and the federal reserve bank of new york has appointed the next president he is economist john williams who currently has a scent francisco federal reserve bank where he's worked for nearly a quarter of a century mr williams is seen as an ally of new federal reserve chairman jay powell the new york federal reserve is the most important show and largest holder of assets of all of the twelve regional federal reserve banks the current new york fed chair bill dudley will leave in mid june when mr williams replaces him. and last month the co-founder of whatsapp brian acton expressed astonishment by tweeting it's time to hashtag delete facebook whatsapp has more than a billion users now however we learned that whatsapp which is actually owned by the parent facebook has a similar design flaw to facebook which places you to user data in peril whatsapp claims that they protect your messages photos. videos voice message documents and calls and they are all secured from falling into the wrong hands however when using what's app group chat user data can be harvested by anyone in the group including

and the federal reserve bank of new york has appointed the next president he is economist john williams who currently has a scent francisco federal reserve bank where he's worked for nearly a quarter of a century mr williams is seen as an ally of new federal reserve chairman jay powell the new york federal reserve is the most in pool actual and largest holder of assets of all of the twelve regional federal reserve banks the current new york fed chair bill dudley will leave in mid june when mr williams replaces him. and last month the co-founder of whatsapp brian acton expressed astonishment by tweeting it's time to hashtag delete facebook whatsapp has more than a billion users now however we learned that whatsapp which is actually owned by the parent facebook has a similar design flaw to facebook which places you to user data in peril whatsapp claims that they protect your messages photos videos voice messages documents and calls and they are all secured from falling into the wrong and however when using what's app group chat user data can be harvested by any. one in the group including

you coming this afternoon and listening to our guest president bill dudley of the new york federal reserve bank in new york, the preeminent central bank in the world. the fed sets monetary policy, an important tool in combatting inflation or deflation and is an important policy maker for employment issues. the federal reserve and the new york federal reserve bank were critical players during the 2007-2008 financial crisis. the try -- managed the crisis and took the extraordinary measures necessary to prevent the shutdown of the global financial markets. with the passage of the dodd-frank act, another member, the federal reserve has taken on a larger role both in terms of bank regulation supervision as well as the regulation of systemic risk. it comes as no surprise to anybody in this room that the chamber has at times had quibbles with the fed and other banking agencies in terms of regulatory process. a little over two years ago we issued a federal reserve reform agenda and have held extensive meetings with the fed on that subject and i think we've made some progress. but make no mistake, the c

worth of debt oh is it financial engineering and financial part time who will bail out the federal reserve bank oh it'll be a bill in that's right all of our savings will be given to the new federal reserve chairman because otherwise there would be a humanitarian crisis we need to avoid any humanitarian crisis so another story. to put into this context of workers' hourly wages not increasing and i'm not seeing any benefit to the tax cuts but the tax cuts will add to the deficit and the national that in a big way but here's another story out from truth in accounting and they're looking at the us if they had to provide accounting like all other humans and corporations and and tities do and that is u.s. government spending may exceed sixty percent of g.d.p. us federal government spending is expected to bloat to over four point seven trillion dollars during fiscal two thousand and twenty according to congressional budget office data released this week however aggressive accounting may be hiding a far worse situation total spending by the trumpet ministration this fiscal year may be more than double

worth of debt oh is it financial engineering and financial part time who will bail out the federal reserve bank oh it'll be a bill in that's right all of our savings will be given to the new federal reserve chairman because otherwise there would be a humanitarian crisis we need to avoid any humanitarian crisis so another story. to put into this context of workers' hourly wages not increasing and i'm not seeing any benefit to the tax cuts but the tax cuts will add to the deficit and the national that in a big way but here's another story out from truth in accounting and they're looking at the us if they had to provide accounting like all other humans and corporations and and tities do and that is u.s. government spending may exceed sixty percent of g.d.p. u.s. federal government spending is expected to bloat to over four point seven trillion dollars during fiscal two thousand and twenty according to congressional budget office data released this week however aggressive accounting may be hiding a far worse situation total spending by the trumpet ministration this fiscal year may be more than doub

