the restoration. >> the problem with federal appropriations is you can't predict what the federal governmentill appropriate next year or the year after. without the funding to do the large-scale projects, the river isn't going to function the way the settlement envisioned it. >> reporter: in the midst of severe drought, some central valley lawmakers are trying to halt restoration of the san joaquin river. it's part of a bill introduced this week by republican congressman devin nunez. >> remember what this water's being dumped for. it's being dumped for what i call phantom salmon. they don't exist. >> reporter: he got support from house speaker john boehner who said he'll bring the legislation for a vote. >> how you can favor fish over people is something that people in my part of the world would never understand. >> reporter: but the bill is expected to die in the senate. senator dianne feinstein called the republican drought bill irresponsible and plans to introduce her own legislation soon. restoration work on the san joaquin river is continuing slowly. for now, it remains impossible for s

appropriate to the business model of insurance companies. i would say, however, that the collins amendment does restrict what is possible for the federal reserve in designing an appropriate set of rules. so it does pose some constraints on what we can do and we will do our very best to craft an appropriate set of rules subject to that constraint. >> in what ways do the s sock make the sifi designation process more transparent? >> on this one, senator, i would say fsoc has provided the public with a good deal of information about the criteria that its using, the general criteria that it has established for attempting to determine whether or not an institution, an organization should be designated as a sifi. and in the cases of those organizations where it has made a designation, it's really provided a wealth of information about those organizations. there are also opportunities for companies that want to contest designation, to have an appeals process. so there is really a well worked out process. as the fsoc goes on to consider other possible firms for designation, if it decides to use a different set of criteria, i think it's completely appro

. >> well, i do have concerns about those activities, and the federal reserve cooperates with the department of justice as appropriate when they take actions that are criminal in nature. the federal reserve's focus is on safety and soundness. we're -- >> but isn't the safety and soundness of the entire economy based on trust and good activity? and my concern, to be perfectly honest, if people are not held personally accountable when they're allowed to write corporate checks, not personal checks, to just push away their ill-gotten gains and they get to keep that money and continue on and actually get raises and bonuses from those institutions, the moral hazard says to the next guy coming down the street, the people you have to regulate, it's okay. don't worry about it. do anything you want, and all we have to do is the corporation, not you, will pay a few hundred million dollars of shareholder money, by the way, not your money. you don't have a concern with that, with the federal reserve by not having -- not you, but by not having other entities holding the personal account that it will make your job tougher going for

appropriate to the business model of insurance companies. i would say, however, that the collins amendment does restrict what is possible for the federal reserve in designing an appropriate set of rules. so it does pose some constraints on what we can do and we will do our very best to craft an appropriate set of rules subject to that constraint. >> in what ways do the s sock make the sifi designation process more transparent? >> on this one, senator, i would say fsoc has provided the public with a good deal of information about the criteria that its using, the general criteria that it has established for attempting to determine whether or not an institution, an organization should be designated as a sifi. and in the cases of those organizations where it has made a designation, it's really provided a wealth of information about those organizations. there are also opportunities for companies that want to contest designation, to have an appeals process. so there is really a well worked out process. as the fsoc goes on to consider other possible firms for designation, if it decides to use a different set of criteria, i think it's completely appro

and the federal reserve cooperates with the department of justice and is appropriate when they take actions that are criminal in nature. the federal reserve's focus is on safety and soundness. >> isn't the safety and soundness of the entire economy based on trust and good activity and, to be perfectly honest. p if people are not held personally accountable to just push away their ill begotten gains and you have to keep that money and continue on and actually get raises and bonus fres those institutions, the moral hazard says to the next guy coming down the street, the people you have to regulate, it's okay. don't worry about it. do anything you want and all we have to do is the corporation. not you. will pay a few hundred million dollars of shareholder money, by the way, not your money. you don't have a concern with that, with the federal reserve, by not having -- not you, but by not having other entities holding them personal account that will make your job tougher going forward? >> well, i agree with you that there certainly should be accountability within these organizations. >> thank yo

