as two of the central insurance and the national development fund, which is actually the financial stability councilu can see the financial stability council. it is in this, no, it is the same, maybe it is actually different, what you are considering in the economic literature. we form specialized ministers in the field of financing as if we are doing what we are doing this can mean that the people who are related will soon get together and actually make decisions in coordination with each other and actually introduce their own decisions to the financing system under the title of notification and discuss the actual financing patterns. development and promotion of the body now. in fact, some of the cases for which this law council has specified specific duties, i would like to share with you one of the issues of developing the accreditation system, mr. doctor, before we move forward. because we want to talk a little bit, we also want to manage time a little bit, so that it will be better to understand. now, with the arrangement that you said and the approach that you are considering , see which obsta

two of the central insurance and the national development fund , which is actually the financial stability council, you can see the financial stability council. no, that meal may actually be different from what is in the literature. it is very important that the board of ministers specialized in the field of financing is formed as if we are doing what we are doing , which can in any case mean the people who are related and those decisions are actually introduced to the financing system under the title of notification. and the discussion of models of financing can actually be developed and promoted. now , i would like to tell you about some of the cases that this council has the duty to specify , one of which is the development of the validation system, mr. doctor . before we move forward, we want to talk about some examples we want to do time management, also an example that can be better understood. now, with the arrangement that you said and the approach that you are considering, which obstacle to securing capital will be removed. subject to if they don't use their own internal resources, they s

secretary yellen: well, it's not the drop of the financial stability oversight council to adjudicate -- >> no, but you're supposed to quarterback financial risk. are you quarterbacking between the cftc and the s.e.c. on this issue? secretary yellen: not really. our view, we have done a report on the risks connected with cryptocurrency and digital assets. the risks have to do with holes where there's a lack of -- >> i agree, and you're working constructively with us, thank you. in my time remaining, i'm going to submit questions on the multilateral banks what i think is a preference that china is seeking, and we need treasury to push back on that. my time is expired. i recognize the gentleman from new york, ms. vazquez, for five minutes. >> thank you, mr. chairman, and welcome, secretary yellen. thank you for being here this morning. as you know, many working-class families and small businesses are concerned about inflation. you recently told yahoo! finance you expect inflation to come down, and as we get into next year, you believe inflation will get back to the 2% target, and you do

gordon to be a member of the financial stability oversight council to serve as independent member within insurance expertise, welcome we think the nominees were appearing today i will make restatements of each and swear i believeu in and sarah warner has a statement he wants to make about one of the nominees. >> three nominees haves been confirmed unanimously, ms. goldsmith romero, ms. crenshaw, ms. johnson have all been confirmed unanimously by the senate and we are hopeful we get the bipartisan cooperation that you see in this committee often times again, msn confirmed by every member of the senate multiple times, washington part two divided off tune in republicans and democrats on this committee and the senate and i appreciate ranking member scots bipartisanship on these kinds of matters and they possess experience a character to serve the public the nominees have received strong statements today of support and support letters from abroad swath of the financial sector services including consumer groups and former regulators, state insurance commissioners, on and on the nominees bring

the primary function of the council is to identify risks to financial stability, correct? >> yes. >> what do you consider to be the top risk to financial stability? >> they've identified in the 2023 report ,-guessed there's a number of risks that could pose a threat to the financial stability. one is on catastrophic risks and climate risks. the maui wildfire resulted in $3.2 billion in insured losses. it has hit the market even harder tragically there's a loss of 102 lives and with respect to the last four years in the u.s., there's been on average of the catastrophic losses billion dollars total loss of about four consecutive years .-guessed so that is an emergent risk that they have identified. if i am confirmed, that is one area that i would be interested in further analyzing what is happening in the property-casualty market and the stresses that it's putting on the financial system. >> my time is up. i do have a question for you but i will submit it for the record and would kindly ask for your written response. thank you all for your willingness to be considered. mr. c

your capacity as the oversight council leader what are you doing to bring the sec together and be on the same page about this matter. something job of the financial stability oversight council to adjudicate. >> you are supposed to quarterback the financial risk. you quarterbacking on this dispute? our view we have done a report on the risks with crypto currency and digital assets. the risks have to do with the holes where there is a lack. i will my remaining time on the multilateral banks preference china is seeking a new treasure to poke back on that. my time is expired and recognize the gentleman from new york for five minutes. >> thank you, mr. chairman. welcome secretary yellen for thank you for being here this morning. as you note many working-class families about inflation. you recently told finance you are expect inflation to come down and as we get into next year you will believe inflation will get back to the 2% target and you do not see the basis for the u.s. recession. can you explain your expectation on how the policies of the invited harris administration have helped temper the rate of inflation and giving you this optimist? >> well, i am opti

. >> the primary function of the council is to identify risks to financial stability, correct? >> yes. >> what do you consider to be the top risk to financial stability? >> fsoc has identified in the report a number of risks that could pose a threat to the financial stability for any one of those risks. and climate risks and the maui wildfire resulted in $3.2 billion in insured losses and it made the hawaii market even harder and with respect to climate risks in the last four years in the united states on average of 20 catastrophic losses and that is an emergent risk that fsoc has identified if confirmed and that is one area i am interested with further analyzing what is happening with the property and casualty market and the stressors it put in the financial system. >> my time is up and i do have a question for you, ms. johnson. i will submit it for the record. i would kindly ask for your written response. thank you all for your willingness to be considered for one of these appointments. mr. chairman, i for one of these appointments. mr. chairman, i yield back. >> tells you th