dollars of debt oh is it financial engineering and financial part time who will bail out the federal reserve bank oh it'll be a bill in that's right all her savings will be given to the new federal reserve chairman because otherwise there would be a humanitarian crisis we need to avoid any humanitarian crisis so another story to put into this context of workers' hourly wages not increasing and i'm not seeing any benefit to the tax cuts but the tax cuts will add to the deficit and the national that in a big way but here's another story out from truth in accounting and they're looking at the us if they had to provide accounting like all other humans and corporations and and tities do and that is u.s. government spending may exceed sixty percent of g.d.p. us federal government spending is expected to bloat to over four point seven trillion dollars during fiscal two thousand and twenty according to congressional budget office data released this week however aggressive accounting may be hiding a far worse situation total spending by the trumpet ministration this fiscal year may be more than double wha

. >> federal reserve bank of cleveland president loretta mess ler stoke about monetary policy and the economy at princeton university of recently. she expressed optimism about the overall health of the u.s. economy and talked about how monetary policy seeks to achieve financial stability. ? >> thank you for that kind introduction. i'm glad to be able to speak today. it was nice getting off the did i keepy to come to princeton today. i took the train from philadelphia. very kbreft walking on campus. there's been a lot of changes, a lot of new buildings on campus, although i was kind of annoyed because there were signs

mari is week, federal reserve bank of dallas ceo told me he thinks a total of three interest rate increases are important this year. two additional hikes in 2018. he said while growth will be strong this year it will begin to moderate going forward. >> the dallas fed we're estimating u.s. growth two and a half, two and three-quarters%. infortunately we think growth will moderate next year and we think by 2020 we'll be down to 1.75% to 2%. >>> and th>>> warning that momel slow in 2020. my next guest is casually optimistic but 2019 but said the next rescission could begin in 2019 and the risk of a market selloff greater than 20% is high in 2019. dan niles is with me now to talk more about that. great to see you. >> great to see you too. maria: so much to talk about, in particular aboutface boo about d technology. let's talk about the broader market and the economy. you think things are going to turn possibly recession nair in 2019. >> as you get toward 2019 and you have the positives for this year, like central banks stimulus starting to reverse. that could be an issue. there's a slide i gave

charts that he provides as well and this is the rising assets of the central banks the top one being the united states federal reserve and then you had the bank of japan and the e.c.b. in the united states most of the equity markets most of the stock markets are held by the top twenty percent and most of that by the top ten percent and even more by the top one percent and you see this is the fed's balance sheet with the s. and p. five hundred so they go up in lockstep and those closest to the money those closest to the fed those who get to go and meet fed executives and bureaucrats at two in the morning well they seem to benefit the most upstream downstream you know an ancient world if you lived upstream yet of better off than two because all the all the garbage and everything flows downstream and. in the financial world if you live in proximity to where the money's being printed the cotillion effect is meaning that you get first use of that money and then compounds at a rate unique to you you get a compound rate of return based on first use and time is on your side your downstream time is working against you because

banks. to 4293 would fix the test strengthen a financial institution's planning. this improves the federal reserve stress testing processes mandated by the dodd-frank act by selecting bank holding companies to conduct internal company run stress tests once a year rather than semi annually. i want to thank, again, mr. zeldin, for sponsoring this, as always, a bipartisan piece of legislation. important to note, if we are going to reduce regulations and burdensome fees and procedures on companies, it has to be across all sectors, not just one. i think this legislation shows that and shows the sponsor's willingness to do that and i thank him and i urge all of my colleagues on both sides of the aisle to support this legislation and i yield the balance of my time. thank you. the speaker pro tempore: the gentleman from texas reserves. the gentlewoman from california is recognized. ms. waters: thank you very much, mr. speaker and members. i'd like to share with you communications workers memorandum to us, a letter to us, rather, on h.r. 4293, and they state that h.r. 4293 would undermine the effectiveness

