welcome to the board of supervisors san francisco budget & finance sub-committee for wednesday, july 9, 2014. my name is mark farrell i'll be chairing this committee i'm joined by supervisor john avalos and be joined by sxhooifr i want to thank clerk linda wong as well as jim smith and jonathan madam clerk, any announcements? >> yes. phones, pagers and similar sound-producing electronic devices are prohibited at this meeting. copies of the documents should be submitted to the clerk items on today's agenda obey e will be in the next meeting. >> thank you very much madam clerk call item one. >> the resolution of the revenue obligation for the california statewide development authority for the school not to exceed $9.4 million. >> thank you, ms. shall you from the controller's office thanks for being here. >> thanks good morning members of the supervisor wiener subcommittee i'm from the controller's office office of federal bureau of investigation's i want to thank you for hearing this today, i have mark from the city attorney's office and the presidio hills school and from other organi

but for what i understand there's been problems with candidates not getting the public financing and if the public financing is there and they meet the requirements the city should definitely back up the candidates even though their not the incumbent a maybe an unknown candidate but that's what public financing is for. thank you. >> i guess this one, too. my name is yeah. my name is michael nolte. dear commissioners and executive director well, that's the overhead. my name is michael nolte i'm here to talk about the procedures for the candidates one for 2a. of which is on the attachment here. of what i just submitted. on may the 27 i went to department to ask for the forms for a candidate for the november 4th election i received a handful of documents to be filed i filed out all the documents and established an online filing. i then asked if there were other other remits upgrade my filings and an f pc number. another candidates on june 12th informed mayor edwin lee me informed me that there was a problem he was having problems with the 142a public financing deadline. and wanted to kn

financing goes to think that the private sector would in finance. -- wouldn't of finance.ink most of them are fairly 5ort guarantees -- 3 to years. there is some long-term financing and it makes sense if it is a power station that has a very long life. you need to finance that over decades. but i think that is fairly small percentage of that. host: arizona on the line for democrats. and robin,d morning, thanks for coming on the show on this very important subject. i was involved in a small business many years ago and when i talk about small business, the company was about 60 people. we were doing a lot of exporting around the world, and this was a major issue for us to must how do we finance our suppliers to make sure we got our money back from them as opposed to going through a prepaid system, because it was really a challenge for us. bank andhe ex-im program to do that and it made a huge difference in our business and we doubled and tripled our exports just because we could offer terms to our customers. we used this guarantee program to really help us there. you are abso

he famously said that finance is a faux. he now says a good finance could be a friend. perhaps a soft note the -- a soft note. them, of course. >> thank you so much. we will see you later in the hour. we also caught up with the ceo of orange and he told us he would like to see more m&a in the sector. he wants to see some of his smaller rivals start to consolidate. >> i do believe that the french are at a critical size. one day, i believe we will probably switch from 4 to 3, as is going to be the case in germany or ireland. anything that will happen, bringing the french market to 3 players would be a positive move for orange. clearly, orange was not the best place because we are the largest operator and also we are probably the one that needs most this competition. bouygues, iliad, we still have room to see some maneuvers. thise still ready to take game. i do think it is a necessary move for the consumer, for the investment, and for the country. there should be more would more m&a, and that stop the price wars they are seeing in french telecoms. more from the conference

i'm going to talk about mortgage finance. every time i looked down and see somebody looking at the phone, i will tell myself that you are live tweeting my remarks. the me first start out. those of you who have been at a distance related to mortgage finance policy, all as discussions revolve around homeownership, apple pie america. you can't talk about it without that. i sort of very quickly but the question out there and say to ourselves, there is homeowner -- does homeownership merit subsidy anyhow? academic evidence is very clear. homeownership is correlated with a lot of positive outcomes. homeowners vote more, the children are more likely to graduate from college. all of these things have been found in the data. one of the things it is helpful to repeat yourself at least once a day is, correlation does not equal causality. we know that homeownership is correlated with these outcomes, but there's been nothing in the scholarship that shows it causes these outcomes. maybe a sure way to think about it is, does homeownership c

and in particular stephanie and katherine on the budget & finance committee and all my aids more this inside of city hall it takes a village to get something like that accomplished i want to thank our budget analyst office and to thank everyone up and down your entire staff and in particular mr. rose, of course, and thank you for your hard work in working for us. i want to thank the controller's office ben your entire staff and everybody you guys are amazing individuals and professionals as well. thank you very much. and last but not least to the entire mayors team in particular kate howard to your entire staff many who have last day behind you thank you for your hepatitis an incredible imprisoned for months for you all so, please know how much we appreciate your hard work. so colleagues we're going to vote on a birthing budget i know i want to make a few comments. in particular we are able to add back over $20 million in general fund and $13 million in year two. we were in particular highlights out of this budget we were able to put a significant amount of dollars into our homeless s

