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 ongress 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

waller will bring strong leadership to the federal system. as governors of the federal dr. ve, dr. shelton and waller will play key roles in arrying out the fed's regulatory and supervisory activities while also playing an important role striking the balance between regulations and safety and soundness. appreciate the positive meetings i've had with each of you. leading to today's hearing. i look forward to continuing a robust discussion on the topics.g the importance of right sizing regulations and tailoring the framework to support a vibrant, growing economy while safe and sound financial system. ssessing market-based fixes to maintain stability in money markets. the development of central bank currencies and other technological innovations in the inancial space which we also discussed with chairman powell yesterday. and continuing to encourage the to submit all rules to congress under the as wellional review act as to submit all significant guidance for purposes of the congressional review act. i look forward to working with dr. shelton and dr. waller on where the ther areas fed

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,

and federal. although it's a vertical chart, it kind of looks -- but the bottom line is this. you can have 14 different agencies making up to 52 different decisions according to 15 different statutes not taking into account the respective guidance, need for regulations, and the other core precedent that dictates how a project is supposed to be done across federal agencies. you shouldn't have to hire a lobbyist or be an expert to figure out how to move through the process. this is not a republican or democrat issue. this is a common sense performance issue to enshoo you are that we actually have a reliable federal partner to serve as a resource to provide and protect the environment while ensuring that there is a reasonable understanding that at some point we have to build stuff in this country and we can do it responsibly without holding it up under unnecessary red tapes adding costs and unnecessary delays which in some cases require additional resources to augment those that could have been spent

glass called his the federal reserve association. it was federal in nature. when he comes up with the scheme, we don't know who the next president is going to be. it's early 1912, and we are headed to the most famous election probably in american history, the 1912 presidential election. three major candidates. the republican president, william howard taft, teddy roosevelt who had been a republican president but now is in the progressive party, and woodrow wilson, a democratic governor from new jersey. nobody knows when glass comes up with his plan who is going to be the next president. wilson gets 40% of the vote, is elected. he and glass had never met but glass contacts him, goes to visit him, and glass says i've got a great deal for you. i've come up with this banking scheme. and glass and wilson kinda fall in love with each other. they are both southerners, virginians, racists. they don't like a strong federal government. glass's plan is just the kind of thing wilson would like, and he does. he says carter, i would like to make one change. i don't want a c

at the federal level, we would as congress to really consider making federal agency funding in program specifically, the 50 3:10, the 50 3:11 program, that i've served people with disabilities and seniors in rural communities. that they are flexible enough to work together. that they don't restrict passengers by purpose. as a critical aspect as we try to be flexible enough to meet the demands of the population. >> senator, what i would add to that. is that given what has been said. his increase the level of investment in public transportation will go a long way to helping that. communities can figure out how best it is, whether it is fixed rue, or door-to-door demand system. more than 45% of our american system so have access to any public transportation. we have been an industry that has been under served for decades in terms of investment. increasing an investment is worth asking for here. calling for reauthorization would be a major step forward. more service, more expanded opportunities, whether it's bus rapid trans rotation. whatever it may be. those are the resources that are nec

and the federals begin to deploy to counter that. it takes a long time to do this in these dense woods. lines of battle. so, this is going to burn up even more daylight. and, eventually, the federals who are deploying in an l shape are attacked by johnson. the terrain was more open than it is now. and the federals are going to spend the day reconnoitering. they are going to come to the conclusion that this is worse than fredericksburg. we can't attack here. but meade's determined we are going to attack somewhere. we are not turning around and going home. so, gentlemen, you need to figure out some options. and the guide comes up with the option -- warren, hero of little round top. it was warren who administered that sharp rap to lee's knuckles at bristow station. they are very close friends and warren says, let me pull my corps out of line, and i'll go down and i will threaten lee's flank. i'll threaten lee's flank. he'll pull out. we won't have to attack this position. warren's not suggesting outflanking lee. he, in fact, as he makes

the federal government does at our national labs. they went to the fastest computer in the world and they ran a test to prove that they had done it. here you can see this virtuous cycle of all pieces working together from the federal ,overnment doing basic work finding work at academic institutions, moving into the private sector, then having to go back to the federal government for the final check. this is a type of free-market approach that has led to a breakthrough that is world changing. a very good observation. having done some work with the national labs, one of the things they have been able to do successfully that interacts in a constructive way with this initiative, which is in the foundational science of artificial intelligence and quantum sciences is they have extraordinary modeling and simulation capabilities. the application of artificial sensing,nce or quantum for example, can be put through a synergistic suite of modeling and simulation that contributes to the advance of the foundational science. it is the foundational

