edward lawrence with the president in scotland. edward? reporter: yeah, you know, liz very interesting though, one thing i want to point out what the president did today was he tried to change the debate on inflation by using climate change, and in his address to the climate conference here in scotland, he said that basically , the high gas prices are exactly the reason that we need to put in major investment into alternative sources of energy. the message is shifting now, from the white house, as gas prices and energy prices rise in the u.s.. >> high energy prices only, only reinforce the urgent need to diversify sources, double down on clean energy development , and adapt promising new clean energy technology so we cannot only all the work you know remain overly reliant on one source of power to power our economies and our communities. reporter: still the president admits that fossil fuels will not be removed overnight. he says that the u.s. is commit ting though to being netzero by 2050 so right now triple a says the price of a regular

i want to go back to washington, d.c., to edward lawrence with the highlights. these minutes came out, edward. reporter: it is very interesting, and one of the things we looked at that really jumped out to me, talking about increasing tapering, a number of participants talking about increasing rate of tapering possibly more than 15 billion a month because inflation is much higher than they thought. cpi inflation came out or pce inflation came out at 5% so far as of right now. core as you see, 4.1%. the fed thought that pce inflation would end at 4.2% this year. so they are saying that the fed might cut buying of treasurys and more than 15 billion per month to try to shorten the tapering timeline. a lot of discussion about that, to get ahead of inflation. on inflation participants are saying that it could take longer than previously thought to subside saying that the discussion and the inflation factors are largely transitory but again taking much longer into next year to subside. now the discussion of this all economic activity likely to pick up in the fourth qu

back better is something that will bring down inflation and make good paying jobs, let us get to edward lawrence been right there, following the president every move in scotland joining us live, edward reporter: yeah, it was very interesting, liz, on the jay powell on the fed chairman he said we have some good options meaning multiple options, he's been talking to his economic advisors about that very interesting. the president also believing that this trip here was a success, saying just showing up, shows that the u.s. was leading the world and that could be a response to the pressure he's seeing as to why he came to a climate conference when we have these crisis going on back in the united states, and the president just moments ago touting he's getting aggressive with the oil & gas industry and i want to look at some of the takeaways and show you exactly how the takeaways from this conference and this speaks directly to that and directly to what the president was talking about. the big takeaways the president directing the epa and department of transportation to add regulations forcing oil & g

david: edward lawrence from the white house. reaction from consulting president and ceo doctor kevin campbell. great to see you. let's talk about what's going on in south africa and how it might spread around the world. the wall street journal says there's been a sharp increase in covid-19 hospitalizations in the hotspot in south africa where the real hotspot province over the past couple of weeks. fewer patients are being treated for severe disease now than in previous urges. is the world overreacting and what is happening there? >> i think at this point is prudent to react to the new variance. i think the particular variant what we know right now and we need to learn more, it does not seem to be producing a lot of severe disease but is more transmissible. the other thing to remember, the reason the south african area is a hotspot, the vaccination is less than 10%. i believe it 6%. that makes them much more likely to get this disease and more likely for mutations to spring up because they have no herd immunity. david: the presi

edward lawrence in d.c. e, good to see you edward. >> white house press secretary what the administration is doing right now to fix the issue. oil prices are part of the reason were single largest inflation numbers and 311 years. in fact overall energy prices the trend for the inflation numbers going up. white house press secretary be patient turning this back on republicans pray. >> about wind a number we would cut costs. we have a lot of screaming about inflation willingness to participate in the solution for. >> that is fallen on deaf ears given to investigate if there any gas price gouging which takes time. so far the present is resisted tapping the strategic oil reserves. her more self-inflicted wounds because of the policy fixed income seniors, or working families they are all feeling the pressure. a lot want to try to understand why the one thing i can point them to spin the reckless fiscal policy coming from jill biden and the democrats pray. >> the present is third cabinet meeting of his presidency h

edward lawrence now with more from the white house. reporter: neil, yeah, white house press secretary jen psaki any minute will hold her news conference, no doubt we're going to hear about that build back better package that passed the president very excited about that. we'll also get an update on the president's health here, the president's doctor will not be in the news conference at the white house maybe at some point we'll get an update directly from his doctor so the president this morning just before 9:00 a.m. went into walter reed medical center at 9:00 a.m. eastern time. the white house confirming the president went under anesthesia or is going to go under anesthesia to have airy tone colonoscopy, and the president will transfer power to the vice president and this is legal under the 25th amendment, section 3, a temporary transfer of power until the procedure is done. so the white house says the vice president is working from her office here in the west wing. this is the same transfer of power, by the way, that happened when pr

