my name is al, i'm a friend of hanley chan. i'm a retired police officer of 34 years for san francisco, and i know of handley and his work as a private investigator. also, as a law enforcement officer, i have been very compassionate towards the veterans. one of the things -- one other thing is i have to say i applaud the service of all these veterans behind me. i've been very enlightened today just hearing all of these different issues concerning the veterans, and i applaud their work also in what they're doing. everyone has a little niche -- in each -- has a little niche in this field. i'm also a charter president of the san francisco unified lions club. i have been a member of the lions club for 20 years. the lions club is the world largest service organization. we are vested in doing a lot of things for veterans, homelessness, meetings, different projects that are lions club does. also in this district, there are two lions club his that are mainly for veterans. i want to say that lien hanley chan has been a line for three di

i am coming here as a parent, and as an advocate for hanley chan. i know him personally, i know what he is capable of. my family has a strong history in law enforcement, in military background. my relatives served our community and our nation as well on all levels. i know what mr. chan's background is all about. i know his capabilities, and i know what he can do all around in community services, activism, and his leadership, and i didn't hear it being mentioned today about how the children of military parents are effected, and i am on the level of all veterans, but overall, on a lower spectrum, i know mr. handley would be the person that could cover all the bases for the needs of all of our veterans, all of our families and their needs, and i want to thank you today for hearing me out. i had to come as a mother of a daughter of 17 years, she and her husband in the navy, the difficulties that they are going through with their family, mental disability, placement of schools, relocating from place to place. please give him that opportunity to be that a

o' hanley and mr. scharf as you answer this question, pay particular attention to the unique custody services that you offer. >> so we process 10% of the world's financial assets and by operating at that scale, we're able to deliver our services at a very low cost. the american investor, pension funds, endowments foundations would suffer dramatically without us being able to operate at that scale. >> mr. scharf. >> congressman, what i would add to that is that we -- we service institutions of all sizes from very small ones to $300 million pension funds up to a $6 trillion asset manager. and so, those institutions are going to look for companies of size to provide their services to them. and so, if it's not us, sitting up here today, it would likely be a big foreign bank. >> and finally, mr. solomon, describe the u.s. economy without your institution >> our institution provides services largely to governments and corporations, institutions around the world we're also one of the larger money managers aro

is hanley chan here? >> i was born and raised in san francisco. i was in chinatown north beach and moved down to sunset. that's where i went to elementary school, high school in san francisco. got my associated degree in state college at san francisco. i got my b.a. in new college of california where i'm mentor my student advisor very well-known. legendary harry britt. if you watching man, love you. i served in the united states navy as aviation in 1999. i served in the california national guard as a army tanker in 2004. i currently appointed to the u.s. selected service board as district appeals board member appointed by president obama. volunteerism is in my blood. i like giving back to the community. i want to serve this commission to solve the homeless crises and veterans and i want to understand how to navigate. i understand how to navigate city services because i was once homeless myself. i understand the need and wants of veterans out there, especially government system where the bureaucracy is very big. i want to combat mental health issue

to has a restrictive rules on research and gender selection is not prohibited scientists brian hanley explains concerns surrounding genetic engineering. the risks serves are so hard right now that you know that's that's why the large american jew nearing has been banned for humans because in animals you get you get situations where you get say thirty going to rio's that are considered good enough to implant and out of those you get two or three that can survive for a few weeks and one that is considered by we're just on the on the air edge of being being ready to do that in a way that is reliable enough. for human use human rights lawyer jennifer braden and mani who lost a politician and activist exchanged views on the issue. we're not talking about getting a vehicle or buying a car and be able to design your car we're talking about a human life a child a baby and what this opens up to the danger that this opens it up to where society now things that they can basically just pick and choose i mean it even said that the science was going towards a way not just of eye color and of gender

hanley, what about you? >> yes, we have. >> has it made management better >> yes, it does. >> mr. scharf, what about you? >> i'm not aware of that. >> you're not aware of what's happening in your bank >> i'm not aware we downsized or eliminated businesses. >> so you have not -- you have not reviewed and you don't know -- is this something you think you need to take a look at >> chairman waters, i have reviewed businesses we're in and don't think we should be eliminating businesses that we're in and to the bestof my knowledge, we didn't exit businesses for prices. >> mr. solomon >> i can't hear you. >> we eliminated a hand of businesses since the crisis. >> thank you today there are more than 44 million americans that owe -- student loan crisis. $1.56 trillion in student loan debt this committee received testimony that last year 1 million student loan borrowers defaulted, which is on top of the 1 million borrowers who defaulted the year before. what are you doing to help us with the student loan debt who would like to answer first mr. moynihan, big bank >> we stopped making student

the world's most busiest transit lane for seaborne shipments for oil right now is responsible for hanley thirty percent of the world's oil exports daily and shutting this down could be disastrous could something like this happen if the vents were to escalate well certainly this maybe could happen but just remember this you know the iranian regime they may be nefarious but they may be certainly not be stupid and they're not and they're not as a nation they're certainly not suicidal so what would this mean yes you mentioned thirty is maybe thirty thirty five percent of the world's crude oil goes through the strait of hormuz that's something like seventeen million barrels a day a huge amount of oil now all different nations would be affected and they know that they are now desperate for their few allies they have in the world they're not going to impact all these other nations so really this is brinksmanship and this is blustering on their part what are they supposed to say of course they're going to say this but again they don't want this to escalate they also know should this lead to a mi

