rich ok so yes that's how you get that is now mr powell is going to finally achieve his core p.c. 2 and a half percent ration for many many years or at least as many years as it was below 2 percent and that is that in the holy union between fiscal and monetary policy where you get money not just sent to wall street so they can gamble away you know so the robber traders can also join in and you send money to j.p. morgan and he send money to rome to traders through their $1000.00 checks that arrive in the mail and that's how you get the 1st exploration and that's probably where we're headed if that's where v.c. wants to be in across the world and china may have got some tensions rising. looks like they're going to reduce some of their u.s. bond holdings does it doesn't matter that china starts dumping bonds more u.s. bonds more aggressively i mean can't the fed just print more money and buy them why is that a big event there michael well i think it's a big event for the u.s. dollars has your money and it's world's reserve currency status by more than $7.00 u.s. dollars didn't lose that st

mr. powell said yesterday and what we heard from the fed. are seeing a bit of movement across the board. if you look at some of the european stocks, they are actually retreating after jay powell highlighted uncertainty about the economic rebound. we sought asian shares falling the most in a week. treasury yields, that curve steepening slightly on wednesday after mr. powell stopped short of offering specifics on the fed's approach to the monthly bond purchases. let's get straight to the bloomberg first word news. here is leigh-ann gerrans. >> good morning. president donald trump is not happy with what he has heard about the terms of the oracle-tiktok deal, but says he briefed on the details on till this morning. sources have told bloomberg that the top white house officials have raised concerns about the proposal. they say it falls short of satisfying national security concerns. president donald trump says a coronavirus vaccine could be widely available as early as october, contradicting his top health officials. they have made estimates rang

we have a massive fiscal and monetary cliff that we're going over and for those that believe like mr powell that you could just say i believe that we should bail have a chilling to hear percent inflation target instead of a jew percent target that we just can't reach as we measure it based on a coup or you see deflate. you know doesn't mean you can reach it but as they say we had a 3.3 trillion dollar deficit in fiscal 2020 that was borrowed money that was printed by the federal reserve and now this balance sheet that went from. 800000000000 in 2007 to 7 trillion in 2020. it increased by 3 trillion dollars in a matter of a few months the balance sheet max is now shrinking if you look at the past the balance sheet has shrunk by our $100000000000.00 that's a big difference that increasing at the rate of about $500000000000.00 a month that's a huge trenchant gap in the exhilaration of the monetary base and when you say that the fact that there's no more elegantly money no more $1000.00 checks going out of mr bernanke helicopter as they're often the 1st time in this country universal basically

borrow trillions of dollars more bankrupt the nation even further and have the courage mr powell to print it all you know this modern monetary theory or universal basic and then this idea and it sounds like this election coming up and it sounds like it's an election about whether america wants to be socialist or not is that a fair characterization what's fiscal and monetary policy has ever been in place that has ever been any country not only i see any country in the world that has been able to be successful and remove i mean just didn't deserve a policy for decades they're still there and you read your is at 0 in straight policies and in to me we got off our observer policy for maybe a man and a nanosecond and then we're already panicking and cutting rates in 2100 muster for anyone ever heard of the one virus they could reach 3 times in 2100 remember that we were backed into q.e. when the report archipelago so barely started we jumped the shark we entered into the threshold in the new era of u b r and modern monetary theory where we just say you know what you say in a moment we'll send y

mr powell d did say he thougug didirect financial support would be needed. if the economic situation can deteriorates more. what tools might. the fed still haveve at its dispososal. well i was we learned- since really the global financicial crisis back in two thoususand ad nine. unfortunately the fed's memeasures don't t tend to trice dodown to main street now this time around they did have specific main street packakages. t the take up of thohose is being nuked p point two pererce. so e eentially the fed's actions they help support shareholders by helping support the equity markets. but they're not really doing much for the average person in the street particularly those that don't have jobs at the moment. we need help from the fiscal side- in order to provide some support for the lotus. do you think it's at all significant that this is the last. power meeting for the fed before the esidential elections that impacted the lananguage t that you've heard from m mister powel or or the federal reserve statement. no i don't think so- but of course this election i

