Testimony
March 28, 2023
Bank Oversight
Vice Chair for Supervision Michael S. Barr, right
Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Washington, D.C.
Chairman Brown, Ranking Member Scott, and other members of the Committee, thank you for the opportunity to testify today on the Federal Reserve’s supervisory and regulatory oversight of Silicon Valley Bank (SVB).1
Our banking system is sound and resilient, with strong capital and liquidity. The Federal Reserve, working with the Treasury Department and the Federal Deposit Insurance Corporation (FDIC), took decisive actions to protect the U.S. economy and to strengthen public confidence in our banking system. These actions demonstrate that we are committed to ensuring that all deposits are safe. We will continue to closely monitor conditions in the banking system and are prepared to use all of our tools for any size institution, as needed, to keep the system safe and sound.
At the same time, the events of the last few weeks raise questions about evolving risks and what more can and should be done so that isolated banking problems do not undermine confidence in healthy banks and threaten the stability of the banking system as a whole. At the forefront of my mind is the importance of maintaining the strength and diversity of banks of all sizes that serve communities across the country.
SVB failed because the bank’s management did not effectively manage its interest rate and liquidity risk, and the bank then suffered a devastating and unexpected run by its uninsured depositors in a period of less than 24 hours. SVB’s failure demands a thorough review of what happened, including the Federal Reserve’s oversight of the bank. I am committed to ensuring that the Federal Reserve fully accounts for any supervisory or regulatory failings, and that we fully address what went wrong.
Our first step is to establish the facts—to take an unflinching look at the supervision and regulation of SVB before its failure. This review will be thorough and transparent, and reported to the public by May 1. The report will include confidential supervisory information, including supervisory assessments and exam material, so that the public can make its own assessment.2 Of course, we welcome and expect external reviews as well.
IRS Warning, March 24, the Dirty Dozen: Scammers Using Fake Charities to Exploit Taxpayers; NY State Filing Addition*
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News EssentialsThe Newsroom TopicsIRS Resources |
Issue Number: IR-2023-57Inside This IssueWASHINGTON — On day five of the annual Dirty Dozen campaign, the Internal Revenue Service today urged everyone to be on alert for scammers using fake charities to dupe taxpayers, especially following major disasters. Whether an earthquake or wildfires, good-natured taxpayers rally to help victims after an emergency or disaster by donating money. Unfortunately, scammers often try to prey on well-intentioned donors by posing as fake charities, hoping to steal money, but also personal and financial data that can be used in tax-related identity theft. “Following disasters, there are heart-wrenching situations where people want to help,” said IRS Commissioner Danny Werfel. “But scammers move quickly and use these events to try taking advantage of the public’s generosity, stealing not just money, but personal information that can lead to identity theft. Scams requesting donations are especially common over the phone, as well as by email and texts. Taxpayers should never feel pressured to give immediately, and they should look to recognized, established charities to help victims.” As a member of the Security Summit, the IRS, with state tax agencies and the nation’s tax industry, have taken numerous steps over the last eight years to warn people to watch out for common scams and schemes each tax season that can contribute to identity theft. Along with the Security Summit initiative, the Dirty Dozen aims to protect taxpayers, businesses and the tax system from identity thieves and various hoaxes designed to steal money and information. The Dirty Dozen is an annual IRS list of 12 scams and schemes that put taxpayers and the tax professional community at risk of losing money, personal data and more. Some items on the list are new, and some make a return visit. While the list is not a legal document or a formal listing of agency enforcement priorities, it is intended to alert taxpayers, businesses and tax preparers about scams at large. Fake charities: Real scams Bogus charities are a perennial problem that gets bigger whenever a crisis or natural disaster strikes. Scammers set up these fake organizations to take advantage of the public’s generosity. They seek money and personal information, which can be used to further exploit victims through identity theft. Taxpayers who give money or goods to a charity might be able to claim a deduction on their federal tax return if they itemize deductions, but charitable donations only count if they go to a qualified tax-exempt organization recognized by the IRS. Fake charity promoters may use emails to solicit donations or alter or “spoof” their caller ID to make it look like a real charity is calling