treasury secretary jack lew will discuss details of the final volker rule in a speech this morning andulators will vote next week on a law that could affect $44 billion in revenue from the five to get banks. microsoft expanding encryption to protect customer information following reports that the government was intercepting data. the company is also stepping up legal efforts to protect the data. belown plunged 20%, $20,000. the people's bank of china said bitcoin is not a currency with real money -- meaning, and does not have the same legal status as hard currency. it might in the future. we're standing by for the latest read on the economy. initial jobless claims and personal consumption on deck. we have a jobs report tomorrow. michael mckee has the real deal on the numbers. data, two other central banks have their decisions -- no change on the ecb or the bank of england. >> but it does tell us something. there are implications for both of the banks in making no decisions. the bank of england, their economy is picking up and the government raise their economic nexth forecast to 2.4% y

we are very honored to be hosting jack lew. this event is a tribute to the pew charitable trust, which under the steady hand of our president has become a major and influential voice on many of the toughest issues confronting society today. throughout its 65 year history, pew has remained faith 02 the -- faithfulciples to the guiding principles of its founder. be it health care, the environment, economic mobility or democratic processes, pew has spoken truth to power to improve the lives of millions of people throughout the world. and of course, almost two years cfa pew, along with the institute founded a nonpartisan group of policy experts and former regulators which has sought to give voice to the people's interest in a safe, stable financial system. so, i am particularly pleased that secretary jack lew will be speaking this morning on the importance of completing the financial reform agenda. jack lew came to his job as a widely respected expert on budgetary policy. he has spent the vast majority of his career in government a

jack lew, secretary of the treasury of the united states. secretary lew appeared before our committee earlier this year so needs no further introduction. without objection, secretary lew at statement will be part of the record. after his quarrel remarks, welcome to the committee. you are now recognized for your oral testimony. >> thank you, mr. chairman, ranking member waters, members of the committee. appreciate the opportunity to testify, thank you for the flexibility and courtesy in reschedulings a number of us could attend a memorial service for nelson mandela. there are signs the economic conditions are improving in countries led by the united states. despite political head winds our economy is steadily growing. over the last 45 months our businesses have created 8 million jobs. we are moving in the right direction but we have more to do to create jobs, accelerate growth and go to upper foundation. economic progress depends on the global economy. the global economy faces many challenges. the long recession in the euro area is ending, sig

jack lew will be at the pew charitable trusts to discuss the state of financial reform. that is that c-span2. , members of the house and energy subcommittee will hear from federal regulatory commissioners. democraticover a onering committee meeting unemployment benefits that are set to expire at the end of the month. in a few moments, a look at today's headlines, plus your calls. live on "washington journal." the house will be in session at 9:00 eastern to consider a bill regarding patent law. we will focus on the farm bill with randy neugebauer. we will also take your questions about the affordable care act and ongoing budget negotiations. we will continue the discussion on budget talks at 8:20. >> good morning, everyone. here are your headlines. the washington post reports that the nsa is gathering nearly 5 billion records per day on the whereabouts of cell phones around the world. the documents given to the post by edward snowden. u.s. officials say the collection is lawful. around the country today, fast food rest word -- workers will walk off the job as part of the

then treasury secretary jack lew testifying about the system. >> we want to welcome back to ."niel newhauseto "newsmakers" daniel newhauser is a reporter for a roll call. derek wallbank is with bloomberg news. >> thank you for being here. capital ist of the julius. they are both saying this will avert any shutdown fears for january 15 and possibly for october 1 as well. that is not set in stone yet. >> can he walk us through the next steps? >> you are right. there is a joyous atmosphere. it was a huge event. of gettinghe logjam away from these herky-jerky shutdowns we been going through. they must take it and break it down for each agency and department of the government. we have to do that before january 15 because that is when the clearing resolution wears out. -- current resolution wears out. that will implement the budget resolution that was agreed to yesterday by the house. i wanted to ask you to comment on something that speaker john boehner had talked about in this past week. you have often been a target of these outside groups for your chairmanship for having to allocat