equity groups on wall street financed by the super cheap good tilling in effect money from the federal reserve bank now here we are eight nine years later and those folks can't hold on to their properties anymore because of the cotillion effect the value of money has debased been debased and they're experiencing loss of quality of life and own loss of purchasing power and now they're going to be booted out again so they lost their home twice once because of wall street mismanagement and twice because of wall street mismanagement and of course the groups like blackstone which own a lot of the private homes that they were able to access their relationships with the fed and the treasury to get fannie mae freddie mac's sort of big deals on buying a vast amounts of property that were defaulted on and you know foreclosed homes but in this mobile home market you have warm buffett is one of the largest if not the largest owner of mobile homes in america and you have the hurricanes this huge amount of hurricanes this past year harvey irma maria so a lot of people have lost their mobile homes and at the same

federal reserve bank of are new york says steel tariffs are likely to cost more jobs than they save. >> another issue for macron. >>> breaking news. >> royal baby news. kate middleton has been admitted to a london hospital in the early stages of labor. they are expecting their third child. the pababy will be fifth in lin to the throne. harry would be sixth. the top six are considered the core royal family. >> i just trust all your royal news. >> i listen to max foster. we will stay on the subject. >>>gaagain. this time killing dozens as they v register to vote. >>> and details on the russian journalist's death. did he get too close to the truth? that's ahead. >>> 4:16 eastern time. 57 people killed by a suicide bomber at the voter registration center in kabul. more than 100 injured and five children among the dead. the bomber was on foot when he detonated explosives at the gate of the election center. isis is claiming responsibility. this is the most serious an attack to date against afghan president and is expected to have a parliament election in october. >>> calling for an investi

named the president of the federal reserve bank. he is a voting member of the f1 see this year.t that's march meeting, he envisioned as few as two and as many as four rate hikes in 2018. he sat down this week for an exquisite conversation with michael mckee. >> i do think that there was an initial expectation about inflation at the beginning of this year that got priced in. we have backed off that a little bit. i think some of it is priced in but also i think the markets are doing the same thing we are, trying to wait and see what the numbers come in at and the dynamics around it to see were inflation is. >> the headline was already at 1.8%. posted we get to or go over 2%? how will i would you be want to go over 2% and have fun russian mark >> i think as you said, the train is going in the right direction. i think we would hit 2% sometime in the next quarter or two, i am at the 2% to some amount 2.2 or 2.3. i do think that is a crisis of overheating necessarily. i think it is also important to say take a stance that everyone understands the 2% level is an average and not a feeli

the federal reserve bank of new york says those steel privileta are likely to cost more jobs than save. >> the tariffs always issue with macron and donald trump. >>> breaking overnight. the duchess of cambridge admitted to the hospital in labor with another royal baby on the way. we go live to london for the latest next. we have got a problem. a few problems actually. we've got aging roadways, aging power grids, ...aging everything. we also have the age-old problem of bias in the workplace. really... never heard of it. the question is... who's going to fix all of this? an actor? probably not. but you know who can solve it? business. because solving big problems is what business does best. so let's take on the wage gap, the opportunity gap, the achievement gap. whatever the problem, business can help. and i know who can help them do it. jeff and market volatility into retirement. isn't top of mind. that's because they have a shield annuity from brighthouse financial, which allows them to take advantage of growth opportunities in up markets, while maintaining a level of protection in dow

so far, that's entirely unclear. >> neel kashkari, minneapolis federal reserve bank president in the of minnesota. back to you guys in the great state of o new jersey. >> gentlemen, thank you very much >>> still ahead, apple shares taking down. the trading nation team will take a look ahead and a home explosion caught on a police dash cam watch this well, i guess not yet. wait wait for it. there you go we'll have more. we'll show it to you again and xtain. ne with this level of intelligence... it's a supercomputer. with this grade of protection... it's a fortress. and with this standard of luxury... it's an oasis. the 2018 e-class. it's everything you need it to be... and more. lease the e300 for $569 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. >>> quick check of the markets your stocks are lower for a third day as tech and consumer staples weigh financials the only sector in the green right now, but by barely, the dow is down more than 200 points loss of 0.8% s&p down by 22 and the nasdaq composite taking the biggest hit. some names on the move, t