neil: hillary vaughn at the capitol, now to edward lawrence at the white house, following some intriguingion isn't necessarily a big fan of fossil fuels. edward what's going on here? reporter: yeah very interesting more trouble for the picks, the nominee from the white house to be the comptroller, now new video has surfaced of her saying what many fossil fuel companies feared the administration will try to find a way to cutoff the legal funding, listen to this. >> and thinking about this primary coal and oil & gas industry, a lot of the smaller players are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change. the way we basically get rid of this is we starve them of their sources of capital. reporter: those were also posted on twitter by the american accountability foundation, now the president formally submitted the nomination to the banking committee and so far the white house is standing behind their pick. senator pat toomey the ranking member of the banking committee says omarova has very very radical ideas that show an

okay edward lawrence is going to break it down within washington with more, hey edward it's good to see list this is a good jobs report that beat expectations milk at the top line and number c private sector added 604 jobs the government sector lost 73000 jobs for it in a capitalist market that's exactly what you want to see private companies leading the hiring here. we look inside the numbers though, it rages rows of 4.9% over the past 12 months. on tuesday president biden told americans at a news conference and glascow wages were righties think faster than inflation that simply was not true over the past 12 months. and today he changed his comments at this. >> not only are more americans working, working americans are seeing in their paychecks go up. weekly pay went up and october with an average hourly earnings up almost 5% this year. quick inflation at 5.4% this year. still, leisure and hospitality added back wondered 684,000 jobs. eight-point to percent fewer than in february of 2020. manufacturing is up, trading manufacturing cap and construction is at big bird house minority lead

edward lawrence has more.dent joe biden saying he is doing everything he can to bring down gas prices and turns around and blames the oil and gas industry for the price spike. the latest accusation that consolidation in the industry eliminated competitive pricing. >> the big part americans are facing higher gas prices that oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand, and the smaller supply means higher prices globally, globally for oil. to address these issues i got on the phone with leaders from other countries grappling with this challenge. reporter: awe few weeks ago companies were making too much money, therefore they were gouging. bottom line for the ranking member on the senate energy committee. this is a biden caused disaster. senator john barrasso in a statement to fox business, president biden severely limited or restrictioned access to natural gas resources on federal lands and waters. at urging of activists and environmental acti

elizabeth: edward lawrence thank you so much.ersey. congressman, good to see you. top democrat senator joe manchin taking on biden, saying stop depending on opec to bring down gas prices. bring back the keystone pipeline. this is the first thing biden did. he killed 11,000 jobs. even after the obama state department said okay, it will not add to emissions. keep the key stone. what is going on with manchin going after biden? >> partly survival. i'm sure somewhat what he believes. any american has to feel this is wrong. i would almost appeal to president biden to resurrect any feel of americanism or patriotism that he has because he is destroying our country slowly but surely. it isn't slow but it is fast. what he has done as an energy policy is unbelievably destructive. less than a year ago we were number one, on top of the world and we still could be but he is actually tried to stop the leases and is think about closing another pipeline and probably will. and of course stop the keystone pipeline. so what do you think will happen?

charles: edward lawrence, thank you very much.ng me hudson institute senior fellow rebecca heinrichs. rebecca, what was accomplished during this call? in your mind was there a quote, unquote, winner? >> a little ahead of xi xinping because of the optics, he looked serious, came with a mission, with china getting certain concessions out of president biden. president biden was smiley, toothy in all the images, charles, it was a bad look for the president and then they went into this conversation of course behind closed doors we didn't get to hear but i looked over the readout. i heard the press conference was had with reporters and the president biden did not come off as tough. there was a taiwan back and forth and essentially xi xinping made it clear what he thought was important about taiwan where president biden essentially we can know this, we support a one china policy but of course we have very different understanding about a one china policy. we want taiwan to be autonomous, sovereign and free and a democratic nation and of c

to edward lawrence whose live at the white house, waiting as the drips of the headlines come out of theeeting. reporter: in fact, the president canceled his comments about this meeting because he wanted to spend more time with the ceo 's and they're still continuing. most of those ceo's are here in- person, we have a list of the number of companies here look at this list, ceo of best buy, samsung, mattel, etsy, kroger and in the meeting the president of food lion says that their supply chain has been robust. >> we started with an immense amount of planning to be ready for the business and for customers to be able to buy what they need at our stores and we worked very early with our vendor partners to get clear on our forecast for the business. reporter: she said they worked hard with their vendors to plan ahead and get clear forecasts. now, it has taken time to get the bipartisan infrastructure money out and working. that'll likely be next year sometime. the president, though, still trying to say he can grow the economy. >> early estimates are that black friday sales were up nearly a th

edward lawrence is live from edinburgh, scotland, with more. good to see you.orter: good too see you, liz. president joe biden apologized to the world because former president donald trump pulled out of the paris climate accords. in time of rising gas prices pushing inflation forward a global supply chain or energy shortage, the president is here trying to get countries to spend more in the name of climate change. he is committed the u.s. to going net zero by the year 2050. adding that the historic investment will be made by congress hopefully next week. however, senator joe manchin highlighting the problem late today. >> these are shell games, budget gimmicks that make the real cost of the so-called $1.75 trillion bill estimated to be almost twice that amount, if the full time has run out. if you extended it permanently. and that we have not even spoken about there is a recipe for economic crisis. reporter: so instead of being in the u.s. dealing with inflation or higher gas prices or trying to get his spending plans passed, the president's here making promise

