rubles the main source of income was the return of balances between budget transfers, while the federal treasury the plan, mainly due to various duties, as well as income from management balances of the federal budget. iran can become a transport hub for the import of goods in russia, as well as the export of our grain and sunflower oil, she said extremely and plenipotentiary ambassador of the islamic republic in russia according to him, transportation takes place along the north-south corridor, it has an automobile railway, as well as a combined with sea communication, while for the development of the railway route, the issue of construction with the participation of russia of a segment between the cities of sieves and astara is being worked out iran is also interested in the development of an air corridor, in particular, in the opening of direct flights between makhachkala and tehran. the us department of energy expects that the demand for oil in the world will continue to grow and pace. it will further accelerate, when china begins to remove covid restrictions, the biden administration is not

the federal treasury will automatically allocate the payment for different types of insurance, thus providing a one-stop shop for business for business. this will obviously be a simplified system. all through online transfers and online submission of their applications. ah, what is now, in principle, is uh, everything. this must be done separately, separately. not very convenient, perhaps even put it. and that will certainly make the job easier. and i think, even, most likely, it will help to reduce some costs and for business, in principle, the real moment from insurance will spread to all employed citizens. they will be able to receive sick leave, as well as maternity and childcare benefits up to one and a half years, tied to their level of earnings and it doesn’t matter if a person works under the gpc or under an employment contract. in addition, the introduction of a single tariff will increase the maximum allowance payments for pregnancy and childbirth due to disability , what is popularly called sick leave, they will be increased by almost one and a half times in 2025. well, within 2 ye

petersburg at night in washington, the day of the federal treasury of cockroaches. now throw up.lo and i decided to drop in before work and bought you fruits and vegetables. where are you going with the heart monitor? wait here fell to work. the doctor said you need to watch your normal working speakers. let's help. thanks, i'm fine . the bank insured us about 100 borrowers for three months in total. this is 65 million a quarter of them are hard workers from a furniture factory, and in the week there began layoffs, they fired 29 human. well, what do you want to say that the worker should know in advance about the dismissal. they immediately rushed to take obviously bad loans and 29 workers at the same time came up with this bright idea , but i think that without the participation of the management of the bank or plant. there did not manage to converge 18 million. for a month. almost 30 people are on the air. and that for 3 months none of them blabbed and then how much can each of the organizers of this scam get? million well, two maximum, but for the head of a bank or a factory,

rubles , the main source of income was the return of balances between budget transfers, while the federal treasurybled the plan, mainly due to eye duties, as well as income from managing the balance of federal budget funds. iran may to become a transport hub for the import of goods in russia, as well as the export of our grain and sunflower oil, the ambassador of the islamic republic to russia informed the taz about this. at the same time, for the development of the railway track, the issue of construction with the participation of russia of a segment between the cities of rasht and astara is being worked out. iran is also interested in developing an air corridor in in particular, in the opening of direct flights between makhachkala and tehran. the us department of energy expects that the demand for oil in the world will continue to grow at an additional pace, when china begins to remove covid restrictions , the biden administration is not yet ready to close the export of black gold from the united states, but such a development cannot be ruled out, the white house can use the law of the times the

the federal treasury will automatically allocate the payment for different types of insurance , thusviding a one-stop shop for business for business. this will obviously be a simplified system. all through online transfers and online submission of their applications. ah, what is now, in principle, is uh, everything. this needs to be done separately, separately, not very convenient, perhaps even put it. and that will certainly make the job easier. and i think, even, most likely, it will help to reduce some costs and for business, in principle, insurance will extend to all employed citizens. they will be able to receive sick leave, as well as maternity and childcare benefits up to one and a half years, tied to their level of earnings and it doesn’t matter if a person works under a gpc or under an employment contract. in addition, the introduction of a single tariff will increase the maximum amount of payments for maternity benefits for times of incapacity for work , what is popularly called sick leave, they will increased by almost one and a half times in 2025. well, for two years ther

