than we do about the federal reserve. the obama administration not only doesn't want the federal reserve audited, it now wants to put the power to regulate all financial institutions, banks, insurance companies, brokerage houses noorks the hands of the super secret bank. what are they afraid we might see if we get a chance to look at their books? >> well, as art just said, the issue is not necessarily just the federal reserve or healthcare or whatever we are talking about. it is control. the administration is increasingly expanding its control on the federal reserve, which is supposed to be independent. if we start the audit process and congress has more oversight on what's going on, then we get those checks an balances that are important here at the federal level, but there is too much secrecy to an agency that controls our whole economic destiny in this country, and judge, they have a death grip on our banks right now. the federal reserve regulators are tightening the credit, making it difficult for these banks to lend.

lopsided win for federer.e's in the final again as well. >> i was really happy the way i played today. i came up with some good stuff when i had to, and it was a tough match, because tommy was playing well. i'm very proud of all the records i have achieved, because i never thought i would be that successful as a kid, you know, i would have been happy winning a couple tournaments and maybe collecting wimbledon and sort of achieving the dream scenario, but not really all those records, but it's quite staggering now, having reached, again, i think it's my sixed -- sixth straight grand slam final i've achieved as well, and having so many things going for me again, and opportunity, again tomorrow -- on sunday, it's fantastic. >> with his victory over tommy haas, roger federer becomes the first man in tennis history to reach 20 grand slam finals. breaking a tie with ivan lendl for the all-time record. if he wins wimbledon, federer can also break a tie with pete sampras for the most grand slam titles ever since the w

earlier this year the federal reserve and other federal banking regulatory agencies undertook the supervisoryital assessment program popularly known as the stress test to determine the capitol needs of the largest financial institutions. the results were reported in may and appear to have increased investor confidence in the banking system. subsequently the great majority of institutions that underwent the assessment raise equity in public markets and june 17th 10 of the largest u.s. bank holding companies all but one of which participated paid a total of nearly $70 billion to the treasury. better conditions in financial markets have been accompanied by improvements in economic prospects. consumer spending has been relatively stable so far this year and the decline in housing activity appears to have moderated. businesses continued to cut capital spending and liquidate inventories but a likely slowdown in the case of inventory liquidation in the coming quarters represents another factor that may support a turnaround in activity. although the recession and the rest of the world led to a steep

congress should request a federal road map for communities as to what the federal government can do tohelp them recover. where did i was suggests establishing a pilot program that would allow certain high risk of disaster prone communities to receive funding to do pre disaster recovery plans and strategies which will significantly enhance approval of projects and use an economic recovery the private sector is of the key to recovery in many to bring to the red tape to allow businesses greater access after is acid to make a finding a projects in assets possible and to provide more support to small businesses. we need to relive the approach to disaster housing and the program shows promise but will work? we don't know. illini use disaster housing resources to foster innovation, osher corrine billings and take a managed a successful nonprofit programs like social service testing database available housing units in real time. and perhaps hud and fema to work together to do inventory of some standard housing before the disaster. finally i continue to be concerned about fema being a part of t

growing federal debt and greatly expanded federal reserve balance sheet. actually, i could not do any better than to quote a former secretary of the treasury, also former secretary of state, secretary of labor and directo r of the budget, secretary george shultz who after studying carefully the events of the last few months, came up with the following statement and i quote secretary schultz. observing this process, the question comes forcefully ought. has the accord gone down the drain. the secretary of course is referring to the 1951 accord where the fed regained its independence from the treasury, which had lost during world war ii and was committed to pegging treasury interest rates. and then he goes on to say, an remember how difficult it was for the fed to disentangle itself from the treasury in the post world war ii period. so these are very serious concerns. my four concerns, and i'd be happy to answer any questions you have about them. thank you, mr. chairman. >> thank you, mr. taylor. dr. meltzer. >> thanks to my old friend, congressman ron paul a

