with our commitment to protect the integrity of the financial system cities diligence and filing suspicious activity reports with the us department of the treasury when appropriate given the confidential nature of these reports we did not comment on will confirm any particular report transaction now some argue that these words are not convince and given that the us government especially has been pushing banks to reform for years now they've been fining them millions of dollars they've been threatening them with criminal charges so the fencing files show how these bikes just transaction off to transactions have been violating those promises of good behavior and really given this leak is also thought to be just the tip of the iceberg and account for a point 2 percent of the total reports filed you know we all remember how painful how damaging the 2008 crash was we all hoped that that would somehow trigger change but really this latest leak you know the internationality of it the number of banks involved the astonishing the psalms the source of some of that cash really unfortunately is testament to how when it comes to money no matter how dirty it

our commitment to protect the integrity of the financial system cities diligence and filing suspicious activity reports with the u.s. department of the treasury when appropriate given the confidential nature of these reports we did not comment on or confirm any particular report transaction now some argue that these words are not convinced and given that the u.s. government especially has been pushing banks to reform for years now they've been fining them millions of dollars they've been threatening them with criminal charges so the fence and files show how these bikes just transaction off to transactions been violating those promises of good behavior. how does the way that we globe to my head lunch reported by us to you thank you for watching this program here in moscow this sunday it's kevin 0 in on the rest of the morning team wishing you a great rest of the weekend. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation whole community. are you going the right way or are you being led. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. o

of the financial system. city is diligent in filing suspicious activity reports with the u.s. department of the treasury when appropriate given the confidential nature of these reports we do not comment on or confirm any particular report or transaction now some argue that these words are not convinced and given that the u.s. government especially has been pushing banks to reform for years now they've been fining them millions of dollars they've been threatening them with criminal charges so the fence some files show how these banks just transaction after transactions have been violating all of those promises of good behavior well that's the way the way it looks in the headlines reported by us to you if you want to know what's happening right now check it out see the systems at the moment at 28 minutes past moscow time this sunday kevin 0 inciting off for me and the rest that we wish you a great rest of the week. birdsall and it. will feel good but so. look every does that mean. you're searching for the remote if you did. you fear of. god so. can a. lot of you believe that there can. be different in. th

with our commitment to protect the integrity of the financial system citi is diligent in filing suspicious activity reports with the u.s. department of the treasury when appropriate given the confidential nature of these reports we do not comment on or confirm any particular report transaction. now some would say that these words ring hollow when we think that the u.s. government especially has been pushing for banks to reform 3 years fine in the millions threatening criminal charges but the finance and files show that these banks just transaction after transaction violated all those promises of good behavior especially when it's thought that this is just the tip of the iceberg and these leaks account for just point nort 2 percent of the total you know i think we all remember how damaging how painful the 2008 crash was we hoped that change and banks would come but really this may to sleet the internationality of it the psalms mention of peace of these sums and also of course the number of banks involved really unfortunate is testament to how when it comes to money no matter how it is often nor and morality is just left at the wayside and we might

of the financial system. cities diligence and filing suspicious activity reports with the u.s. department of the treasury when appropriate given the confidential nature of these reports we do not comment on or confirm any particular reports or transaction now some argue that these was not convinced and given that the u.s. government especially has been pushing banks to reform for years now they've been fining them millions of dollars they've been threatening them with criminal charges so the fence and file show how these banks just transaction off to transactions being violating all of those promises of good behavior you know that song news rough for the week so far flung so watching wherever you didn't have a great weekend. join me every 1st week on the alex simon short and i'll be speaking to get a feel of the world of politics or business i'm show business i'll see you then. always be polite never engage with a negative a good or confrontational. don't get into any conversation or start answering questions just ask for an attorney. tara geishas. definitely don't want to. jump. you're more likely to wa

of the financial system. citi is diligent in filing suspicious activity reports with the u.s. department of the treasury when appropriate given the confidential nature of these reports we do not comment on or confirm any particular report or transaction now some argue that these words are not convincing given that the u.s. government especially has been pushing banks to reform 3 years now they've been fining them millions of dollars they've been threatening them with criminal charges so the defense in files show how these banks just transaction after transactions have been violating all of those promises of good behavior. and that's the way the way gloves in the headlines as reported by us to you thanks ever so much for watching this program here in moscow this early sunday morning as kevin i was starting off unnerves with the morning team wishing you a great rest of this week. it's sort of amazing country with so many friends in russia and i'm very excited to be here. i love that idea i think i can do. different eyes to make a lot of money with the same millions and hundreds of me. here is the nice wha