. >> you have financing and engineers and contractor and they come here and every we're rebuilding are that the office of the city of administer and the depth thought i environment and other partners. >> all those things one little piece of a resilient piece of - >> and i felt more positive about things i thought about how to pay for this. >> we didn't want to have one financing option it didn't work. >> we found information about financing they are different options for different types property owners. >> we've seen them offering financially and a pool of styles for a complicated way of saying they'll be able to pay back their loans over the next two years. >> we have 3 options and secondly, to get a loan for the ryan white and the third becoming in the past program participants in that. it is encouraged along coastal easier where we have set time like sand and a high water table to a cause the sand to shake i'm going to get this visitation on the same bridge you'll see the water come to the surface this knocks the foundation over and pushes out the ruptured pipeline >> it is intimida

of the best investment in the united states he worked closely with the eir staff to help with the financing. in 2013 he was promoted he managed community process balancing the public needs and the capital negotiations with strategies and seeking project financing and insuring good financial practices he led the candle stick streetscape and had the replacement unit of the development he helped with two with o 3 new parks and hotels. mr. lawson participated at 2 hundred and 50 workshops held on every aspect and those railroad for about the board of supervisors and agency he the ocii commission and other city commissions the hunters point shipyard advisory committee and the bayview hunters point and the neighborhood association and this alice griffith and other groups. now tobd therefore, be it resolved it is for his success and the office of community investment and infrastructure. (clapping.) >> thank you very much mr. lawson what you like to say a few words? >> i would like to say a few words knowing we have limited time it's dog years those 6 years have been incredible and it's an interest

so, how do we finances affordable housing today? so, right now, again, this is in part because you know, many of the folks in the public echoed a theme that we are not doing anything for affordable housing. i think that, as supervisors you passed the two 2-year budget just recently. this is from our two 2-year budget. this is what we are going to spend over the next two 2 years for affordable housing. that's not a small budget. i thank you very much for your contributions for making that happen and we will spend it wisely and create as much affordable housing as possible. >> can i have some clarity? >> go ahead, supervisor breed. >> >>supervisor london breed: thank you. mr. lee, is this for this particular 14-15 -fiscal year, you are saying it's 39 percent what? i'm trying to understand the 39 percent number? >> i'm glad you asked the question. 39 percent of the funds i have for affordable housing comes from the market rate development. these are fees paid for whether they are job link fees for office buildings or inclusionary fees

thank you for joining us for this meeting of the budget and finances committee meeting. i would like to welcome sf gtv for filming this event. >> city clerk: clerk items today will appear on july 22nd, board of supervisors agenda unless otherwise stated. >> thank you, madam clerk. we have a long agenda today after our budget season. madam clerk, please call item no. 1. city clerk: item 1: 140619: proposed annual budget and appropriation ordinance for selected departments - fys 2014-2015 and 2015-2016]1406191.sponsor: mayorproposed annual budget and appropriation ordinance appropriating all estimated receipts and all estimated expenditures for selected departments of the city and county of san francisco as of june 2, 2014, for the fys ending june 30, 2015, and june 30, 2016. city clerk: item 1: 140619: proposed annual budget and appropriation ordinance for selected departments - fys 2014-2015 and 2015-2016]1406191.sponsor: mayorproposed annual budget and appropriation ordinance appropriating all estimated receipts and all estimated expenditures for selected departments of

i think it will be a huge asset in both the engineering and finance worlds. for me as we struggle to accommodate more people in san francisco, as we struggle to build more housing units, to accommodate families and children and seniors and we are trying to reach the mayor's goal of 30,000 new unit by 2020, all of those things must be balanced against community needs and desires, as well as how is that we preserve the characteristic of our communities? i know that we heard that loud and clear everyday, and that is something that the planning commission and the department contends with on a daily basis. and so however i do feel it's actually also very important that we do have some fresh energy here, people who may not have grown up in san francisco, but choose to make san francisco their home. it's very important that we also have their perspective. and so i do appreciate that about miss johnson, as well as her attention to detail, which is very much needed as a planning commissioner. so i'm happy to support her appointment to the planning commission and would