>> that's their share of what won't be paid for -- >> by the federal government. >> by the federal government. >> we have a medicaid system that isn't working well right now so this is just going to get worse if we -- the only purpose for this is to pick up $500 billion so they can say that this bill doesn't cost well over $1 trillion. is that right? >> this title. >> just this title in the bill. well, there's something wrong here. according to governor barber, medicaid expansion to 150% of the federal poverty level would cost mississippi an additional $333 million per year and it would add at least 300,000 people to their medicaid rolls. medicaid analyzed the numbers and confirmed but also stated these numbers do not take in consideration the crowd-out associated with expansion. what is crowd-out. employees -- employers and/or individuals dropping private insurance to obtain cheaper government sponsored insurance. then it goes on to say just in mississippi, in addition it's possible that a large expansion in the medicaid program could require states to increase their current reimbursement ra

a federal insurance regulator. i fortwith congressman always on legislation to establish a regulator for the insurance industry. let's congress our bill was focused on consumer choice in protections, advantages for agents and industry efficiencies. but much has changed our financial system since the last congress. the collapse of aig, the world's largest insurer has proven to be one of the most costly and dangerous corporate disasters in our nation's history with nearly 180 billion in federal tax dollars committed to aig plus 22 billion to other insurers, the federal government has made an unprecedented investment in an industry over which it has no regulatory authority. the need for regulatory oversight as never been greater and having a federal insurance commissioner who can work with the expected systemic risk regulator or council is vital to ensure proper oversight of an important pillar of the u.s. financial system. in april congressman always and i introduced h.r. 1880, the national insurance consumer protect

trade matters and federal data analysis. the naicu maintains the world's largest database while the states to and will provide data to the federal regulatory counterparts, we agree that insurance data should be available within the four walls of the federal government. consolidated oversight of holding companies will be enhanced by counsel of regulators that build on the existing data and expertise of functional regulators. state insurance regulation is of course inherently compatible with the systemic stability council. annie financial stability regulator should develop best practices for risk-management, required for u.s. insurers but glaringly lacking in other sectors. information sharing and confidentiality protocols can be established in coordination among regulators formalize. under no circumstance though should a buyable insurance subsidiary be sacrificed for the benefit of another entity within a corporate family. internationally, the development of accounting standards of the international accounting standards board

federer leads 15-14.couple of weeks at the open championship. >>> some would argue order has been restored in the al east. a year ago at this juncture, the red sox and yankees were chasing the surprising rays, who had a considerable lead. fast forward to today. the two traditional division power houses are jockeying for position. week before the all-star break, yankees with a chance to catch the red sox, while boston 5-5 in their last ten games, new york has won nine of ten. jaba on the mound for the yankees as they host the blue jais. blue jays already leading by two. aaron hill takes chamberlain to right field. two-run homer. chamberlain not happy. he faces one more batter and he was done. 8-4 wlu blue jais. hit to right field. three-run shot. 13th of the season. one run game. bottom fifth, same score. runner on second. takes lyons to right field. two-run homer. yankees win it. one game to go. terry francone and the red sox trying to keep that one game lead over the yankees. bottom first. david ortiz. t

the two federal agencies would cooperate with one another, would give a federal agency in the expertise to properly regulate the life insurance industry and whopper and give information to the systemic regular. >> but absent that that is a concern. we think it's incomplete. and congressman, if i could also. >> mr. chairman, if i can add very briefly, that that is of course a very serious concern for state insurance regulators. the regulation of the insurance industry is significantly different from the bank industry. so we do as the regulators now have expertise, that can be integrated with systemic risk regulation but should not be displaced. so one of the priorities for any systemic regulator is to recognize and value the expertise of the functional regulator, facilitate communication among those regulators, prevent the systemic disruption that we've experienced. >> gotcha. thank you, panel. i appreciate. >> thank you very much, mr. gary. >> thank you, mr. chairman. thank you for being here. it's interesting that i heard pretty much everybody say that the insurance industry doesn't th

a new federal agency here.you know, i would think that as many have pointed out on this side we're worried about a new federal agency particularly when you have a new agency that has the expertise. i think the bill that says that the cost of this new development of this new agency is such sums as are necessary. is there any more definitivized information on what you can give on what the cost would be for this new federal agency? >> i don't at this time have an overall cost estimate for the agency or size estimate for the agency. it's something we're working on. we'll work with the appropriate committees on and with omb and cbo on. we anticipate that the agency will be pulling in staff and resources from the existing agencies and additionally having new resources required. i'd be happy to continue to work with you on that question. >> can you talk about the resources the agencies will need besides -- have you identified any of the resources? >> we have begun the process of identifying the number of individuals a

