the U.S. contribution and the U.S. leadership was critical there.

Thank you so much, Chairman Culberson and Ranking Member Serrano, and my colleagues and distinguished Members of the Subcommittee.

I love Joe, I do.

I am so happy, especially, to have Dr. Michel here, to speak in support of H.R. 4116, the Reciprocal Deposits Bill.

I applaud what Mr. Emmer is doing and, like I said, for a rare occasion, some stuff that we are doing...

I was initially extremely suspicious of this hearing, due to some proposals that I think would disastrously inject partisan politics into monetary policy.

I think that we ought to and should explore smart reforms that balance maintaining the Fed's independence but that also bolsters public confidence and faith in the Fed.

The Fed was created and established to be independent, and I think that independence has fueled a lot of these misconceptions and misgivings about the Fed.

I actually think that it may be helpful to have had this hearing to discuss the Federal Reserve and the Federal Reserve System.

I definitely want you to explain how the orderly liquidation authority would work.

I think we just have to stop derailing ourselves with nonsense.