please unmute. >> madam chair can you hear me? madam chair can you hear me? >> yes please continue, yes. >> thank you very much madam chair. i'd like to again thank our individuals on the committee and my first question to the whole panel you are asked to be strong economically and to be globally in the u.s. financial system. when you compare u.s. banks to the rest ofly the world the largest banks are chinese and they ares. working around the globe to expand their strength and influence. what are some of the most significant challenges that u.s. banks face when tryingng to compete with banks around the globe and this is to the whole panel. >> mr. larson argue addressing that to any one of our witnesses? >> it's to the whole panel. >> as we said earlier the near-term competitiveness of the chinese banking system is an issue but the longer-term isar e real issue. they decide the economic issues of the country and they have made large amounts of money and they are developing the technique to compete on a worldwide basis with the l multinational client base with

>> yes, madam chair. members of the public who wish to speak joining in person should line up now to speak. those listening remotely please call 1-415-655-0001 meeting id: 2493 171 7009 # #, press star 3 to enter the speaker line. those in the queue please wait until the system indicates you are unmuted and that is the queue to begin comments. seeing no in person speakers in the chamber-madam chair, there are no speakers in the queue. >> public comment is closed. like to make a motion to amend the contract as stated by mr. sur. >> yes, on the motion to amend the resolution to increase the not to exceed amount as stated. [roll call] >> 3 have three ayes. >> motion passes unanimously. the motion to send item to full board with positive recommendation. >> chair ronen. >> yes. >> there amendment to increase the amount is substantive amendment so needs to be continued. >> thank you for the clarification. i will make a motion to continue this item to the next meeting, which is september 28 meeting. >> on the mo

madam chair. >> public comment is now closed. can i make a motion to amend the item as detailed by deputy city attorney pierson? >> yes, on that motion to amend the resolution, as detailed by the deputy city attorney. vice chair. >> aye. >> aye. >> chair. >> aye. chair aye. >> we have two aye with member mar excused. >> now can we send the amended motion to full board with positive recommendation. >> clerk: yes, on that rule, send vice chair. >> aye. >> chair. >> aye. >> we have two aye wz member mar excused. >> that motion passes unanimously. and now can you call 5 and 6 together. >> yes, madam chair. 5 and 6. pardon, item 5 is a resolution to grant agreement between 5k schools and programs and the department of homelessness and supportive housing for support services at a shelter in place, located at market street. increasing the agreement amount by approximately 6.5 million for a total amount not to exceed 7.2 million and authorizing shs to enter into any additions amendments that do not increase obligations or materially decr

operation. 99% of our bank is within the holding company. >> thank you very much, i yield back, madam chair. >> thank you. the gentleman from illinois, mr. foster, who is also the chair of the task force on artificial intelligence, is now recognized for five minutes. >> thank, you madam chair. i would like to just touch briefly again on regulatory capital levels. i'm amazed at how consistent your industry is. when you come to, us it's almost always with an elaborate set of logic to try to convince us that you should be allowed to lever out more. it's interesting because, you've probably all been forced to learn about the molani miller theory which says it's independent of capital structure and particularly independent of leverage. why is it that you are always demanding higher levels of leverage? i think part of the answer was well analyzed at the end of the financial crisis. that you all benefit from having the federal government and the federal taxpayer as the insurer of last resort. if under an extreme disaster, one of the cities you do business with, if it gets nuked you all be insolven

diversity and inclusion is now recognized for five minutes. >> first of all, let me say thank you madam chair, not only for this committee hearing but for entrusting in me to chair the diversity and inclusion subcommittee. let me say thank you to all the witnesses, faces that i know. but for the record my comments and questions are not divisive nor are they a part of any political elections coming up. and i can clearly say that because anyone who has followed me, met with me or known me using your words i find myself to be the guardian especially in section iii 42 as well as diversity of inclusion. especially couples when protÉgÉ bank, equity for those that are, racial disparity, the wealth gap, looking at cra and external contracts with asset managers, lawyers, et cetera. with that said, it was reported in april of 22 by the gao that there are some 7 million u.s. households that do not have bank accounts. and they gave three primary reasons, does anyone know what those three are? let me share with you. people believe they do not have enough money. people believe the fees are too excessive, c