clerk: item 17 is a motion to point the following individuals to the veterans affairs commission hanley chan term ending january 31, 2020 and victor oliveri and christopher mcdonald to terms ending january 31, 2023. >> commissioner: colleagues, same house, same call? the motion is approved unanimously. madam clerk, please call the next item. >> clerk: item 18 a motion to appoint service hilary ronen the bay area governments and metropolitan transportation commission legislative task force. >> commissioner: can we excuse her for this motion. we have a second seconded by safai. without objection then supervisor ronen is excused. madam clerk, call the roll on item 18. >> clerk: [roll call] . >> clerk: there are 10 ayes. >> commissioner: okay. this motion is approved. madam clerk, please call the next item. >> clerk: item 19 is a motion to reappoint allegra for tuneatti for a term ending march 31, 2011. >> commissioner: please call the roll. >> clerk: rog call.>> commissioe roll. >> clerk: rog call.2021. >> commissioner: please call the roll. >> clerk: rog call. [roll call] . there are 11 a

. >> are you satisfied with the saudi arabia's hanley of the death of jamal khashoggi?you said in february you were still investigating the death. is that probe still ongoing? >> it is. >> do you think the body will ever be recovered? >> i don't know the answer to that. >> did the saudi government ordered his death? >> i said all along with continuing to find every single fact we can about this. we are determined to every single person who we find, who was material responsible for the, told them accountable. the state department and treasury department has done that. will continue to work at. things we know for sure if, we will enkindled everyone responsible for that. the president has been very clear about that as well. >> the trump administration announced sanctions iran can no more waivers, and turkey, and china has said it will be undeterred. what now and what will the effect be on gas price at which of them going up riso? >> they actually fell 3% unfunny. haven't seen with the giblin the market -- haven't seen what they did when the market open this morning. they w

a set up for what we get in market action this week with the equity portfolio , aager from barrow hanleywith $75 billion in assets under management. thank you for joining us. we have stocks rising on friday. we have gains driven by a better second half. are you in that camp or think price gains, they are running ahead of fundamentals? >> i think we see continued movement from here. we talked about gdp. it is still positive, earnings growth unbalanced, still significant growth and earnings coming through. what is more important and has fed isthe markets is the going to come out and become more dovish. some people think because inflation is so low they could cut rates into the year. if we are going to get significant monetary stimulus, it will be a nice tailwind. we have the fed being priced in with easing this year. if that is the case, what are you seeing? >> the fed is doing the right thing, it will be data driven, we see modest, good growth in the u.s. economy. cuts are not the first thing we think of. if inflation stays low, it gives the fed the ability to either stay on this sideline

owe hanley, -- o 'hanley, state street corporation, has been there since 2015, becoming president 2017 and c.e.o. in january, 2019. mr. charles w. sharp, chairman and chief executive officer of bank of new york-melon who joined the bank and was apointed c.e.o. in 2017 and chairman in 2018. mr. david m. solomon, chairman and chief executive officer of goldman sachs, who has been at goldman sachs since 1999, becoming c.e.o. in october, 2018, and chairman in 2019. without objection, your written statements will be made part of the record. before we begin, i would like to swear the witnesses in. would the witnesses please stand and each raise your right hand. do you solemnly swear or affirm that the testimony you will give before this committee in the matters now under consideration will be the truth, the whole truth and nothing but the truth, so help you god? thank you very much. let the record show that the witnesses answered in the affirmative. please be seated. each of you will have five minutes to summarize your testimony. when you have one minute remaining, a yellow light will appear

hanley andmr. own mr. sharp, pay attention to the unique services you offer as you answer this question. >> we process 10% of the world's financial assets and by operating at that scale we are able to deliver our services in a low cost. the american investor pension funds, the foundation would suffer dramatically without us being able to operate at that scale. that isi would add to that we service institutions of all sizes, from small ones to $300 billion pension funds up to $6 trillion asset manager. those institutions will look for companies of size to provide their services to them. if it is not as sitting up here today, it would likely be the foreign bank. finally, mr. solomon, described the u.s. economy without your institution. providesstitution services to governments and corporations, institutions around the world. we are one of the largest money managers around the world. if we do not provide the services, somebody else will have to. that organization needs to be brought in global. it would not be

hanley. for steve and the national security space administration or association, it's awesome to see the work you're just starting to do. so thanks for hosting us and for chris and the panelists, it's great to be with you today. instead of building you a watch with a punch line at the end, i thought i'd start so you know where i'm coming from. i'm an equivocally supportive. i support for the recommendation that this is in the legislative proposal to final create a separate space service. i think it's a very exciting time and there are reasons to be full of optimism. you heard acting secretary shanahan talk about the space development agency growing budget, senior leader support at the highest levels in the white house and the pentagon. the space service legislative proposal that has all great things. i say progress and momentum are eye watering. my hats off to all the folks that have been dedicated to this as again the secretary talked about in such a short period of time. but going back prio

