not because of its role in the botched independent foreclosure review the charge is 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 dollars 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 former 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 is goldman sachs simply paid a fine and it just went away looks like years of protests from a federal judge or

a cop are finally paying off. and here is one thing your prime interest. today we are going to break down the trans person big partnership or t p p for short according to the office of the united states trade representative the t.p. 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 her. 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 a shayne's the us australia canada. new zealand peru singapore and malaysia and vietnam china and japan might join as well but 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 round just took place in may in lima peru 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 sue host countries they feel are hurting their bottom lines in 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 trans-pacific partnership and in the one hundred twelfth congress democratic senator ron wyden who chairs the subcommittee on international trade and he had to introduce legislation and protest to the administration's refusal to allow him and his staff to view the documents the u.s. you are eventually allowed the senator to view the text 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 to have the flexibility to achieve the positions that are in the best interests of 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 to get 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. right 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 it and 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 the very limits. 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 as u.s. law so for instance it's not really about trade only five of the twenty nine chapters actually deal with trade so 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 crash 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 was i mean they're not free nor as you're saying do they represent i'm sure aid 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 then agreement needs a lesser level of approval constitutionally if over a treaty you need a super majority more than half of the cent 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 risky financial products such as toxic derivatives do 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. there's been some leaked 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 leaks documents at our website which

is trade watch. trade watch out there was posted them and we've translated them on the t p p's into english so everyone can actually understand what's at stake the t.v. piece big very big you so much for joining me this is very well liked she is the director of public citizen's global trade watch and the author of who is a trade organization thank you very much thanks for joining. and stayed to you and because of next we're going to speak with the creators of the solar powered cell phone charger charger of the mobile industry then i'm going to connect with prime interest producer bob inglis she was on the floor of the new york stock exchange.

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a mobile phone and history is expected to grow over three trillion dollars by two thousand and twenty developing regions are expected to make a good portion of its 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 think next roger out a month ride though. because the thank you for having experience thanks for joining us so the solar industry is also another industry the seeing a record grow this one of the fastest growing industries in the united states and you all are the makers of a solar powered cell phone charger just tell me about the market for solar powered cell phone chargers all of the market throw totally 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. 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 you and exciting news 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 a solar powered chargers pop up in more cities around the u.s. absolutely i definitely think that we're going. 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 yours 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 gee is the way to go so let's talk about the cell phone industry in general is a trillion dollar industry has been called the 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 it where does the u.s. compare to other countries right now the u.s. is number three and leading the. cell phone subscribers in china is number one with six hundred fifty million subscribers in india close to. now money mobile money markets is also seeing explosive growth worldwide it payment transactions values will reach over two hundred thirty billion dollars in twenty thirteen according to current. this is more popular in less developed countries where mobile payments are a good alternative to the in the under bank. this technology is slowly making its way into the what west because the. banking and telecommunications is so heavily regulated do you think it will ever catch on here like it is and something developing nation and. absolutely there was just a conference world in san francisco and they actually expected by two thousand and fifteen the mobile payment system to be

a trillion dollar industry so with easier payment it's a matter of whether the phone is better than whipping out your wallet. and you guys have told me previously that tech companies like google and apple they put their best developers and their best engineers on mobile so why is this the reason for this is because all digital technology is going mobile for example telecom internet computers also you can media firms such as the new television gaming music they're all headed towards mobile even money coins and credit cards are probably heading to a mobile phone near you. and in light of the recent n.s.a. whistleblower scandal you know privacy is now taking front and center a lot of debates you know what types of technologies do you guys think are going to emerge in mobile phones. it's really up to the developers so what could happen is they could develop new apps to maybe provide some sort of encryption or there may

be something as well maybe new networks to provide a certain type of anonymity to the service providers to the consumer and what are your biggest concerns with. as it affects the solar industry in general is there any way to. work with privacy unfortunately at this moment not sure if you also have done a lot of traveling. to a lot of asian countries right and how how do we compare types of technologies. i see an asian countries that we haven't had to integrate into the us the main thing that we've seen in. cities such as hong kong as opposed to the us is there merging of power bands which is an external battery that you can carry electricity on anywhere on the go so we're kind of headed we're. heading to charge your laptop on the go with an external charger and are there any power being sold in the u.s. or is this completely overseas plane i believe there are some manufacturers in the

