one part of our mortgage finance played a role in parts of our mortgage finance systems can play a role in the federal home loan banks exist to ensure mortgage throughout the economic cycle. this mission is critical to supporting sustainable home ownership, affordable housing especially with and the economy is weak and nordic mortgage credit tightens. in the current condition fannie mae and for the mac will fail in a downturn. when they fail housing for the billing problems get even worse. together any and freddie guarantee 5.6 trillion in single and multifamily mortgages half the bucket and until recently they were limited to just 6 billion. to do the math when i walked in the door the combined leverage ratio opinion freddie was nearly a thousand-one. secretary manage and i allowed [inaudible] this is a significant step forward. within one quarter's net worth has their leverage ratio by nearly half and i'm proud to say in my six months we doubled the capital at fannie and freddie. it still stands the nearly 500 to one in contrast to nation's largest banks in average leverage ratio of 1

easing concerns over the impact of unrest in hong kong eurozone finance ministers agree. euro group president tells cnbc the new package aimed at supporting the euro is now ready to go. >> this will be at the corner of the financing of the eurozone today and in the future. an instrument has been created sos it fully operational this is the important thing. we've got a raft of uk data just hitting the tape now let's kick off with the uk gdp grew 3% versus the three-month in august. we are looking at minus 0.1% month-on-month that's the first fall since april. in terms of year-on year that grew other data we are getting come through industrial output. that came in at minus 0.6%, significantly worse than the market had been expecting. the year-on-year figure came in 0.8% on the manufacturing front, that came in at 0.7% versus flat. so negative numbers there on the industrial and manufacturing output fronts. gdp out look on track for a recession. in terms of trade, the august goods trade balance came in at negative 9.8 that was a touch better than expected looking at $10 bill

conversation this about housing finance reform end the same way. alarming that the enterprise's share of low downpayment and high to debt higher ortgages are now than before the financial crisis but i would suggest that's what alarming is that the democratic majority today is defending this state of affairs. said those wholl fail to learn from history are condemned to repeat it. administration's proposals seek to place our housing finance system on a stable, protect us path and from another housing crisis, and their ud our panel for leadership. now, my first question i want to relates to the credit risk ransfer issue to secretary mnuchin. he treasury report calls on them to -- including by cease ceasing reliance on institution capital. unfortunately, current capital rules hinder banks' willingness credit risk from the gse's. structural plified finance approach are grossly risk.gned with gse credit the sfaa was intended -- to make banks are not making unsecured subprime loans. make secure rprise prime loans and thus capital charges can be as high as

well for more let's cross over to our finance correspondent in new york sabrina kessler subpoena these levees are intended to hit the makers of french wine as we saw scotch whisky or italian she's how are u.s. consumers responding to the measures. so it's more than clear that these measures will make a range of european products more costly for you ask consumers a plate of cheese for instance that currently cost you about $45.00 will put you back 60 dollars soon having said that the u.s. carries appear to be selectively chosen to hit premium items that while here us consumers could continue to afford even at higher prices but still if you have a look at mainstream society people will definitely be hit in their pockets as soon as the current stock of products are sold out and products with tariffs ah put in place now the european union has already said it would retaliate and may win the right to do so next year when the w. 2 is set to rule on illegal usa for boeing are the 2 sides likely to try to resolve this dispute before it comes to that. so brussels has consistently communicated th

public financing could not exist in those jurisdictions. in 2016 the legislature tried to create an exception to the rule saying this doesn't apply to public financing. if you have a program that is made available to all candidates, it is okay to use public funds for election costs as long as you do it in that way. what happened on the 26th of august was that the third district court of appeals upheld the trial court decision that struck that down. they found that is invalid that is the legislature cannot create an exception because it is against at the purpose of the p ra. prop 73 changed the purpose to prohibit public financing, and that the legislature could not go against that intent. it is a boiled down version of the case. essentially restores the cities and counties back to where they were before 2016 that created the exception. it doesn't affect us. the commission did weigh in support of that bill. in 2016 it sent a letter urging support and it didn't pass, but now it is invalid. back to the pro-16 state of affairs in other cities i