this hearing is entitled "oversight of the treasury department's and the federal reserve's pandemic response." this hearing is the committee's second quarterly hearing required by the cares act for oversight of the various facilities and programs under the act. i now recognize myself for 4 minutes to give an opening statement. so welcome back chair powell and secretary mnuchin. since you last testified before this committee in june the coronavirus crisis has continued to have a catastrophic impact on communities across the country. nearly 200,000 people in the united states have lost their lives to the coronavirus, and there have been over 6.8 million cases. millions of families are struggling to make ends meet during this crisis and are on the verge of eviction. over a million small businesses which are the lifeblood of our economy has shut their doors. as families across the country are looking to washington for leadership. the trump administration has utterly failed in its economic response to this virus. with 32% of renters unable to make their full september rent payment at the beginnin

of at least 10%. they've drawn down $550 million today. what does the treasury department get for this? 10% of american airlines if american borrows about $9 billion, the treasury department will get americ$900 million if you're keeping score, american is now sitting on more than $42 billion in debt >> the stocking is moving higher in the after hours session >> it remains to be seen if they will need to borrow but the fact that they have said we may need to borrow another $2 billion in addition to that $5.5 billion, it's clear they realize they're in for a rough six months here you will not see a big increase in passengers. that means it's going to be tougher to get back to break even. >> a crazy low price target on this, it was $1 or $2 price target on american it is known as the weakest balance sheet out of all the airlines this is the one to worry about if you want to go into the best balance sheet, it's delta or luv. i'm in southwest because i think that the domestic airlines are going to return quicker than international travel but we have seen a flurry of positive headlines coming

the covid-19 theemic had turned financial real estate market upside down. byjune, i was joined representative taylor in over 100 of our colleagues requesting the department of the treasury and the federal reserve set up economic support to bridge deficiencies facing commercial real estate created by the unforeseen crisis. believe the federal reserve has the ability to bridge the gap to various facilities to have many benefits survive economic disruption. reservey, the federal released an update on the main street lending program stating that conditions were not -- to allow financial assistance. would you care to comment on that for me? let me say chair powell and i agree with you that the commercial real estate market has an issue. i want to clarify, when people talk about asset based lending, they traditionally do not include real estate in that. the real estate market is its own market. that would not necessarily be part of an asset based program. there are structural problems. some people in the house tried to work on a proposal of preferred equity so it could be going below the existing or -- chair powell and i will continue to work on this. it is an issue we do not

of the deal? i will ask monica crowley from the treasury department. e's next. >>> the founders and owners of the first black owned stock exchange explain why they made it happen and explain its benefits. we'll be right back. charles: from stimulus to shutdown washington, refusing to get its act together on another coronavirus relief bill and now, well the government shutdown possibly looms. the congress and white house poised to start talks next week, this week actually. joining me assistant secretary for public affairs, monica crowley. great seeing you. your boss steve mnuchin says there won't be a shutdown. how does he make this happen because the politics seems to be frothy right now? >> great to be back, charles, always nice to see you. secretary mnuchin has been speaking to speaker pelosi about a variety of things, particularly the continuing resolution. they hope to get that done by the end of this week. they hope to do a clean cr to make sure the government does not shut down. charles: i want to ask you about the white house reviewing the oracle

common cause on legislation that meets the present needs of america's families and communities that are hurting from this crisis. second, the treasury departmentust improve its implementation of relief programs passed by congress. so far, the administration has prioritized big businesses over small businesses and the american workers that congress intended to protect. the administration needs to refocus the paycheck protection program, payroll support for the airline industry and other relief programs to ensure that they are preserving jobs, not lining the pockets of wealthy executives. third, treasury must improve oversight and accountability to ensure that taxpayers' dollars are not squandered. today the select committee is releasing a staff report raising serious concerns about potential waste, fraud and abuse in the paycheck protection program. based on an analysis of the treasurer data, the subcommittee identified more than 10,000 loans to companies that received multiple ppp loans, a violation of the program's terms. thousands of other loans were awarded to companies that were ineligible for the program or had red flags indicating potent

