mr. elmendorf when he leaves office. >> is mr. elmendorf leaping, saying? -- leaving, saying? >> that is a good question. the situation is more confusing because he came in on an unexpired term when he started in 2000 and nine -- 2009. my guess is that he would not stay for a while. elmendorf is a democratic appointee. i'm sure the house want their own person there. >> i did a story about this and i had republican sources close to tom price, who is likely to be the house budget chairman, because paul ryan is moving on to ways and means, likely, indicating he would likely keep elmendorf. and the reason i think people were saying that is if they try to present a very conservative budget they want a neutral referee judging it. like the idea that they would install a handpicked referee and then do the budget might give the budget less credibility. he could possibly day -- stay on but it does remain to be seen. >> thank you very much for your time, appreciate it. >> thanks. >> tomorrow night, a debate between bill nye, the science guy and awe for ken happen on the theory of

mr. elmendorf when he leaves office. >> is mr. elmendorf leaping, saying? >>leaving, that is a good question. the situation is more confusing because he came in on an unexpired term when he started in 2000 and nine -- 2009. my guess is that he would not stay for a while. elmendorf is a democratic appointee. i'm sure the house want their own person there. story about this and i had republican sources close to tom price, who is likely to be the house budget chairman, because paul ryan is moving on to ways and means, likely, indicating he would likely keep elmendorf. and jeff sessions, who would likely be the check -- these -- the chairman of the senate budget also like elmendorf. i think the reason is if they present anserve -- conservative budget, they want a neutral referee. i think there's the possibility he could be allowed to stay on. >> thank you both very much for your time. q&a, our guest is robert a katzman, chief judge of the u.s. circuit court of appeals. ,e talked about his new book "judging statutes," which explores his views about how they shoul

mr. chairman. dr. elmendorf, mr. scire and mr. gratacos, i probably butchered two out of three games. i apologize for the. dr. elmendorf, i assiduously enough over the years i know not to butchered that. but i hear all of your issues and agree 100% with the issues relative to the banks accounting risk, chief risk officer having other responsibilities and a number of other factors. i would mention the discussion draft which are released earlier today contains attempts at least to do with all of those issues. i think i agree and believe that the bank is not properly accounting for risk and that if there is a reauthorization that is something we need to do. during the remaining of my time, mr. hochberg, like to ask a few questions about some things. you actually requested an increase in the authorization of the bank even though the authorizations are doing as you stated the private sector is back in the game and the authorizations are down to what they were in the bank a few years. why would you want an increase in authorization? >> congressman, thank you for your comments and interest in

mr. elmendorf said. >> guest: we haven't gotten to that point and that's why the fed thinks that they can leave interest rates at zero for another year or so because what they call economics lack would be productive capacity meaning idle workers but still want to work can find a job and so that gap between the current 6.2% unemployment rate and then maybe 5.2 to 5.3 would be considered normal and healthy. but until you start tightening the gap wages won't pick up because it will continue to be the on employers market. >> guest: the median wages for the average american's have been pretty much for the better part of the last three decades and that is a major problem for the economy. >> host: federal reserve and the economy for "the wall street journal" thanks for your time. >> when the americans come out west they want the black vote and the crow, they want to turn them into christian farmers and sitting bull isn't about to bend over and scratch and claw at the ground with a whole to try to make a living. and crazy horse isn't going to surrender his pony and look it up to a plow. they are