the lady may wear a skirt. and every other way, she is like bernanke. connell: you are absolutely right. dagen: i am ben bernanke, except a lady. connell: let's go to peter barnes to talk about that. we will go back to the testimony. let's begin with peter. peter: the main message from janet yellen today is that she will continue the policies that bernanke handed off to her on february 1. not a surprise since she was one of the primary offers of near zero interest rates for lower for longer. here is what she said.

>> i expect a great deal of continuity in the fomc's approach to monetary policy. i served on the committee as we formulated our strategy. i strongly support that strategy. >> as you know, republicans have promised some very strong peter: republicans promised strong oversight, the first year in charge of the central bank, the 100th anniversary of the fed. they started this morning with some tough questions. back to you. dagen: she is getting her capitol hill legs. slowly, but surely.

connell: the stock market seems to like it so far with the dow up nearly 100 points. nicole petallides joining us from the new york stock exchange. nicole: good morning. the testimony came out earlier. we are getting much of what we expected. she talks about economic signals and the economic growth that we need. 50,893, posting gains of 1/2% for each, the fear index is to the downside by 4% so the markets here, they are buying everything. transports oil services, etc.. dagen: for more on janet yellen's testimony, what it means for the future of federal reserve policy. senior fed economist, current

director of economic policy, the american enterprise institute, former fed governor wayne angell. good to see both of you. what do you make of mrs. yellen? >> she is doing just what is expected. there is almost zero chance that she is dying to rock the boat anyway based on one or two month employment numbers. dagen: what do you make of her comments initially? the economy were not satisfied with growth yet, and if she seems optimistic we continue paring back the bond bank program unless we decide not to. >> she was especially wary today of overreacting to the recent relatively bad economic news and with more pointings to the strength of last year and that

is probably the case, don't want to turn policy on a dime. and having known janet yellen for a couple decades and going to be a really big star. an interesting character, she is blunt, testimony was shorter than ben bernanke's. dagen: i am kind of waiting for that. i watched carefully when she started and gets me nervous, who wouldn't be in that position. it was a big deal to watch this woman run the federal reserve and make her first appearance on capitol hill, being the first first lady to do that. if she is blunt and very -- maybe even outspoken, what does that mean potentially in testimony down the road or speeches she gives? could she be a wild card?

>> you saw that the end of the last hour when we saw the q&a period, talk about any quality which is the main political scene of the democrats this year, that discussion, she made very academic points, any objection anyone could raise. and a person who has opinion and willing to express the more than ben bernanke. and the character is such, based on academic reasoning and academic analysis. and doesn't make a lot of people angry. dagen: a good thing she may bring more flavor too. >> yes or no. she is trying to perpetuate the silly notion that low interest rates cause an increase in spending. low interest rates and increase of spending and causes a

decrease in spending. it works both ways and the fed wants to have us believe they are our salvation and the president's policy does not work that way because we are interest rate receivers as well as interest rate payers to the current policy keeps us locked and the no-man's land very low growth. dagen: you are going to stay right there. and kevin we appreciate you being here. and we get to see her in the coming years. hope she breaks that at some point. maybe she is reserve today, maybe thursday, the testimony, she breaks that on those lawmakers. connell: let's go back to the hearing and see what janet yellen is up to.

the democratic congressman. handling the questioning, let's listen for a few minutes. >> 15,000 jobs in january. the markets are calling for a pause in the fed's capering strategy, has the weak jobs report caused you to consider slowing the pace of the fed's tapering? i was surprised the jobs report in december in january, the pace of job creation was running little -- what i had anticipated. we have to be careful not to jump to conclusions and interpreting what those reports mean. there were other factors, we had unseasonably cold temperatures that may be affecting the economic activity and the job

market and elsewhere. and we have a broad range of data in the economy to look at including additional employment report, and is important to take our time to assess just what the significance of this is. the committee has said -- >> can you describe what would cause you to consider a capering pause? what would cause it? many months of dad data reporting? >> it would cause the committee to consider a pause as a notable change in the outlook. the committee when it decided to begin the process of tapering in measured steps believe the outlook was one where we would see continued improvement in the

labour market, and inflation moving back up to our 2% target. if incoming data were to cause the committee looking broadly in all of the -- >> what kind of data? jobs data? >> we would be looking at a broad range of data in the labour market including unemployment, job creation and other indicators of labor market performance. and indicator spending and growth in the economy because we do need to seek growth in the above trend pace to project continued improvement in the labour market. we note that inflation is running well below our objectives and we want to be sure -- >> what would it take for the fed to consider increasing its asset purchases? instead of just flowing down its

production? what would it take? >> it is significant deterioration in the outlook. or concerns, very serious concerns that inflation would not be moving back up over time. but the committees emphasize that purchases are not on a preset course and we will continue to evaluate the evidence. >> so far the fed has been reducing its bond purchases by $10 billion a month with reduction split evenly between treasurys and mortgage-backed securities. how did the fed choose to split it between mortgage-backed securities and treasurys? >> both kinds of purchases have similar effects on longer-term interest rates. having market start to slow down, would the fed consider maintaining its purchases of mortgage-backed and only tapering its treasury

purchases? >> both kinds of purchases affect interest rates broadly, purchases of treasurys came to push down mortgage rates as well. some evidence suggests differential impact, but it is very hard, being discreet. >> the chair recognizes the gentlelady from west virginia, the chair the capital institutions subcommittee. >> i would like to add my voice to the course of congratulations to the chair on her appointment. i would like to tell you i have been on this committee for many years. connell: live coverage from capitol hill of janet yellen's testimony before the house financial services committee, facing questions by carolyn maloney of new york as they go through the roster. dagen: it is a lady. a big deal. it is a great day in history of the united states. man and woman running the

federal reserve testifying in front of congress. more coverage when we come back.

connell: back on markets now.

we go back to washington in two minutes as janet yellen continues her first day of testimony and the markets seem to like it but some other stories going on today. dagen: a couple food stocks to watch. nicole: we are taking a look at con agra foods and be foods, two food companies hitting new 52 week lows, not all time lows, annual lows, down 9.4% and con agra foods down 6.2%. let me break down why we are seeing moves to the downside. con agra food has cut profit make jeff boy artery and some demand private-label business where they make the moods, that has been weak. also the fact, they won't say which brands have not been doing as well. when you think of dairy processors they could be posting a loss and a quarter and obviously a warning there as

well, on the latest, revenue to the dallas-based company. connell: the other big story, president obama and french president francois hollande holding a joint news conference on the location of the french president's visit to the united states. dagen: i was hoping connell would give that his best french gusto and saying -- rich edson is live with more. >> the state visit of president francois hollande in from paris and a number of discussions in the white house and joint meeting, cabinet meeting with the presidential while ago in the cabinet room. to host that joint press conference. in all of that some of the discussions the french and the president have been discussing involve syria, involve issues due to climate change and other bits of cooperation the u.s. and french have been working on.

it was dealing with two questions from the visiting media, two from the domestic media. and when the presidents take the stage 45 minutes from now the issues president obama could discuss here, another obamacare delay we reported on yesterday, with 50 to 99 employees, another year to comply with the employer mandate, something the treasury department announced yesterday and one issue between the two countries and the united states and european union, was that of a european trade deal that the administration has been attempting to negotiate with the european union. the president said in his state of the union address he was looking for fast track authority through the u.s. congress and something the senate majority leader harry reid had pushed back on. that rift between democrats has been playing itself in the united states and we expect to hear about that in a little bit for the joint news conference, the nsa spying issue has been an issue president obama has been

discussing basically with every world leader he has run across over the last couple months. that join news conference happening 40 minutes from now at the white house. dagen: do we know who is sitting near or next to francois hollande at dinner tonight? peter: the state dinner is deceiving. the president of france has his own personal problems in his love life. we don't know who is going to sit next to him. someone has got to sit next to him. connell: could be peter barnes. peter: i heard an irony about this. dagen: don't put up on the next to them. connell: dow up triple digits. janet yellen's testimony on capitol hill is still going at this hour. continuity is the word of the day and our coverage of that will continue for the fed chair. keep it here.

