there would not be 70+ fdic's. there would be one fdic with all employees following the rules in the same way. >> thank you. discuss how your tenure as -- at sigtarp informed your understanding of our banking system and prepared you to lead this fdic into its next much better chapter. >> yeah. thank you, senator. sigtarp is really deep into banks at the worst time in our nation's history. we work inside the same confidential supervisory privilege that fdic and other regulators hold and we were dealing with failed banks all the time and think that were in trouble. so we were actively monitoring all the 700+ banks in t.a.r.p. and making recommendations to treasury. a lot of those were community banks that we are having trouble getting out of t.a.r.p. and that we were following all of that and their health and condition. following investigations, we prosecutor more than 100 bankers, more than 90 bank farmers. so we will go into banks, just like a bank examiner does, and we would analyze all the books and records. the

the fdic chairman will fix it. this was the same fdic chairman who had been at the agency since he was corporal under home all this stuff happened. unfortunately, that point of view did not prevail. here is the way i read the report. 97 people at that agency reported 145 separate incidents of sexual assault. 91 others reported 141 separate incidents of gender or sexuality based discrimination. 187 people reported 320 separate incidents of verbal abuse. over 500 people, about 10% of the people with the agency came forward about discrimination about the harassment and at mistreatment they faced at the fdic. now i listened to you say all the right words. and you talked about accountability. and you talked about refurbishing the tarnished reputation of the agency, and you talked about listening, andu i appreciate all that, but the phrase that got my attention me was send a clear message that this won't be tolerated. if you want to do that, what you need to do before you do your listening tours and all li that other stu

the only fdic is you, the [bl[bleep] dummies investing ca.t have money, then get it, take out a loan, steal it from your daughter's wallet, rob a blood bank and sell it on the black market. don't get trump involved, unless it works, then he wants a cut. i have a financial closure we need to read. "this is a graph, you are a mark." ignore that, or don't, you are going to fall for it. >> world liberty financial, trump crypto blocks in blah, blah, blah. >> ronny: when we come back, we will find out the celebrity endorsement that will decide the election, so don't go away. [applause] thursday night football on prime. it's on. the new england patriots take on the new york jets, as thursday night football is on. stream thursday night football. only on prime. ( ♪♪) you never want to lose your edge. and the lexus rx completely understands that. (♪♪) your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. our advanced matching helps find talented candidates, so you can connect with them fast. vis

the fdic does a number of studies. we ask why don't you have a bank account. the first is i'm afraid of having one because of surprised fees. and the second is overdraft fees. these set of fees are explicitly creating financial exclusion. mr. sueiro: we see similar findings with credit cards. there are surveys out there asking consumers why don't you have a credit card? if you don't, they cite costs, interest rates, and late fees as one of the reasons they don't get those. i would add people who do have these high-cost products are often more likely to for credit cards being delinquent. overdraft fees to lose their products. get overburdened in debt. and pushed out of the financial system if they are not able to pay those fees. senator menendez: according to a 2019 fdic survey, 36% cited distrust of banks as a reason for not having an account. we have to try to modify because we need people to enter a port financial institution so this way they are not going to the check cashing place and payday lender and pawnbroker. one final question. one area where renters

the fdic does research every two years on the unbanked and underbanked. they ask, why don't you have a bank account? the first reason is, i'm afraid of having a bank account because of surprise fees. the third reason, specifically calls out overdraft fees. these set of fees are explicitly creating financial exclusion. >> i would add, we see similar findings with credit cards. there are surveys out there asking consumers, why don't you have a credit card, if you don't have a data card, they cite cost, interest rate and late fee is one of the reasons they don't get those. i would add, people that do have these high-cost products are often more likely to, for credit cards being delinquent, for overdraft fees, to lose their products, to get overburdened in debt in both f situations and get pushed out of financial system if they are not able to pay those fees . >> according to 2019 fdic survey, 16% of unbanked households cited distrust of banks as the main reason for not having an account, it is something we have to try to modify because we need people to ente

and the question the fdic, chairt is a democrat, but there are a few key republican board members andpecially if the bank lobby tells them not to. >> the initial proposal was definitely met, drawn by party lines, and fed chair powell has said throughout this entire process that he wants consensus. what consensus means is the big question here. you know, two members in opposition on the fed does that warrant consensus? we don't know exactly at this time and then the question about a reproposal versus editing. there was some contention among the agencies this has to be brought to the floor from an interagency perspective, but some of the agencies, the fdic and occ were kind of in disagreement with the fed on how to put this forward, whether it be a reproposal that would require a significant comment period, which can take, you know, months, if not even, you know, well into 2025 to see this actually take effect, or is it something that could be just some simple edits. sounds like some extreme edits without a full repropose a.m. comment period and the like. we have this presidential elect

zelle's transfers do not leave the fdic system. unfortunately fraud and scams are not unique to zelle. criminals have always looked for ways to take advantage of consumers across all payment methods including fraud, transactions that are unauthorized and scams, transactions that are authorized but induced through deception. zelle is no exception. that's why we have developed customer facing and behind-the- scenes strategies to detect scams. our strategies are working. 99.9% of zelle transfers by wells fargo customers are completed successfully. we also have introduced alerts and other points of friction to prompt customers to slow down and think carefully before sending money. the best scenario was one in which our customers recognizes a scam and hangs up the phone or delete the text. to achieve that result we provide multiple warnings and authentication steps each time customer send money was zelle. we remind customers to double check the recipient and only use zelle to send money to people and businesses that they trust. and afte