. >> madam chairman, it is my time. >> madam chair. >> madamhair, can i put up. >> members will suspend. gentleman has a point of order. >> madam chair, the gentleman from louisiana requested a retraction, i do believe that mr. connolly said something that was not what mr. higgins said. i do not feel that with our rules you are allowed to say things that are not true. >> okay, mr. connolly, will you retract? >> i do not know what it is i'm expected to retract. >> you pointed at me and said i was threatening you. >> if i could finish, and respond to your question, madam chair. i heard the gentleman from louisiana say that blood would be on our hands if we attempted to pass legislation that could yield to his imagination, atf agents and fbi agents going to someone's front porch and taking away their weapons. what i heard, in that remark, was an implied threat that people would resort to violence >> respectfully, i accept a gentleman's town. he is my friend and colleague, we disagree from time to time. i accept the tone of your explanation, sir. >

>> thank, you i yield back, madam chair. >> the gentleman from new jersey, mr. gottheimer, also the vice chair of the committee on national security, international development and monetary policy, is now recognized for five minutes. >> thank you, chairwoman. thank you all witnesses for being here. the financial services and make it a street directly supports more than 75,000 jobs in new jersey. provides local small businesses with the capitol they need to create thousands more. i want you to know that i'm grateful, and thank you for doing business in new jersey. mr. dimon, if i can start with you please. thanks for being here and all the important work jpmorgan does to support thousands of new jersey jobs. i believe more new jersey residents 11 york should have the option to stay awake in jersey if they can, to the for the local small businesses, spending more time with family and saving on gas and parking in new york. staying in jersey also means stopping new york's proposed rages congestion tax plan. the metropolitan transit authorities congestion techs will ca

industry for people like yourself are companies in terms of moving cash for. >> thank you you back madam chair for. >> the gentleman fromm new jersy was also the vice chair of the subcommittee on national security, international development and money chair policy is not recognized for five minutes. >> thank you chairwoman and think you 12 the witnesses are being here. the financial service the banking industry directly supports more than 75000 jobs in new jersey. provides local small businesses with a capitol binning to create thousands more pretty want you to know i am grateful and thank you for doing business in new jersey. mr. dimon if i can start with you please pray thank you for being here and for the important work j.p. morgan does to support thousands of new jersey jobs. believe more jersey residents that work in york should haveu the option to stay in work in jersey if they can to support a local small businessesou spendig more time with the family and saving on gas and parking in new york. sang in jersey also means stopping new york's proposed outrageous congestion tax plan. metropol

madam chair? >> thank you. supervisor mar?ic mar: i wanted to say i really appreciate the vision and mission of this very unique and complex project. and it really does serve a really important public benefit in our city. even during the pandemic, the rankin building was used as a covid vaccination site. that's where i got my first vaccine and first time i visited. i appreciate all the work and this update and this agreement because it's so complicated. the main concern i have is around the significant cost escalation for the development project going from $100 million to $400 million, four times and from the bla analysis there is not really a plan right now on how that additional $300 million in financing is going to be realized. so, i guess that's my question. maybe to mr. lau or director panik, do you feel confident that the development of this project is still viable even though the cost increased three times and the funding needing to be identified? >> yes, i will be happy to discuss this. fortunately the comparison of th

thank you madam chair for my time today and i yield back. >> thank you. the gentleman from massachusetts mister austin klos who is the e vice chair for the full committee is now recognizedfor five minutes . >> thank you madam chair. long hearing, almost done. as we've been in this hearing the fed announced the 75 basis point increase. the chairman is challenging his inner folder and is committing to use the full slate of monetary policy to reduce inflation. rmhis greatest asset in this endeavor is going to be his credibility as an inflation fighter. by show of hands how many of you haveconfidence the feds resolve through 22 and 23 to pursue its mandate of rice stability ? that's a show of confidence from wall street and governor powell. the best way to reduce inflation is to expand the productive capacity of our economy. mister diamondyou said this in yourremarks. that means raising labor force participation rates and building more housing . at the state and local level that means pushing back on me and the opposition to multifamily housing , at the federa

