the iaea. i believe those press comments attributed to him are inaccurate and misinterpreted. it's quite clear that the iaea will be reporting every three months on the status of implementation. in terms of the level of detail, i agree with you that in the last report there was less detail than in previous reports. that's because the iranian nuclear program is significantly smaller than what it was as a result of that deal. the iaea confirmed that iran was within all of the numerical limits to which it committed. director general assured me last week that the iaea would continue to address in its forthcoming reports iran's client -- whether or not iran is complying with every element of the deal. i think you can count on full reporting to continue from the -- mr. wilson: clearly, it was stated that it's devoid of details by critical implementation issues and whether it's low or not, it could say low or nonexistent the, including the amounts of low enriched uranium in iran, the nature of centrif

the iaea. i believe those press comments attributed to him are inaccurate and misinterpreted. it's quite clear that the iaea will be reporting every three months on the status of implementation. in terms of the level of detail, i agree with you that in the last report there was less detail than in previous reports. that's because the iranian nuclear program is significantly smaller than what it was as a result of that deal. the iaea confirmed that iran was within all of the numerical limits to which it committed. director general assured me last week that the iaea would continue to address in its forthcoming reports iran's client -- whether or not iran is complying with every element of the deal. think you can count on full reporting to continue from the -- mr. wilson: clearly, it was stated that it's devoid of details by critical implementation issues and whether it's low or not, it could say low or nonexistent the, including the amounts of low enriched ukraineam in iran, the nature of centrif

the iaea report on january of implementation. >> without objection. >> thank you. >> we are joined byminister stephen mull, and prior to his appointment the ambassador served as the ambassador to poland and executive secretary of the state department. we have mr. thomas countrymen. he is a career member of the senior foreign service, and he most recently served as the deputy assistant secretary for european affairs. mr. adam szubin is acting under secretary for the office of terrorism and financial intelligence at the department of the treasury. he previously served as the director of foreign asset control. without objection the full prepared statement of these witnesses will be made part of the record. members will have five calendar days to submit statements are questions or any other extraneous material for the record, and so i will ask the ambassadors if they would please summarize remarks and we will start with ambassador stephen mull. >> it is great to be back. i'm happy to report that so far it has been implemented by all participants. it is important we recognize what an accom

>> are we serving a government right now or in the iaea? the answer to that is no however we've dedicated years in the study of these issues and could give suggestions if you would like. >> i appreciate that. for example i've spent 30 years in the health care industry and i have a variety of opinions but at the end of the day i'm not your physician so i can't talk to you about your specific health which i think is important, again no disrespect, gentlemen and one of the things i appreciate about this hearing is that we tackle tough subjects. i expect that in this committee and of the chairman, particularly in this issue, keeping america safe and being clear that we will make sure that everyone is accountable that we're clear about what the risks are, i think those are valuable things for us to pay attention to and i can tell you that my constituents back home and in the country expect that from me, but to know exactly where we are more than owe pining based on -- again, no disrespect to your credentials, far better than mine on these specif

in fact, when asked about these gaps, iaea director general amano said the deal restricted iaea's ability to report correctly about iran's nuclear program. mr. ruben, given that, how much confidence do you have in this deal? >> i have very little confidence in this deal for reasons that i've outlined in my written testimony. it falls far short of the most rigorous inspection regime ever and the danger isn't just in iran briefly, the danger is it permanently dilutes standard by which potential proliferators are held. >> would you agree it validates the concerns you expressed from the beginning? >> yes, i would. >> also given this statement from general amano, exaggerated perceptions this administration say they obtained might be called into question as well? >> yes, i would. >> you know, we've been talking about echo chambers, misrepresentation i go back to the statement secretary of state made he was chief negotiator we know the framework was already in place before he got involved. these statements in the "new york times" article, what we really haven't talked about is the fact the deal

now it emerges that there were secret agreements with the iaea. one of these secret side agreements that comes into play regarding verification is that thattate department agreed the iaea would not need to report to the level it had withted under sanctions regard to the possible military dimensions. in saying that they needed verification for complying with the deal, it's like someone was the valedictorian at the summer school class. it becomes a major problem, letting them off the hook and we only found out about them afterwards. testimony had sworn both in a number of house committees and senate committees where the sworn testimony by administration officials were that there are no and were no secret side agreements. would you say that that is a credible argument to make under sworn testimony? >> they are lying to congress. >> that is a pretty bold statement. look ate go back and the tapes where they say that there was no side agreements in sworn testimony, is it incumbent on this committee to hold those particular individuals who gave sworn tes

