the current occ has created confusion. finally, my approach will establish a new charter regulatory requirements designed specifically for stablecoin issuers. it will address the risks identified by the peter bg reports, but not force them into a one-size-fits-all created for traditional bags. recent testimony indicates to me that i think ms. lang agrees with a tailored approach for such issuers. rather than just rely on the flexibility of the existing framework for depository institutions, which leaves full discretion of bank legislators, i think it is up to congress to design this approach. these three pads would allow each stable coin issuer to choose the regulatory from work most appropriate for its own business model. under this legislation, each stablecoin issuer would be required to meet certain requirements, regardless of the charter or license be it for example, all would be required to disclose the assets that back them. all would be required to adopt and clearly disclose redemption policies. they have to undergo

for the stable coin report, the pwg was joined by fdic and the occ. stable coins are part of an emerging set of digital assets, activities, and services that could have profound implications for the u.s. financial system and economy. the distinguishing feature is that they are designed to maintain a stable value relative to a reference asset, often, the u.s. dollar. stable coins have grown rapidly from a market capitalization of roughly $5 billion at the start of 2020 to approximately $175 billion today. the pwg report focused on stable coins because the offer of a stable value means they have the potential to be used widely as a means of payment by households, businesses, and financial firms. this potential use could create significant benefits for stable coin users and payment transactions. but it could also pose risks. the pwg report focused on prudential risks associated with the use of stable coins for payments. first, run risk, a scenario in which loss of confidence in a stable coin triggers a wave of redemption which is could have spillover eff

we think that will be ideal and are working very closely with the occ and fbi see -- fbi c -- fdic to come up with a consensus of proposed rulemaking and reflect the comments we got on our consensus of proposed rulemaking. the timing is soon. i don't want to put a specific date, but i feel like we are getting close. representative: a note published by a credit suite strategist over the weekend warns that a decision to exclude certain russian banks from the swift system, which i support, could result in missed payments and giant overdrafts with significant consequences for money markets, thereby forcing the fed and other central banks to intervene to enhance liquidity to offset missed payments. do you see this scenario as likely? chairman powell: no, i don't see that as likely. of course, we always appreciate looking at different risk scenarios. but given the relatively modest exposure that our banks have directly to russia, and given the existing tools we have to provide liquidity, i don't see that as a likely outcome. representative: thank you. i yield back. chair waters: thank you.

making it very clear that these are not liberators, but these are occ occupiers. >> as we're showing large crowd of people hiding under a partially destroyed bridge to cross a body of water, a river in ukraine, there are some of these other grizzly images of bombed out civilian areas. while the crukrainians have bee inspired and brave and courageous, they are being pummelled. in the last segment, lieutenant colonel vinman was talk about the potential for a lend lease program. finding other ways to upgrade the ukrainian military with more intense weaponry to take on these russians. what are your thoughts on that. >> i think in this conflict, we ought to be pushing as much possible into ukraine with any luck. even if the cities fall and that's not a sure thing right now. there's going to be significant partisan warfare that's going to be going against the backside of the russian forces. the soft underbelly. their lines of communication, their supply depots, their non-combat forces and if we can provide as much equipment as possible to keep that fight going, the way we did with the hadi

we think that will be ideal and working with the occ and fdic to come up with consensus of proposed rule making reflecting all of the comments we got on our advanced notice of rule making i think the timing is soon i wouldn't want to put a specific date, but i know we are going back and forth and it feels like we are getting very close. >> a note published by a credit swiss strategist over the weekend warned that excluding certain banks from the s.w.i.f.t. system, which i support, could result in overdraft which could have consequences which would for the central bank to intervene on missed payments. do you see this scenario as likely >> no, i don't see that as likely we always look at different risk exposures. but given the existing tools we have to provide liquidity, i don't see that as a likely outcome. >> thank you i yield back >> the gentleman from texas, mr. sessions is recognized for five minutes >> madam chairman, thank you very much. chairman powell, thank you for joining us today the monetary policy report of february 25 seemingly still hot off the press brings about i think a

