discontend for farmers? this is january 18. two issues that touch us all. health care because we all get sick and trade because it shapes the job market and our economic lives. the two men lead to departments that could usher in those industries were on capitol hill answering questions and at times engaging in heated exchanges. will better ross, now donald trump's choice to lead the commerce department, testified that job one would be to renegotiate nafta. the trade agreement often cited on the campaign trail as damaging the middle class. but it was a fiery four-hour hearing with tom price, the controversial pick, to lead to department of health and human services that led to a lot of back and forth on everything from medicare to drug prices to mr. prices' personal trade in

health care companies. >> health secretary tom price's appearance before the senate health committee was courtesy, because the finance committee will vote on his nomination. the democrats came out swinging. hammering the georgia congressman on health issues where he disagreed with president-elect donald trump. like medicare. >> will you work with us so that medicare negotiates prices with the pharmaceutical industry? >> you have my commitment to work with you and others to make certain that the drug pricing is reasonable and that individuals across this land have access to the medications that they need. >> that was not dwight answer to the question that i asked. >> can you guarantee to this committee that you will safeguard president-elect trump's promise and while you are hhs secretary, you will not use your administrative authority to carry out a single dollar of cuts to medicare or

medicaid eligibility or been fits. >> what the question presumes is that money is the metric. >> i am asking that. >> from a scientific standpoint -- >> i'm sorry to interrupt. we're very limited on time. the met 56 money. >> the most difficult question was trades in health care companies. >> do you believe it is appropriate for a senior member of congress actively involved in policy making in the health sector to repeatedly personally invest in a drug company that could benefit from those actions? yes or no. >> that's not what happened. >> price. he deferred decisions to his broke order investments. >> do you direct your broker around ethical guide lines? do you tell him not to invest in companies that are directly connected to your ad voe cassy? it seem like a great deal as a broker. he can look back. >> she can. >> she can sit back in this

case. look at the legislative positions you're taking and invest in companies and you can claim separation from that because you didn't have a conversation. >> that's a nefarious arrangement that i'm really astounded by. >> elizabeth warren wouldn't let it go. >> so let's be this is not just a stockbroker. someone you identify handle the paperwork. this is someone who buys stock at your direction. this is someone who buys and stels stock you want them to buy and sell. >> not true. >> when you found out your broker had made this trade without your knowledge, did you reprimand her? >> what i did was -- >> that she made it? >> what i did was comply -- >> did you sell the stock? >> what i did was come my with the rules of the house in an ethical and hellegal --

>> he said he will divest of all his holdings. "nightly business report." >> and now to the confirmation hearing for congress secretary where tensions were not quite as high but the issues just as important. during his testimony, mr. ross pointed the finger at china for unfair trade practices and. his top priority is to level the playing field. >> billionaire investor wilbur ross faces a largely welcoming committee as republicans and democrats appeared to assume his choice is all but foregone conclusion. on trade, jobs and climate change, he laid out his overall expectations for the u.s. economy. >> i think we can certainly get north of 3% growth, if we do all the elements of the president's program. >> he said one of the first priorities for the new administration would be dealing with what he called unfair trade

barriers. >> it is a little weird that we have very low tariffs, and that china has very high tariffs. that seems to me to be a bit of an imbalance. and it is one thing to talk about free trade. we would like to have our trading partners also practice free trade and do it in a more balanced manner. >> ross also gave his sense of the ways to pay for president-elect donald trump's massive proposed infrastructure nerve i have the. >> you support the direct spending by government on infrastructure. >> i think there will be some necessity for it. >> and democrats pressed him repeatedly on the sharp contrast between ross's divestiture of billions of personal assets and trump's declining to do the same. ross ducked the question. >> tethics rules that apply to senate nominees do not apply to the president. >> you were able to do it. why not the president? >> i'm not familiar enough,

senator, with the exactitudes with his holdings to have any judgment as to how easy or hard it would be. >> at the outset, he explained that he had to fire a household employee when that person was unable to provide proof of documentation to work in the united states. he described it as a rare incident. the senator seemed satisfied with the conversation. >> scott pruitt started a contend shus confirmation hearing talking about climate change. he criticized the agency he's been nominated to lead and outlines the role he thinks regulators should play. >> regulators are supposed to make things regular. to fairly and equitably not pick winners and losers. a regulator should not be for or against any sector of our economy. instead, he has to follow law and setting out rules to

allocate resources, versus operating in a state of uncertain city and duress. >> he would not say whether he would recuse himself from ongoing lawsuits he filed against the epa as oklahoma's attorney general. on wall street the dow dropped for a fourth straight day as more companies reported earnings and investors analyzed comments from the chairman. first a look at the closing numbers. the dow jones industrial average fell 22 points to 19,804. the nasdaq rose 16. the s&p 500 was up 4. >> the economy is closing to running on its own. the chair said the economy has almost immediate the fed's zboels the central bank can start reducing the extreme levels of monetary policy support that prevailed over most of the obama years. speaking to the commonwealth club, janet yellen said removing of that support would be slow.