no you're absolutely right i mean today i was on you know a meeting here of the g 20 finance ministers they gave their evaluation and after a meeting which was held earlier today here in the building behind me i'm going to read a quote from them and it's quite telling because what they say is that the global sable coins and other similar arrangements with potential system systemic footprints give rise to a set of serious public policy and regulatory risks they went on to say you know it can cause some concern because they could it could be used for money laundering illicit financing consumer and investor protection need to be evaluated and appropriately addressed before these projects can commence operation that gives a very clear answer to everybody what their opinion is they want to look at it when questions were put to japanese finance minister in fact who had come out of that meeting and answered questions he was very hesitant to really say whether they were going to approve or whether were something that the greed with they said that they needed to look further into it before as y

finance system can play a role. the mission is critical to supporting sustainability home ownership, affordable housing, especially when the economy is weak and mortgage credit tightens. in their current condition, fanny mae and freddie mac will fail. when they fail, housing affordability problems get worse. together, they guarantee $5.6 trillion in single and multifamily mortgages. nearly half the market. until recently they were lintmid tod to 6 billion dollars. the ratio was 1,000 to 1. last month, secretary mnuchin and i agreed enterprised to retain capital. retaining just one quarter's net worth has improved the ratio by nearly half. but it still stands at 500 to one. our nation's largest banks have an average ratio of 10 to 1. let me put that in perspective. the leverage ratios we see at our largest gses, fanny and freddie are leveraged 50 times that. combined with low capital credit risk that's been increasing in recent years, some risk factors now exceed the levels observed in the years leading up to the cri

this is october 2nd, 2019, regular meeting of the budget and finance committee. i'm sandra lee fewer joined by supervisors catherine stefani and rafael mandelman. our clerk is linda wong. i want to thank sfgov tv. do you have announcements. >> pleaitems will appear on october 8th board of supervisor agenda. >> thank you, item number one? >> resolution of amended for the java house restaurant and increasing the monthly base rent to 4,000 and no change to the initial term through august 31st, 2023. >> i believe we have mark to present today. >> madam chair, chair members and board members, i'm the assistant deputy director of real estate and development for the port of san francisco. the item before you today regards java house restaurant, a small restaurant at pier 40 1/2 located next to south beach harbor. the java house restaurant is a long standing port restaurant which has been operated by the family for over 33 years. in 2006, by their daughter. the java house currently operates under a 15 year lease with the port that expires august 31st, 2023. the original

that was supposed to finance the war. this was an interstate kind of investing class, lending class. the merchants, the people with actual money in gold and silver, or the equivalent in possession. so the war debt, and this is what is fascinating with people talk about debt now and hamilton, the war debt is pulling country together as far as the people who envision a future for the country. you have all of the richest people in the country, or many of them, invested in these bonds. so it is funny to think about national unity being equated with more -- war and public debt, but that is the way they looked at it for obvious and cogent regions -- cogent reasons. what people say about hamilton frequently is he was confronted with all this debt after the revolutionary war as treasury secretary and he had to wrestle with this and get it paid off because they had to spend all this money. that is the opposite of what happened in the 1780's. as you probably know, hamilton is responsible for funding the debt, and assuming all of th

finance, media, politics.is is still something -- what, a year and a half into the #metoo movement, we still don't know entirely how to grapple with it. >> melissa: not only that. with the matt lauer situation from its right to point out that he was in a position to lord power over her. whether or not that was -- >> gregg: and that may have been the reason she admittedly carried on an affair after the alleged rape. i'm not saying he's telling the truth. this accuser may be telling the truth. >> harris: you want to get into the bottom of it. you started with, let's look into the person making decisions of the top from andrew lack. >> gregg: no oppenheimer and andy lack both. they also may have killed the weinstein story that had merits. >> harris: that might be an argument of why you are reading about it in a book. >> marie: and "the new yorker." >> melissa: the game went on in china between the lakers and mats, and so has the firestorm of reaction if he hung on sweet between executive. now they are calling out

