Miss President wants to talk to you

A commotion immediately broke out in the hearing room.

Reporters raised their cameras, and flashbulbs went off continuously.

Richard Morgan has arrived.

He was dressed in a well-tailored dark suit, with a confident smile on his face, clearly indicating that he was well-prepared.

Richard was indeed confident.

Several days have passed since Rogers' arrest, yet his life remains completely unaffected.

Not even the slightest word that was unfavorable to him leaked out.

This shows that Rogers upheld professional ethics, shouldered all responsibility, and was not implicated.

I passed the test.

Then there's nothing to be afraid of.

Richard stood before the witness stand, took his oath, and then sat down.

Pecora stood up and walked over to Richard.

Looking at this next-generation leader of the federal financial world, she suddenly felt a sense of disgust for some reason.

Even if the other person is good-looking and well-dressed.

But Pecora is just really annoying.

Over the past few years, Pecora has witnessed far too many disgusting and dirty practices hidden beneath the glamorous facade of capitalism.

It started as an isolated case.

However, the phenomenon later became more and more common, with a large number of individual cases emerging, and it almost became a common trait among bankers.

Pecora doesn't believe Morgan will be an exception.

but

Today's hearing is not to try Morgan, but to examine the rationale behind the Banking Act.

Therefore, Pecora was well aware that he had to remain neutral.

She suppressed her disgust and said:

“Mr. Morgan, I need to remind you that as a representative of the federal financial community, every answer you give from now on represents the position of the financial community. Are you clear about that?”

"I understand!"

Morgan nodded; he certainly understood.

His team made countless preparations for this hearing.

While not foolproof, it's at least a shoo-in.

"it is good."

Pecora nodded. "Then let's begin the questioning session."

As soon as she finished speaking, Pecora's aura visibly changed.

It was as if some kind of hunting mode had been activated.

"Mr. Morgan, do you believe that the federal government needs to pass a new Banking Act?"

The first question is not particularly aggressive.

Just let Richard explain what position he represents.

This will facilitate the discussion of the following questions.

As others at the hearing would have expected, Richard's answer was that he believed it was unnecessary.

However, Richard made a surprising statement.

"I think it's necessary."

He said, "The president's intentions are good. The enactment of the Banking Act is a good thing that benefits the country, the people, and us all!"

"The federal financial community is very willing to support the president's work."

However, some provisions in the Banking Law are simply too extreme.

"In order to maintain the stability of the Federation, we have to put forward some opinions."

This answer surprised some of the people in the audience.

The financial sector is actually willing to provide support?

Is it enough to just modify a few terms?

That's fine. Politics is the art of compromise!

Pecora was also somewhat tempted.

She continued, "For example, which clauses?"

Richard stated earnestly, "For example, the Treasury's special audit authority, individual liability of directors, disclosure of key transactions, and mandatory segregation of deposit-taking and securities businesses."

Upon hearing these words, Pecora suddenly realized...

People can actually laugh when they're speechless.

Is Richard treating people like fools?

The clauses he just mentioned, when put together, are essentially the Banking Law.

I do not oppose the Banking Law, but I oppose all the provisions in the Banking Law.

So this is what you mean by supporting the president's work?

Chapter 67: The Legality of Congressmen

“Mr. Richard, please don’t play word games at the hearing.”

Pecora's tone carried a hint of displeasure.

"I'm not playing word games."

Richard shook his head and said, “Ms. Pecora, as I said, the financial community supports the passage of a new Banking Act.”

"But at the same time, we also believe that this Banking Law should be introduced only after thorough research and discussion, taking into account the interests of all parties."

"It must solve the existing problems of the Federal Reserve, not create more problems!"

Richard was extremely satisfied with his answer.

Superficial support only adds to the workload of legislation.

They dragged it out until Rosef was willing to step in and negotiate.

This is his strategy, initially proposed by Rogers and subsequently refined by a professional team.

Speaking of which, Rogers is now in an FBI prison, and his fate is unknown.

This can be considered his last plan.

Next, Pecora pressed for details on what new problems the Banking Act would create.

Richard also had something to say.

He had prepared countless extreme examples, just waiting for the other party to ask.

Pecora gave Richard a meaningful look.

She was a seasoned veteran of court hearings, and she knew exactly what Richard was up to.

Unfortunately.

My task today is not directed at banks or Morgan Stanley.

Instead, the discussion focused on the risks and feasibility of the Banking Law.

Otherwise, Richard wouldn't dare to play such tricks on him.

Pecora has nine ways to make him regret it.

You're lucky, kid!

"Mr. Morgan."

Pecora opened the outline in his hand and said calmly.

"Since you believe that the current version of the Banking Act may create more problems."

"Could you please elaborate on what the financial sector is currently concerned about?"

Richard smiled slightly.

"of course can."

He couldn't wait to speak: "First of all, it's the Ministry of Finance's special auditing power."

"I understand that the original intention of this clause was to control bank risks and prevent a repeat of the bank run tragedy that occurred a month ago."

"But many people don't realize that special audits themselves are a risk signal!"

Let's imagine a scenario:

"If one day the Ministry of Finance suddenly launches a special audit of a bank, what will depositors think when they find out?"

"Without a doubt, depositors will immediately line up to withdraw their money, causing a bank run."

"At that point, even if the bank itself can still maintain operations, it will collapse due to a run on its banks!"

These words immediately silenced the hearing room.

The people in the audience looked at each other in bewilderment.

This example is too straightforward.

It's so straightforward that even someone who doesn't understand finance can immediately grasp the danger involved.

A bank run—that's a terrifying thing.