congress created the federal reserve as an independent agency and through the federal reserve reform act of 1977, charged it with the mandate to promote maximum employment, stable prices and moderate long-term interest rates. our central bank has been entrusted with considerable power to carry out its responsibilities. along with the political independence and operational autonomy granted to the federal reserve comes an obligation to be wholly accountable, both to congress and to the public. if confirmed, my priority will be to support monetary policy that facilitates productive economic growth while also ensuring the soundness and stability of the u.s. financial system. in exercising the federal reserve's regulatory oversight, i will support policies that are effective, efficient and appropriately tailored to financial institutions, allowing them to better serve their customers and communities in ways consistent with maintaining a safe financial system. i am well prepared to conscientiously fulfill the duties of the position for which i have been nominated based on my background and

the federal reserve when you're nominated at the federal reserve and confirmed by the senate, he a long term, the probably the longest term that we have, up to 14 years i believe. so our views i believe should be mainstream. if people deem you, a lot of people have, that you are an outlier on mainstream, if you were on the fed, how would you work with the other members, could you work with them on the goal of price stability and full involvement or would you continue to be an outlier? >> thank you, senator shelby. i would look very much forward to working with my colleagues at the federal reserve. i have great respect for the capabilities and for their judgment. i think i would bring my own perspective but i think the intellectual diversity strengths strengthens and would be welcome. that's what i would hope to bring but certainly with the goal of working with the people who are there and together we would try to formulate monetary policy most conducive to production. >> you have talked about it and other people have written about the gold standard. if you had all the gold in the world,

this experience, support nderstand and the dual-mandate of the federal reserve. i appreciate the federal pursuing role in ensure a safe and stable financial system. if confirmed i'll continue to policies that achieve our dual-mandate and maintain financial stability. my background and experience makes me uniquely ualified to fulfill the responsibilities of a federal reserve governor. experience as ng a senior reserve bank official i was deeply involved in policy issues confronting the federal reserve. but in my role i also spent a substantial amount of time to members of our community about how monetary olicy affected their lives and their businesses. that public input affected how i and its bout policy consequences. i also learned how valuable it communicate clearly to the public what our policies pursuing hy we were them. in addition to my experience as official i wasve an academic for over 25 years i did a substantial amount theory rch on monetary and policy. i've written extensively on bank ndependence for the conduct of monetary policy. my research also focus

the federal reserve was his baby. and created with certain things get money toly to local communities and local merchants and bankers and not to be used to go to wall street. i don't think speculation bothered him as much as the system was being used for purposes he did not intended. >> even though it creates a new governmental agency, it is really giving a lot of responsibility over the financial system to the financial players themselves. of faith in the new york stock exchange, the self-regulating entity, puts a lot of faith and brokers to fulfill the information disclosure. whereas, you had the other models from the states in the early 20th century that were more paternalistic, what kind of securities got offered. i'm curious where glass fell on that idea. never look think, i into it but my recollection is they weren't thinking about that. the new york stock exchange, number one, did not want anybody. if you asked allen dulles and george witness in 1933, do you want an act to regulate securities? no. do you want a

>> the big bank mergers and market concentration, three months ago the federal reserve approved a merger that created the sixth largest bank in the u.s. with more than 450 billion total asset and difficult reserves own research suggests the failure of a single 250 billion bank would be far worse for the economy and a 50 billion-dollar bank. they warned that the fdic would be able to wind down a bank the size of the combined trust without imposing significant losses on the deposit insurance fund destabilizing the financial system. for the conclusion that this transaction would not appear to result in meaningfully greater or concentrated risks to the stability. >> i think we can and do it. we don't think the mergers under the statutory framework very transparently and with a number of public hearings and we looked at all the statutory factors and essentially you have the banks coming together to perform a regional bank at ten to or smaller than many of the other regional banks. >> thank you, i will yield back. >> the gentleman from tennessee is recognized for five minutes. >> i heard your