u.s. but most of the manufacturing is done overseas so it's about time we brought this incident. ok all right well thank you so much this is roger and with that thank you for having us thank you for having us. so it's time for the daily deal but i am here all alone and bob is in new york but i did touch base with him right after the two thirty federal open market committee press conference to get the market's response on the updated production. bob you really fit in down there on the stock exchange thank you so much it's great to be with you right here in the new york stock exchange of course period and it's friday isn't it yes and bernanke said that they may moderate the pace of purchases later

in two thousand and thirteen and they may purchases around twenty four and the fed will ease the pace of bond purchases if the in kind of me improves he went to this fed speak for us. you know there are lots of contingencies there aren't there ben is up to his old speak and the market doesn't like it that's the bottom line and in this crazy topsy turvy world of quantitative easing even though the fed said that the. condom use improving slightly of course that means that the stimulus is going to be withdrawn sooner than people would like so the punch bowl is going to be taken away and that's what the markets are reacting to right now and how are the markets reacting. there down there was down as much as one point five percent they've rebounded a little bit the bond market really took a hit and like i said unfortunately the markets do not like what happened today at the apple and so you may know i'm not totally sure of that is we will start seeing

taper seeing a kind of seems like gave and leeway to still do what he wants now kind of playing around on twitter and i just typed in taper to see what would come up and a lot of conflicting reports some people think taper may or may not happen this year so you know i think it's still very much up in the air well he always gives himself a lot of rope to hang himself with doesn't it he doesn't like to say anything specific and of course we had last month that the fed officials coming out with this whole tapering we had john hilson rats writing articles for the wall street journal and so yes there's a lot of speed going either way but the bottom line is that what happened today and maybe this you know this is going to go away in a few days made the bottom line is today the markets do not like what the f. one c. said but we do have another meeting in six weeks and it is summer we have the summer doldrums so maybe the market just goes sideways for a little bit from here where you know helps in rab got a question and he asked for an inky about the fed overseeing growth projections that we had that article out not too long ago thinking that the fed was overstating

. what i mean it gets back to the criticism if you look at what the f one c has been projecting they haven't matched the g.d.p. actual g.d.p. in several years not since the financial panic so if they've been overstating the growth it makes you wonder what they're actually doing in terms of being able to get us back on track they're looking for unemployment to get down to six point five percent they want price inflation to be higher than two point five percent projected one year out but at the end of the day they're not doing very well with these numbers so. can we trust them i don't think so. yeah i think that's a good point i mean he mentioned the measurements that he uses to get to the statistics of the government used in the us and the fed and you know the markets seem to think that that was the hands that tapering well in fact take place but we just don't know when but now i think i think maybe he was right the projections could be overstated i mean look at the unemployment rate. it just ticked up to seven point six percent from some point five percent and really the economy is

stagnating by a lot of measures and so i think it's kind of i don't think the market really believes that long term what the fed is going to do is taper at any time in the near future but i think they're only reacting to one single report which is today and there are a lot of people that trade off this information it creates a lot of short term volatility i think the bottom line is we can't really read too much into this because no news is good news right well yeah i mean the projections for unemployment are at seven point two to seven point three for this year you know what if we take a closer look at other measures of employment unemployment like the u. six is close to fourteen percent according to shadow statistics is all the way up to twenty three percent so i mean that you know we know they don't take into account discouraged workers largely attached workers and you know part time workers that want full time jobs so i mean really i don't know what these numbers even mean anything but hey i do have a good question. have you seen any h f t algos crawling around. there's i think i

just stepped on one actually i had the opportunity to talk to ben willis is a floor trader here he's been here thirty years and we had a really interesting conversation about in the migration to electronic trading and we will be playing that interview in the very near future so i'm pretty excited about that. and sense you know the last time you were a very does it seem like there's less traders and more electronic trading going on . definitely and that's the general sense and that's the report that i've gotten from the floor is that electronic trading has taken over but the other. thing is that overall volumes in terms of both good and electronic are down that has and that's a multi-year trend that's in place and that also has to do with the fact that we're getting in the summer right now so that's something to be so expect of that's a little bit so quick all right well thanks so much rob to get us the update from we for all right thank you. if you want to weigh in on today's show be sure to it like us on facebook at facebook dot com slash prime interest.

and it was a very busy day on prime interest prime interest producer justin underhill was at the f o m c press conference and bernanke said he may let up on the asset purchase gas pedal if the economy shows substantial improvement but he's not stepping on the brakes and we touched base with bobby ghosh in new york to interpret all this bad speak for us lori wallach explain to the six hundred some corporations that are busy negotiating the largest trade agreement of our time with the boys of ice phoenix are actively trying to bring the sun to cellphones and the us thanks for watching make sure you come back tomorrow from everyone at prime interest i'm terry

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