raphael bostic was named president of the federal reserve bank of atlanta last june.er of the fomc this year. after the fed's march meeting, he envisioned as few as two and as many as four rate hikes in 2018. he sat down this week for an exclusive conversation with michael mckee. ♪ >> i do think that there was an initial expectation about inflation at the beginning of this year that got priced in. we have kind of backed off that a little bit. i think some of it is priced in, but i think also the markets are doing the same thing we are, trying to wait and see what the numbers come in at and the dynamics around it to make an assessment about where inflation is. >> the pce headline last month was already at 1.8%. how soon do we get to or go over 2%? how far over 2% would you be willing to go, and for how long? >> i think as you said, the trend is going in the right direction. i think we would hit 2% sometime in the next quarter or two. i am actually very comfortable going above the 2% to some amount, 2.2% or 2.3%. i do think that is a crisis of overheating necessarily. a

. >> federal reserve bank of cleveland president loretta mess ler stoke about monetary policy and the economy at princeton university of recently. she expressed optimism about the overall health of the u.s. economy and talked about how monetary policy seeks to achieve financial stability. ? >> thank you for that kind introduction. i'm glad to be able to speak today. it was nice getting off the did i keepy to come to princeton today. i took the train from philadelphia. very kbreft walking on campus. there's been a lot of changes, a lot of new buildings on campus, although i was kind of annoyed because there were signs that said the art of happiness. i thought no one's going to be in the audience here. the art of happiness versus economic monetary policy, but luckily that's tomorrow. anyway, one thing that hasn't changed on campus as i was walking up, there's an energy on campus, a lot of people walking around. i think there were students with their parents prospective students on campus today. i enjoyed being back here and seeing the campus again. and seeing the students and seeing you

the summit was d to be in chicago because of the riots in the country over the top 1% and federal reserve banks being the protest. it was the international intrigue of the photo wind up at camp david side-by-side and that is at a five-star hotel, it is a bunch of cabins. >> basic amenities, but nothing fancy. very surreal. they wanted to make sure they had the same number of bicycles. there was a great conversation but it is now your turn to come up to the microphones on the auditorium if you want to come up and ask these gentlemen any questions. a great question about ronald reagan, let's start over here. >> how much did ronald reagan's dementia or alzheimer's impact the second term in the white house, and do we have the proper safeguards today to prevent a situation in the future? they went to the clinic every year for a battery of tests. he passed every year for eight years and it wasn't diagnosed until five years after he left the presidency. and if you go back and look at the letter to gorbachev in 87, the three-page letter which is filled with detail, policy analysis or go online and look

speaking at princeton university the president of the cleveland federal reserve bank loretta mester discussed interest rates and monetary policy and the policy of raising interest rates. this is an hour. [applaus [applause] >> well, thank you very much for that kind introduction, i really appreciate it and i'm really glad to be able to speak today at julius rabinowitz center. it was nice to take the train up from philadelphia and very impressed walking on campus, there's been a lot of changes and new buildings on campus although i was kind of an n i-- an

speaking at princeton university the president of the cleveland federal reserve bank loretta mester discussed interest rates and monetary policy and the policy of raising interest rates. this is an hour. [applaus [applause] >> well, thank you very much for that kind introduction, i really appreciate it and i'm really glad to be able to speak today at julius rabinowitz center. it was nice to take the train up from philadelphia and very impressed walking on campus, there's been a lot of changes and new buildings on campus although i was kind of an n i-- annoyed and i saw the signs, the art of happiness and i thought nobody's going to be here. if you see the art of happiness versus economic monetary policy. but luckily that's tomorrow. after you hear my talk, you can then learn how to be happy. anyway one thing that i haven't seen on campus as i was walking up-- i have seen on campus as i was walking, up there's an energy and inquistiveness and prospective students with parents these days. and enjoy being back here and seeing the campus again and seeing the students and seeing you all and i just

last week the -- by exempts banks under $10 billion with limited trading activity. does the federal reserve support exempting community banks from the vocal rule? >> yeah, i think that's a decision that congress makes. i think that will be entirely appropriate. >> okay, so you would support the -- okay. does the federal reserve believe the vocal rule is an appropriate or necessary response to the financial crises or do you think we need it to tailor back a little bit? >> so, i do think that the -- certainly the way that we have implemented the vocal rule and that's less congress's fault than the regularity's fault, has been excessively burdensome. probably the scope of the vocal rule limits our ability to focus on what the vocal rule is trying to get at. i think it does lim our ability to respond. >> would the federal reserve support other changes to the vocal rule such as what we talked about, maybe even expanding the range of banks that are exempt from the rule or even repealing it all together? >> yeah, i -- in terms of supporting them i think those are decisions for congress to make. if

