mr. powell: we are monitoring them carefully, yes. rep. gonzalez: i yield back. >> chair of our -- [indiscernible] >> thank you, mr. chairman, and thank you very much, chairman powell, good to see if i did share an oversight subcommittee hearing on banking. we revealed evidence that the fdic pressured banks to to debank crypto. what do you think of that situation? mr. powell: so i think we are awestruck at the number of complaints and the breadth of them. we want to take a fresh look at this area. it is not something -- we are not telling banks that they can't bank certain people from anything like that. nonetheless, we are giving these things, and i take at least some of it as real. we need to understand it and stop it from happening. if you look at what the banks are saying, they are saying a lot of this is that the enforcement of money laundering is so tough that any flag at all the gets raised, they cut people off, and they can't explain that may be part of it. we need to do some work to get to the bottom of it. >> hundreds were pretty

mr. powell: that is right. sen. ricketts: great. i hope you continue working on this for the next issue we may face, so thank you very much, mr. chairman. chair scott: senator warner. sen. warner: thank you, mr. powell. good to see you. i have two or three issues i want to get through fairly quickly. while our regulatory framework should always promote financial innovation, that innovation can't come at the expense of things like anti-money laundering, consumer protection, financial stability. i continue to worry in many of these hearings where we continue to see this regulatory creep outside the boundaries of traditional financial regulation. i think if we were starting from scratch, few of us would design it this way, but this is one of the reasons why i look for wood to work with chair scott and my colleague senator lummis on a framework looking at stable coins in particular within the regulatory perimeter. i know my friend bill hagerty just introduced a bill in this area. i am looking at trying to make sure we get those guardrail

mr. powell: yes. rep. beatty: i am pleased to hear, as my ranking member mentioned and also talked about implementing it under dodd-frank section 342. but i also am pleased to see that the fed recruits from ohio schools. i'm from the great state of ohio. institutions like the ohio state university, case western reserve university, denison university, kenyon university, and oberlin. do you agree that hiring the best and the brightest, whether it is an economist, analyst, lawyer, researcher, or i.t. professionals, that this country has to offer means you don't have to recruit just from ivy league schools, but you can find these individuals, whether it is an hbcu or a state school, have you found success in recruiting from those universities? mr. powell: yes, we have. rep. beatty: thank you. do you agree that these recruitment programs at their core do in fact prioritize merti and skill-- merit and skill and sadly expand the pool of candidates being considered?-- simply expand the pool of candidates being con

mr. powell and mr. gillen, if you could share in written response what steps congress can take to ensure that vital programs like the now expired affordable connectivity program can foster greater competition in the wireless market and to drive down prices while also ensuring providers have the resources necessary to deploy and maintain the networks that are necessary to provide those services, and with that, i yield back. chair hudson: thank you. the chair now recognizes the representative from georgia, mr. carter, for five minutes to ask your questions. rep. carter: thank you and congratulations for your chairmanship on this subcommittee. i served as vice chair last session. you have a great team. you have surrounded yourself with good people. we appreciate it because it is extremely important. this area, as we all know, is important. mr. gillen, you said that we, as the u.s., are watching other countries, whether it's allies or rivals, make more 5g spectrum available for their networks than it is in

mr. powell: yes. sen. van hollen: and at the same time, the trump administration has restricted federal agencies from providing the public with information about the bird flu, avian flu, which is part of the cost of egg increases. what we are really facing here is an administration that campaigned on bringing down prices and is not doing that. did not campaign on project 2025, and that is what they are doing. when it comes to prices, mr. chairman, the president is also talking about significant increases in tariffs. our republican colleagues are also talking about passing a tax bill that gives disproportionately to the super wealthy and which will add trillions to the deficit by their own account. talking about playing with the baseline. my question is simple. all things being equal, do big increases in tariffs and increasing the deficit and debt put upward pressure on inflation? this is that simple math? mr. powell: you know, it really does remain to be seen what terra policies will be implement to a