that was one of the big comments from treasury secretary janet yellen to senators while also saying she hopes price increases will soon moderate. the federalury department have been increasingly blamed by legislators and the public for allowing inflation to hit record highs. yellen repeated her views that it's being fueled by things like severe supply chain disruptions. inflation has shown signs of moderating but is likely to remain far above the fed's 2% target through the end of there year. >>> it's not just peanut butter that jif is recalling, it now includes ice-cream, candy, and chicken salad, pretty much anything that may have been made with that peanut butter that began being recalled may 20th. the products are linked to an outbreak of salmonella that has sickened 16 people in 12 states. the fda says the outbreak was found in a plant in lexington, kentucky. >>> and target is cutting prices due to too much inventory. it's also canceling orders from suppliers for things like home goods and clothing to make way for what people need like groceries. sales of big tvs and small kitchen appliances that americans loaded up on during the pand

federal reserve is independent from the us government . and there was not just a meeting, as you mentioned earlier, between biden and power, but also the head of the treasury genet. yellen was present and see on the side was also the previous answer to jerome and paul. well, biden made it clear that the value of the independence of the federal reserve and that role paul and his colleagues can do whatever they feel rights to bring down inflation. so meaning to a certain degree, if the federal reserve wants to increase interest rates much further in the near future to bring down inflation that is find with the us president, even if that could mean higher interest rates, that the economy could cool down quite a bit and also by the way, could put pressure on and stock prices. but overall, it was very important to the president to make sure that the independence of the federal reserve is granted in court to thanks. meanwhile in europe, inflation has hit a record high of 8 point one percent in the countries that use the euro currency, but prices are also increasing rapidly in countries outside the euro zone, like hungary, with a war ukraine right on the doorstep

it raked in a $1.4 billion sum from the federal treasury every year. $1.4 billion for corinthian. how did corinthian attract its students? it lied. it invested heavily in marketing and advertising. it created a business model that relied heavily on predatory sales practices. it deliberately misled ?iewnts taking -- students into taking on more debt than they could repay. they lied about the students' future salary prospects. they lied about whether corinthian credits could be transferred to another college. most apl pawlgly, corinthian recruiters were sent out to the most vulnerable targets -- high school students whose families had no experience with higher education, minority students. an internal company document described corinthian's target demographic as, quote, isolated people, close quote, with, quote, low self-esteem. people who have few people in their lives who care about them and people who are stuck, unable to see and plan for the future. they preyed on these people. single moms living close to poverty were the best targets. in 2013, vice president kamala harris, who

the president met with both federal reserve chair jerome powell and treasury secretary janet yellen and then says he will remain hands off from the federal reserve not interfere with their critically important work. that is 2 responsibilities. one full employment to stable prices. the federal reserve shares the same goal as the president as they want to slow inflation and prevent the u.s. from falling into a recession. he respects the independence of the federal reserve national economic council director brian deese says the president is open to trying different options and we'll work with both democrats and republicans to make progress. there are places where we could absolutely use congress's help. >> and we could use it urgently. >> and has tried other options in the past like oil releases from the strategic reserve and also improving port conditions. but the of falling short. so the president is hoping for a solution soon reporting live in washington. i'm basil. john, thank you for that update. days out. >> well, a lawyer for hillary clinton's 2016 presidential campaign was acquitte

disapprove of his handling of rising prices and the president was meeting with the federal reserve chairman. meanwhile the treasury secretary acknowledged that mistakes were made on inflation. >> i think i was wrong then about the path inflation would take. >> when you fill up the car go to the grocery store, you can think the biden administration. >> reporter: gas went up another five cents to a new nationwide record of $4.67 and california's average is $6.19. >>> the continued baby formula shortage is also a priority. to date this congressman held a roundtable to discuss the shortage and this is local shelves remain bear with not enough formula to go around. he discussed legislation passed by congress to give $28 million in emergency funding to the fda to address this shortage. >> the highest issue is inflation and shortages. baby formula is the highest of that because you don't need that for infants to be healthy and you need that for their nutrition. >> we were able to find some and i reached out to my mother in san francisco in my dad in seaside and had them look around in their areas also, so we have been go