the report contained less information than the iaea had regularly provided about iran before the deal was in place. in fact, when asked about these gaps, iaea director said that the deal restricted the ability to report publicly about iran's nuclear program. mr. rueben given that how much confidence do you have in this deal? >> i have very little confidence in this deal for reasons that i've outlined in my written testimony. it falls far short of the most rigorous inspection and the danger isn't just in iran, the danger is that it permanently dilutes the standard by which others are held. >> would you agree that the general's statement validates the concerns that you expressed about the deal from the very beginning? >> yes, i would. >> would you also say that given this statement from the general that the exaggerated concessions that this administration claims that they obtained might be called into question as well? >> yes, i would. >> we've been talking about echo chambers and we talked about misrepresentations, i go back to the statement that the secretary made that he was the chie

in fact, when asked about these gaps, iaea director said, in fact, the deal restricted the iaea's ability to report publicly about iran's nuclear program. mr. rubin, given that, how much confidence do you have in this deal? >> i have very little confidence in this deal for reasons that i've outlined in my written testimony. it falls far short of the most rigorous inspection regime ever and the danger isn't just in iran very briefly, the danger is that it permanently dilutes the standard by which other potential proliferators are held. >> would you agree that general amano's statement validates the concerns that you expressed about the deal from the very beginning? >> yes, i would. >> would you also say that given this statement from general amano that the exaggerated concessions that this administration claims that they obtained might be called into question as well? >> yes, i would. >> you know, we've been talking about echo chambers. we talked about misrepresentations. i go back to the statement that secretary of state kerry made that he was the chief negotiator. we know that the framew

iaea. they are the ones we have put on the ground and asked them to do these inspections. the verification for monitoring and the islamic republic of iran. iraq with heavy water research reactor determined that iran was not pursuing the construction of the existing ir 40 reactor. they removed the existing from that reactor and they had rendered them inoperable which was part of the agreement. and they went to the agreement. they modified the fuel process line and i cannot be used for the fabrication of fuel. and it goes on with 27 seconds left. these are people who have been in iran. this is all pursuant to the agreement and had completed the modalities and inspection arrangements to allow them to implement the transparency provided in the agreement. that's what the iaea is doing. that's part of the agreement. that's what we put them for. the great advantage to us no matter what happens in the future is that up to the time the disagreement was signed, we never had people on the ground in th

safeguards agreement that just like every member of the iaea. >> have you read that?sir i have not. >> i would just offer up for you for secretary carry who is here a few months ago, it is difficult to vouch for a historic verification and monitoring regime when you do not know what the historic verification monitoring regime is. all you know is what contained in the jcpoa but you don't know what's included in the agreement between the i aea and iran especially since we reassociate press reports of how iran might be collecting some of their own soil samples, responsible for collecting some of their own nuclear sites. as we read what the associated press reports as the verification of the jcpoa, if you have not yet read it it is impossible to say that it is a historic verification and monitoring regime because you don't know what it is. the administration says it's not built on trust is built on verification. why hasn't the obama administration, why didn't the sign the asked the iranians to sign the jcpoa? >> why did we asked them to sign a? >> why didn't we ask them t

so that we can say this is what iaea needs to be looking for. there has to be independent testing of work being conducted siteanian nuclear military and there has to be extra territoriality and inspection and case iran take some stuff -- action.iran takes you have to look at why diplomacy has not worked. how can the state department be introspective. if they are not going to do the due diligence, congress should. again, without having that expertise in this hearing, if we do not have a debate waste on facts, and i might disagree with efforts, our complex without having those individuals before the committee we are ill-equipped to do that. i yield back. >> i concur. that is why it is so frustrating when mr. rhodes was at the center of this he was as of monday morning to appear and then suddenly he was not. congress is kept in the dark because the administration will not share information. is not the place to debate that but i appreciate the chairman more than he knows and i mean that earnestly but i'm not sure mr. rhodes is the right person but w