he's a advocate for campaign finance reform. we'll turn to a conversation with david s. rose who has put it into text "angel investing." we're glad you joined us. those conversations coming up right now. ♪ ♪ >>> and by contributions to your pbs stations from viewers like you. thank you. >>> according to almost every poll out there faith in our political institution, the gallup poll conducted less than a month ago has congress's approval rating at 16%, on pace to be the lowest ever for a mid-term election year, no doubt the dissatisfaction is driven in part, i expect, special interests and big money are calling the shots. joining me to talk about ethics, jack abramoff, before his fall from grace was considered perhaps the most powerful lobbyist in all of washington. jack abramoff, good to have you back on the program. >> thank you, tavis. >> most of us know the back story of what happened some years ago when the sentencing to prison and serving time and coming out. as you look back on the that period now, without calling into question too much, what do you make of your li

the second and a spillover into the consumer finance. the second is when you create something you end up doing much more than you thought you were originally going to be. once we impose a transparent budget requirement, we try to gedothings off budget that havel costs to the treasury but that were not budgeted and voted on and that his political heroine for politicians. fourth is with the great depression with a lot of economic stress we formed a safety net and again that grew tremendously. very quickly the u.s. banking system was fragile by design. why? because thomas jefferson wrote the northwest passages in the size of the family farm in for the next 100 years the country was settled by family farmers and those farmers were both households and business so there was very much populist concern with how they get credit. but the constitution left the bank charters to the states so you couldn't have a national bank to distribute money nationwide and what that meant is the banks always failed with respect to the crisis but they would never

seven ideas to clean up political financing. call for tenders for contracts within elections. that way it can do away with possible solutions with contractors and their party clients. that was the situation that happened earlier. they want to do away with the parliamentary reserve, which allows senators and mp's to pay for pet projects in their own constituencies. party has beens subjected to revelations regarding these fraudulent accounting for several years. on, gaza pretty much dominates the headlines. >> violence broke out again on monday with deaths on both side. benjamin netanyahu sees no quick war.o the gaza they want to neutralize the tunnels. tunnels fored the smuggling in reserves. israel alleges missiles and weapons over the last few years. >> israel has been critical of the secretary of state john kerry in his attempt to reach a cease-fire. >> there is anger on both sides. the white house has angrily defended john kerry. the israelis accuse him of bias. sourcess government says the u.s. are believed to be -- washington is believed to be fuming over. contacts with q

getn, will they be able to the finances?s a longer-term issue for me rather than a short term. yesterday, do i need to assume that 20% of that 50 effectively going to bp? the number could end up being extracted from rosneft as part and parcel of the russian government and bp has a 20% stake in that. how do i work that out? it is not something i would want to do from a bp perspective. there are lots of meetings about how the econ side will play out. at the moment, we just have no clarity. he has defected from the rosneft side, but there are other things within bp that can drive cash flow for now. it is not something i would want to take out of the price target for now. >> just one final western or a quick one. quickinal question or a one. we have went through a long list of medium-term risks, all of which are hard to price in. are there other shares that are better to own? is the market pricing bp correctly right now? every single day it seems that there has been a fresh risk in relation to this business. >> on the valuation

but i'm still pleased with what the finance committee did. i want to thank senators reid and mcconnell for allowing us to have this time on the floor and for all of my colleagues for agreeing, because this is a debate that has to start somewhere so it's starting today , we know whatever happens, we're just doing a patch and we're going to have to sit down together with goodwill and good ideas and solve this problem for the good of our country. and i thank you very much and i yield the floor. a senator: mr. president? the presiding officer: the senator from pennsylvania. mr. toomey: i ask unanimous consent to temporarily set aside the pending amendment so i may call up my amendment 3585 which is at the desk. the presiding officer: is there objection? without objection. the clerk will report. the clerk: the senator from pennsylvania, mr. toomey, proposes an amendment number 3585 -- mr. toomey: i ask unanimous consent we dispense with any reading. the presiding officer: without objection. mr. toomey: thank you. let me start by complimenting my c

how do you expect the finance minister will tackle these is e issues? >> korea's consumer spending dropped to 293, korean people cancelled trips and social events a other international programs. they even refrained from drinking for two months, so the government lowered this year's growth forecast from 4% down to 3.8%. regarding the stronger currency, the new minister would not directly intervene in the foreign exchange market, rather they import more raw materials in advance. regarding the stimulation policy it seems that the finance minister wishes to i'm muhave t policy with reforms. the finance minister stimulation policy is on the right track but he may confront krcriticisms because his policy will create forms and bubbles. >> now the bank of korea kept its benchmark interest rate at 2.5%, that's for 14 months. what are policy makers trying to do and where do you think policymakers will go from here? >> okay. the bank of korea governor often runs into a dilemma situation. it makes the wealthy people happier. a lower interest rate, however, can stim

