poliquin: one is the financial oversight -- financial stability oversight council. this organization has tremendous power in our economy. to regulate financial institutions that pose no risk, mr. speaker, to the economy. like credit unions in northern maine and small community banks in northern maine who did not cause the problems that we have had these past years. however, all i am asking and all this bill does is make sure that the financial stability oversight council operations are funded by the people's representatives. we in congress have the opportunity, mr. speaker, to fund that operation. mr. e ask, only ask -- hensarling: an additional 10 seconds. mr. poliquin: we want to make sure there is enough time for public comment. i ask everybody to support this bill. it's a great bill and it keeps money flowing through the economy for our small businesses and job creation. thank you, mr. speaker. thank you, mr. chairman. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas reserves. the gentlelady from california. . ms. waters: i cont

unfortunately, the financial stability oversight council, more commonly known in washington speak as the fsoc and the office of financial research, more commonly called the o.f.r., currently operate in the shadows. outside of congressional oversight and the democratic process. this is -- this has led to nonsensical and heavy handed abuse by the government of numerous financial companies that had absolutely nothing to do with causing the 2008 financial crisis. while i strongly believe that those who created the crisis must be punished, i can't stand by while business that had nothing to do with the crisis are being unjustly burdened with new regulations that force american consumers to pay higher prices for essential financial products like home mortgages and student, auto, and business loans. that's why i introduced the financial stability oversight council reform act. not only will it reduce mandatory spend big $1.3 billion over the next 10 years, it will make the fsoc and o.f.r. accountable to the american people through their elected representatives. over the years, congress has gi

it calls for the creation of a financial stability and reform board to provide much needed transparency and oversight, among other things, all aimed at getting the u.s. territory out of its $72 billion in debt. what an honor for us this morning here on "tiempo" to have via satellite new jersey senator bob menendez, the main sponsor of the legislation. he's in washington, d.c. good to see you this morning, senator. thanks for being with us. >> good to be with you, joe, and your viewers of "tiempo." >> let me jump right into it, 'cause there's a lot of ground to cover here. senator, if i can summarize it correctly, i know that there's a $400-million payment that puerto rico has to pay on may 1st, and then another big one in july. this stability and recovery package wants to provide a wide restructuring authority, correct, that allows for the readjustment of all its debt. senator, from my vantage point, it looks like bankruptcy, it sounds like bankruptcy, but it's not? >> well, it's not quite bankruptcy because restructuring is an element of the bankruptcy law, a actual part of the law tha

this time about financial markets and their stability. we will talk more about the so-called global financial stability report now with the man who is in charge here at the international monetary fund when it comes to these issues. thank you very much for speaking to us. >> my pleasure. markus: why our financial risks higher now than they were, let's say, six months ago, as you state in the latest edition of your global financial stability report? >> risks are higher because of several factors. first, because macroeconomic risks are higher, because the economic growth -- outlook for growth and inflation has become weaker and more uncertain. second, because commodity prices are now much lower and there are also uncertainties related to transition, which is introducing some pressures on emerging markets and even advanced economies. third, because now we have higher political and geo political risks. risks like the refugee issue in europe. risks of brexit. terrorist attacks. finally, because there is lower confidence in the ability of -- pol

in your financial stability report?he main thing that policymakers can do is to accompany the only weapon that has been fired now which is monetary policy with other policies, including microeconomic policies like special reform, fiscal policies and financial policies. for example, to appeal with the had during thes crisis, particularly in europe, and also in emerging markets dealing with the vulnerabilities in the corporate sector after this corporate sector has a lot of debt, and making sure the banks are resilient. these are very important. also, fully implementing and completing the global reform agenda for banks and nonbanks. mark: we had china trade data today, which was encouraging. how well is china transitioning bright now, making a more balanced pace of growth and moving toward a more market-based system? progress.a is making they are rebalancing their economy from investment to consumption, from manufacturing to services, and from external demand toward domestic demand. and they are also putting policies in p