federal government enforcement policy. >> we understand there's a lot of road-blocks where they'll check for documents? does that seem appropriate to you for a federal immigration authority? >> when you stop someone and they are a criminal suspect, the ability to check and confirm who they are, to me that's police work 101. if someone is here illegally and is picked up for being here illegally, we already have laws on the books and they ought to be followed. >> georgia republicans have gotten help from an unlikely ally: the obama administration. >> fault lines has obtained from the aclu office, emails from the ice leadership in washington to the atlanta office pointing out that they are 12 hundred deportations behind where they were the previous year. completely worried about making their quota. >> the email reads: 'please implement your initiatives and reallocate all available resources.' >> and then this is the kicker: "the only performance measure that will count this fiscal year is the criminal alien removal target." >> a year later obama lauded the results. >> we focused enforcement efforts on criminals who are here illegal

this committee's intention to revisit whether the congress has set the appropriate goals for the federal reserve, whether the structure of the fed is best suited for meeting those goals is appropriate and welcomes. but we need to be very careful to safeguard the arms length relationship of the federal reserve to the political process when it comes to setting the instruments of policy. much evidence over time and across country strong indicator that leaving to setting a policy to technical experts with some separation from day-to-day political pressures produces much better outcomes than when elected officials focuses on the next election cycle can influence how policies conducted in the pursuit of these tools. thank you, mr. chairman. >> thank you. i think all the panels to the chair now recognizes himself for five minutes for questioning. dr. taylor, among other things we heard from chair yellen today her concern over the unsustainable level of entitlement spending. i have heard the president say he was concerned. most economists are concerned. i just can't find anybody really to say we

the government shutdown last october confirmed what has become increasingly clear, the federal budget and appropriations process is broken. over the past 25 years, the f r four-year budget has been enact by the start of the fiscal year only three times. in 2009 as a result of a grassroots advocacy effort by dav and other vsos, congress passed and the president signed the veterans' health care budget reform and transparency act that provides advanced appropriations for a va medical care program. this past october, while many va offices and services were shut during the shut down, va hospitals and clinics were able to provide uninterrupted health care. the backlog was slowed, activities were scaled back and what medical research projects were nearly suspended. when va regional offices were shut down, many of our national service officers resorted to occupying temporary quarters, including tents, in order to continue helping veterans seeking their earned benefits, we at dav were determined that our free representation would not and could not be interrupted. during last year's veterans' day activities, a wo

. >> well, i do have concerns about those activities, and the federal reserve cooperates with the department of justice as appropriate when they take actions that are criminal in nature. the federal reserve's focus is on safety and soundness. we're -- >> but isn't the safety and soundness of the entire economy based on trust and good activity? and my concern, to be perfectly honest, if people are not held personally accountable when they're allowed to write corporate checks, not personal checks, to just push away their ill-gotten gains and they get to keep that money and continue on and actually get raises and bonuses from those institutions, the moral hazard says to the next guy coming down the street, the people you have to regulate, it's okay. don't worry about it. do anything you want, and all we have to do is the corporation, not you, will pay a few hundred million dollars of shareholder money, by the way, not your money. you don't have a concern with that, with the federal reserve by not having -- not you, but by not having other entities holding the personal account that it will make your job tougher going for

appropriate for a considerable time after asset purchases end. in addition, the committee has said since december 2012, that it expects the current low target range for the federal funds rate to be appropriate at least as long as the unemployment rate remains above 6.5%. inflation is projected to be no more than a half percentage point above our 2% longer-run goal. and longer-term inflation expectations remain well anchored. crossing one of these thresholds will not automatically prompt an increase in the federal funds rate but will instead indicate only that it had become appropriate for the committee to consider whether the broader economic outlook would justify such an increase. in december of last year, and again this january, the committee said that its current expectation, based on its assessment of a broad range of measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments, is that it is like -- that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6.5%. especially if proje

crossing one of these threshold will not prompt an increase in the federal funds rate, but will indicate it had become appropriate for the committee to consider with the broader economic outlook to justify such an increase. in december of last year, and again this january, the committee said that its current expectation, based on its assessment of a broad range of measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments is that it likely will be appropriate to maintain the current target range for the federal funds rate. that is especially if rejected -- projected inflation continues to run below the two percent goal. i'm committed to achieving both parts, helping the economy return to full employment and returning inflation to 2% while ensuring that it does not run above or below that level. i will finish with an update on progress on regulatory reforms and supervisory actions to strengthen the financial system. in october, the federal reserve board proposed a rule to strengthen the liquidity positions of large and internationally a

