2011. with regard to iran they said growth recovered on the strength of international oil prices, a strong rebound in the international oil sector, a rapid credit expansion was contained while external credit conditions improved. this is the i.m.f. i am worried the iranians seem to be accelerating in their aggression toward you. in the very week that marze is convicted of 90 lashes for appearing uncovered, we have now learned the 330,000 bahis have been excluded, all of their kids kicked out of university, and their houses have been registered, i would simply suggest this is a movie we've seen in a different decade wearing different uniforms: .

backbone on almost anything -- and yet they are way ahead of you. and you knew about the plot in june. >> with respect to the plot and when the united states became aware of it -- i will not comment on that. i will not comment on what we were doing between when we

learned about the plot and it was revealed in on selling the complex two days ago. we responded the same day the complaint was revealed with a series of individuals included in the plot. >> you cannot closer to move out but it did his job. >> the head of the force is a very senior official in iran, no question about it. he was designated for his involvement in terrorist activity. he has previously been designated twice before by the treasury department, wants about two months ago for providing material support to the syrian .gid

>> can you wrap it up? >> is it impossible for you in response to a plot to kill 100 americans to not say anyone who does business with the central bank of iran cannot do any business with the united states and cripple them? you look at their economic growth. you look at the acceleration of their nuclear program. you look at the prominent actors with 90 lashes -- can you get moving? >> we are moving. we are looking very actively at the possibility of designating the central bank of iran as well as taking other actions in response to this plot more generally, in response to iran's continued defiance of the

international community with respect to its nuclear program. there is a lot of work underway and we are looking quite intensively and how to ratchet up the pressure. i would like to take a second to address the point about gp growth. i think it is quite difficult to compare iranian gdp growth with u.s. gdp growth. the iranian economy is about $800 billion in g8. the u.s. is $14.60 trillion. iran is about 5% size of the united states. it is heavily dependent on the oil sector. when oil prices increase as they have in the last year or so, that has a disproportionate effect on the gdp growth in iran. >> let me correct you -- already

in gdp was $338 billion in 2008 and $357 billion in 2010. it is about a 5.5% growth over that time. >> the imf projects gdp growth not just for iran and the u.s. but for other countries in the middle east who are oil producers -- looking at just the countries in the middle east that are oil producers, iran is the lowest of all those countries in projected gdp growth. its projected gdp growth by the imf is less than half of the average projected gdp growth of other middle eastern oil exporting countries. i think that is the comparison, iran verses other middle eastern countries that are dependent on the x or taken of oil for their gdp -- on the exportation of oil

for their gdp. iran is doing quite badly compared to their peers. that is the effect of sanctions. >> thank-you to the panelists for your testimony. i want to pick up on what the senator was questioning. this week, as you have testified, we learned that there was a plot to assassinate the saudi ambassador in washington, d.c. on american soil and 150 americans were killed as a result of this and that was ok. the question i have -- i am wondering what the testimony would be had that plot succeeded. had law enforcement failed -- i am glad that they did not -- have the plot succeeded and the iranians had every intention it

would succeed, what your testimony would be today about what our response would be? for months, years really, this committee has been saying we need to do absolutely everything we can do to make sure that iran does not support terrorist organizations and that iran never developed a nuclear weapon. what of this plot had succeeded? what would be employed caissons big -- with the implications before international? what can we ask of the world to protect united states and their allies from thereon? >> senator, without knowing it, i still you're talking point in my telephone conversation with my counterparts around the world. there is a long one with one of the countries we were discussing this morning, just this morning. i basically said to him, i think

about what your country needs to do and think about it in terms of what you would have done and what the international community would have done if indeed this had been successful. it would have been catastrophic in so many ways that i think we cannot even begin to imagine. i quite agree with you about the seriousness of what occurred here. i, too, agree that our law enforcement officials did a truly superb job. if i may say, as did the government of mexico which cooperated very closely with the u.s. government's in a really excellent law enforcement effort between our two countries which i think is quite important going forward. i agree with you. it is why we are saying to those who have hesitated in enforcing the sanctions that are on the table -- there are any