the issuance is still a conduit and financing.in compliance with all city requirements, including prevailing wage and l.b.e. requirements. since then the developer has secured a debt limit allocation from sidlak and with the city-identified financing team including a lender equity investor, bond counsel other attorneys and the city's municipal adviser. the financing team has met several times and pretend the package before you today. for item # 8 this is to enter into a loan of $18 million. the block 6 project is the first on-site affordable housing development for sunnydaily hope s.f. the development adjacent to the site was completed construction last week. we're excited about that. and it will soon house families. block 6 is going to consist of 167 units of which 125 of them are public hufing replacement units. the other will be tax credit units and all of them are under 60% tax credit a.m.i. the 125 replacement units will be subsidied by project vouchers. affordability is maintained at a 99-year ground lease with the housing a

i'd speak to any number of issues but i would be -- my expertise is finance. i'm not sure i would want to venture into that area. >> i didn't totally expect you to answer that. but it is a marked increase. thank you. >> certainly. >> i think that there are many questions that i have about this and just about the program in general and why are there some people who can be released without it and why courts are requiring it and what is behind that and have we done analysis or advocacy for those who don't need to be electronically monitored who are employed, have families, stable. i think it's a larger question and the question that supervisor mandelman had, i don't think you have the answers to that today. but it think it calls for a larger and deeper discussion about the demographics of the people released and the ones not released and for what offenses and the outcomes, too. anyway, today i know you are in charge of finance, open up for public comment. any members of the public like to comment on item 3? seeing none, it is closed. i will move to the board with

just last year the city provided financing for $26 billion in u.s. infrastructure projects including bridges, hospitals, airports, water and public power. i would like to mention one project which we did in detroit which we are particular product. that was during the bankruptcy the city had $60 million from the own balance sheet and another $200 million in bonds on behalf of the public lighting authority of detroit. those funds finance insulation of over 65000 efficient streetlights improving the quality of life throughout the city. [applause] another challenge, affordable housing. i mentioned the economic pressure to many americans feel acutely. over 11 million low-income households in the u.s. today comprise over a quarter of all rental households. of those, 70% spent more than half of their income on rent and utilities. to address the urgent need city provided $6 billion in financing for the construction and reconstruction of more than 36000 affordable housing units. that level of support not only set a new record but it maintain our ranking as a

now do we want our banks to continue financing fossil fuel projects such as oil exploration?u finance ministers will decide whether to back a plan by the bloc‘s lending arm — the european investment bank, the world's biggest multilateral lender, to end loans to coal, oil and gas companies beyond next year. the decision comes against a backdrop of investors increasingly offloading their fossil fuel holdings. the decision comes against a backdrop of investors increasingly offloading their fossil fuel holdings. among them norway's sovereign wealth fund, it is the world's biggest, dumping more than $13 billion of investments. but despite millions of eu citizens joining climate strikes and rallies in recent weeks, the eib‘s plan is opposed by the european commission and key countries including germany, italy, poland and latvia. they want to keep funding gas projects to help the move away from coal to renewables. germany is aiming to close its nuclear power plants by 2022 but doesn't plan to phase out coal power generation until 2038. with us is eliot whittington, he is the policy

they largely expect the financing for the -- the financing for the sector will remain tight. >> i thinks in july when we heard from policymakers saying we are not going to use the market to boost the economy. or cushioney avoid, the slowdown and avoid a crash? phillip: i think the property sector is doing relatively well in terms of the investment in double digits. it's not really in a dire situation. that would be the reason, any type of monetary easing being put into place, the government will likely direct access of liquidity into the real economy and not allowing the liquidity to flow into the sector. they are scrutinizing the use of red cards in home purchases -- of credit cards and home purchases. was a decrease in september for the one year term, the five-year term mortgage lending remained constant. have's an effort not to the liquidity in the sector because the government doesn't see the sector in danger at this point. david: longer-term trends, china physicald the peak of construction and is in decline. to the bigger implications -- what are the bigger implications? phillip: e

