Thank you, Madam Chairwoman Chairman Powell Welcome back to our Committee and I wanna first touch on your testimony about the importance of fiscal policy and supporting the economy. in general, what would you say is the lag time Associated with a major change in fiscal policy? Well, it can tend to be long as you know we can with monetary policy. We can go into a room and change interest rates and do obviously fiscal policy tends to tends to take a lot of a lot of. some time. Let me ask you this. let me ask the question this way. fiscal policy has changed profoundly in the past three years, tax cuts, deregulation and less restrained energy sector a pull back from Dodd Frank repeal of the individual mandate. new trade deals are any of these policy changes impacting current economic conditions. I'm sure they are, but of course we don't we don't try to assess that that's not really what we do when we look at the economy, but yes they would be affecting as you noted in your testimony, the US economy is presently exceptionally strong. the since the 2016 election seven million new jobs have been created. The unemployment rate is at a 50 year low. More Americans are employed today than ever before wage growth is the highest in a decade and the lowest income workers have been seeing the fastest pay increase growing at 16. Since the 2016 election and just over the weekend, this was the headline of the Wall Street Journal, which I'm sure you follow and the the reporting was that a tight US labor market is drawing Americans off the sidelines at a record rate despite this after last week's state of the Union speech, Speaker Pelosi said that it was quote appalling to hear the President. Quote try to take credit unquote for an economy. He inherited now Chairman Powell. I'm not gonna ask you to weigh in or arbitrate a domestic political dispute, but when the FOMC, Monetary policy given what you said about the lag time of fiscal policy is it fair to say that this President's policies are impacting today's economic conditions. At a high level of course they are let me follow up on representative Wagner's question about the GPS absurd charge. Indiana your response to our letter, you maintain that you aim to have the quote key components unquote of the stress capital buffer finalized in time for the 2020 car. Can you describe in more detail? What the key components are and a more precise timeline given that the Fed announced last week scenarios for the 2020 C C car. So I I think the. Line is we we do believe we do intend and and we'll put into effect the core of the stress capital buffer in time for the 2020 - six car cycle. so that's coming right up. I prefer to leave the exact details of that to to the You know the the there's still being worked out, but it will happen in a timely way for the 2020 cycle. Understand well, let me try to get just a little bit more detail. is it still the feds view that the activation of the countercyclical capital buffer is a suitable replacement for the dividend. Of the boards, Financial stability report from November, which stated that the vulnerabilities have not significantly changed. We we haven't made a decision on that on using the counter cycle quick capital buffer versus the other approach. We've not made a decision on that. okay. Thank you for that. We're looking forward to that decision final question the the business round table as you as you probably remember announced last summer that it was redefining a corporate purpose to elevate So-called stakeholders ahead of shareholders, A large investment firm recently announced its intent to divest of fossil energy. Effectively limiting investment options for clients to a subset of sectors that check the environmental social governance box. I am concerned that firms which arbitrarily limit investment offerings based on social and political pressure may choke off capital to perfectly legal productive and profitable sectors of our economy and caused retail investors to miss out on returns that they need to fund their futures as a leading voice on the financial Stability Oversight Council will you commit. Raising this issue with your colleagues at FT, sock and urge that body to examine the extent to which a misallocation of resources away from shareholders to serve unrelated political errands might stifle capital formation compromise investor returns and ultimately undermine financial stability. I don't know that I totally understand your concern would, but I'll be happy to discuss it with you and and the concern is that if shareholders are not Prime a Prime concern of corporate boards and directors if stakeholders who have no ownership interest in the company are are are are the focus of of a Corporation. Then I would submit that there is a tremendous risk of misallocation of resources away from maximum shareholder returns. I would like to take a look at that the gentleman yields back, I will bring that to the to the authorities at the FCC suck. Thank you.