around russia. the future covered. wealthy british style. markets. find out what's really happening to the global economy with mike's concert for a no holds barred the global financial headlines kaiser report. good afternoon to welcome to prime interest i'm perry and boring in washington d.c.

and here's the headline balloon following today. it's bad day after six weeks of job openings from the last announcement in scaring risk markets into a correction we're taking speeds we've been seeing much recent price inflation and unemployment data still have not reached target and it caters to begin with fed might reduce its bond buying purchases later this year we'll talk with dr andrus producer bob inglis from the new york stock exchange and just a bit and the pending consultant bill boyd to financial advisory services is under the gun no not because of its role in the botched independent or closer review of the charges led by new york department of financial services which is offering under an obscure state banking will the boy has consented to a ten million dollar fine and a one year ban on soliciting new work in the state maybe they can hire

a rival shadow regulator slash financial consultant roman tory financial group to avoid further troubles and finally maybe the last trip through the revolving door was a watershed moment for mary jo white the current chairwoman of the security and exchange commission a plumber a white shoe a law firm attorney who represented j.p. morgan chase has instituted a new policy one that will require those who settle with the agency on civil charges to actually admit guilt at least in certain cases previous firms that have goldman sachs simply paid a fine and it just went away looks like years of protests from a federal judge raycroft are finally paying off. and here is what's in your prime interest.

today we are going to break down the trans-pacific partnership or t p p for short according to the office of the united states trade representative the tepee p. as a vehicle for asia pacific wide economic integration that share our vision of negotiating a higher standard twenty first century regional agreement the goal is to cover a region that represents more than half of global output and over forty percent of world trade so what does all this mean well the trans-pacific partnership is a huge free trade deal between eleven pacific region nations the us australia canada. new zealand producing a poor malaysia and vietnam china japan might join as well that's still in the air

this would bring it together over twenty six trillion dollars in annual economic output this would be the largest trade agreement ever negotiations start in two thousand and eight of of which have taken place behind closed doors the seventeenth the round just took place and may in lima peru will while congress has the legal authority for regulating u.s. trade members were originally not allowed to have any access to the draft tags however hundreds of private sector advisers have been working on the treaty just one concern arising from documents is that as with past free trade agreements corporations would be empowered to see to host countries they feel are hurting their bottom lines and other words. if he would have more power then any participating countries all members of congress are concerned about the lack of transparency in the negotiations last week senator elizabeth warren sent

a letter to president obama's nominee to head the u.s. trade negotiations that said i am concerned about the administration's record of transparency regarding the transpacific partnership and in the one hundred twelfth congress democratic senator ron wyden who chairs the subcommittee on international trade and he had to enter new legislation and protest to the administration's refusal to allow him and his staff to view the t p p documents the us c r eventually allowed the senator to view the tax to but not his staff the acting u.s. trade representative explains why members of congress and the public are not allowed to be involved. when you're negotiating an agreement if you're going to end up negotiating an agreement in public it limits the ability of negotiators to be have the flexibility to achieve the positions that are in the best interests of

their country. and so that's why we're trying to strike a balance between ensuring the integrity of the negotiations that we're not negotiating the t.p. in the press versus making sure that our stakeholders whoever they are whether they're from the business community whether they're from n.g.o.s whether they're from labor unions whether they're academics have as much access to to the negotiators as possible. however there are over six hundred corporate advisors who have access to the tax and are cleared to provide comments and suggestion i think senator elizabeth warren said it best transparency would lead to widespread public opposition to a trade agreement then that trade agreement should not be policy of the united states and this is the general breakdown of the transfer partnership we are so grateful to have with us laurie wall like she's the director of public citizens global trade watch and the author of who trade organization thank you so much so

there's been a lot of complaints about the secretive process of the tepee p. in the past week senator elizabeth warren she issued a letter calling for more transparency and then representative alan great grace and he called it an abuse of the classified information system can you talk about the growing concerns in congress behind transparency here well this this agreement could rewrite one of us none trade law yet even though congress has constitutional authority over trade exclusively they've not been allowed to see it for three years so you have a lot of members of congress now demanding to see it particularly because president obama wants to sign the text. and he has called to have a sign of a pags summit which is in october and how does he expect to get this through congress that's a very good question so if you've got

a lot of members of congress who have the authority over it and they haven't seen what they have seen they don't like what's his plan he wants to use an arcane procedure that was first cooked up by richard nixon called fast track it's like a slate of shoves things through congress it bans all amendments it limits congressional debates and it mandates a yes or no vote within a very limited. amount of time after a bill is submitted congress has to agree in advance to delegate away its constitutional authority to the president and that is going to be a battle royale if he doesn't have that procedure he's in big trouble but congress is not inclined to give away its power now i used to work on the hill so i've seen kind of what this process could turn out to look like and what i'm seeing it's going to be a huge bill no one's going to have time to read it and like you said there won't be time for any amendments i mean do you think that this bill could be so confusing