on the phone. They often target seniors and groups with limited English proficiency. Federal Trade Commission to Hold Hearing on Proposed Impersonation Rule; The Informal Hearing Will Be Held Virtually and Livestreamed on ftc.gov.The Federal Trade Commission will hold an informal hearing on its proposed rule prohibiting government and business impersonation at 1 p.m. on May 4, 2023. In a Federal Register Notice, the FTC notes that during the recent public comment period regarding the Notice of Proposed Rulemaking, an informal hearing was requested by a commenter. Any member of the public wishing to speak at the informal hearing must request to speak by April 14, 2023. Requests can be made in response to the Federal Register Notice on regulations.gov, where it will be posted shortl The informal hearing will be held virtually and livestreamed on ftc.gov. The Federal Trade Commission works to promote competition and protect and educate consumers. Learn more about consumer topics at consumer.ftc.gov, or report fraud, scams, and bad business practices at ReportFraud.ftc.gov. Follow the FTC on social media, read consumer alerts and the business blog, and sign up to get the latest FTC news and alerts. Press Release Referencehttps://www.ftc.gov/legal-library/browse/federal-register-notices/16-cfr-part-461-trade-regulation-rule-impersonation-government-businesses-nprm
Health, United States, 2020-2021: Annual Perspective; Focus of This Issue is On Health Disparities by Sex, Race, Ethnicity and Socioeconomic StatusHealth, United States Annual ReportThe Health, United States, 2020-2021: Annual Perspective is a brief annual report that integrates selected analyses on health trends reported online by the Health, United States program. The focus of this issue is on health disparities by sex, race and ethnicity, and socioeconomic status. Annual Perspective This year’s annual report explores health disparities across different health areas. Topics in the 2020-2021 Report
Access reports and trend tables from previous editions of Health, United States. Suggested Citation
National Center for Health Statistics. Health, United States, 2020–2021: Annual Perspective. Hyattsville, Maryland. 2023. DOI: https://dx.doi.org/10.15620/cdc:122044 The White House, President Joe Biden: Executive Order on Reducing Gun Violence and Making Our Communities SaferBy the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby order as follows: Section 1. Policy. Every few days in the United States, we mourn a new mass shooting. Daily acts of gun violence — including community violence, domestic violence, suicide, and accidental shootings — may not always make the evening news, but they too cut lives short and leave survivors and their communities with long-lasting physical and mental wounds. We cannot accept these facts as the enduring reality of life in America. Instead, we must together insist that we have had enough, and that we will no longer allow the interests of the gun manufacturers to win out over the safety of our children and Nation. It is the policy of my Administration that executive departments and agencies (agencies) will pursue every legally available and appropriate action to reduce gun violence. Through this whole-of-government approach, my Administration has made historic progress to save lives. My Administration has taken action to keep guns out of dangerous hands and especially dangerous weapons off of our streets; hold gun traffickers and rogue gun dealers accountable; fund accountable, effective community policing; and invest in community violence interventions and prevention strategies. Last year, I signed into law the Bipartisan Safer Communities Act (the “Act”), the most significant bipartisan gun safety legislation in nearly 30 years. The Act provides communities with new tools to combat gun violence, including enhanced gun background checks for individuals under age 21, funding for extreme risk protection orders and other crisis interventions, and increased mental health resources to help children impacted by gun violence heal from the resulting grief and trauma. I continue to call on the Congress to take additional action to reduce gun violence, including by banning assault weapons and high-capacity magazines, requiring background checks for all gun sales, requiring safe storage of firearms, funding my comprehensive Safer America Plan, and expanding community violence intervention and prevention strategies. In the meantime, my Administration will continue to do all that we can, within existing authority, to make our communities safer. Sec. 2. Implementation of the Bipartisan Safer Communities Act. The Attorney General, the Secretary of Health and Human Services, the Secretary of Education, and the Secretary of Homeland Security shall each submit a report to the President within 60 days of the date of this order describing what actions their respective agencies have taken to implement the Act, data and analysis regarding the use and early effects of the Act, and additional steps their respective agencies will take to maximize the benefits of the Act. These reports shall include a plan for increasing public awareness and use of resources made available by the Act. Kaiser Health News: Feds Move to Rein In Prior Authorization, a System That Harms and Frustrates Patients March 13, 2023