edward lawrence at the white house with more for us. hi, edward. reporter: jackie the administration is trying to solve the problems with the supply chains. at the moment they have an agreement for the port of long beach and los angeles to go to 24/7. they have the last mile, fedex, ups agreeing to increase operations there but the problem still exists. when asked about it the president insinuated the situation is too complex for americans to understand. >> if we were all going out to have lunch together and i said let's ask, whoever is in the next table, no matter how, what restaurant we're in, have them explain the supply chain to us, think they would understand what we're talking about? you can understand why people are upset. whether you have a phd or you're working in a restaurant, it is confusing. reporter: when you look at the data the problem continues to seep into prices with no end in sight. cpi inflation hit 5.4% in september year-over-year. the price of a shipping container from china to los angeles was under $2,000 on august 19th. toda

edward lawrence at the white house with more.eporter: president joe biden signing this bipartisan infrastructure bill into law. it took three months to get to this point when the administration had said this is an immediate need. >> it will turn around in a big way. for example, because of this law next year will be the first year in 20 years american infrastructure investment will grow faster than china's. still. >> reporter: still a new "abc news/washington post poll" shows a problem for the administration. 59% of americans are concerned that the president will do too much to increase the size and role of the american government. 55% of people disapprove how the president is handling the american economy. 39% approve. the white house believes this infrastructure bill will unclog the supply chain and says covid cases are driving inflation. >> the number one thing the president can do is help get covid under control. that is the root cause for inflation and price increases we're seeing for a range of reasons. that is the best ste

edward lawrence is there with the latest. hi, edward. reporter: see how the defense goes. he has no public events on his schedule today. the president vacationing in a billionaire's home in nantucket as rest of us gets ready to fill up the gas tanks to go to the holiday dinners. the president is letting stand the announcement putting out 32 million barrels from the strategic reserve that will be replaced. additional 18 million, 32 million barrels. 18 million barrels already scheduled to be released pulling forward this year will not be replaced. adds up to 2.days of oil for the u.s. he adds, he announced other countries are on board with the release. look what committed here. the united states will release only 1.5 million barrels. india releasing 5 million barrels. south korea and japan agreed to release unspecified amount from oil reserves. chinese spokesperson will release oil based on its own needs. yesterday, energy secretary jennifer granholm could not identify the needs in the u.s. >> how many barrels of oil does the u.s. consume per day? >> i don't have that number

edward lawrence has more. edward. reporter: really interesting and related to all of this in about 15 minutes president joe biden will meet canadian prime minister justin trudeau. he could get an earful from the canadian about the keystone pipeline, canceling that pipeline. it would have been tom trade under usmca between the two countries. the canadians would have seen a bump, the gdp as well as $30 billion in tax revenue. the pipeline would have also added to the oil supply in the midwest and u.s. now americans are seeing gas prices creep up. aaa is saying the average gallon of gas costs $3.41. that is a 61% increase from a year ago. so representative jodey arrington calls the rise in gas prices to this level a self-inflicted wound. >> he has to own this and any leader worth their salt would but i suspect he won't and listen, the ftc, by the way, is responsible for unfair and deceptive practices. they ought to investigate the president for the false claims and the deception to accuse this industry of something that,

thank you very much, edward lawrence at white house. quick correction. i love when my producers get in my ear, pops, you did it again. apparently i referred to the show "cavuto live," which is the weekend show. they're nice bit. neil, it is not weekend, weekday, fbn. remind you they're very, very sweet bit. they're worried is this whole covid thing affecting more than we thought. i apologize for that. welcome to fbn. one of my favorite people here lydia hu following what is happening here certainly on inflation front. it will wallop the thanksgiving table? reporter: pay a lot more for your thanksgiving meal. sorry to break the news. you will pay the items if you can find those staples because the "the wall street journal" is reporting today, supplies of thanksgiving food, household items are 11% lower this time of year than normal. to give you context around that, you remember, neil, when we had bare shelves back in march of 2020 when the pandemic started, had a huge run on the stores. at that time we were 13% down on supplies. we are not far off from th

get the latest right now from edward lawrence in edinburgh with more. edward.r: in fact right now president joe biden is finishing up a meeting about advancing technologies behind the initiatives for clean energy but earlier today he made two big announcements. one of emthat you're referencing there, that was specifically the president directing the epa and department of transportation, regulation on natural gas, oil and gas industry under his presidency. the epa will require companies to cap methane leaks in oil and gas industry a industry seeing a sharp rise in price. >> this isn't something we have to do to protect the environment in the future this is enormous opportunity, enormous opportunity, for all of our nations to create jobs and meeting climate goals a core part of our economic recovery as well. reporter: now republicans are critizing the president for one, that move, specifically, senator capito from west virginia, but also being here in scotland when he could pick any crisis at home including inflation. >> really comes to what the policy of this ad