galloping inflation to external circumstances, the us president also fails to head the federal reserve, following treasurygovernment's mistake. do you think that the conflict in ukraine is not the main cause of inflation in america, inflation was high even before the conflict began in an attempt to save face and show concern for financial problems voters therefore asked congress to impose a three-month moratorium on the payment of the federal fuel tax. when you fill up a tank at a gas station, the federal government earns 18 cents on every a column of gasoline that you buy and 24 cents from diesel, fox is guided by a list of the most popular cars in the us and the distance that the average american calculated per drive. how much can owners of cars of different classes save, assuming that gasoline costs $5 per gallon for pickup owners, the cost will be almost $1,000 savings from this amount of $35.5, owners of suvs with $625 will save 23, and owners of sedans with $520 21 dollar 60 cents once again emphasize this is for 3 months. even the newspapers, loyal to the authorities, called the initiative almost m

there is something you have been hearing from a number of federal agencies, including treasury, which is been leading an effort to put in place and many members of congress have proposed regulating digital assets. that seems wise. >> fcp, cfpb, other agencies, the fed's role in regulation of your mind is what? chair powell: that is one of the issues, who has authority? that is something congress would need to clarify. we have a 30 over what banks can and cannot do -- we have authority over what banks can and cannot do. part of this will be sorting out, deciding what these banks are and how they should be regulated. there are also stablecoins eased in connection with crypto trading platform spread as most of what happens now with stablecoins, but there are also more that will be used in payments. that would be two different types of regulation. it is an area where congress is investing bandwidth and looking at proposals. it is a healthy process that should leave overtime to make something that has bipartisan support and puts in place appropriate regulation. >> what -- if congress does

. >> the fed purchased 54% of all federal debt issued by the treasury, is that accurate? chair powell: i do not know. if you have the number in front of you -- >> i think it is roughly half of the federal debt issued in 2021 acquired by the fed, my concern is that hid the real cost of borrowing. borrowing being driven by the biden administration at that time. my concern is that the federal reserve, by increasing their balance sheet by $1.5 trillion in a period of time where democrats put forward a stimulus package after you had stopped your public calls requesting additional fiscal stimulus, that is part of the problem. both the fiscal policy and monetary policy coming together. the federal government paid in debt payments last year $580 billion. is that correct? chair powell: i do not know. >> that is the #have. projections will triple to $1.2 trillion. that is assuming federal debt remains in a range of 2.4% to 3.8%, that is the cbo's by the end of the decade. we are sitting here when the 10 year treasury yield has crossed 3%. a year ago, that was 1.4%. we are approachin

just about the interest rate hikes, but actually the tightening so that the federal reserve is about to get rid of treasury's bonds and the amount of up to 95000000000 dollars a month. something we haven't ever really seen in that's incent and that's why a jamie diamond is saying there could be hurricane coming, even if right now the status quo. every thing looks mostly bright and sunny, but jamie diamond wants that could a change and therefore his bank at least is going to be pretty conservative in the next couple of months. you know, car to thank you so much for that. now to some of the other global business stories making news today, a special discounted travel pass has gone on sale in germany. the 9 euro ticket is valid on local trains and buses across the country for a whole month. it's aimed at getting people out of their cars. at least 7000000 have already been sold. as the european union prepares to bit ban most of russian oil imports, some oil producing countries are reportedly considering the suspension of russia from opec plus. the group consists of 23 oil producing countries. russia joined in 201

yesterday the president met with federal reserve chair jerome powell and treasury secretary janet yellen inflation plaguing the country. tom costello has the latest. >> reporter: under scoring the threat that inflation poses to his presidency, mr. biden calling a rare meeting with the chairman of the federal reserve, while insisting he will not interfere with the fed. >> they have a laser focus on addressing inflation. >> reporter: jerome powell under fire for letting the inflation genie out of the bottle, now trying to cool inflation by quickly raising interest rates. treasury secretary janet yellen is now admitting she got it wrong last year when she predicted a low risk of inflation, calling it manageable. >> i think i was wrong then about the path that inflation would take. as i mentioned, there have been unanticipated and large shocks to the economy. >> reporter: republicans blame president biden. >> the historic high inflation democrats helped unleash with runaway spending last spring is taking it toll on america's hope for the future. >> reporter: but it's not just an american pro