federer serves up theeighth. championship point, federer leading 15-14 here hasn't broken roddick all match. federer in the new york court, roddick with the unforced air hits it long. federer jumping for joy. wins the marathon match that lasted nearly four hours. federer wins 5-7, 7 -6, 3-6 and 14-16. federer all alone with 15 major titles. >> it was a crazy match anden unbelievable end and my head is stl spinning, it's an unbelievable moment in my career. >> to do it front of pete who flew in to watch it today. >> thanks very much for coming. sorry, pete, i know i tried to hold them off. it was a pleasure playing here today in front of grade champions like pete and rod buren there. i hope one day that my name would be up there with theirs as winner of the tournament, i'll be back. >> roddick will be back for sure. but roger federer for now the best in the world. talking baseball, nationals third baseman is an all-star, zimmerman representing the mid summer classic in st. louis. zimerman and nats beat the braves

and federal grant allocations.this will allow wisconsin to vertically intergrate homeland security efforts and prioritize our investment which will be a continual difficult environment. wisconsin is developing metrics to develop our strategy and measure our progress. for this we rely on the federal government to define and articulate the capabilities list. it is our ability that these national capabilities develop as a local, tribal level which will improve regional preparedness and identify gaps in local and state capabilities that's needed and will require local and regional assistance. the department of homeland security has signals that grant awards of capabilities and capability-based planning in the investment justification. if so, this may significantly to be executed consistently. this is successful and it must focus on capabilities that allow for full sustainment. too often in the past guidance has changed over year to implement capability fully. thank you again and i look forward to your questions. >> tha

have you discovered any other large scale agreements of the federal government's wish to the federalvernment has entered into with financial and institutions while filing contrast to force a proper retirement of the taxpayer's investment? so this is a question that you can keep in mind for our follow-up meeting. i do hope it is said that sometime in the very near future. also let me see, in your april quarterly report you noticed the risk of conflicts of interest and the pollution level of ability is an inherent in the design of the public private investment program, ppip, however, the treasury department has declined to adopt your recommendation to impose an informational barrier between the employee is who do or do not handle ppip funds at the time these funds, the ppip fund managers. apennines, ppip fund managers. can you comment on that or should we wait for a subsequent meeting? >> absolutely we think this is a fundamental deficiency in the current structure of the ppip program. we think it's absolutely essential that there be an informational barrier at the wall that prevents t

the federal reserve, including the kansas city federal reserve, have numerous financial literacy programse provide, on our website we provide courses. we work with all kinds of groups that provide financial training. i think its very, very important that people have that kind of experience now because everybody has to deal with complicated financial products in their everyday life. we've also got tone public education, we put out, for example, a public service announcement that's playing in movie houses, i don't know if you saw it or not, but there are a lot of scams out there now. there are people who are taking advantage of people who are afraid of losing their homes. and it's very important that if you are afraid of losing your home, if you have gotten a foreclosure notice and you're working with the bank, it very important to be sure that if you have been approached by some counselor or someone who says they're going to help you to make sure that they're legitimate, because there are scams out from. and -- out there. and we have been trying to aler people to those. >> thank you. >> le

9,000 federal buildings. mostly through the use of private contractors. all this part of a report from the government accountability office which is the investigative arm of congress. the report says that federal protective service routinely failed to give these guards proper training, in one region guards haven't received training on x-ray machines since 2004. the gao says the agency has already taken some steps to improve oversight and the senate committee on homeland security will actually take this up in hearings later today. >> there is also the appropriations bill that i think has a lot to do with it. you mention with the contract employees. it had gotten very expensive because they moved this agency under the per view urview, it w immigration for a while, now they're talking about moving it to yet another body. it is apparently supposed to save some money. the overall question obviously is how much safer will everybody be. there were other examples of more security lapses? >> absolutely. one example wa