tools on the table. -- there are many tools of the table. the countries have to pick them up and make them real. that is our effort. we showed by example with treasury's actions that one can of speedily to designate. we are encouraging every country to do likewise and look at those designations have and see if they are appropriate under the laws of their own country and clearly under the multilateral sanctions that exist from the un i think we have to do everything we can to follow through on those enforcement actions to look at additional sanctions and additional opportunities which david and i have discussed this morning including legislation that has been suggested by members of this committee and further designations, all of which are on the table. >> i think secretary sherman put

it exactly right. the right way to look at this plot is that was a plot that was intended to assassinate the saudi ambassador here in washington -- of others were killed in the execution of the plot, the irc was fun with that. the way to look at this plot is further confirmation really of what we already know. the kuds force is involved in the exportation of terrorist activity around the world. they are active in the region. the fact that they are active here has crossed a red line, as the secretary of state has said, but we have known that the kuds

force is a terrorist organization and we have acted against it with that knowledge in the past. >> my time has expired but it would seem to me that that there is no need for any other evidence than what we saw this week to inspire those who have hesitated from joining us in the work you have been trying to do to make sure that an action like this cannot be carried out an even more horrific things cannot be carried out. i hope you are doing absolutely everything you can do and we will do everything we can do to push the international community in the direction that it needs to move. >> thank you for the meeting yesterday. i appreciate the response is on

the work you're doing. if you look at america's previous responses to things like this, they were willing to do something here in our country that likely would have created a war. that has been our response to these kind of things in the past. it is very evident that the iranian government was willing to conduct an act of terrorism on our soil knowing the history of the way americans have responded to that. they were willing to provoke a war which is, i think, what this most recent incident points out to us. you give us some great statistics yesterday. i appreciate your hard work and what you have been able to

accomplish as far as the effect on the banking system must of that was classified but ask this question -- iran is on a trajectory as. far as as we know -- enrichment. we know that where they are today, very quickly, they could get to a point where the bomb- grade material. all these things that you were doing have had the effect of freezing various activities. the trajectory that we are on, a trajectory that will alter their behavior prior to the time they are able to produce a bomb. that is the only reason they are doing this. economic growth compared to other countries is nice but that is not really our point. our point is to keep them from producing a bomb. i would like for you to tell me

whether we, in fact, are on a trajectory that will keep that from happening. >> center, -- senator, i don't know the answer to that question very what i know is that we are doing everything we can to increase the pressure as extensively as a possibly can so that we are able to persuade the iranians as part of the dual- track strategy to engage meaningfully and seriously with the international community before we get to that point that you described. what we are doing which is part of a broader government effort is to develop the pressure on iran to try and induce them as soon as possible to engage

meaningfully. that means continuing to take the steps we have taken to isolate iranian financial institutions from the international financial sector. these are institutions involved in the iranian proliferation activities. it builds the overall pressure on iran in service of the desire to have them engage meaningfully and it also impedes the iranians ability -- iran possibility to develop its to clear program. the more difficult will make it -- >> we went into great debt with this yesterday. all this was shared. what i think we never got to is whether we think we are on a trajectory that will be the appropriate trajectory. again, you have shared this with me. i wonder judgment as to whether our trajectory is deepened -- is

steep enough. >> we remain persuaded ourselves that this is the right course -- that by applying pressure across the board on iran that this can be an effective approach. i don't have a crystal ball. >> thank you and we thank you for your testimony. let me close with this question -- let me reiterate the question. some legislation has been developed to give you additional tools. you are saying to us please don't give us these additional tools. we are on a trajectory and i think all of us want to make sure we have done everything we can to enhance your ability and we have met directly with the state department to understand the reason the state department does not want these tools. one more time -- i think you are

saying to us today who want to help you get on a steeper trajectory, you are saying you don't really want the help we're trying to provide. ? >> i would not say that. i don't think the administration broadly feels that way. our view is that the tools that have been provided have been enormously effective. we're making good use of them. as senator menendez described it earlier -- legislation [unintelligible] we would welcome. the question as always is will this enhance our ability to pursue the objective we are pursuing? we're very much willing to work with congress to perfect the overall sanctions regime. >> thank you and thank all of you for your efforts. >> i want to echo the stables

but many of the votes by thanking you for your work. -- i want to record the statements by many of you here in thank you for your work. we heard people talk about investments in oil fields from foreign companies. we heard you talk you have had conversations with foreign governments. i want to talk a little bit about closer to home. tell me if i've got good or bad information. i heard one of our largest coca-cola,, c was promoting business in iran. by time you can manipulate loopholes and be able to do this, that is a concern. --koch industries.