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come on! [ female announcer ] watch live tv anywhere. the x1 entertainment operating system, only from xfinity. dagen: peter barnes has been watching it all, all the goings on capitol hill with janet yellen, a congressional committee, anything we leave that she has said? peter: just want to bring your

attention to her comments about what might cause the fed to pause its taper of its bond purchases and she downplayed december and january jobs reports which came in weaker than expected and which triggered some talk that the fed might paper because of those two week jobs reports, possibly not because the weather, weather factors affecting those reports, the economy, she said, quote, we have to be very careful not to jump to conclusions, she was surprised by them and the fomc, the fed policy meeting in march, the fed will look at all the members will look at the data to take our time to assess just what the significance of this is so for now she doesn't want to do that. connell: the markets, thanks,

the markets -- let's bring in leo kelly to talk about this. it would cause a pause in the tapering out there. an important for the markets. considerable change in the outlook, the language janet yellen used. what do you make of this so far? >> congratulations to janet yellen, first female fed chairman. she is between the proverbial rock and hard place, the rocketing interest rates, inflation in the united states and hard place being the emerging market. and the event that causes them to pause will be some sort of mark the event in the emerging market. as they continue to work out this unbelievable monetary policy that is basically created in a financial crisis, the impact on the emerging markets is significant and if those markets become rattles that i

think she has to take another look at how fast they taper this down. connell: unbelievable policies, you don't think the federal reserve under ben bernanke has been effective at creating more potential bubble's going forward. is that the camp, sounds like you are in? >> i think early on the federal market policy was very good. when we were coming out of the crisis in 2009 no question we needed to put money in the system. the banks had to be recapitalized. we had to create stability. as we got to qe2 and qe 3 the balance sheet blows up $4 trillion. the issue is that money is not getting to its intended effect. if we look at the gross of money measured by an 2 how we measure money that growth has not gone up consistently with the fed balance sheet. it has gone into bonds, the markets, kept interest rates

low. and now the undoing of all of this extraordinary monetary policy is going to be daunting. we have to do or get inflation. connell: inflation would be the next word in the conversation but it seems like we have been asking that question, janet yellen saying the inflation target, the 2% target, you thinking finally that inflation is again something the federal reserve should be considering what does it look like? >> inflation always exist. the question is where is it? inflation can hide itself. whether we have inflation and asset prices or inflation in higher bond prices translated by lower yields or energy, or commodities, inflation moves. whether or not it is in the course cpi how they measure inflation or moving from asset

class to asset class it exists. when you put $4 trillion in the system and add to that the bank of japan, the bank of england, inflation exists but it is not in their traditional measurements. we have to start to unwind that. it will create volatility in the emerging market. connell: good to talk to you. back to this testimony, thanks for joining us today. appreciate it. dagen: we will have more janet yellen testimony coming up, we are following it all again. you don't want to rock the markets on your first day out and she is doing a delicate dance very well. we will be right back. welcome back. how is everything? there's nothing like being your own boss! and my custors are really liking your flat rate shipping. fedex one rate.

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dagen: buy ratings to tell you about, bank of america, and reliance steel lifting most of the sector. what are the shares doing? nicole: watching steel dynamics on an upgrade, steel shares have been knocks down because there were concerns about the commodity itself and the demand for it. they turned around and looking good today. want to go back to the markets now. a broad based look here, the dow jones industrials moving here, the high of the day 15,000, right here, we are at the high of the day, 29 of the 30 dow stocks in the green with the exception of cisco systems which is to the downside. boeing, pfizer, at&t, leaders of the dow industrials moving higher, looking at some technical analysis, the s&p 500 has moved back above the 50 day

moving average. and we spoke about the concerns about emerging markets and currencies and we crossed that line now. janet yellen has been seeking state contracts, federal open committee what they continue to do and the s&p 500 move, in 18 no 9, and supporting that move. they close above these key levels and that will bolster the bullish sentiment that we are seeing now on wall street. ashley: thanks. point janet yellen's testimony a couple items of news, breaking as we speak. number one. the house of representatives will vote tonight on the republican plan to raise the debt ceiling so there will be a vote tonight on the debt ceiling and that is coming and the second piece of breaking news from the fox news channel telling as the supreme court will hear the area of

broadcasting case on the twenty-second of april. the stream over the air, networks heard by the court on the twenty-second of april that just came in. meantime breaking news out of washington. on the hearing, janet yellen has been testifying, they are just as if they knew we were going to toss back to them, they have just gone to break, she has been testifying throughout the morning on capitol, her first appearance as the new chair of the federal reserve. the stock market likes it, we have been covering it, 1 birdy points to the upside, and we might as well do the same, and there is testimony that continues later on and some more interesting q&a between members of the house and janet yellen. dagen: she is trying to be very careful. connell: talking about this balance. december and january, stay the course.

connell: back to that and the other thing we are thinking about in our area. more winter weather and whether they can handle it from atlanta, joe bastardi will have the latest. dagen: obamacare, another delay for small businesses, the employer mandate. elizabeth macdonald has the details in the bottom line. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the tradg floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell. get live squawks right in your trading platform with think swim from td ameritrade.

ashley: ashley webster with your fox business brief. java communications proposing an overhaul of time warner cable's board, the next step and a hostile takeover bid. time-warner rejecting charter at $132.50 a share bid as too low last month. time warner chairman robert marcus calling carter's move an attempt to pressure the board into accepting the same offer. wholesale inventories rose to their slowest pace since july. the commerce department says wholesale business stockpiles climbed by 0.3% in december from november. that mr. expectations. small business sentiment increasing slightly in january. the national federation of independent businesses optimism index which gains members outlooks rising to 94.1 from december. that is the latest from the fox business network giving you the power to prosper.

connell: breaking news on the fox business network, three big stories to keep your eye on at this hour, janet yellen's testimony continues on capitol hill and has through the hour but they just took a break. the other thing which we mentioned, the debt ceiling voted on, they moved it up because of the snowstorm to the east coast. the third big thing coming up in the next hour, 20 minutes from now president obama's join news conference with the president of france is set to begin at the white house. dagen: we are following another winter storm. joining me on the phone is genealogist at whether bell.com joe bastardi with more on this storm. what will looking at? star with the southern states and in terms of the wicked weather, snow totals and the northeast. >> we got a shot of this now and it will be moving through the carolinas, southern part of south carolina and southern

north carolina this afternoon of short and end across alabama. in the meantime cold low-level air is whistling in so when the next batch of precipitation comes in it looks to me like atlanta at is going to have a problem. sleet and snow in the upstate of south carolina. very late tonight and tomorrow and spread northeast and the place to be with the biggest snow with this may be your old stomping grounds in south-central virginia. there maybe a foot and a half to a foot of snow all the way to the suburbs of d.c. philadelphia, new york city and boston. there will be a real fight in the i-95 of corridor thursday between warmer air coming off of the atlantic and snow holding on and the big problem, we have a problem with icing in the south. and the problem, there will be a lot. the big problem on the i-95 corridor is a lot of snow and ice laying on trees, more power

outages in southeastern pennsylvania tuesday and wednesday and we may be dealing with power outages with this because it may be a lot of heavy wet snow and strong northeast winds going along with this. this is the storm of the winter so far in the eastern part of the united states. dagen: coming up to the upper northeastern states what about the new york tristate area? what are we looking at? >> once you get outside 287 it is all snow and 12 to 18 inches of across the city. it is going to be a fight between rain and snow, 6-12 inches. and i do think it will try to change to rain but it is the mess all up and down with this particular system. expect the center of the low to try to cut a little further west and what the u.s. models have been out to sea and gradually pulling back to the coast so what we will see as a correction with the u.s. generated models

the next couple days until they finally catch up with what is going to happen which is a storm coming inside hatteras, atlantic city toward cape cod. dagen: when will this storm be away from us and what is coming up behind it? >> this storm is getting out here, there will be a series of alberta clippers coming belong to produce more snow friday into saturday, in the northeast through the midwest during the day friday, another one saturday to the midwest and sunday to the eastern part of the united states these are relatively minor but they keep putting pressure on the salt industry because they are running out of this stuff and so i our clients telling me they are running out, they were prepared for it because we had a cold snowy winter. smaller storms plus the fact it stays cold with blowing and drifting and it refreeze is, really causing a problem. i am optimistic that the middle and latter part of next week we will see a big warmup that spreads into the central plains,

comes across, false spring because more cold tries to return at the end of february to begin march. dagen: good to talk to you as always. joe bastardi of weatherbell.com. connell: the stock market has done well today, stocks gaining ground as janet yellen's testimony has been front and center. director of trading, there he is at the stock exchange, what do you make of the day so far today? >> no surprises. janet yellen followed the ben bernanke playbook, they're cutting back but overall, we like it, above all the market likes to know what is going on and that is what we are getting today. connell: continuity, we appreciate it, and there it is, the s&p up 14 points. they are on a breaking capitol hill and we will be back to it. dagen: steady as she goes.

the obama administration delaying the governor mandate that employers must provide affordable health insurance, both business groups and the gop. connell: elizabeth joins us with the bottom line. >> goes to the health reform bill. good to be with you. the 28 delay, and the second time. they have 50 to 99 full-time workers delayed until 2016. fuhrer than 50 workers delayed until 2016, more workers can't avoid penalties in 2015, the basic offer of coverage for 70% of full timers. still no delay in the individual mandate. what is going on here, this was supposed to be a benefit for small business. and they are not coming out with

hats and horns on this one quote makes the administration is picking winners and losers. this announcement is another delay that while positive in the short term, some franchisees like dunkin donuts and only postpones the inevitable and demonstrates the affordable care act, remains a significant problem for employers to implement. we are also going to talk to bill dunklburg who was with the small business sector, and this will come down any way. is adding more confusion and uncertainty in the small business sector. cheryl: liz macdonald all over that story, thanks. the mystery salt over the dumb starbucks, los angeles area coffee shop that looks just like a real starbucks except has the word dumb plastered on every logo. we now know who is behind this one is being called a parity,

the idea of comedy central, a canadian fielder promoting his reality show. he told a swarm of reporters he plans to open a second dumb starbucks listed -- located in brooklyn next week and hopes to keep the los angeles location open forever. the local health department had another idea, they were operating without a permit. it looked like our installation. it was an amusing. connell: from dumb starbucks to the other big stories we are covering, both in washington. we will go back live, the house financial services committee, the testimony of janet yellen, first as fed chairman to cover that next hour, the joint news conference at the white house. president francois hollande and president obama will be back on markets now. really what's ong with trying new things? look! mommy's new vacuum!