i would just say these two bills and the rule don't do anything to undermine our financial stability. the first bill butts the financial -- the o.f.r. on budget. it requires they have appropriations every year. you might be familiar with the appropriations clause of the u.s. constitution. no money shall be drawn from the treasury but in consequence of appropriations made by law. so we just want the normal constitutional checks and balances that exist in every other agency to exist here, too, to increase the transparency and accountability for what this -- these agencies do. so the first bill puts f sock and o.f.r. on budget, requires appropriations to be passed. it also requires periodic reports on what their goals and objectives are and how they are meeting those. that's kind of a no-brainer. again, senator, sherrod brown, the democrat minority member on the -- ranking member on the senate banking committee, has -- second, i apologize, but it makes sense to do this. to put them on appropriations. the second bill is a bill that raises the limit for small financial institutions, commun

>> in that ruling, the courts of the financial stability board, which is a separate agency, was arbitraryricious in ruling that metlife was too big to fail. it was a financially significant non-bank institution. by setting aside that ruling by the financial stability council, the court was opening the door to other nonbanks that have been designated to make to fill to challenge their designation. that could unwind potentially that part of the dodd-frank reforms. mark: thank you f joining us to explain that. paul barrett. thecan read his story and latest bloomberg businessweek. still ahead on bloomberg television, there is an app for everything. we will show you what can bring a personal trainer into your home. the founder of trm joins us next. ♪ mark: fitness is no longer a healthy hobby, it is a lifestyle. from spending too blue clamp classes, why pay to sweat in the sea of others when you can work out with top 40 personal trainers in the privacy of your own home? greg peters is one of the partners in a luxury jim and manhattan's rich and famous. an apphe famous of -- designed to bring f

a federal judge removed the tax of the financial stability -- the tags the financial stability councilmetlife. it overrules the obama demonstration's plan to regular distances he believes could destabilize the financial system. scarlet: tesla received more than 325,000 reservations for its new model 3 electric car. far more than elon musk's company had expected. tesla may use the big number to justify an additional $3 billion capital raised to build factories. alix: research firm his book data says and capitalist making fewer bets on u.s. startups. the findings show last quarter has the fewest number of venture deals in four years. no tech company went public last quarter's. any of those that did in 2015 have got off to a very rocky start. and that is your bloomberg business flash. joe: "what'd you miss?" america's urban revival is not as widespread as you might think. according to one recent study, the flight to u.s. cities could be characterized by one word -- gentrification. the people that move into cities are increasingly white, wealthy, and milledge. those -- and middle-aged. to

the biggesti quote risk to financial stability. pressures associated with the referendum have the potential to reinforce existing vulnerabilities and financial stability, including risks emanating from the very high current account deficit, from property markets, market liquidity, and from possible negative spillovers from the rest of the eu. some of the elements of this risk may begin to manifest. mark: i want to bring in the standard & poor's chief economist from europe. trickychelle, it is a balancing act to sustain the bank of england's neutrality and , but do you think the bank of england is walking the high water delicately or is it leaning to one side. ? >> if you read the minutes of last week's monetary policy committee meeting, there is no doubt that the bank of england at this point has taken o view that brexit would be a negative for the u.k. economy. it is expressing that view in a very vocal way. one can be a bit surprised that such a strong statement is just as theis point official campaign has started for brexit. sid

being called upon to support the government efforts to prop up the efforts and preserve the financial stabilityial profiles will weaken if they call on to continue to provide the extraordinary support. the reason that we're doing that is the government and these are the rules of the european union. the sources are surprised and again today and the rally is really from yasia and then you see the figures on the screen. back to you. >> simon, thank you very much. >>> we're getting bernie sanders speaking at the verizon picket line. let's take a listen. >> i'm here to take the way for the health benefits that you have earned. they're going to access the j s jobs. they want to give the ceo $20 million a year in competition. [ screaming ] . >> they want to lower pay grade. [ screaming [ screaming ] . >> today you're standing up not just for justice but for verizon workers, but you're standing up for millions of workers and americans. [ screaming ] . >> it's in the country and they're not going to be continued to push, battle and battle and battle. >> i am here not just for the support, but i know how

