sir, we're about to land. (vo) we're adding a brand new plane, with all this, every week. it's just one way we're building the new american. >>> let's get right back to janet yellen's confirmation hearing, being questioned by senator menendez. >> do you think it'