jack lew, the treasury secretary, has ultimate discretion on when this could occur.o the timing of this is very much in doubt. >> did the debt limit is not raised, experts project that the government could default between march and june which also happens to be the heart of republican primary season in the u.s. senate. look at this calendar of events. john cornyn's texas primary is in early march. thad cochran's mississippi date is penned for early june. and lind b see graham's south carolina primary scheduled for just a few days later. they're all in hot water in those states. david corn and ryan grim. both are msnbc contributors. let's start david and then go to ryan. this is an interesting combination. we think this is going to be a smooth season getting through the holidays. but they're already lining up for the gun fight at the ok corral, if you will. sometimes between march and spring, they can shut down the american economy. and these guys say they don't want to do it. then they say we're going to threaten to do it. mitch mcconnell is worried about being defea

that's the day treasury secretary jack lew must resort to extraordinary measures to pay our bills andid a possible default shortly thereafter. that won't be the end of it. guess what? they're back! congressman paul ryan and tea party motivated senator mitch mcconnell, they want ransom for another deal on the debt ceiling. they don't care what john boehner has to say about it. >> every time the president asks us to raise the debt ceiling is a good time to try to achieve something important for the country. >> we don't want nothing out of this debt limit. we're going to decide what it is we can accomplish out of this debt limit fight. >> once again, the cuckoo caucus, aka the tea party and outside tea party groups will have their back. in fact, they view this fight as just the beginning of a resurgence of power for the tea party. this is a time to regroup, rejuvenate and reorganize. as "the washington post" reported this week, while the cuckoo caucus prepares to return in january, outside groups like the coke backed americans for prosperity are also prepping for a long fight into the 20

. >>> treasury secretary jack lew says the largest economies need to tighten up the financial regulations to avoid a repeat of the 2008 financial crisis. he wants them to meet the standard of banking laws. >> with the completion of the vocal rule, resolution authority, stronger capital, the tools of financial reform are being used to make the financial system safer and hold financial institutions responsible for baring their risk. >> lieu heads to australia in february for a meeting. >>> jp morgan chase is warning nearly half a million holders of prepaid cash cards that their personal information may have been accessed by hackers. the cards were issued by several corporations to pay employees and by some government agency s issuing tax refunds and unemployment benefits. >>> still ahead, will twitter's big plan to make more money pay off for shareholders, or will this add strategy potentially backfire? >>> the biggest decliner in the dow today, microsoft. invest tors dumped shares on hearing that alan the ceo of ford may not take the wheel. there is intense speculation he will step into th

but treasury secretary jack lew saying you have to raise the debt ceiling by late february, early marchith no drama. liz? liz: a little drama out of washington with no drama. rich, thank you. >>> back to you, scott, so sorry about that interruption, but clearly there have been uncertainties, when it comes to the consumer of coursings we're talking to you, go on truecar.com because you have that information. is there a way to make sure that the consumer can get the best deal out there? >> well again, it does start with getting that information. this is information that has never before been published or available. it is about transactions in your local market and around the country. and that really take as first-time car buyer gives them opportunity to be an expert in 30 seconds or less. from there what we're seeing in the overall market it's a great time to buy a new car in particular. historically used vehicles are sort of lagging the new car market. the new car market over last three or four years has been really constrained. we've been at all-time lows from 2008, 9, and 10. you have

the treasury secretary jack lew can't foresee any reasonable scenario in paying all the bills past marchsenator, how does this end? >> hello, christine. let's talk about what we just did. we have, i believe, avoided government shutdowns at least through fiscal year 2015. that is a good thing. try to bring certainty to the economy. try to give the agencies and departments and committees in congress the opportunity to rationally prioritize spending. we need to continue to grow and create jobs. when it comes to the debt ceiling or another way, when the president comes to congress to ask for the authority to increase the debt ceiling on our children and grandchildren, we need reforms to enact that. what i would like to do, i would like to look at the health care law and look at the democratic colleagues listening to the pleas of americans begging for relief that are unbelieving in terms of how harmful that -- that's what i would like to do. >> are you going to tie the health care law to raising the debt ceiling? >> that is what i would like to do. i don't know what kind of fiscal reform. you

secretary jack lew is warning congress not to dilly-dally. he says the debt ceiling needs to be raised by early march.and, a wing and a prayer...the wall street journal reports-- mcdonald's is hoping for a mighty miracle after getting stuck with 10 million pounds of wings-- frozen in storage.the chain overestimated demand. scott bauer of trading advantage joins us on this friday morning. good to have you as always on our show. >>thank you. >>i was watching the volatility index yesterday and it was sinking at one point. is that a telltale sign? >>this was crazy angie and we had talked about this a couple days ago. we saw the vix trade almost 16 1/2 right before the taper announcement on wednesday. then yesterday we saw this thing trade down all the way under 13. it traded 1290 and it closed up a little bit on the day. what this tells me was that there was so much anxiety put into the marketplace short term, meaning december, meaning this week. not even going into the new yearbut so much anxiety that just got deflated out it that traders includ

