. >> staff is recommending termination of the afl-cio housing investment trust. as you know, yields in interest rates are very low. so this centerpiece of this recommendation are a couple of things. one is, our required rate of return is 7.4%. we know if we don't hit that over the next 10 and 20 years, our shortfall of our assets relative to our liabilities, which is $3 billion which will grow between $10 and $20 billion. we conveyed that to the board last month. we have a required rate of return of 7.4. as you'll see on page two, this strategy returned over 2% the last five years and a little under 3.5 the last ten. returns, absolute returns, are one. relative returns versus a benchmark and that's more diversified. the third is liquidity considerations. as we've indicated for the last several years, we're building out of barbelled approach to credit of having a liquid credit strategy that we can call capital in a matter of days when we have liquid capital calls. and then there's a part of the liquid credit portfolio. that's the treasure portfolio. the liquid is

we have five groups on the list, equity advent a qr is a strategy and three is oak tree, afl-cio andnow pemco. we have comments and updates in the memo. we are pleased to answer any questions. >> who is the longest? >> oak tree. >> sflcio is that what we did last time? >> correct. >> how long have they been on the watch list. >> oak tree were placed on the second quarter of 2016. i will comment if you like. a fl was placed second quarter of 2017. >> did you get all the information you needed from board members? i know people had concerns. >> we received a set of questions from one board members and we welcome any others. >> i have one question about advent. i know they are a conservative convertible debt manager. this new normal for the last many years. the other parts of the report i see there are sharp numbers and the ranking. i am wondering we are risk takers how strong is this manager for us? are we looking for other sources? >> it is a fair question. the question you are asking we have asked among staff and we haven't come to any conclusions. it what is the role of convertible s

and i think it's very important to many of the folks in afl-cio. it was a housing investment trust account. $50 million. that money is taken after the fund invests with the housing investment trust and is used to build affordable housing and 100% union construction projects. we've done about nine of these in the city. one of which is just down the street. 20% of those units are affordable. and this is a wonderful fund that we invest in. without getting into too much of the weeds, there is an obligation that was set by the retirement fund to meet the 7.4% return, which was reduced to 7.3. this particular account is more, if you will, like more of a savings account. it doesn't return that level of investment, but it does better than our treasuries and it's something that is important. it's more of a safe account. we've made the decision over the last number of years to move almost $800 million out of those pools and this particular fund is one that we get a double purpose with. we make money for our retirees, but we also have the ability to invest in

chamber of commerce, the afl-cio, by bicyclists, it is badly needed and long overdue. it is a case of stepping up and doing it. we fought to be able to bring this forward in congress. my republican friends refused for eight years to even have a hearing on how we finance infrastructure. in those eight years, 35 states have put together bipartisan proposals to deal with infrastructure finance. i think it is past time to move forward. i hope that we do it. it is not just dealing with the fuel tax increase. there are areas that i have legislation that would deal with private activity bonds, with a water trust fund, passenger facility charges for airports. there are a wide range of things that are not intentionally controversial that would enable us to meet the goal the president and the democrats share of $2 trillion invested in our infrastructure. david: it sounds like it is almost about to be done -- what is keeping it from being done? rep. blumenauer: there is an awful lot on the agenda with congress and this administration. the president keeps going off on tangents and

i distinctly remember being at an afl-cio dinner back in 2016 where everybody was talking about how traumana and you can trust this guy. i'd bring this up to say that joe biden is mentioning trump-like 44 times or something like this in iowa. if he wants -- if joe biden is going to actually be to donald trump, he has to be about something more than just being against donald trump. particularly because he has couched himself as a person that is the most electable. and why is that? because he can appeal to those voters. if you insult the -- >> melissa: but he can't. there was this interesting focus group that went on in pennsylvania, and they were talking to folks that they thought were going to -- who voted for president obama, then voted for president trump, and they want to know if you are now going back to biden. one thing they found was that many of these voters felt biden portrayal of the nasa video was a complete lie. in the words of one participant. that's a direct quote. and they thought it's what he might have trouble in this area. he's trying to say, "i am morally superior to the

afl-cio. international union of operating engineers. national electrical contractors association. new america. international union of painters and allied trades. laborers. union of north america. vote no on this eafment i yield back. the chair: the gentlelady yields back. the question is on the amendment offered by the gentleman from arkansas. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it. mr. cloud: madam chair. the chair: for what purpose does the gentleman from texas seek recognition? mr. cloud: i request a recorded -- a recorded vote. the chair: i hear your request and pursuant to clause 6 of rule 18 further proceedings on the amendment offered by the gentleman from arkansas will be postponed. it is now in order to consider amendment number 39 printed in art b of house report 116-109. for what purpose does the gentlelady from massachusetts seek recognition? ms. pressley: i rise as designee of the -- the chair: do you have an amendment at the desk? ms. pressley: i have an amendment at the desk. the chair: the clerk will designate the a

23 year flight attendant and international president of the association of flight attendants cwa, afl - cio, representing nearly 50,000 of aviation's first responders at 20 airlines, i am here today because the public looks to flight attendants when it comes to aviation safety. aviation's first responders and last line of defense of a more public contact and interaction than any other profession within aviation. the public trusts us to look out for their interests. we are all here today because 346 lives were lost on an air flight 610 an ethiopian flight 302. this hearing room has many people in and who have lost loved ones due to tragedy in aviation. you can see the faces, feel the warmth of their smiles, and try with all her strength to carry on without them. some days we do this with more success than others. but we also know with certainty, that if there is anything at all that we could have done to prevent their lives being cut short, we would do it. this reality is inescapable. we know that aviation safety and security is written in the blood, and we must ensure the sacrifice is to we

host: part of a discussion with afl-cio president richard trumka.janus, on his allegation that your case was solicited by justice alito. it sounds that you have heard that before. guest: that is the most absurd, wrong, erroneous comment. i have never been solicited by justice alito, never solicited by anybody to bring this case. i brought this case on my own because i felt my personal first amendment rights were being infringed on, you know, by the union forcing me to pay a fee i did not want to pay. they never asked me if i wanted to pay it. and the fact that i felt like i was not being represented correctly by the union at the time when i was working for state government. ka to make that kind of decision, so blatantly false, and error. the absurdity of the comment itself speaks for itself. is talkingtrumka about corporate interest, but this is not about corporations versus unions. this is about the government versus government unions. that is an important distinction from even the prior caller, mentioning why doesn't mark moved to a right to work

now, recently we had a representative from afl-cio talk about certain recommendations such as having an independent labor secretary moore specification when it comes to acceptable work conditions and requirements to crops when there's worker violence as well as protections for recruited migrant workers. some of those workers who come to my district and help our agriculture industry. and so i guess what you said earlier you talked about the congressman, when he talked or you said you don't believe that changing the text of the agreement is necessary. and that you would work with the working group as you mentioned and come up with the conclusion of how to proceed. i guess moving beyond that, should those changes be requested that require additional commitments from our trading partners and not just to her own domestic implementation of legislation, are you willing to take those proposals to canada and mexico, update the labor annex, or possibly do as i do? how do you want to go about it after something is to agree to here? >> first of all congressman, thank you for your comments, i app