significantly, a federal district court in washington reversed a very important decision by the financial stabilityouncil. david: explain what that is first. that is a cancel of 12 treasury secretaries. the most powerful financial regulators in washington and metlife,designated -- the oversight council had designated metlife. their failure could bring down the system. aig is one of these. the federal judge said that the council had been arbitrarily capricious and exercising its authority and imposing this on metlife. the potential significance of that is it could undermine the council's authority in future cases because the judge said they had to wait more carefully the potential financial affect on the institution and question, and that is a difficult thing for the council to do. david: part of what is gotten a lot of attention is the consumer financial protection. that has been a target. >> it has been. there is a case pending before the d.c. circuit of federal appeals court in washington dc in which a mortgage lender p called phh, that it had arranged for kickbacks and mortgage reinsurance. it i

the unit filed a formal request with the financial stability oversight council to have the label removed. ge capital is exiting consumer and leveraged lending and has reduced its real estate debt and equity holdings. >>> hindsight as they say is 20/20. today we learned 20 years ago, general electric was presented with the opportunity to buy apple for just $2 billion. today it is worth $600 billion. in an interview, former nbc universal chief bob wright described what happened during a meeting with then apple ceo michael spindler. >> he gave the pitch in 1996 and he kind of broke down during the presentation. he was telling us that the stock is killing them, the investors were on his back, he can't get this thing rolling. the consensus in the room was, we can't. we can't do anything with this. this is way outside of our game. we were not a silicon valley company or an orientation at that point. it was -- there was no supporters at all. >> that meeting occurred the year before steve jobs returned to apple and of course transformed the company. >>> anbang is walking away from starwood hotel

and of course our bank of england will be alert to the financial stability consequences of that. but we're clear, leaving would cause an economic shock. >> that very important vote in britain is scheduled for june the 23rd. >>> and here at home, there are signs of persistent weakness in manufacturing. industrial production, a broad gauge of output across factories, slowed in march. the decline of .6% was steeper than expected. output has fallen for six of the past seven months. >>> a separate report showed a decline in consumer sentiment which was lower for the fourth straight month. experts say the drop reflects the reluctance among consumers to spend freely. >>> the president of the chicago fed says inflation data will be an important consideration for the central bank when it comes to raising interest rates. charles evans says that the bank -- the bar is high for any action when it comes to the meeting later this month and he would like policymakers to wait until inflation reaches or exexceeds its 2% target before hiking again. >>> housing is a key pillar of the economy and pa

recently, a federal district court in washington reversed a very important decision by the financial stabilityil. david: explain what that is first. oforter: that is a council sort of the powerful financial regulators in washington, and they have designated the oversight council, they designated it as a systemically important institution, fort sobanks that are so dig and interconnected, that their failure could bring down the system. is one of these, prudential, and so forth, and the federal judges said the council had been arbitrary and capricious in exercising its authority and imposing this on metlife, and the potential significance of that is that it could undermine the council authority in future cases, because the judge said weigh more carefully the financial effects, and that is a very difficult thing for the council to do. dated: the financial protection bureau, which senator elizabeth warren headed before, and richard corbett has been the head of it for many years now, and that has been a target, as well, for the folks who opposed this law. reported on there is a case pending before t

their financial stability -- the big picture is the bank of england will become at.ed the before an just weeks >> expected vote on her impeachment. >>she seems to be losing allies everywhere. no sign she is going to step down. the markets will be enjoying the ride because they see the end game is close. it is the ultimate impeachment resignation. impeachment is mentioned, investment rallies believe newng to government will reduce rates. >> very difficult to escape the conclusion the sense of interest rates may come down in brazil. they almost doubled over the past three or four years from seven -- 7% to 14%. we saw a deceleration in inflation and february and that has fed into the swaps market and the real sense that interest rates could come down by the end of the year to 13%. pledgeh made a campaign to keep canada's fiscal deficit the more than $25 billion a plate already broken by your first budget. $25 billion. a play already broken by your first budget. message we want foreign investors to have the same message via canadians, we are focused on growth that will h