mr. secretary. chairman powell, thanks again for being here at your last appearance before the committee, you stated our banking system is robust and a source of strength throughout this pandemic. specifically, you siets cited t unprecedented deposits, the continued ability to lend as evidence of the strengths of the u.s. bank and the covid-19 environment. now, while many industries have understandably needed government support and continue operating du during the forced economic shutdown, the financial system has been a crucial partner for the fed and congress in facilitating relief for businesses and households. i bring this up because i heard the recent actions take been congress and fed, they have called it a bail out for banks my question is, has there been a bail out for banks during covid-19 >> no. i wouldn't say there has been. >> my office keeps hearing from companies unable to secure short term financing they are using their working capital. they were too large for ppp and don't have access to capital mar

mr. barr did a good job describing that. i think that can be done, chairman powell, to companies on sound footing, not able to reach credit on reasonable terms and in the concept of a backstop i want to press both of you that while it doesn't fit the main street term sheet you have today that took four mornths to stand up, i still believe it's important. you had a key component in another washington key component in the frequently asked questions. you said at this time. i would urge you to reconsider your position and offer you each an opportunity to comment. mr. powell >> we have taken a very close look, but we're happy to continue the conversation. >> i really do believe it can be done in the right way. the three things i commented on, i address this lower loan size that the chair mentioned i do believe there's a solvent niche out there of portfolio lending that could be done on a sound basis that could offer liquidity for hospitality. we saw very slow increases in business secretary mnuchin, you commented would like congress to give you the authority to incur ris

mr. powell. it was under store neri moment. i cannot underscore enough the originality of what was being accomplished yesterday, francine. i was sitting there with michael mckee, and his press conference question was superb. they are all dealing with what to do with inflation at no aggregate demand. it is a fascinating time. francine: we will have plenty more on that, but now let's get to first word news in new york city with ritika gupta. ritika: president trump has slapped down some of his top health officials. he contradicted them at a news conference, saying that a coronavirus vaccine could be distribute it widely to the public by as early as next month. cdc director robert redfield told congress that the vaccine would be distributed in the second and third quarter of next year. the president called those comments a mistake. at least one person was killed and hundreds were rescued after hurricane sally came ashore near the florida-alabama line. heavy rain swamped pensacola, florida, and other cities in the region. sally is

mr. powell suggested they try.n: michael mckee, great to catch up ahead of the federal reserve meeting later today, followed by that news conference. i think that was a really long-winded way, tom, saying they found out they were wrong, and they were admitting they were wrong, and they made a big mistake in the last cycle. tom: well, i am going to be more kind to them, jon, than that. they have been handed a pandemic, and by all accounts -- jonathan: no, no, i am talking about the last cycle and hiking prematurely. they are basically saying unemployment could have gone a lot lower -- i am not saying they are to blame for the cycle to end. of course not. i'm tellin saying what they are telling us at the moment is they are admitting they got it wrong last time. tom: look for that at 9:00 a.m. on blumberg television worldwide. it is the degrees of freedom they have and they're shrinking away, jon, primarily because they are getting no help from the rest of the institutional authorities in washington. jonathan: includi

mr. powell and mr. goebel. >> thank you madam chair. brian goebel. in the lafco report addressing the issues identified in our survey, we recommended that the city explore establishing a ride hailing and delivery co-op as an alternative to the big platform based companies. we know that san franciscans value these sfervices and the labor models are not sustainable. the troubling finding in our lafco survey demonstrated these front line workers are tremendously vulnerable. to follow up on this recommendation, i brought on research associate ryan powell and asked him to look into cooperatives and i think the idea here was to figure out how the city can facilitate homegrown solutions and worker owned cooperatives as an alternative to big companies. i'm going to turn it over to ryan for his presentation. >> thank you mr. goebel. >> thank you. let me share my screen. good afternoon commissioners. my name is ryan powell. i was brought on as a research associate after spending the spring researching the topic of permitting and that could effect the services.