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connell: breaking news out of washington d.c. back under way. and young, new chairman of the federal reserve testifying today. congressman gregory meeks is questioning the fed chair once again. >> help middle-class in general. an impacted at great expense the inequality of the system. to help them get back on their feet. >> the most important thing to do which is our focus is to promote a stronger recovery that these same households that were hit so hard by what happened in the housing sector, we want to

see those households get jobs so that they can rebuild wealth and have the income that they need to support their families. >> what we are having is many have referred to this recovery as a jobless recovery and when you look at technology today, you see that technology, a lot of business folks i saying it is for efficiency etc. and thereby a lot of jobs that would have gone to people losing, i look at new york city. if you were -- 80 ams, you have easy pass. all these jobs that used to the manual labor now are replaced by technology. i am a big believer in international trade because the statute creates jobs. my question to you is can we identify the jobs that will be

created so that we can pinpoint where we should be training so that they can get the jobs that are going to be created and not just randomly creating jobs but creating jobs to go back into the communities and train people specifically for the jobs that we feel will be created in the economy? >> a stronger economy is going to create jobs in virtually every sector of the economy. a longer term trend that ties in with the concerns that you have expressed is a growing skills gap, growing wage inequality between more and less educated workers, technological trends that have reduced what used to be an important class of good high-paying wage jobs. those jobs are being competed

away because of technological change and to some extent shifts in global competition. every economist believes we need to address that skill gaps in order to make sure the we reduce inequality. >> anything the fed can do? >> what we can do is try to promote stronger demand, stronger job market generally, we have seen lower income individuals have been disproportionately harmed by the downturn in as the economy recovers and by no means saying that this is a panacea not by any stretch of the imagination for inequality, but i think we will see games broadly shared throughout the economy. >> the time of the gentleman is expired. the chair recognizes the gentleman from north carolina mr. mchenry, the chair of the

investigation subcommittee. >> congratulations on your appointment and being an important market in history books as well. i have a question. in 2010, you spoke that banks may be required in their debt stack, in their capital, to use a convertible instrument. in good times ditch nature and that times convert to equity, as they may be required to do this. is this your intention to use this instrument? >> when i gave the speech at the time, i was broadly considering possible regulations or shifts in the focus of supervision that might be helpful. there was focus on something like that. i think to improve the results

-- the result ability and a large banking organization, some things that the federal reserve and other regulators are contemplating, is a requirement that bankholding companies called a sufficient amount of long-term debt. it would play a role similar to contingent capital instruments you have described. >> you mentioned that in your opening statement. connell: janet yellen continues live testimony on capitol hill and we continue coverage going back there, the stock market and other markets to look at as well. dagen: metals in particular, sandra smith is here with today's trade. sandra: the gold chart, injured they chart, as janet yellen has been testifying in washington d.c. gold prices just recently getting their highs of the session. as the fed's easy money policy continues the u.s. dollar will remain depressed and gold prices and silver prices will continue

to move higher. that being said the longer-term picture is the question. here is a one week chart. gold has risen every single day for the past week, this is the fifth straight day of gains but if you look at one month chart gold up 4% for the month, but that year to date chart, gold up 6% so far this year, however gold still down, 220% from a year ago. the longer term picture, barkley's answering that question their research note today saying it bodes well for prices that investor interest shows signs of stabilizing, but in their view, without a more meaningful shift in sentiment prices are likely to struggle to retain their recent gains so looking at gold prices, they are saying we could reach another 1300, 1350 on gold but the longer sector is to the downside unless as many analysts say the world comes to an end, gold still bearish, lot of bearish sentiment. connell: thank-you, sandra smith with the trade. dagen: two presidents, president obama and francois hollande

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>> it is disappointing to me. greatly disappointing that the white house refuses to discuss that. john boehner has been put into a situation where he has to do what he has did do. dennis: governor from nebraska. i am adam shapiro here with cheryl casone to take you through the next hour of markets now. we are live at the white house awaiting a joint press conference from president obama and his french counterpart. more changes coming to the health law. affecting small businesses. large and small. we are reading that janet yellen

-- this and more in this hour of markets now. ♪ adam: you will have to continue volatility over the next few sessions, at least. at some point that promise will be broken. cheryl: the markets are doing great. nicole petallides standing by. most of the things she has said today have been in lock with him and his policy. what are the traders saying? nicole: watching this very intently. watching janet yellen this

morning. you watched the testimony at 10:00 a.m. you are right. she is pretty much staying right on cue. right on the message. keeping everything going. the markets continue to like it. the dow is up 140 points. twenty-nine of the 30 dow stocks. talking about every sector here without the aeros. the mix, the fear index, is to the downside. she was asked about january's numbers. cheryl: that is what mr. nagy

said. thank you very much. we will see you in just a little bit. house republican leaders not getting the support that they need for the latest debt ceiling plan. president obama is preparing to hold a joint press conference with friends president. we are awaiting the president. there is a lot going on at the white house today. >> a bilateral meeting between the french president and president obama this morning. that will: eight this morning and a joint press conference. we will get plenty of questions where two countries interests intersect.

we will have yet another year before they have to comply with the employer mandate. on the other end of pennsylvania avenue, republicans have decided they are going to put a bill on the floor to raise the debt ceiling until march of next year. off the table until after the election. they have been unable to do so in a way that gets republicans to carry the bill through. they failed at the effort. john boehner pinned it on the president. >> he will not negotiate. he would not deal with long-term spending problems without us reaching taxes. he is the one driving up the debt. the question they are asking is why should i deal with their debt limit? >> there is an awful lot that they have to go through.

they are supposed to be out after wednesday and all of next week as for whether or not this will pass, house minority leader nancy pelosi to represent the bulk of the vote that will be needed to get this through says she is somewhat confident that a debt ceiling will be increased. her deputy says he is a little concerned we may have a tarp like both. anywhere between 30 and 35 republicans. democrats will have to carry this one. cheryl: rich edson live at the white house. we will be taking the comments from president obama and the french president. that will be live right here on fox business. the reporters are gathering.

as soon as the two gentlemen take to the stage, we will bring those comments to you live. adam: then there is janet yellen. facing questions for the first time since being federal chair. gentlemen, thank you for joining us. let's get back into the hearing and talk about some of the things chairman yellen is saying. >> we support analyzing the costs and benefits of rules. we have done a great feel that. we participated in extensive cost benefit analysis. >> would you say you are satisfied with how it came out with volker?

i asked the governor where it is. we have not seen it. do you believe it was done in that situation? >> i think what is important is dodd-frank required the federal reserve decision about the cost and benefits of putting those registrations in place. likely cost and benefits would be. our job has been implemented. we have certainly taken into account issued proposed rule, received a wide range. thousands and thousands of comments. >> i would encourage a true cost balance. i think anyone's estimation was not done fully.

speaking of the governor, the president has not yet appointed anyone to fill the position of supervisor division vice chair. would you say that governor true is affectively holding that position until it is completed? >> we operate as a board system. usually three governors and a chair. governor true low hits the board banking supervision committee. but all of us are involved and all of us are responsible. >> would you commit to have him come and testify since he seems to be filling that role. >> he has done a great deal of testifying on these topics. >> just on that topic?

i am asking for a commitment that we can come back and have them testify in that role. >> i do not want to commit as to what he is going to do. >> sure. with regard to international agreements that you negotiate, you have probably seen some ideas that are floating out there that market participants should have a better ability. >> we turn to putting rules into effect for the united states, which is what affects those firms, we always have consultation and take comments.

a regression progress of evaluating comments. >> chair now recognizes the gentleman from texas for five minutes. >> thank you. adam: you are listening to janet yellen. a great deal of continuity in the fomc's approach to monetary policy. yes. we will keep doing what we have been doing with hugh e. is that what she is signaling? we are pulling back, but the free money will still go? >> wore the same of what we had with general bernanke. she has shattered the 6.5% unemployment level as a real market threshold to change policy. that will be the big headline coming up today. we have done some research with word count and fed governors.

we have seen a lot of that focus on labor, unemployment. it is not surprising that she will have an even bigger focus on that 6.5 number. adam: is the market or investors overreacting with what we are seeing? the dow up 133 points right now. >> they really did not know what they would say. quite frankly, what she has been trying to do is provide continuity. her testimony was very similar to fed chairman bernanke's final press conference in the respect that he was optimistic about the economy. he was also optimistic that inflation would eventually move back to its target. he also made it clear that the default mode on tapering was 10 billion per meeting. she is reinforcing that. both bernanke and yellen have been ambiguous, quite frankly.

