rules our own law allows that so this distinction about the age limit doesn't apply to getting bank board is very clear but they need. i was asked to resign so i resigned and came out of it but that doesn't mean the whole grameen bank subtly became a foreigner to me this is part of my life it's part of me it's a part of my family so i feel i belong to the greenbank family were there and i'm in a position of decision making or executive position or i'm not but this is my baby and i work together of people who work there is a part of my team but we always work together since is the very day it was born when he was a little infant we not surely in helping to grow any grown nationwide than a grammy no idea has a spread all over the world i still go around do that in that position has not change the relationship or structure so you're somewhat of a senior consultant to the bank now without really having a real power in meddling in its affairs right. well i will not sit this word sounds very commercial might english is not a commercial relationship i would just defend i would say i'm a friend a

hundred billion dollar development bank board in israel the result of the brics summit underway the new financial institution plans to challenge the west economic monopoly to the benefit of the five emerging economies artie's paul scott has more from the summit. well russian president vladimir putin going to meet with the leaders of believe you a year ago i and venezuela for example amongst many others that these countries their populations equate to around four hundred million people if you combine that with the three billion people represented by the five brics countries then president vladimir putin has met with the ladies representing on behalf of the world's population on his latin america tour it all started the breathless two on friday with a visit to cuba he then of course went with an unannounced visit to nicaragua before stopping off in argentina and then finally in brazil brics summit in forty leza hosted by brazilian president dilma rousseff who you may remember was a victim of n.s.a. surveillance as revealed by edward snowden around twelve months ago now ever since then she

each of the district banks has its own board of directors which are made up of bankers. here was one single national currency which was originally called federal reserve banknotes. those are banked by one of the district banks and originally redeemable only in gold. frank said this was the plan that was started on jekyll island. there are a lot of differences. i think if they had not started with what they did on jekyll island, who knows where we would have been. the intent was from jekyll island, they had no intent, but the 12 were to act as one central bank. i would also like to end with a counterargument for people who feel the founders gave the american public know say in what happened to their money. this is far from what frank wanted. he thought bankers were basically an honest group who knew collectively what was best when dealing with the intricacies of finance that most politicians did not. but he did want the public involved. he said, a great corporation -- i think this is such a great quote to counter a lot of what happens today. "a great corporation carrying o

i welcome the appointment of the community bank or board. great deal to the work that we do and i've worked with community of thinkers like a governor or the community bank supervisors mike then governor raskin and seeing how that experience may contribute to our work so i am very positive on the idea of having a community bank or appointed to the board. there are several governorships they have many different needs i think if we were to sit down and make a list of all of the kinds of expertise that is needed and useful there would be more than seven items on that list and i would prefer to see appointments made in light of the priorities including for the community bank or rather then for the indefinite future walking in and earmarking the particular seats for particular purposes. i feel that as a road that can go further in the duration that would worry me if we are earmarking we could end up earmarking each seat for a particular kind of expertise and i think a greater flexibility needs to change over time but that is no way to diminish my

. >> reporter: few homes along the outer banks are boarded up. one of the biggest concerns, coastal flooding. hurricane arthur could bring dangerous storm surges, up to five feet. beaches today were surprisingly busy, despite the miserable memories of irene three years ago. what is a native's decision? >> stay. >> why do you say that so confidently? it could be a category two. >> it's fun. it won't be that bad. >> should we go or should we stay? >> you don't know who to ask? >> i don't. >> reporter: emergency officials say too many vacationers here are not paying attention and could be trapped by ridesing water. >> if you encounter high water, turn around. there's a simple mantra there, don't drown, turn around. >> this family from connecticut say their reunion this week is all about celebrating july 4th. their beach escape cost the two dozen family members $12,000. >> hey, arthur, game on. which is a little bit of fun but what are you really doing? >> they didn't tell us to evacuate so we're going to try to ride this storm out and see how it goe