mr. powell, how about those high-yield bonds? lisa: i would ask about the oil in my bedroom. just to defend the press corps a little bit in the u.s., there is a lack of direction of what more the fed can do. i think that is what you are seeing in the markets as well. they are pushing on a string that is getting thinner. that seems to be the concern a lot of people have. haw.need to hedge and if they give specifics, they can't do their job. unless they say they are going to go negative, which a lot of people say is not in the cards. tom: a quick data check. futures, -47. a 580 point move from off the press conference yesterday. the vix was in two points when i walked in the door. -- 27.90. .12 90 on the two year yield. that is a big difference. the fed has been pegged at the two-year even with a lower kilt today. curvee have seen the gilt in the united kingdom negative all the way out. that is the story now. embracing the idea negative rates might be coming. tom: jargon free on "blooomberg surveillance." gilts from sea to shining sea. gilt is a note or bonds. jon: used to get

mr. hello, chairman powell. thank theke to chairman and my colleagues for letting me ask my questions early because i have to leave to chair a hearing on the subcommittee on the science into political interference at the cdc. i would like to talk about the importance of regulatory independence. the coronavirus response provides us with examples of benefits of regulatory independence and danger of political interference. the independence of the federal reserve seems to have been respected during the crisis and you succeeded in the major part of your charge to stable the financial system against external shocks. but we have also seen a tragic example of the dangers of political interference into jobs best left to experts. theically demonstrated by trump administration and the dangerous interference into the nih, fda,als at cdc, and other public health agencies. tens of thousands of americans have died as a result. 4% of the world's population and 25% of the deaths and no amount of attempts to rewrite history will

mr. powell's a friend of yours, and i have have the greatest respect for both of you, but it is an odd fedw. sort of this rediscovering economic reality. let's turn to, if we may, the virus and the administration's response to it. out comes the cdc saying that 6 % of the deaths that have been reported amongst specifically 161,000, only 6 of them were solely attributable to covid-19. i mean,s what is going on with our public health agencies? this is becoming alarming, the degree to which we're getting new information and different takes on what has actually been going on here now for six months. >> well, lou, as you said, that's a very important statistic that they just put out. and as we have been saying all along, for most people this is not a life-threatening situation, it's really just a life-threatening situation for people who are at high risk with other issues. but we've made enormous progress, and i think you're going to see enormous progress on vaccines quickly, between now and the end of the year. last week the president made a major announcement with 150 million new point of care

mr. powell's statements at jackson hole i think that's a watershed event. we expect the fed to do nothing today. i don't think we'll get a lot of quantifiable color, but i think the message will be they stand at the ready i think that's going to help investors continue to feel very good with the decisions that the fed is making. >> julia, i'll turn to you on that note. you know, as someone who i think is largely supportive of the fed's policies here, do they risk blowback, because people say, wait a minute, there are all these traders making all this money in ipos but this does not translate to main street weav we've heard this over and over and over again how do you expect powell to answer questions like that >> the answers have been from powell and almost a unanimous chorus from all fed speakers has been, we need more fiscal. we can lend, not spend our tools are limited. we're doing everything we can. we are committed to keep doing whatever we can for as long as necessary, but there is only so much the fed can do and the fed has been unusually open and ag

mr. powell reiterated the need for more fiscal stimulus. he says the 11 million americans who are unemployed do not have the money to spend and find it difficult to remain in their homes. but yesterday, st. louis fed president, james bullard, disagreed with the big boss powell in a broadcast interview saying quote, it seems like at least in some broad macro economic type of calculation, we have enough resources to cover this. later saying the need for a new fiscal stimulus package is not the same as it was just one or two months ago. let's get to edward lawrence. you were clinging to every single bit of what was happening on capitol hill, which ended just at 12:30 p.m. eastern. we have contrasting viewpoints here but let's also talk about the fireworks that came and where these guys stand on who needs the bailout first. reporter: very interesting debate and the markets were watching closely, what both of them had to say. treasury secretary steven mnuchin specifically saying hotels, airlines and restaurants is where he would like that next r

mr. secretary. chairman powell. >> thank you. thank you for the opportunity to update you on our ongoing measures to address the hardship brought by the pandemic. the federal reserve along with others across government is working to alleviate the economic fall out. we remain committed to using our tools to do what we can for as long as it takes to ensure the recovery will be as strong as possible and to limit lasting damage to the economy. economic a activity has picked up from its depressed second quarter level when much of the economy was shutdown to stem the spread of the virus. many economic indicators show marked improvement. household spending looks to have recovered about three quarters of its earlier decline likely owing in part to federal stimulus payments and expanded unemployment benefits. the housing sector has rebounded, and business fixed investment show signs of improvement. in the labor market roughly half of the 22 million payroll jobs lost in march and april have been regained as people returned t