there is a concern that american companies would exploit loopholes in give iran the tools to be more powerful player in the world. we don't want to see that happen. that is more of a threat to everybody in the world. with some companies you cannot enforce common sense or the sense of patriotism, should we be allowed subsidiaries of american companies to be able to do business in iran or should we be putting the screws to these companies? it is one thing for a chinese company to do it. it is really unacceptable for americans to be able to do it. what are your comments on that? >> i think i saw the same article about koch industries.

i will not been specifically of koch industries but will address the issue broadly of subsidiaries of u.s. companies doing business in iran. it is a violation of u.s. law for u.s. company to do business in iran via a subsidiary. that means if the u.s. parent is acting to its subsidiary and directing its activities, that violates u.s. law. if the subsidiary is acting fully independent of the parent, u.s. law does not reach that subsidiary with the exportationheir re- of items from the united states. the balance that has been struck in the law thus far is that we direct our law to u.s. companies and what they do. subsidiaries are not, by

definition, u.s. persons. they are foreign persons. the basic theory is that we will look at what u.s. companies do. if they are acting through a foreign person, then law prohibits that. if the foreign person is acting independently -- >> should be changed? >> four subsidiaries of u.s. companies, a think it is fair to look at that very carefully. >> should we do things like requiring american companies to disclose to their investors and their subsidiaries and what kind of business they are into? >> that is an interesting idea. we're working on some other ideas and the treasury department on how to more effectively limit what subsidiaries can do and the

benefit of the subsidiaries to their parents. i think there are ways to go about this without crossing that line of saying we will try to directly regulate a foreign person. there are ways, i think, to focus on the u.s. parents that will have an effect on whether a foreign subsidiary is willing to business with iran. >> i agree. david mills, would you like to comment on the point about american company subsidiaries and if there is anything we could or should do? >> i would defer on the overall policy issue but i will say that if there is a u.s. national looking at a foreign company, whether it is a subsidiary or not, that national remains subject to u.s. jurisdiction and may not participate in any transactions with a prescribed party. we did just put the screws to a

company for illegally sourcing goods to iran. we held them accountable in that regard under the current law. >> i think senator corker was right in some of his potential crystal ball stuff, if that attack would have been successful. i think any company that has a subsidiary that is doing business with iran, we need to shine some some light on that because i don't think the american people accept that very

well. quite frankly, i think that would take care of the problem, thank you. >> thank you very much. libya give up its nuclear ambitions -- nuclear weapons ambitions when it reached out to the world some time ago. did our choice of supporting the invasion of libya undermine our core policy decisions in iran? >> i missed the first part of your question. >> libya was one of the few nations that the of this nuclear weapons program to join the international community. did our support of the removal of the government there undermine our foreign policy objectives in iran? >> i think quite the opposite. i think our support for the people of libya to wage the won le that they have on

with the support of nato, with america providing some support to that effort by having it be a nato-led effort in support of the opposition in libya says that people in a given country can get a government and a future that will better support their right to existence, to dignity, to prosperity and hope we all take for granted. to that extent, if you are suggesting that iran might look at that and say we better not give up our nuclear weapons because we will end up like libya, the regime will be gone, that maybe some thinking on behalf of leaders of libya just as it may be of other states like north korea, that the better hold on to their nuclear weapons as a deterrent to the rest of. world at the end of the day, as we saw