edward lawrence is at the white house.'t our president press xi on the origins of covid. reporter: it might have been a missed opportunity because covid came up and how the countries can help the world but the origins of covid did not come up and china's role in that. this conversation lasted 3 1/2 hours, discussed a lot of different topics with this. when you take a step back on this conversation, you look at it, the chinese in this, put themselves on a equal level of a superpower as the u.s. now the difference in the two readouts on this call came in taiwan. both sides agreed that they would agree to the one china policy when it comes to taiwan but the readout from the u.s. president says that biden reiterated the status quo. the chinese side says president biden agreed not to support taiwan independence. senator ron johnson on the foreign relations committee, says he is not liking what he heard out of this meeting. listen. >> we have a very weak president. he is just eminating weakness. his actions are weak and weak inv

edward lawrence was in for neil. >> i appreciate it. neil cavuto is off today. and and what you need to do that, americans, the most expensive thanks giving on the record. president biden declaring america is back. retailers ramping up security as the smash and grab, no sign of letting up. live in california with the latest coming up. top story a major selloff underway in the markets. look at the boards, 947 on the dow. as we go to fox news contributor, gary, break this down. i did your reaction to all this. look at the markets. >> i'm a big believer, how things react to the news. i'm a bit worried. always hearing about possibly the covid issue from south africa. a lot of things are getting smoked, the financial, semiconductors, broad-based drop expect for anything to do with benefits from covid. internals were in bad shape on the market and we've been talking about it. the inflation issue, that is getting involved also. defense is making a good offense going into next week. it is supposed to be one of those quiet days after thanksgiving. not so quiet. >> is a p

. >> the markets were up and running edward lawrence was there in the room were biden made the announcement he is joining us live on what happens next in the saga. >> you heard the president wanted the big reasons he said he accepted the fed chairman jay powell for a second term is because of unity and he doesn't want 70 polarizing. the president making the point that we can bring people together and both republicans and democrats like the fed chairman so he wants to keep it. they'll brainard is the right picture vice chair because she works well out of the pandemic. janet yellen was in the rude and she was the main backer for jay powell to keep his job, president biden elevated lael brainard number two in the federal reserve the progressives wanted her to be chairman because they believe she would be more heavy-handed when it comes to bank regulation and climate change in a source familiar with the decision-making tells me that they believe if you talk with democrats and republicans and moderate democrats as well as progressive democrats to come to the selection in both chairman powell and

i'm edward lawrence in for neil cavuto. this is "your world." more on the rush to stores coming up.ks as covid concerns flared up. the dow plunked more than 900 points. it was down 1,000 points. ted wiseburg at seaport securities. ted, was the sell-off justified, you think? >> you know,

edward lawrence reporting live from the white house. hi, edward. >> this is crazy.lame for this. right now justin trudeau just left a meeting with president biden. he talked about the policies like cancelling the keystone pipeline which not only affects the oil supply in the u.s. but affected canada by the jobs. so the latest action to bring down gas prices is a strongly worded letter to the ftc. they're investigating to see if there's price gouging and investigations take time. so gas prices, the blame is on the company. they made more money in 2021. there's no plans to review immediate actions on their regulations in place no, plans to review those, no plans to look at expanding new leases, so to speak, for federal lands and drilling. all of this led to the price of gas. you mentioned in the beginning. the price of gas is $3.41 a gallon average. 61% more than a year ago, which was $2.12 a gallon. the difference between last your and this year is the economy reopened and the head of the american petroleum institute says this administration discouraged investment in

let's go live to the port of baltimore and edward lawrence with more on what we can expect from today'son. >> he's been in a warehouse where he put in the different products that have been to the port of baltimore paper products in the rolloff construction machines for farm and farm equipment. that's what is walking around getting a briefing about what goes through the port. this is a not a sizable port when you talk about the supply chain issue and the volume through the port of los angeles and the port of long beach. the president is close to the white house an hour north, this is easy for the president to get to. the white house is using this as a way to show the president is doing something about supply chain. the products and money that was passed once it will be signed on monday the money that is passed in the bipartisan infrastructure bill will go to raise tunnels. what happened they offload shipping containers on a train it can only stack one high is the tunnels are so low. they will raise the tunnel so they can stack the containers one on top of another and ship them out into t

let's get straight to the white house edward lawrence for the pre-thanksgiving comments on oil and the prices we may soon pay. >> the president trying to show americans that he can take action to lower gas prices as well as help the economy. wages are rising 4%. they never mentioned the word inflation. >> it will take time but before long you should see the price of gas drop were you philip you take. in the longer term we will reduce our reliance on oil as we shift to clean energy. but right now i'll do what needs to be done to reduce the price you pay at the pump. >> the present insane releasing the 50 million barrels of oil from the u.s. the price spike but the house oversight committee representative andy biggs says that we will use about 20 million barrels of oil a day in the u.s. and 50 million barrels gives us two and half days relief. >> this is a desperate administration. it has no answers to this. the answer is exploration drilling, keystone pipeline and let us unleash the american energy sector again but they won't do that. >> the administration saying this is a court needed