these actions have been successful in providing an ample supply of reserves to the banking system and effective control of the federal funds rate. as our bill purchases continue to build reserves towards levels that maintain ample conditions, we intend to gradually transition away from the active use of repo operations. alves, as reserves reach durably ample levels, we send the e intend to slow our purchases to a pace that will allow them to grow in trend demand for our liabilities. all of these technical measures support the efficient and effective implementation of mon they're policy, they are not intended to represent a chance, sorry, a change in the stance of monetary policy. as always, we stand ready to adjust the technical operations as conditions warrant. thank you. i look forward to discussion. >> thank you. i now recognize myself for five minutes for questions. in december, 2019, when the occ and fdic issued a notice of proposed rule making on comptroller proposal, the federal reserve did not join in this proposal. fdic member moork group berg voted against it describing it as quote a deeply misconceived pro

tlaib: the federal reserve retains the ability to open federal lending abilities? is that accurate? in stabilizing the economy? chair powell: two financial institutions, we do good rep. tlaib: when the fed stepped into rescue banks, is that because you believe their role in the economy is vital? we had no choice. it was to prevent the financial system from collapsing. city filingfor my bankruptcy was devastating for so many retirees. they worked for the city of detroit and saw their pensions completely diminish, gone. do you not believe the government of detroit and puerto rico also play a vital role that , even if preserved financial crisis makes it hard for them to borrow money? chair powell: i believe that is not the job for the fed. the fed has a particular role and particular authorities. lending to state and local governments and supporting them when they are in bankruptcy. rep. tlaib: we will strongly disagree. i believe you have the authority. chair powell: you mentioned that in the case of another financial crisis you would use the same tools of expanding the balance sheet

adams: will the federal reserve release its own proposal? one that takes into account the needs of low and moderate income communities? mr. powell: that was why we undertook this work was to do that. we haven't made a decision yet about whether or when to make a proposal but nevertheless the whole effort was undertake ithin a view to creating modernization proposal for that. ms. adams: the federal reserve has a dual mandate, price stability and maximum employment. will the fed's goal for wage growth and are you considering this approach as part of the framework review? mr. powell: i don't see us targeting wage growth as an independent item. it's something we monitor carefully. our goal as assigned by congress is maximum employment and stable prices. those are our two statutory objectives. and those are the things we target. i don't see us targeting particular level of wage growth. ms. adams: have you considered adopting wage growth, flex -- for example, once we set a certain increase in pay the fed may consider 1wit67ing to a 2% inflation ra

the federal reserve did not join in this proposal. fdic's board member mark rutenberg voted against the "aposal, describing it as deeply misconceived proposal that would fundamentally undermine and weaken the act."ity reinvestment in her berks last month, federal reserve board governor brainard said, "given that reforms to the regulations are likely to set expectations for a few decades, it is more important to get the reforms done right then to do them quickly. that requires having external stakeholders sufficient time and analysis to provide meaningful we bet -- meaningful feedback on a range of options." suggestedrainard also in a speech last month that the federal reserve created a database of 6000 public cra evaluations, looking at how barriers support low and moderate income communities. has the fed used this database to evaluate how bank activities would be assessed under the occ and the fdic proposal for cra? chair powell:chair powell: if i if istood -- chair powell: understood your question, it is whether or not we have used

robert kaplan is a ceo and president of the dallas federal reserve.'t go anywhere, more wall street right after this. uhh, excuse me, is there a problem here? you're in a no parking zone. oh, i... i didn't know. you didn't see the sign? that... that wasn't there when i was here earlier. (whimper) really? you know, in italy, they let you park anywhere. have a good day, sir. with geico, the savings keep on going. just like this sequel. 15 minutes could save you 15% or more on car insurance. (glass shattering) (frustrated yell) (car horn blast) (yelp) maria: welcome back join us next week with white house traded kaiser is my special guest on china and the markets today. plessy on sunday morning on the fox news channel this weekend february futures with former senior white house advisor steve bannon, florida senator marco rubio and kim scott along with devin nunes. my special guest this weekend live 10:00 a.m. eastern on fox news. but start smart every weekday write on foxbusiness join me for mornings with maria 69 eastern monday through friday. right her

