fanny: tunisia's s governnt h hs repeatedly s said it doeoes nott to be the gatekeeper for migrants tryingo reach europe. caught in limbo, thousands see trying their luck on the mediterranean as their only option, despite the dangers. phil: this is news from daniel winter now. looking at regions who have looked at protectionism and said no thank you. daniel: it is a massive deal covering nearly a third of the world economy. the eu and japan signed a new trade back to unite around 600 million people in the so-called cars for c cheese deal. here is how it happened. reporter: a grand fanfare for a historic agreement. as the eu and japan sunday world's largest ever trade deal in tokyo. >> today's signature is a landmark moment. it brings together economies that account for a third of the world's gdp and over 600 million people. reporter: the talks got off to a difficult start and took a full four years. but as u.s. president donald trump ratchet up the protectionist rhetoric, the negotiators set about sealing the deal in double quick time. >> there are currently rising concerns about protectio

s, fannie mae and freddie mac. and even as we prong out into the future and having -- project out into the future and having federal bases there where this concrete may have been used, has impacted the people there in a dramatic fashion. as i indicated, nobody knows more about this issue and has studied it more thoroughly than congressman joe courtney from the second congressional district. and at this time i'd like to yield him as much time as he may consume, to explain further the issue of crumbling foundations. the chair: the gentleman yields. the gentleman from connecticut is recognized. mr. courtney: thank you, mr. speaker. and thank you, mr. larson, for yielding. again, for offering this amendment, which has been part of a number of initiatives that we've worked on jointly together to deal with this issue, which again, for the record, just to clarify, what's going on here is at a concrete quarry up in north central connecticut, which had been mining aggregate for foundation and homes, it turned out there was

fannie mae wereut a decade ago. >> even as the cost of materials rise, lumber prizes for one havp risen s after the u.s. imposed those duties on canadian lumber last year andhat has spurred domestic lumber producers to expand production. dian olick is in maine for us tonight. >> in the woods of central main, lumber is moving a lot of logs. cutting lumber day and night as the company's co-president jason b et bros hushgs oue the groundwork. >> in the economy and the housing market. >> and in the value of his commodity. framing lumber shot up 50% in the first half of this year to a record high. as a perfect storm swirled around canadian supply, forest a fire, aportation shortage and new duties imposedn the u.s. >> in 2017 we expect the tariffs to increase b 13 1400 and it's gone way beyond t current impact is $7500. >> a blow to the botto line of home builders and buyers and a boom to u.s. lumber producers. t the duties te in place, that's given us a level of confidence that we didn't have before that we have a level playing field. >> he's putting $20 million into his business, planning to expand producti

fannie and freddie? secretary mnuchin: my strong preference is part of g.s.c. reform that we create a system of competition, that if other people wanted to compete with the g.s.c.'s they could, but obviously that's dependent upon certain changes. mr. ross: and it's your understanding there's plenty of capacity in the market to take some of that, is there not, from the g.s.c.'s? secretary mnuchin: i believe there is. but, again, we need an overall solution to this. mr. ross: and just for guidance, are there any other principles that you think are important that we should be following in order to do an effective g.s.c. reform? secretary mnuchin: again, i've said as part of this, there's either an explicit or implicit guarantee, my preference is if there is a need for that, there's an explicit and the government is paid and taxpayers are compensated. mr. ross: and i think that's reality in government and insurance anymore, unfortunately. as a last backstop is where we're trying to get government to be when it comes to the guaranteeing. as you know, about -- today there is about half as many companies that are going public than they did 20 years ago. in your opinion,

s out of conservatorship. although i oppose this move absent congressional action, i am hopeful that if this were to occur there is no doubt today that fanniend freddie, given their size and role in the housing market, would be regulated as systemically important. o you share this view. mr. powell: the form in which this takes place is up to you. it's not up to us. and i would say i really hope that these institutions would not be systemically important. at some point. i would think when we get -- when you figure out a process where they can be moved off the balance sheet, the idea would be that they would not present ystemic risk, ideally. mr. royce: let me move to another question, chairman powell. earlier this year, there was legislation about requiring certain funds to float the nav. i remember when the federal reserve fund broke the buck in 2008. i remember where i was when that occurred and the massive backstop the u.s. taxpayers provided to restart the entire rket as a result of this and other factors. the fact is that the value of the underlying assets of the products nuct wait. they go up and down. as i said in opposition to the bi