edward lawrence of fox business joins us now with the rest of the story. vening, edward. >> good evening, bret. exactly the administration taking credit as saying success for this month's job report as you mentioned 531,000 jobs added back to the economy. the last time the unemployment rate was under 4.6% was 19 months ago. president biden claiming victory here saying that his american rescue plan laid the groundwork for this strong report. and what the president did not mention today is inflation. the latest wage report wages rose 4.9% over the past 12 months. cpi inflation rose 5.4% year over year. the stuff we buy is increasing more than what we earn. on tuesday, in his news conference in glasgow, scotland the president said wages rose faster than inflation. that's simply not true year over year. this is how he phrased it today. >> not only are more americans working, working americans are seeing their paychecks go up. weekly pay went up in october. average hourly earnings up almost 5% this year. >> and in the report there was a big sectors that gained b

[reporters shouting questions] >> trace: edward lawrence and the gas crisis. >> getting used to see theof the president. he's not answering questions in several days. the president's you said, a billionaires home in nantucket as the rest of us not only paying more for thanksgiving dinner by paying more to get to that thanksgiving dinner. the responses to release 50 million barrels of oil into the system. traders are saying it will not have a substantial impact on the oil prices. prices finished up yesterday. republicans are saying that americans will clearly note where the blame lies for the rising gas prices. >> they're the ones that shut down domestic production. they shut down our own pipelines and now they are begging opec to open up production, increase production and lower the gas prices that we are experiencing, all because of the decisions that they've made. >> the white house press secretary still saying that they are going to press opec. >> increasing the supply, something we have asked opec plus member countries to do. we will continue to press them to do. >> "the wall street

neil: edward lawrence, thank you for that.bout rocketing gas prices, kelli is in los angeles with more. >> california just sent an all-time high for gas prices for the second day in a row, over $5 a gallon, that's going to be really tough for consumers people go back to in person and the holiday travel, 468 california is the highest in the country and that's more than a dollar and 20 cents for the national average at $33.42. the record that was sent back, california seen the increases the west is really feeling the pain was prices all above the national average it is important to note that dollar wide, the midwest may not be as high as some of the coastal states but their experience in price inflation the worse. administration being called upon to address it, no action has been taken. >> no president controls the price of gas, oil is slowed. as everybody is coming out of covid there is a huge increase in demand, the supply has not caught up, the president is looking at the limited tools that he has. >> it's important to note t

back to you guys. >> dana: edward lawrence in baltimore. >> bill: that supply crisis coming in time foring low in staples for your dinner table. 60% were out of turkey at the end of last month. 20% had no more cranberry sauce. as for the yams and sweet potatoes and some stores were out of refrigerated pies. >> dana: who doesn't make their own pies? >> bill: do you eat turkey, white or dark meat? >> dana: white always. >> bill: dark meat. cranberry sauce. >> dana: geraldo said the only way to eat cranberries is ocean spray out of a can. >> bill: as a kid i ate a can a day. for thanksgiving you have to go by the berries at the store and pop them and boil them and they're dynamite with sugar on top. yams and sweet potatoes you can have them. >> dana: even with marshmallows on top? >> bill: no. what is your favorite pie? >> dana: this is interesting. i love a cherry pie. >> bill: for thanksgiving? >> dana: everyone makes fun of me. >> bill: i'm not here to make fun. >> dana: you aren't judging me, good. i like cherry pie. >> bill: i go apple and pumpkin for sure. on thanksgiving you have to

a lot of people are talking about that they'd announce it today after the bell, i think edward lawrenceot. >> -- next week. i think that's because they're doing one more gut check and, you know, if you listen to the ceos, and i interviewed four wall street ceos on this, they all say powell by a nose. now, that doesn't mean that the left won't -- because, remember, he is not the favorite of elizabeth warren. that doesn't mean the left is going to get nothing out of this. they probably will get something out of this, and it may be brainard getting the vice chair of the fed so she can push him to be more dovish. obviously, biden will have other, there'll be over selections to the fed. he had, like, i think two retirements, correct? liz: yes. >> so he'll get those. and i think, you know, the progress is will get something. progressives will get something. and, again, this is the like tea leaf reading, no one really knows. they're saying if warren -- who hates powell, thinks he's a tool of wall street because he used to be a banker -- if she was really getting dissed here, you would, you wou