we are very honored to host the 76 secretary of the united states secretary jack lew. this has been a tribune to the pew charitable trust which, under the steady hand of our president, has become a major and influential voice on many of the toughest issues confronting society today. throughout its 65-year history, you has been faithful to the guiding principle articulated -- pew has been faithful to the guiding principle articulated by its founder. the health care, the environment, economic mobility or democratic processes, pew has spoken truth to power to improve the lives of people through out the world. and of course, almost two years ago, along with the cfa institute, pewe cofounded the systemic risk council. it sought to give voice to the people's interest in a saved -- in a safe, stable financial system. i'm especially pleased that secretary lu will be speaking this morning on the importance of completing the financial reform agenda. as a widelyis job respected expert on budgetary and fiscal policy. he has spent the vast majority of his career in government and o

. >> today we welcome the testimony of the honorable jack lew of the united states. secretary lew appeared before our committee earlier this year so i believe he needs no further introduction. the secretary's written statement will be made part of the record. welcome to the committee. you are now recognized for your oral testimony. >> thank you mr. chairman, members of the committee, i appreciate the opportunity to testify today and thank you for the flexibility of rescheduling so a number of us could attend the memorial services for nelson mandela. there are sign it is economic crns improving in advance countries led by the united states. despite political head winds our economy has been growing. our business versus created more than 8 million jobs. we have more to do to create jobs, accelerate growth and put our economy on a firmer foundation. economic progress depends in part on the global economy and the global economy faces many challenges. the long recession in the euro area seems to be ending. europe is in a position to reduce unemployment which remains high in

administration's goal of overhauling the financial system is almost complete -- that's what treasury secretary jack lew is expected to say in a speech later today. according to draft copies of that speech circulated yesterday, it's likely the secretary will also call for more rules for u-s banks. he is also expected to say that other countries need to do more to ensure their own financial institutions are properly regulated. china is banning bitcoin trading by major banks. it's a critical first step as government officials begin to regulate the digital currency. the chinese central bank said the virtual money has not posed a threat, but carries risks. regulators say bitcoins are anonymous, untraceable and can be transmitted electronically - which is cause for concern. apple is close to a deal with a chinese mobile company to sell i-phones overseas. the agreement gives apple access to china mobile's 700 million customers. some say it will give a major boost to apple in one of the world's most important smartphone markets. however, china's inflated prices of i-phones may keep sales figures down. meanwhil

treasury secretary jack lew says the new rule restricts banks from making risky bets. critics say regulations so far have failed to address the too big too fail problem. the city of l-a is suing wells fargo and citibank for losses during the housing crash. the lawsuit blames the banks for discriminatory mortgage lending that led to foreclosures in minority communities.it says banks should reimburse affected cities for lost tax revenue. both banks say the lawsuit is baseless, and that each applicant was treated with the same objective criteria. 20 states are saying no to expanding medicaid under the affordable care act... and a new report shows-- it could costs those states billions. among them, texas which stands to lose nearly $10 billion dollars. according nbc some of the red states are taking a pass out of a desire for less government intervention. under the expansion, the government kick's in 100% of additional costs for medicaid the first 3 years. the aim is making certain low income american's have sufficient health coverage. mcdonald's posted advice on its emplo

treasury secretary jack lew has warned that the country will hit that limit faster than expected, sometime in late february or early march. previously the deadline was set for this summer. president obama has already warned that he will not negotiate over raising the debt limit. republicans expect fiscal reforms to be included in a debt ceiling bill. a new vote.. on a revised contract for boeing machinists. unionized workers will vote on january third. the machinists are represented by the international association of machinist and aerospace workers. national leadership of the union says the revised contract contains significant improvements. but local leaders in washington state are calling on members to reject it. last month the machinists voted 2 to 1 against boeing's initial offer. since then boeing has been publicly courting offers from other states interested in hosting the work on boeing's latest 7-7- 7 x jet. a lot of air travelers complain about treatment at the hands of airlines but it's the behavior of passengers that has airlines calling for new laws. the number of incidents of

