mr. crapo, no. by proxy. mr. roberts, no. mr. enzi, no. mr. cornyn, no. mr. thune, no. mr. burr, no. mr. isakson, no. mr. portman, no. mr. toomey, no. mr. heller, no. mr. scott, no by proxy. mr. cassidy, no. mr. wyden, aye. ms. stabenow, aye. ms. cantwell, aye. mr. nelson, aye. mr. menendez, aye by proxy. mr. carper, aye by proxy. mr. cardin, aye. mr. brown, aye. mr. bennett, aye. mr. casey, aye. mr. warner, aye. ms. mccaskill, aye. mr. chairman. chairman votes no. mr. chairman, final tally is 12 ayes, 14 nays. mr. hatch: the amendment is efeated. we have stabenow six. ms. stabenow: thank you, mr. chairman. i would like to offer stabenow amendment number six. ince we have now interjected tax policy related to health care into this bill, i think we ought to really do something that really does help working people. instead of policy that takes away health care for 13 million people. and that is we ought to repeal the cadillac tax. this is something that during the very long markups and many, many, many hours of meetings that we had before passing the affordable care act, that

mr. crapo, no. mr. roberts, no by proxy. mr. enzi, no. mr. thune, no. mr. burr, no. mr. isaacson, no. mr. toomey, no. mr. scott, no. mr. cassidy, no. mr. wyden, aye. ms. stanton out, aye. ms. cantwell, aye. mr. nelson, aye. mr. menendez, aye by proxy. mr. carver, aye by proxy. mr. brown, no. mr. bennett, aye. mr. warner, aye. ms. mccaskill, aye. mr. chairman? sen. hatch: no. 14 nays.: 12 ayes, sen. hatch: the amendment is defeated. now we go to casey? sen. casey: thank you, mr. chairman -- sen. hatch: sen. casey, you are up. mr. chairman, we have learned over the course of the last number of days that accompany that is outsourced jobs will be paying less in taxes that a company that cap to the taxes -- kept their taxes here. that is happened to often in states like pennsylvania and in the lehigh valley, we are losing 400 60 jobs to our call center moving jobs overseas to take advantage of cheap labor. would indicate that companies receiving the preferential corporate and international tax rate must report average and median international worker wages, including wages of

the clerk will call the roll. >> grassley. >> no. >> mr. crapo. >> no. >> mr. roberts. >> no by proxy. >> mr. enzi. >> no. mr. cornyn. >> no. >> mr. thune. >> no. >> mr. burr. >> no by proxy. >> mr. isaacson. >> no by proxy. >> mr. portman. >> no. >> mr. toomey. >> no. mr. heller. >> no by proxy. >> mr. scott. >> no. >> mr. cassidy. >> no by proxy. >> mr. wyden. >> aye. >> miss stab now. >> aye. >> miss cantwell. >> aye. >> mr. nelson. >> aye. >> mr. menendez. >> aye by proxy. >> mr. carper. >> aye. >> mr. carden. >> aye. >> mr. brown. >> aye by proxy. >> mr. bennett. >> aye. >> mr. casey. >> aye. >> mr. warner. >> aye. >> mrs. mccaskill. >> aye. >> mr. chairman. >> no. >> the chairman votes no. >> the clerk will read the vote. >> mr. chairman, the final tally is 12 ayes, 14 nays. >> the amendment is defeated. i think our next -- our next person to offer an amendment is senator carper. >> yeah, thanks, mr. chairman. mr. chairman, i want to call up amendment number 217. it's carper 1. and our co supports include bennett, stabenow and wyden. our colleagues have h

