the the financial stability board they are saying this list of protected banking cartel members right they call systemically important financial institution in those banks are literally above the law no one from those banks ever goes to jail unless they do things like trade on their own account. right right if they don't act in accordance with the carville's wishes the formal wishes as expressed in immunity agreement only then to the bankers go to jail but the banks now are literally blackstone's criterion for sovereign power the king can do no wrong the banks can do no wrong the cartel is the sovereign you know i've said many times and i'm sure if we think about this that the reason why there's so much hate against countries like russia and china is because they're actually outside of this cartel and these guys look at these countries that thinking we know we're going to keep this ponzi scheme going we need to get them in on this cartel is not a fair statement there's one of two ways look at it and that's certainly one way in other words the bank is the king the banks don't respect g

the financial stability board out of sorts so apple and google or alphabet and facebook they are actually answerable to the governance clauses and corporate governance documents that are according to treaties or bills like d.p.p. and others make them exempt from compliance to the u.s. constitution or the u.s. law so they're exempt from the law if they get in trouble they would deferred prosecution agreement they just preceded which means a that they get no prosecution so the constitution is really no longer in force yes and then this article moves to. a study from competition policy international dot com and what it finds is that the tech boom of the one nine hundred eighty s. and one nine hundred ninety s. rode on a wave of entrepreneurial ism that provided enormous opportunities for millions of americans the current wave is kerik. rise by stagnant productivity consolidation and disparities in wealth not seen since the mobile era as one recent paper demonstrates the super platforms of the so-called big five depress competition squeeze suppliers and drive down earnings much as the monopol

board. stating that there are clearly some change that's can be made without endangering financial stability. the key question censuring that as we continue to refine the system over time, we do so while maintaining the robustresilience of the system. i believe that i'm well qualified to undertake that role as this committee knows, i've had experience over my career with the financial sector from many different points of view. i've been a practicing lawyer, versed in thegranular technicalities of the most complex aspects of the regulatory system, at the other end of the spectrum, i've been investor in small community banks and familiar with the particular benefits and challenges that those institutions face. and i've been a financial regulatory policymaker under two different presidents in two different decades. in fact, my first tour of duty in public service was during a similar period of response after financial crisis arriving in 1991 during the cleanup phase of the savings and loan crisis and facing the insol ven sieve the fdic's insurance fund. while this experience has given me subins

earlier we received the report of the financial stability board that was set up when leaders first mete g20 in 2008 at the height of the financial crisis the financial stability board has as a goal safer, simpler and fairer regulation looking towards what they call dynamic resilience i think there's been good progress made. i'm not sure it's much simpler i think we need to find ways both in this large forum and then bilateral negotiations between the u.s. and europe to talk about ways to lower barriers to financial services and by the way particularly because of dramatic changes like brexit and other events on global economic agenda >> it sounds like a nice plan to have these talks, try to make things happen. but we know how tense some of these relationships have gotten. angela merkel planning on trying to make a big deal about the united states pulling out of the paris accord with messages like that being sent how much do you think will actually get accomplished here >> another great question. i think the real key thing on the g20 and other multilateral forums is to move away from rhe

>> i think, and mark carney said it as stepping down as the chairman financial stability board. ut into the global banking system and the shadow banking system has made the global financial system itself considerably safer than 2008. i think we are much less likely to see something occurring within the guts of the financial system. what worries me is not, the financial system itself, but the indebtedness of the economy because although we made the financial system itself better ,apitalized and more resilient if you look at the total amount of debt across the world, public and private together, emerging markets and developed markets as a percent of gdp, it is higher than it has ever been. to me, that is the fundamental vulnerability of the global economy even though i think financial crises themselves like september 20th 2008 are less likely. francine: are you worried there has been a massive overhaul that led to massive deleveraging by the banks which means a lot of the assets are in the less controlled or less monitored price indices? a shift awaywas from the banks. part of that

