hensarling: the time -- ms. yellen: so there's no conflict between the number that you cited and my statement that an aging labor force -- mr. hensarling: the time of the gentleman has expired. ms. yellen: it is also -- it is also -- mr. hensarling: the time of the gentleman has expired. ms. yellen: participation of prime age workers. mr. hensarling: the chair now recognizes the gentleman from california, mr. sherman. mr. sherman: thank you, madam chairman, for coming here every few months. i remind you that you have not yet used your authority to break up the two big too fail institutions. i will spend the next minute reminding youer in too big to fail. if the entity -- just one entity goes down, it could take our whole economy down with them. they are too big to compete against because economic studies say that they -- that investors and the markets assume they will be bailed out. they've seen that congress will pass new legislation to bail out if that is thought necessary to save the economy and that therefor

hensarling: thank you, i take no for an answer. as you heard in my opening remain concerned, as do other members, about a blurring between the lines of monetary policy and fiscal credit specifically allocation. we feel ultimately this could fed's upon the independence. professor marvin goodfriend, who you may be familiar with, of carnegie-mellon, gave what i thought was an instructive distinction between monetary and fiscal policy and said, "monetary policy does not favor one sector of the economy over another and monetary policy creditt involve taking risk on to the fed's balance sheet." on to say "credit policy works by interposing the government's credit worthiness, power to borrow credibly taxes between private borrowers and lenders to distress borrowers. fed credit policies are acquiring noncredit securities with freshly created bank reserves or proceeds from the treasures from the fed portfolio." i guess my question is, chair with this you agree distinction and if you don't agree with this distinction, do feel that credit pol

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hensarling: mr. speaker, i am very pleased to yield three minutes to the gentleman from pennsylvania, mr. rothfus, who is the sponsor of the legislation and vice chairman of our financial institutionses and consumer credit subcommittee. the speaker pro tempore: the gentleman from pennsylvania is recognized. mr. rothfus: i thank the chairman for yielding and his leadership on getting this legislation to the floor. mr. speaker, the cfpb's anti-consumer, anti-arbitration, pro-trial lawyer rule is just the latest example of the harm that can be done by an out-of-control washington-knows-best bureaucracy. this is a theaching moment for the country about how -- teaching moment for the country about how when elites in washington pander to special interests, they end up hurting the very people they claim to be protecting. we all want fairer outcomes for consumers, but the cfpb's unfair, deceptive and abusive rule will deprice millions of americans of a convenient, fast and effective way to resolve their disp

hensarling, chairman of the committee on financial services. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. hensarling: i thank the gentleman for yield and certainly thank him for his leadership on this very important bill. so i rise in support of the russia, iran and north korean sanctions act. and mr. speaker, i particularly want to highlight the provisions that are the product of the hard work of the financial services committee's subcommittee on terrorism and illicit finance. the inclusion of these provisions will undoubtedly assist our government's anti-money laundering and counterterrorist financing efforts. for instance, this bill includes language directing the president acting through the secretary of treasury to develop and maintain a national strategy for combating the financing of terrorism and related forms of illicit finance. the opportunistic nature of terrorist groups, combined with the emergence of financial technology, creates new challenges for our law enforcement opportunity and their ef

hensarling, chairman of the committee on financial services. the speaker pro tempore: the gentleman from texas is recognized for two minutes. mr. hsarling: i thank the gentleman for yield and certainly thank him for his leadership on this very important bill. so i rise in support of the russia, iran and north korean sanctions act. and mr. speaker, i particularly want to highlight the provisions that are the product of the hard work of the financial services committee's subcommittee on terrorism and illicit finance. the inclusion of these provisions will undoubtedly assist our government's anti-money laundering and counterterrorist financing efforts. for instance, this bill includes language directing the president acting through the secretary of treasury to develop and maintain a national strategy for combating the financing of terrorism and related forms of illicit finance. the opportunistic nature of terrorist groups, combined with the emergence of financial technology, creates new challenges for our law enforcement opportuni and their effort