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their referral folks are interacting with our action center and new occ people. we have agreed to continue within the screen conversation. streamlining the processes to get people from jail into services. we need to look at a deep dive how to do? before the behavioral court as well. >>> lastly work through our provideders. when clients have charges, sexual offense for starting a fire. it can be difficult to place because of residential licensure issues. having prior to sexual oftens. we need to address these issues. we want to work with judges to find pathways for not only these 19 clients but other client in the future. >> this is all too vague for me. it doesn't we are going to continue to work and talk and have these conversations. we need to move. we need to make progress. the question for me and this is going to be very important during budget. how much of that allocated money was actually used. if progress and baker are the only game in town. behavioral health courts can't get to them in a timely way. reports in the press every day people on the street need

their referral folks are interacting with our action center and new occ people. we have agreed to continue within the screen conversation. streamlining the processes to get people from jail into services. we need to look at a deep dive how to do? before the behavioral court as well. >>> lastly work through our provideders. when clients have charges, sexual offense for starting a fire. it can be difficult to place because of residential licensure issues. having prior to sexual oftens. we need to address these issues. we want to work with judges to find pathways for not only these 19 clients but other client in the future. >> this is all too vague for me. it doesn't we are going to continue to work and talk and have these conversations. we need to move. we need to make progress. the question for me and this is going to be very important during budget. how much of that allocated money was actually used. if progress and baker are the only game in town. behavioral health courts can't get to them in a timely way. reports in the press every day people on the street need

we're working very closely with the occ and fdic to come up with a consensus notice of proposed rule making reflecting all of the comments we got on our advanced notice. i think the time something soon, and i would not want to put on a specific date, and it feels like we are getting very close. >> thank you. >> chair powell, a note published by a strategists over the weekend said in order to exclude certain russian banks from the s.w.i.f.t. system, which i support, could result in missed payments and overdrafts, and money markets forced to intervene to enhance liquidity because of the missed payments. do you see this scenario as likely? >> no, i don't see that as likely. of course we always appreciate looking at different risk scenarios, but given the relatively modest exposure that our banks have directly to russia and the existing tools we have to provide liquidity, i don't see that as a likely outcome. >> thank you. i yield back. >> the gentlemen from texas, mr. sessions, is now recognized for five minutes. >> madam chair, thank you very much. chairman powell, thank you for not on

there's credential and monetary bank policy regulators such as the fed, the occ, and the fdic. there's another category of regulator site consists of financial policy and anti-crime orcs. on top of all of this, there's a number of state-level regulators that have a purview over digital assets as well. this fragmentation has led to a lack of regulatory clip -- clarity and is hampering innovation and impacting american global competitiveness. we have members who have been waiting for action by the regulators for over five years only to take their products elsewhere. it's time for the u.s. and for the committee to begin putting in place policies that create clarity and spur innovation and block chain and economic growth and opportunity for all. we urge the committee to work with other policymakers to first adopt the chambers 2019 national action plans for block chain which proposes that u.s. block chain policy should take a holistic government approach with clearly articulated support for the private sector development of innovation required to grow emerging interest race. provide

we can do it china-wise and give up our privacy or the way brooks the head of the occ suggested and keepgovernment what you buy. so it's a big, big deal. >> look, the -- mike, i understand your point on that, but banks do give transaction histories if you make a transaction over $10,000 or if they get near a limit on something like that. if you have a lot of money coming in and out they are responsible on making sure the government knows about it. >> and the exchanges if it's continue base or other brokerage exchanges are going to end up playing by those same rules. >> sooner rather than later they don't want the government cracking down. make sure you're rooting this stuff out. >> listen, we're regulated by 25 different agencies >> you just said that eventually they will play by the same rules that the major banks do. >> there are no rules right now, right? so the industry is asking the sec and the government to set clear rules. they're regulating by enforcement not by setting rules. no one knows, you know, is a crypto security or not they know bitcoin is not we're 99% sure etherian is