dr. lacker. >> you ask a difficult and upsetting set of questions. you ask me to stray outside the bounds of federal rate policy. it's hard not to. baltimore is part of my district and thinking about the events that have transpired there in the last couple of years, it's hard not to think about why it is that african-american communities have lagged so far behind despite the last 50 years of efforts, despite the vast array of interventions we made, despite the vast array of policy initiatives brought to bear on that. dr. spriggs is right, can influence the sweep of demand. there's nothing we can do where it's going to show up. is it going to show up in silicon valley, carolinas, baltimore. >> specifically, though, is this the time to do austerity with slow growth? >> i think you would want to go on merits -- >> transportation bill or infrastructure bill that was adequate, do you think that that would help your efforts? >> i think you should evaluate a transportation bill based on what transportation infrastructure needs. >> we have like 80,000 bridge

dr. lacker. with that, ms.george, you are recognized for five minutes as well. >> chairman hensarling and huizenga, ranking members moore and members of this committee, thank you for the act to share my view on the roles of the role of federal reserve banks as part of the federal system. because the federal reserve is an institution that makes institutions of consequence to the broad public, a discussion of these matters is worthwhile. if changes are to be considered, the public should understand not only the congressional intent for its current design, but also the strong safeguards that assure its accountability. central banks are unique institutions. they have important responsibilities for a nation's financial system and economy. congress as it contemplated a central bank for the united states more than 100 years ago took note of central bank molds for the united states from other countries. while keeping in mind to earlier attempts at central banking in the u.s.. ultimately it opted for a different approac

dr. lacker. >> you've asked a difficult and troubling set of questions. you ask me to stray outside of the bounds of federal reserve policy. i can tell you, though, that we do think about that. and it's hard not to in our country. baltimore, for example, inner city baltimore is part of my district. and thinking about the events that have transpired there in the last couple of years, it's hard not to think about why it is that african-american communities have lagged so far behind, despite the last 50 years of efforts, despite the vast array of interventions we've made, despite the vast array of policy initiatives we have brought to bear on that. dr. spriggs is right that federal policy can influence the broad sweep of demand in our country. but there's nothing we can do to guarantee where it's going to show up. is it going to show up in silicon valley? is it going to show up in the carolinas? >> specifically, though, is this a time to be doing austerity with slow growth? >> i would think you would want to evaluate programs on their merits, not for what th

dr. lacker. with that, ms. george, you are recognized for five minutes as well. >> chairman, thank you for this opportunity to share my views on the regional federal reserve banks as part of the federal reserve system. because the federal reserve is an institution that makes decisions of consequence to the broad public a discussion of these matters is worthwhile. the changes are to be considered, the public should understand not only the congressional intent for its current design, but also the strong safeguards that ensure the capability. they have important responsibilities congress has contemplated a central bank for united states more than 100 years ago, took note took models of central banks from other states while keeping in mind two earlier attempts at central banking in the u.s. ultimately, is opted for a different approach. greater compensation in decentralized institutions. the fellow reserve's unique private/public structure reflects these strongly held views and is designed to provide a system of ch