federer's return went long, only time federer broke roddick's serve came in the final game. took a record 77 games, 30 of which came in the final set that took an hour and 30 mites. federer passes sampras to win the record grand slam, 16-14 in the fifth and final set. >> definitely feels like it has come full circle for me, you know starting it here and ending it here. but of course the career is far from over. bit is but it is nice to see the legends out there, sitting there, especially petwho i had a great time with in asia. a short while ago. and -- i know how much the record meant to him and he knows how much the record means to me. and you know in a way i still feel like we share it. >> sampras on board, on hand. that is heavy moves. >>> when we come back, one of the newest with sticking with it. say hi to morgan when we continue. morgan, nyjer morgan  . >>> this is geico sports extra. >>> greeting, i'm dave feldman, baseball, now when zimmerman had the 30 game winning streak, longest of the season, seems like years ago. selected for the reserve of the all-s

provided by section 13.3 of the federal reserve act. including loan facilities provided to or created for aig and bear stearns. they have the right to audit our health program, which uses funds from the troubled assets programs. in doing so the congress carefully balanced the need for public account nlt with a strong public policy benefit that flow from maintaining an appropriate degree of indpengs to the banks in maintaining monetary policy. financial markets in particular would see a review in these areas to the gao as a serious weakening of monetary policy independence. because gao reviews may be initiated at the request of congress, reviews or the threat of reviews in this area to be seen as efforts to try to implement monetary policy decisions. a perceived loss could raise fears of future inflation. leaving to hire long term interest rates and reduced economic and financial stability. we will continue to work with the congress to provide the information it needs to oversee our activities effectively. yet in a way that does not comp

the united states government including the federal reserve indeed, but the federal reserve in the lead for right of reason, mostly not of its choosing. the federal government was deeply engaged in increasing liquidity, i.e., putting money out into the economy particularly to rye place a constriction of credit. and there are people who are concerned that this will be inflationary. i think the chairman has shown consistently as have secretary to the treasury paulson and geithner that there was an awareness of this and they were prepared to deal with but it's an important question because when you're talking about inflation it's not just reality but a perception f people think there's going to be inflation, that's inflation aemplt it's very important that the chairman address as he has been doing in a very straight forward way these concerns. i am persuaded by the chairman and others that we are able in an orderly way to undo what we had to do so there will not be that inflationary impact. i also believe that inflation danger is not the current most important one. but it is, i think, a ve

we are federal employees.and you make it sound like it's for the same thing as we are getting, but it is no certainty of that at all, and you strike in this amendment an option for a public plan. so we are objecting to it -- we would like to proceed to a vote that we have a lot of amendment. mr. barr says he is willing to vote let's go to the. all of those in favor of the amendment say imac. opposed. let's go to a roll call vote. [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] >> [roll call] [roll call] [roll call] [roll call] [roll call] [roll call] >> have all members and recorded to seek to be recorded? the clerk will give us the tally. >> mr. chairman, on that boat there were 28 ayes and 31 nose. >> and the amendment is defeated. >> let me announce that from here on in, the amendment -- any amendments to division eight, b., or c.

is that just the federal cost or is that the federal and state cost? >> that is the federal cost. generally speaking, the federal cost is 62%? >> the average is 57%. the government pays 57% of the average cost. >> the tables we tried to do generally have the federal government paying all of the cost for the newly eligible people at least for a while. i think when we look at had been paying all the new costs for the whole 1year budget window. we did one that started in 2013. and then have the federal government paying all the costs. we look the one as are the medicaid expansion in 2010. -- look at one that had the medicaid expansion in 2010. >> so, the $500 billion includes the assumption that at some time the federal cost is lower because of shifting the cost to states? >> we highlighted in the letter that one of the key issues that could make the cost change was how much the burden would be for the state. >> i'm trying to understand, is the five and $100 billion simply the federal share of medicaid costs for 10 years? then you have anoth-- the 500 b. >> we did report the federal

the united states government according to the federal reserve, the federal reserve for a variety of reasons mostly bought of its choosing the federal government was deeply engaged and increasing liquidity putting money out into the economy particularly to a constriction of credit and they want people who are concerned that this will be inflationary. i think the chairman has shown consistently has of secretaries of treasury paulson and geithner aware of this but when you were talking about inflation you talking not just about a reality that perception. if people think there's going to be inflation that's inflationary and it's very important the chairman address as he has been doing in a very straightforward way these concerns. i am persuaded by the chairman and others that we are able in an orderly way to undo what we had to do so that there wouldn't be that inflationary impact. i hope we believe the inflationary danger is not the current most important one, but it is i think a very good opportunity for the chairman to address but i also want to talk about another matter and want to make a c