a few participants raised the possibility might be appropriate to increase the federal funds rate relatively soon. ratequilibrium interest moves higher. a couple suggested the federal funds rate should be moved before the middle of the year. other participants at the table shot the idea down, saying standard policy rules do not fit the current environment and that ended the discussion, but the discussion happened and it is certain to generate talk on wall street. finally, toasted or roasted ben bernanke at his final fed meeting. if there were cheers for him or a wave goodbye, it is not documenting that. >> peter cook joining me in studio. thank you. more on the fed minutes, brian wes perry, former chief economist at the congressional joint economic committee, will join me in about 10 minutes right here. let's show how the equity markets were doing before the fed minutes. the international monetary fund said risks are threatening the global economy here it the s&p and threen about two quarters at 1837. the dow jones industrial average also falling. the nasdaq composite index on this wednesday

we also need to understand the appropriate federal role in both data security and breach notification. nearly all u.s. states and territories now have laws that require notice for their own residents when the data breach occurs. the effectiveness of these laws vary greatly but several are quite strong insuring that consumers receive, prompt, adequate, and clear netification when their personal information is breached and providing them with resources to protect their financial well-being. they could be a model for a minimum federal requirement. after the fact breach notification is only after of what is needed. the private sector must also take stronger steps to safeguard personal information. there could be a federal role in insuring their proactive. there will always be bad actors that will try to compromise large databases and obtain financial information that can be leveraged for financial gain. we need effective law enforcement to stop them. we need to make sure that companies are doing enough to prevent breaches because consumers are paying the price. protecting consumer data ne

. >> my time is up, but i look forward to working with all of you to figure out what is the appropriate federal response. congressional response. thank you. i yield back. >> thank you. and now recognize chairman emeritus mr. burton for five minutes. >> thank you for holding this hearing. h is potentially very important because this is one of the few things that republicans and democrats both agree on is a problem and we may be able with your leadership to reach agreement on a solution. one of those rare days that something might actually happen as a result of the congressional hearing. i'm the cochairman of the privacy caucus in the house along with congress woman diane deget and most of the republicans on this subcommittee are members. the gentle lady to my right is the chair woman of a task force that mr. terry and upton have put together on privacy. so we have got a lot of people here that earliesenning very closely to -- here that are listening to what you folks say. my question is a general question. i start with the chair woman of the federal trade commission. do you think it is possible

because it is not appropriate for a federal court to be giving judicial approval to a settlement thato violate the laws of any state. no court should violate this particularly that one of those laws in california which is the home state. neil: thank you so much. as for interesting. >> thank you. neil: from the state that produced thhs, maybe the health exchange from hell. what does erything mean to you? with the quicksilver cash back card from capital one, it means unlimited 1.5% cash back on everything you purchase, every day. it doesn't mean, "everything.. as long as you buy it at theas station." it doesn't mean, "everything... unl you hit your cash back limit." it means earn 1.5% cash back on every purchase, every place, every occasion, all over creation. that's what everything should mean. so consider... what's in your wallet? we are thinkers. the job jugglers. the all-nhts. and the ones who turn ideas intoction. we've made our passions our life's work. we strive for the monts where we can s, "i did it!" ♪ we are erepreneurs who started it all... with a signature. legalzoom has he

it is not appropriate for a federal court to give judicial approval to a settlement that authorizes alate the laws of any state. no court should plus a supplement authorizes a violation of law and it is significant oneof those lives in california, facebook called stat neil: interesting. thank you very much. from the state to produce a congressman with a lapel to the health exchange from hell. neil: if this whole health care thing falls on a self-taught because of the employer mandate. not because ofhe delays. nothing that has happened on the federal level. i have said this before but because it all started to unravel at the state and local level. or again were the state's republican congressman found zero lot of weird hanky-panky and potential criminality. he joins us on the phone. civic ere is a lot of allegations about websites that were created more pages then given to the federal government as example of progress then maybe they were not accurate but the money flowed as a result. that is an allegation by some. we do know the state's spend upwards of one image is 60 millionf the 4.

