Original Broadcaster Captioning (Enhanced). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:06>> THIS AFTERNOON, FORMER SPEAKER OF THE HOUSE KEVIN
00:00:08MCCARTHY WILL HAVE HIS OFFICIAL PORTRAIT UNVEILED IN STATUARY
00:00:11HALL OF THE CAPITOL BUILDING, WITH REMARKS BY CURRENT SPEAKER
00:00:14MIKE JOHNSON, FORMER DEMOCRATIC LEADER STENY HOYER AND OTHERS ON
00:00:17THE TENURE OF THE 55th SPEAKER
00:00:19OF THE U.S. HOUSE. WATCH THE UNVEILING LIVE AT 3 P.M. EASTERN
00:00:23ON C-SPAN. THREE. C-SPAN NOW,
00:00:26OUR FREE MOBILE APP AND ONLINE
00:00:32AT C-SPAN.ORG. >> PRIVATE COMPANY IS IT?
00:00:34>> AND NOW BACK TO CAPITOL HILL, WHERE TREASURY SECRETARY SCOTT
00:00:38BESSENT IS TESTIFYING BEFORE THE HOUSE FINANCIAL SERVICES
00:00:42COMMITTEE ON THE INTERNATIONAL FINANCIAL SYSTEM AND THE U.S.
00:00:45ECONOMY. WE JOINED THIS HEARING
00:00:49IN PROGRESS HERE ON C-SPAN. TWO. >> I, I AGREE, AND THAT I THINK
00:00:52WE HAVE TO. AGAIN, WE HAVEN'T
00:00:55SEEN. WHERE WAS THE LIABILITY FOR THAT INCIDENT?
00:00:58>> WELL, GIVEN THAT AGREEMENT,
00:01:00DO DOES THE ADMINISTRATION
00:01:03SUPPORT ANY NEW AI SAFETY REGULATION IN LIGHT OF THE
00:01:06LESSONS LEARNED FROM THE HUGGING FACE HACK?
00:01:08>> WE HAVE BEEN WORKING WITH THE
00:01:11LABS, WITH THE OUR FINANCIAL
00:01:13PARTNERS ON THAT. AND YOU YOU WOULDN'T KNOW.
00:01:16>> IS THERE ANY SPECIFIC LAW OR REGULATION THAT YOU WOULD
00:01:19SUPPORT IN LIGHT OF THE HUGGING FACE HACK? >> UH, I HAVEN'T SEEN ANYTHING
00:01:23YET. >> OKAY. THE LEADERS OF THE
00:01:25FRONTIER AI LABS, PARTICULARLY OPENAI AND ANTHROPIC, HAVE BEEN
00:01:29EFFECTIVELY DISCLOSING TO THE PUBLIC THAT THEIR INCREASINGLY
00:01:32POWERFUL AI MODELS COULD POSE AN
00:01:35EXISTENTIAL RISK TO HUMANITY. IF A COMPANY IS PUBLICLY DISCLOSING
00:01:38THAT ITS OWN PRODUCT COULD POSE AN EXISTENTIAL RISK TO HUMANITY,
00:01:42SHOULD THAT COMPANY BE PERMITTED TO ACCESS THE PUBLIC CAPITAL
00:01:45MARKETS THROUGH AN IPO?
00:01:49>> UH, I THINK THE LIABILITIES
00:01:50HAVE TO BE THE VERY WELL
00:01:53OUTLINED IN THE S-1 AND IN THE
00:01:55PROSPECTUS. AND >> AS A FORMER INVESTOR NOW IN
00:01:59THE PUBLIC SECTOR, I'M NOT SURE HOW ONE WOULD QUANTIFY THAT.
00:02:02>> I WANT TO MOVE ON TO THE ECONOMY. ON AUGUST 4th, DURING
00:02:06AN INTERVIEW ON CNBC'S SQUAWK BOX, YOU SAID THE FOLLOWING QUOTE. I GOT SICK OF HEARING
00:02:10ABOUT THIS CASE SHAPED. I CAN
00:02:13SAY HERE, DEFINITIVELY, THE CASE SHAPED ECONOMY IS OVER. THEN ON
00:02:17AUGUST 6th, YOU WROTE ON X,
00:02:18QUOTE, EARNINGS GROWTH FOR
00:02:21MAINSTREAM WORKERS AT THE 25th
00:02:24EARNINGS PERCENTILE WAS 5.5% YEAR OVER YEAR. IN THE LATEST
00:02:27DATA. THIS QUARTER, YOU CITE
00:02:30WAGE GROWTH OF 5.5%. IS THAT INFLATION ADJUSTED?
00:02:34>> THAT'S NOMINAL. >> IT'S NOMINAL. OKAY. SO THE
00:02:37AVERAGE CPI INFLATION RATE IN
00:02:38THE SECOND QUARTER OF 2026 WAS
00:02:433.9%. SO WHEN YOU ONCE YOU
00:02:45ADJUST THE 5.5% NOMINAL WAGE
00:02:48GROWTH FOR 3.9%, INFLATION,
00:02:50YOU'RE LEFT WITH A REAL WAGE GROWTH OF ONLY ABOUT 1.5%, A
00:02:54FACT THAT YOU NEGLECTED TO
00:02:56MENTION IN YOUR POST. ALSO LEFT
00:02:58UNMENTIONED IS THE FACT THAT LOWER INCOME HOUSEHOLDS DEPEND
00:03:01DISPROPORTIONATELY ON WAGES, WHILE HIGHER INCOME HOUSEHOLDS
00:03:04OWN A DISPROPORTIONATE SHARE OF
00:03:05FINANCIAL ASSETS. FROM MID
00:03:08JANUARY 2025 TO MID SEPTEMBER
00:03:102026, REAL WAGES ROSE
00:03:13CUMULATIVELY BY 0.5% OVER THE
00:03:15SAME PERIOD OF TIME. THE S&P 500
00:03:17ROSE CUMULATIVELY BY OVER 20%.
00:03:20IN REAL TERMS. SO, MR.
00:03:23SECRETARY, HOW CAN YOU POSSIBLY DECLARE THAT THE CASE SHAPED
00:03:27ECONOMY IS OVER? WHEN, DURING PRESIDENT TRUMP'S SECOND TERM,
00:03:30THE ASSETS OF WALL STREET ARE BOOMING, WHILE THE REAL WAGES OF
00:03:33MAIN STREET HAVE BARELY GROWN?
00:03:35>> WELL, IT'S THE OPPOSITE OF PRESIDENT BIDEN'S TERM, BECAUSE THERE WAS.
00:03:38>> LOOK. >> THERE WAS NO, NO, LET ME FINISH. >> WHEN WHEN DOES CAN I ASK,
00:03:42WHAT'S THE STATUTE OF LIMITATIONS ON THE JOE BIDEN BLAME GAME?
00:03:45>> THE, THE WHAT'S WHAT'S THE. >> IS IT BECAUSE WE'RE APPROACHING THE TWO YEAR MARK OF THE TRUMP ADMINISTRATION?
00:03:49>> I WAS IN A CAR ACCIDENT AS A TEENAGER. MY BACK STILL HURTS. >> DID DID JOE BIDEN WAGE THE
00:03:53WAR IN IRAN? DID HE DISRUPT THE STRAIT OF HORMUZ? DID HE SHUT
00:03:56DOWN ONE FIFTH OF THE WORLD'S OIL SUPPLY AND LNG EXPORTS. THE
00:04:00LIKE? WHEN IN DOUBT, BLAME JOE BIDEN. IS THAT THE MODUS
00:04:02OPERANDI OF THIS ADMINISTRATION? >> I YIELD BACK. GENTLEMAN
00:04:05YIELDS BACK. THE CHAIR RECOGNIZES THE CHAIR OF THE
00:04:08HOUSE REPUBLICAN CONFERENCE, MRS. MACLEAN OF MICHIGAN, FOR FIVE MINUTES.
00:04:12>> THANK YOU, MR. CHAIR. I WISH WE WEREN'T DIGGING OURSELVES OUT
00:04:15OF THE BIDEN ECONOMY, BUT HERE WE ARE. SO I WANT TO START BY SAYING, FIRST OF ALL, THANK YOU
00:04:19FOR TRYING TO RIGHT THE SHIP.
00:04:24RIGHT. BECAUSE WE ALL REMEMBER WHAT A DISASTROUS ECONOMY IT
00:04:26WAS. INFLATION OVER 9%. RIGHT. I
00:04:30THINK WE REMEMBER THAT SHUTTING
00:04:33AMERICAN OIL AND GAS PRODUCTION DOWN. SO WE WERE DEPENDENT. BUT
00:04:36HEY, LET'S, LET'S NOT TALK
00:04:39ABOUT THAT. LET'S TALK ABOUT
00:04:41WHAT WE'RE TRYING TO ACTUALLY DO TO IMPROVE.
00:04:44>> I THINK GEORGE ORWELL CALLED IT MEMORY HOLING.
00:04:46>> I THINK SO. DON'T LET THE FACTS GET IN THE WAY OF A GOOD
00:04:50STORY. RIGHT. UM, BUT THANK YOU FOR BEING HERE, MR. SECRETARY. I REALLY APPRECIATE IT. YOU AND
00:04:54YOUR TEAM ACTUALLY DID A TREMENDOUS JOB ON THE WORKING
00:04:58FAMILIES TAX CUTS. A YEAR LATER.