for more on the latest let's go to edward lawrence live at the white house. >> at this point he mightcoin. president joe biden is waiting until the last possible moment to announce who he wants is a federal reserve chairman. earlier this week he said it could be today. the white house press secretary saying they were looking at monday or tuesday of next week but definitely before thanksgiving. democratic source telling us it came down to two choices. current chairman jay powell and current federal reserve governor lael brainard. treasury secretary janet yellen work closely with chairman powell and has supported his work moderate. democrats as well as republicans are backing him. he has a track record of guiding the economy out of a crisis but has been hit with two district presidents resigning after being scrutinized for market trades during the pandemic. loyal brainard is being backed by progressives with elizabeth warren leading the charge. he is also the loan registered democrat sitting on the board of governors and a stronger hand on the financial market should she get the job. fe

we have joining us from the white house edward lawrence.g, so the trouble here for the comptroller of the currency nominee saule omarova is that sort of like peeling back maybe an on i don't know that could reflect -- onion that could reflect on other picks. video surfaced of omarova saying what democrats don't like to say, end the coal industry. for climate change efforts stop the financing of oil companies. she also said she would like them to go bankrupt. she said senator joe manchin is on the democratic side but feels uncomfortable with big spending ideas. the white house still backing the nominee here. white house official telling me saule omarova was eminently qualified and nominated for her lifetime work on financial regulation, in the private sector, government, and leading academic in the field. the white house continues to strongly support her historic nomination. the ranking member of the senate banking committee says omarova has radical ideas against free enterprise. the irony is the administration is taking steps to constrict t

edward lawrence following this back and forth, back and forthright now from the white house. bage a is another, president biden appears to be backtracking a little bit. now saying that families crossing the southern border illegally who were separated from their children deserve some sort of money. the administration, the new argument from this administration is to now blame former president donald trump. >> if in fact because of the outrageous behavior of the last administration, you coming across the border, whether it was legal or illegal, and you lost your child, you lost your child, it's gone, you deserve some kind of compensation no matter what the circumstance. what that will be i have no idea. reporter: so reporting by "the wall street journal" shows that the payments could be as high as $450,000 per person, separated under migration or immigration policies before president biden, now, a family of three who illegally crossed the border could get, if you do the math, could get $1.3 million as a cash payment. republicans can't believe the reversal from the president. ove

i'm edward lawrence in for neil cavuto. this is "your world." more on the rush to stores coming up. first, the rush to get out of stocks as covid concerns flared up. the dow plunked more than 900 points. it was down 1,000 points. ted wiseburg at seaport securities. ted, was the sell-off justified, you think? >> you know, depends. clearly it was a pre-oping headlines that there's this new variant of covid-19 which is apparently very scary. that clearly was the catalyst. a lot of folks have been looking for a sell-off. unfortunately, ed, they never ring a bell or tell us when it's going to happen. there it was a knee jerk reaction to this variant news or a market that was due for a correction. the bottom line is we were down hard today and with very few exceptions, there was no place to hide. >> ted, you feel like there's a buying opportunity with good stocks or you think this might continue into monday? >> well, i think the -- the variant news clearly is very, very serious. we need to pay attention to that. certainly nobody wants to go back where we were in the spring of 2020. i don'

let's get to edward lawrence who's live at the white house with all the chatter that is now hitting the tape. >> reporter: yeah, actually, that meeting is still going on with his cabinet members. the cameras were kicked out. during that meeting the president didn't really address inflation. he talked about it within the bipartisan infrastructure bill saying that that would ease inflation in the long term, not create it. but we are dealing with, as you know, 31-year high in inflation numbers that we're seeing right now. press secretary jen psaki is telling americans to be patient and throwing it back on republicans. listen. >> inflation will come down next year. that is what outside experts are predicting. so we're really talking about how we cut costs in the short term. i've outlined a number of ways we would cut costs. i would note that we don't have partnership from most republicans on that. we hear a lot of screaming about inflation, we don't hear a lot of solution agreements or willingness to participate in the solution. >> reporter: so in that meeting right now, janet yellen, treas

louis fed gave our edward lawrence an interview one on one and he said we need two rate hikes next year. somethings telling him that it's not transitory and we will need to raise rates to tamp down very hot inflation. >> yeah, liz, there's definitely a lot of conversation on the board about that. we know what jerome powell said last week, he doesn't necessarily agree with that and if you just think about that pace, liz. if it takes the fed until the middle of next year to end their tapering, could this squeeze in two hikes right after that, in the back half of the year and liz, as you know and i know there's a mid-term election next year which usually causes a little bit of a black out period. i think that's a very aggressive pace. maybe they get one in by the end of next year but two or three hikes in the back half of next year just seems too aggressive, to us, because the thing that causes inflation to go up will mostly center around reopening the economy earlier this year. it's the supply chain disruption , you can't reopen the economy twice. i think that's one of the things whether

edward lawrence at the white house with more.n the end president biden selected steady hand in his words who guided us out of his pandemic over what is seen as more progressive leadership. if federal reserve chairman jerome powell is confirmed he gets another four years. >> inside of the federal reserve we understand our decisions matter for american families and communities. i strongly share that sense of mission and i'm committed to making those decisions with objectivity and with integrity based on the best available evidence and the longstanding tradition of monetary policy independence. reporter: fed governor lael brainard also if confirmed will get four years. >> confident that by working together we will see a strong recovery for all americans. reporter: a source familiar with the decision from president biden tells me that the president met with progressive and moderate democrats throughout the process. both powell and brainard were told about the decision on friday. >> our country was hemorrhaging jobs last year and ther