verified by the iaea, as my friend mr. lynch indicated. it has reduced its stockpile of --r rich -- and rich enriched uranium to more than three kilograms shipped out of the country. centrifuge production in mines and mills under constant verified.ce, the plutonium production capability, eliminated. i asked point-blank, is there any evidence, because this is all we heard, they were going to be -- they were going to cheat, and this was in a -- enabling behavior to allow iran to becoming nuclear threshold state. the answer, no. so far, no cheating. ,y friend from south carolina we are friends. we are sometimes sparring partners. he is exercised about the fact that somebody who knows why does not accept a friendly invitation to calm before the committee. we are a hospitable environment to witnesses. once in a while, we deny them their fifth amendment rights while we badgered them, we call wem names, once in a while censor them. a lot of times, we interrupt them when we don't like their testimony. you are lucky, mr. rubin. you are really lucky

cardin: shortly we will be voting on laura whholgate to the iaea. i urge my colleagues to vote for her confirmation. she came through the senate foreign reels committee and strongly recommended by that committee. ms. holgate's extensive experience makes her qualified to serve in this position. she served in the senior positions in the department of energy and the department of defense for 14 years, building and leading global cocoa listings to prevent states and terrorists from acquiring and using weapons of mass destruction. she currently serves as the senior director for weapons of mass deficit reduction and threat reduction on the national security council. having this post filled with a highly qualified nominee has never been more critical. the position in the united states representative to multiple u.n. agencies s. as well as the iaea and includes the office on drugs and crime, the united nations high commissioner for refugees, and the international monetary -- money laundering network among many others. this position covers a range of other i

some of these are just technical changes on the part of the iaea and how it operates. for instance, the use of online enrichment monitoring in uranium enrichment facilities. other parts, however, may require agreements at the iaea and beyond on how nuclear-related activities, particularly those that have some nexus with weaponization, will be in the future. but it's work that must be started now and it's work that's going to take a long time to complete. a far more difficult lift would be the organization of a regional approach to the nuclear fuel cycle. i'm not suggesting that we seek to establish a multinational fuel cycle in which iran and countries in the gulf arab side of the persian gulf are able to work together on nuclear projects. i think that's probably something that's not terribly feasible. instead, we recommend that we find ways of crafting regional agreements or at least regional more torah on aspects of the fuel cycle that others in the region would find threatening. reprocessing is an easy one, because really, no one outside of israel is suspected of ev

in the future, besides the iran mission, the iaea does a number of functions that are central to u.s. national security. look not only to this administration and congress, but future administrations and congresses to ensure that the iaea continues to have those important resources, both for implementation of this agreement, and the full range of its functions. in the interest of diligent, scrupulous implementation of the jcpoa, it would be extremely valuable for the senate to confirm a highly qualified individual, laura holt date, to be our full-time confirmed ambassador to the u.n. missions in vienna. while the threat of a nuclear has been addressed through this agreement, we recognize like every previous arms-control agreement negotiated by any administration, and arms control agreement does not change the full range of behavior of the partner or adversary with whom we are negotiating. there remains a need as chairman to ranking member have noted address the full range of serious misbehavior by the .ranian regime the particular responsibility of my bureau is to address the ballistic

the iaea expects something.s up again following strong gains yesterday. 3.5% yesterday and do keep that in mind because we had strong oil yesterday. we had weak dollar yesterday and yet we had stocks off significantly. so usually those things have not all occurred. ed to the collar little more mix. you can see the strength against the yen. the dollar a little softer against the pound -- no i'm sorry. stronger against the pound and against the euro but not too significantly. basically flat. good look at gold as well. a new report from the world gold counsel found global demand soared during the first quarter. gold is off a little today. big factors yesterday we mentioned the retail that was very important. volumes as well the last three days. they have been elevated but we had gains the day before so it is not like only elevated volumes to the downside. i think it was more stock and sector specific yesterday than anything real macro related. >> it did feel that way with the retail slump. anything tied to departme

deal that was recently agreed to, there was an implementation day a few days ago, and that seems the iaeahat iran followed the rules and the sanks should be lifted and that prois underway. and i was there and i was talking to people who are very exited about change. met a young woman at the stock exchange. the stock exchange is not bigger than this room, really, and it's a couple of old push button phones, and there was this young, very energetic, stock broker who told me, i run to work. can't wait to get to work. she thinks the market is going go through the proof thingers going to change. you have a lot of people like her -- met other people in the mosques and the -- bazaar about how they'll be able to put goods online and sell them on epay and all these things they've been denied. so they were very excited about entering the world economic community, or returning to it. you have the regime, which has a vesteds', doesn't want to see things changed and wants to have sort perestroika, economic opening but no political change. is that possible? you have half the side betting it's not and s