well aware, one of our first people scheduled for interviews, patrick conlin who is part of the treasury department and the whole purpose of this is due for him to describe the process of unmasking. i personally do not feel another briefing is required at all. said motion is in order to postpone and is not debatable. so clerk called the role. [roll call] [roll call] [roll call] [roll call] mr. chairman of the vote of those present it is 38, the vote by proxy and the motion is not agreed to. >> so there's no further debate. >> mr. chairman of lemoore. smacks senator peters. >> for each of your investigations, i move that the committee publicly release interview transcripts in full at the same time as you release your reports. with all appropriate reductions to protect our national security interests. i certainly believe, and i believe you said earlier that the american people deserve to see the complete record and reach their owns conclusions. so i would like to make that motion. so back at us we discussed that is my full intention. so are in classified sections are potentially objections from attor

transactions it's just the kind of give people give the treasury you know a place to look what's interesting is when contacted by journalist investigating the source files the u.s. treasury department released a statement saying that quote the under oath arise disclosure of sars is a crime that can impact the national security united states compromise law enforcement best to gauge and threaten the safety and security of the institutions individuals who file such reports ameesha i challenge the treasury saying wouldn't the laundering of the illegal money in banks act at the actual crime that these are uncovering isn't that a greater threat to the security of the united states. man alive. the supreme court of the united states lost a giant this past week in justice ruth bader ginsburg a fierce defender of women's rights equality and giving a voice to the voiceless died friday from complications of pancreatic cancer the 87 year old lived a life many of us couldn't even fathom yet her journey reshaped the american consciousness ginsberg made it possible for women to open a bank account without men cosigning ginzburg made it possible for women to gain loans for home ownership without be

of the fed's board of governors in june, 2014. before that, she served as undersecretary of the u.s. departments of the treasury from 2010 to 2013 and counselor of the secretary of treasury in 2009. i had the opportunity to have walked with the governor both at the federal reserve and at the treasury and can say that we are lucky to have someone in these role who brings such remarkable intelligence and dedication to and i also can't resist from mentioning from 2001 to 2008, the governor was here at brookings where she was a vice president and the founding director of the global economy and development program, a program dedicated to addressing global economic challenges that is still going on today. so with that short introduction and our appreciation, i will now turn the zoom mic over to brainard. >> thank you very much, stephanie, for that very kind introduction. it's a pleasure to be at working with you and with david west. it's an honor to also be followed by ben bernanke and janet yellen who pioneered the original statement as well as julie coronado and roberto pearly. and it's a real pleasure to discuss t

how successful they have been but we know from the department of justice indictments, from sanctions that have been issued by the us department of treasurynorth koreans have, over time, been seen to access in the amount of hundreds of millions of dollars over a period of ten or 15 years and the number may be significantly higher, but i think what it really does illustrate is that during the period from 2005—2006 onwards, even up to a few years ago there were holes, vulnerabilities and us financial system that us authorities have really been trying to plug with the cooperation of many of the globalfinancial cooperation of many of the global financial institutions. how does this make you feel about the global financial institutions and the banks in particular? if the bank fails one of these reports cannot then continue, once the report has been submitted, can continue to deal with those clients with artificially knowing who they are? and continue without penalty? yes, great question because in some ways people look at the reports and they say, well, this must be evidence that the banks are dismissing all of this and there is all this infil

transactions to launder dirty money and that is $1.00 of the explosive revelations from the biggest ever leak of documents from the us treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised a bank is said to have transferred a stunning 1.3 trillion dollars in a legal catch and these are accusations that the banks as are all engine history yes these reports are nothing new not for us and not for a regulators either it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. 1000 from then we had 500 stuff employed and the money laundering now it's over 1500 tolls. are in for more on this now i'm joined by alistair wellman in london. 2 decades worth of experience in banking regulation it's good to have you on the program i want to talk about the incentives here for the banks the fees that they make on these transfers i mean the fees they still exist so you really don't have a disincentive to help launder money do you. well it's good to join you 2 i think that the

transactions to launder dirty money that is $1.00 of the explosive revelations from the biggest ever leak of documents from the us treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised your bank is said to have transferred a stunning 1.3 trillion dollars in a legal catch and these are accusations that the bank says are all ancient history yes these reports are nothing new not for us and not for a regulate design it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. 1000 from then we had 500 stuff employed in and the money laundering now it's over 1500 tolls. are in for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on the program i want to talk about the incentives here for the banks the fees that they make on these transfers i mean the fees they still exist so you really don't have a disincentive to help launder money do. well it's good to join you 2 i th