that literally no members of congress are going to get to read it well what's even worse is the actual trade agreement becomes u.s. federal law so it pre-amps all inconsistent state and local law and it's adopted these u.s. laws so for instance it's not really about trade only five of the twenty nine chapters actually deal with trade so if we write things that food safety so the food we are feeding our families the safety of the products are coming into our house whether or not we can regulate the banks that crashed the global economy the price of medicine would be affected even how we spend our local tax dollars all of these domestic laws the good news is many members of congress may only know one piece of it but enough of each piece is irritating enough people that actually also fear talking to our members of congress about why we don't like it i suspect actually they could hold the process accountable because now funny how they call free trade agreements free trade agreements yet they're not free nor as you're

saying do they represent i'm sure a lot and it's majority do we talk about there is when a treaty an agreement which one does this fit into and what's the difference well it's branded as an agreement and there's agreement needs a lesser level of approval constitutionally if over a treaty we need a supermajority more than half of the sent to approve it and the agreement just requires fifty percent of the house in the senate. so you can imagine that someone who wants to push through one of these right in agreement says oh it may smell like a treaty it may look like a treaty but this is an agreement so it's being called an agreement and then this fast track process is aberration this nixon power grab which is only big news sixteen times despite hundreds of us trade agreements since it was first cooked up that would be sort of the pathway to sneak around the constitutional requirements of a treaty or congress's constitutional authority over trade so i'm just saying that's

something that's going to have such a large and pax forty percent of trade globally yet it doesn't deserve the respect of a treaty and the supermajority vote but we have talked about finance aspects of it to my band risky financial products such as toxic derivatives you know where this fits into the agreement so it's actually it would be great if it banned those kind of products and what it would ban is governments being able to ban those kinds of products so what it basically does it's a way to handcuff governments so all of the new regulations have happened since the global financial crisis where many governments have said you mr banks you can't do that again we're not allowing those derivatives that's what crashes the economy those kinds of powers to. financial products basically cooked up instruments for gambling they would not be allowed in the future so the explicit rule is you can't have a zero quota a flat band if anything covered by the agreements it's in the financial services

tax and that rule would basically prohibit us not just from banning risky things but for instance from something like a cross border attacks on speculation that would slow down gambling trades and currencies really important policy tools this agreement would ban those has nothing to do with trade now we just have a few seconds left. and some legal documents about how much of the agreement was leaked and how much we have no idea what's out there most but we have no idea on paper those of us who track negotiations have a decent idea of what's there you can see the leaked documents at our website which is trade watch dot org. trade watch out there was posted them and we've translated them on the t p p's into english so i have one can actually understand what's at stake the t.v. piece big event you so much for joining me this is very well liked she is the director of public service and global trade watch and the author of who is a trade organization thank you very much thanks for joining. and stay tuned because

of next we're going to speak with the creators of the solar powered cell phone charger charger of the mobile and history then i'm going to connect a prime interest producer bob angle as she was on the floor of the new york stock exchange.

i would grab it as questions for people as if she was a power instead of speak on their behalf and that's why i didn't bring my bill larry king now right here on our t.v. question more.

a mobile phone and this story is expected to grow over three trillion dollars by two thousand and twenty developing regions are expected to make a good portion of this growth and in most countries mobile phones are very concentrated market with tough margins and tough competition so here to talk about the cell phone and this story are the makers of a personal solar charger for your cell phone they are the co-founders of i phoenix roger out a month bravo. thank you for having us perry and thanks for joining the solar industry is also another industry to seeing a record grow this one of the fastest growing industries in the united states you all are the makers of a solar powered cell phone charger can you just tell me about the market for solar powered cell phone chargers wall the market's road to the new so what we're trying

to do is we're trying to create a demand for solar chargers right now. so in the u.s. that's great it's very now correct correct right now there's a competitive industry right now for solar chargers in general so but there's not one in terms of charger so we're i should the forefront of developing the solar chargers for an exciting new is a recently installed twenty. five solar powered cell phone chargers all throughout new york city this was released today they can charge up to six cell phones at a time you think we're going to see more solar powered chargers pop up in more cities around the u.s. absolutely i definitely think that we're going to see more of those pop up right now i'm seeing an example of i think a company called bike share that uses the same technology as solar panels in order to process payments. and what other innovative products you guys have any you have other types of chargers. our main focus right now is a solar powered charger that does your and the phone on the market from zero to one

hundred percent so what that means is it can charge it's going to have a thirty pin connector for your i phone four for us it has a micro us speak to do your blackberry your androids and also that has a pin connector which is going to be able to do i phone five. many so that's been our main focus and we also have other products coming out as well so why solar solar because we see a recent trend a lot of specially in california a lot of people or even towards renewable energy and since there's a lack of electricity and some places i think we're no wonder the way to go so let's talk about the cell phone industry in general is a trillion dollar industry has been called to end the story of the decade what are some of the biggest developments and mobile phones. mobile phones have been increasing every year japan currently has probably the most advanced technology for mobile phones they have a three sixty degree swivel l.c.d.

screen they also have facial recognition to unlock your mobile phone so really anything is possible within these next few years for mobile devices and it's up to the manufacturers to allow them to develop where does the u.s. compare to other countries right now the u.s. is number three and leading the. cell phone subscribers.