mr. crapo, no. mr. roberts, no. mr. imzy, no. mr. corney, no. 15, no. mr. isaacson, no. mr. cortlandt, no. mr. heller, no. mr. scott, no. mr. cassidy, no. wyden,en, no -- mr. iowa's. mr. warner, aye. ms. mccaskill, aye. it's a chairman, -- mr. chairman, no. nay's. 14 day -- >> clerk will call the role. >> mr. grassley, no. mr. crapo, no. mr. roberts, no. mr. enzi, no. mr. cornyn, no. mr. burr, no. mr. isaacson, no. mr. portman, no. mr. toomey, no. mr. heller, no. mr. scott, no. mr. cassidy, no. mr. wyden, aye. mr. abbott now, aye. mr. menendez, aye by proxy. mr. carper, aye. mr. brown, aye. -- mr.ennett, aye midst bennett, aye. ms. mccaskill, aye. the chairman votes no. >> the amendment was defeated. we will now recognize senator bennett for his number six code amendment. just his number sixth amendment. >> mr. chairman, if the majority's tax plan does everything -- >> let's have order. .> thank you, mr. chairman if the majority's tax plan does everything that you claim, my amendment will have no effect. for 40 years, the majority has claimed that tax cuts pay for themselves

mr. crapo, no. mr. roberts, no by proxy. mr. enzi, no. mr. thune, no. mr. burr, no. mr. isakson, no. mr. toomey, no. mr. scott, no. mr. cassidy, no. mr. wyden, aye. ms. cantwell, aye. mr. nelson, aye. mr. menendez, aye by proxy. mr. carver, aye by proxy. mr. brown, no. mr. bennett, aye. mr. warner, aye. ms. mccaskill, aye. mr. chairman? sen. hatch: no. the clerk: 12 ayes, 14 nays. sen. hatch: the amendment is defeated. now we go to casey? sen. casey: thank you, mr. chairman -- sen. hatch: sen. casey, you are up. sen. casey: mr. chairman, we have learned over the course of the last number of days that a company that is outsourced jobs will be paying less in taxes that a company that cap to the taxes -- kept their taxes here. that is happened to often in states like pennsylvania and in the lehigh valley, we are losing 460 jobs to our call center moving jobs overseas to take advantage of cheap labor. this amendment would indicate that companies receiving the preferential corporate and international tax rate must report average and median international worker wages, includin

mr. crapo, no. mr. roberts, no. mr. enzi, no. mr. cornyn, no. mr. thune, no. mr. isaacson, and no. mr. portman, no. mr. timmy, no. mr. heller, no. mr. scott, no. mr. wyden, aye. miss cantwell, aye. mr. nelson, aye. mr. carper, aye. mr. cardin, aye. mr. brown, aye. mr. bennet, aye. mr. casey, aye. ms. mccaskill, aye. the chairman votes no. >> the amendment is defeated. next amendment. senator cardin. -- number 1 can ask consent that3 senator stevan out -- senator stabenow is a cosponsor. this would set back the corporate reductions if the secretary of treasury cannot certify that the coverage for mental health and substance abuse and health insurance coverage has not been diminished . the concern here to my colleagues is that we have the resources to deal with the opioid crisis that is affecting every community in our country. my concern is that, if you look at the underlining bill, the cbo in a joint tax committee at a $1.5 trillion addition to the national debt. my concern is that we know the casualties from the opioid crisis. we know we need to have the resources in order to deal

mr. crapo. no. mr. roberts. no. mr. enzi no. >> mr. thune. no. mr. burr. no. mr. isaacson. no. mr. portman. no. mr. toomey. no. mr. heller. no. mr. scott. no. mr. cassidy. no. mr. widen. aye. ms. cantwell. aye. >> mr. nelson. aye. mr. carper. aye. mr. brown. aye. mr. casey. aye. chairman? no. >> chairman votes no. >> the amendment is defeated. next amendment? >> thank you, mr. chairman. i would ask scent to call card on amendment number 13 and asked -- thank you, mr. chairman. this amendment would step back the corporate rate reductions if the secretary of the treasury cannot sert fight thcertify thae for mental health substance and mental health coverage has not been diminished. the concern here to my colleagues is that we have the resources to deal with the opioid crisis that's affecting every community in our country. my concern is that if you look at the underlining bill, the cbo has scored it at and joint tax committee at 1.5 trillion addition to our national debt. my concern is we know the casualties from the opioid crisis. we know we need to have the resources in order to de