combating illicit finance is a nonpartisan issues all members want to address. we must be thoughtful and data driven. or example, in committee we came together in support of h.r. 2514, the counter act, introduced by the gentleman from missouri, mr. cleaver, and the entleman from ohio, mr. stivers. h.r. 2514 is a compilation of to reform policies the bank secrecy act and anti-money laundering regimes. security and privacy. i think we have a nice bipartisan bill that was out of committee without dissenting vote. it provides the department of treasury and other agencies to help catch bad actors. there's been years of work in that's on of that bill wrapped up in this larger bill. i'm disappointed the counter act not being considered as a stand-alone bill. instead being swept into this believe as a i stand-alone bill, we could get that bill through the house, hrough the senate, and signed by the president into law this year. so i think it's unfortunate that considering that as a stand-alone measure. i want to thank my colleagues on aisle for ide of the listening to s

beings at the risk of being too graphic i would say that buying or selling an artifact is where finances the beheadings of muslims in the middle east. don't sell don't act one quick solution you. know by now selling is a very good slogan it's obviously impossible to completely police it and to be certain about it. one of the things that we've seen is that isolates using existing criminal markets that have existed over 102030 years in the region or using those people as middlemen to finance their operations. but how do we know what exactly is going on in the field absent the association for the protection of syrian archaeology has been recording cases of plundering in syria the association based in strasbourg and founded in 2011 at the outbreak of the country's civil war is headed by syrian archaeologist. according to information gathered by hobson i saw isn't the only armed group plundering sites in syria all the actors in the conflict are to blame to really. all act here in moscow lieutenant talks here young. man year or you dno. more active. an example. this is the. city many of the ma

>> we have gotten a crash course in campaign-finance the last few years.ve heard all kinds of things about what you can and cannot do. what they are accused of is pretty straightforward. the indictment says that through tha shell compananaged to get funds from overseas, ukraine and perhaps elsewhere, funnel them through a shell company in order make them look like they were u.s.-based contributions to a couple of super pacs aligned with the president. as we know, cannot accept foreign money into u.s. domestic campaign, whether it's a super pac, whether it's for congress,n by basically hthis money through what appears to be a u.s. company, that is the conspiracy they are charged with. charges at this point have not been approved but of course it , is very serious. laura: and the trump campaign is saying they didn't know the money ses foreign. burately these men are associates of rudy giuliani and the congressional committees to hear from them and have issued subpoenas for them and their documents. at is that about? >> i have heard people already t sayis cas

they are accused of campaign finance violations.erally, they are said to have assisted's or giuliani as it tried to get ukraine to congressnal committees want to hear of the two men as part of the impeachment inquiry. a short time ago, president from the white hthe situation presowent trump: i don't them. i don't know about them, i don't owow what they do. but i don't maybe th were clients of rudy, you would have to ask him. i just don't know. i spoke about all this earlier with a formefederal campaign-finance viecolations. what are they supposed to have done? >> we have gotten a crash course in campaign-finance the last few years. we've heard all kinds of things about what you can and cannot do. what they are accused of is pretty straightforward. the indictment says that through mpa shell y theyanaged to get fus from overseas, ukraine and perhaps elsewhere, funnelou them t a shell company in order make them look like they were u.s.-based contributions to a couple of super pacs aligned with the president. as we know, cannot accept f

but you can still use it as collateral against these short term debt markets because the pope of finance gives it their blessing and they say that it's good collateral so the basic function of economics is no longer at play here because you no longer need to prove the value of your collateral in any kind of a loan situation so you have loans on loans on loans the fancy word on it is hypothecation and re hypothecation of course in europe still centered in london they have the notion of infinite rehab propagation you can lend out the same non liquid security an infinite number of times to get garner an infinite number of fees in cash flow and so that would include greece and it doesn't matter if it's centrally or walking. dead economy you can still use it in for a collateral situation where there's no accountability and you have the complicity of a global cartel of extraordinarily corrupt central bankers well the thing is that most people will look at that and say yeah everything's fixed it's all great again we could all just relax right the economy is recovered all the structural problems