>> as with a lot of finance, so much of what takes finance happen for me is what they used to call humorous. that is the individual that of confidence or lack of confidence. we are living in an enormously dynamic era where more discoveries are being made daily that probably were made in the period from zero to 1700. that offers tremendous opportunities of elimination of poverty, opportunities for a better environment. but it also creates all kinds of opportunities for risk. so i would say in terms of world economy these days, my own personal model is to keep your seatbelts fastened tight. >> i would sign up with that i think the opportunities are clearly they are in there is no question in the last 20 years there has been an immense change and poverty levels on a global scale and that is all for the good. we have a very big interconnected system and i think the biggest challenges government. that government is the single biggest problem in the world and bad government is distributed. i mean, there's really a horrible and a little bad and good exists in a small pocket. [laughter] that the qu

i studied engineering in college, but my professional career is has been in public finance. in various capacities i have developed expertwise in how governments pay for what their citizens need and want. i have gotten a lesson on resources, particularly monetary resources matching with policy. in my civic life translated into a strong desire to make sure that the details match up with the goals on the projects that have come in my purview. as example on my time in the hunters point cac, i also dove into the details of transportation plan, leaving the cac to suggest changes to improve the quality of life for future resident and workers in shipyard. as chair i of the advisory board for the san francisco community investment fund i took a fine toothed come to funding projects and made sure they met the city's goals and stated goals planning commission as i have been on the suggestionor agency commission, but you if any it's not enough to be hard-working when it comes to being appointed to such an important commission. you believe that great cities promote development of great p

because it did have indeed the tax increment financing in which the redevelopment agency could spend to support affordable housing. there was always the question of land that was available former public land that was traded in the process to ensure there was on going, there was a higher level of affordable housing. but the one thing that redevelopment also did was also stream line development, to facilitate development so that there were certainty in development and that certainty paid for affordable housing. in many of the cases, it was the market rate, it was the development. the non-affordable housing development that would go first generate the tax increment for which we would later bond and build affordable housing. in light of the fact that redevelopment was going away, we didn't know the extent to which development was going away and out of that sort of concern about what are we going to do for affordable housing, the idea of the housing trust fund came out. the mayor asked for the big tent, got the big tent and got a lot of support from all walks of life in the city to put on

we asked him how he expects the finance minister will be tackling these issues. kim teaches economics. >> korea's consumer spending sharply dropped after the ferry disaster in april. korean people canceled trips and social events and other international programs. they even refrained from drinking for two months. so, the government has lowered this year's growth forecast from 4% down to 3.8%. regarding a stronger yuan currency, the new minister would not directly intervene in the foreign exchange market, but he would encourage more imports of capital equipment abroad in advance. regarding the stimulation policy, it seems that the finance minister wishes to emulate japan's three arrows policy by implementing monetary and fiscal policy with structural reforms. the finance minister's stimulation policy is on the right track, but he may confront some criticisms because his policy will inevitably create some bubbles. the bank of korea governor often runs into a dilemma situation. a high interest rate discourages investment, but it makes the wealthy people happier. a lo

we are entering a new world and financing political campaigns. i have the distinct privilege of moderating the debate between john and james. they are two of the nation's bleatings authorities -- nation's leading authorities. i can speak for a long time about each of them. rather than bore you with that, please read your program and google them and you will be impressed with their qualifications. mr. bob is coming from indiana bonafotz is coming from massachusetts. we appreciate them coming down. that may explain the format to you. we will have time for questions. initially, each individual will make a 10 minute opening presentation. mr. bonafotz will speak first. after the three minute rebuttals, we will open it up to the audience. if you have questions, put them in writing. at the end of the session, we will give them each a minute to sum up. with that, i'll turn it over. i think is better to stay in here because c-span is recording this and i think they wanted to focus on this lectern. thank you. thank you to the miami -- miami-dade commission

the expenditures and continue to track those closely reporting out to supervisor cohen through the finance committee and continuing to insure we're inclusive in our operations of the meeting the cities goals for this area with that, that concludes my report. happy to take questions >> thank you very much ms. chang open this open this up for public comment any public comment on item four. >> i'm francis i does not come for those meetings i've come after a along the time of the 8 sfrifrz who are here 50 percent are having sidebar talks and i'm watching the deliberation while the director was giving her report he's having a sidebar chat i'm saying millions and millions of dollars are going to be spent you have no business asking the constituents of san francisco to pass on this when your don't pay attention to what's being said as i'm being talking to you now there are 2 supervisors having a chitchat you get one hundred and sro thousand benefits to represent the people not to screw around not to give us this huge fingers talking about grants and the transbay and nobody is paying attention who