i think intentionally in terms of giving us a timeframe. they just want us to understand that it will not happen for a long time. adam: it seems like it would apply today. the private sector will increasingly refuse to engage in situations deemed excessively and overly rigged. isn't that what we are experiencing right now? >> well, no, i do not excel. the fed is normalizing. if yellen is right that inflation will return towards target, that means businesses will have more pricing points. we have come along way since since the dark days. i think we are also seeing a return towards connection and

the stark naked and financial markets in general. adam: thank you for joining us. >> thank you. cheryl: we have something happening down south and it is not whether. taxes open for business. looking to lower you and. a hard sell for the lone star state. president obama will hold a joint news conference. they are expected to cover a whole range of topics from syria to the economy. we will take you live to the white house next. ♪ welcome back. how is everything?

there's nothing like being your own boss! and my customers are really liking your flat rate shipping.

cheryl: the french president and president obama beginning to speak at the white house. let's take a listen. >> it is always a pleasure to host. i was trying to make this casual. we try to get him to take the necktie off. we do know that he assembled american fass food in the past. back in 1974, you noticed your

local mcdonald's. that was him. the great son of france who chronicled our american democracy, even as a marble at our freedom, there is nothing harder than learning how to use our freedom. a lesson our two countries have learned over more than two years. it is what makes france the oldest and closest ally. our military and intelligence personnel cooperate every day.

this level of partnership, across only areas, would have been unimaginable even a decade ago. it is a testament to how our two nations have worked to transform our alliance. i want to salute him for carrying this work forward. france law, you have not just spoken intelligently as a global leader, you have also act did. for molly and the central african republic. i want to thank you for your leadership and for being such a strong partner for the united states. in that spirit, i am grateful.

first, we are standing shoulder to shoulder. our unity with our partners back with strong sanctions. we agree the next week's talks will be an opportunity for ironic to show that it's nuclear program is for peaceful purposes only. the french president and i agree on the need to enforce existing sanctions. we remain absolutely united on our absolute goal which is preventing ironic from obtaining a nuclear weapon. just as our unity on syria led to a plan for destroying

chemical weapons, syria must meet its commitments and russia has the responsibility to ensure that syria implies. talks in geneva will continue to strengthen the opposition. we are working with our security council partners to call for an end of indiscriminate taxes on civilians. we will continue to work with france and others to both her our partners with the region. more broadly, as israelis and palestinians move forward with talks, we agreed that france and the european union will have an important role in supporting it. we also agreed to continue our cooperation on molly.

leaders and communities need to show the courage. as major trading partners, we are working to boost exports and create jobs. president's visit the silicon valley this week. related to this we have agreed to pursue trade and investment partnership geared i want to thank him for his commitment to these negotiations. an agreement could increase exports by tens of millions of dollars.

number three, we have agreed on partnerships that makes our country's leaders in the fight against climate change. finally, we are moving forward together on key global initiatives. i am pleased that we are joining with partners around the world. this is the progress that we are

having. i want to thank you for honoring our dj veterans today. i have accepted the france invitation. i was therefore the anniversary. i am looking forward to returning. >> mr. president, you receive me today as he did that day after my election with the same

severity, the same respect in the same friendship. you did not know me back then. i knew you. there was a major difference there. it was approved that america was moving forward. america was able to make something possible to make progress possible. it was in camp david. as you can see, i am wearing a tie today. you welcomed me at a time that was challenging for europe.

your call for solidarity and growth was heard and extremely useful back then. europe has come out of the financial crisis. it now has the relative instruments for stability and has introduced banking union. i remember in chicago i had announced that it is combating troops against afghanistan. it was not an easy decision to make. we remained in afghanistan. in spite of it.

the level we had anticipated. you accepted this movement. it was similar to the one you made when you came to iraq. you were called historic relations and i should not mention again the warm reception of yesterday. i would like to pay tribute to the american unknown soldier fallen during world war ii to veterans, american veterans of the second world war who enabled france to be liberated. we welcome and commemorate.

this will be a strong message. we will commemorate. we will also celebrate reconciliation and peace. this brings us back to our responsibilities in terms of security. france in the united states are two countries. due to their history, their place in history, they can act on security throughout the world for freedom, democracy, the rule of law. this is the cicely what france did. in order to make it possible for marley to recover.

this operation was successful. it was only successful because a decision was made by the international community. it was successful because americans took part and europeans helped that as well as americans who also gave their support. the president has now been elected. it has now found its authority again. the idea was to prevent what could have been a humanitarian disaster. there have been already real actions that affected a population that was already suffering a great deal. violence every day. france does what a can with the

help of other european nations and with the help of americans. it bears witness to an exceptional situation in history. we trust each other in an unprecedented matter. this is character of our common goals. barack obama reminded us of our position on syria. we were prepared to resort to force. we found another option. we made it possible for the stockpile to be distracted. we have not found a political solution. geneva is a possible step in the right direction.

we will have to make sure that our services cooperate more. we need to make sure that the choice is not between dictatorship on the one hand and chaos on the other. we found this potential solution. on the iranian, we found common ground. the final agreement will be challenging. the nuclear program has been suspended. this is the cicely the outcome of our collaboration. we also act in the middle east and i welcome the american initiative to resume the associations. the framework needs to be signed

now in france and europe. they will suddenly get that support to the two state solution. we are also extremely attentive to what happened in lebanon. it is a country in which france has ties. france and the united states stand side by side in order to help this country with its massive and blue of refugees. we need to support lebanon and make sure it is supported and it unity and integrity. we also help children receive refugees. we have convergence.

not that we never debate or that we never disagree, we always respect each other's sovereignty. that is a fundamental principle and our relation. we also act on the economic front. america experiences recovery and its growth due to the policy and the political choices made due to steps made by the united states. the united states of america trust innovation, energy. it also benefits from the low cost of energy and bold decisions. the economic recovery is an opportunity for europe. it is also an example to be followed. it should encourage us to promote competitive bidding through the necessary means, but also promote innovation. that is precisely the meaning of

my visit to the silicon valley tomorrow. we agreed with american friends to sign a partnership agreement between europe and the united states. with the best intentions. to open up markets. to renew barriers. to make sure that the same opportunities that they offer to make proposals and tender forn markets. each country has its own position. we all know what mandate was given to the european position. we all know how concerned they were when it came to farming and agriculture or two other products. we really want to reach this agreement. this agreement will contribute to growth. developing world trade in a

balanced manner is a precious contributing factor to growth for companies. and now climate change. france will convene and host a conference. it is not just about hosting a conference. it is about defending a global, reaching a global goal. there is a danger. one that will enable all developing countries to work together towards a number of common goals. food securities, developments, struggles against aids. there are so many subjects that i could mention. every single time i would mention one of those issues, i would have to bear witness.

i was referring to history early on. always reference what is current in france. how far can you go when it comes to quality and how far can you go when it comes to freedom. the revolutionaries wanted the independence of america. those who wanted a republic in france wanted to be as bold as possible when it comes to freedom. they want to be respectful when it comes to the quality. this is precisely what the american dream is made of. the ambition remains exactly the

same. we want to be together again. >> we have a couple questions each. let's start with the "new york times." >> good afternoon. both of you talked about syria in your opening remarks. i wanted to ask a bit about that. the latest round has proven to be as unproductive as the first round was. the chemical weapons agreement that you both leave it to has removed some weapons. as i don't need to tell you, the syrian regime is essentially starving thousands of syrians in homes and elsewhere. more pressure needs to be brought on the regime to change

this deadly equation. i wonder, beyond the general statements he made, what additional steps did you discuss in your meetings today to help the moderate opposition to try to change that equation on the ground? how is it okay for a trade delegation to travel in a ron when they have committed to maintaining the strength and integrity of the sanctions regime. >> first, the syria question. we still have a horrendous situation on the ground in

syria. i do not think that anyone disputes that. what is absolutely clear is that with each passing day, more people inside of serious suffering. the state of syria itself is crumbling. that is bad for syria. it is bad for the region. it is bad for global national security. what we know is that there are extremists who have moved into the vacuum in certain portions of syria in a way that could threaten us in the long term. this is one of our highest national security priorities. the geneva process recognizes that if we are going to solve this problem, we have to find a political solution. the first geneva conference

committed to a transition process. it would preserve and protect the state of syria. it would accommodate the various sectarian interests inside of syria. no one party was dominant. it would allow us to return to some normalcy and allow all the people who have been displaced to start moving back in. we are far from achieving that yet. in this latest round of negotiations, what you saw was a coherent, cohesive reasonable opposition in the same room for the first time negotiating directly with the regime. a saws regime was not

particularly responsible. i think even some of the patrons were disturbed by some of their belligerents. we will continue to commit to not just pressure, but to get countries like russia and ironic to recognize that it is in nobody's interest to see that continuing bloodshed and collapse that is taking place inside that country. you have asked tangible steps that we can take. both france and the united states continue to support opposition. one of the problems we have right now is humanitarian access to deliver that aid and as a spate, the security council, we will be debating a resolution that would permit much greater

access for humanitarian aid workers to get food, water, shelter, clothing, fuel to people who need it. now, there is great unanimity among most of the security council on this resolution. russia is a holdout. secretary kerry and others have delivered a very direct message to the russians. they cannot say they are concerned about the well-being of the american people when they are starving civilians. it is not just the syrians who are responsible. it is the russians as well if they are blocking this resolution. nobody will deny that there is enormous frustration here. i think the underlying premise