federal reserve.> ifill: with that in mind we asked a nonpartisan organization >> ifill: with that in mind, we asked a non-partisan organization, kansas city consensus, to help us identify area residents with questions for chairman bernanke. they were pre-interviewed by newshour staff, and selected by us. our staff also helped jim select questions submitted by our online audience. here now is part one of our forum, "bernanke on the record" with jim lehrer, at the federal reserve bank in kansas city. >> lehrer: mr. chairman, welcome, sir. >> thank you. >> lehrer: underlying many of the questions that these folks have are questions that are basic about the federal reserve it -- itself. for instance, i would like for gwen bailey to stand up. tell the chairman what you told our producer when she talked to you about your questions for the chairman. >> my name is gwen bailey. i'm a social worker with visiting nurse association. and my particular interest is exactly what is the federal reserve. i don't have

so our projections - the federal reserve - the members of the federal open market committee, which isthe committee that sets monetary policy, puts out forecasts or projections four times a year which are publicly available, and our projections suggest that the unemployment rate will probably keep rising, probably a bit above 10%, it'll peak early in 2010, and then - we could be wrong. it could be a stronger recovery than that. but you're absolutely right, that even after the economy starts to grow again, and were hoping to see that in the next third and fourth quarters, it'll be a while before the labor market, the job market, is back to where we want it to be. >> lehrer: sue drakeford has a question that's also related to that. >> hello. my name is sue drakeford. i'm a banker at hillcrest bank and a board member with the asian american chamber of commerce. when is this going to end? that's my question. >> that's a great question also. (laughter) well, there's a healing process that has to take place. we've made a lot of progress. as i said, last september and october we were in the m

federer leading 15-14. yeah, 15-14. federer has not broken roddick all match.ar court. roddick with the unforced error. federer jumping for joy. he runs the marathon match that lasted nearly 4 1/2 hours. andy roikd gave it his all and still loses. federer all alone with 15 grand slam titles. >> it was a crazy match. it was an unbelievable end and my head's still spinning, you know? but it's an unbelievable moment in my career. >> and also do it in front of pete who flew in especially to watch you today. >> yes, thank you very much for coming. thanks. yeah, sorry, pete, i know i tried to hold him off. it was a pleasure playing here today in front of great champions like pete, minolo, rod and biron there. i still hope that one day my name would be up there with theirs as winner of this tournament and i'll be back. >>> baseball now, nationals' third baseman ryan zimmerman is an all-star. was selected to represent the summer league. zimmerman responded in his very first at-bat. 5-3 victory against the braves. and zimmerman got a nice reception from the fans as he s

by the freefb. -- federal reserve.t was directly in that sense financing the housing bubble and indeed on top of everything else, the crowning irony is that alan greenspan himself got up in front of a bunch of realtors. adjustable rate mortgages are great. that's something warren coats embraced understand in order to appreciate the fact that the federal reserve was part of the problem. it created the bubble. and then afterwards, if the drug pushers and it gets to run the methadone clinic and claim it didn't push the drugs in the first place. so simply put, in order to have political freedom, in order to have economic stability, we need not just to abolish the federal reserve. we need to declare that money and interest rates are the province of the free market. when congressman ron paul asked ben bernanke, do you ever get the interest rate wrong? ben bernanke said yeah, yeah we do occasionally get it wrong. we try but we get it wrong and ron paul said to bernanke, well, then why not occasionally -- why not eternally lea

however, the concern is since the federal government sets the rules is the federal government going toy a basic right for every plan is then, therefore, that all plans must provide abortion? >> that's a red herring. the public plan would have several different kinds of service just like the federal plan does. just like thrir there's several different types of policies. you would have some with abortion and some without abortion. [simultaneous speech] >> bonnie: wait a minute. that's a hot button issue. everybody has ideas how they want their tax dollars spent. >> and this would be a big change, right? >> bonnie: but you say states would lose money by paying for this. what about the state of california that had to pay for all the emergency care for those octuplets? do you think if she hadn't had herself fertilized, that that wouldn't have saved the state money -- more money than on emergency care? >> you bring up another issue very well, talking about the octuplets. reproductive rights, quote unquote, covers a lot of stuff. ivf, the treatment in california with the octuplets, a lot of d