o' hanley and mr. scharf as you answer this question, pay particular attention to the unique custody services that you offer. >> so we process 10% of the world's financial assets and by operating at that scale, we're able to deliver our services at a very low cost. the american investor, pension funds, endowments foundations would suffer dramatically without us being able to operate at that scale. >> mr. scharf. >> congressman, what i would add to that is that we -- we service institutions of all sizes from very small ones to $300 million pension funds up to a $6 trillion asset manager. and so, those institutions are going to look for companies of size to provide their services to them. and so, if it's not us, sitting up here today, it would likely be a big foreign bank. >> and finally, mr. solomon, describe the u.s. economy without your institution. >> our institution provides services largely to governments and corporations, institutions around the world. we're also one of the larger money managers a

owe hanley. >> about a trillion a day. >> mr. sharf. >> i think it's about a trillion and a half. >> we're not really in the business, in that business. >> i want to thank you all for your stamina today for being here, obviously we went through some difficult times. don't want to go through them again. you -- but i appreciate your testimony today. i yield back. >> thank you,ed gentleman woman from north carolina, miss adams is recognized for five minutes. >> thank you, madam chair. and thank you gentlemen for being here. i wanted to note that bank of america had plans to raise the living wage. i hope the other colleagues or other colleagues here will follow suit on that there's still a lot more that we need to do. mr. dimon noted is that america should and could afford to provide a proper safety net to our elderly, sick and poor. >> when i think about the district in north carolina that i represent, we're having serious issues in terms of the affordable housing crisis. someone mentioned earlier that microsoft had pledged 500 mill

ronald po hanley. president and chief executive officer of state street corporation brisbane estate street since 2015 and becoming president in 2017 and ceo in january 2019. charles w's trough, chairman and chief executive officer of bank of new york mellon he was appointed ceo in 2017 and chairman in 2018. david and solomon, chairman and chief executive officer of goldman sachs is that goldman sachs since 1999 and becoming ceo in october 2018 and chairman in 2019. without objection your written statement will be made part of the record. before we begin, i would like to swear the witnesses in. with the witnesses please stand in each raise your right hand. do you solemnly swear or affirm that the testimony you will get before this committee and the matters under consideration will be the truth, the whole truth, and nothing but the truth so help you god. if you will respond by saying. thank you very much, but the records show that the witnesses answered in the affirmative. please be seated. each of you w

i think there is a real question about hanley share a vision -- can we share a vision of who we are andhat we are trying to do and accept each other as fully american? from that foundation build the kind of america we all want. i think people think it is either impeachment or deal with the future. we have to prove that as americans we can come together on the basic values. we all care about the same things. americans are deeply generous and brave and compassionate. we need to go back to that and stop tearing each other apart. host: you still could get into this race? you said you would do whatever it takes. guest: i would. if there was some reason i felt like it was the answer. we are sitting with 20 people in the race and more to come. they are just starting to talk about what they stand for. host: we will go to jeanette, washington, d.c. you are against moving forward on impeachment. caller: yes. as much as my heart is with you on wanting to impeach the president, i think the aftereffects of impeachment would be even worse for this country. i think we need to do our due diligence and

likewise, the state street communications team confirmed hanley is here somewhere in the building so,riving there with some fanfare, but it's not any of the ceos we await the start of this hearing, which no doubt will be heated i mentioned earlier about jamie dimon's shareholder letter last week, an avert criticism toward the state of politicians we'll see how they react to him and all of the other ceos. guys >> for more on today's hearing, we welcome mike mayo, wells fargo's security managing editor and senior bank analyst. i know you always come prepared, but talking about being prepared, what is the one question using the jamie dimon and other executives should be prepared for that they may not be >> ooh, that they're not prepared for. >> yeah. what do you think the out of left field question will be? >> well, i think -- >> or what is your out of left field question for them? >> let me give you my best answer let me give you the best answers and questions from each side. >> okay. >> so, i think in terms of congress asking bank ceos, i think they can legitimize these hearings with o

hanley what is about you? >> yes we have. >> has it made management better? >> yes it has. >> mr.harf, what about you. >> i'm not aware? >> you're not aware of what is happening in your bank. >> i'm not aware that we downsized or eliminated business. >> you have not reviewed and you don't know, is this something you think you think you need to take a look at? >> chairwoman waters, i have reviewed the businesses that we're in and don't think that we should be eliminating businesses that we're in. to the best of my knowledge we didn't exit businesses since the crisis. >> mr. solomon? i can't hear you. >> i apologize. we eliminated a handful of businesses since the crisis. >> thank you. today there are more than 44 million americans that owe, student loan crisis is. 1.56 trillion in student loan debt. s that month this committee received testimony that last year 1 million student loan borrowers defaulted which is on top of the one million borrowers who defaulted the year before. what are you guys doing to help us with the student loan debt? who would like to answer first? mr. monihan