there are like more than a thousand federal judges in the federal judges association. i had no idea. who knew? the reason i learned this tidbit today is because the federal judges association not only exists, but it has called an emergency meeting for tomorrow, for america's federal judges to meet on an emergency basis about this rule of law crisis that has erupted over the past week with revelations about attorney general william barr intervening in multiple active federal criminal cases on behalf of the president. attorney general william barr has been in place for almost exactly a year, and some of these abuses go back almost to the very beginning of his tenure, we are now learning. but they've all sort of burst into view with last week's absolutely unprecedented intervention by attorney general barr to try to achieve a more lenient sentence for the president's friend roger stone after the president publicly demanded such a thing. that was followed by the resignation of four federal prosecutors from that case, apparently in protest, and that has led to a flood of ne

could a federal jobs guarantee succeed where the federal reserve has not, yes or no? >> that's a hard one to answer. you mean -- >> guaranteeing a job. the history that i was providing. that anyone who wants to work and is able to work -- okay. so chairman powell, by all indications the u.s. economy has had output well below potential for eight of the past ten years and for most of the decade prior. is it true that most of that period has seen unemployment well above target while we almost never see inflation above target? >> that is true. >> okay. so meanwhile, black unemployment remains double that of white unemployment. the fed began raising rates in 2016 even though inflation was still below target. and when rates go up, unemployment tends to as well. did the fed consider how raising rates would disproportionately impact those who are already struggling to secure employment like communities of color, individuals who were formerly incarcerated or immigrant neighbors? >> i would say that unemployment has continued to go down quite significantly since we began to rai

the whole federal government, what's your take on that? >> i think the evaluation officer is one of the most important parts of the law. we have to have good leaders to advocate for all this to happen and collecting data and managing data and the data itself don't tell us anything. the processes to actually analyze it well. that's really the job, you got the learning agendas and that's going to be instrumental and guiding the work that the evaluation officers are doing for years to come. so, how is that going inside the agency today? it is kind of a mess. there are some agencies that moved very fast to identify new officers set up units and other agencies that are moving a little slower. i would like to pick on the environmental protection agency. it is actual lyanne agency that had a central evaluation function. if the goal of the evidence is to establish this evaluation function akroosz tcross the age have a lot of work to do. it is not going to happen over night. for most agency, we seem to be making good progress. >> jim, for backgroun

the money market in federal funds rate. we attribute that what appeared to be ample levels of liquidity didn't flow where they might have. so, we are doing two things. we are raising the underlining level of liquidity by raising research to a level that is higher than we thought we needed it at that process -- >> part of it as a supervisory assessment to make sure the policy is being driven. we've been doing that since september. >> i raised this in my opening statement about china. we've spoken publicly about your assessment and thinking on what's happening with china's response to the coronavirus. we wish them well and have high hopes that they are going to be able to tackle this crisis that they are facing. walk me through your thinking and assessing the situation in china in terms of economics and the potential spillover effect. >> they will quickly start by saying again we find the u.s. economy and a good place performing well with global growth and reduced trade policy uncertainty. overall we see strong job creation c

yes >> can a federal jobs guarantee where the federal reserve has not? >> that's a hard one to answer. what do you? mean >> guaranteeing a job, the history that i was providing. anyone who wants to work and able to work. so chairman powell by all indications the u.s. economy has had output well below potential for the last ten years and for most of the decade prior, do you believe that most of that period has seen unemployment well above target? where we have almost never seen inflation above target. >> that is true. >> so meanwhile black unemployment remains double that of white unemployment, the fed began raising rates into this in 16 even though inflation was still below target and when rates go up unemployment tends to as well. did the fed consider how raising rates would disproportionately impacted those who are already struggling to secure employment. individuals who are former incarcerated, our immigrant neighbors. >> i would say that unemployment has gone down quite significantly since we began to raise rates at the end of 2016, actually the end

with the victim have a claim in federal court? >> that the question isn't in federal court, i think would depend on diversity. i don't believe that the victim would be able to run a claim under 1983. because as a government points out, the language of that statute limits a class of plaintiffs to u.s. citizens and those under the jurisdiction of thereof. justice alito, congress when enacted in 1983, as a judge noted in his below. i did not limit remedies otherwise available. it is about expanding remedies in that context of 1980 71. normally three slaves. it has nothing to displace, any toward remedies that might be available towards state officers. that's one of every a bit. >> there were no 1983, and a state officer had done exactly what the bureau of narcotics agents did. in bivens. whether be in action against the state officer? >> there would be. it is worth in this context, reminded the court of the government's position in bivens. their position was not at the federal court should not be recognizing these remedies in contact