. >> so do you think what the iaea said they are expecting a dramatic reduction in oil stock at a end. >> i'm not buying that. and i think they get swayed to a degree by some short-term indicators or swings. there's certainly been strong gasoline demand here but look for consumer resistance and i don't think the numbers are going to be all that robust. especially again the big achilles heel is asia -- >> against consensus, john. consensus is that supply and demand, we are finally getting rebalancing in the second half of the year. >> i've been off the reservation before. and it is lonely times but that is what they pay you for. >> john thank you for joining us. right, back to bank of america ceo, brian moynihan who sat down with me late yesterday in new york. i asked about the interest rate environment and with he can hit the bank's roe without further rate hikes. >> it is harder. because as a hundred basis point parallel rate rise means 6 billion dollars now as of last quarter. hard but it can be done. we've managed about -- in the first quarter we had some accounting adjustments tha

production this year, the iaea expects the united states will cut 700,000 barrels, and that could be bullish news for the market if it comes to fruition. perhaps the market doesn't need a freeze, and we might be in a post-freeze sort of era with opec and saudi arabia especially taking more of the market share. angie: thank you so much for that. coming up, our next guest sees globalof further volatility this year. we are going to be live in melbourne to hear from the chief economist coming up next. ♪ kong, 5:15 in hong p.m. in the prairies of canada. wildfires in canada's oilsands region have knocked out more than one billion barrels a day of production and are threatening to spread to neighboring saskatchewan. at least 80,000 people have left their homes in the town of fort mcmurray, further damaging an economy suffering from cheap oil. canada's biggest energy company, suncor and others, including phillips 66, have pulled workers out of the area. north korean leader kim jong-un said the party congress he would not order a nuclear first strike. he told delegates that the north was a r

site we believe is related to its nuclear efforts we can get access and inspect that site through the iaeald jake tapper of cnn on april 6th, and i quote, under this deal you will have anywhere anytime, 24/7 access as it relates to the nuclear facilities that iran has. was that a lie? >> no. there are nuclear facilities there. is 24/7 access to, to iran's, to verify their compliance with the agreement. >> 24/7 access anytime anywhere? >> to their nuclear facilities. that is the quote you read me, right? >> yes, sir. >> yeah. >> over the past week we've spoken at length about what exactly this deal is. also want to make clear what that deal was never intended to be. first of all, as the chief negotiator i can tell you i never uttered the words anywhere anytime, nor was it ever part of the discussion that we had with the iranians. >> thanks. you can take that down. so, first of all, as somebody pointed out in our committee, i think mr. palmer pointed out, i don't think mr. kerry was chief negotiator but that is another point. but the second part of it is, is there 24 by 7 access? can you acc

so the iaea raised demand for forecast this year something very, very few people anticipated at the beginning our confidence that oil can stay in this let's say close to $50 range, that confidence has increased significantly. and, again, i think that's just taken away one of the downside risks for markets earlier this year. so when i look at this rally since february, that's rielly not been about the market pricing in economic outcome, it's really been about the market becoming much less concerned about a number of risks. oil being one, china being another and actually recession being the third. >> richard, i think you started your career at the bank of eng la land. you're obviously joining us from london today. clearly one of the major events everybody is watching is whether the uk's vote to leave the european union in a month's time. i don't know how free you are to speak because of the electoral rules that exist in london. maybe you have to put a warning on what you're about to tell us, but are we able from a market perspective to maybe take that off the table as a low probability tale ris

if it's suspicious that we believe is related to the nuclear efforts, we can get access through the iaea. >> ben told jake tapper of cnn on april 6th, and i quote,ened this deal you will have anywhere anytime, 24/7 access as it relates to the nuclear facilities that iran has. is that a lie? >> no. their nuclear facilities, there's 24/7 access to iran to verify their compliance with the agreement. >> 24/7 access anytime anywhere. >> to their nuclear facilities. that's the quote you quoted me, right? >> over the past week elf spoken at length about what exactly this deal is. i also want to make clear what this deal was never intended to be. first of all, as the chief negotiator, i can tell you i never uttered the words "anywhere anytime" nor was it ever a part of the discussion we had with the iranians. >> thanks, you can take that down. so first of all, as somebody pointed out in our committee, i think mr. palmer pointed out, i don't think mr. kerry was the chief negotiator, but the second part, is there 24 by 7 access? can you access anything anywhere anytime? spinning quite a different