>> as of last month, i and most of my colleagues feel the members of the said board in washington and the presidents of the 12 regional federal reserve banks were expecting to increase our federal funds rate target a few times a year until by the end of 2019, it is close to our estimate of its longer run neutral rate of 3%. >> the fed last liked its bench mark interest rate in december. inflation pressure is heating up a bit. that's according to the federal reserve phase book, an anecdotal look across the country. 8 of the 12 districts reported modest price increases. that's pretty much in whine the consumer index. it brought growth over the past 12 months to more than 2%. the fast he pace in five years. >> the factories, mines and

utilities, the strong nest two years. industrial production was up nearly 1% last month. the biggest gain cynic november 2015. the biggest gain as winter rolled in following an unseasonably warm november. >> the u.s. economy and the global economy dominated the conversation at the annual meeting of the world's richest and most powerful. this year the world economic forum is taking place amid a back drop of worldwide change. that hasn't escaped the attention of business ask political leaders. >> we have 15 million more people working. wages are going up. home formation are going up. sales are going up. >> energy situation is very benign in the country. fundamentally, we're kind of getting better anyway. this is pushing in the direction of the momentum. >> we'll be trying new things. we as a country.

some will work. some won't work as well. >> there is a lot that can go wrong. i think we're at the beginning of the cycle. >> my concern is the markets are priced in everything that is in the incoming administration. zip, it's been done. >> fiscal expansion coupled with monetary tightening and increased protectionism, coupled with a border tax, is a policy prescription for a stronger dollar. >> the average consumers is in pretty good shape. credit is very good. so in my view, it could be strengthening. >> the leaning forward, if you will, to experiment regulatory lessening. >> tax reform. >> to change taxes. it can be a lot of things. >> there is a lot of difference of pen within his administration about how to do these things. i'm hoping if you get a tax

reform, a regulatory reform, that you will have exonerated the economy. >> donald trump is aggressive. is he aggressive and wise and thoughtful and calculating? or is he aggressive and reckless? and i think we're going on find out. >> i am going to look back at this. and like the outcome of it. and certainly going to behave in a supportive a fashion as i possibly can to make sure. >> still ahead, sewing the seeds. the challenge farmers face as they wait for the president-elect to make his pick for agriculture second.

government is suing the largest student loan servicer in the country. the protection bureau alleges that they illegally cheated borrowers with their student death. it is a part of sallie mae and services. it is accused of providing bad information and incorrectly processing payments over a period of years. >> the labor department is suing a division of organizele claiming they paid white male employees over other employees and favored asians when recruiting and hiring for technical jobs. they warned that it could cause the parent oracle millions in federal contracts if the labor department can prove its case. the lawsuit was the result of a two-year investigation into the company. oracle disputes the allegations. jpmorgan will pay $55 million to settle charges it

discriminated against minority homeowners. the government alleges between 2006 and 2009 they charged african-american and hispanic borrowers higher rates than white borrowers. that violates the fair housing act. the bank denies any wrongdoing. >> goldman sachs saw its profit soar four fold. goldman i know what other wall street banks benefited from an increase in volume from the presence election. they topped expectations. but shares of the dow component closed lower on the day. citigroup also benefited after the election and according to the company, that trend has carried into the new year. but citireported a mixed fourth quarter with profit up 7% and revenues just missing expectations. they said it remains strong and clients are optimistic and pro

growth policies. and shares of netflix spiked following the latest quarterly results thanks to a surge in subscribers. netflix earned 15 cents a share. as julia tells us, it is all about the subscribers. >> it is growing faster than expected. particularly overseas. netflix adding more than 7 million subscribers as it grows overseas. netflix ceo hastings attributed it to its original content, exclusive, and the gilmore girls reboot. but the subscriber growth will slow, it warns.

for the next quarter. target had weak holiday sales and that's where we begin the market focus. despite seeing strong focus. the foot traffic and heavy discounting led to a decline in same store sales. it lowered its guidance for the current and shares fell more than 5%. they finished at 6685. pearson said profits would plunge this year because of ongoing weak know in north american sales. the bad news didn't end there. they said they would sell in the book publisher random house. shares off 28% to $7.13. and the drug maker ely lilly will take over for nearly $1 billion. it would add the migraine treatment. the shares are up 32% to 46.25.

ely lily up a fraction. general motors will pay $1 million to the securities and exchange commission to settle accounting charges related to a faulty ignition switch found in the vehicles. they said the decision in internal controls prevent it from properly determining the potential for a recall and estimating possible cost. shares rose 16 cents. and american airlines is the latest carrier to launch a basic economy fair that offers flyers a cheaper ticket price with less perks. customers cannot reserve seats or upgrade and can only bring a personal pimt fits tunneled seat. it is expected to launch next month on select routes. shares were up almost 2%. 47.64. canadian pacific railway said its profit rose in the latest quarter. while revenue slimmed. the railroad operator said he