our federal regulatory system did not respond to this.it was dominant-- dominatedzv by the needs of the lenders and sellers and not by what was happening on the ground. it is often said that no one could have seen this. the people who were working with the victims of sub-prime lending and were talking to people who reflected the experience of those people as well as the others who were subject to the abuses of consumer product finances absolutely knew what was going on in we were screaming at the top of our lungs and no one was listening. it was predictable and it was preventable. the consumer finance protection agency offers the first open generations. certainly in my adult lifetime working on these issues. for an agency with sufficient power and focus on consumer protection issues, to seriously address these problems, it gets it right in terms of its model. it sets of the unified rule making process. it is not about whether the ftc was good or bad. it is about the fragmentation of authority and a lack of perspective in a unified rulemak

union, the international federation of professional and technical engineers, federal law enforcement officers association, american federation of state, county, and municipal employees, american postal workers union, national association of letter carriers, national rural letter carriers soshescarrierassociation, natiod retired federal employees association, senior executives association, federal managers association, government managers coalition, national association postal supervisors, national association of post masters of the u.s., and national association of assistant u.s. attorneys. this is the kind of support that we have for this. this amendment will ensure that all federal employees are treated the same when it comes to retirement. this will save money due to the reduced lost days of work and avoid unnecessary employee transfers which reduce the need for additional training. and reduces the litigation costs borne by the government due to different treatment of different classes of employees. it will improve employee morale which increases efficiency and ensures we are able

that's too fast for federer to catch up. karlovic broken again. roger federer 7-5 in the 2nd set.c the sunglasses gone. triple match point for federer. roger serving. gets the short ball. comes in and does that. federer advances to his 21st straight grand slam semi-final. >> i am happy to be back into another semi-final. 21st in a row. it means the world to me. let's see what happens now. >> your thoughts on the significance of that slams record? >> sure. we all know it. it will be burned into the history books of tennis. it's not there yet. many points and many serves. many forehands. we will see. >> haas and djokovich. first set backhand. djokovich makes the save and haas will put it away. he won the first set. second set tiebreaker. djokovich long. it will be set point for tommy haas. the next point, haas, the backhand. djokovich returns it. haas at the net. he puts it away and wins the second set does haas. djokovich took the 3rd set. now haas up 2-1 in the 4th set. the return by djokovich long. haas goes up 3-1 in the 4th. later match point for tommy haas. and he takes care o

there are now over 4,000 federal statutory crimes. and summer between 10,000 and 300,000 regulations that have criminal sanctions attached to them. the mayor ambiguity of that number should give you some sense of how rampant the problem has become. with that is not the way america west and to operate. from the house that this was to be a government of limited power with maximum freedom for the individual. instead we have been afflicted by a vast enlargement of lateral authority cannot condone it, indeed, enabled by the supreme court. the constitution enshrines the relationship between an individual and the state. the of federal government has limited, separated and enumerated powers. the power is not granted to the federal government by the constitution in does not have authority to act. individuals, on the other hand, in july natural rights, some of which are recognized in the bill of rights. the rest of which are retained by the people. what this means is as prof. randy barnett at georgetown university has described the constitution

it's great fun running the federal reserve. the federal reserve gives the economist a seat at the table of power. they don't have to be just economists and journalists. they can actually call the shots. it's very heavy. it's very invigorating. but beyond that, what is happening right now publicly? the obama administration, obamanomics is basically still in the country from the american people and it's doing it through the printing of money. the deficits don't matter, of course that is what cheney said and cheney was a part of the same problem. deficits don't matter. we can print the money. we don't have to ask the people to pay for the taxes. we can simply print and oppose it on them and allocate resources to ourselves and then we don't have to worry. that's the nature of why this is all about politics and indeed alan greenspan wrote about that very succinctly in gold and economic freedom. that's what it's all about. >> john, gene and i agree on things that will happen the next couple of years which will be vastly increased inf