second what did the new federal action actually cover? it only covered the e-cigarettes that come in closed pods that already have flavor nicotine in them. what doesn't it cover? that is very important for you to understand. i have in front of me a series of products which are called disposables. they call them single use but that is a mis-nomer. each of these a product a kid purchases for $8 to $9 then throws away after use. what does single use mean? each one of these is roughly a pack and a half to two packs of cigarettes' worth of nicotine in it. it comes with higher doses of nicotine often than juul, which means the addiction potential is massive. does it come in flavors? this one is blueberry. this one is mango. this is cotton candy. this one is pink lemonade. none of these are touched by the new federal priorities. second, here are two products that are also e-cigarettes. this looks like a highlighter a young girl would bring home. i'm not sure what this looks like but i know it doesn't look like an e-cigarette. in each case it com

federal officials turned homeownership as a cheaper program with the cost of the houses were absorbed by the homeowners by the federal government paid out subsidies over the duration of the mortgages, thus drawing out its payments and minimizing the sticker shock a big upfront costs for a new housing program. these financial concerns also fit with the growing ideas that homeownership could stabilize the anchor and restiveness coursing through american cities are freshman senator charles persico republican from illinois, describe the benefits of expanding homeownership as quote a new dawn of opportunity on which a new national effort to bring dignity and a better life to today's slum dogs must be based if we can democratize our cities, we can give people of the gatto a piece of the action, let them be somebody and achieve something. richard nixon said of the bill, quote, people who own their own homes don't burn their neighborhoods. rather in pride and self interest they turned to fixing up their communities and making them livable for themselves and their neighbors. the terms of the n

it ensures federal funding is backing those federal expectations. a question that is important to everyone in this the defendants on the colorado river and lake mead and other reservoirs for daily water supplies for 40 million americans, including 2 million who are here. he asks, how would you director secretary of the interior to address the problems presented by drought and climate change in the colorado river basin? mr. buttigieg: there will not be any easy solutions. this is another example of not only do we need to engage the stakeholders, who are currently in a framework designed nearly a century ago, based on the realities that. we also need to be doing research on the kinds of conservation that can be done on everything from the management of cities to agriculture. it's part of why i would propose arpa i. that would be for infrastructure, creating solutions for better use of water resources to what i think ought to be a manhattan project for a way to pave roads that last longer than 12 years or so. every mayor who gotten thousands of calls a

so much of what the local policy is is driven by federal funding, so there's federal funding for housing subsidies that's going to drive their provision at the local level subsidies, a lot of emphasis is put on rapid rehousing program so communities are offering rapid rehousing. the much of the funding for emergency financial systems for homelessness comes from federal funding. we're just now starting to test these programs. the family option study was a great randomized control study that hud initiated to test the effects of rapid rehousing versus housing subsidies and other things and then that particular example, the housing subsidies won out and they look like they had a bigger impact on preventing homelessness than rapid rehousing. but we're just now starting to test this for different groups and for in different communities to really understand where should we put the scarce dollars to make an impact? because you know, if you ask anybody interested in social policy in l.a. or san francisco what they care about, what can we do to make a difference in homelessness? >> i agree. i agre

none of these are touched by the new federal priorities. second, here are two products that are also e-cigarettes. you probably would not have known it. looks like a highlighter a young girl would've brought home. i'm not sure what this looks like but it certainly doesn't look like in e-cigarette. in each case that comes with an empty container, therefore it's not covered by the ban. and what is available for this empty containers? here is a liquid nicotine that you pour into here, this one is cotton candy. i've got one that strawberry, every flavor you can imagine. these are not covered. what you need to know is over 10% of the kids are already using these products. so that these products will serve as tomorrow's product for the kids. it is not going to take the kids very long to figure out that if you like flavored e-cigarettes, they are as available today, as they were yesterday. they are not covered by the new and by the time fda gets around -- they're not covered by the new fda rule. and by the time fda gets around to it, your kids wil