. >> the economy grew at a modest to moderate pace across the federal reserve 12 bank districts with evidence that inflation is really bubbling up across local supply chains according to the beige book. trish, prices increased across all sectors. there were reports of companies passing on prices to customers in sectors like manufacturing and i.t. and businesses expect to continue passing on these prices particularly for steel because of the tariff. transportation costs continue to rise. something we've been seeing because of higher fuel prices and shortages of truck drivers. on the job market, districts reported difficulty finding qualified workers particularly in high-skilled workers. there appears to be room for wages to pick up growing. most districts reported wage growth is only modest. outlooks were generally positive but there is concern about the proposed tariffs. there is a little bit of division between the different districts. you look at dallas, particularly concern there is a lot of energy businesses there that use steel for their businesses. on flipside, look at saint lu

the federal reserve bank studies the effects of war on trade and concluded that it not only severely diminished trade in the long-term for countries directly involved but even for neutral company countries trade declined 10%. it's the united states military that's been creating that environment that's been patroling the seas, securing critical choke points, forcing our allies to conciliate or mediate their differences so their small conflicts don't rise to big conflicts as well as deterring first the soviet union and now other peer competitors from the kind of adventurism that launched us into world war ii and before that world war i. we spend more on our military, more than many of the closest nations combined, in part because military competition is so destructive of economic growth and prosperity and therefore we can't afford to skimp on it. i took that to be the message of the absence of much discussion of military spending in your most recent report and your testimony, is that the military is one of the most fundamental thing ours government spends taxpayer dollars on and we hav

problem so the first assignment i got of a major nature was to go to chase paris where the federal reserve bank were threatening to close down the operation in france because of inadequate controls and lack of being able to reconcile the banks books. so they put me through an intensive training. >> hold on. we just lost your microphone. put it back on. >> a little bit lower right there. >> i went to paris and took over this effort to get control of the accounts and operations and then i came back to the states and went into the international systems division and putting together a major deployment of a new program across the world in each country and that had also started to flounder and they asked me to take that program over. >> how did your army experience inform your work at chase? did it have any bearing on it? >> that's what i was leading up to. and meet that objective and basically hold that effort together until the mission was accomplished. that's a lot of military terms objectives and whatnot. which they use the same terms. our objective is to accomplish this and we need somebody that

interest rate environment and the unprecedented monetary stimulus from not just our federal reserve but central banks around the globe, it was those very savers who really got stuck in the last decade or so. for people who need yield, where should they go here that could give them some safety? >> i think people need to be not chasing yield ever, right? i think they should be considered not necessarily for yield but for total return. what i'm really concerned about is the financial plans of many americans, the assumptions that they use for their stock and bond returns might be inflated. you know, most financial planning software uses historic data. and if the experts are right and we get much lower returns for stocks over the next decade and allow loaa lot lower for bonds,y have to increase risk and strategies to get the returns they're looking for. >> thank you. take care. we'll see you soon. >>> maria part roma's "wall street" returns in a moment. >>> congress did its best to take facebook down. >> your user agreement sucks. >> why is the site stock still up and could it be time to admit that theth

>>> and now we move to a new head of the new york federal reserve bank. >> yes, john williams replacesilliam dudley something of a controversial decision there was a lot of talk about appointing a diverse candidate to that job. there's been a lot of criticism about the federal reserve not having many of those folks on the board, and also elizabeth warren has criticized john williams for the supervision of wells fargo. for sure williams is not come with a strength? supervising and regulation, but perhaps the new york's fed board was forced a bit by the notion there's no vice chair right now overall for the federal reserve the with the chairman jay powell not being an economist, they do need a -- this is a group of directors approved by the board of governors in washington. >> thank you, steve. >>> let's talk more about trade. steel and aluminum stocks have been highly volume tiff stocks plummeted 18% on the day that the white house announced exemptions for the european union and several other cunning. joining us now is -- good to have you here, mr. bless where do you stand right now wit