federal security. on capitol hill, anger and outrage that eight years after 9-11 and 14 years after oklahoma city, the agency in charge of protecting federal buildings is coming up short. >> this is unacceptable situation. >> the government accountability office investigated the federal protective service. it focused on security at offices that house congressional staffers as well as employees of the justice state and other departments. mark goldstein directed the probe. we were concerned that they were able to gain entry to every building that we tried to get into. >> reporter: the report was most ctical of the private security guards hired by fps. ten times gao brought liquid explosives and detonators inside federal buildings, assemble a small bomb and walk around the building unchallenged. >> the fact that we could gain access to buildings across the country shows a lot mors e need to be done. >> reporter: this picture s ne said to show a security guard sleeping on post. the report detailed another

our federal regulatory system did not respond to this.it was dominant-- dominatedzv by the needs of the lenders and sellers and not by what was happening on the ground. it is often said that no one could have seen this. the people who were working with the victims of sub-prime lending and were talking to people who reflected the experience of those people as well as the others who were subject to the abuses of consumer product finances absolutely knew what was going on in we were screaming at the top of our lungs and no one was listening. it was predictable and it was preventable. the consumer finance protection agency offers the first open generations. certainly in my adult lifetime working on these issues. for an agency with sufficient power and focus on consumer protection issues, to seriously address these problems, it gets it right in terms of its model. it sets of the unified rule making process. it is not about whether the ftc was good or bad. it is about the fragmentation of authority and a lack of perspective in a unified rulemak

federer's win puts him back in the top spot in the world rankings.e replaces rafael nadal, the man who interrupted his reign as king of center court last year. now comes the question, is federer the greatest player of all time? >> roger is a stud. the guy is an incredible athlete. 15 majors and counting. it's incredible. >> reporter: the only man to win all four major tournaments in a single season. >> if you're the best in your era, i mean, that's certainly the first thing, and he's certainly that. >> reporter: and one again the king of center court. john yang, nbc.

was roger federer again.reached the semi-finals in each of the last 21 grand slam events he has been in. now he is gunning for his 6th wimbledon title. 15th grand slam title. after his win over ivo karlovic, his thoughts. >> i was sick ever looking at that guy's serve? >> well, i don't play him every week. it all of the guys served like that, that would be tough. >> [inaudible question]? >> everybody plays different, you know. like said before i enjoyed the challenge playing ivo karlovic. it's not fair to call him boring. he has a phenomenal serve. the way he hits it and backs it up with his volley. it's something. i think it's exciting to see him play. sure, it's not easy to return it. it's thrilling because at some stage, it will get close. that's why i was very happy the way i was able to play against him today. it was an excellent match. i am relieved i am true. >> before the tournament started, you said you would not start thinking, it would not creep into your mind about pete's record until the semi-fin

they are federal buildings across the country and they were not identified today. one official i spoke to said it will even be more than a year to get them trained and up and running. >>> kelly o'donnell on capitol hill for us. kelly, thanks. >>> depending on where you live and drive, some times you see them at construction sites. signs that are designed to harold the stimulus money being spent on roads and on-ramps and the like. it was a lot of money, $787 billion in the end. it was five months ago. it was supposed to fix and build a lot of things and put a lot of people to work during a time of high unemployment. and the white house is saying -- be patient. the story tonight from our senior investigative correspondent lisa myers. >> reporter: at this road project in maryland, a sign tells all who pass by, that the money for repaving came from the stimulus package. the obama administration has encouraged states to put up the signs which can cost as much as $1,200 to reassure the public that the stimulus is working. jason dodge certainly thinks it's working. >> i w

the myth that the federal government is incapable of doing great things -- the myth that the federal government is incapable of doing great things is shattered when one thinks of the achievements like the moon landing not to mention like medicare and social security and all that we talked about. from the six apollo landings to skylab to the cooperation of the soviet union to the hubbell telescope, nasa has touched and improved nearly every aspect of our way of life. those who believe that government should sit on the sidelines need not look back 40 years, but can look at everything that nasa has done and what it continues to do today. today nasa in many ways is more important than ever. as we work toward a carbon-free economy, we forget that that's s bidding the first large-scale windmills in the 1970's. much of the early work -- the early wind turbine technology development was done at plum brook enternorthern, ohio, near sundusky, ohio. the united states is in a sprint to lead the world in clean energy. nasa's alternative fuel research laboratory, its solar powered aircraft path fi