00:05:02THE RECEIPTS ARE IN. I KNOW THE MEDIA DOESN'T WANT TO COVER THIS. I KNOW THE OTHER SIDE OF
00:05:05THE AISLE DOESN'T WANT TO TALK ABOUT IT. BUT MICHIGAN FAMILIES
00:05:09ARE TAKING HOME ALMOST $10,000
00:05:12MORE A YEAR. WE PUT MONEY BACK
00:05:17IN PEOPLE'S POCKETS. UM, AND NOW I WANT TO TALK A LITTLE BIT
00:05:20ABOUT IF WE COULD SWITCH GEARS A LITTLE BIT. WHO'S STEALING MONEY
00:05:24OUT OF THEIR POCKETS. LAST YEAR,
00:05:27IF MY MEMORY SERVES ME CORRECTLY, SCAMMERS ROBBED
00:05:30MICHIGAN FAMILIES OF, UH, AND
00:05:36SENIORS OF NEARLY $204 MILLION.
00:05:38THAT'S NEARLY $600,000. WALKING
00:05:41OUT OF MY STATE EVERY, UM, EVERY SINGLE DAY, WHICH IS A LOT OF
00:05:44MONEY AND REAL MONEY TO PEOPLE. WHEN MOST AMERICANS THINK OF A
00:05:47SCAMMER, THEY THINK OF, YOU
00:05:49KNOW, SOME GUY WITH A BASEBALL
00:05:53HAT ON IN THEIR PARENTS BASEMENT. BUT THAT'S NOT REALLY WHAT WE'RE DEALING WITH TODAY.
00:05:57I THINK IT'S MUCH MORE SINISTER. MR. SECRETARY, CAN YOU
00:06:01TALK ABOUT REALLY WHO IS AT THE
00:06:02OTHER END OF THAT CALL, WHO'S
00:06:05REALLY SCAMMING THE AMERICAN PEOPLE?
00:06:07>> IT'S A VARIETY OF ORGANIZED
00:06:09CRIME. UH, BOTH STATE AND NON-STATE ACTORS ACROSS THE
00:06:13GLOBE. IT COULD BE NORTH KOREA,
00:06:17COULD BE IN SOUTH SOUTHEAST ASIA. THESE CAMPS THAT ARE SET
00:06:21UP, AND IT CAN BE THE BANDS IN
00:06:24THE U.S.. SO AT TREASURY, WE ARE
00:06:28EXAMINING THIS, UH, WITH OUR
00:06:31AGENCY PARTNERS, INCLUDING THE
00:06:33FBI, HOMELAND SECURITY. WE ARE
00:06:36SHUTTING THEM DOWN. AND IN MANY CASES, RECOVERING THOSE ASSETS
00:06:40FOR THE HARDWORKING PEOPLE OF MICHIGAN. >> AND I THANK YOU FOR DOING
00:06:44THAT. UM, SO OFTEN, THESE ARE
00:06:48MASSIVE, ORGANIZED CHINESE CRIME SYNDICATES. IS THAT A FAIR
00:06:52STATEMENT, OR AM I OVERSTATING THAT? >> MANY OF THEM ARE. THEY ARE
00:06:55RUN OUT OF. THEY RUN OUTSIDE OF
00:07:00MAINLAND CHINA. UH, IN OTHER SOUTHEAST ASIAN COUNTRIES.
00:07:03>> UM, KIND OF SEEMS LIKE A
00:07:05COMMON SENSE QUESTION, BUT, UM,
00:07:09SOMETIMES MY COLLEAGUES ON THE OTHER SIDE OF THE AISLE DON'T
00:07:13OPERATE IN, IN THE ARENA OF
00:07:15COMMON SENSE. WHEN WE FIND THESE
00:07:18FRAUDSTERS AND WE SHUT THEM DOWN. DO YOU THINK THAT'S A GOOD THING?
00:07:22>> UH, I THINK IT IS ONE OF THE
00:07:24BEST THINGS THAT WE CAN DO. UH,
00:07:28FOR HARDWORKING AMERICANS, ESPECIALLY OUR SENIORS.
00:07:32>> YEAH. SO WE WORK HARD, UH, AS
00:07:34TAXPAYERS. UM, WE, WE GIVE THAT MONEY TO THE GOVERNMENT WHO
00:07:37SHOULD BE GOOD STEWARDS OF OUR
00:07:40HARD WORKING TAXPAYER DOLLARS
00:07:42WHEN WE ACTUALLY FIND THESE SCAMMERS, WE SHOULD SHUT THEM
00:07:45DOWN. I THINK THAT MAKES COMMON SENSE. I THINK THAT MAKES SENSE.
00:07:48I'M NOT REALLY SURE WHEN VOTES
00:07:52COME UP THAT COLLEAGUES ON THE OTHER SIDE OF THE AISLE DON'T WANT TO VOTE THAT WAY, BUT I
00:07:55THINK IT'S A GOOD THING TO SHUT SCAMMERS DOWN. CAN YOU TALK AT
00:07:58ALL UH, ABOUT, UM, WHEN YOU WENT
00:08:03AFTER THEM, YOU SEIZED $15 BILLION IN BITCOIN FROM THE,
00:08:06FROM THE PRINCE GROUP, THE
00:08:10LARGEST FORFEITURE IN AMERICAN HISTORY. I'M SURE WE ALL SAW THAT COVERED ON THE NEWS. UM,
00:08:14PERHAPS NOT, BUT I THINK YOU NEED TO TAKE A VICTORY LAP ON
00:08:18THAT. THINK ABOUT THAT. YOU WENT
00:08:19AFTER THEM AND YOU SEIZED $15
00:08:23BILLION IN BITCOIN FROM THE PRINCE GROUP, THE LARGEST
00:08:26FORFEITURE IN AMERICAN HISTORY. HOW DID YOU PULL THAT OFF?
00:08:30>> UH, WELL, AGAIN, IT WAS A
00:08:32COMBINATION. UH, OUR FINCEN, THE
00:08:36ARE SOME OF THE MOST DEDICATED
00:08:38PEOPLE THAT I'VE EVER SEEN SINCE WE IMPLEMENTED OPERATION
00:08:41ECONOMIC OUTCAST. WE HAVE PEOPLE WORKING FROM SIX IN THE MORNING
00:08:45TILL TEN AT NIGHT, AND IT IS FOR
00:08:48THE LOVE OF THEIR JOB. UH, THAT
00:08:51WE COMMEMORATED, UH, 9/11 ON
00:08:55MONDAY WITH THIS GROUP AND THE,
00:08:58THEY WERE ENABLED THEN TO MAKE SURE THAT NOTHING LIKE THAT EVER
00:09:02HAPPENS AGAIN. AND I CAN TELL YOU THAT THEY NEVER STOP WORKING
00:09:06ON THIS. >> WELL, IF YOU DO, DO ME A
00:09:08FAVOR, TELL THEM THANK YOU,
00:09:11BECAUSE WE APPRECIATE IT. AND WE APPRECIATE EVERY DOLLAR THAT YOU KEEP IN OUR POCKET.
00:09:14>> WELL, THAT'S VERY IMPORTANT. >> GENTLEMAN'S TIME HAS EXPIRED. >> THEY DON'T GET THE THANKS
00:09:17THEY DESERVE. >> THE CHAIR NOW RECOGNIZES THE GENTLEMAN FROM TEXAS. MISS
00:09:21GARCIA, FOR FIVE MINUTES. >> THANK YOU, MR. CHAIRMAN. AND
00:09:23WELCOME. UH, MR. TREASURY SECRETARY. UH, LESS THAN TWO
00:09:27YEARS AFTER THE TRUMP ADMINISTRATION TOOK OFFICE, WE
00:09:31ARE LOOKING AT HIGHER PRICES AND MORE UNCERTAINTY IN OUR ECONOMY
00:09:35THAN WE HAVE FACED IN DECADES.
00:09:37OUR COUNTRY HAS BEEN FORCED INTO A NEW WAR IN THE MIDDLE EAST,
00:09:40STARTED BY DONALD TRUMP, THAT IS
00:09:44NOW HURTING MINE AND EVERYONE ELSE'S DISTRICT. IN THE PAST
00:09:47SIX MONTHS, GAS PRICES HAVE BEEN
00:09:50UP NEARLY 50%. NATIONWIDE, AND
00:09:53THERE IS NO END IN SIGHT. SAME FOR DIESEL. THIS ADMINISTRATION
00:09:56HAS SHOWN NO ABILITY TO GET US
00:09:58OUT OF THIS RECKLESS WAR THAT
00:10:01STARTED, AND IT IS EVERYDAY AMERICANS WHO ARE PAYING THE
00:10:04PRICE. MR. SECRETARY, THE
00:10:06ADMINISTRATION HAS NO REAL PLAN.
00:10:09IT SEEMS TO END THIS WAR. YOUR ECONOMIC D-DAY HAS DONE LITTLE
00:10:12TO AFFECT ANY CHANGE IN THIS
00:10:14CONFLICT. INSTEAD OF TRULY ISOLATING IRAN ECONOMICALLY BY
00:10:18CUTTING IT OFF FROM ITS TOP
00:10:20TRADING PARTNER, CHINA, IF YOU.