mr. powell, if the market drops 10%, will you just print another $10 trillion? what number would you go to, what number is not high enough for you and nobody's asking that question. again, that's the big worry. he can never, ever roll back what he's doing now. if he just said i'm going to stop printing money, the dow would be down 1,000 points and that's what i mean by the market's being addicted. i just wish he backs away. nobody can be hired because he keeps rates at zero. that's going to be about the real economy and people, employers and employees, not him tinkering with printing money and buying bonds with that money. charles: he's already said, to your point, this is a two-prong approach. first he has to support, stabilize, then give relief. now they are helping to support the expansion. he says we are in that moment, we will be in that moment for a very long time. let's go back to the question and answer period. maybe someone will ask gary k's question. >> -- so that should tell you about that. oh, in terms of, okay, in terms of, so what does moderate mea

mr. heck for five minutes. >> thank you, madam chair. chairman powell, i want to discuss fiscal support today. but before i do, want to quickly address the announcement that fed make to take steps to make inflation target more symmetric and emphasize a mandate framework with -- i'm not exaggerating when i say the framework with the most important thing that has happened to monetary policy and economic policy for years in this country. it will have a bigger impact on absorbing [ inaudible ]. >> excuse me, mr. heck, speak right into the microphone so that we could hear you clearly. >> i hope he was able to hear all of my comments. can you hear me now, madam chair? >> yes. >> thank you. so thank you, chairman powell, very much for the new framework. at the outset of this pandemic, you declared this is the time to use the great fiscal power of the united states to do what we can to support the economy and try to get through this, end quote. congress responded by passing the c.a.r.e.s. act and congress continues to deliver a further fiscal support. at your p

mr. powell and mr. goebel. >> thank you madam chair. brian goebel. in the lafco report addressing the issues identified in our survey, we recommended that the city explore establishing a ride hailing and delivery co-op as an alternative to the big platform based companies. we know that san franciscans value these sfervices and the labor models are not sustainable. the troubling finding in our lafco survey demonstrated these front line workers are tremendously vulnerable. to follow up on this recommendation, i brought on research associate ryan powell and asked him to look into cooperatives and i think the idea here was to figure out how the city can facilitate homegrown solutions and worker owned cooperatives as an alternative to big companies. i'm going to turn it over to ryan for his presentation. >> thank you mr. goebel. >> thank you. let me share my screen. good afternoon commissioners. my name is ryan powell. i was brought on as a research associate after spending the spring researching the topic of permitting and that could effect the services.

mr. secretary. chairman powell, i understand the focus in the near term needs to be on getting our economy back to a place where it's firing on all cylinders. but can you briefly discuss how you're viewing the evolution of the fed's balance sheet? recognizing that this is a different type of a situation than we had back in'07,'08, and'09. we talked a lot back then about what ozonwas on the balance sheet and how it would be moving around. can you share with us briefly the philosophy you would like to follow with regard to the balance sheet today? >> sure, so the balance sheet continues to grow because of our asset purchases. it turns out that the volume of loans that we're making under the programs is much less than might have been the case, which isn't to say the facilities haven't worked. just that we haven't had to buy a lot. and we are a buy and hold investor, after the financial crisis, we allowed assets to mature and run off on their own. that would be certainly, by the way, we're a long way away from that at

mr. secretary and chairman powell, i want to commend you for what you've done under difficult, difficult ircumstances and what you want to do and your candor with this committee about a lot of things. mr. secretary, the first observation you talked about this and that's the economy. we've seen for jobs,s, unemployment dropped and unemployment go up. in my state and alabama for example we were in double digits and now wee are at about 5%. we would like to go to three or four. we know it takes a while to do this, but we have made it out of recoverlot ofrecovery thanks to leadership that you are the leadership would face. when you were not only running the monetary system, you are the regulator of the largest banks. tell us here today i ask you this i believe in february what is the basic condition of the banking system from your perspective and how does this change in contrast with the 2008? >> it is a different situation than we faced in 2008. as you know, we spent a decade working on strengthening capital requirements, liquidity requirements, better ability to understand and manage the ri