to the question may be is there additional direct action or military action that can be taken that would resolve the problem in syria. i have said throughout my presidency that i always reserve the right to exercise military action upon behalf of america's national security interest. that has to be deployed wisely. what we solved with respect to the chemical weapons situation was an example of the judicious wide use of possible military action. in partnership with france, we said we would be prepared to act if syria did not. syria and russia came to the conclusion that they needed to, for the first time, acknowledge the presence of chemical weapons and then agree to a very extensive deal to get those

chemical weapons out. you are right that so far they have missed some deadlines. on the other side, we have completely chronicled all of the weapons inside of syria. there has been a reaffirmation by the syrians and russia that all of it has to be removed. concrete steps are being taken to remove. we will continue to keep the pressure on. we now have a un mandate with consequences if there is a failure. something that we did not have before. whether we can duplicate that kind of process when it comes to a larger resolution of the problem, right now, we do not think that there is a military solution to the problem. but the situation is fluid and we are continuing to explore

every avenue to solve this problem. it is very dangerous for the region as a whole. let me just make one last comment with respect to the ironic sanctions. we have been extraordinarily firm that even during this interim agreement, we will fully enforce all applicable sanctions. in fact, we have taken various steps just over the last six, seven weeks to identify companies that we felt were violating those sanctions. and have been very clear that there will not be any letup. the president of france feels the same way.

businesses may be exploring are there some possibilities to get in sooner, rather than later, if and when there is an actual agreement to be had. i can tell you, they do so at their own peril right now. we will come down on them like a ton of bricks. we do not want new sanctions because the ones we have in place are already squeezing and rock to the table. we want to send a message that if they do not resolve this router issue of their nuclear program, there will be consequences and that the sanctions regime will not only stay in place, but will likely

be tightened in the event of these talks. >> i think it can be very comprehensive. first of all, geneva. the only purpose of this conference is to make political transitions possible. it is not about discussing humanitarian measures only. it is all about making sure that a political change the possible, which, eventually, we'll have to take place in syria. we encouraged the democratic position to go to geneva and to demonstrate that they are prepared to commit themselves to

this process into this approach. some of them are blocking. there is no prize for guessing who it is. it is the syrian regime. one other observation, in conclusion, as a matter of fact, we should help along the humanitarian situation. we will see a game into space clearly on the issue of the syrian questions and who is partisan. how can you object to humanitarian, doors. why would you reinvent this if in good faith is is all about saving human lives.

we are invited to go all the way into get this clarification. the chemical weapons stock pile. barack obama and myself. when we are presented with proof of the use that is been made by the assad regime, we made this decision. that is the option of a negotiation. it was also kept from the agenda. this led to the destruction of some of the chemical weapons. i agree with you, it is a very long process. it searingly does not prove to be nearly far enough.

we should resort to the measures and enforce them. chemical weapons have to be destroyed, fully. we chose to support the democratic position. we chose to make sure that the democratic opposition is an alternative even though negotiations will have to take place at the geneva conference. you ask me a question about french businessmen in ironic. for those of you that are unfamiliar with the french situation, the president of the republic is not the president of the employer's union in france. i do not think anyone wishes for him to be. companies just make their

decisions when it comes to traveling. i certainly let them know that sanctions were in force and would remain in force. if contacts were to be made, a situation where i wrong would renounce the nuclear weapons fully and comprehensively. i was such a new situation would prevail, no commercial agreements could be signed. that is what i told french businessmen and they are very much aware of this situation. sanctions will only be lifted if and when there is a definite agreement. during this period, they remain enforced. french question, perhaps, now?

>> thank you. you have actually upraised france very warmly today and granted our president a visit. does that mean that france has become the best of the u.s. and has replaced great britain? if so, why not extend the agreement that you have with england after this big scandal? >> you raised the excellency of the american cooperation. on ironic, are there differences in terms of analysis in terms of france and america on the necessity to have an ambitious

agreement wish mark do you see americans be prepared to make too many concessions? thank you. >> first of all, i have two daughters. they are both gorgeous. wonderful. i would never choose between them. that is how i feel about my outstanding european partners. all of them are wonderful in their own ways. now, to the serious part of the question, what i do believe is that the u.s. france alliance has never been stronger. the levels of cooperation that we are seeing across a whole range of issues is much deeper than it was, i think, five years

ago, ten years ago, 20 years ago. that is good for france. it is good for the united states. it is good for the world. we are willing to act on the commitments and values. with respect to the nsa, obviously, i expressed my strong commitment to making sure that our rules and how we approach intelligence and surveillance, not just with respect to any particular country, but worldwide, that we do it in a way that takes into account the incredible changes in technology and the new capacities that have evolved over the last several years. the first place that we look to,

in terms of how do we make sure that the rules are compatible with our partnerships and our friendships and alliances is where countries like france that have been longtime allies of ours in some of our closest partners. it is not actually correct to say that we have a nose by agreement with great britain. that is not actually what happens. there is no country where we have a nose by agreement. we have, like every other country, and intelligence capability and then we have a range of partnerships with all kinds of countries and we have been in consultations with the french government to defend those commitments. at the same time, what i have also said both publicly and privately, we are committed to making sure that we are

protecting and concerned about the privacy rights, not just to americans, not just to our own citizens, but people around the world. what we have said is we are putting rules in place so that we are not engaging in what some of the speculation has been when it comes to ordinary citizens in france. we will make sure that our walls are abiding by those other privacy rights. france is and most of the eu is with very specific potential terrorist networks. they could attack us and kill innocent people. we will have to continue to be robust in pursuit of those

specific weeds and concerns. we have to do it in a way that is compatible with the privacy rights that the people in france rightly expect. just like they do here in the united states. the last point, i want to go ahead and comment on this. the reason ironic is that the table is because we have a very high threshold in terms of what we expect to prove they are not responsible for nuclear weapons. i do not think that the concern during the course of these negotiations is whether or not we will be able to make too many concessions. i think the concern will be whether or not iran can recognize the opportunity to prove in a verifiable fashion, to the world, in ways that

scientists and technical experts can confirm that any nuclear program they have is for peaceful purposes. the fax is what will guide these negotiations. if they meet what technically gives us those assurances, then there is a deal to be potentially made. if they don't, then there is not. it is not subject to a whole lot of interpretation. part of the reason we are where we are right now is because iran has not been able to get those assurances to anybody in the international community. that is why there was such unanimity. >> in response to your first question.

i have four children. [laughter] >> that makes it even more difficult for me to make any choice at all. we are not trying to be anyone's favorite. there are links, we share common values and i can see that the use computer on many issues. it is not about hierarchy. it is just about being useful to the world. the friendship between the united states and france is not just about strengthening our ties, our economic, cultural or personal ties. it is not just about bringing our two societies closer to one another. it is not just about sharing technology. what makes this friendship is the fact that we can hold values

at a specific point in time with the american presidency and the france presidency. on to the second question. just as the united states, we wanted to work on the basis of the p5 scenario. this was the basis of our actions. nothing prevented us from having bilateral contacts. i have some collateral contacts in new york. i received this during the general assembly. it is perfectly legitimate for these discussions to take ways. however, we have to meet together in order to stay strong together. there is still work to be done. just because we signed and

interim agreement, does not mean that there is no longer an iranian problem. we need to make sure that iran has a definite. i was going to save the question was not asked to me. i will answer the question. if you choose to ask me a more specific question, i can be more precise. we clarified things. president obama and myself. this was in the past. we endeavored. we wanted to fight against

terrorism. we also wanted to meet a number of the bulls. we are making headway in this cooperation. mutual trust has been restored. that mutual trust has been an respect for each other's country. also based on protection. the fact that any progress can be sure that you are not being spied on. these are principles that unite us. >> thank you very much. mr. president, yesterday, your administration delayed a mandate for midsized companies. last week you are economic adviser talks about the new choices that people have to find healthcare out of the work ways.

i wonder if you can first explained the delay and then whether over the long-term you see a future where health insurance is less tied to the workplace.d about the pursuit of the trans atlantic trade agreement. here over fast-track authority, how such a deal could be ratified. >> the announcement yesterday's was fairly straightforward. the overwhelming majority of firms in the country are doing the right thing. the small percentage that do not. those who are exempted by law. and they provide health insurance veteran not exempted by law, they were supposed to

make sure they meet their responsibilities to make sure their employees are not going to the emergency room jacking up everybody else's costs, and not having any responsibility. to make an adjustment in terms of their compliance because for many of these companies, mid-sized between 50, and 100 folks, they were operating in good faith and making sure the purpose of the law is not to punish them, they're providing health insurance for their employees, making bear the costs of their employees getting health insurance. that is consistent with what we have done with the individual mandate to.