madam chair, i yield back the balance of my time. >> thank you very much. the gentleman from texas, mr. green, who is also the chair of the subcommittee on oversight and investigations, is now recognized for five minutes. >> thank, you madam chair. madam chair, the great maya angelo summarized the essence of my very existence when she proclaimed, bringing the gifts my ancestors gave him the dream and the hope of the sleeve. i proudly say that i am 80 sentiment of enslaved people. slavery existed in this country for some 246 years. the value of 246 years of unpaid slave labor has been estimated to be as much as 14.2 trillion dollars. let's examine for just a moment each makeup banks in my involvement in financing slavery. truist, financial corporation, has assets of approximately 532 billion dollars. five predecessor institutions engaged in financing slavery. pnc financial services corporation, assets of approximately 534 billion dollars. a predecessor loaned $135,000 to a railroad company that used a slave labor in 1852. u.s. bank corp, assets of approximate

thank you madame chair and i yield back. >> the gentle man from massachusetts.ho is also the vice chair of the full committee is now recognized for five minutes. >> as we have been in the hearing the fedu announced a 75.basis point increase in are usinge monetary policy to remove verse randomization his greatest asset will be his credibility by show of hands how manyin of you to pursue the mandate of price stability? and self-confidence from wall streetrs but the best way to reduce inflation is the productive capacity of the economy withal your remarks and perhaps most impactful for housing and it's a local level that means pushing back on the opposition and at the federal government and big banks do together to build more affordable housing not just to finance it because the home state of massachusetts is so crucial. >> if you talk about developers and then doing about 5 billion per year. but in terms of development so we created $6 million of equity to go into more developers to close the gap and were looking to see if we have that same type of program. but it

thank you, madam chair. >> thank you to the witnesses. at the time when the last americans are working more than ever before with a historical low combined with the narrative there are some jobs that americans just won't do it's appalling that we be here today and with those young people that want to work on the farms as they have for decades. i was better as a kid for having worked on family farms. young people were better for learning the value of work and at the value of the dollar at a young age. young people were better for learning the values and the life skills and the work skills that are taught on the family farm. hard work is noble and never heard anybody. and of those who feed our country, our family farms are better for the workers they rely on. but today's hearing represents washington at its worst, those who cannot to do and those who do not know trying to dictate rules and regulations to those who do and those who know. family farms and working young people represent what is right about america and what made america great a

madam chair. >> thank you so much. just to add to her announcements, masking is still highly recommended although not required throughout the building. please be respectful to those around you and provide adequate spacing if you're seated in the chambers. we have super scriers chan with us. i understand we need a little more time. i know there are a lot of folks here in the audiencer in item. we're reviewing some language. so we're going to call that out of order a little bit later. this is going to be a quick meeting so you'll not be waiting long but we'll do that to hem the process. if we could, madam clerk, please call item 2. >> ordinance amending the planning code for the tenderloin special sign. acting zoning controls for neon signs and affirming ploipt findings. members of the public who would like to provide public he comment call (415)655-0001 and the meeting item is -- and press pound and pound again. to speak for item number 2, press *3 and we'll know you have raised your hand. madam chair. >> thank you very

thank you, madam chair. >> thank you very much. the gentleman from new york, who is the chair of the house committee on foreign affairs is now recognized for five minutes. >> thank you, madam chair. let me just address my first question to mr. dimon. jp morgan has committed to releasing a report on its racial equity audit by the end of this year, and i think that's a critical audit. i want to focus on two aspects of your racial equity audit. jp morgan has noted on the website work force will be included in the audit and simply states and i quote, build a more equitable and representative work force and hold executives accountable, unquote. can you please explain what that entails? where does jp morgan conducting this particular piece of the audit and what your plans are to ensure that people of color hired at entry level positions will be supported in achiefly higher ranking positions, and able to move up the ladder? >> i'm extremely proud of our efforts in diversity and i think the racial equity, 30 billion commitment. that's what'

madam chair, i yield back the balance of my time. >> thank you very much. gentleman from texas, mr. green, who is also the chair of the subcommittee on oversight and investigations, is now recognized for five minutes. >> thank, you madam chair. madam chair, the great maya angelo summarized the essence of my very existence when she proclaimed, bringing the gifts my ancestors gave him the dream and the hope of the sleeve. i proudly say that i am 80 sentiment of enslaved people. slavery existed in this country for some 246 years. the value of 246 years of unpaid slave labor has been estimated to be as much as 14.2 trillion dollars. let's examine for just a moment each makeup banks in my involvement in financing slavery. truist, financial corporation, has assets of approximately 532 billion dollars. five predecessor institutions engaged in financing slavery. pnc financial services corporation, assets of approximately 534 billion dollars. a predecessor loaned $135,000 to a railroad company that used a slave labor in 1852. u.s. bank corp, assets of approximately 5