00:10:23SANCTIONS TO TARGET ITS HERITAGE
00:10:26AND NATIONALITY, THE OFFICE OF FOREIGN ASSETS CONTROL RECENTLY
00:10:30SUSPENDED IRAN GENERAL LICENSE
00:10:32G, WHICH ALLOWS IRANIAN CITIZENS TO TAKE ENTRANCE EXAMS LIKE THE
00:10:36AL, SET THE. THE ENTRANCE UH,
00:10:39LAW SCHOOL ENTRANCE EXAM, THE GRE, WHICH IS FOR GRADUATE
00:10:42STUDENTS, GMAT AND TOEFL, AND A NUMBER OF OTHERS. DO YOU TRULY
00:10:46THINK THIS IS GOING TO AFFECT THE WAR? MR. SECRETARY? OR IS
00:10:50THIS JUST ANOTHER XENOPHOBIC POLICY FROM THIS ADMINISTRATION
00:10:54AIMED AT DISENFRANCHIZING RELIGIOUS MINORITIES AND
00:10:57IMMIGRANTS IN THIS COUNTRY? >> UH, CONGRESSWOMAN, DO YOU
00:11:00ACTUALLY BELIEVE THAT TAKING THE S.A.T. WILL EMPOWER PEOPLE WHO
00:11:03ARE BEING STARVED BY THEIR REGIME, AS THAT REGIME GIVES
00:11:07BILLIONS TO THEIR PROXIES,
00:11:08RATHER THAN FUNDING ITS PEOPLE?
00:11:11>> SIR, MY QUESTION TO YOU. DO
00:11:14YOU THINK THAT THIS IS A POLICY
00:11:16AIMED AT THIS, AT, UH, THE WAR
00:11:19AND THINGS THAT ARE GOING ON, OR
00:11:21JUST ANOTHER ATTACK AT RELIGIOUS
00:11:24MINORITIES AND IMMIGRANTS? >> UH, I WOULD SAY THAT, THAT,
00:11:27THAT IS COMPLETELY SPECIOUS CHARGE.
00:11:31>> OH IT IS. WELL, YOU KNOW, WE GOT A CALL FROM SOMEONE WHO IS
00:11:34JUST NOT, NOT ALLOWED TO TAKE
00:11:37THE LSAT, AND THEY WOULD TOTALLY DISAGREE WITH YOU, SIR. WELL,
00:11:39INSTEAD, IT ONLY HURTS TO DISCRIMINATE ANYONE WITH IRANIAN
00:11:43HERITAGE, INCLUDING IRAN.
00:11:45AMERICANS. IT WILL ALSO HURT OUR
00:11:49COMMUNITIES BECAUSE THERE ARE SO MANY PEOPLE THAT. IRANIAN
00:11:53DESCENT THAT ARE HEAVILY REPRESENTED IN MEDICINE, ENGINEERING, HIGHER EDUCATION,
00:11:56TECHNOLOGY, AND BUSINESS, WITH
00:11:58NO PLANNED STRATEGY IN REGARD
00:12:00FOR HOW THIS AFFECTS AMERICANS.
00:12:02DONALD TRUMP, AND YOU HAVE THRUST US INTO A MESSY WAR IN
00:12:06IRAN. YOU HAVE LOST THE TRUST OF THE AMERICAN PEOPLE AND HAVE
00:12:10MADE A MOCKERY OF OUR COUNTRY'S REPUTATION ON THE GLOBAL STAGE.
00:12:13YOU HAVE PERSONALLY SAID THAT ONE OF THIS ADMINISTRATION'S
00:12:17PRIMARY FOREIGN POLICY PRIORITIES IS MAINTAINING STRONG
00:12:20RELATIONSHIPS WITHIN THE WESTERN HEMISPHERE. INSTEAD, WE ARE AT
00:12:23ODDS WITH THE SECOND LARGEST
00:12:25ECONOMY IN NORTH AMERICA AND OUR SECOND LARGEST TRADING PARTNER.
00:12:28BECAUSE OF HOW THIS ADMINISTRATION HAS TREATED THEM
00:12:31IN JUST THE GREATER HOUSTON COMMUNITY AREA, CANADA
00:12:35REPRESENTS A VITAL $12 BILLION TRADE RELATIONSHIP. SO HOW DOES
00:12:39A TRADE WAR WITH CANADA, ONE OF
00:12:41OUR CLOSEST ALLIES, HELP HELP THE AMERICAN PEOPLE?
00:12:44>> WELL, FIRST OF ALL, IT WAS PRIME MINISTER CARNEY WHO SAID,
00:12:46WE ARE AT WAR. >> SO THE QUESTION IS, HOW DOES
00:12:49A TRADE WAR WITH CANADA, ONE OF OUR CLOSEST ALLIES, HELP THE
00:12:52AMERICAN PEOPLE? >> SURE. THE TERMS, THE TERMS OF
00:12:56TRADE THAT THE CANADIANS HAVE RECEIVED, THE FOUR YEARS THEY
00:12:59HAVE BEEN, THE UNBALANCED AND
00:13:02IMBALANCED AND TRYING TO BRING THEM BACK. >> SO HOW DOES THAT HELP THE
00:13:05AMERICAN PEOPLE. >> THAT THE THAT WILL HELP THE
00:13:08AMERICAN PEOPLE. THE. AS THE. WE HAVE BETTER TERMS OF TRADE, THAT
00:13:11THERE WILL BE MORE JOBS AS WE.
00:13:13WE JUST SAW SAPPORO BREWERY, JAPANESE BREWER ANNOUNCED THAT
00:13:17THEY WERE RELOCATING INTO THE U.S.. THAT HELPS THE AMERICAN
00:13:21PEOPLE. >> SO THAT'S ONE EXAMPLE. HOPEFULLY, WE'LL. YOU'LL BE ABLE
00:13:25TO. >> THERE ARE MANY EXAMPLES. >> WELL, SIR, WOULD YOU SEND ME
00:13:28A LIST THEN? >> WITH. WITH PLEASURE. AND, YOU KNOW, AS YOU ARE FROM TEXAS, I
00:13:32WILL REMIND YOU THAT THE TEXAS ECONOMY IS BIGGER THAN THE CANADIAN ECONOMY.
00:13:36>> WELL, I KNOW THAT, SIR. I'M
00:13:38FROM TEXAS. I'M A NATIVE TEXAN, UNLIKE SOME ONE OF OUR SENATORS.
00:13:41DO YOU HAVE AN END GOAL FOR THIS NEW TRADE WAR? CAN YOU LAY OUT A
00:13:44BETTER LONG TERM SCENARIO FOR THE AMERICAN PEOPLE THAN FREE
00:13:48TRADE WITH OUR NEIGHBORS?
00:13:51>> UH, THE FREE TRADE HAS NOT ALWAYS BEEN FAIR TRADE. WHETHER
00:13:55CANADA IMPORTS THE STEEL FROM
00:13:57OVERSEAS, AND IT GETS BACKDOORED INTO THE US MARKETS, WHETHER
00:14:01THEY TRY TO DO THAT WITH CHINESE
00:14:04EVS, THAT, AGAIN, WE WANT FAIR
00:14:07TRADE. REPRESENTATIVE. >> SO YOU THINK THAT THE THE FREE TRADE AGREEMENT THAT EVEN
00:14:11DONALD TRUMP APPROVED THE LAST TIME WAS NOT FAIR.
00:14:14>> UH, AGAIN, WE HAVE SEEN MANY THINGS. WHY DON'T YOU CHECK
00:14:18WITH OUR WISCONSIN DAIRY FARMERS THAT WHO ARE UNABLE TO.
00:14:21>> WELL, SIR, I'M ALSO CONCERNED ABOUT BEEF FARMERS IN
00:14:23TEXAS, WHO YOU. OUR TRADE
00:14:26POLICIES HAVE IMPACTED THEM. MY QUESTION WAS. >> IT HAS AN IMPACT.
00:14:29>> GENTLELADY'S TIME HAS EXPIRED. >> THANK YOU.
00:14:33>> I NOW RECOGNIZE MYSELF FOR FIVE MINUTES. THANK YOU FOR
00:14:35BEING HERE TODAY, MR. SECRETARY.
00:14:37UH, THIS COMMITTEE HAS LONG HAD CONCERNS THAT AN OUTBOUND
00:14:41INVESTMENT SCREENING REGIME
00:14:42WOULD PROVE OVERLY BROAD, VAGUE,
00:14:45MAYBE EVEN UNWORKABLE. SO, I KNOW YOU CAN'T REALLY GET INTO
00:14:48DETAILS, BUT AS TREASURY WRITES, THE UPDATED RULE, CAN YOU ASSURE
00:14:52US THAT IT WILL BE NARROWLY TAILORED AND SUFFICIENTLY CLEAR
00:14:56SO THAT INVESTORS HAVE BRIGHT
00:14:58LINE STANDARDS AND CAN EASILY UNDERSTAND THEIR OBLIGATIONS
00:15:02UNDER THESE. >> UH. YES. YES, SIR. THAT WE WE
00:15:06HAVE ABOUT 18 MONTHS OF DEALING WITH THE OUTBOUND. AND NOW THE,
00:15:09AS WE PERFECT THE COINS ACT,
00:15:12THAT WE WILL MAKE SURE THAT THE
00:15:16ALL OUTBOUND AND POTENTIAL OUTBOUND, UH, INVESTORS KNOW,
00:15:20KNOW THEIR DUTIES, THEIR OBLIGATIONS, AND ADHERE TO THEM.
00:15:23>> UH, THANK YOU, MR. SECRETARY.
00:15:27AS, UH, CHAIRMAN HILL NOTED EARLIER, IT WAS OUTRAGEOUS WHEN
00:15:30THE BIDEN ADMINISTRATION INCREASED THE WEIGHT OF CHINA'S
00:15:32RMB IN THE INTERNATIONAL
00:15:35MONETARY FUND'S SDR BASKET. I HAVE LEGISLATION THAT WOULD
00:15:39OPPOSE ANY SUCH INCREASE. UNTIL CHINA STARTS PLAYING BY THE
00:15:42RULES. CAN YOU COMMIT TO
00:15:43OPPOSING ANY INCREASE FOR THE
00:15:46RMB IN THE SDR BASKET REVIEW? >> UH, I WILL COMMIT TO WORKING
00:15:50CLOSELY WITH YOU AND YOUR STAFF ON THAT. >> UH, THANK YOU, MR. SECRETARY.