one is to restore the financial stability of the country and give it debt sustainability.r two, to equip that competitiveness, productivity, and structural reforms that are needed to be independent. the objectives have not changed. the negotiations will continue to have a team on the ground at the moment and we will continue to do so in good faith. agree --nd is like to is that a case? up.verything has to add those are the magic words. if the primary surplus is a bit lower because that is what greek authorities and greek people can deliver, it means the debt operation needs to be a bit stronger or longer term. but it needs to add up. --hope it will not be done we wanted to be done by a long-standing, sustainable measures. that would last after the ims has disappeared from the greek landscape. >> you are still willing to play an active role by greece. >> i been invited to engage our efforts through very haveplished staff members .o do it the scandal known as the panama papers lead to the resignation of the prime minister of iceland. wrote -- will more world leaders follow?

banks, and so there is a financial stability issue there that the fed needs to be aware of, so we thinked won't move until the fourth quarter. now that is contrary to consensus and might raise an eyebrow or two, but we think this earnings season will disappoint and think the depressed oil scenario has not been completely price through, that the balance sheets of the large energy companies will have a financial fallout that will eds actions until the end of the year. rishaad: let's talk about rates where you are right now. these rates at record lows, but the thing is you are suggesting that australian banks will be moving up and bringing interest rates higher, so you're suggesting the rba may move another 25 basis points as a cut? >> we were polled last week and asked for our view, and our investment committee met a couple of weeks ago and form the view that we see another 25 basis point cut for the reason banksplained, that the want to preempted by raising the rate so that if the rba moves, there is less inflationary pressure. one of the first banks move today a few minutes before i cam

have just said and what we heard from janet yellen, she's worried about dollar strengthened financial stability and china, do we care about the u.s. jobs report? >> less than we might have done four days ago. it gives us a skew going into this report. francine: wage growth that we want to hear. >> yeah, absolutely. the old fashion thing is people still look at the absolute number. put it this way. , 2,t is stronger than 4 someone between 200 and 210, will bull market taken into account? a little bit. if it is weaker than that, the market will take notice. limited reaction to a strong number. a very strong reaction to a weak number. francine: we have talk more about japan, china, brexit. stay with "the pulse." the ecb prepares to buy corporate bonds. we will look at the companies whose borrowing costs are zero. corporate sentiment in japan slows to appear your -- a three year low. and china kick starts its old engine as manufacturing picks up but is the broader e.m. rally do omed to fail? ♪ we do not want to be in this situation. i've said for the last many years that one reason to keep our eye

write theill not green book at the spring beatings as you have before on financial stability.ave negative interest rates work? >> i think they probably work. think itlike -- i interferes with business model banks which are complex. even though they do something on the macro side, i prefer regular seems to affect banks as well, is easier for banks to do -- deal with. i would prefer that over larger negative rates. earlier and you are talking about stimulus and that draghi has to do more but what does the yen mean and what does it tell us about kuroda's policies? >> i did not get all the question, but about japan, the policy does not seem to do miracles. i think they have done everything they can in terms of qe, they have not gotten inflation up, they need to do something. i have argued they should work on inflation and try to get an increase in wages and decrease in prices whether they try to get it in directly through qe, that is what they should be focused on. >> if you were a policy maker or chief economist of the bank of england, how would you assess global risk for brexit?

sitting in your kitchen and saying, you know, you have got all of these symbols of security and financial stability to be there for you with your family in their grief. but they say, oh, by the way. if you stick that policy in a shoe box and stick it in your closet not only are weot to take all the cash value in it. >> see the full report on our website. cbsnews.com. the "cbs overnight news" will be right back. it blends with leading shades, even salon shades. in just 10 minutes. so pick your shade. and show the world your roots... ...with root touch-up. (sound♪ of music ♪histling) introducing new k-y touch gel crème. for massage and intimacy. every touch, gently intensified. a little touch is all it takes. k-y touch. ♪ i don't think that's how they're made. the best ice cream bars ever conceived. protect your clothes fromout in tstretching, fading, and fuzz.. ...with downy fabric conditioner... it helps protect clothes from the damage of the wash. so your favorite clothes stay your favorite clothes. downy fabric conditioner. wash in the wow. the worst thing about toilet they don't s