collecting pennies on the dollar five state regulators are investing celsius and the only federal regulator mentioned is treasuryrimes enforcement network, the antimoney laundering group no mention of the sec. we also reached out to celsius, the ceo and law firm no response. >> those whose funds are dated on the platform, experts think they're not likely to get anything back. if they're lucky, pennies on the dollar it may drag out for years. the last analogy is where that was-the situation. people either didn't get their funds back it was years later and because it is a situation with lending, they could be unsecured creditors and in that case, they may be at the back of the line >> kate rooney now, all that is continuing to corrupt crypto eprices and hovering near 20,000 and 1,000 respectively but my next guest says this feels like the 2018 leveraging in the housing sector. except who will swoop in now to save the day mike, it's good to see you again. feels like a rerun so, where do we go from here >> we're experiencing basically a dual-based leveraging event. both macro deleveraging and tight monetary policy a

federal gas tax. >> biden's own treasury secretary admits it's unclear just how much it will help. >> pure dwem mice the problem at all. >> we're going to beat you. >>

imposed sanctions on russian gold, which hmm, according to various calculations, er, the treasury of the russian federationon dollars. that is, the mine can also do this, and the european union will consider it, the issue of establishing such price caps, that is, the upper limit, is also being considered. who can bargain for a car in order to lower its price, and just the difference between this price range and the price can be filled with a piggy bank for the recovery of ukraine. to touch the gas revenues of the russian federation in order to finally kill its economy, and with regard to financial assistance, which is extremely important for us, we spend a lot on the war. we spend. well , in one month, we spend our annual budget on the army so that our boys and girls have the necessary support, have the wages, have the weapons, there is a lot that needs to be done, and there are 10 seconds separately, a lot needs to be done in order to pass the next heating season, and in order for the tariffs to rise no no no increased and here, too, we were expecting international aid, so uh, after that we will restore t

trillion during the year 2021 the federal reserve ultimately purchased about 54% of all federal debt issued by the treasury is that accurate >> i don't know that if you have the number in front of you -- >> i do have it in front of me roughly half of the federal debt issued in 2021 was acquired by the fed and placed on the federal reserved balance sheet my concern that hid the real cost of borrowing that was being driven by the biden administration at that time. my concern is the federal reserve by increasing the balance sheet by $1.5 trillion at a period of time democrats put forward a gigantic stimulus package after you had stopped your public calls for requesting additional fiscal stimulus, that's all part of the problem it's both the fiscal policy and the monetary policy coming together let me keep going here for a moment we paid -- we, the federal government -- paid in debt payments last year $580 billion. is that correct? >> i don't know. >> that's the numbers i have 5.8% fiscal side the projections of cbo interest over the next decade one of the cbo projections will triple to $1.2 trillion. but that

federal reserve. the biggest hike since 1994. some money going back into the u.s. treasury curve as we wait that decision from the federal reserve. the bloomberg, up .4 -- down .4%. brent 121. modest data out of china, expectations a policy response will combine -- will with the demand for oil. francine: there is a kind of backstop, yesterday we were talking about the transition mechanism and the spread. i think what markets are expecting is a bit more of an impact or clarity on how they will do that. will they do something that locks it in for a couple of years? in terms of sectors on the move, auto parts, banks on the move, up 2%. financial services gaining 1.6%. energy, a little down. they still had quite a good month. tom: we scrutinize the health of the consumer in this four decade high inflation environment, suggesting the strength up 12% on the previous year's the ceo has said they plan to build up their market share, they will not be raising prices as aggressively as some of their pet -- competitors. aberdeen has been downgraded by credit suisse, concerned about vec