00:15:54YOU KNOW, A LOT OF THE POLICIES
00:15:55OF THIS ADMINISTRATION. I WISH
00:15:58YOU GREAT SUCCESS IN, IN BRINGING CHINA INTO THE THINGS THEY'VE, FRANKLY, ALREADY
00:16:02AGREED TO DO. I MEAN, THE TRADE
00:16:04POLICIES THAT PEOPLE COMPLAIN ABOUT. I WAS IN MANUFACTURING
00:16:07BEFORE I CAME TO CONGRESS, AND
00:16:08WE WEREN'T COMPETING AGAINST OTHER COMPANIES. WE WERE
00:16:12COMPETING AGAINST A FOREIGN GOVERNMENT THAT HAD DECIDED THEY
00:16:14WOULD OWN AND DOMINATE OTHER
00:16:17INDUSTRIES. UH, IT WAS DISADVANTAGING AMERICAN
00:16:20COMPANIES. SO, UH, FRANKLY, THE
00:16:22TRUMP ADMINISTRATION HAS TAKEN AIM AT, YOU KNOW, WHY WOULD WE,
00:16:25WHY WOULD WE CONFRONT, UH,
00:16:27PEOPLE LIKE CHINA? WELL, BECAUSE
00:16:30THEY'RE TAKING AMERICA FOR GRANTED. THEY'RE ASSUMING XI JINPING IS GOING TO BE IN CHARGE
00:16:33IN CHINA LONGER THAN PRESIDENT TRUMP IS GOING TO MAINTAIN THE
00:16:37RESOLVE, NOT JUST IN HIS ADMINISTRATION, BUT GOING
00:16:41FORWARD TO COUNTER CHINA. UH, CHINA COMMITTED TO BE A MARKET
00:16:43ECONOMY IN THE WORLD TRADE AS
00:16:46PART OF THEIR, UM, ACCEPTANCE INTO THE WORLD TRADE
00:16:49ORGANIZATION. IS CHINA A MARKET ECONOMY? MR. SECRETARY?
00:16:52>> UH, NO, SIR. AND AT THE G-20
00:16:55IN ASHEVILLE. UH, WE HAD A
00:16:58COMMUNIQUE DRAFTED, THAT
00:17:01CRITICIZED NON-MARKET ECONOMIES. AND CHINA WOULD NOT SIGN ON TO
00:17:05THAT. AND SO I ISSUED A
00:17:07STATEMENT. SO. 19 TO 1. AND IF YOU COULD IMAGINE GETTING ALL
00:17:11THESE COUNTRIES FROM AROUND THE WORLD TO AGREE TO THAT, CHINA
00:17:14WAS THE LONE HOLDOUT. SO I THINK THEY'VE ANSWERED THE QUESTION FOR YOU.
00:17:18>> THANK YOU, MR. SECRETARY. THAT WAS WELL PLAYED, AS ARE SO
00:17:21MANY OTHER THINGS THAT YOU'VE YOU'VE HAD INITIATIVES ON. I WANT TO HIGHLIGHT THE SCAM
00:17:25OPERATIONS. AND WHEN YOU LOOK AT, UM, YOU KNOW, THE ILLICIT
00:17:29FINANCE, WE CERTAINLY HAVE TOOLS IN PLACE TO, TO GATHER FINANCIAL
00:17:33INTELLIGENCE. IT'S ALWAYS
00:17:34SUPPOSED TO BE WITH DEFERENCE TO
00:17:39OUR CONSTITUTIONAL SAFEGUARDS FOR, UH, PRIVACY SPEECH. UH,
00:17:41WE'VE SEEN BANKING AND
00:17:43WEAPONIZED GOVERNMENT UNDER PREVIOUS ADMINISTRATIONS, AND
00:17:46YOU'VE RESTORED, UNDER THIS
00:17:49ADMINISTRATION, SANITY AND
00:17:52COMMON SENSE. UH, IN MANY WAYS THERE. UM, SO I GUESS, HOW DO
00:17:56YOU VIEW BALANCING, UH, OUR CONSTITUTIONAL SAFEGUARDS WITH
00:17:59THE NEED TO BE EFFECTIVE AT SHUTTING DOWN THESE
00:18:03TRANSNATIONAL ORGANIZATIONS?
00:18:04>> WELL, I THINK THE, UH, THE
00:18:11SCAMMERS COULD BE DIVIDED REALLY INTO THREE CATEGORIES, DOMESTIC. AND SO WE WORK AT THOSE EVERY
00:18:14DAY, BUT MANY OF THEM ARE U.S.
00:18:17CITIZENS. AND WE ADHERE TO THEIR
00:18:19RIGHTS. UM, BUT LAW ENFORCEMENT
00:18:22IS VERY VIGOROUS IN GOING AFTER
00:18:24THEM. STATE ACTORS, AS IN NORTH
00:18:26KOREA. AND THEN PRIVATE SECTOR ACTORS, MANY, MANY OF THEM IN
00:18:30SOUTHEAST ASIA. AND WE HAVE
00:18:34COMMITTED SUBSTANTIAL RESOURCES. AND AGAIN, I WANT TO COMPLIMENT
00:18:37OUR INTERAGENCY PARTNERS WITH
00:18:39THE FBI, OUR HOMELAND, ON THAT. >> YEAH. THANK YOU. AND SOME
00:18:44GREAT ONES THERE. I THINK IN PARTICULAR, SHUTTING DOWN THE
00:18:46PRINCE GROUP, UH, THESE KINDS OF
00:18:49OPERATIONS ARE SUBSTANTIAL PORTIONS OF SOUTHEAST ASIAN
00:18:53STATE ACTOR ECONOMIES. SO THERE'S CERTAINLY AN INTERSECTION THERE. AND IT WAS
00:18:56JUST OVER IN FOREIGN AFFAIRS. TALKING ABOUT YOUR WORK WITH THE
00:19:00STATE DEPARTMENT ON THOSE INITIATIVES. AND SO APPLAUD
00:19:03THAT. ANOTHER AREA THAT WE'RE
00:19:05SEEING, UM, YOU KNOW, THESE
00:19:08THINGS COME TO A HEAD, UH, IS WITH DEFENSE PRODUCTION ACT,
00:19:11TREASURY, WORKING WITH OTHER DEPARTMENTS, COINS, TOUCHES ON
00:19:14THAT. AND AS WE USE THE DEFENSE
00:19:18PRODUCTION ACT, WE'RE WORKING TO REAUTHORIZE AND MODERNIZE THAT. CAN YOU COMMIT TO WORK WITH US
00:19:21TO GET THAT REAUTHORIZED? >> YES, SIR. AND MY STAFF WOULD
00:19:25LIKE TO ENGAGE WITH YOU ON THAT,
00:19:29ESPECIALLY IN THE CFIUS AREA. >> UH, THANK YOU, MR. SECRETARY.
00:19:32MY TIME HAS EXPIRED, AND I NOW
00:19:35RECOGNIZE THE GENTLEMAN FROM GEORGIA, MISS WILLIAMS, FOR FIVE MINUTES. >> THANK YOU, MR. CHAIRMAN. AND THANK YOU, RANKING MEMBER
00:19:39WATERS, FOR CONVENING THIS HEARING TODAY. AND THANK YOU,
00:19:42MR. SECRETARY, FOR BEING HERE. MR. SECRETARY, LAST YEAR BEFORE
00:19:45THIS COMMITTEE, YOU TOLD US THAT THE CORE COMPONENTS OF THE TRUMP
00:19:48ECONOMIC AGENDA ARE TRADE, TAX
00:19:50CUTS AND DEREGULATION, AND THAT THIS COMBINATION WOULD RAISE
00:19:54REAL INCOMES FOR FAMILIES AND RESHORE JOBS. THIS SUMMER, YOU
00:19:58WENT EVEN FURTHER ON CNBC,
00:20:01DECLARING THE K-SHAPED ECONOMY IS OVER. I'M NOT HERE FOR
00:20:03TALKING POINTS. SPIN OR CLEVER
00:20:08FRAMING OF NUMBERS THAT DON'T REALLY HOLD UP UNDER A MICROSCOPE OR IN THE POCKETS OF
00:20:11THE AMERICAN PEOPLE. I'M HERE TO ASK QUESTIONS FOR THE
00:20:14FAMILIES THAT ARE STILL STRUGGLING IN MY DISTRICT TO KEEP UP WITH THE BASIC COST OF
00:20:17LIVING, DESPITE YOUR PROCLAMATIONS IN FRONT OF G20
00:20:21FINANCE MINISTERS AND ON CNBC. THEY DESERVE HONEST ANSWERS. AND
00:20:25THAT'S WHAT MY QUESTIONS AIM TO
00:20:27GET TO. THEY DON'T NEED A TRUMP
00:20:30BESSENT REBRAND ON THEIR BUDGET. THEY NEED AN HONEST ACCOUNTING
00:20:33FROM YOU, MR. SECRETARY. SO,
00:20:35ACCORDING TO THE BUREAU OF LABOR
00:20:38STATISTICS, REAL HOURLY WAGES FELL 0.3% OVER THE PAST 12
00:20:42MONTHS. MR. SECRETARY, DO YOU DISPUTE THAT NUMBER? YES OR NO?