congressman jeb hensarling chairs the financial services committee. this is three hours. [inaudible conversations] >> committee will come to order. without objection, the chair is authorized to declare a recess of the committee at any time, and members will have five legislative days within which to submit extraneous materials to the chair for inclusion in the record. the hearing is for the purpose of receiving the secretary of treasury's annual report on the state of the international finance system. but before proceeding to that report, i will give you a report on the hollingsworth family of indiana. i would like to share with you some very good news, that joseph albert hollingsworth iv arrived this morning at 1:38 a.m. weighing in at 7 pounds, 15 ounces. mother and baby are doing well. husband and father is a total wreck, but congratulations to our colleague, trey hollingsworth. [applause] we will give him an excused absence from this morning's hearing. the chair now recognizes himself for three minutes for an opening statement. again, this morning the committee welcom

hensarling -- >> the meeting comes toorder. the chair is authorized to call recess at any time and members have five days to submit records. the hearing is for the purpose of receiving the secretary of treasuries annual report on the state of the international financial system. before proceeding to that report, i will give you a report on the hollings worth family. joseph albert holingsworth arrived this morning weighing in at 7 pound, 15 ounces. mother and baby are doing well. husband and father is a total wreck but congratulations to our colleague tray hollingsworth. [applause] >> we will give him an excused absence from this morning. we welcome secretary treasury steven mnuchin. as we know this system rest heavily upon your u.s. financial system and that system clearly needs improvement. fortunately, president trump has outlined a bold, forward looking plan to tackle the serious problems facing hard working american families who have seen their pay checks stagnant and dreams diminish. the economy is nut not close to reaching

earlier today, has financial services committee chairman jeb hensarling talked to reporters. him about just position of these two issues. >> the house has passed the financial choice act, which functionally repeals and replaces dodd-frank, and there are major provisions of that legislation that can go through the reconciliation process, as can tax reform. i continue to look for multiple vehicles in which to carry that policy, including the appropriations process, in large portions of the financial choice bill. the appropriations that is working its way through the system now. kevin: there you have it. busy couple of days, trying to lay the groundwork for dodd-frank repeal, tax reform, maybe get something done on health care, but all these russia hearings are beginning next week. david: you have to get through friday before you get to monday, when jared kushner testifies, and donald trump jr. and paul manafort. what do we expect the senators to ask those three witnesses next week? kevin: republicans are going to intel get this dossier, on why that was ushered by the democrats,

about the high stakes impact it could have on the market and later on "squawk box," don't miss jeb hensarlingfind out what he plans to ask janet yellen today f what's happening right now? we're facing 20 billion security events every day. ddos campaigns, ransomware, malware attacks... actually, we just handled all the priority threats. you did that? we did that. really. we analyzed millions of articles and reports. we can identify threats 50% faster. you can do that? we can do that. then do that. can we do that? we can do that. >>> welcome back we are higher in pre-market trade and the big talker today will be janet yellen's testimony on capitol hill. her take on the economy, inflation side of the equation and of course the strengthin the jobs market. take a look at european equities dax higher eurozone highest output in six months you can see the french equities up nearly 1% the ukel unemployment rate falling to 4.5%. better than expected, that is helping equities in the uk hire by as much as 1% on the ftse 100 as well. >> making headlines, top white house adviser gary cohn reportedly the le

committee chairman jeb hensarling, we are just a couple of hours away from chair yellen's testimony.here are you going to be? >> we are on track for policy normalization because keeping rates too low for too long was a contributing factor to our last crisis and i wanted to be next. we see that gives the fed a little bit more room to operate with their open market operations. but we also have a balance sheet that is huge. the fed's footprint and our economy is so huge and that is troublesome to have a lot of mortgage backed securities. is very worrisome to have a fed so selective in the credit market as opposed to a holistic, macroeconomic impact on our economy. i want to ask her about what they are doing as far as winding down this balance sheet to get to a more normal policy rate and a more normal balance sheet. kevin: this is something you have pressed on for quite some time in terms of trying to figure out a timeline for when this will happen. the federal reserve has signaled it will be the end of the year but how would you go about pressing her for more of a concrete timeline? >>

