with it and they're on to the next product before the court system rules. so i actually think that we require much more work on i.p. in this country as well, and i would love to see conversations between countries to try to strengthen ip protection globally. i don't know how likely that is to occur in the currents environment, but for us, our intellectual property is so important to our company i would love the system to be strengthened in order to protect it. >> i thank all of you for being here. i appreciate it. >> thank you very much. >> thank you, senator ayotte. senator portman? >> i appreciate the opportunity, having just left the finance committee on the irs to talk about tax reform, not just tax administration.

this hearing is important, because it's talking about a specific provision of our international tax rules allowing companies to effectively takes ip rights created here in the u.s. to foreign jurisdictions, some by means of cost-sharing, some of it by other agreements. i agree with you, mr. chairs, that we need to address this issue. i totally disagree that we ought to do it through picking out specific loopholes or preferences. we've got to reform this code. if we don't do that, our companies will continue to be uncompetitive. you think about it, we have an uncompetitive tax system now. it may make us feel better about -- so that's why we've got to do tax reform. we have to do it now when the

rate was lowered to 34%, now 35%, so we are -- we're looking at several decades now of tax policy that really is antiquated and doesn't keep up with the times. so i -- i have a proposal to do that. it's been scored by the committee, revenue-neutral with a territorial system. there are other ideas out there. the president has talked about it. his has said in his february 2012 white paper he believes the rate oughting to lowered and reinvested. so there's a lot of commonalty where senator baucus is, senator hatch is, and where congressman camp and the ways and means committee are working together on this. a could strategy is by tapping into that.

it's also where our enter national tax code puts or companies at a disadvantage, because when you're operating overseas, you pay the tax rate of the company you're operating in, plus you pay the residual u.s. tax. the other is a tax credit. some jurisdictions, like ireland, the tax is so low you don't get much of a credit, but it's also entirely complicated. so it puts us in a noncompetitive position, almost all of our industrial competitors, by the way, have shifted to a territorial type of system, including the uk and france. it includes germany, japan, in fact, when you look at the oecd, now 26 of our 35 fellow countries have moved to this dividend exemption system, congressman camp has talked about that. i think that's the right way to go. essentially they don't tax active business income earned beyond their borders, and they're much more competitive

internationally. the u.s. penalty for repatriating earns has resulted in between 1.5 and 2 trillion overjae. that means that money is starting to be deployed. for putting factories overseas that otherwise could be here. so i think we have to move and move very quickly. no other nation in the world imposes such a high barriers to bringing foreign earnings home. they have all been reformed. our rate, as you know, is the highest in the world, but they reformed the code. we have to do this. i think our guide been principle is how to win -- and as my plan

would do, is important to do. i know mr. open hyper -- i think i just heard 65% of your revenues are overseas. is that accurate? >> yes, sir, that's accurate. >> in total we have created or support 600,000 u.s. jobs. it's difficult to allocate a certainly percentage, but i would say it's significant. >> it will be tens of thousands because of your sales overseas, right?

>> i would such you come up with that number. i know it's not easy, but -- and we want you to sell stuff overseas, because it -- would it be fair to say your biggest competitor globally is samsung? >> certainly one of them, yes. psalm sung is -- >> korean company. >> 39.5%, which is our combined state and federal? so they have a lower tax rate there. my staff tells me that they pay about the same global tax effect raise.

samsung olympics global tax payments were about $4 billion in pretax earnings, a rate of about 14%, same for both companies. mr. bullock, is that consistent? >> senator, yes, that was apple's global cash tax rate last year. we believe it would be a few point higher this year. >> so it sounds like all the tax planning discussed at the hearing today, ultimately resulting in nothing more than as your main foreign competitor. is that accurate? >> senator, yes, with one difference. >> i'm getting to that. so i would say the answer is it's worse for apple, because

they can't bring their money home. it's partly the rate, but partly the -- their investment options are more limited, aren't they? how much money do they spent? >> i don't have the exact figure, but it's a lot. >> again, i would suggest you get that number. i think a the american people would -- i'm a recovering lawyer myself, but you don't need more tax lawyers. you need more engineers, more innovators, you need more people to keep america on the cutting edge. your products are great already, but could be even greater if you had more how big is your tax department? approximately three dozen around the world. a couple dozens resources,