we need to get more on this though, edward lawrence joins us live. dakota county technical college where the president will be speaking as you mentioned talking about his bipartisan infrastructure bill, now, this as his administration is dealing with a new variant of covid omicron, which could, according to the federal reserve chairman, increase inflation. it's causing uncertainty and could prolong inflation is what he said. now we're seeing a 31-year high in inflation and there are supply chain issues, now with all of this , president biden wants to move forward with more spending. now, for that democrats have been leaning on senator joe manchin. there was another meeting today, with senate majority leader chuck schumer. as i've said repeatedly, once this necessary work is completed with the parliamentarian, i will bring the president's build back better legislation to the floor, so we capacity as soon as possible, and send it to the president's desk. our goal continues to be to get this done before christmas. reporter: and before christmas, now the

edward lawrence live at the white house following all the action. >> reporter: hi, liz. yeah, we're going to hear from the president any minute now, he'll speak for about 20 minutes here at the white house. thirteen republican house members vote for this and nine republican senators that voted for this bill. there were about three months between the votes from the house and the senate side of this. of all of those republicans who voted, there's only a handful who are actually here in attendance, many of those actually involved in the discussions. you see them on the screen here, negotiating all of this. so most of the senators, again, the white house is saying that this bill will help in the short and long term. listen. >> we are excited about the immediate job-creating potential of this bill, but we're more interested in shovel-worthy projects some of which are going to take some time, and that's by design. this isn't about getting through 2032, this is about true the 2020s and beyond that america is positioned to compete and win in the world economy. >> reporter: and r

. >> let's go to edward lawrence at fox business. >> take you for taking the call, i want to talk about climate change, the federal reserve released a statement they support the efforts to edify key issues on potential solutions for the climate related challenges most relevant to central banks and treasury outcomes. is this coming up on a path to regulate what banks can offer loans on or invested like coal plants or fossil fuels? >> that is not a decision for bank regulators or any agency that is for elected representatives. we feel any role that we have, we do think we have a role in climate change, it relates to our existing mandates and they are really regulation of financial institutions. we expect them to expect them to understand a being in a position to manage the risks. that is physical risk and transition risk for climate and the financial institutions are doing this already and we think that's right within our mandate. there's also financial stability question, the overall stability of the financial system, from that standpoint we can do research and try to help understand wha

edward lawrence at the white house. what is being done?mediate impact. the cpi inflation is up 30% year over year. when you break that down, up 59% coming into the winter, vice president kamala harris trying to empathize with americans that are seeing more with inflation. >> we know from the history of this issue when you see these prices go up it has direct impact on the quality-of-life for all people in the country. it is a priority. >> republicans say there's an easy fix to this, just reverse the policies that constrain oil production, restart the keystone pipeline allowing new leases for drilling on federal land. >> we are more dependent on foreign oil leaving the secretary of state with less cards in their hands. we are empowering russia and giving other people more leverage so it's more than that. it is national security as well. >> the president will be holding his third cabinet meeting of his administration on the agenda, the bipartisan infrastructure bill and how to roll that out, we will see if inflation comes up the meeting. stu

edward lawrence is there. timore? what do you say? reporter: yeah, we're only about an hour from the white house here. he doesn't have to go very far from home. he will be here later on this afternoon. take a look, this is a smaller port as you mentioned but there is work still going on here and the bipartisan infrastructure money here will immediately go to raise the height of train tunnels so containers can be stacked higher as they go through the midwest. brian deece told me, the money will unclog the supply chains but could not give the exact date. this shows the white house is doing something about the supply chains. >> we're moving record amount of goods to our ports to shelves. we understand frustration americans feel when they see backlogs or delayeded goods. today's announcement build on the steps we've already taken to address the supply chain challenges we've seen globally because of that pandemic. reporter: the port backlogs are driving inflation. recent e-commerce adobe study found out of stock mes

for energy attorneys at climate conversation as americans face record gasoline prices ats home edward lawrencen. >>>. >>> scomhoo welcome back. president biden wrapping up european trip at u.n. climate summit in glasgow talking, emissions preserving forest could better energy hours be out there fox business edward lawrence scotland with more. >> president in event for build back better world climate change earlier this morning white house making two announcements as you he referenced one of them to expect a methane leaks on oil and gas wells this will be the most aggressive action through the epa taken against oil and gas industry. in the biden administration, now this will 15 of the top 20 methane emitters in world signs on including u.s. eu mexico, canada. now as we wait to hear from the president again earlier this morning, the president announced that forest investors club to help climate aligned outcome in land sector, listen to this. >> united states is going to lead by example at home. in support other forest, nations developing countries i am confident we can do this all we need to do