. >> the president meeting with the federal reserve chairman along with treasury secretary janet yellenf a campaign from the white house. inflation is biden's top economic priority. he will have to do so amid staff shuffling. a number of them recently jumped ship. janet yellen saying she was wrong about the risk of inflation. some good news for the white house friday. the labor department says 390,000 new jobs were added in may. the economy remains 822,000 short of pre-pandemic levels. the record-setting price of gas and the president visiting saudi arabia after asking the kingdom to pump more oil. critics want to see that happen here in the u.s., not the middle east. president biden once called saudi arabia a pariah. accusing the crown prince of ordering the murder of a prince. >> he is expected to go in july. >> reporting from the white house with the very latest. thank you so much. joining us now as a senior advisor to the president, jean sperling. welcome back. good to be with you. >> thank you, john. painting a pretty rosy picture of the state of the economy, but other see storm cl

federal reserve about the plan forward. plus the treasury secretary acknowledging she was wrong about the path inflation would take. what she's now saying. >>> no longer cooperating. sources telling abc news, the police chief and the school district have stopped talking to investigators, looking into the elementary school shooting in texas. pluses another revision about the shooting now saying that a teacher did not prop open a door. how did the gunman get inside? >>> tragedy in key west. a mother is dead and two children injured after a parasailing accident. now reports saying the boat's captain cut the line towing them. >>> plus, the ruling expected that could make masks mandatory on planes again. >>> lucrative gig where dozens of life guards are earning salaries in the high six figures. and bts visits the white house with the koch pop super group had to say to president biden. >>> from abc news in new york, this is "america this morning." >> good wednesday morning. we begin with a top biden administration official acknowledging they misre

this morning it is down slightly but the 10 year treasury yield which is very tied to what the federal reserve does hit a 15 year high. take a look at it this morning. it was pulling back just a little bit but, again, very, very high. multiyear highs on the yield. we're also getting another reading on run-away inflation with the may producer price index out at 8:30 a.m. eastern time. the increase expected since last year almost 11%, 10.9%. take a look at the cost of crude oil, both to the plus side on brent and west texas intermediate here in the united states. gains in crude. meantime, the average price of a gallon of gasoline hitting another record high today. it's up, although when rounding up it's at 501 a gallon. diesel at an all time high as well, $5.77 a gallon. looking at european markets after yesterday's route, you have losses in england, france and germany. in asia overnight it was a mixed story. the nikkei in japan losing 1 and a third percent but you had a slight gain in shanghai. and more bad news for biden and company, a new poll showing that biden is losing the vote of

the president met with both federal reserve chair jerome powell and treasury secretary janet yellen and then says he will remain hands off from the federal reserve not interfere with their critically important work. if it is to responsibilities. one full employment to stable prices. >> the federal reserve shares the same goal as the president as they want to slow inflation and prevent the u.s. from falling into a recession. he respects the independence of the federal reserve national economic council director brian deese says the president is open to trying different options and we'll work with both democrats and republicans to make progress. there are places where we could absolutely use congress's help. >> and we could use it urgently. >> now the president has tried other options in the past like oil release from the strategic reserve and improving poor conditions. but they have not amounting to much. so the president is hoping for a solution soon reporting live in washington. i'm basil, john. thank you very much, basil. it is 5.21. we'll take a break. but coming up on the kron 4 morn

the president met with both federal reserve chair jerome powell and treasury secretary janet yellen and then says he will remain hands off from the federal reserve not interfere with their critically important work. if it is to responsibilities. one full employment to stable prices. the federal reserve shares the same goal as the president as they want to slow inflation and prevent the u.s. from falling into a recession. he respects the independence of the federal reserve national economic council director brian deese says the president is open to trying different options and we'll work with both democrats and republicans to make progress. there are places where we could absolutely use congress's help. >> and we could use it urgently. the president has tried other options like oil releases from the strategic reserve, improving port operations, but they have fallen short. so the president hopes a solution will come soon reporting in washington. i'm basil, john. >> and after the break, why bay area houses are being deemed undervalued. we'll have those details when we get back. at adp, we