mr. jerome powell? jonathan: i think the federal reserve has change things.the ecb, there has been a tradition, to ask follow-up questions. and i think there has always been a longer exchange between the ecb president and the audience in the room. that is my take. i have always said, excuse me for this, but i always found the ecb, in the room at the they work together a lot more in a way that the fed and the press there do not. it has always frustrated me. and being in the room at the bank of england, if you are not satisfied with the response, another journalist and will follow up on the question for you. i see it more in europe than the u.s. tom: folks, he is absolutely correct . the difference between the press quality -- press conference quality there and in washington is distressing. 50e turkish lira printed 7. twice this morning, does that count? jonathan: and to the euro is firmer. it is up about one third of 1%. that is a stronger euro. an ecb decision around the corner. an interesting news conference coming up in 15 minutes. ecb and christine lagarde

mr. powell and mr. goebel. >> thank you madam chair. brian goebel.o report addressing the issues identified in our survey, we recommended that the city explore establishing a ride hailing and delivery co-op as an alternative to the big platform based companies. we know that san franciscans value these sfervices and the labor models are not sustainable. the troubling finding in our lafco survey demonstrated these front line workers are tremendously vulnerable. to follow up on this recommendation, i brought on research associate ryan powell and asked him to look into cooperatives and i think the idea here was to figure out how the city can facilitate homegrown solutions and worker owned cooperatives as an alternative to big companies. i'm going to turn it over to ryan for his presentation. >> thank you mr. goebel. >> thank you. let me share my screen. good afternoon commissioners. my name is ryan powell. i was brought on as a research associate after spending the spring researching the topic of permitting and that could effect the services. now coopera

mr. powell were to change his tune and talk about the idea we don't need fiscal stimulus, the markets would heading south or not >> that's not going to happen, and i think it's instructive as to why, bob, because powell has maintained all along that the bigger risks here are worse outcomes, not better outcomes. he has been urging congress, really sort of jawboning the market here, i know mike santoli is listening to that close part of it to say look, you may be sure how things are going to come out here, but we're not so sure the fed has been concerned about a second wave. the fed has been concerned about starring the fed is much more, really wants congress and it's orienting its own policy towards preparing for worse outcomes, if better outcomes come prepare foe outcomes right now it thinks that both congress and the fed should be prepared for worse outcomes here >> mike, turning back to the market itself, the president is up about .1% tesla getting hit hard what do you tell people in terms of the pull back for the merga cap names. how does that compare, the percentage loss, and whether or

mr. tom barrack. powell done an amazing job with 435 individuals, say how do we get theplan not to us, not to big countries -- it is not the balance sheets, people are panicked for survival. the average individual trying to figure out how do i live, how do i go forward? what is happening with my rent, my home loan? what is happening with my check that is not coming from an employer? that confusion and dismay, when to $5ve $3 trillion trillion being flushed into the economy and how do you disperse it? you have to give them all credit. at the end of the day, the solution to all of that has got to be a resurgence of confidence across all the things that we talked about. pandemic -- i honestly never thought i would see a global submission as bad as this is, -- and asrible horrible as an environment like this is, we cannot find a solution, a cure, that is another quandary. but the cessation of revenue in the world is a problem. and the unintended consequences openness of the division between the have and the have

mr. powell said they haven't begun to think about thinking tightening monetary policy. thinking about that and that's in the future. maria: exactly. big tech stocks like amazon, facebook and apple dragging for the first five sessions. the nasdaq selling off has to do with the 5 companies or, you know, a handful of big-tech companies. >> yeah, well, i mean, the nasdaq and the market, i agree with dennis the market is tired. the highs are for the year at least until the election. you have to take a step back and realize, the nasdaq is up close to 23, 24% for the year versus small caps are down 13%. there's a huge disparity between, you know, the winners and losers this year in terms of returns and so the nasdaq hit a peak of 12,000, we are about 10.9 this month, setting a tone for the market. what i really look at, you know, whoever wins the election, if it is a biden victory, you know, if you look at jpmorgan estimates, wall street consensus is about 163 right now. you can take about $14 off of 2021 earnings just from what -- what he has announced they would do. we will