singapore. we do have some personnel in shanghai and brazil. >> a lot more than three dozen. >> there's a load of inside help -- >> senator, i would add -- >> we want to reform the tax code so you don't have to mess with all this stuff. go ahead. sorry. >> i would add that the tax return i sign even year in the united states is two feet tall or greater, and we are under continuous examination, and much of the efforts that phil spoke about, both internally and particularly with our outside advisers, deals with the continuous examination. we would very much support a simplified code that would lead to a smaller tax return. >> so high-tax compliance cost, you can't bring your money home, so you can't invest it where you

want to. what would it do to -- if congress effectively hiked the tax rate on the international earns without modernizing the tax code so you could move to is a modernized system? >> very bad, sir. >> it would not be helpful. >> that's essentially what some are advocating here today. would you like to be able to cut your tax and client costs? >> yes, definitely. >> with no offense to mr. bullock? we're going to break away from senator portman's inquiry of the apple executives, most notably saying their tax return is either two feet high other greater. let's glo to steve liesman with breaking news. new york fed president phil dudley, one of the more powerful and followed members, saying quantitative easing has been an effective tool action and the fed has communicated rates will

stay low for a long time, essentially just repeating current policy, saying the fed has communicated already that the balance sheet will increase further. there's a risk that participants can -- and it's important for the fed to tell the markets how policy will responsibility to changing economic conditions. i want to read you this direct quote from his speech, saying we will need to think long and hard to enable us to responsible flexib flexibly, but in a way that is not disruptive to the economy. what is interesting is there are some reports that the fed has already decided this. saying quite specifically it's not been decided. he does talk about the down side of qe, saying there's greater uncertainly about the efficacy and cost of qe, and also adding, as the balance sheet growing in size potential costs rise.

i would say that he's neutral to being a big dovish. >> which comes up tomorrow. it did add to the market a bit. i found one of the things that's striking, and let's bring him into -- he reminded the market that the fed may hold some of those securities to maturity action and that there is a risk that the market, bob, might overreact to the tapers. >> every you have one ofs have become fed head watchers, and they seemed to be quite happy to move the markets. i was intrigued by mr. dudley

saying that the current plans was stale, and needs revision. what do you think he was meaning by that? >> i think they need to go back, bob, and need to rethink this very important issue that he brought up. he talked about this terminal rate market. at the current time when the fed may nod deem that the economy wants that specific rail. is not there's a whiff, the marting will tighten to the end point. what is stale here, i think dudley is saying, the community indication, the fed does need to think about how he's going to do that, but don't mistake that discussion for a preamble or some kind of prestaging, the

idea that the fed will tighten. >> we're at the heights of the day. he came out and said that they should the recovery has been slower. you'll see the bond mark also rallied. >> and you saw it move down. it was at 1.96. >> the dollar dropped as well. >> sue, just one comment, which is you could say dudley did not use this opportunity to warn markets of an imminent scaling back. that is for sure. >> absolutely. >> on that note, steve, we'll leave it there. we appreciate the breaking news. let's get back to capitol hill, apple's ceo tim cook is being questioned by senators, basically talking about reforming the tax code. let's go to eamon javers on capitol hill. he's been monitoring the discussion.

eamon? >> we expected some tough questions here for tim cook, as they talks to the senate in the wake of this release, which reveals apple created three companies that in fact are stateless there, not registered for tax purposes in any country anywhere around the world. what we doesn't expect is much of the fireworks would happen over before tim cook sought done to take a listen to rand paul just now. >> frankly i'm offended by the tone and tenure. i'm offended by a $4 trillion government, bullies, berating and badgering one of the america's greats success stories. if anyone should be on trial here, it should be congress. i frankly think the committee should apologize for apple.

i think that congress should be on trial here for creating a bizarre and byzantine tax code. >> senator paul you're free to apologize if you wish, apologize to anyone you want, this subcommittee will not apologize to apple. we did not drag them in front of this subcommittee. >> so obviously there, guys, you can see nor levin in no mood to hear it from senator paul this morning, and then senator john mccain, a republican, jumping immediately to the defense of senator levin, the democrat who chairs the committee. listen to senator mccain. implgts senator, i've the honor of serving with us for more than a quarter of a century. no one has every accused of you bullying or harassing in the thousands of hearings, and frankly it's offensive to hear you accused of that behavior.