one is to restore the financial stability of the country and to give it debt sustainability and numberip that economy with the competitiveness, the productivity, the structural reforms that are needed for it to be independent. the objectives have not changed. the negotiations will continue. i have a team on the ground at the moment and we will continue to do so in good faith. francine: the transcripts suggest that the plan is willing to agree to for lenient fiscal -- is that still the case? >> everything has to add up. those are magic words. if the primary surplus is a bit lower because that is what the greeks can deliver, then it means that the debt operation needs to be a bit stronger or longer term. but it needs to add up and we hope that it is not going to be done -- we want it to be done by long-standing sustainable measures that will last long after the i.m.f. has disappeared from the greek landscape. francine: but at the moment, you're still planning to play an active role in greece? it will be advisory? >> i have been invited by the greek authorities to engage our efforts to ac

one is to restore the financial stability of the country, and to give it debt sustainability.mber two, to equip that economy with the competitiveness, the productivity, structural reforms that are needed. it has to be independent. the objectives are not changed. i have a team on the ground at the moment. we will do so in good faith. francine lacqua there with the imf managing director. the gloomywill outlook shakeup wall street? betty: don't miss our exclusive interview with u.s. secretary of state john kerry. he will be on bloomberg and 11:00 a.m. eastern time. he will join us from the .loomberg energy summit ♪ mark: live from london and new york, i am mark barton. betty: and i'm betty liu. you are watching bloomberg markets. time nothing to bloomberg business flash. the biggest stories in the news right now. a billion lost nearly dollars, but the ceo says the bank is in control of the risk that it takes. , veryional risk is quote well-managed. he faces confusion over losses on risky in trade -- fixed income trade. a special board committee has done no additional accounting i

the government's interest in financial stability is different than shareholder interest in maximizingholder value. peter is an extraordinarily smart leader and financial analyst, really. if it make sense to do it, i'm sure will be done. and if it doesn't, he will resist it. betty: jim, people who look back , who are still closed aig -- hank greenberg they still feel aig was unfairly punished. if you look at the news yesterday, goldman sachs paid a $5 million fine for their involvement in mortgage backed securities. people like hank greenberg would say goldman sachs got off scott free, basically, and aig got punished severely. jim: the alternative for aig was bankruptcy, their shareholders would have been wiped out. can, good for him that he sue the government and try to extract value that would have been completely lost had the board decided not to take the rescue and file for chapter 11. i have little sympathy with the position hank is taking. i think the government came to the rescue when aig was not part of the primary dealers that the fed deals with to sell its own securities. it

i'm concerned about financial stability in these markets. t to get to a more stable financial system. iden it outarry, w for us. we have copper down. is this pressure we are seeing on the supply and demand side going to continue? harry: absolutely. like any number of industrial commodities, oil is the big one, but when you look at copper, aluminum, you are looking at metals that have a supply side that is overwhelming. this is in the context of slower growth in china and concerns about china's economic prospects. when you put those two together, it is hard to see copper exceeding $5,000 per ton. in terms of pipelines for most industrial metals with a few exceptions, that is what we are looking at, absolutely. overrun on supply and weakness on demand. caroline: brought an out on an economic perspective in china. his demand part of the equation when it comes to china? are we just going to be looking at smaller demand? orkin stimulus rectify that part? is that we have a misdiagnosis of the china problem. chinese authorities have treated this is

>> the key takeaways in this outtake from the upcoming global financial stability report, that is dueut next week. they kind of gave an initial chapter released today. they are saying there's been a strong and steady increase over the last couple of decades and the impact of chinese growth on stock returns in advance and emerging economies and it is a trend the i.m.f. says that is likely to intensify meaning china's royaling of global financial markets that we saw over the last year may become a more regular occurrence. it's all underscoring of course what the fund says is the need for clear and timely communication by chinese policy makers. the i.m.f. in this chapter on china says clear and timely communication of its policy decisions, transparency about the policy goals, and strategies consistent with achieving them will be essential to ensure against volatile market reactions. the i.m.f. says advanced economy stock and currency markets are increasingly sensitive to spill overseas from emerging markets, citing that more than one-third of the variation of returns in the stock and f.x