but as we look at that, what we're trying to do is give her an idea as well as chairman hensarling on flood insurance, on how many noings and how many yeses there are with that. a lot of it just defends on where your district is. as we look at that. are we changing on taxs? i want to make sure i don't make news. no, we're not changing on taxes. you were pretty good there slipping it in. we're not changing on taxes. we believe that less taxes are good for the economy. we believe that we need to be very aggressive with the tax cut. and we also believe that we need to make a decision now. this is, again, one of those things it is not a fine wine. it doesn't improve with time. let's make a decision and get it done. r. ballou: carbon tax? mr. meadows: i am not in favor. looking for the element of truth. i had some of my democrat colleagues trying to share that. i even have one staffer who thinks that it has merit. i'm at least willing to listen. mr. ballou: transportation, infrastructure, you are trying to reduce taxes but taxes need to fund bridges, roads. what's the acceptable transporta

i thank chairman sessions and chairman hensarling for bringing this bill to the floor. i urge you now to vote yes on the resolution and vote yes on the underlying bill. i yield back the balance of my time. i move the previous question on the resolution. the speaker pro tempore: the question is on ordering the previous question on the resolution. so many as are in favor say aye. those opposed, no. p in the opinion of the chair, the ayes have it. mr. polis: on that i request the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. members will record their votes by electronic device. p pursuant to clause 9 of rule 20, the chair will reduce to five minutes the minimum time for any electronic vote on the question of adoption of the resolution. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned cove

. >> chairman hensarling gaveling the end to chair yellen's testimony in front of the house financial services committee welcome to "power lunch. brian, melissa and tyler here t chair wrapping up her testimony on capitol hill at least for this day her comments sparking a bit of a rally. the dow up 119 points. >> we will get to that in a moment first, steve liesman is hire with the highlights. >> three hours of testimony and as far as the market was concerned, it all boiled down to something the fed chair janet yellen said in about 14 seconds over the outlook for rates >> monetary policy is not on a preset course. we are watching this very closely and stand ready to adjust our policy if it appears that the inflation undershoot will be persistent >> that prompted markets to start to bake out the possibility of a third rate hike this year. it's now just around 43% helped the rally in bonds and also in stocks yellen also sees global growth helping out all over, reject the effort to audit monetary policy. lot of back and forth on that in congress and no comment on a second term, though con

it was notably nasty, and it basically jeb hensarling had to break it up.ancial -- running the house financial services. maxine waters upset that mnuchin didn't respond to her letter about president trump's financial sewer actions with russia -- interactions with russia. it was a nasty hearing and exceptionally rude, you're right. stuart: sign of the times, is it not? >> yes. stuart: our politics is nasty. that's the way it is. >>> look at this, new study finds conservative students increasingly afraid to voice their beliefs in class. >> wake up, campuses across the country. if you're training your professors and student squads about microaggressions and you have bias teams, look what you're doing to your students in your own classroom. to have them self-censoring and silencing debate a makes for a less interesting discussion, less informed students and, basically, adds a false consensus about reality going on. it's not reality. stuart: it's not a university. >> right. stuart it's not a college education. i spent my time at college arguing furiously about p

hensarling: mr. speaker, i send to the desk a report to accompany house resolution 442. the speaker pro tempore: the clerk will report the title. the clerk: report to accompany house resolution 442, resolution of inquiry directing the secretary of the treasury to provide certain documents in the secretary's possession to the house of representatives relating to president trump's financial connections to russia, certain illegal financial schemes and related information. the speaker pro tempore: referred to the house calendar and ordered printed. the chair lays before the house the following enrolled bill. the clerk: h.r. 3364, an act to provide congressional review and to counter aggression by the governments of iran, the russian federation and north korea and for other purposes. . the speaker pro tempore: the house will be in order. members, please remove your onversations from the floor. members, please remove your onversations from the floor. for what purpose does the gentleman from tennessee seek recognition? >> thank you, mr. speaker. mr. roe: i ask unanimous consent