>> reporter: so mccain suggesting he's offended by what rand paul did. and guys, you've got to tell you that when you're apple, you come up for a high-profile hearing like this, you expect to be grilled. the squabbling is probably good news, in the sense it reveals real fissions in the committee. not necessarily a focus grilling down. that probably work works to apple's benefit. >> eamon, thank you very much. well, it is one of the deadliest tornadoes ever to hit the united states. it all started about 22 hours ago, when people just outside of okay oak city saul the massive funnel cloud quickly approaching. that is an f-4 on the tornado

scale. some estimates say that massive tornado was as much as a mile or so wide and could be upgraded to an f-5. a day later, rescue efforts are still under way. official counts are 24 people were killed, tragically many of them children. more storms are expected. jane wells is live on the ground in moore oklahoma with some of the details. jane, over to you. >> reporter: sue, we are just getting through another hailstorm here, which is hampers the efforts. behind me some twisted metal that folks who live here may have come from a bowling alley three blocks away. there's a couple -- all right. we obviously are having some weather-related technical issues with jane wells we have retimer

on the phone, he's chasing that new line of storms that my soon pop up. what can you tell us about the. >> we just came from the storm area -- and we're about to cross the red river into the warm, unstable air in north texas again. right now it's still cloudy, but we can see the light. and there is a chance for strong tornadoes again down there, and populated areas, and it's been a long three days. yesterday we intercepted an ef-4. two days before that, we were in

texas with strong tornado there. so tornado alley is very active, and yesterday we were sick to our stomach the whole entire day when we heard of reports out of moore. >> it always seems to happen this time of year. for us who don't understand the science, why this time of year seems to have the type of weather conditions that have become so conducive to produces these types of basically super storms? >> what causes these, you need an upper-level jet stream trough. then warm, unstable air. and this time of year, that jet stream, or that river of fast-moving air aloft is this far south, right over tornadoes alley in the southern plains right now. it's the southeasterly warm surface winds at the ground, and the westerly strong,

100-mile-per-hour winds aloft in the jet stream that causes they storms to rotate. yesterday those ingredients came together in that small area just west of moore, oklahoma. it was just that one storm yesterday and the day before. there were two storms that produced them. today it looks like the -- >> well, let's hope that everyone is safe and you stay safe. appreciate it. many of you have reached out and want to help. if indeed you do want to do that, we have the information from the red cross. you can text red cross or call 1-800-red-cross, and make a donation. ty? thank you very much, sue. of course it's been also a very, very busy day for jamie dimon in tampa. we'll tell you about what happened after we return. ♪ on the road

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as he beats back that resolution to split the roles of ceo and chairman. kayla tausche is covering the meeting and has the results for us from tampa hi, kayla. >> reporter: hi, tyler. that proposal put forth knocked down today. 32.2% of the vote, but still a good day for shareholders. take a look at jpmorgan up 2% better than that, even investing the pry-crisis level of 53.17.

of course, that result meaning that jamie dimon is no longer challenged in his dual role. that put forth several months ago, the company has been working behind the scenes to drum up support with investors, and with corporate america alike. a lot of shareholders said this becoming a referendum on jamie dimon's leadership and the idea in a worst-case scenario, he could potential stand down, that would be a very negative event for the stock. 32%, far below last year's support of 40%. you can see that work behind the scenes definitely paying off. also making an appearance lee rain raymond, one leading voices that challenges jamie dimon and previously criticized by shareholders as potential not being a strong enough voice to counter dimon. he saying he's never been told he's not strong enough and the genetic makeup of executives means you are not a wallflower

by nature. it comes on the risk policy committee. three members of that committee have seen very low approval rates, of in the 50% range. alan futter got the lower rate. futter was not friend today. and james crown got roughly 57%. raymond speaking in responsible response to those number saying you need to stay tuned, and then prepare to keep listening to shareholders. tyler and sue, back to you. >> kayla, thank you very much. we'll check back as developments warrant. eight years and 70 million xboxs later, believe it or not microsoft reveals the next generation. we have some of the first pictures, and we'll take you inside the brand-new xbox.