sitting in your kitchen and saying, you know, you have got all of these symbols of security and financial stabilityare going to be there for you with your family in their grief. but they say, oh, by the way. if you stick that policy in a shoe box and stick it in your closet not only are we not going to look for you but we are going to take all the cash value in it. >> see the full report on our website. cbsnews.com. the "cbs overnight news" will be right back. dry is everything. have you tried dove advanced care? advanced care? 48 hours wow just give it a try! hehe feels nice oh my gosh ok this is very very smooth. i am not messing around it's soft. i did not know that antiperspirant can actually make my skin feel good. your antiperspirant should give you more than just protection try dove advanced care. for softer, smoother underarms. (sound♪ of music ♪histling) introducing new k-y touch gel crème. for massage and intimacy. every touch, gently intensified. a little touch is all it takes. k-y touch. thope to see you again soon.. whoa, whoa, i got this. just gotta get the check. almost there. i can'

dealing with maintaining basic financial stability in a country is certainly core to what the imf is even though the imf does many things beyond that. the world bank has traditional hi helped to shore up systems which meet the standards that are et by entities like -- set by entities like the imf to be on a sustainable path. i think having multiple points of access to make sure that you avoid the destabilizing consequences of, you know, having either cyclical or price shock effects that lead to economic and political destabilization is very important. it's not that you choose between doing climate change or the other. the question is how do you strike the right balance. i think that one of the things that the world bank has done over last few years is looked at how to manage its resources creatively to gain a bit of reach through better management of its financial capabilities to be in more places. that's a good thing. if you look at the countries that are on the cusp of kind of shifting from developing to developed countries, they tend to still be places where you find a lot of pove

he said the eu vote the biggest risk to domestic financial stability.s the sterling decline. he cites other measures to show the risk. he says eu membership has reinforced the dynamism of the u.k. we will continue to monitor the governor and see what else and hear what else he has to say about the upcoming referendum. the health care products pharmaceutical giant johnson & johnson beating analysts estimates earlier today. the company also raised its 2016 forecast fueled by drug sales as a result. shares of the u.s. company bounced. on rumor ago today. he described the company's core strengths. >> overall, the business continues the momentum we saw at the end of last year and to the first quarter. we are off to a great start to the year. -- a strongat start quarter with all businesses picking up momentum. pharmaceutical sales have been robust. -- pipeline continues to be to build which is good for continuing that strength of excellent performance going forward. the consumer business is making steady progress. it is always improving its margins. the medic

and stabilizing the post-financial climate. remarksned it in my ebola.e do not know what those challenges in the future will be. i do not think anyone predicted ebola even a month before became an international crisis. we need to go to congress to deal with funding to deal with in the short term like ebola and it is a challenge. >> let's take both of those, the the world bank and imf, is since you've raised both of them as key institutions of the order created in 1944. so in terms of the world bank, i think it's certainly true that the government system on the board has neither the disadvantages of the u.n. -- the u.n. general assembly, which is way too democratic, frankly. so that strikes me as an incontestable point. but the tools of the world bank's lending feel to me as if this evolution that you're mentioning might be federated somewhat. so, for example, the main lending window which lends, you know, interest rates that cover the world bank's costs so that submarket, they're not giveaway. you know, the premise was a world in which the clients did no

the financials need to stabilize here. als until the yield curve steepens, we'll have a tough time stabilizing. with the negative interest rates in germany and japan, seven and ten years out it anchors our interest rates here. they've been regulated out of their profitable businesses and i think it's a tough call on the financials here. >> steve, how much technical damage did we do with this sell-off today? >> you know, if you look at technicals, we didn't do that much damage. we're right at basically flat on year, that level 2043 in the s&p cash. if you go down below that, the ultimate basically stop if you got long on the last rally should be the 200 day. it's called 2050 and s&p cash bell but everything that -- you can't rally without financials. if financials will not stabilize and i don't really see the ten-year getting weaker. i don't see why financials should stabilize. look at oil. look at financials. look at global growth or lack there of. there's no reason to dive back in the market but it does feel like a trading