mr. crapo. no. mr. roberts. no. mr. enzi. no. mr. cornyn. mr. cornyn. mr. cornyn, no. mr. thune, no. mr. byrd no,. mr. portman. no. mr. too many mi. no by proxy. mr. heller, no. mr. scott. no. mr. cassidy. no by proxy. mr. wyden. aye. ms. stabenow. aye. ms. cantwell. aye. mr. nelson. aye. mr. menendez. aye by proxy. mr. carper, aye by proxy. mr. cardin, aye. mr. brown, aye by proxy. mr. bennett, aye. mr. casey, aye. mr. warner. aye by proxy. ms. mccaskill. aye by proxy. mr. chairman. mr. chairman votes no. final tally is 12 ayes, 14 nays. >> amendment is defeated. we're going to take a 15-minute break right now and come back. with that, we break for 15 minutes. >> and the senate finance committee taking a short break here. s the fourth day of its review of the senate tax reform proposal. over in the house today passing its tax reform bill 227-205 with no democrats voting for the house measure, 13 republicans voting against it. and the legislation over in the house calling for a partial repeal of state and local income tax deductions and doubling the standard deductions for

mr. crapo. mr. roberts. mr. cornyn. mr. thune. call] the chairman votesaye. 14 ayes, 12 nays. >> i want to thank my colleagues again for their participation in this debate, and those who were involved in the drafting and advancing of this mark. we have taken a big step today, but there are many more steps ahead. although not every member agrees with the course we have taken as a committee today, i am glad to serve among so many accomplished members of the senate and i look forward to our next opportunity to work together. i want to thank the ranking member for his work in this committee in helping us to get this far. >> the committee room is clearing out and out. this is the fourth and the senate finance committee has been considering a tax reform measure under review, wrapping up tonight. democrat thing they did not have enough time to review changes being made and republicans moving forward to get legislation to the senate floor to further debate as soon as possible. the house passed its tax reform bill today. no democrat voted

. >> mr. crapo. >> no. mr. crapo no. >> mr. roberts. >> no. mr. enzi? >> no. >> mr. enzi no. >> mr. cornyn. >> no. >> mr. thune. >> no. >> mr. burr. >> no. >> mr. portman. >> no. >> mr. toomey. >> no. >> mr. heller. >> no. >> mr. scott. >> no. >> mr. cassidy. >> no. >> mr. wyden. >> aye. ms. stabenow? >> aye. ms. cantwell? >> aye. >> mr. nelson. >> aye. >> mr. carper. >> aye. >> mr. carden. >> aye. >> mr. brown. >> aye. >> mr. bennett. >> aye. >> mr. casey. >> aye. >> mr. warner. >> aye. mr. warner aye. >> mrs. mccaskill. >> aye. >> mr. chairman. >> no. >> chairman votes no. >> senator isaacson just came in. >> no. >> mr. isaacson no. >> announce the results. >> mr. chairman, the final tally is 11 ayes, 14 nays. >> okay. now let me -- let me just restate what happened. there will be no extension of the amendment deadline. you all have your amendments filed. there are 60 blank ones. you can use them as long as they comply within the scope, which is the internal revenue code. and we can move on from there. but that's where we are. >> that wrapped up the second day of work by the finan

. >> mr. crapo? mr. graham? mr. johnson? >>. [ inaudible ] >> kill the tax bill! >> mr. purdue?i. >> mr. gardener? mr. kennedy? mr. boseman? >> i. >> mr. stray? >> i. >> mr. sanders? >> no. >> ms. murray? >> no. >> mr. widen? >> no. >> mr. white house. >> no. >> mr. warner? >> no. >> mr. merkley? >> no. >> mr. cain? >> no. >> mr. king? >> no. >> mr. vanhallen? >> no. >> ms. harris? >> no. >> kill the bill! >> mr. chairman? >> i. >> report the vote. >> kill the bill! kill the bill! >> mr. chairman, the is are 12 and the nays are 11. >> kill the bill! kill the bill! >> the bill is reported out. >> kill the bill! kill the bill! kill the bill! kill the bill! >> that's how it went. you saw the headlines about that today. it sounded like a neat and tidy process. it wish the republicans got their no debate, party line hearing today. what they are trying to do with this really enormous bill will hurt the american poor and hurt the american middle class quickly and significantly and for a long time and it will throw 13 million americans off their health insurance. and so what they are tr