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the close. we're only down about $4 thounz. only about $20 lower, and the rbc capital markets points out when they started talking about it did help the gold mark. what happens in terms of tapering off. that is something that traders really haven't hung their hats on. keep your eye on silver. in fact it looks like metals across the board have made a comeback. back to you, tyler. >> thank you very much. sharon. microsoft unveiling the new xbox video game console. microsoft shares, 35.05, but a very nice climb for the shares so far this year, 30% to be precise. will the next generation xbox keep microsoft ahead in the game? julia boorstin is live for us,

covering the story from there. hi, julia. >> hi, tyler. the press conference going on right now. revealing the xbox 1. microsoft is stressing the fact this isn't just a gaming console, but designed to be an all-in-one intername hub controlled by voice and motion. this new console includes a blue ray disk player, and it features live tv and also group crime. it allows switchers to quickly switch. and internet explorer. sun like existing consoles, this one allows you to do two things at one time to effectively have two things open, a gaming and skype window or movie and internet. the service shows what you call interactive tv. they featured espn, the ability to watch basketball game and pull up statistics on players at the same time. there's been a big emphasis on personalization, the fact that when you turn it on it knows who

you are, and your ability to access your content through the cloud tyler, because over to you. >> i would have to have a kid showing me how to use it. that's a lot going on. we have an exclusive in the next hour with the head of don mattrick. that will be on in the next hour on "street signs." sue? let's get the trading action here. bob pisani is back with me. you know, we moved to the highs of the day on dudley's comments, which seem to be echos bullard's comments. don't think the fed will take her too soon and don't overreact. we've become fed watchers, all i do is watch what the federal reserve says. hey, look at the dow industrials. bill dudley is the head of the new york federal reserve, said reminded everyone in a noncommittal speech, we might

adjust the pace up or down. we don't know. he specifically said the outlook is uncertain. he said i don't know which way the next move is going to be, up or down. he also said there's a risk the markets will overreact to tightening. amen to that. all of us have been watching every com comment they set. it did not help the hawkish cause, saying the fed would likely continue, and that the recovery has been slower than expected here. stocks rallied on that, put up bonds, there's an agg -- that's the etf. that rally is the bond market moved up s. the dollar dropped as well on that news. you can see we're going blown around. >> thank you, bob. uptown to the nasdaq, where seema mody is following the movers there, in the positive for the most part. >> we're seeing the nasdaq in the green. the nasdaq has had a commendable run, outperforming the dow and

s&p 500. a lot of talk that the nasdaq is overbought, trading at 11% above the trading average. two big tech stories today, of course, shares of apple moving higher ever since tim cook began his testimony on capitol hill. shares just trading down now, also a look at yahoo! ceo marissa mayer saying how tumblr fits into the long-term strategy. sue, sending it back to you. >> thanks, seema. goldman sachs raising the target for the s&p 500 for this year, next year and 2015. doesn't seem like wall street can keep up with this rally. plus rescue efforts as we've been telling you to follow. they are under way in oklahoma. dallas is now in tornado watch, and in addition, in oklahoma they have reports of large hail and rain.

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governor mary bowen of oklahoma has just finished speaking, giving us an update on that tornado. according to the governor, at least 24 people are dead, including nine children. there's an unknown number of people missing. the governor also adding that 237 people have been injured. there are 38,000 without power, the governor saying we will rebuild and regain our strength. we certainly will keep you updated as we get more headlines. sue, back to you. >> josh, thank you very much. a story we continue to follow here on "power lunch." let's check the bond market. we did have mr. dudley's comments. it move rates. jopd 1.94%, lower to 1.93%, that as the equity markets rallied. we're up about 73 points now on the dow jones industrial average. in a nutshell basically mr. dudley and mr. bullard trying to reassure the market the fed will be there for the longer term and

don't overreact. that's the bond market report. ty, up to you. >> sue, thank you very much. despite the huge move, goldman sachs' chief strategist david koston, says the market can still move higher. raising his year-end targets more than 7% now to 17.50, so is this the right call? back with us for his usual sort of mondayly visit jonathan gollup. >> he set 1750. what do you say year end? >> i think we'll see the market lower from here. the biggest issue is that we haven't seen the fundamentals improve anywhere near what the markets are doing. this is all about what we're seeing today, with the comments from dudley. it's all about the fed and the pumping of liquidity. when the market gets spoofed on that -- >> lower from here, how much lower? we're at 16.72 right now. >> i have a 14.25 targets. >> whoo!