the puerto rico oversight management and economic stability act, or" promesa," which means "promise" in spanish. the law gave a financial oversight boardveto power over puerto rico's budget and provided a process to restructure the debt. did you realize what you were getting yourself into? >> i did not. >> reporter: jose carrion, who runs a large insurance brokerage in san juan, chairs the appointed seven member board. >> the budget was unbalanced by around $3-billion dollars. so we had to begin getting our fiscal affairs in order, and that entailed difficult decisions as to, you know, major spending. >> reporter: those difficult decisions included cuts to pension payments for retired government workers, reducing spending on healthcare, closing 179 public schools and reducing the government workforce. since 2013, nearly 30,000 government workers have lost their jobs. roxana perez had worked as an administrative assistant for the police department in carolina, a town outside of san juan. >> ( translated ): i love serving my country. >> reporter: she's now looking for a new job, but it's not easy. the unemployment rate in puerto rico is

financial stability. >> thank you. it's good to see you again, chair yellen. i want to follow-up on the letter i sent you last month urging the fed to remove the wells fargo board members who served during the fake accounts scandal. youpreciate the response sent me earlier this week with technologies that you have legal authority to remove these board members. and that confirms that you are willing to use that authority if it is warranted. that's the question i want to get at today. how could removal of these board members not be warranted given the facts that we already know? showed8 financial crisis the big banks had completely inadequate risk management systems. and after the crash the fed is established tough new rules for risk management. rules imposed higher risk management standards on bigger and more complex institutions which means that wells fargo by law had to meet a very high standard. out. lay this the wells fargo board of directors is ultimately responsible for risk management at the bank. is that right? >> that is their responsibility. >> good. so the board is responsible and here is what they are responsible for under the fed's own regulations.

board of governors speaking about housing finance. >> some of what jay does as governor is visible to the public serving on open market committee and giving talks on the economy and financial stability. as i know from my own days from the fed, a lot of what jay and other fed governors do is behind the scenes and not very visible to the public including all the administrative work of running the federal reserve board and overseeing the federal reserve system which is a big job even when the board is fully staffed. of course there are currently three vacant seats on the board. jay tells me is chairing four of the seven internal board committees. he is looking for relief act in the form of new governors to fill vacancies. before joining the fed jay had distinguished career in investment banking and private equity world including as partner at the carlyle group from 1997 to 2005. jay's interest in housing finance goes back a long way, at least as far back as his service in the treasury department in the early 1990s. in preparing for this event i came across a transscript of his confirmation hearing in 1990 to become assistant treasury secretary for domestic finance. i thought it was sig

financial stability. >> thank you, chair. >> thank you. senator warren. >> good to see you again. i want to follow up on the letter i sent you last month urging the fed to remove the wells fargo board members who served during the bank's account scandal and i appreciate the response you sent me earlier this week which acknowledges that you have legal authority to remove these board members and confirms that you are willing to use that authority if it is warranted and that is a question i want to get at today. how could removal of these board members not the warranted given the facts that we already know, the 2008 financial crisis showed that the big banks had completely inadequate risk management systems and after the crash the fed established tough's for risk management, those rules imposed higher risk management standards on bigger and more complex institutions which means wells fargo by law had to meet a very high standard. let's lay this out. the wells fargo board of directors is ultimately responsible for risk management, is that right? >> that is their responsibility. >> the board is responsible and here is what they are responsible for under the fed's own regulations. making

financial stability. >> thank you. senator warren. >> thank you. it's good to see you again. i want to follow up on a letter i sent you last month urging the fed to remove the wells fargo board members who served during the banks fake accounts handle. i appreciate the response you sent me earlier this week which acknowledges that you have legal authority to remove these board members and that confirms that you are willing to use that authority foreign to. that's a question i want to get it today. how could removal of these board members not be warranted given the fact that we already know. the 2008 financial crisis showed that the big banks had completely inadequate risk management system. after the crash the fed established tough rules for risk management they imposed higher standards on bigger and more complex institutions which means wells fargo, by law had to meet a very high standard. >> so the board is responsible and here's what they're responsible for under the fed's own regulation. making sure their quote processes and systems to integrate risk management with management goals and its compensation structure. and, making sure their quote processes and systems to ensu