the beginnings of the green movement in iran, it is not sustainable over time. we live in a 24-7 internet and media connected world. the iranian people understand that there are better and different ways to live their lives. the real question here which goes to what senator corker raised is the time line. that is our strategy of both intense pressure, internationalized, and persuasion -- will it achieve the deterrence we all seek, the ultimate elimination of iran's nuclear-weapons ambition. >> i am cutting you off. your answer is exactly the answer i have heard every time. i think you'd find that many leaders around a world of look

at north korea and pakistan and said we would rather be in their shoes then in the shoes of libya. it is a nice type argument of the world is more complicated than that when you're looking at the psychology of foreign leaders. one of the concerns in terms of the ability to resistance to rein in government that has been raised by various groups is whether we're in a position, if you will, to assist with the cell phone and internet technology access in ways that might help resistance organize in iran and occasionally -- i'll have a short time -- is there more we can do to assist in the communications that have proved so effective for groups around the world, for grass-roots groups? >> we, in fact, at a fairly

robust program -- have a fairly robust pro gram to train people have to use technology and restored to the media in the way you suggest. given the repression that exists in iran, this is probably not the best forum in which to discuss some of what we're able to do. >> thank you. finally, it is quite likely that very high iranian leaders approved or were involved in approving the plan. is it time to try something far more aggressive? there are huge downside but i clothes that has a question. could we say that you want to export oil tankers out of the persian gulf and you can do that when you enter nuclear program?

>> senator, i understand we have the same impulse which is what can we do to really make iran understand how grievous such an action was and had occurred, how terrific it would of been for them and the entire international community. one of the things we have tried to do, as the secretary would say, is used at our -- is using our power and be careful about the responses we make to any individual -- so we don't escalate beyond what it is. we are certainly looking at all the options that might be available to us. >> thank you. >> i want to thank the witnesses for the testimony on this important issue. i think today's hearing provided us useful information as we consider this issue going forward. thanks again to my colleagues

and the panelists for being a. today this hearing is adjourned. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] [no audio] [no audio]

>> of course i am collected but not surprised by the file repeal of the 18th amendment. i felt all along that the people would readily see it had no place in our constitution. >> does governor of new york four times though he never attended high school or college. in 1928, al smith became the first catholic nominated by a major party to run for president. although he lost the election, he still -- is still remembered by the alfred e. smith memorial dinner, an annual fund-raiser for various catholic charities and a stop by the two main presidential candidates every election year. he is one of the 14-man featured in the weekly series, "the contenders." it is tonight at 8:00 eastern. >> the senate passed a measure

this week that would sanction china and other countries that manipulate their currency. on today's "washington journal" we are joined by elizabeth williamson to talk about the bill. and then a discussion on the winter energy outlook. our guests are from the energy information committee. "washington journal" each morning at 7:00 eastern here on c-span. [applause] >> the white house held a state dinner last night for the south korean president who is visiting the u.s. this week. the two leaders took to the relationship the two countries share and the trade deal that was ratified wednesday by the senate hours before the south korean president arrived in washington. this is 22 minutes. >> i want to acknowledge two guests in particular, another son of korea dedicated to peace

and security, the secretary general ban ki-moon is here. [applause] and our first career in american ambassador to the republic of korea, confirmed by the senate today, ambassador sun kim. [applause] >> [speaking korean] >> i will be very brief tonight because president lee has had a

very full day [laughter] as well as extended meetings and press conferences, the state department bankrupt, and an address to congress which went extraordinarily well, i understand there is a people why -- there's a reason why people call him the bulldozer. he is unstoppable. [laughter] [korean translation] >> mr. president, you have spoken with great eloquence about what america and our alliance has meant in your life on the life of your country. this evening, what you and your country and to know what korea and its people have meant to america. >> [korean translation]

>> the essence of our alliance, i think, is embodied in the concept that is uniquely korean. it does not translate that easily but it reflects the deep affection, the bonds of the heart that cannot be broken, and that grows stronger with time. our korean friends know it well. >> [korean translation] >> in our country, we have felt this chung in our vibrant

korean-american committees including hawaii where i grew up, a melting pot of culture that has made way in and taught me we can all live together with mutual trust and respect. >> [korean translation] >> i have felt this chong during my visit on the 60th anniversary of the korean war when are proud veterans of that or korean and american came together to celebrate a share of legacy, a free democratic and prosperous republic of korea. >> [korean translation]