officialsf government on the central bank board and the frequency of contacts between the executive andank, do you agree or disagree with the characterization? >> i see the federal reserve independence. creature of congress and we have a responsibility to report to congress. you used the term executive branch. summersd the term larry used in the paper the -- paper, yes. >> ready to congress about our conduct of monetary policy in the economy. >> let me ask you. well-established. i'm under the impression you are semired to appear on a annual basis. is it true there is a meeting between you and the secretary of treasury question mark >> many weeks -- treasury? >> many weeks. matters of mutual concern, but, completely independent from the executive branch. >> speaking of mutual concern and dependents, i am not interested in a transcript of a private luncheon, but would you be willing to report to the committee on the matters of mutual concern that were discussed and any agreements between the treasury and the federal reserve? >> i am not willing to report in regular basis in private conver

board with individuals bringing balanced viewpoints. the president should nominate someone with community bank experience to the board to fill at least one of the remaining vacancies. community banks play an important role in their local economies and face a disproportionate burden from our existing regulations. we should ensure that the perspective of these banks is represented in policy making. that's why this -- what this amendment does, and i encourage my colleagues to support it. thank you, mr. president. mr. vitter: mr. president? the presiding officer: the senator from louisiana. mr. vitter: just one final wrap-up issue, i'd like unanimous consent to submit for the record a letter of support for this amendment from icba, the independent community bankers of america. the presiding officer: without objection. mr. vitter: thank you, mr. president. mr. coburn: mr. president? the presiding officer: the senator from oklahoma. mr. coburn: i'd ask unanimous consent that the pending amendment be set aside and my amendment number 3549 be called up. the presiding officer: without objection. the clerk will reportmenthe cle. the clerk: the sen

bank. >> off board this morning, searching for nan in his 40's, thrown from a both late last night. coast guards said another man was able to get to shore after their boat hit a jetty. >> us secretary of state john kerrly visit cairo today in an effort to get israel and hamas militants to observe a previous trues. now, you are looking live at gaza right now. more than 500 people have been killed in two weeks from fighting there. >> phillies will use metal detectors starting tonight to screen fans entering through the right field gate at citizens bank park. next season all stadiums will use metaling detectors at all gates. >>> coming up on a 53:67:89 traffic and weather together. good day for a ballgame, kate? >> not bad day at all for ballgame. temperatures right about where they should be for the time of year even couple of degrees below normal which is where they've been for the past couple of days, temps feeling comfy if you are ready to head out the door, may even grab light jacket, especially north and west suburbs, poconos right now, 56 allentown, 62 in trenton, 61 atlantic ci

petroleum of government officials on the central bank board and the frequency of contacts between the executive and the bank. do you agree or disagree with his characterization of federal reserve independence? >> i see federal reserve independence -- of course, i mean we are a creature of congress. we have responsibility to report to congress, and you use the term executive branch, i any in the material. >> i use the term that larry summers used in his paper, yes. >> so i see us as needing to report regularly to congress about our conduct of monetary policy in the economy. >> let me ask you this question, chair yellen. i think it's well established -- i'm under the impression again you're required to appear before our committee and senate banking on a semiannual basis. is it true that there's a weekly meeting between you and the secretary of treasury? >> many weeks. >> most weeks. >> many weeks we get together and confer about matters of mutual concern, but we're completely independent from the executive branch -- >> speak being of matters of mutual concern and independence, i'm certa

board with individuals bringing balanced viewpoints. again, i say that the president should nominate someone with community bank experience to the board to fill one of the remaining vacancies. community banks play an important role in their local economies and face a disproportionate burden from regulation. we should ensure that the perspective of those banks is represented in regulatory policy making. today's hearing is another important opportunity to discuss monetary policy and financial regulatory policy. since our last hearing with chair yellen, the fed has continued to reduce the pace of its large scale asset purchases known as quantitative easing or qp. it has been a welcome development to see that under the chair's direction. this process of tapering has begun and now we will likely be able to see all qp purchases cease later this year. i have consistently made my opposition to the policy of qe very clear. the quadrupling of the size of the fed's balance sheet that has occurred as a result of the fed's qe purchases of treasury and mortgage-backed securities is worrysome. these qe assets will remain on the fed's balance sheet for