many of them couldn't afford it. and in some cases we had hired exemptions, phase ins to make sure no one is unnecessarily burdened. and have decent health care. and an example of making sure we are sitting around the transition. giving opportunities to get right with the law. recognizing they are going to be circumstances where they will do the right thing and it will take time. it will not punish folks. to make sure, people who can count on the financial security that health-insurance provides and we have companies that want to do the right thing and are trying to work with us we want to make sure we are working with

them as well and that will be the attitude about the law generally. and in an optimal sort of way. what was the second part of that? long-term interims of employer base, we have a unique system compared to many parts of the world including france where partly because of historical accident some decisions that fdr made him during wartime back in world war ii, health care has been much more tied to employers, that is not the case in most other developed countries. it has worked for a long time, but what is also true is it is meant for a lot of u.s. companies a greater burden, more

costs relative to their international competitors. that is the challenge. it also meant folks who were self-employed for example, or were independent contractors weren't always getting the same deal as somebody, somebody who had a job. it meant folks who work for small businesses sometimes had more trouble getting decent premiums and decent rates than folks with large companies. decree dated a great amount of funding unevenness in the system. i don't think an employer based system should be replaced any time soon but what the affordable care act does do is give people flexibility. it says if i am working at a big company like ibm or google and i decide to start my own company, i am not going to be inhibited by starting a new company

because i am worried about keeping health insurance for myself and my family. i can go make that move. if i may, a woman whose husband is a farmer,,work on the farm we can't afford health insurance, and the county clerk's office in the last week in years now i have the opportunity to no longer work in a different job and instead work on that farm and increase the likelihood of economic success. it is more flexibility and opportunity to make sense for them and ultimately that will be good for our economy. we understood from the start that there were going to be some challenges in terms of transition. when you had one system where all whole lot of people, and we

finally passed a lot of fixes and some bumps and transitions in the frost this and we are working with all the stakeholders involved to address. >> [speaking french] >> translator: the question on the trade, you wanted to know when the partnership would be fine, we discussed it with president obama and aware of the debate, as long guess principles are set up and mandates have been decided and the interest of everyone i know, speed is not of

the essence. speedy agreement would be a good thing because there would be fierce and threats. if we act in good faith, if we respect -- wants to promote growth as we said a few moments ago we go faster. and i think now, in investments crumbling, and president obama, using mr. hollande doesn't do much? you will need businessmen for them you are a socialist, think the world of finance is an enemy and pass well that 75% so how on earth are you going to convince businessmen, what do you tell?

the implosion in washington but no compensation for the labor cost cuts? >> it is good to know reporters are common in france. i think -- >> which one would these be? >> all of us were traumatized by the crisis of 2007-2008. the united states has to take responsibility for its role in the crisis. we made some quick decisions that allowed us to stabilize the

financial markets and begin the long process of recovery. it was painful, it was slow, and it was only because of the incredible resilience of the american people and our businesses as well as some real time policies that we were able to begin of growth process that we had not sustained for some time and brought our unemployment funds rate down. europe has a different set of challenges because of the euro zone, because of the nature of shared currency but not completely shared governance and supervisory authorities. once there is some particular difficulty, we did not have to deal with as a country with a reserve currency that could make

some independent choices. despite that, europe has made enormous strides over the last year, france in particulaa has taken some tough structural reforms that i think are going to help them be more competitive in the future. all of us in the developed world having to balance the need for growth and competitiveness. what we say in america, lean and mean and make sure we are maximizing the efficiency as well as innovation, allows for the benefits to be broad based and workers are benefiting from some sense of security and peace

and wages and rising incomes and the ability to retire securely and so each country is going to have different circumstances. the kinds of reforms we need in this country revolve around things like investing in infrastructure where we had not made the strides that i would like us to see and would boost growth even faster. we have to invest in skills training which every country is going to have to do because businesses won't locate where they think they have the most capable, highly skilled workers. we still have to do more on the innovation front. as innovative as we are, i think we are underinvesting in research and development. there are areas where we have to make progress and i think france is in the same position. i would certainly encourage

american companies to look at opportunities for investment in france. i encourage even more to the opportunities to invest money back in the united states and i would welcome any french companies who want to come here to do business but one of the great things about our commercial relationship which is part of the reason why the trans-atlantic trade partnership could be valuable is a lot of the growth is in small and medium-sized businesses and they are the ones who could stand to benefit greatly from exports. they don't have the ability to decide where to invest. they will be in their home countries. if we can open up trade opportunities for them they don't have a lot of lawyers, don't have a lot of accountants, can't move locations or open new plants in different places, if we extend trade opportunities for them, that could mean jobs and growth in france, jobs and

growth in the united states and so on, i am hopeful we can get this deal which will be a tough negotiation but i am confident we could actually get it done. [speaking french] >> translator: france is one of the countries that receives the largest amount of foreign investments, one of the country's, minn. foreign capitals, and i want to strengthen and enhance this. if you look at physical investments, real investments, is not just financial investments. if you look at genuine investment, tangible investments, factories, job creation, wealth, in spite of the crisis, in 2013 we maintain

the level of investment in france which bears witness to the confidence in france and france's talent and know how and this is nothing new. there are more than 2,000 american companies working in france playing 5,000 people in my country and the united states of america, one of the main investors in france, and i hope that trend will be concerned and strengthened in the future. barack is perfectly right. nothing to fear in the united states. many french companies in the united states and they create a hundred thousand jobs. not all in silicon valley. one talent invested in the u.s. it is good for france.

i have this vision focusing on protection and blaming anyone who invest abroad because they all bring new technologies and new house and it will be useful if they come back. we need to make efforts attractive. so invite many foreign companies which take part to activity cancel to what we call invest in france council to see what can be done to improve the situation in france including when it comes to tax visibility. this is very often referred to as the ability of rules because freedoms want his ability but american companies that have

operations in france, why they invest in france, precisely because they found french society particularly welcoming for them. also question or statement made by the employers' union. what i call the responsibility factor, this has nothing to do with other statements. what is the responsibility packed? i am explaining mostly to american journalists because french journalists, the responsibility pact is about mobilizing the country to reach one goal. barack obama mentioned the american economy's resilience following the crisis. there comes a point where after an ordeal, you have to be stronger than you were before the ordeal. before the crisis.

you need to mobilize more strange, more energy, you need to be able to make sure the economy focuses not on what was before but what will be after. this is at the very roots of recovery. and mobilized workers, the responsibility packed with of modernized, labor markets, vocational trading, a whole list of things we have done, there are other things we can do, and related costs streamlining and create more visibility but

everything is to fit. and tax breaks that have been granted. and look at fiscal policies, and companies and businesses to create jobs in order to improve vocational training to fight against the outsourcing of activities. and hope discussions move along quickly. and that is the key word and trust. and it is through the economy --

>> we will listen to a joint press conference from the president of the united states and the president of france. elsewhere in washington brand new federal reserve chairman janet yellen. want to look at the dow and reaction to the fed chair testimony, almost 200 points. to sum up the president, rich edson. rich: in particular the most recent obamacare delay announced by the administration, president obama saying that was a small category of employers, affected those between 50, and 99 employees, tried to downplay the consequences of that, much like he has for the other obamacare delay he and his administration announced over the last few months. touchdown is a broader idea should employers in this country be providing health care? what is the future of the american health-care system? i don't think an employer based system should be replaced

anytime soon but he does say an employer based system has worked for long time but can be a burden on u.s. companies. also discussing the issues in syria, president obama saying they are far from achieving their goals in syria. they discuss iran and the fact that a number of french companies were intending to go to tehran to meet with the iranians for business purposes, something the president of france said it he wasn't the president of the employers' union and reminded his companies that there are sanctions in place. meanwhile on the other end of pennsylvania avenue republican leadership announced it was going to hold a vote this evening on a bill to raise the debt ceiling until march 15th or march of 2015 no strings attached. republicans are making it clear they will need democrats to

carry this vote. >> if we went this route i would expect virtually every democrat to vote for it. she agreed. >> if every democrat does vote that is 200 democrats right there. you would need 18 republicans to go around. republican vote counters say they could get on the low end of what kind of support they have gone in the past which is 30 to 35 votes, republicans don't like voting for this. is specially this republican conference, oyster anywhere, the top democratic vote counter, t.a.r.p. vote in 2008 we have to watch out for. that vote is scheduled for 6:15 but that schedule is quite fluid. lori: see you this afternoon. adam: lots of other news today. on capitol hill, reserve chair janet yellen testifying before congress for the very first time fed head on what could hinder the fed's plans to taper.