>> i have felt this chong my friendship with president lee. your life story is an inspiration. success and korea's success, speaks to the truth that with education and hard work, anything is possible. is a spirit our country's share. in english it translates as yes, we can. [laughter] [applause] >> [korean translation]

[laughter] >> it sounds good in korean, too. [laughter] finally, i would note that in our lives, president lee @ and i have both been blessed to find are better at leaders in their own right, advocates for women and young people who we are proud to call her first ladies. as we say in america, we both married up. [laughter] >> [korean translation]

[laughter] >> and i want to propose a toast -- i believe this is mind to our friends, president lee and first lady kim and to their dedication and most of all to the enduring alliance between our nations, a partnership of the heart that will never be broken. >> [korean translation] >> cheers.

[applause] >> [speaking korean] >> mr. president, madam firstly,

and just address guests -- allow me to think from the bottom of my heart for this warm reception extended to me, my love, and my delegation. thank you very much. >> [speaking korean] >> and mr. president and madame first lady, my visit to washington, d.c. this time is especially special because before you were the president of the united states of america, you are a very close friend of mine. this is how i consider you as well as the first ladies of his visit is very, very special for all of us. >> [speaking korean]

>> ladies and gentleman, the president just spoke about the korean a motion that we call chung in korean. president obama knows that deep inside his heart he understands the essence of what we call chung. it can be inspected landed many different assets but one aspect is an individual that is humble and very strong inside. i think president obama and exemplifies this trait of what we call chung and that is what we have a special tie that we feel whenever i think about president obama. >> [speaking lorean] >> ladies and gentlemen, i'm a

very honest guy. [laughter] so what i say, i really mean it. >> speaking korean] >> and also, mr. president, i must thank you for one thing -- you have spoken so highly of the outstanding educational system of korea, the dedication of its teachers, and the determination of our korean parents i comes to educating their children. you have so many new teacher fans and correa [laughter] and fight think you have a number of them like you more than they like me. [laughter] [applause]

[speaking korean] >> mr. president, seriously, you do have a lot of teacher fans in korea put but the real reason when we looked deep down inside -- the reason why you're so popular among many koreans is because everyone including myself are deeply impressed by your and less passion for learning and this is very much reflected in your life story. >> speaking korean]

[speaking korean] [speaking korean] >> whenever i think about the united states and the people of america, have a very personal story of mine which i would like to share with you briefly tonight. as you know, 60 years ago, korea used to be one of the poorest countries in the world and my family was exceptionally pour.

we really had nothing to eat or nothing to wear. we had to rely on foreign aid for many years. i thank that was about 9 or 10 years old, in my village, there can american missionary lady with boxes and containers full of news should come to my village and hand out. being a boy was only wish was to own and wear a pair of blue jeans, i decided to stand in line along with many people. i was a small and shy boy, hard to imagine [laughter] many people were pushing and there were jostling. i ended up way at the end of the line. when my turn came, i went up to the american missionary late and i ask for a pair of blue jeans. to which she said -- she looked at me and said i'm sorry i am out of blue jeans. of course i was devastated. i was heartbroken. out of some big, she has been

something out of the box. she handed me a small rubber ball. this did little to console a boy who was crushed. what was i going to do with a rubber ball? [speaking korean] >> to this day, and i shared this store with president obama -- when i finish the story, i remember the president laughing nervously [laughter] i told him that as you can see i do not owe the united states anything [laughter] a except maybe a rubber ball. [laughter] [applause] >> speaking korean] [speaking korean]

>> ladies and gentleman, mr. president, madam first lady -- although i say i do not owe the united states senate and in reality my country and my people owe you tremendously. which other country -- no other country can to aid the republic of korea 60 years ago when my country was attacked by communist. no country sacrificed more than 37,000 lives defending freedom for the people of my country. for that, for many, many years, we will always be grateful to the american people. [applause] >> [speaking korean]