mr. crapo? mr. graham? [ yelling ] mr. johnson? mr. gardener? [ yelling ] mr. perdue. scam!] e tax [ yelling ] >> mr. gardener? mr. kennedy? mr. bozeman? mr. sanders? no. ms. murray? >> no. mr. wyden? >> no. -- stevan are now? >>van now --stabe no. ?r. white house >> no. mr. warner? >> no. mr. barkley? >> no. mr. kane? >> no. >> mr. chairman the ayes are 12 , and the nays are 11. chairman the bill is reported : out. [ chanting ] we'll recess momentarily. [ chanting ] kill the bill! don't kill us! kill the bill! [ [ chanting ] you get chairman since the vote has been : completed, those in attendance do not want anyone else to speak -- if this continues, i will close out the meeting. [ chanting ] [ chanting ] [ chanting ] kill the bill! don't kill us! kill the bill! [ chanting ] kill the bill! don't kill us! kill the bill! >> again, following the precedent of the committee, most people have submitted their comments. i think that most of the republicans will be submitting theirs for the record. so senator sanders spoke last. go to this side. >> pass at this point. >> thank you.

. >> mr. crapo? >> mr. graham? [ yelling ] >> mr. johnson? mr. gardener? [ yelling ] >> mr. perdue. [ yelling ] >> >> mr. gardener? mr. kennedy? mr. bozeman? mr. sanders? >> no. >> ms. murray? >> no. >> mr. widen? >> no. >> ms. stabenow? >> no >> mr. whitehouse. >> nope. >> mr. warner. >> no. >> mr. barkley. >> no. >> mr. kaine? >> no. >> mr. king? >> no >> mr. van hollen? >> no. >> ms. harris? >> no. >> mr. chairman? >> aye. report the bill. >> mr. chairman the ayes are 12 and the nays are 11. >> the bill is reported out. [ chanting ] we'll recess momentarily. [ chanting ] [ chanting ] kill the bill! don't kill us! kill the bill! [ chanting ] don't kill us! kill the bill! don't kill us! kill the bill! [ chanting ] since the vote has been completed, those in attendance do not want anyone else to speak -- if this continues, i will close out the meeting. [ chanting ] [ chanting ] >> again, following the precedent of the committee, most people have submitted their comments. i think that most of the republicans will be submitting theirs for the record. so senator sanders spoke l

. >> mr. crapo. >> no. >> mr. roberts. >> no. >> mr.ency. >> no. >> mr. cornyn. >> no. >> mr. thune. >> no. >> mr. burr. >> no. >> mr. portman. >> no. >> mr. toomey. >> no. >> mr. heller. >> no. >> mr. scott. >> no. >> mr. cassidy. >> no. >> mr. wyden. >> aye. >> miss stab now. >> aye. >> ms. can't well. >> aye. >> mr. nelson. >> aye. >> mr. carper. >> aye. >> mr. carden. >> aye. >> mr. brown. >> aye. >> mr. bennett. >> aye. >> mr. casey. >> aye. >> mr. warner. >> aye. >> mrs. mccaskill. >> aye. >> mr. chairman. >> no. >> chairman votes no. >> senator isaacson just came in. >> no. >> mr. isaacson no. >> announce the results. >> mr. chairman, the final tally is 11 ayes, 14 nays. >> let me just restate what happened. there will be no extension of the amendment deadline. you all have your amendments filed. there are 60 blank ones. you can use them as long as they comply within the scope, which is the internal revenue code. and we can move on from there. but that's where we are. >> mr. chairman? to your right? could i be recognized for a moment? >> yes, you can. senator cardin. >>