mr. mchenry for five minutes for questions. >> so, secretary powell, let's begin here. here. in the federal reserve's own they doneeds, we see that therea substantial economic recovery happening. we see economic numbers improving, and we have many households that are about the same as they were, a little better off in terms of savings back to the beginning of the year we have seen many households much, much worse off so it is sort of a tale of two different recoveries i if they will or two different experiences. so, why do we see good economic numbers, what are the areas you see as needing further assistance, what areas of the economy do you see as needing further assistance to get back to something more normalized given where we are? >> i guess i would point to the labor market to capture the size sides of the issue. we still have 11 million people out of the 22 million who were laid off in the payroll numbers in march and april, still 11 million out there and that is really good progress. we've put half of the specs work that is a long way to go. that's more than lost their

mr. secretary. chairman powell, thanks again for being here. at your last appearance before the committee, you stated our banking system is robust and it has been a source of strength throughout this pandemic. specifically, you cited the unprecedented influx of deposits , forbearance measures taken by banks, and that continued in the to lend banks covid-19 environment. now while many industries have understandably needed government support and continue to operate in the forced economic set down, my view is that the financial system has been a crucial partner for the fed and congress in facilitating relief. because il of this up have heard some call the recent action taken by congress and the fed a bailout for banks. my question is simple, has there been a bailout for banks during covid-19? chair powell: no, i would not say there have been. >> my office keeps him from companies unable to secure short-term financing but are using their working capital financing to run their operations. they were too large to take advantage of ppp and don't have a

mr. powell also highlighted that there's a requirement that asset managers and broker-dealers who contract with the fed in the pandemic relief effort must meet diversity and inclusion performance requirements. just as we have charged the banks and other financial institutions to discuss and share data regarding how they have improved the workplace and supply diversity policy and practices, we are eager to hear from you regarding your agency's performance. because transparency and accountability are critical to achieving effective and sustainable performance. we recognize your limited authority, and have been -- informed each other agency directors that this is them that this committee will be holding first in line for accountabilities on diversity and inclusion performance. in closing, we are resolute and determined to see your agency's and regulated entities achieve both the letter and spirit of dodd-frank, the success of our economy depends on the full inclusion of all communities. the chair now recognizes the ranking member, the gentlewoman from missouri, and my friend, congresswoman wa

colin powell, mrs. mccain, former governor kasich. we need republican leaders to stand up every single day to the destruction of our democracy that's going on in washington, not passive single statements that are going to allow women's reproductive freedoms to go by the wayside for the next 30 or 40 years. i amateur bli frightens for my daughter and the young women across this state. i would be daily speaking out to make sure voices are heard by governors and leaders across the country to protect that right. >> this is a question from joann in johnson. joann sent us a lot of information about the state college system which she says is significantly underfunded and asserts the state is not living up to its statutory obligation to support the state system in whole or in part with state funds. joann asks what is your plan to help the state college system survive now and in the future? david zuckerman. >> i think there's a number of things we need to do. we clearly need to put forward the bridge funding that the governor did not put in ei

mr. hastings will vote yea on h.r. 6270. s the member designated by mis mucarsel-powell, pursuant to ms. mucarsel-powell will vote yes. and as the member designated by mr. payne, pursuant to h.res. 65, mr. payne will vote yea on h.r. 6270. >> as the member designated by by congress member napolitano, pursuant to house resolution 965, i inform the house that ms. napolitano will vote yes on h.r. 6270. the speaker pro tempore: for what purpose does gentlelady from michigan seek recognition? >> as the member designated by mrs. beatty, pursuant to h.res. 965, i inform the house that mrs. joyce beatty will vote yes on h.r. 6270. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? >> mr. speaker, as the member designated by ms. roybal-allard, pursuant to house resolution 965, i inform the house that ms. roybal-allard will vote aye on h.r. 6270. the speaker pro tempore: for what purpose does the gentlewoman from california seek recognition? ms. matsui: mr. speaker, as the member designated by mr. desaulnier, pursuant to house resolution 965, i inform the will hat mr. desaulnier vote y