we should point out treasury secretary mnuchin sits on the board of an entity, an agency inside the treasury departmentd cfius, the council of foreign investment in the u.s. so that's where the u.s. could technically hold up this deal. mnuchin, from what i understand, has not made or cfius, that he chairs, has not made that recommendation yet, whether it should be microsoft, oracle or some unknown bidder. i will say this. how this matters in the whole scheme of things, it's very difficult to figure out. obviously the u.s. doesn't like the buyer, president trump could i guess, you know, do an executive order that says no deal. you would think a private company has the ability to pick who it should sell to and i think that's the position from what i understand of tiktok. but we should point out there are two bidders, as you know, that are known, real bidders. one is microsoft, giant tech company, $1.3 trillion balance sheet or market cap. the other is oracle. not a small company but nowhere near the size of microsoft. from what i understand, the bureaucrats, people on the ground that have been going thro

the state department doing its job. this is about the treasury department doing its job. and, yes, our financial services committee, which has done its job, with sanctions. we are very much a part of that sanction regime with the department of treasury. so, please, to my colleagues, do not misunderstand and please don't misconstrue opposition to this particular bill, again, we have no disagreement about the atrocities. we have no disagreement about what is happening on the ground. to the uighurs. and frankly to others. by the way, if this was about others, we'd include others. but it's narrowed down to the uighurs. so, i'm hoping, i'm praying that this isn't just a political ploy to look tough on china, finally. but i hope this is really about helping people. because i know that's why i'm here. so i want to make sure, whether it's a young lady in the philippines who is in sex slavery, or whether it's a uighur in a labor camp, or whether it was my wife's family that was imprisoned by the japanese in internment camps in indonesia, or in the netherlands under the nazis, or whether it was our brothers and sisters who came here involuntarily as slaves, we have to recognize the evil and

trillion or so was actually flagged up by the internal compliance departments of the financial institutions themselves and then the treasury department that looked closely at the reports then decided whether further action needed to be taken. and ultimately we have seen billions of dollars in fines paid by the banks. it's a weak day anyway we have just come off the back of three weeks of lower closes in the r u.s. sessions but specifically to the banks it's so fresh that it's hard to get their head around what the future consequences of this could be in terms of further fines that would weaken already challenged balance sheets. they already said they might have to due with it to the tune of 4 billion to 2020 it's enough just to cause a cautious behavior around this morning which means effectively just walking away if you don't feel that you need to engage with this story. my final comments would be just as we saw before with the panama papers, lots of red faces but it didn't ultimately lead to a whole lot of new jail time and fines. >> it feels in terms of the implications from here and potential ramifications looking thro

anda justice t really high light the spectrum of russian attempts ento continue to inf the election. the treasury department sanctioned a ukraiember of parliament whom it calls an active russianagent. he released videos designed to dispearnlg joe biden and this is an attempt to weaponize divisions inside the u.s., tweeted by president trump and cited by ron johnson. the department of justice charged a russian o masions a russian effort to influence elections and his indictment isf a sign ongoing russian disinformation campaign. that has the same goal as it did in 2016 -- create kiss distrust in the p.s. politicocess and to help president trump. the independent analyst i spoke to today, judy, says all of thif is more prhat russia continues to be interd in tipping the sca while china and iran are more interested ing -term intelligence-gathering operations, and these analysts fear that the director ofnt nationalligence is downplaying the active threat posed by russia to the election by, intead, highlighting the longer-term threat pose bid china. >> woodruff: so much to keep track of. let's talk about that. amn

transactions to launder dirty money and that is $1.00 of the explosive revelations from the biggest ever leak of documents from the u.s. treasury department the details are in thousands of suspicious activity reports which banks have to file with u.s. regulators when red flags are raised a bank is said to have transferred a stunning $1.00 trillion dollars in a legal catch and these are accusations that the bank says are all engine history yes these reports are nothing new not for us not for a regulate design it's all long been dealt with we've taken a good hard look at it all in particular we've been investing very solidly in this area since 2015. 1000 then we had 500 stuff employed in and the money laundering now it's over 1500. are for more on this now i'm joined by alistair wellman in london alistair has decades worth of experience in banking regulation it's good to have you on the program i want to talk about the incentives here for the banks the fees that they make on these transfers i mean the fees they still exist so you really don't have a disincentive to help launder money do. well it's good to join you 2 i think that the point i