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thanks for the good work you and so many of your colleagues are doing at the federal reserve just to address comments that came from my colleague recently, is it unprecedented for the chairman of the federal reserve to attend a party or reception >> no. >> i mean, it is certainly not the first time that a fed chair has attended a party i am certain it is not the first time a member of congress attended a reception or party. i don't know that we want the say hey just because you were at an event somehow this is nefarious. heck, you might have actually talked to a russian on a subway or something you know, the way that these things are linked for political motives is embarrassingly partisan and bad, and i just thank you for resisting all of those pressures. many of them are public, of course but one that i am concerned about right now is the repo market back home a lot of people don't know there is such a thing as reapo. it is a big factor for our economy. i think some of the warning signs in it have given rise to the fed in kind of a blend between regulatory action and monetary policy

madam chair, i would like to submit for the record section 142b of the federal reserve act asserting that the federal government, the feds actually do have the authority to buy municipal debt. >> without objection such is the order. >> chairman, given that you actually do have the authorities, can you explain to me why we shouldn't -- why shouldn't the federal reserve ensure that state and local governments have access to funding during times of financial distress >> we have limited authority i think it is to buy short-term municipal obligations. we did do that in the 1970s briefly and then have not donet since. i think a series of fomcs and fed chairs in all kinds of different political environments have thought of that as something that's not appropriate, really, for us in the sense that it's government financed we -- you know, that's to be dealt with by fiscal authorities rather than by the monetary authority. we focus on the job you have given us, which is maximum employment and stable prices, and to some extent, also, with other agencies we work on financial stability and bank su

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many are looking to central banks for economic stimulus such as interest rate cuts federal reserve chairman jerome powell said the fed would act as appropriate and investors are reading that as a signal rates will be slashed in march but that wasn't enough to calm wall street's jitters the biggest selloff since the great recession continued. and for more on this wild week on wall street let's go to our financial correspondent in new york yes quarter yes let me begin with those comments by powell was there any reaction from investors to those comments. well that's just say initially when we saw those comments the markets did not react at all but then by the end of the session and the last couple of trading minutes the market recovered a little bit after being down of 1000 points by the end of the day we had we were down 350 points but here at least on wall street there is the only question not if but when the federal reserve is going to cut interest rates and actually bets that we will see a cut in rates by mid march at the next meeting of the federal reserve those bedstand at 100 percent an

down 350 points but here at least on wall street there is the only question not if but when the federal reserve is going to cut interest rates and actually bets that we will see a cut in rates by mid march at the next meeting of the federal reserve those bedstand at 100 percent and a good 90 percent of market participants even believe that the federal reserve could cut rates by 50 basis points of bank of america saying that it's also possible that we could see an extraordinary meeting so that the fed might even cut rates before so let's wait and see a lot also depends if the markets will calm down in the next couple of days. been watching these these markets all week give me an idea what kind of week has this been for global markets. it's been a crazy week we were down by there was that all jones industrial average this week alone by a good 12 percent so this speeds that we saw with those losses that is highly unusual industry for it it's been the worst week since the financial crisis what traders are fearing is that market participants might be driven by their stomach and not by their brains s

i obviously support legislation that would have an audit at the federal reserve.eeded. here is what is important. we don't need a federal reserve that is more interested in creating policies that enriches the financial sector than an overall stable policy so we can have strong economic growth and sound money. miss shelton talked about sound money her entire career. they try to pigeon hole her as a kook about the gold standard. the gold standard is a reasonable debate to consider. putting that aside should we want sound money and stability rather than waiting for the bated breath what the federal reserve chairman or the committee decide what interest rates will be and go through the yo-yo of our economic conditions? i think it would be wise for us to have somebody like miss shelton at the federal reserve questioning orthodoxy there especially we're dealing with $23.2 billion in debt. charles: i started picking up the biography on bagett he wrote a famous book on central banks years ago and he is well-regarded. it seems to me, you brought this up, the idea of a cent

actually could cut interest rates in other time and it's not just the federal reserve but also the people's bank of china reacting so it's all this cheap money flooding the markets that is keeping the rally on wall street to life and scott on wall street's thanks so much and it seems no event is a new to the effects of the outbreak the singapore air show is the biggest gathering of its kind in asia its last edition 2 years ago attracted more than assizes companies this year though the numbers are down. flying in the face of adversity these chinese fighter jets did make it to the singapore airshow this week plenty more didn't. buy any ill aerospace event opened on shoes day but the deadly corona virus outbreak has seriously clipped its wings singapore is a long way from china but it has reported 45 cases so far. as a result over 70 exhibitors including major players such as military aircraft maker lockheed martin and the canadian plan maker bombardier have skipped the event. at least 10 chinese companies are also not here to travel ban on those coming from the country imposed by

