mr. davidson. mr. davidson: mr. chairman, i yield myself such time as i may consume. the chair: the gentleman is recognized. mr. davidson: h.r. 3654, the middle-class borrower protection act, undoes a bad policy implemented at the worst time. americans are struggling to afford housing. i'm talking about the loan level price adjustments that the federal housing finance agency, fhfa, put into may 1 this year. this policy is implemented with individuals with lower down payments and lower credit scores. loan level price adjustments are upfront fees which adjust the final interest rate charged on mortgage loans based on different risk characteristics associated with individual loans. the most notable would be the mortgages underlying loan-to-value ratio and the buyer's credit score. while such fees may be necessary for fannie and freddie mac, known as the g.s.e.'s, the adjustments announced by fhfa would disproportionately hurt individuals of those with credit scores of 680 or greater. the average credit score is around 710 and nearly 19 out of 20 americans have credit sco

mr. davidson engaged in reckless driving which ultimately resulted in his involvement in a serious collisionjured as a result of this collision and we know reckless driving can have devastating consequences. and they went on to talk about how 2022 in los angeles, that traffic fatalities reached the high theest levels that they ever have in los angeles in 20 years. back to what happened, so like you said, in march, pete davidson was driving in his car around 11:00 p.m. pacific time when he crashed into a fire hydrant and a residential home. this occurred, police immediately arrived on to the scene. he was arrested and obviously now being charged with reckless driving. so it is very serious. we've reached out to pete davidson for comment. we haven't heard anything back. you have to drive safe. and celebrities get in trouble, too, this is a perfect example of just how dangerous things can be. and again, we don't know the circumstances as to what happened. and was he on his phone. we don't know anything about whether or not there were substances involved. nothing like that has been released. >>

mr. davidson from ohio for five minutes, then miss garcia from texas for five minutes, then we will wrap. >> thank you for the extra time so we can get these questions in. picking up where my colleague left off talking about nonbanks and banks and the regulatory framework, you published online the list of master accounts the fed has. are any of the master account holders non-fdic? ? insured entities >> any of them? i do not know. >> can you get the answer back to us? >> yes. >> when i think about dynamics going on in the markets related to banks, nonbanks, securities, one agency in particular has been activist in this place. it is 10 then surely related to the fed. but crypto and digital assets in the u.s. have a market cap of around $1.1 trillion right now. do you acknowledge this asset class has staying power in the u.s. economy? >> it appears to have some staying power. the 1.1 trillion dollars, what was that a year ago? a lot higher. >> it had volatility in large measure due to the lack of legal clarity, hopefully this committee will help that quite a lot this summer with at least two

mr. davidson. i appreciate this hearing today. congress designed the nfip to be self funded for annual insurance premiums collected from policyholders. currently the nfip is drowning in 20.5 million ended with 1 million dollars in interest accruing every single day. i am just wondering, what effect that would have if congress simply annex the clean reauthorization of the nfip and maintains the status quo for the program in stage. i am not going to raise that question now, but i am anxious to hear what is going to be safe today. i want mr. maurstad to explain to us how he is going to carry out the function of nfip. i want him to talk about money. i want him to talk about debt. i want to get down to some real answers today. with that, i yield back the balance of my time. >> the ranking member yields back. today we welcome the testimony of mr. david maurstad. mr. maurstad is famous administrator of the federal insurance directorate. anti senior insurance -- he is over 20 have years of experience in public service and insurance. mr. m

mr. davidson for bringing us this vital piece of legislation that underscores the republican -- how the republican majority stands with those middle class families who have done the right thing and should not be pushed by a radical administration that is obsessed with radical wealth distribution schemes. mr. speaker, i will reserve the balance of my time. the speaker pro tempore: the gentleman reserves. for what purpose does the gentleman from massachusetts seek recognition? mr. mcgovern: i want to thank tthe gentleman from texas for yielding the the customary 30 minutes and i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. mcgovern: mr. speaker, republicans are in harnlg of the chowrps. they control the schedule here. they control when bills get brought up for debate. they make the calendar. we could be debating a bipartisan bill that actually helps get more people onto health care. lowers prescription drug costs and makes coverage more affordable. but instead, republicans are bringing to the floor a bill to chip away at the affordable care act.