. >> mr. crapo, no. mr. enzi, no. thininn -- mr. mr. portman, no mr. heller, no. mr. cassidy, no. mr. wyden, aye. ms. cantwell, aye. proxy.endez, aye by mr. cardin, aye. mr. bennett, aye. mr. casey, aye. mr. warner, aye by proxy. mr. chairman, no. 14 final tally is 12 ayes, nays. sen. hatch: the moment fails. chairman, i call up amendment nine. it this would make sure that 95% of americans are not cut out of the tax incentives for charitable giving. this tax reform proposal has the reduceal to dramatically the amount of charitable giving, and hurt our communities and people. this tax bill is estimated that charitable giving would drop by $13 billion and it is hard to believe that colleagues would want that to happen. i'm sure that people do not want it to happen, but that is what is in this bill. byritable giving would drop $13 billion a year. that is the combined total of all the donations to the united way, feeding america, catholic charities, salvation army, ymca, boys and girls club, habitat for humanity, and the american cancer society in 2016. that is the combined charitable

mr. powell: thank you, senator. chair crapo: senator menendez. governor, congratulations on your -- quote thank you mr. chairman -- sen. menendez: you noted the average hourly wages are rising only about 2.5% per year, slower than before the crisis, and while the nation has experienced the longest postwar economic expansion on record corporations have raked in record profits and many families in new jersey are waiting for a raise. some claim if we give them a tax cut, families will see their wages rise by an astounding $9,000. i have not seen any evidence that is credible. in fact, a 2016 federal reserve board study found there was no evidence that corporate tax cuts boost economic growth unless they are implemented in mid- recession. so in reality, with this comes down to is that hard-working families already squeezed with rising housing costs, education cause, medical costs are going to have to foot the bill for a bad deal. plan ining there is a which families making less than the new $5,000 a year would lose collectively more than $59 billion i

mr. crapo? no. mr. enzi? no. mr. cornen? no. mr. thune? no. mr. burr? no. mr. isaacsohn? no. mr.rtman? no. mr. toomey? no. mr. heller? no. mr. scott? no. mr. cassidy? no. mr. widen? aye. ms. stabenow? aye. mrs. cantwell? aye. mr. carper? aye. mr. cardin? aye. mr. brown? aye. mr. bennett? aye? mr. casey? aye. mrs. mccaskill? aye? mr. chairman? >> no. >> the amendment is defeated about next amendment. >> senator cardin. >> i would ask consent that senator stabenow be added -- >> thank you, mr. chairman, this amendment -- if the secretary of the treasury could not certify that the coverage for mental health and substance abuse in health insurance coverage has not been diminished. we have the resources to handle the crisis affecting every community in our country. if you look at the underlining bill the cbo has scored it. and joint tax committee a $1.5 trillion tradition to its intent. we know the casualties from the opiod crisis, we know we need to have the resources in order to deal with it. we know that there's been an abuse of opiods in every community that's led to heroin addict

mr. chairman, thank you for the opportunity. >> thank you. senator crapo. >> thank you very much, mr. chairman. mr. barthold, with regard to jct's distributional analysis, to what extent does the benefit to workers of the reduction in the corporate tax rate show up in your distributional analysis? >> senator crapo, thank you for the opportunity to explain a little bit more the detail. the analysis that we present to the committees incorporates both tax changes that reduce liabilities of businesses and reduce the direct liabilities of individuals as they fill out their form 1040, for example. but we believe as most economists that fundamentally business entities don't pay taxes, people do. and then it's a question of what people and in what form. and that's the question of economic incidence. and there's a fair body of economic empirical work as well as theory that suggests that taxes imposed on capital income or business enterprises can in part be born by workers. or in the opposite case, tax reductions can lead to a benefit by workers. the process in relatively simple terms is that i