the president met with both federal reserve chair jerome powell and treasury secretary janet yellen and then says he will remain hands off from the federal reserve not interfere with their critically important work. if it is to responsibilities. one full employment to stable prices. the federal reserve shares the same goal as the president as they want to slow inflation and prevent the u.s. from falling into a recession. he respects the independence of the federal reserve national economic council director brian deese says the president is open to trying different options and we'll work with both democrats and republicans to make progress. there are places where we could absolutely use congress's help. >> and we could use it urgently. now the president has tried other options in the past like oil releases from the strategic reserve. >> and also improving poor conditions. but that has not amounted to much. so the president is hopeful a solution will come soon reporting live in washington. i'm basil, john, thank you very much. basil. and after the break, why bay area houses are being deem

. >> the president meeting with the federal reserve chairman in treasury secretary janet yellen. a ramped up messaging campaign from the white house. biden says tackling inflation is his top economic priority, but he will have to do so amid staff shuffling after reports a number of them recently jumped ship. a candid admission, saying she was wrong about the risk of inflation, a rare me a cl but in washington. some good news for white house friday, the labor department says 390,000 new jobs were aed in may. the economy remains 822,000 short of pre-pandemic levels.g e president visiting saudi arabia after asking the kingdom to pump more oil. critics want to see that hn here in the u.s., not the middle east. as a presidential candidate, he once called saudi arabia "a pariah." the state department cia accused saudi own prince of ordering the murder of saudi journalist jamal khashoggi. the president will not be going to saudi arabia this month as originally reported. he's expected to go in july. jo >> john: lucas thomason reporting from the white house with the very latest i'm 1600 p

deception campaigns ever attempted in washington, no less than the chairman of the federal reserve and secretary of the treasurylation was not a big deal because he would be "transitory." calm down, america. then larry summers, former treasury secretary under bill clinton, former head of harvard. some predicted inflation would stay. now because partisan politics is the most important thing the democratic party and washington, summers is blaming inflation on america's suffering working-class, people who are at the capitol january 6th and anyone who doesn't think it was an insurrection, it's their fault. watch this. >> i think the banana republicans who are saying that what happened on january 6th was nothing or okay. they are undermining the basic credibility of our country's institutions. that in turn feeds through for inflation because if you can't trust the country's government, why should you trust its money. >> tucker: imagine that guy's table. there is partisanship at a level that is self discrediting and insulting. january 6th deniers responsible for inflation? charlie gasparino is a senior correspondent

the treasury or federal reserve as you know throughout the entire meltdown, better than a decade sinceup treasury notes and bonds, corporate securities, mortgage bad securities, municipal bonds you name it. it is unwinding that, from the easing environment where it was forcibly keeping interest rate lows by buying everything, it is releasing a lot of that and selling a lot of that or just not renewing purchases of that, the idea being it will have the effect of raising interest rates because that is what happens when you buy less of this stuff the rates go up. that is what is happening right now. how far, how wide, how high, anyone's guess. we have a lot more coming up including some disturbing new developments on this whole baby formula issue, very disturbing. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifetime adventure — your life is just as unique. your raymond james financial advisor gets to know you, your dreams, and the way you care for those you love. so you can live your life. that's life well planned. (mom allen)

federal reserve and the and the problems of treasury. they're more concerned about their own tax payers and voters reactions instead of how other foreign governments we acted. but the state can nord ignore the fact that the cost they do if they do not control. ready or mitigate the room for the ramification, not the scope of lice ation of the information the be further erode and undermine the start of dominance in the world. very interesting. well, thanks so much on taking us through that on the program here in art. international politics and international relations senior lecturer, the university of ball park number one indian foreign minister has hit back western accusations, not the countries being indecisive and choosing sides in the ukrainian conflict, as well as helping apparently fund war by purchasing russian oil. he also hinted european american hypocrisy on the issue. only my russian gas is not funding them off. i mean, why is it it's only indian money and oil coming to india, which funds, but it's not gas coming to europe, whi