it is not appropriate for a federal court to give judicial approval to a settlement that authorizes ao violate the laws of any state. no court should plus a supplement authorizes a violation of law and it is significant one of those lives in california, facebook called state. neil: interesting. thank you very much. from the state to produce a congressman with a lapel to the health exchange from hell. [ chilen yelling ] [ telephone rings ] [ shirley ] edwa jones. this is shirley eaking. how may i help you? oh hey, neill, how areou? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirle] he's right here. hold on one sec. [ malennouncer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ♪ neil: if this whole health care thing falls on a self-taught because of the employer mandate. not because of the delays. nothing that has happened on the federal level. i have said this before but because it all started to unravel at the state and

we also need to understand the appropriate federal brawl between data security and breach notification now they are laws to require notice for their own residents when the data breach occurs. the effectiveness of these laws vary greatly. but several are quite strong. we see adequate. clear notification where providing resources for their well being. it after the fact breach notification is only half of actor must ed the shay personal steps. there could be a federal role in ensuring that they are pro active. >> they will try to compromise large data base. that can be leveled for financial game gain. we need to have a second law enforcement. consumers are paying the price. but consumer data needs to be priority number one. i look forward to the witnesses' testimony and to add to our discussion of this important topic. i i want to play because there was another subcommittee that s meeting committee. whenever -- you're testimony and the short time i have left does anybody or the majority 654 -- take the 47 >> you said majority? >> that's what i said majority. i'm always looking to the futu

inevitable but as the migration occurs let's make sure it is done in a responsible appropriate way and you can't blame the federal reserve for not regulating because they don't have the legal authority which is why the chair was calling on congress to take action. cheryl: a market is up 116 points. what else is on your radar right now now that you have switched from public policy to the corporate world? what are you watching and what can you tell our viewers is the next thing for them to watch in these markets and with their money? >> from our standpoint the financial-services roundtable we watch regulation carefully to make sure regulations are appropriate but don't so overof bake the cake that capital formation, deployment and the like but in terms of the next step in the economy the employment numbers are very, very important, not the only measurement but a key measurement and that has a lot to do with detail of where the economy is going next. cheryl: that is a hot topic for businesses. it was great to see you. thank you for commenting on bitcoin, a big story for us today. adam: we go back to the floor of the

. >> student at northwestern has filed a federal lawsuit claiming the university did not take appropriate action. she says the professor got drunk and took her to his apartment. this didn't try to kill herself two days after the alleged attack. the losses as a disciplinary committee determines the professor should be fired. that never happened. northwestern will not comment on pending litigation. >> asking the city council to crack down on petroleum coke. the waste comes from the oil refinery process and as high in sulfur and carbon. it is believed to contribute to respiratory problems. the mayor wants to stop existing facilities that process or handled the material from expanding. >> we're bringing tough regulations and oversight to make it their bottom line is let's get out of chicago. >> back in december the mayor and attorney general announced the new regulations on the storage of petroleum coke on the southeast side. >> the chicago aldermen wants a higher fine for a valet parking scam. they're supposed to park cars and lots or garages. the altman says some parkers are using spot for

why is it that consumers won't analyze the risk of their data being stolen and respond appropriately without the federal government trying to step in and regulate? >> i don't think the burden should be placed on consumers. >> why is that? we do that in so many other places. if you think your material is going to be stolen from your home you can buy security. we will allow them to buy $60, $200 or $1,000 a month for their own security? >> i think consumers do have a role to play here. as i mentioned earlier, there are steps consumers can take to be vigilant in this area. but i believe -- and the role of the cftc is to look at consumers. if you look at the data out there and it's also available to our -- let me cite specifically with the verizon data breach report. they have an annual report that studies what is happening in the area of data security. that information tells us that companies continue to make very fundamental mistakes when it comes to data security. they are not taking the reasonable and necessary steps that they need to in order to protect the consumer information that they collect, use a