00:20:45>> I DISPUTE IT, YES. >> OKAY. ACCORDING TO THE BUREAU
00:20:49OF LABOR STATISTICS, WAGE GROWTH
00:20:52HAS SLOWED TO 3.1% OVER THE YEAR, THE SLOWEST PACE IN MORE
00:20:55THAN FIVE YEARS, AND DOWN FROM
00:20:583.7% IN FEBRUARY. DO YOU DISPUTE THAT NUMBER? YES OR NO?
00:21:02>> I BELIEVE MEDIAN WAGE GROWTH. I'M NOT SURE WHERE YOU'RE. >> GETTING NUMBER, YES.
00:21:05>> OR NO. THE NUMBER I'VE SEEN FOR MEDIAN WAGE. >> WELL, MR. SECRETARY, I'M
00:21:08GOING TO RECLAIM MY TIME. I'M GOING TO RECLAIM MY TIME BECAUSE THESE NUMBERS ARE FROM OUR
00:21:12AGENCY, THE US BUREAU OF LABOR STATISTICS. SO IT'S NOT MY
00:21:15NUMBERS. IT'S THE NUMBERS FROM THE US GOVERNMENT. AND WAGES ARE
00:21:19SLOWING AT THE EXACT MOMENT THAT
00:21:22PRICES ARE RISING. AND THAT IS
00:21:24NOT A POLICY THAT IS WORKING. THAT IS A POLICY FAILING THE
00:21:28PEOPLE. THAT IS SUPPOSED TO HELP. FAMILIES IN THIS COUNTRY
00:21:30ARE NOT ASKING FOR TALKING
00:21:33POINTS. THEY'RE ASKING WHY THINGS ARE HARDER TO BUY.
00:21:36THEY'RE ASKING WHY THEY CONTINUE TO HAVE MORE MONTH THAN
00:21:39MONEY. SO FOR MY FOLKS AT HOME,
00:21:41WHO MAY NOT BE FAMILIAR WITH THE
00:21:44TERM, A K-SHAPED ECONOMY, IT'S TWO ARMS IN A GRAPH THAT LOOK
00:21:47LIKE A K, ONE LINE GOES UP, REPRESENTING WEALTHY AMERICANS
00:21:50IN THE HIGH EARNERS WHO ARE GAINING GROUND. AND THE OTHER
00:21:53LINE, UNFORTUNATELY, IS GOING DOWN, REPRESENTING SLOW GROWTH
00:21:56FOR LOWER AND MIDDLE INCOME WORKERS. ACCORDING TO THE
00:22:00FEDERAL RESERVE BANK OF ATLANTA'S WAGE GROWTH TRACKER,
00:22:03THE TOP QUARTER OF EARNERS HAS SEEN WAGE GROWTH OF 3.9% OVER
00:22:07THE PAST YEAR, COMPARED TO 3.6% FOR THE BOTTOM QUARTER. AGAIN,
00:22:11NOT MY NUMBERS, THAT IS FROM THE FEDERAL RESERVE BANK OF
00:22:15ATLANTA'S WAGE GROWTH TRACKER. NOT MY NUMBERS, MR. SECRETARY, NO MATTER HOW MUCH.
00:22:19>> YOU WANT, IT WAS FOUR POINT. >> SECRETARY. THE TIME IS MINE.
00:22:23>> THE LOWEST. >> MR. SECRETARY, THE TIME IS
00:22:24MINE. THAT GAP HAS NOT CLOSED A
00:22:28SINGLE MONTH OF 2026. NOT ONE SINGLE MONTH. AGAIN, NOT MY
00:22:31NUMBERS, MR. SECRETARY. SO, MR.
00:22:34SECRETARY, GIVEN THAT DATA, DO YOU THINK YOUR CLAIM THAT THE
00:22:37K-SHAPED ECONOMY IS OVER WAS PREMATURE?
00:22:39>> UH AGAIN, FROM THE. MR. SECRETARY, BUREAU OF LABOR, THE
00:22:43BUREAU. >> THAT'S YOUR PROCLAMATION THAT THE K-SHAPED.
00:22:46>> ECONOMY IS OVER. WE'RE NOT SURE WHAT I'M. THE DATA I HAVE
00:22:50FROM THE SAME AGENCIES, NOT THE
00:22:51FEDERAL RESERVE OF ATLANTA, IS
00:22:554.7% FOR THE BOTTOM 25. >> SO YOU'RE SAYING THE FEDERAL
00:22:59RESERVE BANK OF ATLANTA IS INCORRECT? I KNOW YOU NOTICED EARLIER IN YOUR OPENING STATEMENT, YOU QUOTED THEM. SO.
00:23:03>> OKAY. >> SO DO YOU. I'M NOT SURE. >> DO YOU WANT TO. >> AGREE TO BELIEVE THEM? AND
00:23:06WHEN YOU DON'T WANT ME. >> TO, YOU WANT TO AGREE WITH THEM THAT WE'RE HAVING A BOOMING
00:23:10THIRD QUARTER, OVER 4%? >> WELL, MR. SECRETARY, YOU DON'T SEEM TO AGREE WITH ALL OF THEIR DATA.
00:23:14>> WELL, DO YOU DISAGREE WITH ALL THEIR DATA.
00:23:16>> MR. SECRETARY? I'M I'M ASKING THE QUESTIONS HERE, AND THE TIME
00:23:19IS MINE. IF YOU'RE WATCHING THIS
00:23:23AT HOME AND YOU'RE WONDERING WHY YOUR PAYCHECK DOESN'T STRETCH AS FAR AS IT USED TO,
00:23:26THE NUMBERS YOU JUST HEARD ARE NOT A COINCIDENCE, Y'ALL. AND
00:23:29NOT TO YOU EITHER. MR. SECRETARY, THIS ADMINISTRATION
00:23:32WAS TOLD ON THE RECORD THAT ITS
00:23:34DATA SHOWS WAGES FALLING BEHIND
00:23:37INFLATION, WAGE GROWTH AT A FIVE YEAR LOW, AND NO CLOSING OF THE
00:23:41GAP BETWEEN THE TOP AND BOTTOM.
00:23:41AND INSTEAD OF A PLAN TO FIX IT,
00:23:45WE GOT A TRUMP REBRAND AT THE END OF YOUR WRITTEN TESTIMONY LAST YEAR, MR. SECRETARY, YOU
00:23:49SAID, TOGETHER WE CAN BUILD A STRONGER, SAFER, AND MORE
00:23:52PROSPEROUS AMERICA. AND I'M ALL
00:23:55FOR THAT. I HOPE YOU CAN PIVOT BACK TO THAT COMMITMENT TO THIS
00:23:59COMMITTEE AND TO THE MILLIONS OF AMERICANS WHO HAVE ENTRUSTED
00:24:01THIS ADMINISTRATION WITH THEIR ECONOMIC FUTURE. THANK YOU, MR.
00:24:05CHAIRMAN. AND I YIELD BACK.
00:24:06>> THANK YOU. UH, I NOW
00:24:10RECOGNIZE THE CHAIRMAN OF OUR SUBCOMMITTEE ON DIGITAL ASSETS, MR. STEELE OF WISCONSIN, FOR FIVE MINUTES.
00:24:14>> THANK YOU VERY MUCH, MR. CHAIRMAN. SECRETARY, THANK YOU
00:24:16FOR BEING HERE WITH US TODAY. UH, IN PARTICULAR, I APPRECIATE
00:24:20ALL YOUR WORK, UH, IN MAKING THE UNITED STATES THE GOLD STANDARD
00:24:23IN THE DIGITAL ASSET ERA. HUGE VOTE COMING UP IN THE SENATE IN
00:24:27THE NEAR FUTURE. ON CLARITY, A BILL THAT WE WORKED HARD ON IN
00:24:30THIS COMMITTEE. AND I APPRECIATE ALL YOUR SUPPORT OF THAT. WE'RE ALL OPTIMISTIC THE SENATE IS IN
00:24:34A POSITION TO MOVE FORWARD. I WANT TO ALSO LOOK AT GENIUS,
00:24:38WHICH WAS SIGNED INTO LAW NOW OVER A YEAR AGO. UH, WE'RE
00:24:41APPROACHING THE EFFECTIVE DATE, JANUARY 18th. YOU AND YOUR TEAM
00:24:44AT TREASURY HAVE BEEN DOING A GREAT JOB GETTING THE RULES AND
00:24:48REGULATIONS IN ORDER AND IN PLACE. CAN YOU GIVE US AN UPDATE
00:24:51ON WHERE WE'RE AT IN THE RULEMAKING PROCESS AND OUR
00:24:55ABILITY TO BE ABLE TO HIT THE GROUND RUNNING COME JANUARY?
00:24:58>> UH, YES, SIR. I AM CONFIDENT THAT WE WILL HAVE THAT DONE. WE
00:25:01HAVE, UH, DURING THE RULEMAKING
00:25:03PROCESS, WE HAVE HEARD FROM THE
00:25:06TENS OF THOUSANDS OF INTERESTED PARTIES THAT BOTH FROM THE
00:25:10PUBLIC, FROM STAKEHOLDERS, FROM
00:25:14COMMUNITY BANKS, FROM THE DIGITAL ASSET, UH, COMPANIES.