only witness will be secretary janet yellen the 70th secretary treasury, the first person to have led the white house counsel on the federal reserve and the treasury department, should was a -- she was a distinguished fellow at the brookings institute, and she is the member of the american academy of arts and sciences and the council on foreign relations. she also was a founding member of the climate leadership council. we are glad to have you, secretary yellen. today we are going to be focused on moving expeditiously. the secretary has a hard stop at 1245 time. freeze -- please proceed. sec. yellen: thank you, chairman, members of the committee, thank you for inviting me to discuss the ministrations budget proposals. this budget prioritizes essential investments in education, medical care and affordable housing alongside tax reforms that enable deficit reduction and prioritize a pharaoh tasks system. over the past year and a half we have experienced a robust recovery characterized by strong economic growth, historically low unemployment and high household saving rates. this rapid, broad-based recovery has been buttressed

group on financial market silicone report, i asked her about agency coordination and like treasury and federalrve was part of the working group, just about a month or so before the release and report, a -- stated in an interview that stablecoins, quote, may have attributes of investment contracts, have some attributes like banking products. the banking authorities right now don't have the full gamut of what they need and how we work with congress to sort through that, close quote. and since then, the fcc has continued to -- contradictory statements, providing a little or no clarity on the issue. [inaudible] we've talked a lot on this afternoon about stablecoins and how the -- would be in direct competition to them. but clearly, the scc has a role to play and all of this. can you briefly explain to the committee on the federal reserve is coordinating with the scc on that particular issue? >> yeah, i actually see potential digital dollar issued by the central bank as complimentary to private sector innovation and to stablecoins has coexisting with central bank, with commercial bank money, and st

president biden also discussed inflation during a white house meeting with federal reserve chairman jerome powell and treasuryretary janet yellen. the president says all 3 of them are laser focused on reducing inflation, maintaining a strong economy. >> i mean, he was chairman of the day and sec to yell we discuss my top priority and that is dress inflation. my plan is address inflation starts with a simple proposition. respect. the fed. >> the federal reserve has already signaled that another half-point interest rate hike is likely in june. the hope is to cool off inflation without triggering a recession. >> housing prices in the bay area far from affordable. but new data suggests prices here in the bay may actually be undervalued. kron four's justin campbell explains that. >> an article by fortune says 2 thirds of the nation's housing markets are overvalued in places like austin or charlotte, but in the bay area, it's considered undervalued. the bay area's a unique market. alexandra spine a real it or with cochran. global living says the high paying tech industry keeps boosting real estate prices. companies

think that's something you've been hearing a lot across the board, a number of federal agencies and from our own treasury department which is leading an effort to try to put in place many members of congress have proposed new framework for regulating those assets and it seems like a wise thing. >> you don't, clearly sec, cfpb, other agencies, the fed's role in regulation of cryptocurrency in your mind is what >> well, that's one of the issues is who really does have authority over this and that's something congress would need to clarify. we have authority over what banks can and can't do, some banks and holding companies. the sec has some jurisdiction over securities, cftc has relevant jurisdiction. part of this will be sorting out, deciding what these things are, how they should be regulated. there are stable coins that are used in connection with crypto trading platforms, that's most of what happens now with stable coins, but there are some stable coins and even more potentially that will be used in payments broadly. that would be two kinds of regulation there it is just an area where congress, and con

profit tax could be used by the treasury and rebated to the states so the states and the treasury could take off the federalhere are a lot of ways you can use the revenue. the point is that the oil companies right now are simply -- they are price gouging. >> and, you know, one thing we should mention is that some republican lawmakers claimed that last year's covid-19 aid plan was to blame for the inflation that we're all dealing with right now. what do you make of that? >> well, i don't think there's anything to that whatsoever. the inflation we're dealing with right now is basically this huge pent up demand coming from hopefully the end of the pandemic coupled with supply shocks as all suppliers worldwide are trying to catch up with demand and on top of that putin's war in ukraine, which is pushing up energy and food prices. but beyond all of that we have the reality that american corporations have been sitting on profits there at a 70-year high, jim. 70-year high. these big corporations that are not facing much competition. they're using inflation as a cover for raising their prices further. and that is a