i want to bring in former fdic chair sheila bair.ial thoughts on powell's comments. >> well, it's a mixed bag. i was glad to, you know, i didn't want to hear 100 tobasis points total. i thought the 50 was too high, too much, too fast. but he did seem to be saying they weren't in any hurry to lower rate, they're going to be careful. they would dial it back, so that was somewhat reassuring. i didn't hear a clear bias towards additional cuts of any size, significant size. charles: so i was reading this morning or yesterday a piece from the chief economist over at apollo, and i thought about you because the title of the report is goldilocks has arrived, but the story doesn't end here. he writes that the risk of cutting interest rates too much, too quickly is that the economy can become too hot again, right in and they had several compelling charts in there including financial conditions infor example. and -- index. this was something you were warning about before they cut 50. >> yeah, i have been. if it ain't broke, don't fix it, and the

want to bring in former fdic chair founding director sheila bear.fed, looking at the wrong thing right now? >> [laughter] i think so. yes, i do. i think as soon as money runs out and inflation is too high especially for lower income households, housing is still a real problem and if you lower rates and mortgage rates in particular are highly sensitive to fed, interest rate fluctuations you're going to increase demand and make housing inflation worse so the problem with housing is supply, and we need to focus on that. the fiscal and regulatory authority, state and local governments need to deal with that through permitting reforms. those are the problems we need to tackle, you know, how is lowering the fed funds rates by 20, 50, 75 basis points going to help people put food on their table? it's not, it's not going to happen and debt levels are pretty high already. i don't want to incentivize households to borrow more which is the theory, right? when we lower rates let's get people to borrow money and spend more. that's not what consumers need right n

the federal reserve -- this bill applies to a requirement to the federal reserve, the o.c.c., the fdic and the fhfa to report to congress when they plan to implement a nonbinding recommendation from an executive order or fsoc. all the regulators i just listed are independent. and independent regulators are supposed to act according to their respective expertise. they shouldn't just adopt recommendations from the president or treasury without their own due diligence. this bill says that if they do choose to implement a nonbinding directive from the executive branch, they should tell congress and the american people what they're planning to do and why. that's a commonsense requirement, this shouldn't be a partisan issue. i yield back. mr. huizenga: i reserve -- actually, mr. speaker, could i inquire as to how much time remains on both sides? the speaker pro tempore: four minutes. the gentlelady from california has six minutes. mr. huizenga: ok. i would inquire to the gentlelady, is she prepared to close or if she has more speakers? ms. waters: mr. speaker, i yield myself such time as i m

it also allows us to compete with some of the other non-fdic insured institutions that are out there that are delivering similar types of services that is the value from us. >> i am just going to assume the need for some time. we don't get much of the same answer from others here, but the reality is it's a service that attracts consumers in a highly competitive industry where you use advertising, you use the attractiveness of your brick-and-mortar institutions, you spruce them up, doesn't produce any immediate revenue, you do all kinds of things, including data collection, which can be monetized and used , and the zelle is a vehicle to do it. and i guess the question that strikes me is why don't you provide the same protection for your customers as you do when they use credit cards, which is a system -- they have other benefits besides revenue that may actually be worth more than -- neither of them are bankers, but i would like to figure it out too. it is not something you do out of the goodness of your hearts. it is not a philanthropic. you have a 501-c-3 to do it. so, why not reimb

. >> i really think this is up to congress, the fdic issued a report discussing possibilities.s of access to liquidity, better functioning of the discount window, making sure that banks are prepared to borrow from the discount window quickly, this is something that the banking regulators can -- are working on in discussing. >> let's shift andtalk about the economy, some revisions to gdp this morning. told us we didn't have two negative quarters in 2022. generally upward. gross domestic income came towards gdp which is a kind of thing only for the wonks in all of us here. bradley do you see us heading towards a soft landing and do you feel like inflation is sufficiently under control? >> well, i do. i think that all of the indications we're seeing both in the labor market with respect to inflation and with respect to growth suggests we're on a path to a soft landing. of course, there are always risks. we are seeing a less tight labor market and some growing -- a little bit more slack in the labor market that we had previously. the unemployment rate has drifted up, low by histori

we have a transition at the fdic at an important moment in time. this is not about politics.s is about getting the banking system right. the banks are also dealing with that. jonathan: you are a good man. thank you, sir. my thoughts are with you and the team today for sure. let's get an update on stories elsewhere with dani burger. -- dani: plans to enter talks with the lender[inaudible] a takeover that would reshape europe's banking landscape. jonathan: i think we have a microphone problem. we will catch up with dani in 30 minutes or the end of an era for campbell soup. the company announced plans to drop soup from its name and rebrand as the campbell's company. the ceo said the decision is made to retain name recognition but better reflect its portfolio. campbell's has acquired multiple snack brands including goldfish, and pepperidge farm. mcdonald's is moving closer to completely removing human cashiers from its shops. people familiar say that is rolling out a new format where order stations can take cash and give change. the bulk already have digital kiosks but only accep

to solve the management crisis that is going on at the fdic? >>, senator. i know that you care about this and we talked about this. i talked about how the report reads like a error for women and minorities and people in the lgbtq community. is going to take a lot. i will give you my topline thoughts. modernize the federal workplace, put in the best practices of federal workplace that i am used to and like what i lead. i want to herald the employees that are doing the right thing and managers doing the right thing. i would send a clear message that harassment, discoloration and retalliation is not allowed. that in -- includes investigations and thank you. i thank you for your willingness to address it right away. so thank you. mr. ito, welcome. >> senator, thank you for the question. at the present time, >> we are going to take you live to capitol hill where brandon carr is said to testify on the impact of biden administration policies. he is joined by policy experts from the center of immigration studies. you are watching live coverage on c-span. >> i want