governor sarah bloom raskin nominated. if governor yellin is confirmed as chair, the fed will need a new vice chair. moreover, dodd-frank created a vice chair of supervision which has not yet been officially filled. the appointments will shape the direction of the federal reserve policy making for years to come. i look forward to working with the chairman to see that the positions are filled in a way that provides the proper balance and expertise at the fed. thank you, mr. chairman. >> thank you, senator crapo. we have agreed, to allow for sufficient time for questions, we are limiting opening statements to the chair and member. all senators are welcome to submit an opening statement for the record. we will now swear in dr. yellin. please rise and raise your right hand. do you swear or affirm that the testimony that you are about to give is the truth, the whole truth, and nothing but the truth, so help you god? >> do you agree to appear and testify before any duly constituted committee of the senate? >> i do. >> please pro