take the revenue from a windfall profits tax, it goes from the treasury and the treasury reduces or eliminates the federalps state eliminate state gas taxes preliminarily. it also signals to the oil companies they can't keep on raising their prices to consumers without any kind of penalty. >> another clinton administration veteran, larry summers was on cnn this morning advocating for lifting tariffs on china in an effort to bring down prices. what do you think of that? >> well, that might be a temporary help. but, again, china is not really responsible for the inflation. lowering tariffs on goods coming from china could add to 134supp but it's not going to be terribly helpful at this time because part of the problem with china has to do with lockdowns. lockdowns in shanghai and elsewhere given the enormous problems that china is having with a new wave of covid. and on top of that you have ocean shipping. the ocean shippers are again another set of monopolies, they're not going to be reducing their prices any time soon. that's going to hobble any help we get from lowering tariffs on china. so i think the b

this will not be a violation of the ban on new investments in the russian federation , such an explanation was given by the us treasuryamericans do not need to get rid of russian securities if they were bought before the imposition of sanctions. the sixth package of eu sanctions against russia cost serbia $600 million, and restrictions on the gas market could be even more expensive, president aleksandar vučić warned about this. on the sanctions of the muse, that a million dollars only on sanctions from russian oil, 600 million dollars were directly pulled out of our pockets 600 million were taken from the pockets of serbian citizens. within a year, people in serbia should know this kirkuk iraqi oil is bought more expensive by 31 dollars for a barrel, but they want to impose sanctions against us for that we buy russian oil. we carry by sea. yes , croatia was taken from us 600 million dollars, and we still have to shell out additional money. serbia is also outraged by the hypocrisy of europe, which continues to buy russian gas, passes it through hungary and slovakia to germany a. then the reverse starts and the eu count

treasury secretary janet yellen says a federal gas tax holiday is worth considering. back in february, two senators introduced legislation to suspend the federal gas tax until january. >> president biden wants to do anything he possibly can to help consumers. gas prices have risen a great deal and it's clearly burdening households. he stands ready to work with congress. that's an idea certainly worth considering. >>> apple store employees in maryland faced an uphill battle as they became the first group to unionize within apple. [ cheering ] apple store employees in the baltimore suburbs cheered as they reached the vote. they sent a letter to apple's ceo tim cook with the intention to unionize. they join a growing push across the country to organize for better workplace protection. >>> in november berkeley voters could vote on a vacant home tax. the city council will be introducing the proposal at a meeting this week. the measure would tax homes owned by llcs that have been empty for more than a year. the goal is to encourage landlords to rent out the empty units and

i'm pretty certain that all seizures of funds gets into the treasury forfeiture accounts, whereby these federal agencies can use those funds for other investigations or efforts in the future. i'm pretty certain that is the way that works. whether we have any stats on exactly how much narcotics is actually slipping through, i don't know that we have a way to quantify that. as you noted, hsi seized over 14,000 pounds of fentanyl in fy 21, which is a significant amount of seizures. we will circle back and let you know if there is a way to quantify what got away, but i'm not sure that there is. >> thank you again, and thank you for your hard work and that of your team. >> thank you, madam chair. thank you acting director. secretary mayorkas previously made a commitment to review detention facilities. i heard about a detention facility that had a profound history of mistreating emigrants, and the chairwoman pointed your attention to the facility in new mexico as well. can you provide an update on the status of the review of ice detention architecture? what was the criteria for the review and termina

federal revenue from the gas >> immediately would be cutting off funding to roads and bridges. >> but the biden administration says that it is asking congress to transfer money from the treasurythe cost of these infrastructure projects. president biden is urging congress to take up legislation to suspend the federal gas tax with lawmakers returned from july 4th recess. so here in the bay