south africa's woes continue to mount the finance minister says the budget deficit is had to hit a 2 decade high shortfall cost for this year has been slashed from $1.00 and $1.00 half to just half a percent we could call me means less money flowing into public coffers bailouts for state owned companies especially utility eskom a straining the government's finances. digital technologies are transforming economies but not in many parts of africa 1st you need the internet it's not existant in most rural areas and then the quality and cost of connections for those lucky ones vary widely in escrow and the international telecommunications union and pushing for universal internet coverage for the continent according to their report africa would need a $100000000000.00 injection over the next decade that require governments and telecom industries and institutions and developmental finance pot as working together to bring together those funds more than half the funds would have to flow into network operations and maintenance another large chunk into infrastructure and 800000000000 set aside

he is key to that because they control the finance ministers —— as the finance minister.s overseas... she is a darling of the bond... she will probably keep her in public works ministry. so for him his legacy is going to be "i built the infrastructure that indonesia needed over my ten years, my two terms, and i need those two quys my two terms, and i need those two guys to do it." he is making an innovative cabinet but working to see his differences of opinion between the different factions? indonesian politics is transactional. you have a number of parties in this cabinet, kind of unprecedented that you bring all your opposition to cabinet when you don't need to. you only have one party and opposition formally which means that everybody‘s going to have their own vested interest which is true in indonesia and you and this isa true in indonesia and you and this is a real challenge for a manager or the president of some else because a lot of those are the traditional nationalist vested interests in the indonesian economy. other business news making headlines, boeing has rep

campaign finance laws exist for a reason. to the american people expect and deserve an election process that has not been corrupted by the influence of foreign interests, and the public has the right to know the true source of the contributions. laws make up the fabric of who we are in the nation. these allegations are not about a technicality, a civil violation, or an error on a form. this investigation is about corrupt behavior. deliberate lawbreaking. the fbi takes the investigation of corruption seriously, there are no exceptions to this rule. we gather evidence. we collect facts. and we will act on them when are appropriate. as was mentioned, the investigation will continue. many things to your team and the prosecutor said the southern district, thank you to the personnel in miami, san francisco, and washington, d.c. and of course, thank you mike and george to your team and the team of agents and professionals who are quite professional and solid public servants here in the new york office. thank you. >> thank you. >> da

michael: when you look at our role, it is inclusive finance. as a bank, we serve a role to society of getting as many thele banked and as part of formal economy as we can. how do we educate people and how do we do that? what are the things we can offer? i talked about the philanthropic side, in terms of not just investing in our own people but in communities we serve, in terms of modernization of job skills and retraining. not just training around the younger, but retraining some of the existing workforce. again, if we all come together in these and understand what it is were trying to shape, we have got the ability to bend this. dustin: in mentioning the jobs and retraining, if we look -- in this state and every state we are trying to get more postsecondary education, college or technical skill training. we look at the production of at the production of it the fastest growing jobs are, they are low income jobs. 61% of jobs created in michigan have paid $20 an hour less. how do we find the right balance of low income jobs, education, and the fu

financing is being offered. it's being offered at better rates than it otherwise would be offered to companies that are actually dedicating those monies towards this transition. you get to go down that path, we are willing to help you in that journey. >> you mentioned income inequality. several of the candidates are calling for aggressive measures. higher income taxes. et cetera. what role can corporations play in battling inequality in the system? >> serving a roll to society. >> how do we educate people and how do we do that. what are the things we can offer i talked in terms of not just investing in the communities that we serve. modernization of job skills and retraining. not just training around the younger, but actually retraining some of the existing workforce. i think if we all come together in these and understand what it is that we are trying to shake, i think we actually have the ability to do this. >> obviously, in the state in every state, trying to get most post secondary education. if we look at t