and that would be something for the federal reserve to pay attention to, for now, i'm not, not that they're ignoring it just watching it minneapolis federal reserve banknt with us now, neil good to have you. >> thank you, neil good to see you. neil: you know, the one thing that i've got reading between the lines and even trying to pay attention to on the line from jerome powell is that so far so good with this thing, tariffs the long way from taking effect even though as you know in the futures market they already have had an effect and clearly in the stock markets they've had an effect. where do you see this going and why should average folks worried about interest rates be paying attention? >> well we should all be paying attention because the range of outcomes is so large. i'm sympathetic with the need to push china to really engage in fair trade, not just one-sided trade they've been engaging in for so many years. this could be a lot of chest pounding and it could be a lot of plusser and not lead to real impact on the economy but it could lead to a trade war or something in the middle where it's a lot of bluster, but it scares both businesses and

[applause] >>> the federal reserve chief bank regulator testified on capitol hill about easing financialegulations put in place following the 2008 bangkig crisis. the administration 2019 budget request. later, journalists talk about the relationship between the trump administration and russia. >> c-span, where history unfolds daily. in 1979, c-span created by the public service by america's cable television companies and today we bring you unfiltered coverage of congress, the white house, supreme court and public policy events in washington, d.c. and around the country. c-span is brought to you by your cable or satellite provider. >> the federal reserves vice-chair man of supervision faced questioned on lawmakers about possible changes to u.s. banking rules. this is the first time he faced lawmakers. testified before the house financial services committee chaired by congressman jeb

banks benefiting if public support by means of access to the federal reserve and fdic insurance should not engage in essentially speculative activity, unrelated to essential bank services. again, all of these gentlemen said this in a letter reported in the "wall street journal," february, 2010. this was a letter to the editor. and let me just again refer to one of the greatest economists in this country and the former chair of the fdcic paul volcker. what did he say? he said in essence, the five banking regulatory authorities have now successfully responded to the provisions of the todd-frank act by setting out a comprehensive regulation restricting proprietary trade big commercial banks in the united states. the agencies have dealt comprehensively with thousands of particular conceptual and practical questions raised by affected bankers by lobbyist ,000,000,000 other interested parties and by the general public. the result should help the process of restoring trust and confidence in commercial banking institutions. it is, after all, those institutions which benefit from explicit and i

dollars of debt oh is it financial engineering and financial part time who will bail out the federal reserve bankh it'll be a bill in that's right all of your savings will be given to the new federal reserve chairman because otherwise there would be a humanitarian crisis we need to avoid any humanitarian crisis so another story to put into this context of workers hourly wages not increasing and i'm not seeing any benefit to the tax cuts but the tax cuts will add to the deficit and the national that in a big way but here's another story out from truth in accounting and they're looking at the us if they had to provide accounting like all other humans and corporations and and tities do and that is u.s. government spending may exceed sixty percent of g.d.p. us federal government spending is expected to bloat to over four point seven trillion dollars during fiscal two thousand and twenty according to congressional budget office data released this week however aggressive accounting may be hiding a far worse situation total spending by the trumpet ministration this fiscal year may be more than double wh

as kelly said, he is the person that will take over the new york federal reserve bank come june he'll have a vote at every meeting as opposed to, i guess it was, every other meeting for the san francisco fed president, kelly. >> new york retains that privileged position. steve, thank you very much kerry, i want to bring you in for a second there was something different about the selloff today versus the last couple of weeks we're not talking about a tech wreck. what are your thoughts >> correct it was nice to see that because it suggested to me the scrutiny of technology and how this is the culprit of the market that's going to take it down has sort of abated. this seemed to be a response to the trade issue. whether there's going to be a decline in earnings that relates to tariffs on dow-related companies. that's a much broader basket and i actually think it will have more effectively influenced the administration the idea that companies like caterpillar and boeing had a really rough day today is going to make a lot of people talk this weekend about what they might do to reduce that f