so i might go into writing the finance ministers. on the shadow banking, we do already have more comprehensive regulation partly because some of the stuff in the bank and also because we have regulation of the funds through the regulations of the funding management and the alternative investment fund management corrective that has to do with hedge funds and private equity. also, when we were transposing basl iii into the directive version four, i decided that quite a lot of shadow banking activity has one leg in the bank. so i got a good place to grab that is in the banking regulations. so, we have made an attempt to that and in particular with regards to disclosure oregard ts like asset incumbents, repossessions and various other reporting requirements, which are now going to be built on a separate piece of legislation. we also have no common bankruptcy law in the eu, so we have passed the resolution under the recovery proposal. where we have legislators surveillance. so now after usin using up all e equity, there has to be at least

the united states is imposing new sanctions in key sectors of the russian economy energy arms and finance were blocking the exports of specific goods and technologies to the russian energy sector we're expanding our sanctions to more russian banks and defense companies that were formally suspending credit that encourages exports to russia and financing for economic development projects in russia. and because we're closely coordinating our actions with europe the sanctions we're now seeing today will have an even bigger bite president obama was asked if this threat shooting up of tension could effectively mean the beginning of a new cold war he disagreed he said he does not see another cold war coming but that's not the way many people see it there was a hearing in the u.s. congress several hours before the president's announcement or you could hear the usual voices calling for increasing tensions and pressure on russia and then there was this one congressman the chairman of the house foreign affairs committee who offered a different perspective you know after the soviet union fell there w

that said it doesn't affect the finance side as much. we saw autos recover the same rate with the economy. this is a similar chart with the mortgage market being the hump shape and the other chart is consumer borrowing not including autos so short term installment loans, credit card loans. so here again the recovery matched the economy in the recovery. the economy recovery is weak but it recovered along with the rest of the economy whereas the housing market did not. the point with the two slides is we've thrown these massive guarantees at the mortgage market and yet it continues to be weaker. the housing market continues to be weaker than other segments of the economy which this traditionally moves with. we have to ask what exactly are we getting for all of these guarantees we're throwing at this. despite again the fact that we have no gse, we have to auto loan gse, you can get them at relatively affordable rate. slightly above mortgage rates. you can get them fixed for up to five years, sometime seven years. the typical life of a mortg

>> and in the financing for that? >> well, yeah, it would be, and there is part of that is structuring the specific details or the elements of the deal. and i think that some of the cost that you have like for example, we have saved some money from the fact that we and they did not have to buy the performance bonds at the corporate guarantee that is a pass through that they give to us and in terms of how much that you save later they have made it clear that if we have the uninterrupted production schedule, that the prices of the car will be offset the additional cost of the loan site and until we went through the details of who is financing what and how much and we will not be able to say, yes, and it is in there. but, and i think that a billion and one, and along the elements that we described covers the deal. they will be lighter. and in terms of the delivery rate of the cars, i know that director riskin mentioned the general obligation bond money that will not be spent, and if we do get the vlf passed in 2016 and i

the senate finance committee will be looking into the u.s. system of international taxation, including what are called inversions where a large u.s. firm acquire s a smaller overseas firm in order to reduce its tax burden. our lineup of witnesses this morning including the deputy assistant treasury secretary for international tax affairs, that's robert stack. the finance committee headed birb by ron wagner held a hearing. in june they held a hearing on the tax code in reducing student debts. this meeting should get under way shortly. 9:30 was its scheduled start. cq writes that majority leader harry reid yesterday filed closure on the motion to proceed to legislation that would give tax breaks to employers who return jobs to the united states barri states. barring a time committeissue, t will happen. there's the chairman. this is live on c-span3. >>> the finance committee will come to order. the u.s. tax code is infected with the chronic diseases of loopholes and inefficiency. these infections are hobbling america's drive to create more good

i can see finance up 17%. every -- i can't see finance up 17%.ng continues to move forward. no areas of weakness. >> we were talking about the strikes today. this may be the biggest strikes since 1926. one of the unions is saying they would like a 5% pay increase for their representatives, for the people in the union. not in the public sector, but in the private sector. can they count on 5%? >> no. 1.5% to 3.5%. we talked about this before. companies are focused on retaining talent. the moment they do that, they will look to increase wages. in the private sector, we are looking at 2.3%. >> you talk about retention. we had a conversation this morning are halves at a different level with the ceo of burberry and a 10 million pound package. what about offering new entrants and to retain people? is it just about money? what is at the top of the agenda when people go out to look for a new job? >> i'm not sure there is a uniform answer for that because it depends on what sector you are in. more fees, you get more commission, it is a beautiful model. ist