would step down immediately earlier than the departure state and the colonel president would tea that position. shares fell slightly and ended the regular session. the president-elect still has not picked someone to lead to department of agriculture. the last cabinet position to be filled. and the nation's farmers know that. in mendocino, california, as a farmer of specialty crops, he said it is harder. >> fewer people coming in. more people leaving to go back home. the work force in the vineyard is aging. it is a problem that is not seeming to diminish. and all of us were struggling. >> he worries the incoming trump administration would hold true to the president-elect's campaign talk about building a wall to keep undocumented

workers out of the country. as for the undocument grae immigrants. they make up more than half. >> they have tried to hire them. i think it is maybe implied in the political belief that perhaps immigrants are taking jobs from americans. and there's been no success with that. >> pete is more hopeful about the incoming administration. >> i'm excited. it is going to be a change. >> as the owner of the farm cover 5,000 acres over three states, he hopes trump will pull back on regulations. >> i'm excited we won't go through the same stuff that we just went through. the climate here for businesses and farms, especially businesses that are farms, is very

crippling. >> environmental regulations like the waters of u.s. rule which protects waterways and wet ways and is currently under review in the courts, are two issues affecting farmers as the trump administration prepares to take office. farmers are important to trump since rural voters helped elect him to office. another issue is trade. they have opened up export markets ask they are in favor of the transpacific partnership which trump has opposed. >> agriculture is very dependent on agricultural trade. so we would hope this administration will do what it can to avoid trade frictions as it goes through the renegotiation efforts. >> officials with the american farm bureau, an advocacy group includes hundreds of thousands of ranchers and farmers across the country say trump and his secretary of agriculture are taking reins at a critical economic time for the nation's farmers. >> farm income is off about 50% from where it was just three or

four years back. expectations are that it will stay town here for a while. so farmers are beginning to feel the financial stressful farm economic is not doing as well as the general economy. >> they will be closely watching the progress of the 2018 farm bill. experts stay farm economy will factor prominently to the congressional discussions over the legislation with low crop prices and farm income looming. commodity programs and crop insurance subsidies just two issues. coming up, 12 bathrooms, 21 bedrooms. we'll take you inside the most expensive house for sale in the united states.

home building slipped a little bit in january. but confidence is still at elevated levels. the national association for home builders said builders are still upbeat. the new congress and the incoming administration will create a better business climate for the industry. >> the most expensive home for sale in the united states is shrouded in secrecy. it has never been photographed. there are no images of it on the internet but tonight we have an exclusive look inside. an open house in last like you've never seen before. >> it is getting increasingly

interesting. they have set a whole new level. we'll give you a tour starting here in the gaming and entertainment room. now it is a 12,000 square foot entertainment area. the ultimate billionaire man cave, you might say, with a four lane bowling alley with, yeah, what else? gold and silver, bowling pinls and a lounge over there. and you like eye candy? it is a $250,000 candy wall. and then you have fuz ball tables, a $12,000 pool table, and you know the wealthy have garages and lots of cars. the super rich have auto galleries and collectible cars worth millions. all of these cars and everything in this house comes with the house for your $250 million. now these cars include a $2 million super car called bagani. it go over 250 miles an hour. and this comes with the house. one of the rarest cars in the

world. a $15 million 1936 mercedes. we're in los angeles. the world of glitz and glam and the big show. well, you talk about the big screen. this house has some of the biggest screens of any home. it has your home theater with 7,000 movies and 40 super comfortable reclining leather seats. if that's not big enough, we have the biggest tv in any home in america. nearly 30 feet long with the bar, and another big lounge area. you can imagine all your hollywood friends like jack nicholson and brad pitt will come over for drinks. this house overall is 38,000 square feet. four levels. you can take one of two elevators that are line in the crocodile skin or you can take stairs. i'm going to take the stairs. check this out. a really cool feature. a 20 foot wall designed to look

like a safe. if you're rich enough to buy this place, you have a lot of stuff you want to keep safe. this is a second level. more of a dining bar, drinking area. this is one of two wine champagne rooms. 2,500 bottles. with all that wine, you have to have places to drink it. this house has six bars and 130 individual pieces of art including this one of a kind giant replica of a counter. how is that? now the stairs in this house cost $2 million to build. designed out of a hand polished stainless steel. and are you ready for the show stopper? check this out. the 85-foot infinity pool overlooking los angeles. one of the best views in all of l.a. with a jacuzzi and a 20-foot tv that rises up out of the land scape. and whoever buys this house for $250 million will be drinking a

lot of champagne. for nightly business report. i'm ron frank in bel air, california. >> you don't know what to say. >> to read more about this 38,000 square foot mansion, logon. i don't know enough people to even fill it up. >> that's "nightly business report." i'm sue herera. >> i'm tiler mathisen. we'll see you tomorrow. >> can you even imagine?

>> this is bbc "world news america." >> funding of this presentation is made possible by the freeman foundation. newman's own foundation, giving all profits from newman's own to charity and pursuing the common good. kovler foundation, pursuing solutions for america's neglected needs. and aruba tourism authority. >> planning a vacation escape that is relaxing, inviting, and exciting is a lot easier than you think. you can find it here in aruba. families, couples, and friends can all find their escape on the island with warm sunny days,