>> purchases are not on up free set course and the committee's decisions about their pace will remain contentious on its outlook for the labor market and its assessment of the likely efficacy and cost of such purchases. ashley: did the fed chief rock the boat in her first major appearance? let's bring in senior economist mark vintner to discuss the dow up 190 points. apparently janet yellen didn't say anything, just more of the same. no new information. as much as i could lean so far. >> no surprises and that is what the financial markets were hoping for. no surprises and this idea that we have a clean vote on the debt ceiling, this market probably likes that too. we would like to have no surprises for change. ashley: no info on forward

guidance which is something we could grab on to. use the same expressions and phrases ben bernanke used, but it is all very much more of the same so what do you expect in the march meeting of the fomc? >> i was a little struck by a couple of words, that there was no preset course for caper inc. it seems clear to me that the fomc has set on a course of reducing securities purchases by $10 billion--not a month, a meeting, as long as the economy doesn't do something untoward, as long as inflation doesn't look like it will remain too low our economic growth is slowing too much but that seems to be the preset course. that is the default and nothing in her testimony other than the fact she said they weren't on a preset course would counters that. she talked a lot about how interest rates will remain low for a long period of time after

the unemployment rate got below 6.5%. which is the forward guidance parts of her talk. i am surprised she held on to the 6.5% unemployment rate. we are at 6.6. she did dad we need to look at things other than the unemployment rate such as declining labor force participation rate. connell: it shows the fed is not and unemployment and other things because as you mentioned almost at that point which makes it such a moving target. >> it does. if they change it to six it will get there. they have to be careful about changing it. they really should their credibility. she is well aware that the unemployment rate doesn't tell the entire story and they are trying to come up with a way of crafting the message around that. one of the issues a lot of folks

may take from the testimony is seems to be hanging along to the idea much of the weakness in the economy is cyclical. a lot of policymakers have been in denial that there's an awful lot of structure and changes taking place and i am not sure monetary policy, what is going on in the labour market. ashley: you could be right. sweet appreciate it. lori: let's talk about the internet and surveillance. the internet is striking back, 5,000 sites, joining a mass protest and the nsa internet surveillance and one of the biggest names in an internet privacy is a leader in that. john mcafee, welcome to you. do you think this demonstration will make an impact? >> it will make a psychological

impact. and the nsa is like a runaway freight train a matter who is in charge and one engine we put in place. and there are companies like our own working on products that will take care of ourselves and the own privacy and their unveil behind which we have some degree of privacy. ashley: we spoke with you in october about this device of $100 and will indeed prevent the nsa from spying on americans. how far are you on that product? >> our first implementation coming out in three weeks. it is a software product that will run on your smart phones and as you are well aware, nsa

uses smart phone apps to help it locate us, and watch us. cognizant will run through your phone and so you would bear one of doing that. the choice of either removing them or letting the nsa watch. a few entirely. lori: we heard from president obama, he did address the latest delay in implementation of the affordable care act. you have warned for many months about security risks and the vulnerability of the health-care web site. is it still a big threat? >> it is obviously a big threat. what happened with affordable care is a paper system, paper in terms of security, an ounce of paper walls and for the past few months working on is a steel door, it is meaningless. you can still get into the back door through any number of ways.

my assessment has not changed and i still say the system has to be rewritten from scratch, start over and redo it. ashley: talk about data breaches, target and all of these, the tip of the iceberg, congressional hearings, the system itself is extremely vulnerable. >> the ceo, the major commerce providers to the tune of $100,000, even if it is more modern and secure credit cards. it will get worse and worse. they will write the malicious code and test it in department

stores. and the global nature may be coming, not just maybe, i guarantee that it is. this is a very tenuous situation, and bank accounts and privacy and identities. lori: it will cost the lot of money to necessary upgrades. that will satisfy you. >> that is the only solution that will satisfy any of us. it requires spending money, companies are reluctant to do that. you will notice that when the department store target, neiman marcus were hacked we didn't know about it for a month, they're reluctant to let us know because even the knowledge they have been hacked will reduce their sales and reduce their bottom line. it has to be spent at some

point, the economy is going to collapse, that is a certainty. lori: on that happy note. thanks for joining us. ashley: sobering words. based on what we have seen, he is exactly right. stocks powering on wall street, the dow holding on to triple digit gains, we will be back at the new york stock exchange. lori: the debt ceiling fight won't be much of a fight after all. political analyst juan williams on a surprise move by republicans, a clean debt ceiling tonight. ♪ [ cellphones beeping ] ♪ [ cellphone rings ] hello? [ male announcer ] over 12,000 financial advisors. good, good. good over $700 billion dollars in assets under care.

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ashley: time now for stocks. of course as we do every 15 minutes. let's head back down to the floor of the new york stock exchange. our very own nicole petallides

nearly back to 16,000 on the dow. >> ashley, you're absolutely right. when you say 16,000, we actually hit the 16,000 mark a short time ago. 16,000.081 was the high of the day. a great move here on wall street. s&p 500 back above the 50 day moving average. bulls are making a go of it. we're seeing energy, telecom, materials, and we see three of the four-days of trading have seen all 10 sectors with up arrows. we'll see by end the day whether that is 100% sure. if we hold on to gains that's a bullish sign. back to you. lori: thanks, nicole. house republican leaders not getting support they need for the latest debt ceiling plan. moving up a vote on new, so-called clean bill this evening. so no concession from republicans. fox news political analyst, juan williams says there are no options for the gop.

welcome to juan to the show. do you think we'll get a vote tonight in the house? >> right now it is scheduled for tomorrow. but it's possible we could get something done because speaker boehner, who controls the defend today, wants to get this out of the way. obviously not a popular item for him. lori: were you surprised he is bringing a clean bill to the floor? >> you know, as of yesterday, they were still looking at the deal, a potential for a deal that would have included reduction in military pensions, military spending. they couldn't find support from rank-and-file republicans in large part because they said, you know, they didn't think the democrats would vote for anything but a clean bill. lori: all right. so you have nancy pelosi quoting, being quoted as take it in stride, hang together. according to a lawmaker in the meeting. is she kind of shooting herself in the foot perhaps with a statement like that. >> you know, i don't understand why she need to get involved with that, do you? it is a puzzle to me.

i mean at this point you've got boehner basically saying, he gives up. he is caught between a rock and a hard place in terms of tea party caucus sentiment denying votes, to send along to correct the problem with the military pensions. he will not get support from democrats even from that, they want a clean bill demanded by the white house. speaker boehner is in such a difficult spot. i can't describe it to you. he is willing to vote for the clean bill opposed by some in his own caucus just to get it out of the way. that is why he might expedite it and get it done tonight. juan, t we're ending into a brand new phrase of bipartisanship on capitol hill? >> if only. this is a moment where you know, the white house and the democrats on capitol hill have been able to force speaker

boehner to say, i capitulate. i surrender. i can't figure out a way to do this. the consequence would be so horrible for republicans in terms of a government shutdown, that would have terrible consequences in terms of the midterm elections and shift that generic preference who do you want, republicans or democrats in the next election. it would do damage to the gop brand in a way they can't tolerate right now. so speaker bainer is just making a very difficult choice. lori: it was a lesson learned last time around we did have a government shutdown. we're that much closer as you point out the midterm election, definitely having political implications here. juan williams, always a pleasure. thank you so much. >> my pleasure to be with you. thank you. ashley: spurned by "the wolf of wall street." private investigator bo deet tilled is back. the backlash he faced from the infamous penny stock scammer, jordan belfort, after he talked our very own charlie gasparino.

lori: that will be good, you know it. this ain't so good, another nor'easter headed our way to the northeast. can't forget our friend in the south. another blast ofites sand snow -- of i.ce and snow coming. the forecast. get married, have a couple of kids, [ children laughing ] move to the country, and live a long, happy life together where they almost never ght about money. [ dog barks ] because right after they get married, they'll find some financial folks who will talk to them about preparing early for retirement and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. there's nothing like being your own boss! and my customers are really liking your flat rate shipping. fedex one rate. really mas my life easier. maybe a promotion is in order.

good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours. >> i'm cheryl casone with your fox business brief. an fda panel has voted there is not enough evidence to prove naproxen sold as a leave is safer for the heart.

the fda committee voted 16-9 that naproxen did not provide more cardiac safety than common pain pills like ibuprofen. an international protest against u.s. government spying programs. google, microsoft, yahoo!, facebook are among tech companies urging more oversight and limits on both collection of data from internet communications. u.s. employers posted fewer job openings in december of the labor department said available jobs slipped by 1% to 3.99 million from december's 4.03 million but the number of openings remains at five 1/2-year high. that is the latest from the fox business network, giving you the power to prosper. we're up 193!

ashley: jordan belfort's life of crime and extravagance is

graphically portrayed in the oscar-nominated film, the world of wall street. the real life belfort says he is a changed man. no more ripoffs and spending ill-gotten gains an sex and drugs. forget it he said. mass he actually turned over a new leave? charlie gasparino and the best person to answer that question, belfort's former head of security, bo dietl. charlie. >> i love the fact that you were belfort's former head of security. before we get into that, you're accusing me of something today. >> charlie, every time i do your show. >> i'm the kiss of death. >> you're like mush. you remember mush. put him in the bathroom. nobody talks to me anymore. stevie cohen doesn't talk to me anymore. belfort doesn't want to talk to me anymore. you're like the kiss of death, charlie. >> why doesn't belfort want to talk to you? >> i did an interview with "the wall street journal" one of these financial things. >> i used word he was not a nice guy. >> what was exact word you useed? >> i said not a nice guy.

something with bag. >> i got it. >> all of sudden i said to him, you know what? he is starting to believe he is robin hood now. he is starting to believe his own things. face it, he robbed $200 million. paid back 11 million. >> penny stocks for average people. >> he wore a wire. he is a rat. give him a piece of cheese, right? he has all of the above equations against him. >> right. >> now he has a movie. how is it greatest actor, greatest director. >> scorsese and dicaprio. you had a conversation with belfort? >> yeah. >> when was this? >> about a week 1/2 ago. i said, jordan, what are you getting so upset b i heard you say i'm still a bad person. i don't remember saying that. all i said back then, you were a bad guy. you weren't robin hood. you were robbing everybody. >> what does he say? does he deny that now? >> says i've changed. he keeps tell me. >> do you think he has changed? >> i don't know. i don't know. >> what evidence is there that he changed?

aside from he is not doing penny stock. >> he wants people to think he changed, right? he wants everybody to think he changed? when he was -- mom and dad i knew. >> are they very nice people. >> yeah, max and his mom. i'm so embarrassed about the movie. >> his mother said she was embarrassed by the movie because her son was such an arch criminal. >> my fiance went with her 18-year-old son. started putting her dead down movie was playing. a little risque. >> was jordan belfort's mother embarrassed because her son is such a bad guy, or because he did drugs and -- >> all of the above. the nudity. the drugs. the ripping people off. >> right. >> the callousness about robbing people. >> i mentioned this to you the last time. you were the head of security. you bailed him out of a few jams with the mob. wouldn't the world have been a better place if you just let the mob kill him? >> oh, charlie, that is conspiracy to -- >> i'm just saying.