but we need more federal funding. yes, that is something that has to have federal leadership. you can't expect the locals to be able to handle all of this on their own. jeanne: can i back up to your point about using the federal government for research and development? the pentagon right now is doing the most work in trying to create a renewable fuel source that could be used in airplanes. would you be looking to set standards of renewable fuel standards for airplanes at some point, and would you invest deeper in that research? mr. buttigieg: yeah, we are going to have to in order to meet our goals. the ipcc is telling us that 2030 is the deadline to make a lot of changes. i think the real deadline is a political one of 2020. if we don't have a president who believes in climate science by 2020, 2021, we are not going to make it. if you look to 2050, when we have got to be carbon neutral to stay ahead of the worst impacts, that means we have to go from light transportation, through heavy transportation and air travel, into heavy industry by 2050. and to make it on that curve. t

of federal benefits. those that are incompetent or have another qualifying isability can have their monthly benefits paid through a representative. the ently we refer to as representative payee. in recent years, what we've seen in our country is there has been sharp increase in the number of representative payees who have taken advantage of their and committed fraud, hurting many of our residents. them need to hold accountable. and this bill does that. the bill would expand protection workers all illion across the united states. in my home state of michigan, nearly 40,000 federal retirees who are currently unprotected from this crime, quality of life. they are supposed to be living in peace during their retirement years. becoming targets instead. we need to push back together in way.artisan from those hand feeling neglect in the assisted livings facilities to prices.able drug i want to ensure that our older americans have one less worry of financial predators who will misuse their hard-earned money. for t

the federal reserve did not join this proposal. member boarded -- voted against the proposal describing it as a deeply misconceived proposal that would fundamentally undermine and we can the community. aken theeea community. and brainard said given the reports, they are likely to set expectations for a few decades, it is more important to get the reforms done right than to do them quickly. that requires giving stakeholders sufficient time and analysis to provide meaningful feedback. chairman powell, governor brainard also suggested in a speech last month that the federal reserve created a evaluations6000 looking at how various cre investments support though and moderate income communities. has the fed used this database to evaluate how bank activities would be ss under the fdic's proposal? powell: if i understood your question, it would be whether we would use our database to evaluate their proposal? maybe i can provide some context of that is appropriate. if i may. which is just that we do a great that this is a good time to chang

only a few federal agencies would really see increases. huge cuts to nondefense spending while at the same time providing the pentagon with a small boost. you can really get a sense of the president's priorities in the budget like this. for example, today i had a story about the massive cuts in his proposal to foreign aid, once again. it is now a new context in light of the ukraine impeachment scandal, but you really get a sense of his priorities and what they see as government waste. host: your piece points out that this budget agreement, this budget proposal is all under the agreement that was reached between the president and congress last year, setting budget caps for what they can do this year. was anright, so there agreement last summer, a two-year budget agreement for fiscal year 2020 and fiscal year 2021, so we have funding backed for fiscal 2021, but the ,resident was a budget democrats are saying sort of violates that agreement and that he is proposing to spend at the level that they had agreed for the military, but he is seeking

the new federal legislation raising the age of sale 221. in the amount or the announcement of last month by the fda by new enforcement policy unflavored e-cigarette. first of all, the age of sale. this new federal legislation which is often referred to by the nickname t21, was enacted in december. how does it affect you in case. what do you need to know and what can you do about it. or what do you want to do about it. first of all, he just has to be said that there's going to be him out of confusion in most every state as this gets implemented because in most states, the state law that doesn't necessarily align with the new federal law. even if you're one of the states that had gone to 21, you may have exceptions for example for military personnel. so the new federal law enacted in december, when did it take effect, immediately. it is the law now. what is it say, says no one is allowed to buy or sell tobacco products of any kind to persons under the age of 21. no exceptions. so it is on the books. when will it be enforced. while the fda wil

attorney's office in d.c., which of course is the seat of our federal government, the one federal u.s. attorney's office, the one federal prosecutor's office where cases that affect the president or the cases that have real national importance tend to end up is in new york city in the southern district of new york, largest u.s. attorney's office in the country outside of washington, d.c. it's the office that handles lots of matters of national security, any crimes having to do with anything financial since new york is the financial capital of the country. in the case of this president, s.d.n.y. is also where anything will end up that has to do with his personal home base as a lifelong new yorker who ran his fraudulent charity and business here. the southern district of new york has long had a reputation for fierce independence, even onery levels of independence, willing to subject themselves from influence and main justice. they're the sovereign district and they do whatever they want. but under this administration, the pressure even on s.d.n.y. has been reportedly pretty intense. cnn

and the epa has not been enforcing federal law to require pennsylvania. >> why do you think that is. >> i don't know why pennsylvania is not doing whether there's both to do. and i don't know why the epa is not requiring them to do what they're supposed to do. but were now in the process of considering legal action against the state of pennsylvania and against the epa to enforce federal law and require that both of them do their fair share to clean up the bay. we also, i'm the chairman of the regional commission which includes pennsylvania and five other states, we work togethe together -- virginia is working very closely with us, pennsylvania for whatever reason is not living up to the commitments at the federal level. and we have pushed back very hard against the trump administration on cuts to the federal funding in the chesapeake bay which we have been successful in restoring funding in the past couple of years and we hope we can do that again. >> you don't think is politics? >> i hate to figure out why pennsylvania is not living up or why the epa is not enforcing, i'm sure polit