. >> good, morning and thank you madam chair. ranking member -- and members of the subcommittee for having. we hear today with you to discuss the fiscal year 2023 budget request for the un and other international organizations. the bureau of international organization affairs, i owe, prioritizes our engagement with the un and with the multilateral system to advance u.s. national interests and strengthen the international system to address today's global challenges. and to deliver real benefits to the american people. now in order to achieve, this we worked tirelessly to defend the founding principles and values of the system, especially against efforts by our competitors to reshape them. and we continue to push for reforms to ensure that international organizations deliver results with good governance, efficiency, and accountability. i greatly appreciate the strong interest of the subcommittee in this important work. i last appeared before you on february 15th, and it has been an eventful last five months, to say the least. i owe

thank you madam chair, thank you so much. let me start off -- i have a grandfather who raised 13 children in texas. successful farmer, every one of these kids grew up on a farm. they learned work ethic which was invaluable to their success. my father was a professor, he taught this in this arena, in agriculture. he had a fund last 35 years of his life. i was raised around the farm. i actually thought, in one point, going into that industry because i have so much respect for it. i think a couple things that concern me. first of all, i will start off with this one statement was made earlier -- having training for those in this industry, it just sends chills to my bones to think about any bureaucrat who thinks the farming industry, which is really a lot of cultivation. a lot of hard work is done. -- figuring out how to be innovative, that it is all done by the small business owners. 98% of farmers are small business owners. i wondered first of all if that is something you should even think of considering. there is also a notion

thank you, madam chair. >> senator braun. thank you, madam chair. listening to senator smith's point of view there, i think as we do give it, this is a topic that, i think, for 49 years has been in one place, it's now come to another, and i think we've got to be careful that we don't get too caustic in either point of view. right now the supreme court says it's back with the states. i've been a believer on this issue from the get-go, you do not demonize the folks you disagree with and you make sure that in this case, when we have returned this to the people, we make the right decisions at the state level. i'm going to have the same question and i want to start with miss detser. you were voted on -- quoted on fox 13 news you have not looked back except of celebration and deep appreciation for your choice and again, respect that. i'd like to ask you though, when it comes to, when your state grapples with it, at what age do you think gestationally it's no longer appropriate to have an abortion, just a simple qu

senator braun. >> thank you madam chair. dr. califf, last august your agency entered into a memorandum of understanding with the usda's food safety and inspection service to facilitate information exchange between the two entities. there has to be, ideally a communication when there is dual agency responsibility. in that mou it requires the fda and the f s i. s. to inform one another in the cases of outbreaks, adverse cases of adulteration or misleading, infestations, et cetera. now, 11 months into this m o u, is the fda planning to conduct a critical review force actual implementation? >> senator braun, i'm sure that will be part of the top to bottom review that we announced yesterday. i know this is within mr. yiannas's portfolio, the relationships with the other agencies. i will ask him to comment. >> yes. we were almost on a daily basis with usda. there were regular conversations. the answer is yes, we are closely evaluating how we want these progresses to go. >> do you think the fda has done its part in being a coequal part

>> thank you, madam chair.you mention the top to bottom review of when you expected to begin, and that i trust you will be sharing it with congress as well. correct? >> i think a lot of people will be watching this ad and in an interview i did yesterday pointed out that we have a lot of bosses with the public. you guys are our bosses, we can't make the kind of changes we will need without your agreement, so i don't see it as to just inform you, we will have to iterate about what we are finding, what you believe in the executive branch. we have a lot that we have to satisfy. we will start as soon as we get the contracting done. the people that do the work are going to put a lot of time and effort into it, so so we are working on that now through the reagan/udall foundation and we are working to have a report within 60 business days at the time the report begins. >> budget transparency and i brought up the safety modernization act and both performance before and after. can you incorporate into your budgeting proc