and, of course, england will be alert to the financial stability consequences of that. but we are clear leaving would cause an economic shock and a long-term economic cost for the u.k. that's one of the messages they are hearing. >> the ceo of havas is with us, yannick bollore. i know this is a concern for janet yellin, but in terms of the broader european economy, it would be an event to have negative ramifications? >> can i be fully honest with you? >> please. >> i think in europe it's a major event. it's an opportunity for construction. if you look at the first reaction of what is going on there, they are creating a -- before we were all fighting within each other. i think -- at least i would say europe has brought peace. we don't think about fighting between the french and german, thanks to this peace we have created this is what we said at the beginning of the session. europe is not to blame for the poor economic situation in europe. we need to change the way we are leading europe. i think this position from the u.k. could be huge for europe to rethink -- less bure

journal" review section by the ed board titled "ge attempts a great escape," talking about the financial stabilityversight council after metlife was let out of its systemically important financial institution status. ge has aplid for one as well. this piece says the council should give it to them. the council has also consistently failed to tell companies exactly how to avoid the systemic tag and all the compliance costs that come with it. this is naturally fed suspicion that the bureaucrats are less interested. says the reason why metlife won the case is that the council could not make the legal reasons in court of why it should be systemically important. and ge has an even better case, according to this piece, because it's managed to shed most of its financial assets and turned into an industrial conglomerate. >> i have to say, though, sara, this was a slightly lazy must-read pick, simply because it's the shortest article i've ever seen. it's like two paragraphs long. >> i didn't know that when i picked it. i just thought it was timely and topical. >> you basically just skimmed. >> lazy on a fri

i think right now we're pushing too far and we're building up risks for financial stability. not so much now, not so much about the profitability now, but about the dangers in the future. >> given these concerns you flagged it here, do you think it's likely that we will see some sort of division here within the ecb, perhaps revealed in the minutes today? but do you think president draghi has a real problem on his hand when it comes to dissent? >> no, i don't think so, because i think the majority of the ecb council, you know, does not agree with me. the majority of that council is, you know, pushing the policy they're implementing. they're buying now more asset, not less. they're buying lots of government assets. that process is likely to continue for quite a while until the data they look at will force them to abandon it. unfortunately, i expect these risks will continue to build up. >> and in the last decision, it was really read as the fact that the ecb was targeting more the credit markets here rather than the level of the euro. how do you perceive that? >> well, they're

federal government can destroy a][ banking concern is if it poses, quote: a grave threat to the financial stabilityunited states, unquote. no president can break up any private enterprise unless there is a drastic9]zñ reason to do so and then the federal apparatus would have to approve. not a single individual. senator sanders proposing higher taxes for just about everybody in the country. he would never get that through congress if republicans hold even 40 senators in that chamber. the g.o.p. would block any drastic tax increase. sanders says he will defeat isis by somehow convincing the muslim nations of saudi aarabbia, turkey, jordan and the emirates to join together and launch ground attacks against isis. now, can you file that under amazing fantasy or to be more kind, wishful thinking. only if the west leads would anti-muslim nations initiate ground action. finally senator sanders wants to add 14 trillion with a t dollars in government spending over 10-year period to provide healthcare run by the government for every american. the national debt now approaching $20 trillion. so, again, this is

the chief of the global financial stability analysis division.l talk about the boj, the fed, stirling, all of that in a moment. ♪ guy: you are watching "on the move." hans nichols is finally in london sitting next to me. should probably talk about the pound. it is on an absolute tear. it looks like the remains are getting a bit of traction. i don't know what the other side of that is. rich, the pound is feeling the benefit of this. my question is, is this sustainable? >> it has had a pretty good week. your cnet filter into the pound. -- you are seeing that filter into the pound. the thing i would be concerned about is, are they peaking too soon. like a sports team that peaks before the playoffs. you want to have all the momentum atht e -- at the end and translate that to a victory. hans: is there a ceiling on the brexit? i have nothing a credible poll above 45%. >> the undecided number has been so high. guy: that is starting to come down. >> it has, but it could go either way. t inas been the cap, bu eight weeks, a lot of things could happen. tha