edward lawrence joins us. his short-term fix is look to price gouging by gas companies? gas prices. they are investigating if there is any price gouging in the system. it is unclear whether the letter will have a effect own gas. today, gas is $3.41 a gallon. a year ago it was 2.12. it is 61% more for gas. the difference between now and last year the economy is reopening but the administration policies to discourage investment in fossil fuels. >> what we say there, it is midland over moscow. odessa over opec. what the president is saying he wants foreign production. he has and all-out assault through every policy you see. so the american public is not buying any of this rhetoric. it is complete nonsense. reporter: one of the president's first actions was to cancel the keystone pipeline that would carry oil from canada into the u.s. prime minister justin trudeau as mexico's president will be the canadians are not happy. this is why. it would add estimate 2.4 billion to the country's gdp, 30 billion in tax revenue. the bottom line the white house is now acknowledging the ga

edward lawrence at the white house. do we know what led to that decision, edward?le president was talking with, both sides, all sides trying to get their push through this. the president made the announcement for two spots here. has three more seats we can fill on federal reserve, potentially if he would like to. in this he announced federal reserve chairman jerome powell stays the head of the fed. lael brainard, the governor, becomes number two at the fed as vice chairman. the source familiar with the process, the president took, tells me president biden met with progressive and moderate democrats throughout the process. the president recently met with senator elizabeth warren for her input. the source added president biden has been in close and regular contact with senator sherrod brown on the senate banking committee. he is the chairman. powell and brainard were told about the decision last friday, in a statement from the president, biden says this. i'm confident chair powell and dr. brainard focused on prices stable. deliver full employment will make the econom

let's go to the edward lawrence at the white house with more. hey, edward. >> reporter: the administration touting the success now of that jobs report. you saw on your screen, 531,000 jobs added back. the last time the employment rate was 4.6% or less was march of 2020, but one number brushed over was average hourly wages. yes, wages are up 4.9% year-over-year, and that's what the federal reserve wants to see, but they're not outpacing cpi inflation at 5.4% year-over-year. president biden insinuating inflation is a good problem because it shows growth. >> not only are more americans working, working americans are seeing their paychecks go up. weekly pay went up in october and average hourly earnings up almost 5% this year. that's more than some of the lowest -- that's more than some of the lowest paid workers in our country, men and women, who work in restaurants, hotels, entertainment have seen their pay go up 12% this year. >> reporter: so what the president left out of that address is what he told americans this week, that wages are rising fas

edward lawrence is out the white house. so far they are saying it isn't here yet, right? team you referenced saying no, the virus is not in the u.s. yet. however, to confirmed cases in canada of the virus, the head of the cdc saying there may need to be testing closer to international flights, five coming into the united states. it's within two or three days and then coming back to the u.s. so the president is on his way to minnesota. the team is updating us on the omicron variance as we speak. the president will talk to the dakota county technical college which trains workers to talk about bridges and roads and other infrastructure projects the college closed the campus today and pushed all classes virtual because of this visit. students and teachers were hand selected to make the president. he wants to focus on the infrastructure plan and it will help the supply chain issues. the chairman points to that is one of the factors raising inflation. so far the white house is counting his plan, reports to cut 24 -- seven their issues and getting containers on trucks to warehou

edward lawrence is at the white house with the very latest on this. hi, edward. reporter: david, in that release the president is saying he is doing everything he can to get gas prices to come back down. that announcement of 50 million barrels from the strategic petroleum reserve. 32 million of those barrels will be replaced at some time in the future. 18 million of those barrels authorized by congress will be advanced into this year and not be replaced. this action taken mid to late december in coordination with china, india, japan, south korea and the united kingdom. the administration says this will lower prices quickly. backlash starting to grow. in a strongly worded statement the u.s. chamber of commerce says all the administration has done is threaten energy production on federal lands, cancel pipelines and beg saudi arabia and russia for more oil. it is time toe unleash america's full potential to meet the world's energy needs. ranking member on the senate energy committee john barrasso this is a biden-caused disaster, adding tapping the strategic petroleu

ward lawrence in for meehl -- edward lawrence in for neil cavuto.ew fears kicking off of an outbreak putting americans on edge. the president still on vacation in the home of a billionaire in nantucket, massachusetts. let's turn now to jacqui heinrich in that town. we saw the president yesterday, but what's he saying now about the new variant? >> reporter: hey, good morning to you, edward. despite holiday sales that were expected to climb at a record pace this year, national retail federation predicting up to 10.5% the global markets are reeling from the news of this new variant, and yesterday president biden announced travel restrictions from south africa and seven other neighboring countries will be imposed similar to those imposed by the u.k., more than a dozen other countries after they spoke with scientists about how fast new variant was spreading and also whether vaccines are effective against it. the president said the decision to hut down travel from south africa was made out of an abun cannes of caution, but he -- abundance of caution, but