>> you're not going to pull me over. if he sleeps with the fishes, washes up with the fishes they will look at me. >> in a perfect world, guys like that, why do we need them around? >> i think the why about him being prosecuted and he should -- >> spent two years in jail! >> should give all the money bacc. shouldn't earn any money until he -- >> he spent two years in jail. >> 18 months. >> 18 months. mathew martoma, insider trading largely victimless -- >> five years. >> might get 10 years. that is insane, isn't it? >> not insane. >> go through a couple things. steve cohen, another guy. >> don't talk to me. >> because of me. >> ever since we did the show. >> all you did was defend him. >> nickname with the daughter. waves at me, puts thumb down, charlie gasparino. >> with his thumb down? >> he doesn't talk to me anymore because i did your show. >> why? what got him, a guy like that who is worth billions of dollars, by the way, you used to take him out to dinner, right?

>> listen. he is my friend. take him out to dinner anytime. i love his wife. he is a good person. >> do you think he is guilty of any of this stuff. >> no. >> not at all? >> not at all. >> they keep dropping like flies why did he hire so many criminals? >> you ever go out with steve cohen? >> he -- >> what made him hire so many criminals? >> criminals prior? >> mathew martoma, he hired him. michael steinberg. he hired him. these are criminals. >> charlie, i was out to dinner with one of the greatest stand-up guys, same sam. you know what the government wanted him to do? >> right. >> wanted him to flip. >> he is a criminal. >> excuse me. >> sam waksal is a criminal. spent eight years in jail. >> flipped -- >> martha stewart. >> martha stewart. right? so they wanted him and told him, this -- >> but he is a criminal. >> charlie, they told him wouldn't have to do day one in jail if he admitted she knew about it. you know what she said?

she didn't know about it and i'm not going to lie. >> he is a criminal. >> oh. >> take him out of it. why do you think steve cohen had this sort of, this thing where he hired so many criminals? >> he didn't hire criminals. >> they are. they are all going to jail. >> excuse me. i havehundred guys that work for me. if they commit a crime, i'm a criminal? please, charlie. >> there is a lot of guys -- supposedly you had five guys were criminals. how many people were criminal in -- >> you know his son, the united states marine corps. stop it, charlie. >> that is another story. >> fine. >> we have to go here. but -- >> grasso. forgot about my man grasso you. >> just spoke to him. >> i spoke to dick grasso. are you calling him a criminal. >> no. i'm only person that defended him. he didn't hire criminals. >> he is america's man. mr. dick grasso. >> act. we can end it on that with bo dietl not answering the question why steve cohen hires so many criminals. >> that is bad, charlie. you're bad. ashley: how do you follow that? charlie gasparino, bo dietl.

lori: i'm traumatized after that conversation. ashley: where do you begin? lori: great tv, thanks, twice. live look on capitol hill, where newly minted fed chair janet yellen testimony is underway after a second recess. certainly more fireworks than the conversation than you just heard from janet yellen. ashley: i doubt it very much. check out the big board which by the way is looking big today. the dow up nearly 200 points. by the way, first comes love and an app telling you when to get married. i'm serious. why facebook might be the best judge, of course it is, of when you should get hitched. that's next.

lori: let's check the markets. we do have a solid rally

underway on wall street this afternoon. let's check in with alan valdez joining us from the floor of the new york stock exchange. alan, would you say gains are in reaction to words from fed chair janet yellen this morning? >> we're having a real good day. miss yellen, they like her comments. she is staying the course. the market likes the certainty and good rumors out of republican house maybe they will pass a debt ceiling, not to mention earnings. 365 companies reported in the s&p 500 and about 66% have beat. so overall we're having a good month this month. lori: i know. my what a difference a couple of trading sessions make. >> yeah. lori: do you think the worst is hyped us? it was real choppy there, pretty scary not too long ago? >> that's a iffy question. i have no idea. today it is hyped us, let's put it that way. lori: we'll take it one step at a time. what is the key risk as we go the next couple days? as you point out everything is working in favor of bulls. >> it is working in our favor, that's for sure.

earnings front and center coming tomorrow. we have pretty big numbers coming out. basically things are running along pretty smoothly. we're having a good day. they're holding levels in the s&p. i think it will end the week. lori: maybe it will hit 16,000 again. it hit it intraday. alan, thanks. >> thanks for having me. lori: neil cavuto speaks exclusively with carl icahn tonight at 6:00 p.m. don't miss it. ash? ashley: thank you, lori. time for the tech minute. glass goes airborne. virgin atlantic concierge style in the upper class wing where they test run using google glass. travelers to london's heathrow airport will be updated on flight information and weather and local events at their destination. also the employees wearing the glass can translate any foreign language information. the trial program lasts six weeks. wondering when you're going to get hitched? of course there is an app for that, created by time.

it analyzes information on your facebook friends, who got married engaged or entered into a domestic partnership based on their birthdays. it then gives the user the ideal date to tie the knot. isn't that romantic? the median age for marriage in united states is 29 for men and 27 for women. lori? lori: beginning of the end. sorry. so much for a weather respite. atlanta is on high alert for snow but nothing compared to what is headed east. the latest forecast is next. [ male announr ] how can power consumption in china, impact wool exports from new zealand, textile poduction in spain, and the use of medical technology ithe u.s.? at t. rowe price, we understand the connections of a complex, global economy. beat thei10-year lipper avere.

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open to innovation. open to ambition. open to boldids. that's why n york has a new plan -- dozens of tax free zones all across the state. move here, expand here, or start a new business here and pay no taxes for ten years... we're new york. if there's something that creates more jobs, and ows more businesses... we're open to it. start a tax-free business at startup-ny.com. >> all right a winter storm bearing down on the southeast dumping snow and ice on the region. yate to janice dean in the fox weather center with more. quite a winter, janice. >> i know. it has been incredible.

across the southeast a dangerous ice storm is about to begin unfolding. we have sleet in and around the dallas area. one wave of low pressure rides this frontal boundary. the next round will bring us that significant ice storm that could bring half an inch of ice on the roads for the southeast and you in atlanta, georgia. 3:00 a.m. wednesday. nextwave moves in through charleston this is all ice. could be potentially crippling, devastating for this region. we need to keep an eye out. people need to make preparations right now for perhaps a historic storm. then, thursday, overnight, we're going to see this snow line creep in towards the northeast and mid-atlantic. d.c. you could get several inches of snow. it will mix in with rain and or sleet. philadelphia, looks like mainly a snow event for you. new york you're right on the cusp between the rain, sleet and snow. a couple of inches here in long island. maybe you get a couple of inches of slush.

new england you are mainly a snow event. boston, mainly freezing rain or sleet event for you. ice storm is a big weather story right now. two weeks ago they were dealing with incredible amounts of folks on the roadways and in schools. this will be one perhaps for the history books. they need to prepare now. lori, ashley. back to you. >> what is the temperature in los angeles? >> probably in the 70s. beautiful. not fair. >> thank you. ashley: not going to say what you said about them. melissa francis will take us through the next hour of fox business right here. melissa, you're an l.a. girl too, aren't you? you can't enjoy all this snow? melissa: absolutely i'm an l.a. girl. i'm a market girl. market is on fire today, i like thats absolutely! >> what is coming up this hour? melissa: wall street throwdown and duchess of doom. we go live to cattle ranch in california to see why there could be a beef shortage just around the corner. "money" on the brand new fed

chair. even when they say it's not it is always about money. melissa: markets is in high gear right now as new fed chair janet yellen made her first public appearance before the house financial services committee led by congressman jeb hens lar link. the -- hensarling. the investors are responding. we're starting with senior economist michelle girard. we have my favorite harvard professor, marti feldstein. two of my very favorites, i can barely take it! michelle, you're so money, glad you could join us at 2:00 p.m. what did you think of what you heard so far today from janet yellen? >> i don't think we heard anything unexpected. everybody talked about how it is really continuity. what she brings to the fed in the wake of chairman bernanke and i think we heard that