>> right, but i think there are other places in the market you can do really well and there are places that will struggle. >> why do you think that overall the run will come out a bit? >> well, first what we've actually seen, the consumer side of the economy is doing really well. that's because the fed has allowed americans to refinancial the mortgage. that money is going back into spending. it's having all kinds of positive effects, increasing people's portfolios. what do they do when the portfolio is up, so you're having this wealth effect. what's not happening, which is very unusual, is business confidence has not picked up, so you're not seeing m & a. even buyback activity is up a bit in dollar terms, is still really quite tame in terms of what it would be. you need that business confidence to see the industrial side of the equake. even technology -- tech infrastructure, servers and pcs, that stuff lags without business

confidence. >> sue, i know you're going to bring in kenny polcari, the gentleman from goldman sachs on the other. this is what makes the market, the intellectual tension, between people who see it different ways. >> jonathan has been right on about this market for the entire year, so, you know, pay attention when he takes that s&p targets down to the 14.25 mark. kenny, does that make sense to you? >> listen, it does, and i appreciate, and i follow jonathan a lot. for me i think that might be a little aggressive, but i do think the market is well ahead of certainly where the economy is telling us where we are, and you know this, we've had this conversation, i think the market is well ahead of where it should be based on the fundamentals, so today we're teasing the market up, because they continue to say, don't worry, the fed is not going anywhere. >> what about that, jonathan? there are very fuel alternative

places to put your money. that's the result of what they're doing. i think you're right, sioux. i think the question is where within the market. where you see the leadership is in defensively oriented names. we think those yield plays, the companies less in need of a strong economy, we think they'll continue to lead the market. >> we have to leave it there, gentlemen. we appreciate it very much. good to see you back here again, jonathan. sue, take it away. when we come back, the rescue crews are looking for survivors in oklahoma. tornadoes are expected in the dallas area. there's a tornado watch. we will speak with someone who

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begin your legacy, get an auto insurance quote. usaa. we know what it means to serve. at the top of this hour, amid the devastation, we'll be talking to joplin city's manager. joplin was devastated by a tornado two years ago. so we're going to ask him what advice, and what needs to be done now. also, apple's tim cook getting a real grilling. we'll debate whether it is the companies like apple to blame or the u.s. tax system, and how we can resolve this issue. also, gamers are saying hurray, we'll have a cnbc interview with the guy in charge. all that and more coming up. tune in. back to you.

that is over whether they have met their own test for ending qe, which is has there been substantial improvement in the labor market? i want to show you what i think is the hawks' view of the world and the doves' view, and where those disagreements are. first we'll look at what i believe is the hawks' view. that you'll see -- they're looking at the world, hey, how have we done since september, when we put the policy in place. some of these are from august, which is what the fed knew when it met in accept. unemployment rate down 0.6, jobless claims down from 3.74 to

3.79. up, that looks pretty substantial. not the way the doves view it. take a-looking at the doves' view of it. we need to get to what the fomc is the long run rate, the u-6, the broader measure, but hey, in 2003, we never peaked above at the worth moment, 10.3%. long-term unemployed, yeah, but in '03, we never got above 2.1 million. they look at those last two in your opinion bers and say, you know what? we're not even on the charts. so i think that's more of bernanke's view of the world. i think it will be hard for him to make a case that he's made substantial improvement toward those end goals, not where we're from. sue? >> steve, thank you so much. let's bring in kevin brady. mr. chairman, welcome.