When Paula Chestnut needed hip replacement surgery last year, a pre-operative X-ray found irregularities in her chest. As a smoker for 40 years, Chestnut was at high risk for lung cancer. A specialist in Los Angeles recommended the 67-year-old undergo an MRI, a high-resolution image that could help spot the disease. Dr. Kathleen McManus, right But her MRI appointment kept getting canceled, Chestnut’s son, Jaron Roux, told KHN. First, it was scheduled at the wrong hospital. Next, the provider wasn’t available. The ultimate roadblock she faced, Roux said, arrived when Chestnut’s health insurer deemed the MRI medically unnecessary and would not authorize the visit. “On at least four or five occasions, she called me up, hysterical,” Roux said. Months later, Chestnut, struggling to breathe, was rushed to the emergency room. A tumor in her chest had become so large that it was pressing against her windpipe. Doctors started a regimen of chemotherapy, but it was too late. Despite treatment, she died in the hospital within six weeks of being admitted. Though Roux doesn’t fully blame the health insurer for his mother’s death, “it was a contributing factor,” he said. “It limited her options.” Few things about the American health care system infuriate patients and doctors more than prior authorization, a common tool whose use by insurers has exploded in recent years. Prior authorization, or pre-certification, was designed decades ago to prevent doctors from ordering expensive tests or procedures that are not indicated or needed, with the aim of delivering cost-effective care. Originally focused on the costliest types of care, such as cancer treatment, insurers now commonly require prior authorization for many mundane medical encounters, including basic imaging and prescription refills. In a 2021 survey conducted by the American Medical Association, 40% of physicians said they have staffers who work exclusively on prior authorization. Merriam Webster Dictionary*: Synonyms of Woke, Chiefly US Slang: Aware of and Actively Attentive to Important Societal Facts and Issues (especially issues of racial and social justice)woker; wokest
Synonyms of woke chiefly US slang
1
: aware of and actively attentive to important societal facts and issues (especially issues of racial and social justice)
But we will only succeed if we reject the growing pressure to retreat into cynicism and hopelessness. … We have a moral obligation to “stay woke,” take a stand and be active; challenging injustices and racism in our communities and fighting hatred and discrimination wherever it rises. — Barbara Lee
… argued that … Brad Pitt is not only woke, but the wokest man in Hollywood … because he uses his status — and his production company Plan B—to create space for artists of color, with such films as 12 Years a Slave, Selma, and the upcoming film Moonlight. — Giselle Defares
Being woke to gender discrimination is difficult; it ruins things you love. Entire canons of art are rotten to the core with it. — Rachel Edelstein
— often used in contexts that suggest someone’s expressed beliefs about such matters are not backed with genuine concern or action There is never really a moment where a person of color doesn’t have to deal with discrimination, whether it be veiled and passive or as blunt as possible. So, woke white people, why can’t you step in?—Lauren SanchezEnter the age of the performatively woke brand. Politics has become a kind of fashion accessory for corporate America these days, a way to profit from protest.—Jon Gingerich“Fake woke” behavior arises. We put the hashtags on our social media. #Sayhername, #icantbreathe, #blacklivesmatter. And repeat. The problem is that the level of concern we express online doesn’t match the everyday behavior we exhibit.—Surayya Walters
also : reflecting the attitudes of woke people
woke values/language
In our newly woke times, there has been increased scrutiny of old films dealing with sensitive subjects. — Hannah Jane Parkinson
He wants to make The Wombles more “woke” so the characters are gender-fluid or of different races. — Liz Perkins
2
disapproving : politically liberal (as in matters of racial and social justice) especially in a way that is considered unreasonable or extreme
The national conservatives view today’s liberals as woke cultural warriors who pose an existential threat to the nation and its traditions. — Shadi Hamid
He’s built a social media brand on the right railing against “woke liberals” and supporting former President Donald Trump. — Marissa Martinez
The military is struggling to find new recruits to fill its ranks. … While the official reasons given by the military — including fewer face-to-face recruitments during the pandemic, and fewer young people who meet the physical standards required — likely play a role, some say it’s because the military is too “woke,” turning off its normal constituency of young, conservative recruits.—Suzanne Bates
If there is any hope, it’s that voters are rejecting woke green goals. Already this has occurred in Sweden and Italy, where voters threw out left-wing governments …—Michael Shellenberger