00:25:17AND WE ARE WORKING ON THE
00:25:20RULEMAKING, UH, TO CODIFY THE
00:25:22CONGRESSIONAL INTENT. >> I APPRECIATE THAT. UH, LET
00:25:25ME, LET ME SHIFT GEARS. UH, YOU GAVE A SPEECH IN JULY, UH,
00:25:29LOOKING AT FLOWS OF, IN
00:25:32PARTICULAR, FOREIGN FUNDS THAT WAS, THAT WERE IMPACTING, UH,
00:25:35THE BROADER U.S. POLITICAL ECOSYSTEM. UH, YOU REFERENCED
00:25:39HOW SOME OF THOSE FUNDS MAY BE FLOWING THROUGH NONPROFITS AS IT
00:25:42RELATES. AND I THINK YOUR TERM POLITICAL TERRORISM, THIS IS
00:25:45SOMETHING THAT WE'VE BEEN LOOKING AT SINCE, UH, GOING BACK
00:25:4825 YEARS AGO TO THE ORIGINAL,
00:25:50UH, NINE, 11 AND THE ACTIONS THAT WERE TAKEN AS WE LOOKED AT
00:25:53HOW FOREIGN FUNDS WERE FLOWING. UM, IN PARTICULAR, IN MY WORK AS
00:25:56CHAIR ON THE ADMINISTRATION
00:25:58COMMITTEE, WE'VE BEEN LOOKING
00:26:01AT HOW NONPROFITS MAY BE
00:26:04MISUSING THEIR, THEIR PROTECTED
00:26:06STATUS, UH, TO MOVE FUNDS FROM FOREIGN ACTORS AND HAVE AN
00:26:10IMPACT IN OUR POLITICAL
00:26:12DISCOURSE. YOU'VE ENGAGED THE POWER OF TREASURY TO EXPLORE AND
00:26:16EXAMINE THAT. I'VE BEEN VERY CONCERNED THAT FUNDS HAVE FLOWED
00:26:19IN FROM FOREIGN ACTORS INTO SOME
00:26:23501 C TAX EXEMPT ENTITIES IN THE
00:26:25UNITED STATES, WHICH WOULD THEN FLOW THOSE FUNDS THROUGH
00:26:29ADDITIONAL 501 C TO SHELTER AND SHIELD THE ORIGINAL DONOR OF
00:26:33THOSE FUNDS. CAN YOU COMMENT ON THE WORK THAT YOU'VE BEEN
00:26:37ENGAGED AT AT TREASURY TO
00:26:39ADDRESS THIS, UH, THIS CONCERN?
00:26:46>> YES. I CAN'T DIRECT THE
00:26:50PARTICULAR AUDITS OR EXAMINATIONS, BUT WHAT WE HAVE
00:26:51DONE, THE, IS THE WORK WITH THE
00:26:57PRESIDENTS, THE EXECUTIVE ORDER,
00:26:58ONE, THREE, TWO, TWO, FOUR, AND
00:27:02THAT. SO, AS YOU SAID, THAT GOES
00:27:04BACK TO THE ORIGINAL, UH,
00:27:06VIOLENT ACTS OF 2001. AND WE ARE
00:27:12ACTIVELY LOOKING TO SEE THAT WHETHER THERE IS FOREIGN
00:27:16INFLUENCE HERE, WHETHER WE SAW
00:27:17IT TODAY, I HAVE NO OPINION. I
00:27:21THINK PEOPLE CAN DECIDE FOR
00:27:25THEMSELVES. UM, AND BEING A
00:27:27NONPROFIT IS A PRIVILEGE. AND
00:27:29ANYONE WHO, THE, UM, VIOLATES
00:27:33THAT PRIVILEGE WILL LOSE THAT STATUS. >> YEAH. I THINK YOUR COMMENTS
00:27:36IN YOUR SPEECH ABOUT MAKING SURE
00:27:39THAT NONPROFITS, BOARD OF DIRECTORS NOT ONLY KNOW THE
00:27:42IDENTITY OF THE DONORS, BUT ALSO
00:27:44KNOW THE IDENTITY OF THEIR GRANTEES, IS REALLY IMPORTANT IN
00:27:48A PERIOD OF TIME WHERE WE KNOW
00:27:50FOREIGN ACTORS ARE INTERESTED IN
00:27:53ALTERING OUR POLITICAL DISCOURSE HERE IN THE UNITED STATES, IN
00:27:56THE LEGAL LOOPHOLE THAT ALLOWS A
00:27:58501 C TO RECEIVE FOREIGN FUNDS,
00:28:01UH, OFTEN OUR NONPROFITS ARE FOR
00:28:04THE ALTRUISTIC PURPOSE FOR WHICH THEY WERE CREATED. THE CONCERN,
00:28:06OF COURSE, IS THAT THEY'RE BEING EXPLOITED BY FOREIGN ACTORS.
00:28:10THOSE FUNDS COME INTO A 501 C, THEY'RE BEING TRANSFERRED TO
00:28:14OTHERS, AND THEY'RE ATTEMPTING TO USE THOSE FUNDS TO THE
00:28:18ORIGINAL DONORS, INTERNATIONAL
00:28:20ACTORS INTENT. SO I APPRECIATE YOUR WORK ON THIS. I APPRECIATE
00:28:24THE SPEECH YOU GAVE ON THIS TOPIC, UH, IN JULY. I APPRECIATE ALL THE WORK THAT'S GOING ON IN
00:28:28TREASURY, AND IN PARTICULAR, GOING BACK TO MY FIRST TOPIC, OPTIMISTIC THAT WE SEE A
00:28:31POSITIVE VOTE IN THE UNITED
00:28:32STATES SENATE TO MOVE FORWARD ON
00:28:37CLARITY. IT'S SO IMPORTANT THAT WE SEE US, THE UNITED STATES, BE THE LEADER IN THE DIGITAL ASSET
00:28:40SPACE. THANK YOU FOR BEING HERE, MR. CHAIRMAN.
00:28:44>> THANK YOU. CONGRESSMAN. >> MR. CHAIRMAN, I YIELD BACK. >> THANK YOU, MR. STYLE. I NOW
00:28:46RECOGNIZE THE RANKING MEMBER OF OUR SUBCOMMITTEE ON FINANCIAL
00:28:49INSTITUTIONS, DR. FOSTER OF ILLINOIS, FOR FIVE MINUTES.
00:28:52>> HI THERE. ARE YOU HAVING FUN
00:28:56YET? >> IT STARTED OFF GREAT. >> IT'S OKAY. I'D LIKE TO USE, I GUESS, A FEW MOMENTS ON, I
00:29:00GUESS, ROUND THREE OF THE MANUFACTURE. AND THE FINANCE
00:29:03PROFESSOR, AS THE FIRST TIME YOU SHOWED UP IN FRONT OF OUR COMMITTEE. I PRESENTED A GRAPHIC
00:29:08UM, WITH THE WELL-KNOWN INFORMATION THAT WHENEVER, FOR LONGER THAN YOU AND I HAVE BEEN
00:29:12ALIVE, EVERY TIME YOU PUT A REPUBLICAN IN THE WHITE HOUSE,
00:29:16MANUFACTURING EMPLOYMENT DECLINES. EVERY TIME YOU PUT A DEMOCRAT IN THE WHITE HOUSE, IT
00:29:18GOES UP, WITHOUT EXCEPTION. AND YOU, I GUESS, VOLUNTEERED DURING
00:29:22THAT HEARING THAT THAT AS A FINANCE PROFESSOR, YOU'D GIVE
00:29:26THAT AN F. NOW, PRESIDENT TRUMP
00:29:27CAME INTO OFFICE. UM, PROMISING
00:29:32MILLIONS OF NEW MANUFACTURING JOBS WOULD BE RUSHING IN IN RESPONSE TO HIS TARIFF POLICIES
00:29:36AND OTHER THINGS. SO WE'RE NOW
00:29:38JUST NEARLY TWO YEARS IN, AND SO
00:29:41FAR, WE HAVE NOT SEEN MILLIONS OF NEW MANUFACTURING JOBS. IN FACT, MANUFACTURING EMPLOYMENT
00:29:45IS DOWN. LAST TIME I LOOKED
00:29:46ABOUT 35,000 JOBS. SO AS A AS A
00:29:49PROFESSOR, WHAT WHAT GRADE WOULD
00:29:51YOU GIVE YOUR ADMINISTRATION ON RESTORING MILLIONS OF MANUFACTURING JOBS?
00:29:55>> UH, CONGRESSMAN, I THINK YOU KNOW BETTER THAN THIS. SO THE
00:29:59LAST TWO YEARS OF THE BIDEN ADMINISTRATION, WE LOST 200,000
00:30:03MANUFACTURING JOBS. >> I'M NOT TALKING. PLEASE, COULD YOU.
00:30:06>> JUST KNOW THAT THIS IS NOT FINANCE, THIS IS REAL WORLD. AND
00:30:09IN THE REAL WORLD, ONE HAS TO BUILD FACTORIES. AND WHAT WE'RE SEEING IS A MANUFACTURING.
00:30:13>> WELL, COULD I HAVE BUILD
00:30:15FACTORIES? OKAY, THERE'S 1600 PEOPLE IN A MANUFACTURING
00:30:18BUSINESS IN THE MIDWEST. AND I AND OUR COMPANY HAS KEPT THOSE IN THE MIDWEST. WE. IN FACT,
00:30:22JUST LAST YEAR, RECLAIMING MY TIME.
00:30:26>> YOU UNDERSTAND THAT WE HAVE ADDED 300,000 MANUFACTURING JOBS THIS YEAR.