we also need to understand the appropriate federal role in both data security and breach notification nearly all u.s. states and territories now have laws that require notice for their own residence when a data breach occurs. the effectiveness of these vary greatly. but several are quite strong, ensuring that concern risk receives -- received prompt, adequate information when their personal data is breached and providing them with resources to protect their financial well- being. there could be a model for a minimum federal requirement. after the fact, breach notification is only half of what is needed. the private sector must also take stronger steps to safeguard personal information that could be -- information. there could be a federal role in making sure they are proactive. there will always be bad actors who try to compromise cases and strive for financial gain. we also need to make sure that companies are doing enough to prevent breaches because consumers are paying the price. protecting consumer data needs to be priority number one. i look forward to the witnesse'' testimony an

it doesn't go through the appropriations process which gives us great oversight here in the house. their funding comes from the federal reserve. we think it's appropriate when you have an agency that is so powerful and so unaccountable that we give the elected members of the american people power to say how much money they should have and how they should use it. we don't have that ability right now. who on god's green earth says he we should take power away from congress and let them set their own budgets? going to the point of unaccountability, the consumer protection financial bureau, they set their own pay. where in the free market system does any employee tell the employer this is what you're going to pay me? i'm setting my own pay. now that's what they do at the consumer financial protection bureau. what we say is we the congress, the elected representatives of the american people, we should set the pay of the consumer financial protection bureau. commonsense reforms that actually work for the american people and, frankly, it will work for the cfpb, making them far more accountable. the way this bill is set up, t

appropriate for a considerable time after asset purchases end. in addition, the committee has said since december 2012 that it expects the current low target range for the federalappropriate at least as long as the unemployment rate remains above 6.5%, inflation is projected to be no more than a half percentage point above our 2% longer-run goal and longer-term inflation expectations remain well anchored. crossing one of these thresholds will not automatically prompt an increase in the federal funds rate. but will instead indicate only that it had become appropriate for the committee to consider whether the broader economic outlook would justify such an increase. in december of last year and, again, this january, the committee said that its current expectation based on its assessment of a broad range of measures of labor market conditions indicators of inflation pressures and inflation expectations and readings on financial developments is that it is -- that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6.5%. especially if projected inflation continues t

but there is federal assistance we want to try to make available. >> my time is up but i hope with the new appropriation bill you'll be able to find some u.s. district attorneys to help with that effort. thank you. >> welcome, mr. attorney general. appreciate your service. i'm going to try to ask a series of questions, i'll try to cauch them so you can answer yes or no so we can get through a lot of stuff, so if you could do that i'd appreciate it. i'd like to talk about the department's refusal to enforce the controlled substance act. marijuana is widely available across the utah border in colorado. federal, state, and local law enforcement have seen success in going after marijuana growers on public lands in utah. there's a direct link between the u.s. marijuana trade and large scale drug trafficking organizations that threaten the safety and well being of our country. legalization in colorado threatens the success that we have been seeing in tackling the problem. controls on legal marijuana are unlikely to deter drug cartels from ramping up their operations on public lands in utah and elsewhere. espe

appropriated to the business model of insurance companies. however, that the collins amendment does restrict what is possible to the federal reserve in designingappropriate set of rules. constraint, onme what we can do. towill do our very best craft an appropriate set of rules. ways could the designation be made -- the designation process could be made more transparent? >> on this one, senator, i think that they have provided the public with a good deal of information. but that is the criteria that is used in the general criteria that it is established for, attempting to determine whether or not an institution or organization should be designated as assistance. in the cases of those organizations where it has made a designation, it has really provided a wealth of information about this organization, there -- there are also opportunities for companies that want to contest designation, to have an appeals process, so there is really a well worked out process. as they go on to consider other designation,s, for if it decides to use a different set of criteria, i think it is completely appropriate that the f stock should also make clear, that if new