mr. davidson. >> thank you to the chairman for having this important hearing it is one of the top questions in my district for people who are broadly supportive of ukraine happy about the policy but it is in a question since the money has been set sent what is happening and i appreciate your statement in these versions have been hit so far hasn't been any instances detected in your investigation yet? >> . >> as of today the work we had substantiated and reports reviewed we have not seen any instance of that. >> our completed work has not substantiated any allegations of diversion we did not detect much in afghanistan either and we have an office for this special investigator are there instances will be benefit from that same approach why or why not? i think the model we have developed between oig and of other government accountability organizations is an excellent model to address cross caddying oversight work as a collaborative model we've used in another context to be pressure tested i think it has been very effective to add another layer into that and with duplicative cost to duplication

mr. davidson. >> thank you chairman, secretary yellen, thank you for your testimony today. -- to study the effects of an unattended consequence of those sanctions. i think this is welcoming development giving the expanded use of sanctions since the law passed, the governing law passed in 1975 to create the offshore foreign asset control. how do you anticipate foreign -- that comes from sanctions? the payment system around the world the rivals that are confronting macro economics today? >> well we wanted to make sure that we do have experts who are consistently focused on analyzing the economic potential impacts of sanctions since when we imposed them, we always want to understand the economic ramifications of them. >> do you think there's a real threat to the payment system that we dominate today? >> so our, the fact that the dollar is used as a reserve currency, and place such a huge role in international transactions does enable our sanctions to be much more effective. it's not surprising that countries that are fearing they could be affected by our sanctions are looking for alternatives

mr. davidson from ohio for five minutes, and vince garcia from texas for five minutes and then we will wrap. >> thank you for the esther time to get these extra questions in. thinking about nonbanks in the regulatory framework, recently published online the list of master accounts that the fed has. are any of those master account holders non-ftse insured and to cease? --entities? could you get that answer back to us please? when i think about some of the dynamics going on in the markets, the way banks, securities, one agency have been very activist at the sec. it is tangentially related to the fed. but crypto and digital assets in the u.s. has got a market cap of around $1.1 trillion right now. it has been there for a bit. you acknowledge that this asset class has staying power in the u.s. economy? chair powell: it appears to have some staying power. that $1.1 trillion was a year ago a lot higher. >> volatility in large measure due to the lack of legal clarity. hopefully this committee will help that quite a lot here this summer with these two years. one on stablecoins and one on market str

mr. davidson. >> thank the chairman, for having this important hearing.t certainly is one of the top questions i get in my district from people who are broadly supportive of ukraine. they are happy about the policy, but of course this is not a question about the policy, this is a question about since the money has been sent, what's happening to? it's i appreciate your statement upfront saying hey, zero instances of diversion have been detected so far. that's not saying there are no instances, they just have not been detected yet. this -- has there and been any instances detected in your investigations yet? >> no as of today, our work at least substantiated and reports that we reviewed, we have not seen instances of that. i would say this is early stages. . in your case? afar >> are completed work has not substantiated any allegations of diversion. >> thank you for that russia, let me just say this early and we did not that that much in afghanistan, either and we created an office for the special investigator for afghanistan. are there instances where that

commend chairman davidson are having this hearing and making effort to restore the committee's oversight of the nfip program and see that these important issues are being examined. mr. maurstad, the government accountability office has observed that the nfip has two competing goals. keeping flood insurance affordable, and keeping the program fiscally solvent. the balance between these goals would appear to be especially difficult at the moment. while inflation is at a 40 when you and americans are dealing with an affordability crisis, the implementation of risk writing 2.0 has led to increases in premiums for millions of americans. we have heard reports of premiums in new york nearly doubling, increasing from 1184, the 2197, on average. when contemplating those two objectives how does seem tt to strike a balance between them? >> first of all thank you for the question and certainly there are competing interests within the program that were working hard to make sure we balance. making premiums reasonable and making premiums be risk-based actuator only sound can happen, and that's what our program has done desha actuator only -- there's some misconception out there t