mr. powell and mr.could share in written response back to what steps congress can take to ensure vital programs like the night now expired affordable connectivity program can foster greater competition in the wireless market into drive down prices while also ensuring providers have the resources necessary to deploy and maintain the networks that are necessary to provide the services. with that i yield back. >> we will do it. they give. >> thank you the gentlewoman yells back the chart recognize a representative from georgia mr. carter for five minutes ask your questions. >> thank you mr. chair congratulations you mr. chair on your chairmanship of this subcommittee it is a great subcommittee has served as vice chair for a while last session you got a great team to you surrounded yourself with good people. we appreciate it because it is extremely important. this area, as we all know is extremely important. mr. gillen went to start with you. you said we'd come as the u.s. are watching other countries. whet

one piece of data that mr powell - the balance of risks. balance of risks. one piece of data that mr powell and his| the balance of risks. one piece of data tha will powell and his| the balance of risks. one piece of data tha will be nell and his| the balance of risks. one piece of data tha will be able ind his| the balance of risks. one piece of data tha will be able to | his| the latest consumer which is out price index, which is out before the markets open on before the marketebperl or] it is before the marketeoperl or] it is forecast to wednesday. it is forecast to show why they are not in a show'why'they are not in a to cut rates hurry to cut interest rates with headline inflation stuck 2.9%. a lot better at 2.9%4; that�*s a tot better it a years ago, thah it was a fetal yearsaaee a a", still �*than thah it was a fetal yearsaaee a a", still �* than the president trump would stop ’resident trump would stop to sident trump would stop to the nt trump would stop to the nt tn ai p would like stop to the paris ai action summit now and the us

the federal ssssrss isill §§7777 777777777 77 77 to cut interest able to cut interest rates again mr powelltly _ hopes. with our policy stance now significantly less - hopes. with our policy stance now significantly less restrict | now significantly less restrict the dust is restrictive that it been and the economy strong then we 77777 strong then we will remainth strengthen-we will in a hurry to adjust our we know that policy stance. we know that reducing policy restraint oi’ or too much 77 7 $r7t7°87hiljeh777 7hi7n7d7er fast or too much could hinder progress on inflation. at the same time policy sagaetime reducing policy too slowly or too restraint too slowly or too little could unduly weaken economic activity and little could unduly weaken economic acti in i and the employment. in considering the extent and timing of additional adjustments to the range adjustments to the target range for the federal runs —— funds rate we will assess incoming data and the balance of risks. piece mr one piece of data that mr powell and his will powell and his committee will be able to see soon is the be ab

fed chair powell: sorry, mr. sessions, are we talking about asset purchases that we made during this? >> we are. we're talking about when when the fed went and sold treasuries. fed chair powell: no, we bought treasuries. >> we bought treasuries, yeah, we bought treasury, so. fed chair powell: you know, it was a situation. i'll tell you why we did it. you know, we, we were just out of the worst part of the pandemic and we didn't know how, frankly how good things were going to be, how strong the economy. we were very concerned. covid is still raging and it actually, you know, had a very strong wave right into 22. but we wanted to just, we didn't want to stop buying treasuries too soon because that has a stimulative effect on the economy because we didn't want to provoke an unwanted tightening in financial conditions at a time when we thought the economy was still vulnerable. you look back in hindsight. we probably could have done that earlier and halted purchase earlier. in any case, we turned right around and start

wynter capital hill bearing many good news and inflation far off the highs of 2022. rates again soon, mr powelly restrain too slowly and employment. of the balance of risks. it is forecast that they are not hard to cut interest would like. agreement on artificial intelligence at a global summit in paris. and ethical approach to ai and was signed by some 60 us vice presidentjd vance explained why. of a new industrial revolution, one on innovators from taking the risks are necessary to advance the ball. nor will it occur if we allow al to become dominated or control uses thoughts. we can take it to the white us trump with 63—year—old donald trump with 63—year—old teacher marc fogel who was just from being held in returned from being held in russia. , qfiff: "7 7 n 7 w” tsentative- passed in my that passed legislation in my honour to get home are the honour to get me home are the i am in all of what honour to get me home are the all i am in all of what honour to get me home are the all did. in all of what honour to get me home are the all did. —— all of what honour to get me home are the alldid. ——