mr. chairman? >> let me just see is there anybody on this side want to answer that? senator crapo. >> thank you, mr. chairman. it's correct that the table the ranking member is reading from has that number on it. but it's also correct that no american who is attributed a tax increase by that number is paying it. it's a payment to an insurance company. and it is a payment that every american who's on that chart could choose to take if they wanted to. and the bottom line is if you look at the tax liability of the people that you're talking about, saying they're getting a tax increase here and just calculate out their tax liability, whatever it was before this bill and whatever it will be under this bill, their tax liability is going down. the example -- the examples that senator toomey made are accurate. you could come um with a number more. if somebody qualifies for food stamps and chooses not to apply for them, did we take away their money? no. if somebody qualifies for any of the other government programs but -- somebody qualifies for medicaid but chootzs not to sign up for medic

mr. chairman. i'm joined by by wife and my brother, matt, from california. chairman johnson, senator crapo and members of the committee, i'm honored and grateful to president obama for the privilege of appearing before this committee today as a nominee to the federal reserve board. i have served as a member of the board since may 2012. if i am confirmed to the new term for which i am now nominated, we till continue to work to the best of my ables to carry out the responses of this office. over the past two years i have been deeply involved in the work of the board and the federal open market committee, important challenges lie ahead and i'm eager to play my part in meeting them. before joining the board i spent close to 30 years working in the financial markets as an attorney, investment banker and an investor. i believe that my practical experience of the private sector and the financial markets provides a valuable perspective in the work of the board and the fomc. i also served as assistant secretary and undersecretary solve the truss trifrom 1990 to 193 and worked closely with the commi

mr. chairman. >> senator crapo will be the last one. after he finishes.e'll recess until 2:30. >> i want to respond to a question. rhetorical question was asked from our colleague from pennsylvania. he said the punishment he described the individual mandate as a punishment, where did it come from? i want to remind us again, some of my colleagues are getting tired of hearing it, but where it came from was legislation introduced by 23 republican senators, the two senior republicans on the committee, they were co-sponsors of this legislation which created the individual mandate. and when governor mitt romney in massachusetts in 2006 decided to extend the coverage to as many people in massachusetts as he possibly could, he lifted it '90-'93 playbook, and plopped it down in massachusetts and it became the romney plan. when we did the affordable care act, what did we do? we took the romney plan and said that ought to be part of the affordable care act. it's a market-based approach to getting coverage for more people. and it's actually a good approach. republica

crapo. >> thank you mr. chairman. correct the ranking member the table is reading from has that number but it's also correct that no american who has attributed a tax increase by that number is paying it. it's a payment to an insurance company and it is a payment that every american who was on that chart could choose to take if they wanted to. the bottom line is if you look at the tax liability of the people that you are talking about saying they are getting a tax increase here and just calculate out their tax liability whatever it was before this bill and whatever it will be before the spill their tax liability is going down. the examples that senator toomey made are accurate. you could come up with a number more. if somebody qualifies for food stamps and chooses not to apply for them, did we take away their money? no. if somebody qualifies for any of the other government programs or somebody qualifies for medicaid but chooses not to sign up for medicaid did we give them a tax increase? no and no matter how you try t

mr. chairman, thank you for the opportunity. >> thank you. senator crapo. >> thank you very much, mr. chairman. mr. barthold, with regard to jct's distributional analysis, to what extent does the benefit to workers of the reduction in the corporate tax rate show up in your distributional analysis? >> senator crapo, thank you for the opportunity to explain a little bit more the detail. the analysis that we present to the committees incorporates both tax changes that reduce liabilities of businesses and reduce the direct liabilities of individuals as they fill out their form 1040, for example. but we believe as most economists that fundamentally business entities don't pay taxes, people do. and then it's a question of what people and in what form. and that's the question of economic incidence. and there's a fair body of economic empirical work as well as theory that suggests that taxes imposed on capital income or business enterprises can in part be born by workers. or in the opposite case, tax reductions can lead to a benefit by workers. the process in relatively simple terms is that i