coming up, a hearing from a federal reserve. and then after that the discussion about swine float prepared as. then they will talk about the supreme court nominee judge sonia sotomayor. >> republican leader. over the past several weeks, my colleagues and i have raised a number of serious questions about the judicial record and public statements of sonia sotomayor. these questions are driven by a growing sense based strictly on the record that judge sotomayor has allowed her personal and political views to cloud her judgment in the courtroom leading her to favor some groups over others. all of us are impressed by her remarkable life story it reaffirms not only to americans, but people around the world that ours is a country in which one's willingness to dream and work hard remain the only requirements for success. and, yet, it's precisely the truth about america that makes it so important that our judges apply the law the same way to one individual or group as to every other. this is why we've raised the questions we have and thi

the head of the federal protective service, the agency which oversees security for 9,000 federal facilitieswas contrite. >> when the g.a.o. presented its alarming report to us several weeks ago, it caused us all gave concern. we have all worked very hard and have taken aback because of this disturbing news. >> because of a lack of money and manpower means they don't have enough people to oversee the work. >> the ratios are much greater than they were in the past. >> at least one guard with the protective service was found asleep on the job. in another instance, a baby was put through the x-ray machine. all examples of poor training and a lack of supervision, but the committee senior republican was not satisfied. >> i don't think it's a matter of training for a guard to realize that a baby should not be allowed to go through an x-ray machine. >> the guard was fired over the baby incident, but he successfully sued and got his job back, because he was able to show that the federal protective service had not provided adequate training. senators saw this episode, in particular, as more evidence

and it shows how the federal stimulus money's being spent. apparently frequently it's not how it was intended. in many instances this report states the money's just helping states make ends meet. what's worse is that unemployment's on the rise everywhere except in washington, d.c. >> the u.s. economy lost 433 net jobs in june, bringing the unemployment rate to 9.5%. these job losses come on the heels of other declining economic indicators that bring total american job loss since president obama took office to 2.6 million. mr. chairman, i might remind you all those jobs lost are in the private sector. in fact, the public sector, and particularly the federal government, has increased employment. we are, in fact, a job factory. >> now, the white house insists the report shows the stimulus is working, quote, on the time line promised. so tell us what you think about this. do you think perhaps that it's time for a second stimulus package here in the u.s.? which is what some people are talking about. or is it just a waste of taxpayer dollars? call

roger federer and andy roddick go head to head at wimbledon. who won this nail biting match? hi. you're watching hln. i'm natasha curry. the monorail system that moves people around disney world is closed today after a deadly accident. one train crashed into another. one driver was killed. five park guests were treated for injuries. the other driver was take on the a hospital but is okay. rick baldwin spoke to a witness. >> there was a family coming from the train -- the actual first train, the first car. >> were they getting off easily? did you see ems, emergency crews. >> when we got upstairs we were there for ten minutes, 15 minutes before police and fire rescue got on the scene. we got upstairs, we got the doors open and the family was able to come out. they were just shooken up. they didn't know what was going on because you can't see forward. they came out, the kids were crying. it was, i want to say a family of six, mother, father and kids. >> disney officials in orlando are working closely with law enforcement to find out exactly what h

reports of serious gaps in security at federal buildings. undercover agents were even able to smuggle in bomb making materials. good evening. i'm lesli foster. a disturbing new warning for anyone. investigators from the government accountability office have been able to repeatedly slip bomb components right past security, assemble bombs in bathrooms and wonder the halls. bruce leshan has more on this investigation and allegations of a security officer in silver spring. tell us more. >> reporter: they declined to name the buildings where they found big security holes. but in silver spring they say there are major problems there. eight years after the terrorist attacks, troubling new allegations of security holes at our federal buildings. >> these federal workers are not safe. >> reporter: a private security guard at the campus in silver spring. she says she has repeatedly had to wake up members of her team sleeping on the job with their guns strapped on. >> most of the officers seem to think it is funny. they bring pillows and blankets to wor