to you that certainly, sympathize with a lot of what you said today and i served on a community bank board for a decade and in charlotte, where i live, we've had a number of consolidations. bank that just could not address the continued requirements and obligations, costs compliance issues, and it's been bad for consumers and bad for the banking system. mr. carfang i would like to get a little more insight to what your said. the banks are focusing on those outside of the regulatory cross hairs. can you elaborate on that some? >> sure. banks are afraid of making mistakes in this environment and so they are looking for the customers that are the -- >> mr. carfang can you put the microphone closer? >> seem and/ory, excuse me. banks are looking for customers to provide stable deposits. companies with seasonal activity are actually finding themselves at a disadvantage in actually funding a bang to take their deposits. banks are not responsible in addition to know your customer, they're not responsible to know your customer's customer. and that extension is getting a lot of banks out of the corr

the role of the officials on the central bank board and frequency of contacts between the executive andk. do you agree or disagree with his characterization of federal reserve independence? >> i see federal reserve independence -- of course, we are a creature of congress. we have a responsibility to report to congress and you use the term "executive branch," i think in the material? >> well, i used the term that larry summers used in the paper, yes. >> so i see us ased needing to report regularly to congress about our conduct of monetary policy in the economy. >> let me ask you this question, chair yellen. i think it is well established, under the impression, again, required to appear before our committee and senate banking on a semiannual basis. is it true there's a weekly meeting between you and the secretary of treasury? >> many weeks -- i mean, it's not -- >> most weeks? >> it's not every week, but many weeks we get together and confer about matters of mutual concern, but we're completely independent from the executive branch in the context of policy. >> speaking of mutual concern a

board with individuals bringing balanced viewpoints. again, i say that the president should nominate someone with community bank experience to the board to fill one of the remaining vacancies. community banks play an important role in their local economies and face a disproportionate burden from regulation. we should ensure that the perspective of those banks is represented in regulatory policy making. today's hearing is another important opportunity to discuss monetary policy and financial regulatory policy. since our last hearing with chair yellen, the fed has continued to reduce the pace of its large scale asset purchases known as quantitative easing or qp. it has been a welcome development to see that under the chair's direction. this process of tapering has begun and now we will likely be able to see all qp purchases cease later this year. i have consistently made my opposition to the policy of qe very clear. the quadrupling of the size of the fed's balance sheet that has occurred as a result of the fed's qe purchases of treasury and mortgage-backed securities is worrysome. these qe assets will remain on the fed's balance sheet for

bank. he plans to replace the board and executives after profit dropped 97%. last year the bank was tainted by the arrest of a clerk. >> the art of the deal. it is back for the first time since 2007. the values of mergers and acquisitions topped $900 billion. the expectation is that there is more to come, possibly much more. here to talk to us is the m&a catalyst. he is the senior manager director. he could be mistaken for a millennial. i don't think so. good morning. >> it is nice to see you. >> let's talk about the m&a business. it is hot. some people are drawing comparisons to 2007. >> i think the comparison is 2000 and one. the most interesting time in 14 of 15 years. you've also got a couple more characteristics. prices,only have share you also have much more muscular boards today than you had 15 years ago. 25 yearss today have more m&a experience. boards are willing to make hostile deals. they're willing to deal robustly. >> does that make the transaction better? >> boards are much savvier and more astute. you have the greek chorus of the activist in the

that is not in any way to diminish my support for seeing a community bank or appointed to the board. >> we look forward to this community bank experience being more forcefully put on the board through this legislation. so we will agree on that and look forward to it. madam chair, we have talked a lot over your various visits about too big to fail. it is a concern of mine and other members of the committee on both sides of the aisle. what i've personally heard is your agreeing with that general concern but i have not really seen that translate into concrete policy move to curb and change the continuation of too big to fail. you were last before us on february 27. what if any specific policy changes, initiatives, movement ha has the fed or other regulators taken to curb and end too big to fail? >> so we have finalized our basel iii capital requirements that significantly increase the quality and quantity of capital in the banking system. even before we did that through we have worksts, to ensure that especially the largest and most systemic institutions have th abilitye to not only surv