you'll notice that around two and three large city finance officers, that's finance officers, budget directors from cities greater than 300,000 in population anticipate a recession in the next one to two years. and, again, i think the source of this information is really important. again, it's coming from folks who are day in and day out in their city budgets, thinking particularly around large cities who have access to forecasting and modeling tools, more resources potentially than other cities may have. but also this is not necessarily that they're putting a recession into their forecast going forward. it's that the variables they use to inform their models are telling them that in the next one to two years they'll start to see revenue declines. for them that's a keen indication. and then you'll see sort of fewer finance officers from cities of different offices reported, they anticipate a recession in the next one to two years. >> yeah. this is an interesting -- this is an interesting question about what -- this is everybody's crystal ball, what does it look like? eventually there

this is the budget and finance committee, wednesday, october 23, 2019. i am sandra lee fewer, chair of the budget and finance committee. i am joined by supervisors raphael

finance chiefs promised to use all their tools to revive growth.e imf asia-pacific director. let's get to the market action. what are you looking at, sophie? sophie: a weak set of data from japan to chew on with exports falling more than forecasts, extending the longest declining streak since 2016 and widening that trade deficit. we are seeing stocks in tokyo gain ground. the nikkei and the topix up 0.3%. the yen easing its earlier dissent with trade data on tap. in australia, you are seeing a shares up by 0.3 percent, and the aussie dollar on the back foot here as bill evans expects the rba will decide the effective cash rate could be at the lower bound -- could see a lower bound of 50 basis points, and that the rba will meet that level in february after skipping a move in november. the kospi adding a third of 1% after a two day decline. the korean won gaining, heading toward that 1180 handle against the greenback. exports data came in weaker. korean officials also anticipating more downside risk for the economy. the finance minister reportedly ex

the capital financing activities are centered around three areas. one, meeting the new credit needs to satisfy the ongoing capital requirements including determining when and how much funds are kne needed to be ang d and the debt portfolios which is one when replaced renewed credit facilities and finally, the continual monitoring of the markets to see if we can identify opportunities to benefit rate payers such as refunding outstanding debt for savings. so this slide is a bit of a busy slide showing the debt activities that we plan on bringing tow ove to you over the of the fiscal year, executing new low-cost loans, new money revenue notes and new money bonds for the water enterprise and as is always the case it seems each year of the approval of renews or credit facilities for our interim funding programs. later on today, you'll be asked as a part of your regular calendar, you'll be asked to consider one of these items. and the last item shown on this slight, which is not a dead issuance is the bond authorizations for each enterprise. what's not sh

created the international women in sustainable finance network. we want to break the glass ceiling that obviously exists in the financial world it's a chance club it has always been and we wanted to create a safe frame for women to get together within the financial worlds women in sustainable finance brings together women currently founding or running businesses and initiatives by women for women full of discussion rounds and lectures. but not all male colleagues are supportive one. was from my male colleagues said oh this is just a chit chat group it's just women meeting and drinking coffee. to avoid more comments like that in the future and to encourage more women to start their own tech businesses marta ra thinks society should fundamentally revisit the way it sees women. but of course the os successful female tech found those one of them as far from senegal she program to a very 1st website when she was just 16 and since then she has led various tech companies in 2016 forced into one of africa's most promising young entrepreneurs but she too h

dollars on ads they didn't say who is backing it they didn't say it was by accident case they are financing these ads hundreds of thousands and nobody's up in arms the rachel maddow doesn't care about this but apparently a 60000 dollars an ad spent you know against hillary clinton's $1000000000.00 can make melt and morph the minds of the american people so this is just like. kravis is basically a grave robber he's a k k r s one of the missiles a k k r so a.b.c. c.b.s. n.b.c. c.n.n. washington post the york times. where they interview her crabs to say well why are you up you blood sucker why are you a blood sucking pig why are you stealing the why are you roaming around emergency rooms yet ripping people off and stealing all their wealth and killing our country henry kravis why you doing that none of those are news organizations or interest in that story so you have essentially. i mean what you say about it i mean ok again most people have had the good fortune of not having to be in the emergency room or not having to be with an elderly parent in the. agency room and sitting there for hours