>> mr. president, ladies and gentlemen, just last night, the united states congress passed and ratified the korea-u.s. free trade agreement. please allow me to say this again -- i am deeply appreciative and grateful to the leadership of congress and to the members of the united states congress who support this measure and especially to the steadfast leadership of president obama for pushing this through. [applause] >> [speaking korean]

>> and also i know there are those in the united states congress who did not vote yea for this very important agreement. i think i see a few faces here -- [laughter] but i am very confident that in one year or less that these people who may be a little bit critical of this important agreement will say that they made a mistake because they will see the visible results of this very important agreement. [applause] >> [speaking korean] >> that thing that i want to

prove the most, ladies and gentlemen, with the fta, is that many of those critics said that this would make people lose their jobs. really, the fta will create good and decent jobs for the people of america and disappointed want to prove by implementing this agreement. >> [speaking korean] >> you see mr. ching seated at the head table. as i was receiving guests and when he came up to me and i was shaking hands, i thought to myself that this is my chance to explain to mr. king that the fta

will create many jobs for his union. [applause] >> [speaking korean] >> the fact that mr. king accepted the invitation to be here tonight goes to show that he believes in the essence and the core values of the fta so i have no worries. >> [speaking korean] >> mr. president, madam first lady, ladies and gentlemen -- a

relationship between our two countries began one of the 30 years ago. 60 years ago, our mutual defense treaty began what is considered to be one of the strongest military and political alliances that the world has ever known of course, we are here today to celebrate our journey of the last 60 years, one that has been marked by triumphs and sometimes particles -- but always full of hope. we are gathered here to reaffirm our friendship and renew our common commitment toward our shared goals. i know that our relationship will grow strong and become more mature and complete. >> [speaking korean] >> mr. president, as we talked

about over last few days, we have many, many challenges that are facing us as a nation and as a member of the international community. we do not know when or what form or how it is going to strike us. there is a lot of uncertainty out there but i believe in our friendship because if we are faced with challenges, i know we will overcome them and come out stronger. [speaking korean] >> i just want to emphasize once again our alliance between the republic of korea and the united states insurers is that we are not alone neither is correa alone or the united states so we can have confidence that we will be able to overcome any challenges that we -- that may face us. >> [speaking korean]

>> ladies and gentlemen, i see the guests today and i think a lot of your people or very much liked by the president and the madam first lady. i also see a few of you who i always wanted to see so i am very happy i have a chance to see and meet with you tonight >> [speaking korean] >> once again mr. president, madam first lady -- thank you so much for this honor and thank you for your invitation. [applause] >> i would like to propose a toast.

[speaking korean] >> ladies and gentlemen, please join me now in a toast first of all for the health and well- being of president obama and madame first lady and of course for our everlasting friendship between our two countries. [clinking glasses] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> the state visit of south korean president continues later this morning when president obama and president lee travel to michigan and tore a gm auto plant outside detroit. for more information, go to our website, c-span.org where you

can fly more video president lee's visited the ceo of cylindrical resigned yesterday. this morning, a house panel will investigate the government loans given to the company. treasury and energy officials will testify. live coverage is from the house energy and commerce subcommittee at 9:30 eastern on c-span 2. on c-span 3 this morning, the house foreign affairs committee will look at the potential threats that iran and syria posts and the fact the economic sanctions could have carried live coverage is at 9:00 eastern. >> i am the first one to admit every day that i have to get up in the morning and tell myself i can do this. there is no one better to do this than i m. >> the associate prof. of neurosurgery at johns hopkins. >> i have to believe that every

time i go into the arena coming into the operating room, i have some was like in my hands and i am fully capable of getting this patient in and out of the operating room because that is a trust that the patients have inmate and a walk that fine line between confidence and arrogance. >> he shares his life story sunday night on "q &a." >> "washington journal" is next with your calls, e-mails, and tweets. the house will work on a measure that will give power back to the states for the disposal of coal ash from power plants which now falls under the epa jurisdiction. live house coverage is on c- span. the senate passed a measure this week that would sanction china and other countries that manipulate their currency. coming up this hour, we'll talk with elizabeth williamson of the wall street journal about the implicationsf