‘Woke capitalism‘ tends to be a term that critics use to refer to … portfolios that are built around environmental, social and governance issues like climate change or diversity.—Victor Reklaitis
woke 2 of 2 past tense and past participle of WAKE Rebecca Louise Law: Awakening on View at Honolulu Museum of ArtRebecca Louise Law: AwakeningThe debut of renowned British artist Rebecca Louise Law in the Islands, Awakening transforms two galleries into an immersive experience celebrating Hawai‘i’s deep connection to pua. ON VIEW NOW THROUGH SEPTEMBER 10, 2023 • GALLERY 12 & 13The debut of renowned British artist Rebecca Louise Law in the Islands, Awakening transforms two galleries into an immersive experience celebrating Hawai‘i’s deep connection to pua. Rebecca Louise Law (British b.1980) is known for creating immersive installations with natural materials. Preserved flowers have become the signature of her most recognised works. Individually sewn and suspended, viewers are often invited to navigate through them, discovering the diverse forms, colours and textures of each specimen. These colossal works are intentionally equivocal and while themes of symbolism, consumerism, sustainability and life cycles often present themselves, the artworks also provide a harmonious sense of place for rest and contemplation takes precedence.Law’s wider practice spans painting, print, weaving, glass, pottery and more. Her work explores the complexity of our human connection to nature with the intent to help inspire a deeper appreciation for it. “The convenience of consumerism has made everything too easy and too fast. The lack of attention to detail and little understanding of where things come from made me want to focus the viewers’ attention back to nature. Flowers are my paint and I work with space as my canvas, but as you enter any installation you are taken back to nature’s divine beauty. The human soul needs nature and time to appreciate all that the earth provides. Over the past 16 years, I have collected over one million flowers, re-using every flower I work with. Recently this has allowed my installations to be large enough to have a complete experience of nature. Installations that have completely enveloped the viewer are Beauty of Decay (2016) at Chandran Galley, Life in Death (2018) at Kew Gardens, Community (2018) at Toledo Museum of Art, and The Womb (2019) at Fredrick Meijer Sculpture Park and Gallery” The persistence of time often provides context to Law’s work. Historically she has experimented with contrasting states; fresh, preserved, decayed. Most recently, Law has documented a year of daily nature observations in diaries – sketches, notes and videos for the exhibition Seasons.
A COMMITMENT TO SUSTAINABILITYApproaching installation art as a painter, Law has strived to give each flower as much value as a drop of paint. “By breaking down the flowers and preserving each head as an element of colour I settled on swapping my paints for flowers. Flowers became a 3D palette that allowed me to paint my expressions of nature in the air.” Law’s earliest installation commissions saw her transform huge spaces, using fresh flowers that she allowed to dry within the space. No material would go to waste and any short-term installations would be brought back her studio to dry and re-sculpt. Her works were intended to invite viewers to witness materials preserving over time, allowing the viewer to visit an artwork multiple times for a renewed experience. Harvard Kennedy School; Shorenstein Center On Media; Politics, and Public Policy; Sleep Disparities: An Explainer and Research RoundupA growing body of literature shows that many adults don’t get enough sleep, and that factors beyond an individual’s control can drive disparities and inequities in sleep, much like other areas of health.Photo by Cassidy Dickens on Unsplash
Most sleep studies included only white men in the early years and other racial and ethnic groups and women and were not included in studies of sleep disorders until the 1990s, says Dr. Andrea Matsumura, a sleep medicine physician at The Oregon Clinic in Portland, Oregon, and a member of the Public Awareness and Advisory Committee at the American Academy of Sleep Medicine. But the growing body of literature so far has revealed that sleep plays an important role in human health, and factors beyond an one’s control are linked to sleep problems, which can then affect overall health. Research also shows sleep deficiencies disproportionately impact those who experience other health disparities. To take into account social, environmental and economic factors affecting sleep, researchers and experts use the term “sleep health” to create a holistic view of sleep. “When I think about sleep health, I think about the right environment and the right amount of hours for sleep,” says Matsumura. “If the environment is too cold or too warm, or if you don’t have the right bedding, if you’re working three jobs to survive, or if don’t have money for a bed and you’re having to sleep in a chair, that’s going to affect your sleep health, because you’re not going to be able to get enough sleep.” | |||