00:30:30>> WHAT YOU KNOW, THE NET NUMBER
00:30:32OF MANUFACTURING JOBS DOWN 35,
00:30:353000 535,000. UM, OKAY. THAT'S
00:30:38ALL RIGHT. I'M ALSO CONGRESS'S PET PHD, PHYSICIST AND CHIP
00:30:42DESIGNER AND AI PROGRAMMER. WE KEEP ONE AROUND FOR CHUCKLES, I
00:30:45GUESS, AND I'M VERY GRATIFIED
00:30:47THAT AI IS NOW FINALLY BEING RECOGNIZED AS A SIGNIFICANT
00:30:51THREAT TO OUR ECONOMY BY SEEMINGLY EVERYONE BUT THE
00:30:54PRESIDENT. DO YOU AGREE WITH THE PRESIDENT THAT THE WHOLE THING
00:30:56IS SOME CHINESE HOAX, OR DO YOU
00:30:59REGARD AI AS A REAL THREAT TO
00:31:02OUR ECONOMY AND OUR AND OUR GOVERNMENT, AND THE STABILITY OF.
00:31:06>> THE THE I, I BELIEVE THAT, AS
00:31:10THE PRESIDENT DOES, THAT THE AI. AI IS THE MOST IMPORTANT
00:31:13TECHNOLOGY OF THIS CENTURY, AND
00:31:15THAT WE MUST MAINTAIN U.S. LEADERSHIP. AND I THINK IF A
00:31:19CHIP DESIGNER WHO IS THE GREATEST. THE CHIP COMPANY IN
00:31:21THE WORLD, NVIDIA. THE PRESIDENT IS ALIGNED WITH JENSEN HUANG ON THIS.
00:31:25>> WELL, YEAH, THEY BOTH WANT TO MAKE MONEY BECAUSE OF THE
00:31:29POSITION THEY'RE IN. OKAY, LET'S LET'S TALK ABOUT THE MYTHOS ROLLOUT. OKAY. I WAS IT
00:31:32WAS COMPLETELY CHAOTIC, FRANKLY. YOU KNOW, THIS WAS NOT SOMETHING
00:31:35NEW. IF YOU ACTUALLY HAD PEOPLE IN CONTACT WITH THE TECHNICAL
00:31:38PEOPLE IN AI FIRMS, YOU'D KNOW THAT THE NEXT GENERATION AI,
00:31:42THEY'RE, THEIR CODING AND THEIR HACKING CAPABILITIES WERE OFF THE CHARTS. AND YOU'VE KNOWN IT
00:31:46MONTHS AHEAD OF TIME. INSTEAD,
00:31:49YOU, YOU HAD, WHEN IT BECAME
00:31:50PUBLIC, UM, YOU HAD EARLY ACCESS
00:31:54TO MYTHOS GRANTED TO ONE OF THE GIANT BANKS IN THE COUNTRY. AND
00:31:58THEN, AS YOU SAID EARLIER IN YOUR TESTIMONY, YOU WENT DOWN
00:32:01THE CAPITALIZATION CHAIN, FIRST TO THE GIANT BANKS AND THEN THE
00:32:04MID-SIZED BANKS. AND AT THE VERY, VERY END, THE BANKS YOU
00:32:08WERE PROTECTING WERE THE SMALL LOCAL COMMUNITY BANKS. IS THAT YOUR PLAN GOING FORWARD? IS THAT
00:32:12WHAT'S GOING TO HAPPEN NEXT TIME? AND THE TIME AFTER THAT, THAT THE SMALL BANKS ARE GOING
00:32:16TO BE LEFT DEFENSELESS FOR CYBER?
00:32:18>> WELL, AGAIN, THAT'S AN UNFAIR CHARACTERIZATION THAT THE
00:32:22WE USE THE STRENGTH AND THE
00:32:24CYBERSECURITY OF THE LARGE
00:32:27BANKS. AND WE MIGRATED THERE. KNOW HOW? BECAUSE THE SMALL
00:32:29BANKS AND THE COMMUNITY BANKS, WHO NO ONE HAS CHAMPIONED MORE
00:32:33THAN I HAVE THE. >> OH, COME ON, THE NUMBER ONE
00:32:37THING THE COMMUNITY BANKS HAVE BEEN ASKING FOR WAS NO INTEREST
00:32:40ON STABLECOINS. THAT WAS THEIR NUMBER ONE ASK FOR THE LAST YEARS. AND WE'RE IN THE PROCESS
00:32:44OF GOING TO WORK AROUND. SO I
00:32:47DON'T DON'T TELL ME ABOUT HOW MUCH YOU LOVE. WELL. >> I'VE MET WITH 500 COMMUNITY BANKERS THIS YEAR. HOW MANY OF
00:32:51YOU MET WITH. >> UH, YOU GO TO BIG ROOMS FULL OF BANKERS. THEY COME TO ME
00:32:55INDIVIDUALLY, AND I TALK TO THEM
00:32:56IN MY DISTRICT. UM, SO, UH, SO I
00:33:01THINK I HAVE A PLAN ON HOW WE'RE ACTUALLY ACTUALLY GOING TO HELP
00:33:05SMALL COMMUNITY BANKS ON CYBER SECURITY AND HOW WE'RE ACTUALLY
00:33:08GOING TO, UH, HAVE A FAIR DISTRIBUTION OF CYBER DEFENSE IN
00:33:11THE NEXT TIME MYTHOS OR A SIMILAR THREAT COMES UP. AND ONE
00:33:14OF THE THINGS THAT CAN REALLY
00:33:16CONCERNS ME IS THE SEEMING INABILITY OF YOUR ADMINISTRATION
00:33:20TO ATTRACT AND RETAIN PEOPLE WITH ANY TECHNICAL COMPETENCE,
00:33:22YOU KNOW, LEADING YOUR AI REPORT WAS YOUR NATIONAL DIRECTOR OF
00:33:26CYBERSECURITY, A GUY CALLED SHANE CAIRNCROSS, WHO HAS A BA
00:33:30IN INTERNATIONAL STUDIES, AND HIS MAIN CREDENTIAL IS THAT HE
00:33:33WAS A LAWYER FOR THE REPUBLICAN NATIONAL COMMITTEE. YOUR SCIENCE
00:33:37ADVISOR HAS A DEGREE IN HELLENIC STUDIES AND POLY SCI. ALL RIGHT.
00:33:40AND HIS MAIN, MAIN THING IS THAT HE WAS PETER THIEL'S CHIEF OF
00:33:43STAFF. AND WHEN I GO DOWN YOUR
00:33:45ORG CHART, HOW DO YOU EVEN
00:33:48DECIDE WHEN YOU'RE DECIDING
00:33:50ABOUT LETTING COUNTRIES HAVE ACCESS TO AI CHIPS? WHICH AI
00:33:53CHIPS ARE REALLY EVEN SIGNIFICANT FOR AI DEVELOPMENT?
00:33:56>> UH, WELL, WE, WE HAVE A VERY,
00:34:01GOOD, GOOD HANDLE. THE, ON THE
00:34:02AI CHIP ALLOCATION. AND, YOU
00:34:05KNOW, I WOULD DISPUTE, I THINK YOU DON'T KNOW, ROBERT
00:34:09OPPENHEIMER WAS NOT A PHYSICIST. MAYBE YOU WERE HUNG UP ON DEGREES.
00:34:12>> THE GENTLEMAN'S TIME HAS EXPIRED. I NOW RECOGNIZE THE GENTLEMAN FROM CALIFORNIA, MISS
00:34:16KIM, FOR FIVE MINUTES.