mr. powell: thank you, chairman crapo and ranking member brown. i will begin by introducing my , without whose loving support and counsel i would not be sitting here. i would introduce two of my five siblings, two of my sisters. the other three siblings are here in spirit and all will have claimed to watch the hearing live, which i am sure will be true. we will deem it true. some stories are too good to fact check. thank you again, chairman crapo and ranking member brown and , other members of the committee. thank you for expeditiously scheduling this hearing and providing me the opportunity to appear before you today. i would also like to express my gratitude to president trump for the confidence he has shown by nominating me to serve as chairman of the board of governors of the federal reserve system. the federal reserve has had a productive relationship with this committee over the years, and if you and your colleagues see fit to confirm me, i look forward to working closely with you in the years ahead. as you know, i have served as a member of

crapo. >> thank you, mr. chairman. everyone here has heard me say.times that if we had tried to, we probably couldn't have created a tax code that is more unfair, more complex, more expensive to comply with, or more anti-competitive to our own american business interests than the code we're working on. and finally, we have an opportunity to move forward with meaningful reform. and once again, the attack is made that it's just an effort to try to raise taxes on the poor or the middle class and cut taxes for the wealthy. rhetoric is flying all over the place. let's just look at some of the facts. we all have in front of us or should the distributional charts that have been put out by our own tax writers and assistants. the jointtach committee's distributional reports show that taxes will go down. the amount of taxes in dollars will go down for every single income category in america. and if you look at these distributional charts, you will see that the largest percentages of reduction are in the lower and middle class in

mr. chairman. because so many people have spoken out about it for so long, i would ask the chairman to accept this amendment. >> any other comments. senator brown: senator crapo looks very supportive. i see that look often in banking committee when we look together. >> chairman, one minute, if i may. >> things, mr. chairman. i could not agree more with senator brown. there is another way, too. the other is to bring back home act. we as taxpayers pay for the move right now. you might lose your job, past things up, and as a taxpayer you pay for the move and ural community does. what senator brown is talking about is an entire inequity where we are paying for jobs being moved overseas, but if someone is moving from columbus -- columbus, ohio four new job -- they can't deduct it. that just seems absurd. thank you. >> thank you. the clerk will call the roll. [roll call] >> the clerk will announce the vote. >> mr. chairman, the tally is -- brown number five, patriot employers. some of you were at the white house -- i think all of the republicans were at the white house. only a few of the democrats were invited to meet with the president in the cabinet room. he aske

mr. powell, is about to make his opening statement. that is not him, i don't think, is it? that is senator crapo who is saying something. mr. jerome powell, when he starts. listen in, pleaser. >> i will begin as you suggest by introducing my wife, alyssa, without whose loving support and wise council someone else would be sitting here. i will introduce two of my five siblings here today. my sister, libby, and my officer monica. the other three siblings are here in spirit and all will later claim to have watched this hearing live. >> which i'm sure will be true. >> we'll deem it true. some stories are too good to fact check. thank you again, chairman crapo, ranking member brown, other members of the committee for expeditiously scheduling this hearing. providing me the opportunity to appear before you today. i would like to express my gratitude to president trump for the confidence he has shown by nominating me to serve as president of the board of governors as the federal reserve system. federal reserve had a productive relationship with this committee over the years f you and your colleagues see fit to confirm me, i loo

mr. crapo: mr. president? the presiding officer: the senator from from idaho. mr. crapo: mr. president, i ask unanimous consent that the quorum call be lifted. the presiding officer: without objection. mr. crapo: mr. president, i have six requests for committees to meet during today's session of the senate. they have the approval of the majority and minority leaders. the presiding officer: duly noted. mr. crapo: thank you. mr. president, i rise to speak in support of the nomination of mr. joseph otting for the comptroller of the currency. the o.c.c.'s mission is to ensure that the financial institutions that it oversees operate in a safe and sound manner, provide fair access to financial services, treat customers fairly, and comply with the applicable laws and regulations. the o.c.c. is responsible for overseeing the supervision of all national banks and federal savings associations, as well as federal branches and agencies of foreign banks. the o.c.c. also plays an important role in identifying and