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

>> congresswoman, this is not proposed to be a federal program, this is proposed to be a federal tax credit. that doesn't -- >> will you guarantee. >> let me finish. the legislation is specifically for states to create programs that are going to meet the needs of the most vulnerable and needy students in their state. >> we're right back to where we are. >> we are right back to the reality of the fact that this program is to be implemented and designed at the state level, voluntarily contributed to by federal taxpayers. >> so i'm going to be clear, that you have corrected the record, when you said to me, you as secretary of education, would insure that this program would only go to schools with non-discrimination policies, that is no longer your stance, this is a state's choice, that you will not do that as secretary of education? >> ma'am, may i just suggest you're mixing up and you're not staying clear on the purpose of this program which is to help students get a great education in a place that fits for them. >> to say you would stand up for kids is appalling and you really should

to federalized -- it it -- to federalize the election peered what should be done to assist the 8000 to 10,000 jurisdictions to prepare as best they can to manage the risk of hacking into the electoral infrastructure. i would like for someone to take that on for me. >> i think i can begin this one. we heard a lot about what the government can and cannot do especially director alonso and executive director -- talked about first amendment, and whom it applies to. the people who are at the front lines of this fight against misinformation, such as private actors such as facebook and youtube, they dare obligated to give you free speech -- obligate it to give you free speech rights. youtube employs something called the content id. which somerror rate of us might consider an infringement of our freedom of speech. essentially facebook can tell us when to speak, and youtube can tell us when to speak, but they are the ones doing what we are trying to do as the government. they are trying to protect us from misinformation, or i like to believe that they are. so, yeah. importantre is an social j

we do not want to work with the federal government. what we found is that when there , aan interlocutor third-party, a nonprofit, the state acting as a path through -- pass-through from the federal side. there are some specific things we can do going back to cyber navigator. i think that is a huge opportunity -- we can go from county to county making sure holding to the standard protocols when it comes to passwords and second factor authentication. the thing we are reiterating on a constant basis. i also think there israel for a system like -- i also think there is room for a system like --. if we are using the same type of model with i.t. professionals and inserting them into the counties on a temporary basis providing that knowledge gap, i think that could be a partnership among all of the sectors. >> [indiscernible] use of continued sustained funding from the federal government. we agree with that. like to have a question from the audience? i can't see that part. >> election security fellow. my previous job was as director of electi

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

the tax credits are federal funding. what will you, the secretary of education who just said you will not allow children to be discriminated by race, religion, transgender status, sexual orientation, will you guarantee to the children of this country programever funded this that is in your budget that is $5 billion of taxpayer money, when it is rolled out in states, will you guarantee that every single school will have a nondiscrimination policy in order to qualify for that? is notresswoman, this proposed to be a federal program. this is proposed to be a federal tax credit. >> do you guarantee? >> let me finish. the legislation is specifically for states to create programs that are going to meet the needs of the most vulnerable and needy students. >> we are right back to where we started. >> right back to the reality of the fact that this program is to be implemented and designed at the state level, voluntarily contributed to by federal taxpayers. >> i will be clear that you have corrected the record when you said you as

with the victim have a claim in federal court? >> that the question isn't in federal court, i think would depend on diversity. i don't believe that the victim would be able to run a claim under 1983. because as a government points out, the language of that statute limits a class of plaintiffs to u.s. citizens and those under the jurisdiction of thereof. justice alito, congress when enacted in 1983, as a judge noted in his below. i did not limit remedies otherwise available. it is about expanding remedies in that context of 1980 71. normally three slaves. it has nothing to displace, any toward remedies that might be available towards state officers. that's one of every a bit. >> there were no 1983, and a state officer had done exactly what the bureau of narcotics agents did. in bivens. whether be in action against the state officer? >> there would be. it is worth in this context, reminded the court of the government's position in bivens. their position was not at the federal court should not be recognizing these remedies in contact

