but mrs. meyers, is here to give us tips, some with her products but others. >> and had a houseful of kids too. >>> and if your clothes got messy while you were eating barbecue, maybe you'd like s'mores. >> s'more. >> how do you say it? >> s'more. >> you want s'more s'mores? >> yes. >> katie lee is here. good morning. >> you're starting without us. >> we'll get to that in a little bit. >>> first let's take a check of the weather. actually, actually, i was on my way to do weather. >> first things first. >> time-out, reset. let's go inside and say hello to russ mitchell first at the news -- >> you know -- >> since i zorbed, everything is shaken a little bit, russ. >> it's all about you, isn't it? >> sorry, buddy. >> good morning to you at home. >>> ford motor company posted a surprising second quarter profit this morning. the nax's second largest automaker posted a profit of nearly $3 billion due to income from debt reduction. >>> police in houston, texas, suspect rival gangs were behind a drive-by sh

mr. meyer, you described the proposed changes as incremental to the federal reserve. >> right. >> reading the treasury proposal, you know, what they say about it, they say this report proposes a number of major changes to the formal powers and duties of the federal reserve, including the addition of several new financial stability responsibilities. these proposals would put into effect the biggest changes to the federal reserve's authority in years. or decades. so i think you have to read the rest of the report and see whether you agree with that. i read the rest of the report, and i don't see that there is this. now the administration possibly wants to look at this as a more sweeping set of proposals, than perhaps it is, but you know, as vice chairman kohn said, this is just not the case. >> ok. so actually, you don't agree with their description of their own plan. >> absolutely. >> ok. >> let they have ask the panelists, -- me he ask the panelists, can you function as a systemic risk regulato