these actions have been successful providing an ample amount of reserves to the banking system and effective control of the federal funds rate. and billll purchases reserves have built to levels that maintain ample conditions, we intend to gradually transition away from the active use of repo operations. also as reserves reached durably ample levels, we intend to slow our purchases to a pace that will allow the balance sheet to grow in line with trend demand for liabilities. all of these technical measures support the efficient and effective implementation of monetary policy. they are not intended to represent a change in the stance of monetary policy. as always, we stand ready to adjust the details of our technical operations as conditions worn. thank you, and i'm happy to take questions. >> thank you, chairman pal. i will not use my five minutes for questions. i will not use much of my five minutes at all, try to set a standard for the rest of the committee. before i turn my time over to senator brown, i yield my time. it has been brought to my attention, senator shelby, who unfortunately is not able to be here

operations these actions have been successful providing ample supply of reserves to the banking system and effective control of the federal rate as our bill purchases continue to build reserves toward levels that maintain ample conditions, we intend to gradually transition away from the use of repo operations. also as reserves reach did yourably ample levels we intend to slow our purchases to a pace that will allow our balance sheet to grow in line with trend demand for liabilities all of these technical measures support the efficient and effective implementation of monetary policy. they are not ended to represent a change in the stance of monetary policy. as always, we stand ready to adjust the details of our technical operations as conditions warrant thank you. i look forward to discussion. >> thank you i now recognize myself for five minutes for questions. in december 2019 when the occ and fdic issued a notice of proposed rule making on comptroller proposal the federal reserve did not join this proposal fdic member voted against comptroller's proposal describing it as, quote, a deeply misconceived proposal that would f

actually could cut interest rates in other time and it's not just the federal reserve but also the people's bank of china reacting so it's all just cheap money flooding the markets that is keeping the rally on wall street delight and scott on wall street thanks so much t.-mo bile is one step closer to taking over u.s. mobile network sprint after a judge ruled that the $26000000000.00 deal does not fall foul of competition laws opponents of the deal say prices will rise since the sprint purchase would bring the number of u.s. mobile networks down from for it to just 3 t. mobile says the agreement is likely to be signed as early as april. to iran where hundreds of thousands of people have been marking the anniversary of the 1979 islamic revolution the uprising led to the toppling of the country's monarchy and the establishment of a c. across a police state but 4 decades on the country is dominated by ever soaring tensions but the united states and then the economy that's been crippled by sanctions. it could be a birthday serenade the street musician is playing here in the north o

the federal reserve develop climate related tests? if we are monitoring what the bank of england is doing. those stress tests are not like ours in the sense of they would have an indirect effect on things like that. they are trying to make an assessment. decision onmade a things like that. >> climate change into the economic forecast will become more important. disasters like hurricane maria in puerto rico, currently labeled transitory risks by the federal reserve. we know events will become more frequent and severe. increasey result is an in economic losses and physical risk, the brunt of which to be felt by community -- communities of color. when the fed develops its economic forecast, when should climate change shift from being a transitory factor to a structural factor? forecast -- people like me write-down in the forecast, they are not for the much longer term. what is important is the next two or three years. on ate change operates longer cycle in that. of course, as severe weather becomes more common, and that is connected to c

these actions have successful in providing a supply to reserves to the banking systeman and effective control of the federal funds rate. as our bill purchases continue to build reserve towards levels and maintain ample conditions we will gradually transition away from active use of repo operations and is a reserved reached durably ample levels we intend to slow our purchases to a pace to allow our balance sheet to grow in line with trend debate-- demand. all of these measures support the efficient and effective implementation of monetary policy and are not intended to represent a change in the stance of monetary policyes. as always we stand ready to adjust the details of our operations as conditions warrantry. thank you and i'm happy to take questions. >> as i said before i won't use my five minutes for questions. i will not use much of my five minutes at all to set a standard for the rest of the members of the committee. before i turn to senator brown, however,tr and yield my time i went to indicate that it's been brought to my attention who senator shelbyie unfortunately cannot be recentlyt now became the