jack lew said with the final sale of gm stock, this important chapter in our nation's history is nowsed. tonight, we will discuss the major league baseball winter meetings that kicked off today. we will discuss the trade in the transactions to watch and its affect on the economy. that is coming up tonight. hope to see you then. by midnight tonight, members of congress need to enroll in the health care plan under the affordable care act. or they risk losing their government subsidy. us now fromly joins washington. lawmakers, are they having any problems signing up for health care? like every day, they are facing technical glitches. some sticker shock as well as they plan to drop their federal health care plan and sign up for the obama health care law. they have to beat some of their own cooking. they have to experience what their constituents are dealing with. the reality is, they have more options. 112 gold level planned by four different insurers. the government picks up about 75% of their premiums. the onlineet to use exchange, not the troubled healthcare.gov. john bane are signed

also at 8:30, treasury secretary jack lew will deliver remarks about the next steps on financial reform here in washington and on capitol hill, house lawmakers are set to look into patent controls. the bill is expected to pass. on the eighth day of hanukkah, president obama will host not the one but two receptions at the white house. that does it for looking ahead. >> thank you. it is time now for "hot shots," a look at the most compelling images of the day. the official world cup ball has been revealed in rio. took 2.5 years of testing. it is a term used to refer to brazilians living abroad and is five --ng used to do described national pride. traditionals bracelets worn in brazil. want to be lucky in 2014? the u.s. treasury can lend you a hand. it is printing lucky money to mark the chinese year of the horse. the uncirculated one dollar bills will have a serial number beginning with 8888. in chinese culture, the number eight is considered auspicious as it sounds like the word that means a wealth. the lucky dollar bill is on sale , 595 each. speaking of lucky, here is a lucky shot. the

we had secretary of state john kerry and jack lew and it lasted for two hours. menendez was there. a bipartisaning on agreement to come up with some type of resolution or legislation. he has worked closely on my side of the aisle with senator chuck schumer. he has been involved in that. i will wait to what they come up with. >> is there more likely to be a resolution than legislation? >> i do not know. startedsomething people talking about a day or two ago. it is an important issue. iran has been a real problem for the united states for almost 40 years now. we cannot let them get a nuclear weapons. israel is our friend, they are my friend. we must protect the administration in our negotiations. bipartisan legislation is never bad. if we can come up with something ,hat satisfies my people menendez and schumer and the other folks, and it is bipartisan, we will take a look at it. >> let me turn to obamacare. it has caused the president and it has cost the american citizens. how permanent is this damage and do you think it will cost you the senate. >> not only do we have incumbents doi

eastern treasury secretary jack lew will outline his 2014 regulatory agenda and discuss wall street reform efforts in the buzz word will be the volcker rule. 950 pages. let's do a 950-page data check. stocks, bonds, currencies, flat- footed. treasury yield elevated. 2.83%. of two $97.57 a barrel. yields,ds, the -- the the two-year has not moved. gold gets a bit finally today. alix steel, why did gold get a bid? and perhapsering some hedge fund buying coming in and buying a little bit. >> market noise. ok, let's get onto the front page. his scarlet fu. >> before we get to that, i want to highlight some preliminary earnings for joseph a bank, involved in the dog fight with men's wearhouse. joseph a bank reporting third- quarter adjusted earnings of $.51, the high endd of it -- end of its range. as the two companies continue to battle it out. >> all of their clothes, buy one get free, and the bowties, buy five get one free. but this is not joseph a. bank. a made in america bowtie by looks brothers, they are crowd of it. leonardo dicaprio wore this tie -- this is from the movie. >> he took his

baggage fizeau the sea that typically takes them billions of dollars are the bag fees except for jack lewthwest and the change feat for domestic flights to and the dollars will not change that is as high as it can get. tracy: but just to bring that money in just with bag fees is crazy. >> now domestically southwest does not charge a fee and the investors are hounding to start to. they say get a financial benefit to not have the fee but said that investors say why not with the extra revenue? tracy: i do stand. the passengers are happy but is there any way around this? you can pack light or bring your own cookies. >> there are several ways to get around the three. obviously not checking a bag is $1 billion per quarter. certainly if you have a branded credit card that usually has of the they will wave a the bag fee so if you do that a family of two it is worth in it. if you achieved -- achieves the lead status they will waive those but mostly it is targeted to the disloyal customers those that shop on price and don't care which airline and those are the ones that are stock perverted fields a