bank. that's a board meeting. and it just he couldn't figure that out. there's not a great appreciation for privately owned banks in this country, but ladies and gentlemen, there are about probably 5,500 or more privately owned banks in this country and a huge portion of those are owned like mine by one single family and they are sort of under the radar. you don't even see them but they are there. i am tasked with talking about the future of community banking. those of you that have prescribed to the big bang theory if there is another big bang sometimes you hear people say the only thing that will survive the next big bang or the roaches. well actually two things well, the roaches into the community banks. they will both survive. community policymakers, regulators, presidents have been trying to do away with community banks for 200 years, and they just keep surviving. they just won't go away. and if you really delve down into the history of the currency act, one of the objectives was to have a national banking system. no state banking system. they though

board with individuals bringing balanced viewpoints. again, i say that the president should nominate someone with community bank experience to the board to fill one of the remaining vacancies. community banks play an important role in their local economies and face a disproportionate burden from regulation. we should ensure that the perspective of those banks is represented in regulatory policy making. today's hearing is another important opportunity to discuss monetary policy and financial regulatory policy. since our last hearing with chair yellen, the fed has continued to reduce the pace of its large scale asset purchases known as quantitative easing or qp. it has been a welcome development to see that under the chair's direction. this process of tapering has begun and now we will likely be able to see all qp purchases cease later this year. i have consistently made my opposition to the policy of qe very clear. the quadrupling of the size of the fed's balance sheet that has occurred as a result of the fed's qe purchases of treasury and mortgage-backed securities is worrysome. these qe assets will remain on the fed's balance sheet for

members of the bank of japan's policy board met over two days. they decided unanimously to keep buying billions of dollars of assets every month. they are trying to get more money flowing through the economy. consumers across the country rushed to buy things before the sales tax went up three months ago. the policymakers noted a dent afterward in consumer demand but they have seen improvements in employment and income and they say personal consumption has been resilient. they said business investment is also rising moderately along with corporate profits. board members have set an inflation target of 2%. but they kept their price forecasts unchanged from three months ago. they project inflation will reach 1.3% during this business year. 1.9% during the next. and 2.1% in fiscal 2016. those figures do not include the effects of the tax hike. >>> on to the markets now. investors in asia seem to be encouraged by recent global stock rallies. some shied away from aggressive trading though turning their attention to federal reserve chair janet yellen's

way to diminish my support for seeing a community banker appointed to the board. >> well, we look forward to this community bank experience being more forcefully put on the board through this legislation so we'll agree on that and look forward to it. madam chair, we have talked a lot over your various visits about too big to fail. it's a concern of mine and other members of the committee on both sides of the aisle. what i have personally heard is your agreeing with that general concern, but i have not really seen that translate into concrete policy moves to curb and change the continuation of too big to fail. that's my opinion. so in that context, you were last before us on february 27th. what if any specific policy changes, initiatives, movement, has the fed or other regulators taken to curb and help end too big to fail? >> so we have finalized our basel 3 capital requirements that significantly increase the quality and quantity of capital in the banking system. even before we did that through our stress tests, we have worked to ensure that especially the largest and most systemic institutions have the ability

