I want to commend you and the Ranking Member for holding this important hearing on the government's role in enabling Americans to make informed decisions about financial affairs.
Paul S. Sarbanes
The Public Record
Paul S. Sarbanes is a former U.S. Senator from Maryland, serving from 1977 to 2007. A member of the Democratic Party, Sarbanes was known for his work on financial regulation and consumer protection. He played a significant role in the passage of the Sarbanes-Oxley Act in 2002, which aimed to enhance corporate governance and accountability in the wake of major financial scandals. Throughout his career, Sarbanes focused on issues such as education, healthcare, and the environment, advocating for policies that benefited Maryland residents and the broader American public.
Thank you very much, Chairman Fitzgerald, Ranking Member Akaka, and Senator Lautenberg. It is a pleasure to be here before you.
Two years ago, the National Council on Economic Education, together with the Federal Reserve, put on the first National Summit on Economic and Financial Literacy.
In fact, it is their number one priority to do further tax cuts by making these tax cuts permanent.
It is difficult for me to understand why you cannot state very simply that one way of addressing the budget deficit is to show restraint on both spending and tax cuts.
I still remain very seriously concerned about the condition of the long-term unemployed.
I want to take just a moment to address the subject you were addressing with Congressman Putnam on the concept of NAIRU, the Nonaccelerating Inflation Rate of Unemployment.
4.8 million. And do you have any estimate on how many have dropped out of the labor force?