treasury secretary jack lew is warning congress that the u.s. -- is urging lawmakers to raise the federalebt limit weeks before then. attention target shoppers, your credit or debit card information may have been stolen by cyber thieves. according to target, data from 40 million cards may have been compromised. shopping between november 27 and december 15. target is working with law enforcement officials to find those responsible. joining me to tell me more about this from washington is alex senior researcher for immunity inc.. good to have you with us. explain what happened. you have to tell us about the register, the actual card reader and something called track eight up. explain. therack data is essentially information encoded on the back of your credit card on the little black strip. that authenticates your credit card in order to make purchases to your account. so what hackers have done is they have compromised the small computer you slide your credit card through and they have been able to collect this data across target stores across the united states. as a result, target is report

♪ >> welcome back to "money moves," and as you can see on your screen there, treasury secretary jack lew at a meeting of financial stability oversight council. today they are discussing cybersecurity. you can watch the meeting live bloomberg.com/tv. in the meantime we will be focusing on cutting-edge gaming and cross-platform engine technology, the match that flannery is betting on. the coo is with me now. glad to have you with us. i know you are developing 3-d social online games and the catch is that people can play on any platform, correct? >> thing you for having me. our technology is to deliver our users, wherever they are. i os, android, smart tv, pc, anywhere. >> how is this different than some of the other competitors you are facing? >> we are basically developing a that requiresame high-end quality graphics and at the same time, we want our users to play anywhere. many companies can deliver it to any device. so, we optimize our engine to any device. so, we have the technology. it is very exciting. you make of this shift, back-and-forth, away from consuls, away from the living ro

jack lew sending congressional leaders a letter letting them know that the country will again face thek of default if the debt ceiling is not raised by late february. right now the debt ceiling is not being enforced. that suspension goes away on february 7. tells new letter, lew lawmakers he could use extraordinary measures to create some breathing room but only until late february or early march of next year. he can create more caution because it is tax season and the government is sending out refunds. lew says congress needs to act before then. he is reiterating, the president will not be negotiating. the american public expects its leaders to put a end to a senior treasury official says this letter is going out now to give lawmakers as much time as possible to come up with a solution after the holidays area the clock is already taking. republicans are gearing up for a fight, insisting they want something in return for debt ceiling increase. here is mitch mcconnell earlier this week. >> i doubt if the house or the senate is willing to give the president a clean debt ceiling increase

jack lew was not that guy. i know what you're looking for. >> you don't know what i'm looking for.y get to vote for one person in the white house. we only have one person that responds to us, answers to us. that's the guy we elect as president in this case. he answers to health care. he needs somebody that's a direct line to answer to him, not down to sebelius and the ceo and the cms, no, no. he was elected. he should have been on top of this right from the beginning. and that's the issue i keep getting at. you're chief executive, mr. president, not just chief of staff or chief of state. >>> next, giving credit where credit is due. >>> this is "hardball," the place for politics. [ baby crying ] [ mom ] be right there, baby. [ muffled noises ] oops. ow. sorry. [ baby crying ] ♪ [ female announcer ] new pampers. unlike ordinary diapers with 2 layers, pampers have 3 absorbent layers, to stay up to 3 times drier, so babies can sleep soundly all night. ♪ wishing you love, sleep and play. pampers. >>> back to "hardball" and time for the sideshow. with this congress trying to be one of th

we're going to talk geithner's legacy and the challenges for his successor, jack lew. >> i look forward to joining the treasury department. >> i also want to announce my choice for next year of the federal reserve. >> continuing the policies of bernanke. it's thought to be someone who will be quicker to provide more stimulus. >> we could in the next few meetings, we could take a step down in our pace of purchases. >> the market threw the equivalent of a taper tantrum. >> a taper spasm. >> a true taper. >> how much they taper. >> investors are bailing out of emerging markets dumping indian and indonesia equities. >> the federal government talking about a $10 billion taper and they say if the data comes in as expected here with further improvement, they will taper further at future meetings. >>> let's get back to our guest. that was a very nice package with the big themes of 2013. taper and the debt debate on congress. now next year what are the big topics going to be because tapering, the start of tapering is out of the way. are we really going to be focusing on any additional forward gu