. >> i set at a board member of a bank and still represent a number of clients that are, i guess, holdovers from my company in new york. >> ron worked in investment banking and was head of corporate finance at his firm. in 1996 melinda gave birth to their son reece. ron loved being a father and a weekend baseball coach. then in february 1989, three-year-old reese developed what seemed like a flu. >> he started having some respiratory problems. and he would have a real hard time catching his breath. he'd -- and we thought golly, maybe he's exercising too much or something. >> the symptoms lingered. one month later reese seemed to be getting worse, not better. >> initially we thought maybe it is because reese is in preschool, in nursery school and you know how kids just -- they constantly just contaminate one another with a little bug or virus. >> doctors could find nothing wrong. tests were inconclusive. when he was taking for allergy tests, those too were negative. soon reese's problems moved from respiratory to neurological. reese who had learned his abcs from a-z suddenly couldn't get pas

bank. i serve on the board of the federal home loan bank of boston where he is our chairman. by the way the federal home loan inc. of boston is cosponsoring the reception after this event so i hope as many of you as possible will hang around for that. it is all yours. >> thank you. >> thank you, professor. you've been called worse, i know. exactly, exactly. we've got a great distinguished panel this afternoon to talk about issues affecting banks in the future. their bios are in your package. we will not spend a lot of time on fees, although kam and i both served his agency heads of state government, decided we would go back to settle some old scores, issued the subpoenas and then come back. >> absolutely. >> sec, president and ceo of the acpa, china bank knows what it is like to work in a bank. kerry and shaw petrou is of measuring analytics at the forefront of most banking analytical questions on the last iowa say how many decades. i'll leave that to her. i go back further than you, but you sir we are at the front line. also we have the honorable sharon bowles of the europea

of governors will be from russia the first chair of the board of directors will be from brazil and the banks.

community banking experience on the fed board. is that correct? >> yes, i would. >> and it's fair to say that your role has expanded traditionally. and with dodd-frank, you've had an increased role, correct? >> yes. >> and is it almost fair to say there's an almost unwritten third mandate to protect the country from systemic risk? >> i think that's fair to say. but for the federal reserve, it doesn't necessarily apply to monetary policy. >> and talking about that. you have to monetary policy side. and you also have the regulatory side. and on the good government side for us, we get concerned not about the blackout period during the foc meetings. we get concerned in congress when you take that blockout period when we talk about the regulatory side. you use the argument for that -- >> we have no blackout period that applies to anything other than monetary policy and the economy. with respect to supervision and regulation, there is no blackout period. it's conceivable that you asked someone to testify, i don't know what specifically you have in mind

bank. they'll announce the board and top executives. >>> hedge funder found not guilty of conspiracy to commit insider trading. it's the first defeat for the united states attorney in manhattan who has been moving aggressively in insider trading and hedge fund conspiracy and won 85 conspiracies. >>> up next, baby boomers are going back to their rooms. how the economy is forcing adult children to move back in with mom and dad. >> i'm in a position where i defend on my mother so i can have a roof over my head because i can't even get a job. >> we'll examine the living arrangement many boomers never dreamed about. plus there is a brand new job title for some new workers in seattle, and the rest of washington state bud tender. we'll look at day one of the state's legal marijuana sales. >> now inroducing, the new al jazeea america mobile news app. get our exclusive in depth, reporting when you want it. a global perspective wherever you are. the major headlines in context. mashable says... you'll never miss the latest news >> they will continue looking for suvivors... >> the potential for energy pro

central bank told them to hold a board meeting yesterday to a point a chief officer earlier than planned. the biggest shareholder in the bank proposed new executives after the july 28 board meeting. the parent company missed some .ayments on short-term debt boeing is working on a modification to fit more seats into the 737 narrowbody aircraft model. they are seeking to pack as many customers as possible on short haul flights. they will seek as many as 200 in a single cabin. they are vying to squeeze more people. client such as ryanair seek lower costs per plane. welcome back. more peoplee hyde. in planes? >> we're dreading it. takeow we are all going to it. >> you were on easy jet coming over here. >> i said that was off the record like there is jean in your coffee. in your coffee. >> there is just caffeine in my cup. >> in the uk's surveillance legislation was said to be in parliament. they will give you greater grip on personal communications. automakers say they are just existing legislation. overseas companies fail to comply with surveillance warnings, the new law would confirm the a