00:34:18>> THANK YOU, CHAIRMAN AND SECRETARY BESSENT, GOOD TO SEE
00:34:21YOU AGAIN. THANK YOU FOR JOINING US. I WANT TO START BY THANKING
00:34:25YOU FOR YOUR GREAT WORK IN
00:34:27LAUNCHING THE TRUMP ACCOUNTS EARLIER THIS YEAR. AND YOUR HARD
00:34:30WORK HAS ACTUALLY CREATED A
00:34:34LIFETIME OF OPPORTUNITY. THAT, COMBINED WITH YOUR FINANCIAL
00:34:37LITERACY EFFORTS THAT WILL UPLIFT THE AMERICAN WORKING
00:34:41FAMILIES. UM, AS WE CONSIDER,
00:34:43UH, EXTENDING THIS SUCCESSFUL
00:34:46PROGRAM, I'VE BEEN TRAVELING UP
00:34:48AND DOWN MY DISTRICT AND PEOPLE ARE REALLY, REALLY EXCITED ABOUT
00:34:52THIS. SO I HAVE INTRODUCED SOME
00:34:55LEGISLATION TO CODIFY THIS. SO
00:34:58WOULD WHAT WOULD BE, UH, EARLY
00:35:01FEEDBACK THAT YOU HAVE RECEIVED
00:35:02ON TRUMP ACCOUNTS AND ALSO YOUR
00:35:05THOUGHTS ON, I WOULD GREATLY
00:35:08APPRECIATE THAT. >> SO I THINK THE TRUMP ACCOUNTS, AS I'VE SAID MANY
00:35:12TIMES, ARE THE MOST IMPORTANT GOVERNMENT BENEFIT FOR YOUNG
00:35:16PEOPLE SINCE THE GI BILL. AS SOMEONE WHO HAS SPENT DECADES
00:35:20ADVOCATING FOR FINANCIAL LITERACY, I THINK THAT THIS WILL
00:35:23BE A REAL TIME FINANCIAL
00:35:25LITERACY EXPERIMENT. AND I THINK
00:35:28THAT WE ARE GOING TO CREATE A
00:35:31GENERATION, A GENERATION OF SHAREHOLDERS, UH, YOU KNOW,
00:35:34UNLIKE MANY PEOPLE, SOME IN THIS ROOM WHO HAD ADVOCATED FOR BABY
00:35:38BONDS, THIS IS GIVING EVERY
00:35:41AMERICAN A PIECE OF OUR GREAT
00:35:43CAPITAL MARKETS, OF OUR
00:35:47INNOVATION. AND THE MAKING THEM THE, YOU KNOW, REALIZE THE POWER
00:35:50OF COMPOUNDING. AND WHAT WE'VE
00:35:51DONE AT TREASURY. UH, WE HAVE
00:35:55BETWEEN 7 AND 8 MILLION FAMILIES
00:35:57WHO SIGNED UP THAT WE ANTICIPATE
00:36:00THAT WITHIN A MONTH, WE WILL HAVE 70 MILLION. AND BECAUSE WE
00:36:03WILL GO TO AUTO ENROLL AND THE,
00:36:07THE ENTHUSIASM AND KEEP IN MIND THAT HUGE NUMBERS OF THESE
00:36:11FAMILIES ARE MAKING LESS THAN
00:36:12200,000, LESS THAN 100,000, AND
00:36:16HAD NO EXPOSURE TO THE EQUITY MARKET. >> AND I TRULY BELIEVE THAT WE
00:36:19HAVE TO COUPLE THIS FINANCIAL
00:36:21LITERACY COURSES WITH TRUMPRX
00:36:23ACCOUNTS. SO HOPEFULLY, EITHER
00:36:26INCORPORATING IT OR MANDATING THESE FINANCIAL LITERACY PROGRAM
00:36:29AND CONSTANTLY TALKING ABOUT TRAUMA ACCOUNTS AT SCHOOLS WILL
00:36:32BE GREAT. UH, WOULD YOU AGREE? >> YES. I COULDN'T AGREE MORE
00:36:35THAT IN THE SCHOOL SYSTEM AT
00:36:36TREASURY, WE'VE CREATED 15
00:36:39LEARNING MODULES, AND BOTH FOR
00:36:42CHILDREN, THE BENEFICIARIES OF THE ACCOUNT. THERE'S A FOUR YEAR
00:36:46OLD, THERE'S A SIX YEAR OLD. BUT IMPORTANTLY, MANY OF THESE
00:36:49ARE FAMILIES WHO HAVE NEVER, UH,
00:36:53YOU KNOW, MAYBE THE TERM WALL STREET, MAYBE THEY CLICK
00:36:56THROUGH. AND NOW I'M. TALKING ABOUT, I THINK THEY'RE GOING TO
00:36:58HAVE A REAL INTEREST HERE. IT'LL
00:37:00BE SOMETHING THAT FAMILIES DO AROUND THE TABLE. AND I THINK
00:37:03THAT THIS IS A UNIQUE OPPORTUNITY TO BRING THE 38% OF
00:37:07HOUSEHOLDS WHO HAVE NO EQUITY
00:37:09EXPOSURE TO MAKE IT 100%. >> AND I'LL JOIN YOU RIGHT
00:37:12THERE. KEEP ON TALKING ABOUT IT. >> AND HAVE AN OWNERSHIP NATION.
00:37:15>> SO I WANT TO GO TO, UH, TALK
00:37:17ABOUT THE, UH, TAIWAN NONDISCRIMINATION ACT, WHICH IS
00:37:21MY BILL THAT WAS PASSED AS PART
00:37:23OF NDAA LAST YEAR. AND THIS
00:37:25LEGISLATION DIRECTS THE IMF REPRESENTATIVE TO USE THE US
00:37:29VOICE AND VOTE TO SUPPORT
00:37:32TAIWAN'S MEMBERSHIP IN IMF. SO
00:37:34I JUST WANTED TO ASK, AS TAIWAN,
00:37:37WE'VE BEEN TALKING TO TAIWANESE
00:37:40GOVERNMENT OFFICIALS, AND AS THEY GET READY TO FORMALLY
00:37:43SUBMIT A REQUEST TO JOIN IMF,
00:37:45UH, I HOPE U.S. WILL USE OUR
00:37:49VOICE TO SUPPORT THEIR PETITION TO JOIN OR ENCOURAGE THEM TO DO
00:37:52SO AS SOON AS POSSIBLE. >> UH, WE'RE AWARE OF YOUR BILL.
00:37:56>> GREAT. THANK YOU. AND, UM, AS
00:37:59CHAIRMAN, OUR FORMER CHAIRMAN,
00:38:01MCHENRY, UM, OFTEN USED TO SAY
00:38:04ECONOMIC SECURITY IS NATIONAL
00:38:07SECURITY, AND STRONG TAIWAN IS OUR BEST TOOLS TO COUNTER
00:38:10CHINESE ECONOMIC COERCION. SO ANOTHER ASPECT OF CHINESE
00:38:13ECONOMIC ACTIVITY THAT CONCERNS ME IS THEIR USE OF STATE,
00:38:16CORPORATION, AND PREDATORY
00:38:19LENDING TO DOMINATE CRITICAL
00:38:21MINERAL SUPPLY CHAIN. AND
00:38:24CONTROL ENERGY STRUCTURE. WE HAVE STRONG, INNOVATIVE PRIVATE
00:38:27COMPANIES, BUT THEY CANNOT GO UP AGAINST CCP ON THEIR OWN. THIS
00:38:30IS A MATTER OF NATIONAL SECURITY, WHICH IS WHY I
00:38:34INTRODUCED DOMINANCE ACT. UH, THIS WILL STRENGTHEN OUR GLOBAL
00:38:38CRITICAL MINERAL SUPPLY CHAINS
00:38:40AND SECURE OUR ENERGY FUTURES. BUT OUR MULTILATERAL BANKS ALSO
00:38:44PROVIDE KEY AVENUE TO COUNTER PREDATORY CHINESE ECONOMIC
00:38:47ACTIVITY. SO COULD YOU TALK
00:38:49ABOUT THAT? AND WHAT U.S. SHOULD
00:38:52BE DOING DIFFERENTLY THROUGH THE WORLD BANK AND OUR OWN INSTITUTIONS TO COMPETE WITH
00:38:56CHINA? >> UH, SURE. SO, AS WE DID WITH THE G20 IN ASHEVILLE, WE ARE
00:39:00PUSHING FOR GREATER TRANSPARENCY
00:39:03AND TO MAKE SURE THAT THESE
00:39:04COUNTRIES DO NOT GET INTO A DEBT
00:39:07TRAP WITH RAPACIOUS LENDING, AS
00:39:09WE'VE SEEN FROM CHINA. >> THANK YOU VERY MUCH,
00:39:12SECRETARY. AND, UM, I YIELD
00:39:14BACK. >> MISS KIM. MR. SECRETARY, I
00:39:18WANT TO THANK YOU FOR YOUR TESTIMONY TODAY. WITHOUT
00:39:20OBJECTION, ALL MEMBERS WILL HAVE
00:39:23FIVE LEGISLATIVE DAYS TO SUBMIT ADDITIONAL WRITTEN QUESTIONS FOR
00:39:26THE WITNESS TO THE CHAIRMAN. THE QUESTIONS WILL BE FORWARDED TO
00:39:30THE WITNESS FOR HIS RESPONSE. MR. SECRETARY, PLEASE RESPOND.
00:39:33NOT LATER THAN OCTOBER 20th.
00:39:34THIS HEARING IS ADJOURNED.
00:39:37>> THANK YOU.
00:39:45>> BESSENT, THE CUBAN PEOPLE ARE SUFFERING BECAUSE OF THESE
00:39:49SANCTIONS. >> SCOTT BESSENT SHOULD BE ASHAMED OF YOURSELF. YOU ARE AN ABSOLUTE DISGRACE. WHAT YOU HAVE
00:39:53DONE TO THIS COUNTRY IS DISGUSTING. DO YOU SUPPORT THE
00:39:55AMERICAN PEOPLE? OR DO YOU SUPPORT GOLDMAN SACHS? DO YOU
00:39:59SUPPORT THE AMERICAN PEOPLE, OR
00:40:00DO YOU SUPPORT EMBEZZLEMENT BY
00:40:03THE TRUMP ADMINISTRATION? >> THIS AFTERNOON, FORMER SPEAKER OF THE HOUSE KEVIN
00:40:06MCCARTHY WILL HAVE HIS OFFICIAL PORTRAIT UNVEILED IN STATUARY
00:40:10HALL OF THE CAPITOL BUILDING, WITH REMARKS BY CURRENT SPEAKER
00:40:13MIKE JOHNSON, FORMER DEMOCRATIC LEADER STENY HOYER AND OTHERS ON
00:40:16THE TENURE OF THE 55th SPEAKER OF THE U.S. HOUSE. WATCH THE
00:40:20UNVEILING LIVE AT 3 P.M. EASTERN
00:40:23ON C-SPAN 3 C-SPAN NOW, OUR FREE
00:40:26MOBILE APP AND ONLINE AT
00:40:28C-SPAN.ORG
00:40:35>> SATURDAY ON C-SPAN 2. EXPLORE
00:40:37OUR NATION'S PAST WITH AMERICAN HISTORY TV AT 2 P.M. EASTERN.
00:40:40OUR WEEKLY LOOK AT THE CIVIL WAR EXAMINES THE EXPERIENCES OF
00:40:43ENSLAVED PEOPLE DURING THE 1863
00:40:45BATTLE OF GETTYSBURG, AND A MASS
00:40:48ESCAPE BY UNION PRISONERS DURING
00:40:50THE FINAL WINTER OF THE WAR. WATCH AMERICAN HISTORY TV
00:40:53SATURDAY ON C-SPAN 2, EXPLORING
00:40:55THE AMERICAN STORY. GET THE FULL SCHEDULE AND WATCH ANYTIME AT
00:40:58C-SPAN.ORG.