quote, federal regulators. federal regulators should be policing our marketplaces. as judge lee mentioned, i've been a member of the vast right-wing conspiracyfor a very long time . i've been going to these federalist society members or 20 years. i've never once in any of these gatherings heard anyone say that adderall regulators were a solution to any problem. and they're not a solution to this problem as well. the conservative way to police the marketplace is class action lawsuits, not enteral agencies. i start the book with quotations from milton friedman who reminds us that for all of the virtues of the united states chamber of commerce , they often not very conservative. he has a wonderful passage that i quote in the book where he says listen, big businesses often waxed poetic about the free enterprise system and they're off on a plane to washington dc asking for special legislation for their companies. so like chris, i represented many members of the chamber ofcommerce . when i was a lawyer in washington dc, i'm very grateful for all the companies do for our e

withoutuld we be federal investment? there is no question that there is more to do to just -- to address this disparity. we know that we face significant challenges. education districts where they experience poverty, exposure to violence, all resulting in trauma. the solution is not less resources, nor is it more privatization. just a quote for you from a cantor.y dr. pamela a psychiatrist. cofounded an educational organization called turnaround for children. it translates the science of intoing and development problem-solving in our schools. she led a team commission to new york city on the board of education to assess the impact of a terrorist attack on public schoolchildren. what did she find? 68% of the children they observed experienced trauma but it is from their ongoing experience of growing up in poverty, not from what they witnessed that terrifying september day. administration has shown how privatization has let students down. the trump administration evaluated the scholarship program and found that vouchers ha

>> we talking federal land? >> federal land. >> i think it's pretty unlikely given the set of federal regulations in place already in california. i suppose it could be improper cutting where you're cutting the largest trees. that seems like something that's not really on the table at least from what i understand. >> dr. davis, what's caused the increase in tree density? >> simply the suppression of fires and where previously fires through a millennia would burn through different intensities, that would clear out in the future. as we started to clear out fires effectively and we did that as a point it was wetter and cooler, those trees all grew. and they grew into that continuous forest that dr. collins mentioned before where the ability for flame to travel over a greatest distance increased. >> so fire suppression has caused fire explosion. thank you. i yield back. >> gentleman yields back. the chair now recognizes mr. johnson of ohio from five minutes. >> i want to thank both committee chairs for holding this h

is there something you could do on the state level to prevent or an more of a federal issue? >> it's a good question and i know there is some discussion back and for about that and you run into issues about freedom of speech and who determines what this information is. there is disinformation coming from all sides and in both directions. when you start deciding you can say who is providing disinformation, it gets difficult. >> you don't think technology companies should do more? >> i think they can and should but i'm not sure what the solutions are at the state level. >> so speaking of elections, you considered running for the republican nomination for president against president trump. you made some headlines when you were thinking about that but you decided not to. do you regret that decision? >> i was not really thinking much about it. after i was reelected in maryland -- maryland has the highest percentage of democratic voters of any state in america. 40% minority. so to have a republican reelected -- i'm only the second one in 243 years--was sort of a strange occurrence.

subsidies from the federal government. republicans have an idea of more limited government and then with a prosperous economy, the rising tide can lift all boats and america will prosper that way. mark: so franklin roosevelt built the modern day party >> he did. mark: you are saying he did the by not just trying to abeale to them, but by subsidizing them and subsidizing areas of the country. >> for farmers it was the fda. the whole concept of paying farmers not to produce is incredible. but it's one that brought in a lot of farmers into the fold. he relied on a lot of progressive thinkers. in the case of the aaa, it was college professors that helped design that. he thought if we pay farers not to produce that will help far income. and we then ask the farmers to not plant object some of their land, we won't have overproduction. but we have people starving. but it's effective in getting farm groups to vote for him. mark: he was extraordinarily political in terms of the federal largess he gave out. give us some examples. >>

would the fed support federal action in that regard? >> mr. scott, so actually it's some members of the arc, the alternative representation committee itself in terms of the need for federal legislation, we have not reached a point where we think it's going to be necessary. we have plans to do that if we do believe that federal legislation is necessary, we will come tell you, and we understand that's not something you can do in 24 hours we know the time for that is soon >> very good let's move over to great britain for a minute the uk regulators have been very direct with their financial institutions, and they recently established a goal for their institutions to cease liber-based lend big the third quarter of 2020. why has the fed not been so direct and do you have plans to set clear goals and guidelines for your regulated institutions? >> yes we will do that at some point. you may have seen that fannie mae and freddie mac have said they won't accept those mortgages after some point later this year. that sort of thing will begin to happen now