about an issue like gay marriage and with the sensitivities involved and the scope and appropriate role of the federalnment, let us not forget that we had presidents during the '50s and '60s who were being accused of trampling on states rights. so you find this tension all the time. >> and that's why you had -- >> guys, i'm told i'm out of time and i have to leave it there. but obviously the states and the federal government are differing on a lot of issues right now. this is an interesting approach being taken. it's the approach we wanted to look at, now whether or not gay marriage right, wrong. i appreciate your time. >> exactly. >> thank you so much. >> thank you. >>> have you heard about this study? a study that says more people are stubbing out their cigarette butts and buying more booze. so are beer and bourbon better for the economy or the economists are they rust blowing smoke? [ male announcer ] a body at rest tends to stay at rest... while a body in motion nds to stay in motion. staying active can ease arthritis symptoms. but if you have arthritis, this can be difficult. prescription celebre

a student at northwestern filed a federal lawsuit claiming the university didn't take appropriate action when she reported a sexual assault by a professor. she says the professor got her drunk, took her to his apartment and sexually assaulted her in 2012. the student tried to kill herself two days after the alleged attack. the lawsuit says a disciplinary committee determined the professor should be fired, but wasn't. northwestern won't comment on pending litigation. former chicago alderman martin oberman was unanimously selected as chairman of metra's board of directors. he'll be taking over as metra tries to keep trains on schedule during this brutal winter. oberman says he hopes to get rid of political patronage within the rail line. six board members have left since former c-e-o alex clifford resigned and received a large severance package. a teenager from crystal lake has been charged with felony battery and a hate crime. police say an 8-th grader at beardsley middle school brutally attacked a fellow student during lunch hour monday. omid babakhani is a competitive swimmer, and the s

constitution who represent small government and maximum individual liberty and the appropriate balance what the federal the states should be doing. and republicans who deviate from that, like john boehner and company, like the leadership in the house and the senate will do so at their peril. >> what do you think of the peril of -- power of the tea party now, charles? >> i think it has been a very positive influence. the power, i think, is one that could easily have remained outside of the republican tent. if you take the really long view, when the tea party movement started, had a choice. it could have been a third party. you think of the radicals on the left in the 1960's. the integration into that of the democratic party was extremely unsuccessful. it cost them elections in '68 and '72. and it hurt them for decades. i think there has been a relatively successful integration, even though there is a lot of, you know, complaints inside of the party. and i think it's really the mainstream media and some conservatives, i think, overemphasize the debates. i think they are largely about tactic its, but they

minutes say, also, quote, a few participants raised the possibility that it might be appropriate to increase the federal fund rate relatively soon. sounds like the hawks at work there. the minutes show fed members watching the weather, emerging markets, and the debt problems in puerto rico but not overly worried about them at the end of january. ad cam, back to you. adam: peter, you bring up puerto rico. we'll get the bond offering from them in march. go back to the federal fund rate. usual suspects look at we may start raising that and is this something we should pay attention to, because just a couple weeks ago we had them saying no, we are not talking about interest rate increases? >> the forecasting tool, the blue dots chart, and if you look at the blue dots chart of the likely path of short-term interest rates, the fed fund rate, you see, three or four or so blue dots a little bit sooner for 2014. but the majority of those blue dots representing the thoughts of the fomc members are in 2015. adam: peter barnes, thank you very much. let's go to the floor of the new york stock exchange. i promised you

indicated in december of 2012 is that we would not consider, did not think it would be appropriate to consider raising the federal funds rate as long as unemployment was over 6.5% and inflation was projected to run under 2.5%, as long as inflation expectations were also well anchored. we have followed the guidance. it has been -- >> i would say this if i could, madam chair. my time is running out. i want to cover a little of the -- other ground as well. dealing with a rules-based monetary policy. i think if i read some of your statements properly, and a lot -- and i don't want to put words in your mouth, that you consider times after the financial crisis still extraordinary, and it is not necessarily an appropriate time for a rules-based approach. is that a fair assessment of your views? >> i am in favor of a predictable monetary policy that responds in a systematic way to shifts in economic variables. >> earlier in your career, you said it is, " what sensible banks do." that begs the question today, using your words, are you a sensible central banker? >> i believe that i am a sensible central banker. these are v