>> thank you madam chair. i am listening to my colleagues, as well as the responses, and there is sort of a pattern that i have observed over time. when we were talking this committee about the opioid epidemic, just several years ago, it was much more -- the conversation was much more focused on prescribe arrears and over prescribing. you know, 30-day supply after dental surgery instead of something that would be much more appropriate to avoid subsequent abuse. now we are talking a lot about accidental overdose and getting folks who have gotten fentanyl laced pills, it said era. i am, like my colleagues, i want to share the stories about several wisconsin families and i've gotten to know this year. they have gone through this crisis themselves. kate running ten was a graduate of warnecke community high school, a student at you w milwaukee, a kid who was full of life and energy, and excitement. on november 4th of last year caid died last year in a storm room after taking what he thought was a percocet pill. tha

madam chair, i yield back. >> the chair now recognizes for five minutes, the gentlewoman from texas. sheila jackson lee. >> thank you very much madam chair. thank you for an important hearing and important statement on the importance of voting integrity and security. my question is in the backdrop of a tragic and unfortunate accident on the floor of the u.s. senate. those who voted obviously misinterpreted their responsibility considering democracy. part of that, of course, is the infrastructure. i want to begin the brief time i have with my question to at least note that the election representative under the past administration clearly made sure there was no fraud in the 2020 election of any sizable amount. in addition, there was no fraud of any sizable amount indicated by the republican secretary of state of texas. yet, we have been the victims of a brutal scene of purging voters and establishing new crimes in the -- in voting and a number of impediments to mail-in voting and early voting. even aside from the infrastructure, we are rife with the challenges that we would have. betwe

. >> thank you, madam chair.ree with the premise of this hearing because we hold folks accountable but the opposite. i think the committee has done little the past two years to hold agencies in the industries we oversee to account. i disagree with the hearing because it's theater, not oversight. majorities have had two years of oversight failed miserably. now that we are just over a month away from midterms, they are posturing, democrats first heard the hearing in 2019 search of a headline and failed to garner what they were seeking democrats emboldened by the biden administration and the one-party rule of washington in 2022 demand their progressive agenda. they expect more of the same. this time the expense of the real issues of the american people are facing. a list of issues is long. we will hear democrats encourage banks to make decisions based on credit worthiness and social issues rather than economic issues, the word economic committee so aircraft he administration to create long-term problems products and

. >> thank you, madam chair. thank you all for a long day. we want to start with a statement that i think is obvious, but all of you do a wonderful job but i appreciate your work to minimize the risk of last year equity capital while still honoring your obligations to shareholders to maximize return. if any of you disagree with that statement, please chime in. but i want to start, just because i want to focus on risk and return. two years ago, mr. diamond, miss fraser, mr. moynihan and mr. scharf in a banking committee, senator warner asked you all, and i believe you all essentially acknowledged, that you are using, quote, new tools and services to gauge climate risk to your portfolios. i'll put the question to all of you but i want to focus on you, mister scharf, because i think of the largest mortgage book. and the two years since, are you changing your lending, your diligence standards for properties that are exposed to climate risk? wildfires, forest fires. we've had two years to gauge those risks, have you changed your lending standards?

madam chair that will be complete the pilot and about six months. we will have a better idea based on that in terms of where we ght be able to improve on things we are less familiar ng with. and we can assure where i could incorporate that into her invention efforts for. >> on the pressure during the pilot program for think t air force is shown itself to be the most innovative so far. an action of furth's lon this procs. undersecretary raven? >> our priority for the prevention workforce is really relievingg the strain on numeros members about the navy and marine corps who are conducting these as collateral duties. being able to have a dedicated workforce relieves that strain. also upscaled the workforce to be able to understand the challenges that are being faced. in terms of where they going? we can provide for the record a lay down where these individuals will be headed. the priority will be on fleet concentration areas. so think san diego, hawaii, were so many of our forces are colocated. i was to how will we judge the effectiveness of this workf

escobar is recognized for five minute. >> thank you, madam chair so wonderful to see you mr. steve meadows, thanks for the time that you're taking today and thanks for the ongoing dialogue that we are having on a number of issues, i want to raise something and i been in conversation with chairwoman about in the subcommittee is, i want to make sure the subcommittee also is aware but for the subcommittee purposes, i wanted to share a story from fort bliss, there was a servicemember, christian and army private first class who was accused of sexual assault and during questioning he acknowledged that he had sex with another servicemember when she was severely intoxicated and could not obviously that was sexual assault, despite that admission he was not detained on pretrial confinement and he then went on to sexually assault another person. and pretrial confinement is obviously in the military different from the way it exists in civilian life and under other circumstances in civilian life, someone would have access to bail and they will be able to postpone and get out and even thou