mr. hastings will vote yea on h.r. 5664. as the member designated by ms. mucarsel-powell of florida, pursuant to house resolution 965, i inform the house that ms. mucarsel-powell will also vote yea on h.r. 5664. the speaker pro tempore: for what purpose does the gentleman from massachusetts rise? mr. lynch: as the member designated by the honorable mr. james langevin of rhode island, pursuant to house resolution 965, i inform the house that mr. langevin will vote yes on h.r. 5664, leveraging information on foreign traffickers act as amended. thank you. the speaker pro tempore: for what purpose does the gentlelady from ohio rise? >> as the member designated by mr. richmond of louisiana, pursuant to house resolution 965, i inform the house that mr. richmond will vote yea on h.r. 5664. the speaker pro tempore: for what purpose does the gentleman from california rise? >> as the member designated by ms. chu of california, pursuant to house resolution 965, i inform the house that ms. chu will vote yes on h.r. 5664. the speaker pro tempore: for what purpose does the gentlelady f

mr. clarida: as chair powell indicated, we do believe fiscal policy is for the congress and executive branch come about when asked, we will say that additional fiscal support will likely be needed. it is very clear that the c.a.r.e.s. act was really a historic government sponsored to a crisis. a $3 billion package providing significant support to the economy. the economy has made a lot of , but there is still a deep hole. we still have a very high rate of unemployment. we have a lot of small and medium-size businesses, so fiscal support will be needed. tom: i want to go back to your work from the 1990's which talked about the dynamics of our system away from the static models of the previous century. vice-chairman caretta -- vice-chairman clarida, we have been shocked by once-in-a-lifetime events, and one is the new digital dominance. our nation is being crushed by the shocks of technology. in what you are grinding through day today at the fed, how do you adapt to the shock of this new digital dominance? mr. clarida: it is a great point, and a quick bottom line is that improvements in techno

powell vote yes. as the member designated by mr. hastings of florida, pursuant to h.res. 965, i inform the house that mr. hastings will vote yea. as the member designated by mr. payne of new jersey, pursuant to h.res. 965, i inform the house that mr. pape will vote yea yea on the amendments en bloc number 4. the speaker pro tempore: for what purpose does the gentleman from connecticut seek recognition? mr. courtney: as the member hayes, d by ms. pursuant to h.res. 965, i inform the house that ms. hayes will vote yes on amendments en bloc number 4. the speaker pro tempore: for what purpose does the gentlewoman from north carolina seek recognition? >> as the member designated by ms. wilson of florida, pursuant to house resolution 965, i inform the house that ms. wilson will vote yes on the amendments n bloc number 4. the speaker pro tempore: for what purpose does the gentleman from california seek recognition? mr. takano: as the member designated by ms. chu of california, pursuant to house resolution 965, i inform the house that ms. c

mr. clyburn and two of our freshman congressman, powell and underwood, spoke about our plan that has been out there for months and months. our plan for testing, tracing, treating. our plan for sanitation, separation, wearing masks, to crush the virus. instead our republican colleagues want to crush the affordable care act and its pre-existing condition benefit which affects nearly half the families in our country. but we have a plan. it is based on science. there are amounts of resources needed that are substantiated by science, by institutions of higher learning, by the academic world that especially focuses on the epidemiology of a pandemic. why is it so hard for the republicans to accept the science, crush the virus so that we can open our economy and open our schools more safely? in our heroes act, and again, the chair of energy and commerce has presented this plan. it is not just money, it is a plan. it has been there for months and in previous legislation we had pieces of it but this is a comprehensive plan. we had $75 billion, that is what it will take to crush the virus. the repub

mr. president. i said general powell, you should have said -- i said it to the tv screen, i didn't say it to him. you should have said if you really want to memorialize american soldiers, bring them home from these stupid wars. now he's picking up on that as a last desperate act to regain ground with the military. sorry, mr. president. you have lost that ground. >> that's a great point. if there is anyone into this country 20 years into the war in afghanistan and the global war on terror who knows where members are deployed and how much we have not, quote, brought them home, it is the actual members of the u.s. military. always a great pleasure talking to you. thank you for your time tonight. >> thanks for having me, chris. >>> tonight the new potentially criminal allegations, criminal allegations against republican megadonor postmaster general louis dejoy. you know it's bad when even the president will not defend you. i'll talk with one of the reporters who broke the story next. for people living with h-i-v, keep being you. and ask your doctor about biktarvy. biktarvy is a complete, one-pill, on

mucarsel-powell: mr. speaker, i rise in support of my amendment to the strength in diversity act and i'm thankful for representative fumming to introduce this amendment to reverse decades of resegregation in our schools. 63% of our students are from minority communities compared to 30% of teachers. this is exacerbating racial and socioeconomic gaps. a teacher, sharon rivers, emphasized the importance of diversity in the classroom saying it is essential in helping recognize and respect the many differenceses across the district. it is imperative to build a bridge of respect for one another. i couldn't agree more and my amendment would build upon that effort by increasing the diversity of our teaching work force. hey provide relevant education and understand the racial issues our students are facing. our teachers should reflect our communities and our schools. recent studies show increased teacher diversity results in better achievement scores, lower levels of disciplinary action and reduced dropout rates.