>> thank you, sue. >> you get to question mr. bernanke tomorrow. what's going to be your first question? what do you want to hear from him? >> well, we're going to focus on two things -- where is the economy headed? and where is the fed headed? clearly our members, a lot of concerns about the weaker recovery, job creation is lagging. business investment still below where it was before the recession. lots of questions of how strong housing is going forward, but for me, i want to know where the fed is headed. clearly they're in uncharted territory, so when do they push the start button for the exit strategy? how and when do they accomplish that in a way that isn't damaging to the economy? that will be the focus. >> steve? >> mr. chairman, i think those are great questions. i'm really excited to hear the answer to them. i just wonder if this notion of asking the fed, what is substantial. i wonder if that's on your list,

sir? >> it is, because truth of the matter is, even the fed has said their policy can't really create strong employment over the long term, only in the short term, quick boosts. i think the results of qe are not what they ought to be. one of the questions is -- so why are we continuing it, if this is not the road to getting the economic going? that will be one of our focuses as well? >> did i read you correctly, mr. chairman, that you do not think that qe has achieved what many hoped? >> yeah, absolutely not. i think the benefits have been small. i think the risks are greater going forward. the fed is trying to do too much -- not i think because of the good intentions clearly, but monetary policy can't do what they're trying to make it do, which i think is why most people are so priced that they actually attached a labor number.

it doesn't make sense sirchlts perhaps that's to give the market some guidance, but mr. chairman, with all due respect, every time the market gets a whiff the fed is going to exit, we get extreme volatility. do you think the fed can end qe without getting a very vehement response from the stock market? >> i think they need to begin that. that itself is a sign that this economy is not on stable ground, that ear solutions -- we balance the regulation areas, getting our financial house in order. all the fiscal road blocks we've got. congress and the white house in my view keep ducking that, just relying on the fed. that's short-sighted. >> mr. chairman, thank you so much. we'll be listening in tomorrow. thanks for joining us. steve, thanks as always. > . dallas is in a tornado watch right now. that's actually yesterday.

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there is been a lot of interest in state of the art storm shelters. tom bennett is with jim giles safe rooms, and a member of the national storm shelter association. good to have you with us on the phone. tell me about these safe rooms. how much do they cost? typically underground or freestanding? and would they withstood the power of that tornado? >> thank you very much for allowing me to be on your program today. yes is the absolute answer to that question. yes, above ground, below ground. both those options are viable, and yes, they would have withstood yesterday's tornado. >> what is the rough cost? >> $50,000 here locally in oklahoma. they can go up to as much as $10,000 for the largest shelters, and community shelters, like we're talking about for schools, they could be

$20,000 based on the number of people you're wanting to protect. >> obviously moofr oklahoma is devastated, right in tornado alley. i assume you're getting quite a few calls. is that the case? >> absolutely, that's the case. how long does it take you to get things in place? >> it really seems as though this will be an active weather period. >> it takes typically the time someone were to contact with us, it takes usually two to four weeks for manufacturing, but after the joplin tornado, we went as far out as four to eight weeks because of the time it takes when you have that many orders all at once, but right now we're running two to three weeks out for manufacturing. >> talk to me about the schools that are crated with you. i think one of the most devastating aspects is the fact that the elementary schools, several of them in moore,

oklahoma were basically flattened. it looks like there will be a number of additional casualties that may be children. do a lot of schools have these types of shelters? >> in oklahoma it's an option. there are some schools i know in the area that have decided to do that, and actually do a site build shelter. my shelters are premanufactured and typically not a good fit for an school unless it's an existing structure that has a place to put it. in alabama after the tornadoes the last few years, they have legislation in place that allowing for them to have to have one in order to stay open during a tornado watch. oklahoma does not have that in place. i'm sure it will be discussed, but right now it's an option for oklahoma residents. >> mr. bennett, thank you very much for being with us, and our sympathies with your neighbors who were struck by this terrible storm. we appreciate it. so can your small business use a $50,000 boost? whose couldn't?

from now until june 3rd, enter the crowd rules $50,000 challenge for a chance to win the cash, no strings attached. just create a short video, and dismiss it to that address you see there. cnbc.com/crowd-rules-contest. i know you have copied that down, folks, and check the site may 28th to see whether you made the cut. and watch a new episode tonight. that's it for this edition of "power lunch," sue. >> that's right. "street signs" is up next with the dow up 70 points. we'll see you tomorrow. ♪

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