that from jack lew. >>> skirting the volcker rule though, will wall street find a way around it?tweets and panel debate with tracy byrnes and adam, you're sticking around as well with trace. all this next hour on fox business network. stick around. ♪ [ bell ringing, applause ] five tech stocks with more than a 10%... change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever u are with the mobile trader app. from td ameritrade. [ male announcer ] if we could see energy... what would we see? ♪ the billions of gallons of fuel that get us to work. ♪ we'd see all the electricity flowing through the devices that connect us and teach us. ♪ we'd see thatlmost 100% ofedical plastics are made from oil and natural gas. ♪ anan industry that supports almost 10 million americanobs. life takes energy. and no one applies more technolo

treasury secretary jack lew will delivers remarks on reform and the next steps that need to be taken.. according to a preview of the speech, lew is expected to argue that the financial system is close to accomplishing it goal posed by the dangers posed by giant banks. he will be calling on overseas regulators to make their seas tougher. in july, he talked about his goals for reform. >> going forward, we'll measure our progress in weeks and months, not in years. and much of our remaining work will be completed in the next five months. let me repeat, by the end of this year, the core elements of the dodd frank act will be substantially in place. i think there's a shared goal between what i'm saying and what many of these senators are saying, which is that it's unacceptable to be in a place where too big to fail has not been ended. one of the things i guess i would say is that any efforts to delay or dilute the implementation of dodd frank, if we get to the end of this year and we cannot with an honest, straight face say that we have ended too big to fail, we're going to have to look at

treasury secretary jack lew will be at the future will trust to discuss the state of financial reform. also on c-span2, members of the house and energy commerce subcommittee on energy and power will hear from energy regulatory commissioners. span330 eastern a.m. on c- we cover a hearing on unemployment benefits that are set to expire at the end of the month. >> from age eight, betty ford, then betty [inaudible] put on skits and plays and that led to eddington, vermont where she studied at the school of dance. these are some of her notecards. no bookstworks -- where she kept cards. she carried this with her to vermont, back to grand rapids, off to new york where she studied with martha graham and work with the powers modeling agency and back to grand rapids again. you will find a host of things that you would find in just about any organizer. brochures on dance costumes, one of her sketches of a costume for one of the dance routines that she wanted to put on. madeography notes that she for different dance routines so there is a whole wealth of material in here that talks about her love

the treasury secretary, jack lieu, -- jack lew has ultimate discretion. the timing is in doubt.ll meet in our retreats after the holidays and discuss what well try and get. >> in the bill that house of representatives passed, the republicans extend the so-called doc fix avoiding a major cut in reimbursements to doctor whose treat medicare parents and extend that for three months. on the other hand you do nothing to extend unemployment benefits for the 1.3 million americans who will lose it right after christmas and democrats say that shows just exactly what is wrong with republican priorities. you care more about doctors than the unemployed. >> this was brought to this package with paid for's manying spending cuts do pay. at the 11th our they offered nothing to pay for it which would blow a hole in the deficit. point two, a 13th extension of the "emergency "unemployment extension from the 2008 crisis, we have a lot of evidence showing it will prolong you are limit. our focus is getting people become to, with. we want jobs. we want policies that help create jobs so we do not have

treasury secretary jack lew testify today on international finance systems. he appeared before the house financial services committee about u.s. financial regulation china'srade talks and currency manipulation. this is 90 minutes. >> the committee will come to order. we are authorized to declare recess. statutorilythis required hearing is for the purpose of acquiring -- hearing the testimony. i would like to make some preliminary comments. i want to thank the members and staff for their flexibility in scheduling. theue to the passing of late nelson mandela, in order to accommodate oath the number of the secretary for mr. mandela's funeral and memorial services, we move this hearing to this morning. the committee will feature a double feature. we will see the rest of you at 2:00 p.m. as well for our monetary policy hearing. members will have an opportunity for lots of quality bonding time today. i would like to also announce ahead of time that at 11:00 a.m., i will declare a short recess of the committee. myself for five minutes to give an opening statement. t

treasury secretary jack lew will be at the pew charitable trusts discuss the state of financial reform. that is on c-span 2 at 8:45 eastern. at 9:30, members of the house energy and commerce subcommittee power will hear from federal energy regulatory commissioners. weight are at 10:30 eastern on c-span 3, we cover a democratic meeting onmmittee unemployment benefits to expire at the end of the month. >> as you walk in, there are tables out in front with lots of pamphlets. prior to entering the gun show. the pamphlets are all how the government is trying to take guns.our the government is doing this and obama is doing that. those were the guys i wanted to talk to. they were the guys with the leaflets, the ideas. them, is this your stuff? academic.m in an a researcher doing research on these organizations and ideas. i study men who believe this stuff. they looked at me suspiciously -- asked some questions. i said, here is what i am. it but here is my job. i want to understand how you guys see the world. i want to understand your worldview. you will not convince me and i will not convince

