00:00The chair recognizes the gentleman from Houston, Texas, Mr. Green, who is a ranking member of our subcommittee on oversight
00:06and investigations. Mr. Green.
00:08Over here, Mr. Chairman. Thank you. Thank you, Mr. Chairman. I thank the ranking member as well.
00:15And I welcome you to the committee, Mr. Chairman, but I would also say to you that I will pray
00:22for you.
00:24And I'll pray for you because many of the questions that have been predicated today hinge upon a belief that
00:33you will sanction the president's desires.
00:38It is thought among the general public that you're in the position you're in because the president could not have
00:48the influence that he wanted to have with the prior chair.
00:50And he believes he can have it with you. So I hope that you will stand firm and honor your
00:58commitments that you're making, though some of them are not firm commitments, as I understood your language.
01:04You indicated that you're interested in war. I appreciate this. But I believe you should also be interested in speculative
01:12bubbles.
01:14My assumption is that you are. Are you interested in bubbles, speculative bubbles, Mr. Chairman?
01:21We we we've got a wide lens. We spend a lot of time thinking about what's happening.
01:26I'm going to take that as a yes. Now, given that you're interested in speculative bubbles, let's just talk about
01:32a bubble that occurred.
01:34President Trump's meme coin, dollar sign Trump, profited an average of one point seven four million dollars per day over
01:45his first year.
01:46One point seven four million dollars per day.
01:49This amounted to approximately six hundred thirty six million dollars in total royalties and license fees generated at its launch.
02:00While this was happening during that same period of time, nearly one million investors lost a combined three point eight
02:10billion dollars.
02:11This is because that meme coin lost value, dropped precipitously in value.
02:20It was a bubble. By the way, it is nothing.
02:23Anybody who's listening to me, if you've invested in a meme coin, you've invested in nothing.
02:29Zero.
02:30Zero. In a righteous world, it would be illegal.
02:36But given the secretary of the Treasury that we have currently, it is not.
02:42And that's very unfortunate. SEC, the secretary of the SEC.
02:49It is not.
02:51I think that we should concern ourselves with these speculative bubbles.
02:58And whether you like it or not, you have to concern yourself with it, because when you lower interest rates,
03:06you lower the rates such that there is more capital available for people to use for speculative reasons.
03:12So you have to be concerned about it, whether you want to or not, because you don't want to see
03:17a speculative bubble.
03:19Can I have your assurance that you will be concerned about these speculative speculative bubbles, Mr. Chairman?
03:26So, Congressman, we want a resilient, strong, safe financial system, and we are looking at financial markets,
03:34and we're looking at the real economy to make sure we deliver on what we can.
03:38Some of these other subjects are really more in your purview and responsibility.
03:41They're in my purview.
03:42Excuse me for interrupting, but I have to.
03:45They're in my purview, but only because I choose to have them in my purview, and I make an issue
03:51of them.
03:51I have to vote on them.
03:52But they're in your purview, too, because you decide whether the rates go up or down.
03:56And if you lower them, then people can engage in these speculative bubbles, such as the Trump meme coin,
04:05and they can lose a lot of money.
04:08Losing billions of dollars while the president makes millions on a daily basis?
04:15This is the epitome of ridiculosity.
04:17At some point, we all have to take a stand, Mr. Chairman.
04:22This is going to be your opportunity.
04:24You're going to have to take a stand at some point, because this president is interested in making money.
04:30He puts money ahead of the people of this country.
04:34The people of the United States of America are secondary when it comes to the president.
04:40They may even be tertiary or quaternary, but they're not first.
04:43And at some point, you're going to have to make a tough decision as it relates to this president.
04:48Look, I'm not going to prejudge you.
04:51I'm going to assume that given your statements and the latitude that the Supreme Court has given you,
04:59that you'll make the right decision.
05:01But you're going to have to be concerned about a speculative bubble, especially as it relates to crypto.
05:06So this is something that we'll all have to address.
05:09I thank you very much.
05:10Gentleman goes back.
05:11Chair recognizes the vice chairman.
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