mucarsel-powell will vote yea on the motion to table the resolution. as the member designated by mr. hastings of florida, pursuant to house resolution 965, i inform the house that mr. hastings will also vote yea on the motion to table the resolution. and, mr. speaker, as the member designated by mr. payne of new jersey, pursuant to house resolution 965, i inform the house that mr. payne will also vote yea on the motion to table the resolution. the speaker pro tempore: for what purpose does the gentleman from pennsylvania seek recognition? >> as the member designated by mr. lawson of florida, pursuant to house resolution 965, i inform the house that mr. lawson will vote yes on the motion to recommit. the speaker pro tempore: for what purpose does the -- for what purpose does the gentlelady from new hampshire seek recognition? >> as the member designated by mr. kennedy, pursuant to house resolution 965, i inform the house that mr. kennedy will vote yes on the motion to table the resolution. the speaker pro tempore: for what purpose does the gentleman from texas seek recognition? >> as

mr. kennedy, representative adam adam clayton powell in the course of his speech speaking tour on your behalf is saying and i quote, the ku klux klan is riding again in this campaign. if it doesn't stop, all bigots will vote for nixon and all right thinking christians and jews will vote for kennedy rather than be found in the ranks of the klan. and quotation. governor michael disallowance saying much the same thing. what i would like to ask senator kennedy is what is the purpose of this sort of thing and how do you feel about? >>, well mr. griffin i believe he was the head of the klan lives in central florida who said in a statement a few weeks ago that he was not gonna vote for me and that he was gonna vote for mr. nixon. i do not suggest in any way or have i ever that indicates mr. nixon has the slightest sympathy, is involved or in any way or any inferences with the climate, that's absurd. i don't suggested, i don't support it, i would disagree. with it nixon has been involved in these discussions in this campaign. i've never suggested either by the vegas thing locations and i nothing but

mr. clarida: well, as chair powell said, we believe in the power of the executive branch, but when asked,we think additional fiscal support will likely be needed. that the caresr act, which passed in march, was really a historic government response to a historic crisis, a $3 trillion package that provided significant support to the economy. the economy has made a lot of progress. about 11 million jobs have returned, but there is still a deep hole. we still have a high rate of unemployment and a lot of small and medium-sized businesses that are suffering, so, yes, additional support will likely be needed. yvonne: that was the fed vice clara, and therd white house is playing down -- the whitearida, which house is playing down. >> targeted measures might be very helpful. i do not think we need another gigantic come multitrillion dollar package. pang, aning us is jason portfolio manager at j.p. morgan asset management. jason, always good to get your insights. we heard their the fed officials really pleading for this fiscal stimulus, and it looks like it is not coming soon, and wringing their

mr. speaker, as the member designated by ms. mucarsel-powell of florida, pursuant to house resolution 965, i inform the house that ms. mucarsel-powell will also vote yea on the haaland amendment. and, mr. speaker, as the member designated by mr. payne of new jersey, pursuant to house resolution 965, i inform the house that mr. payne will also vote yea on the haaland amendment. the speaker pro tempore: for what purpose does the gentlewoman from pennsylvania seek recognition? >> as the member designated by ms. speier, pursuant to house resolution 965, i inform the house that, ms. speier will -- that ms. speier will vote aye on the haaland amendment. the speaker pro tempore: for what purpose does the gentlewoman from illinois seek recognition? ms. underwood: as the member designated by mr. rush, pursuant to house resolution 965, i inform the house that mr. rush will vote yes on the haaland amendment. the speaker pro tempore: for what purpose does the gentleman from pennsylvania seek recognition? mr. evans: mr. speaker, as the member designated by