place here in london at four at the financial times and charles goodhart used to serve on the board of the bank of england and so he's talking about quantitative easing is causing market rigging that this is the central bank's rigging in the markets but he also mentioned here straws goodheart talking to the financial journalist in my call ha ha ha he said and this rigging by the central banks leads to other rigging goodheart ads citing the allegations of four x. rate fixing again but people are just sick of it this is a way to alienate people into lose friends to lose market participants to lose faith to lose trust so what we have then but nothing right every single central bank of the world's been co-opted by the federal reserve bank bank of japan the bank of england the other major ones they now want the european central bank which let's face it is the old bundy's bank the old german central bank to expand their balance sheet go to quantitative easing and they're going to say no we're not it's about a fact why don't we just take over your economy and don't want to just bring in the fourth rei

of governors will be from russia the first chair of the board of directors will be from brazil and the bank's first president will be from india while the african regional center will be in south africa now the brics also announced the signing of a treaty for the establishment of a reserve fund for membrane nations called the contingent reserve arrangement or c.r.a. with an initial initial size of one hundred billion dollars emergency reserve fund will help developing nations avoid quote short term liquidity pressures promote further brics cooperation strengthen the global financial safety net and complement existing international arrangements artie's paul scott is covering the summit from for two days of brazil and has a full report from day two paul. this is going to be initially worth around fifty billion u.s. dollars with each country h. putting in around ten billion each now is seen as a rival an alternative to the international monetary fund and to the world bank which the brics nations and russia in particular fail are too western centric and in particular to washington centric so new

bank. they'll announce the board and top executives. >>> hedge funder found not guilty of conspiracy to commit insider trading. it's the first defeat for the united states attorney in manhattan who has been moving aggressively in insider trading and hedge fund conspiracy and won 85 conspiracies. >>> up next, baby boomers are going back to their rooms. how the economy is forcing adult children to move back in with mom and dad. >> i'm in a position where i defend on my mother so i can have a roof over my head because i can't even get a job. >> we'll examine the living arrangement many boomers never dreamed about. plus there is a brand new job title for some new workers in seattle, and the rest of washington state bud tender. we'll look at day one of the state's legal marijuana sales. >> on tech know, imagine getting the chance to view the world. >> the brain is re-learning how it sees again >> after decades in the dark, >> i couldn't get around on my own >> a miraculous bionic eye... >> i'm seeing flashes >> great >> tech know, every saturday go where science meets humanity. >> this is some of t

way to diminish my support for seeing a community banker appointed to the board. >> well, we look forward to this community banking more forcefully put on the board through this legislation, so we'll agree on that and look forward to it. madam chair, we've talked a lot over your various visits about too big to fail. it's a concern of mine and other members of the committee on both sides of the aisle. what i personally heard is you're agreeing with that general concern, but i have not really seen that translate into concrete policy moves to curve and change continuation of too big to fail. that's any opinion. in that context, you were last before us on february 27. what, if any, specific policy changes, initiatives, movement has the fed or other regulators taken to curve and help end too big to fail? >> so, we have finalized our bazal three requirements that is significant for quality of banking system, and before we did that in the stress tests, we worked to ensure that the largest and most systemic institutions have the ability to sort of not only survive a very adverse stress to the system, but also to lend a

barclays and world bank of scotland already have this on the drawing board they're going to charge you to keep money in the bank or you can or you can have a solar project or a wind project where you get a check for five to six percent a year so the average british person so no i don't want the income mate i want the government to steal my money i mean there's a nation of pedophiles but this has gone too far i think it is extend to everyone's day to day existence they don't feel comfortable if they're getting raped by the government that's the bottom line it certainly feels that way yes i think that one of the biggest problems we have is a media problem because it's all well and good saying about the chilean fund i bumped into that by going on twitter and then i met the chap i thought was a brilliant idea and a brilliant project and so i was sold a century they're doing some great work however we don't as the average british public don't get to hear about that we get the b.b.c. and i.t.v. and everyone else just cramming down our throats that shale gas is going to be good for us it's a