that puts financial stability back on the table. with that be a concern?eal choices. let it run hoty right now. that is what they are choosing. erik: remember that jpmorgan cannot make markets like it used to to capitalize on the disappearance of liquidity. when jamie dimon talks in this letter about his community -- putstment to clients, he it in terms of one thing and one thing only -- electronic platforms. it is no longer about putting butts in seats to service clients like you, mike. he says there was an increase across the electronic trading platforms. david w.: he wants to get ahead of it with spin, if he can. mike: it is clear, you are going to see an evolution and a growth in electronic trading. i don't think that solved the problem. i think the only thing that solves the problem for getting liquidity back to her capital markets need it is a return of risk capital. regulation has limited the amount of risk capital that firms like jpmorgan can use. it is probably a pendulum and we are probably pretty far at one extreme. at some point, that comes bac

sitting in your kitchen and saying, you know, you've got all these symbols of security and financial stability and we're going to be there for you with your family in their grief, but they say, "oh, by the way. if you stick that policy in a closet, not only are we not going to look for you, but we're gonna to take all the cash value in it, and-- >> stahl: give it back to the company. >> mccarty: give it back to the company. and leave your beneficiary with nothing. here, sign here. >> stahl: the 25 insurance companies that have settled with the states admitted no wrongdoing, but agreed to pay out more than $7.5 billion, either directly to the unpaid beneficiaries or to the states, which then try to find the beneficiaries by phone. >> we have received some funds from an insurance company that's in your name. >> stahl: or online. >> thousands of oklahomans are owed money from life insurance policies. >> stahl: none of the life insurance companies we contacted would give us an interview, but speaking on their behalf, the industry trade association, the american council of life insurers, told us qu

under dodd frank, the group is the federal financial stabilization oversight board.lot of power over that board with regard to decisions as to whether a bank had to be broken up. so i don't know where this kind of tempest came from, cameron. candidates for office, whether they be bernie sanders or hillary clinton or to a much larger extent the republicans don't specify in every little detail what regulatory agency and how they do what and where and even breaking up the big banks, bernie sanders has been very specific on how to do that. >> i think it's not as egregious as rick perry saying he wants to shut down three departments and could not name the three during the infamous debate moment. when you're bernie sanders and this is 95% of your message, this is your dominant message and you don't have more specific answers, that i believe is why we got here and now fast forward a couple of days, he doesn't say to joe and mooe karica. he fills in the holes. why not do that in the daily news interview? >> my point is that he did with regard to his answer on dodd frank. the

she lost her financial stability. she lost her access to the white house. in the 20 years prior to the war, she had access to democratic politicians. she'd been an advisor to james buchanan. with the election of lincoln that disappeared. she was desperate to regain this position with influence she had wielded. when a confederate captain approached her and said would you be interested in running a spy ring in washington, d.c., the federal capital, rose disregarded the danger of that and said, of course, of course i want to do that. she immediately began cultivating sources -- by sleeping with, i mean by cultivating. she managed to bed a high number of union officials including senator henry wilson of massachusetts, an abolitionist republican, and the chairman of lincoln's committee on military affairs. you can imagine their pillow talk was quite interesting. she entertained these men in her home often. the neighbors watch the men come and go and watched her wild rose. it was very catty. she knew what she was doing. she was very serious about her intent to he

. -- he pointed to brexit as the most significant risk to financial stability. mr. defended the bank of england's analysis of the issue. he says it does not matter the influence. >> major risk does not become this does not mean becoming involved in politics. however it would be political to -- whicho suppress influence our policy actions. anna: also speaking on the set out whyhael go he feels the u.k. should leave euro zone. leave would beo the beginning of something more exciting. the democratic numeration. -- the democratic liberation. if we leave, we would've saved our country by exertion and lead by example. anna: a president to be set by the u.k. next line joining us now is killian hurley. great to have you on the program could list about brexit because are using this as something that the eu is putting off international investors? is is something that is weighing on the market? how does it look to you? killian: it is an interesting time. from our perspective, we look at the fundamentals of supply and demand. we think more investors do the same thing. 12 months