dr. yellin's chairmanship? in addition to unprecedented monetary policy, the next fed chair will finalize several regulatory reform rules that must balance the financial stability with the inherent need for markets to take on and accurately price risk. they must be done without putting the u.s. markets at an undue competitive disadvantage or harming consumers with unintended consequences. the chair must understand how different rules interact and what impact they have on the affected entities and economy at large. just as some worried that we did not have enough regulations on the books to prevent the economic crisis, some of us worry that the post crisis response will result in a regulatory regime that stifles growth and job creation. the chair of the federal reserve must know and understand the need for that balance and how to carefully manage competing demands without harming the economy. u.s. banking system and capital markets must remain the preferred destination for investors throughout the world. during

dr. gellin to be the next chair of the federal reserve board. today's hearing is an opportunity not only to examine governor yellin's qualifications but also her viewsrecent years the fed has engaged in unprecedented politics come including purchasing trillions of dollars in treasuries and mortgage-backed securities. current fed purchases total up to $85 billion a month. as a result, the next fed chair will inherit a balance sheet that currently stands at approximately $3.8 trillion, four times higher than before the financial crisis. as a native windows i've been a longtime critic of this quantitative easing purchases your now that a reduction and asset purchases finally seems to be on the horizon, i'm concerned markets have become overly reliant on them. that's why it's essential to know how dr. yellen, if confirmed, would manage the process of normalizing our monetary policy. the fed has indicated that it will hold short-term interest rates low for an extended period. in a speech in april, governor john state the policy rates should under present conditions be held lower for longer. but how long is too long? the extended period of low rates is hu