Chairman Scott Questions President Trump's Nominees to Key Economic Posts

uh let me start my questions with Dr myON Dr myON obviously uh your predecessor Dr Bernstein advocated for extreme policies like the green New Deal and frankly the spending bills the American Rescue plan first bill out of the shoot $19 trillion I believe led to the 9% inflation that we experienced in the summer of 21 how will your recommendations differ from your predecessor [Music] thank you Senator um one of the uh core principles of uh economic management of the economy is that uh Economic Policy should uh as economists say lean against the wind um that means that when the economy is in a rut uh policy should support it with some stimulus to get it out of the rut to boost employment and stabilize you know and stabilize the economy and when the economy is soaring you know well above uh potential where it could be uh that policy should hold back a bit right now if you look at what happened uh the story of stimulus and throughout the co experience uh when Congress passed the cares act the output Gap the size of the hole in the economy was about 10% of the economy right um the size of the cares Act was roughly similarly size so that was appropriate by the time we get to the American Rescue plan the output cap is just about narrowed it's only about a percentage point of the economy so following that up with another stimulus package of roughly similar size was a you know an economics 101 style error and of course the inflation that we experienced was problematic my advice if confirmed will be to follow the traditional wi wisdom of leaning against the wind thank you for being so sync uh you know Dr Byron as you you know I'm a huge fan of the opportunity zones and I think that when you think about the overall housing issue I think opportunity zones could play a significant role thoughts thank you uh yeah um I mean I agree and president Trump is indeed a strong support of opportunity zones and for good reason uh the best ailable studies uh to date indicate they've spurred a significant uh investment into into uh less privileged areas fast approaching 100 billion dollars and reached a larger share of the nation's low-income communities than any comparable program over such a short period of time indeed opportunity zones are uh now reflect um 20% of all market rate apartment unit development Nationwide in recent years in contrast to only 8% before tcga we're talking hundreds of thousands of new units we need more research and opportuni zones and more and and more action extending opportunity zones to help address the housing affordability crisis thank you Mr Kesler you not had a great conversation I really appreciate your willingness to serve uh talking about American economic Supremacy from my perspective means that we have to be superior from a technological perspective how do export controls help us especially with China I would consider they lie they cheat they steal and they take our Technologies to use against us how do we use export controls uh to achieve our objectives well thank you thank you chairman Scott and yeah it was a great conversation I appreciate it um export controls are one critical tool in America's policy toolkit for ensuring continued technological leadership and technological Supremacy um and it's part of the Mandate of course of bis uh to pursue that goal um it's up to bis to ensure that exports prevent the proliferation of weapons to ensure that uh we prevent the uh terrorists from getting uh dual use items um to ensure that America preserves its qualitative military superiority and to protect the defense industrial base so all of those goals are things that we have to do with export controls um I think part of the challenge for bis is to be as Nimble as our adversaries to keep Pace with them our adversaries are sophisticated and they work hard every day to get around export controls and other rules that America has to prevent them from getting sensitive Technologies and we need to keep up thank you Mr py you one of the things I appreciate about your background is that you've had Generations in housing even though you're young a young fellow my question for you is you worked on the blight Authority nonprofit with mayor Bing in Detroit a bipartisan Coalition working on behalf of people who desperately needed assistance how does that inform you about the issues of housing especially in neighborhoods like the one I grew up in poverty stricken uh but very smart people hard workers very good question and you know the issue better than me but my experience in some of these urban areas is that there's a lot of drug activity crime uh prostitution in the areas that we were in and our nonprofit it was a nonprofit went in and cleared out these abandoned homes and structures and what it gave me Senator was a deep appreciation for every kid should be able to walk safely to school and not be worried about you know uh dangerous buildings or being dragged into a dangerous building in the like so it gave me a very very deep understanding for uh ensuring that every American has the opportunity to have a safe home and a safe neighborhood thank you