vonnie: we are joined by bloomberg federal reserve reporter matt poser.t does a governor at the federal reserve do, and what are the qualifications? reporter: whereas the fed presidents rotate in and out of the committee every two years, the fed governors always have a vote, and also take on a lot of important responsibilities at the central bank at the national level, things like supervision and regulation, big picture design of the financial system types of things, as opposed to running a big regional bank. that is the big diff in her -- that is the big difference between the governors and the president. guy: is she going to make it? i am hearing more and more comments that her nomination is going to be pulled. matt: it was kind of surprising to see how poorly the hearing went for her. ran into some she opposition from republican senators, as we showed in that clip. now it is looking a lot less likely. there was a story yesterday reported by the hill that, according to republican sources on the senate side, they expect at the white house to pull her nom

it is important here efforts to ensure the independence of the federal reserve. without the independent federal reserve, our national policymaking is really floored. keep up your efforts. you mentioned we have expanded the economy for 11 years, that would be eight years under president obama and three years under president trump. the expansion is good. there are still issues we should address. a few report in january, they indicated the sheer wealth held by middle income families has been falling for roughly 20 years. i would like you to comment whether it continues to fall, despite the expanding economy? in addition, they point out income inequality in the u.s. has increased since 1980. is it still increasing? and it is greater than the other countries that are similar to us in many aspects. despite the expanding economy, a shrinkage of wealth in the middle class and income inequality, social, political, and economic trends i don't think are sustainable. are those trends continuing? what policy can we adopt to change them? >> those are longer-term trends that i

the federal reserve board warned the coronavirus outbreak represents a new risk to the u.s.conomic outlook in united states and for that matter in global markets. we welcome david wilcox, nonresident senior fellow at the peterson institute. he served as the director of the fed division of research and statistics. he comes to us from washington. from washington we have diane swonk. let's start with you. diane, i took a peek at your note. it has to do in part with the weather. diane: we hide unusually wild winter weather with helped weong sector construction, also got nonresidential specialty construction up by quite a bit. the nonseasonally adjusted numbers fell. they did not fall as much as usual so they look like increase. we also saw transportation level increases, and at the local level to extend those numbers, building potholes. they are still pretty solid gains. we are still above the low we need to bring the on implement rate down. david: there are always variations. is there anything in these numbers that gives you pause about the strength of the u.s. economy? is righ

federal funds rate. as i built purchases continue to build reserves. we intend to gradually transition away from the active use of repo operations. also, as reserves reach durable levels. we intend to slow our person -- purpose is to allow the balance sheet to grow in terms of trend demand. all of the technical measures support the implementation of monetary policy that are not intended to represent a change in monetary policy. we stand ready to adjust the details of our technical opportunities. thank you, i'm happy to take your questions. >> as i said before i won't use my five minutes for questions. in fact, i will try to set a standard for the rest of the committee. t t before i turned the time to senator brown however, and yield my time i want to indicate that it's been brought to my attention that senator shelby who unfortunately is not able to be here right now recently became the longest-serving member of the senate banking committee in history. he began his service on the committee , on january 6, 1987 and has now served approximately 33 years

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead. a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. gerry: hello and welcome to the wall street journal at large for about much of the news coverage since it was on the first the nation presidential primary new hampshire changing dynamic in the democratic party race. the other headlines on the continuing worries of the coronavirus. a disease that was first discovered her broken china late last year's taken more than a thousand lives in that country. including at least half a dozen healthcare workers. it has infected tens of thousands around the world. the head of the world health organization is called the

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead.ings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time.ls & bears" sw ♪. david: president trump touting his success of the border wall and stemming the flow of illegal immigrants at the white house, the president of the national border control counsel brandon judd is going to be her to join us. but first. >> nevada, south carolina, go home early. david: that is tough, no love for presidential candidate joe biden on this valentine's day. protesters chanting dropout joe last night as the former vp attended back to back fundraisers in manhattan. he ended up not raising the money his campaign was hoping

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead.mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. ♪ . jack: welcome to barron's roundtable where the sharpest minds on wall street meet to get behind the headlines and prepare

the democratics are trying to get him to say there's more that the federal reserve can do to help out low income and help out poverty. for example, there was a question about whether or not the federal reserve could lend to the bond market whether they could use more of its tools to address the low income americans i don't think powell is in any worse position than others have. there was one thing about a party he attended. there was a picture shown about him going to a private party at jeff bezos' house where jared kushner and ivanka were at that party and there was a question about that powell responded he had not talked to any of these people >> that was like the beginning of a joke. bezos, kushner and powell go to a party. >> go to a party >> but i don't know what it goes >> i don't remember, somebody asked me this earlier. i don't remember the federal reserve's mike being under some scrutiny, but with the president commenting so much about the federal reserve during his testimony, before, criticize in the chairman that he appointed, it is certainly more fraught right now u and th