mr. chairman. chair powell, thank you for your reports in coming to work with me and my office last week as well. we have enormous power over the ability of americans and the earning of their living. an especially big impact on manufacturing, which depends on big investments. chair powell, the fed data on manufacturing is still holding up nationally, but it doesn't look very good in the chicago region, which includes most of my state, and indiana. manufacturing products are declining. steel demand is at a low level. auto production has slowed. machinery orders are down. what does it say about the rest of the country when manufacturing in the heartland slows? does it signal trouble for industries in other parts of the country? chair powell: it can. it doesn't always. manufacturing jobs tend to be high productivity and are very important to the economy. i would say that over the last couple of years manufacturing was pretty weak during, you know, the years in which we had high gdp overall. manufacturing is a smal

mr. powell for setting steel a couple of weeks ago. so effectively, not even mr. mr.p could find something to complain about. and then we have our new treasury secretary not talking about short rates but talking about long rates in a way that confuses me at times. but essentially the politics that's going on in washington is not going to infect the fed. i don't think. and also along those lines in that mr. powell voiced a very open mind to where we're going on the bank and financial regulatory front, recognizing that the fed doesn't have a monopoly in bank regulatory matters like it does in setting the policy rate. and we got new people at the office of the comptroller, which is in the treasury and also the fdic. and so he commented that he's going to be, you know, open minded and work in a collegial fashion with these new colleagues on the regulatory side. so i don't worry too much about where the fed is in the firmament of politics and democracy. i think we're fortunate that we have a statesman as chairman of the fed. >> paul, we always love having you on. thanks so

reserve will be the federal reserve will be to cut interest rates $0011 soon powell to again soon mr powellce now significantly less restrict | now significantly less restrict give than it had been and the remaining strong we do economy remaining strong we do not need to be in a hurry to policy stance. we adjust our policy stance. we know that reducing policy too fast or too restraint too fast or too much could hinder on ht the at the same inflation. at the same time restraint to reducing policy restraint to or too little slowly othoozlittlezozoolezz weaken economic activity

mr. powell: three questions. i'm seeing it really as one question, though. i'm not going to have any response or comment whatsoever on what the president said. it's not appropriate for me to do so. the public should be confident that we will continue to do our work, as we always have, focusing on using our tools to achieve our goals and really keeping our heads down and doing our work, and that's how we best serve the public. i've had no contact. thanks. reporter: i'm from the "wall street journal." chair powell, you and several of your colleagues said at the last meeting that your policy stance was meaningfully restrictive. given economic and financial market developments since then, how has your confidence changed in an assessment that says interest rates are meaningfully restrictive? chair powell: i think my assessment has really changed. a couple of things have happened. we've gotten more strong data, but wee also seen rates move up at the long end, which could represent tightening in financial conditions. if we look back over the past year or so, we can

mr. chairman. chair powell, thank you for being here today.hearings that geopolitical tensions pose important risks to global economic activity. in fact, around this time last year, when you appeared before the committee, you and i discussed how conflicts around the world, specifically the war in ukraine, had impacted the cost of things like groceries in the united states of america. at that time, you indicated that the war had caused commodity prices to move sharply back home. does that sound correct to you, found familiar to you? >> yes it does. >> so just to reiterate, in this interconnected world that we live in, would it be safe to say that economic instability in other countries has the potential to impact economic factors here in the united states? >> sometimes, yes. >> and so, given that fact, would it seem like a smart move for the united states government to remove one of our most effective strategic tools that, by mandate, assist u.s. commercial interests by supporting developing countries economic growth and building countries, bui

mr. powell leave rates as they are or might they trickle lower? >> i don't think he can lower them.her, it's the service sector to. remember, there's no tariffs on services. inflation is staying stubbornly above 4% there, and that's a ooh more than half economy. and until they solve that riddle, and there we go back to jobs. the participating rate is too low in america because we pay people not to work. we're also, you know, we give food stamps to able-bodied adults with many if children. that's absurd. kevin: yeah -- >> people who don't work. kevin: i think the last time i checked, and i can double check my numbers, it was somewhere is in the low 60s for the work force participation rate. got to get that way back up closer to 70. i know that's a pipe dream right now. peter, so is great to have you with us on a weekend. thank you, professor. we appreciate your time today. >> take care. kevin: thank you. congressional democrats struggling to find an effective response to a very busy trump white house. there is one lawmaker, however, in the party who's already, get this, threatening t