federal fund rate. but will instead indicate only that it had become appropriate for the committee to consider whether the broader economic outlook would justify such an increase. >> reporter: during the marathon hearing, house republicans repeatedly challenged the new fed chairman on both the cost, $4 trillion fed balance sheet, of quantitative easing, and what now looks like a moving target on interest rates. >> but madam chair, if you reach a threshold and then you ignor the threshold, what good is the forward guidance? >> i have always been in favor of a predictable monetary policy that responds in a systematic way to shifts in economic variables. >> reporter: time and again, the new leader of the fed continued to stress her desire to support the policies of her predecessor, ben bernanke. janet yellen was the chief architect of the current game plan and continues to support that strategy. for "nightly business report," i'm hampton pearson in washington. >>> federal reserve chair janet yellen held the market's attention for nearly all of tuesday's trading session. the more she answered questions in fro

appropriate. one of the things my constituents are asking is how could the federal reserve develop a timetable for rulemaking for insurance companies subject to federal reserve supervision and how would you ensure the federal reserve work with industry and other insurance experts to develop an insurance based capital framework? >> we have been working very hard to understand the special characteristics of insurance. we are purposely taking our time to develop standards so they can be tailored to the needs of the industry. we are consulting with experts in the insurance industry in building our own expertise and we are committed to devising an appropriate regime, we apply to banks and recognize special features. i will say again, the collins amendment is constraining in terms of what we can do in terms of capital and liquidity requirements. >> let me just end by thanking you for being so generous with your time today and having such stellar answers. i am a big fan of when women succeed america succeeds and you are setting the light for women across the nation. thank you. >> the time of the gentlela

the minutes revealed that some policy makers raised the possibility that it might be appropriate to increase the federal. >> the dow jones industrial average lost 89 points, to close a 16,040. the nasdaq composite fell 35 points, to 4237. the s&p 500 index fell 12 points to 1828. >> facebook is expanding their mobile messaging network. the social media giant has agreed to buy what's app in a deal worth $16 billion. facebook will pay $4 billion in cash and 12 billion in stock. the agreement also provides an additional 3 billion in stock grants for what's apps founders and employees. >> shares of tesla motors soared in after-hours trading wednesday, after the company announced better than expected quarterly results. they reported that they are nearly $46 million in the fourth quarter. the electric car maker also promised that it would sell 35,000 vehicles this year. that is a 55% increase from 2013. >> it may be an oscar nominated sale, but the lawyer who says that he was defamed by his portrayal in the wolf of wall street is suing for damages and once the film maker to be taken out of the theaters. andre

appropriate land. >> the legislation is harsh and firm. it is meant to allow the federal government to get things done. >> this is king george iii >> an 18th century land title is defended with 21st century tactics, combining social media with protests. all around are remnants of one family's history and generations of land given to them before the nation existed. >> david and goliath - one man verses the canadian military. it's a compelling story. the government is determined to proceed with an it calls a done deal, whatever frank myers or his supporters may say. >> the international olympic committee is yurgeing russia to -- urging russia to finish building in the mountains in time for the games. despite this, it will be the most expensive games, having gone over budget. it's a different ball game to the vancouver olympics. >> the flames no logger leap from the vancouver cauldron, but the city has tangible reminders in the form of sports stadiums, a rail line to the city's airport, housing and community center. vancouver's olympics cost $6.2 billion, a fraction of what

indicated in december of 2012 is that we would not consider, did not think it would be appropriate to consider raising the federal%. we have followed the guidance. >> i would say this, if i can, there is one thing that the fed says, it is another that markets may hear. my time is running out. i want to cover a little other ground, as well. i think if i have read some of your statements properly, and i do not want to put words in your mouth -- stuart: ladies and gentlemen, i do not understand the question or answer. i think we are off to a bad start. however, deidre boulton is with us. what was that all about? >> eventually, the labor market participation rate. many people just dropping out. i am worried that so many people are just depressed. they cannot find a job and have just given up looking. charles: 6.5% is not the real number. they threw it out there, but it does not matter. stuart: .unemployment rate is not relevant, you are saying. it used to be, now it is not. >> exactly. the fed put down that limit in december 2012. she is saying, to your point, that no longer counts. stuart: why do we have a look at w