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead.mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. >> the president of the united states from the day he took office more than two years ago has prevailed in every attack against him even as those attacks, nearly all of them orchestrated by the radical dems and the deep state grew ever

in an election year to get anything done sold the hope lies on the monetary policy so that the federal reserve might be willing to cause interest rates. other than in other countries the u.s. has some interest rates that theoretically could get lowered if that's going to happen certainly nobody knows for sure but the bets here on wall street that the federal reserve will actually act in the next couple of months are above 50 percent about 60 percent of market actually even believe that we could see more interest rate cuts by the end of the year so the hope lies on the fed and the 1st big test will be on tuesday where we would see of the market can recover if they see the downturn as a buying opportunity or if pressure increases. quarter with the latest from the markets in new york thank you. now as mentioned south korea is one of those krone virus hotspots infections are growing around a large cluster of cases more than $800.00 people have now caught the disease the most in any country outside of china business and local economies are already feeling the pain. the queue goes as far as the eye

wall street so even if the crisis should worsened and nobody knows if the central banks or the federal reserve were there that could be could calm down the markets a bit at this point but overall you just still watch how the crisis develops still obviously a very fluid situation thank you yes carter there on wall street for us. and speaking of fallout from the coronavirus germany's flag carrier lost tons of says it is suspending all flights to and from mainland china for longer than initially announced the list tons a group which includes subsidiaries swiss and austrian airlines will not fly to beijing and shanghai until february 29 and other chinese destinations including nanjing shenyang and qingdao in eastern china will not be served at least until the end of march europe's largest airline group said it made the decision because it wants to keep its passengers and staff safe. alphabet the parent company of google has posted mixed results for the last quarter of 2019 the tech giants profit rose 19 percent from a year earlier but ad revenue the all important income driver failed to meet expec

the federal reserve, very short stement, just a few sentences, but made clear that the fundamentals in the u.s. ecomy remas strong, and if there is a more serious impact on the economy in this country, the federal reserve will step in. basically,or what invehave taken that to mean is that they are willing to cut intertt rates -- ts, how much it costs to borrow money -- to try to help the u.s. economy. that is something you have been seeing in the way that markets have been trading not only in this country, but around the world, that they are pricing in this possibility of rate cuts for not only the united states, but japan and other economies around the world. nada: wssamira, thank you so mu. officials here in the united states have been scrambling to discern how to address the prosct of a significant outbreak across the country. in california, the govhanor has saidmore than 8400 people are being monitored for the virus, despite the state only having about 200esting kits. i have been speaking to a congressman from california who is a trained physician that previously served as the chie

on c-span3 at 10 a.m., federal reserve chair jerome powell testifies for the house financial services committee on monetary policy and the economy. later at 2:30 p.m. house armed services subcommittee examines white supremacy in the u.s. military. >> c-span, your unfiltered view of government. created by cable in 1979 and brought to you today by your television provider. >> a house financial services subcommittee recently held a hearing on mobile payment technology. representatives of paypal, consumer reports and the u.s. faster payments council testified at the hearing. >> the task force welcomed order. good morning. as authentically recess of committee at any time and without objection members of the full committee not on this test for authorized to participate in today's hearing consistent with committee practice. without objection donald payne of new jersey may also participate in today's hearing of recognized by the tray to question witnesses under the five-minute rule salons on the subcommittee who are present have been recognized for that round of questioning. this hearing is e

cotton: of course, i wouldn't expect that from the federal reserve. are chinese economic or central bank officials in contact with the federal reserve or other counterparts around the world to try to help you and your counterparts understand that economic impact, recognizing the dishonesty and lack of transparency that health officials and political leaders? chair powell: i'm absolutely sure that will be the case. there have been some conversations, but i think it is too early to say. no one really knows. the big focus is containing the outbreak. andourse, the central bank the government itself have been undertaken lots of measures to support economic activity. i think, as certainly as they know more, we will know that, too. we have that kind of relationship with their central bank. sen. cotton: ok. i want to commend the trump administration for taking decisive action to stop travel from china and the other steps they have done in terms of trying to get testing kits out to the front lines. right now, i think we only have 13 confirmed cases in the unit