mr. alvarez is working much closer with departments of the city to provide those services and we're keeping very, very close in touch with the way they're operating and how they're operating. so i'm not aware of all of the layoffs but i will definitely look into it. >> hi, i'm lena the executive director of san francisco adult services network. you're familiar with adult day health care. the board of supervisors a month or so ago approved a resolution to stop the elimination of adult day health care but as you may know in the news, the state has approved elimination of the adult day health care with redesigning it into a new program that will still qualify under federal labor and so forth but they also slashed the budget 50%. our coalition, we have nine centers and two here in the richmond district and we are concerned because we don't know what this conversion process is going to look like. they're still gathering information for that. part of the concern is we anticipate that 50% of the participants that are enroll made not qualify and they're going to need continuity of care of services

mr. alvarez came aboard and i was assigned to help them through the previous mayor, we had en

i am sure both a director alvarez and mr. mayor would like to respond. >> well, i have actually been looking at a lot of housing authority properties that have been improving. we have been working closely together with our department. there are many weeks where dtw, the police department, and the housing authority are working closer together than the whole history of that relationship has been. some of you know, my history in the past, i have been paying focused attention. from the businesses i have had, they have improved. not only have they improved, they have improved to the point where hud recognizes the problems they sought two years ago, before we came aboard, were corrected. i am committed to doing that. we may have a difference of opinion about the conditions. i would be glad to talk with you about that. i am working closely with mr. alvarez on this and making sure all the sites improve while we go into an improvement and a rebuilding mode on many of the sites. >> thank you very much. the mayor is being modest. let me

mr. scott alvarez as general counsel with the board of governors since 2004. he has been with the board for 30 years. also we have mr. thomas baxter jr. and the general counter and executive vice president of the legal group that the federal reserve thank new york since 1995. he also served as deputy general counsel of the fomc. mr. baxter has been with the new york fed for more than 30 years. without objection, your written statements will be made a part of the record. it has been agreed upon by the witnesses, ranking member clay of myself and mr. alvarez will deliver the oral remarks for the joint written testimony of mr. alvarez and mr. baxter. this testimony may run longer than the customary five minutes and i yield now to mr. alvarez. >> chairman paul, ranking member clay members of the subcommittee, thomas baxter the general counsel of the federal reserve tank and i appreciate that part our tendency to discuss the way the federal reserve informs the congress and the american people about its his policies and actions. .. lost to date on an discount window

mr. alvarez and mr. baxter. >> thank you, congressman. we deeply the facilities that we staffs at the federal reserve establish did ease the crisis, and they certainly were designed to do that. the studies that are beginning to come forward now are starting to show that they actually were successful in unfreezing various markets, commercial paper market, provide liquidity to the financial system that was important for the financial system to continue to operate. the funding that we provided was provided without any losses to the taxpayer. indeed, the emergency lending facilities resulted in $9 billion worth of interest in keys that are passed on to the treasury. as i was explained to congressman jones, the facilities were designed to provide real relief to americans, american consumers and small businesses in the form of student loans come in the form of our loans, small business loans, credit card loans, as well as allowing the operation of companies that relied on the commercial paper market which had frozen up, to continue to find a so

mr. alvarez and mr. baxter. the testimony may run longer than the testimony for five minutes, and i yield now to mr. alvarez. >> chairman paul, a ranking member clay, members of the subcommittee, the federal reserve bank of new york appreciate the opportunity to discuss the way the federal reserve and forms the congress and the american people about its policies and actions. central bank lending facilitates the implementation of monetary policies and allows the central bank to address short-term liquidity pressures in the banking system. the role of the lender of last resort is a critical one long filled by central banks around the world especially during times of economic crisis when discount window lending can mitigate strains in the financial markets that could otherwise escalate and lead to sharp declines in output and employment. in the united states all discount window loans are fully secured and the federal reserve hasn't suffered a loss to date on its discount window lending. the federal reserve regularl

mr. alvarez will deliver the oral remarks at a joint written testimony of mr. alvarez and mr. baxter. this may run longer than the customary five minutes and i yield now to mr. alvarez. >> chairman powell, making member clay, members of the subcommittee on the thomas baxter, we appreciate the opportunity to discuss the ways the federal reserve informs to congress and the american people without its policies and actions. central bank lending facilitates implementation of planetary policy and allows the central bank to address short-term liquidity pressures in the banking system. this role as lender of last resort is a critical one longfield around the world, especially during times of economic crisis and discount window lending can indicate strains in financial markets that could otherwise escalate in the two sharp declines in output and employment. and the united states, all discount window loans are fully secured in the federal reserve has not suffered a loss to date on its discount window lending. the federal reserve regularly releases significant detailed information about its oper

mr. mayor, if you want to help answer that, that would be great as well. >> thank you, supervisor. ladies and gentlemen, again, henry alvarez from the housing authority. the issue of layoffs is a common question that comes up for us. and if your6qr@ recall the majoy of our funding comes from the federal government, and as that national debate to constrict the federal budget goes on, that is -- it's resulted in a $6 million decrease in the housing authority's budget. so as such, there have been a minimal amount of layoffs. there's been no plumbers laid off to my knowledge at the moment. so as we move forward, i don't expect there to be a reduction in plumbing services. and if they were, we still don't expect there to be any reduction in our ability to respond to plumbing needs. we're in the process of doing $8 million of retrofits, but mostly heater and window replacement. if there's something more specific that you think we need to be doing, we're more than willing to have a conversation. >> great. at this time why don't we hear from members of the public that want to provide comments or questions. since we do have a lot of