mr. chairman. chairman powell, good to see you.f the things we've talked about in the past, and i've got 2 or 3 issues i want to get through fairly quickly. is that our that while our regulatory framework should always promote promote financial innovation, that innovation can't come at the expense of things like anti anti-money laundering, consumer protection, financial stability. i continue to worry and many of these hearings where we keep seeing this regulatory creep outside the

dave -- jay powell basically saying what mr. mccormick knows, the fed moves the short end up and down for the two-year is the most responsive for the 10 year note yield incorporates talks about the possibilities of default, of inflation, all the things that could go wrong over a ten-year period. as the chair put it that influences the term premium. this has contributed to a higher a long end rate. the fed can't do anything about that, he said. we watch it and see what happens. >> in terms of anything related to politics he tried to stay away from it saying the president removing fed governors isn't allowed. he did talk about housing. he said putting housing finance back in the private sector has some appeal over the longer run, but i believe that with you in congress. did he overstep? michael: probably not. i do not think people would disagree with the idea that in a free-market society the housing finance business should be in the private sector. there have been efforts to bring it back for some time. the issue is how you do th

mr. trump announces reciprocal tariff strategy and fed chair jay powell appears before the senate and doesn't >> he was specifically asked who's going to pay for the tariffs and he said, look, some are paid for by consumers and others are paid for by exports and others on could your honor seizure disorders exchanges and -- currency exchanges and they were trying to bait him to bashing the tariffs and powell did a good job saying one i run the fed and that's terrific. two, he told them the truth which is waiting see how they play out. it doesn't make sense for the fed to start trying to counter it somehow, which is what the deputies wanted him to do. larry: nothing is interesting and it gives trump more elbow room to negotiate and they're a path to free trade and in his heart, trump is a free trader and tax and yous we tax you and text tax us less and we'll tax you less. that's what he wants. >> you're right. trump has faith in the american worker and american business to be able to compete with anybody in the world as long as we have a level playing field. going all the allies all over the wo

record an article from righters entitled feds powell, no agency other than cfpb tasked with consumer protection. the speaker pro tempore: without objection. mr. mcgovern: i reserve. the speaker pro tempore: members are reminded to address their remarks to the chair. mrs. fischbach: i truly understand the democrats are very upset that they lost the election. but the american people voted to change the direction of government. they voted to end growing regulation and government agencies and government in general and voted to end the growing deficit. they're done. and we need to move forward and we need to answer to the american people about what we are doing to make sure we get these things under control. i would like to quickly address -- it's incredible that my democrat colleagues are trying to claim some horl high ground about single-subject bills. house republicans have worked hard to bring single-subject bills to the floor and pass them appropriately. when is the last time my democrat colleagues did this? they passed omnibus spending bills when they were in the majority like the american rescue plan and inflation expansion act. please, sp

looking for a signal that the federal reserve will be to cut rates able to cut interest rates soon, mr powello at pains to temper such our policy m 77 than 5 77 than it w than it had w z than it had in restricted than it had been, in the economy strong, the economy remaining strong, we do not to be in hurry 7 ad'ust our adjust our policy 5 adjust our policy we to adjust our policy stands. we �*that reducing policy to adjust our policy stands. we �*th too iducing policy to adjust our policy stands. we �*th too fast ng policy to adjust our policy stands. we �*th too fast or policy to adjust our policy stands. we �*th too fast or too cy to adjust our policy stands. we �*th too fast or too much restrain too fast or too much could hinder progress on at the same time, policy restrain reducing policy restrain too slowly or too little could unduly economic activity and empleyrnentsln sensidering extent wand empleyrnentsln sensidering extent timing of the extent and timing of additional to the éddttifi“élédjéit~“e“�*5 ts the the will addrhsflalasjsstvs“; ts ths the will the target range, the will the se

fleury was watching in new york. good news for senators on the banking committee rates again soon, mr powellat pains