getting word from state department sources that secretary kerry along with the treasury secretary jack lew will brief the senate behind closed doors on the issue of iran. tomorrow afternoon behind closed doors. tomorrow, all members invited. they are trying to rally the troops here. >> they're working really really hard. what, you know, you heard senator schumer a bunch of other prominent democrats say they wanted to keep, tighten the sanctions regime as incentive for iran to make a deal. >> this is essentially saying in six months, if congress sets up these sanctions, that if iran doesn't meet up with this interim deal that the sanctions would be passed by congress. >> right. >> and iran is saying if you do that the deal is over. >> right. it's unclear if iran really would walk just if there are sanctions somewhere out there in the future. they know if they walk that's going to happen anyway. but, right now, i think as jonah just said. democrats have all the space they want to take the politically popular position, which is to be as anti--iran as they can. meantime, i think the administra

jack lew was not that guy. i know what you're looking for. >> you don't know what i'm looking for. you only get to vote for one person in the white house. we only have one person that responds to us, answers to us. that's the guy we elect as president in this case. he answers to health care. he needs somebody that's a direct line to answer to him, not down to sebelius and the ceo and the cms, no, no. he was elected. he should have been on top of this right from the beginning. and that's the issue i keep getting at. you're chief executive, mr. president, not just chief of staff or chief of state. >>> next, giving credit where credit is due. >>> this is "hardball," the place for politics. my mantra? family first. but with less energy, moodiness, and a low sex drive, i saw my doctor. a blood test showed it was low testosterone, not age. we talked about axiron. the only underarm low t treatment that can restore t levels to normal in about 2 weeks in most men. axiron is not for use in women or anyone younger than 18 or men with prostate or breast cancer. women especially those who are o

. >> secretary jack lew hailed reforms to rein in excess and abuse. >> we've made choices and progressinancial system. as we move forward and new higher standards phased in, the changes will be more apparent and our financial system will be even more secure. >> next week regulators are expected to approve a tougher than expected version of the so-called volcker rule which would impose tighter restrictions. the goal is to reduce the chances of mega losses like jpmorgan's $6.2 billion london fiasco. the question is after years of complaints banks spared for their prosecution in the role of the financial crisis, have we turned a corner? joining us now new york attorney general eric schneiderman. mr. attorney general, always an honor to have you on the show. congratulations on the work thus far. >> thank you. good to be here. >> a big, big deal. i wanted to ask that question. have we turned the corner? from your experience, do you sense a change between the dynamic between the banks and financial services industry and regulators? >> i think it does reflect a change. we're coming up in janu

now, on monday treasury secretary jack lew said the government has recovered $39 billion of the originalbillion loss. twlech 2011 the treasury department sold its investment in chrysler. that total investment was $12.5 billion. taxpayers lost an estimated $1.3 billion after the sale. now, in all, treasury invested over $80 billion in the auto industry. center for automotive research estimates the taxpayer losses totalled about $13.7 billion. treasury officials say the goal was never to turn a profit. they insist the bailout was successful because it prevented a worse blow to the economy and potential loss of one million jobs. some estimates say it would have been $50 billion in government benefits and lost income that would have been -- would have happened had the bailout not happened. in a statement released yesterday, president obama took a victory lap of sorts and said that the big three automakers are now strong enough to stand on their own. he said the industry has added more than 372,000 jobs, its strongest growth since the 1990s. the bailout was an example of the federal governmen

jack lew said the right, quote, tone at the top creates a culture of compliance. it's not the first time regulation is put in executive on the hook. the exchanges require managers of broker dealers to attest they have the appropriate trading supervision. sarbanes-oxley requires management to submit an end of-year report certifying the company's financials. the sec settled with fifth third over faulty accounting on commercial real estate loans. the settlement named dan poston because he signed that certification. neither admitted or denied wrong doing and poston is still employed at fifth third but the question is a lot of executives i talked to say having this hierarchy in the volcker rule is unfair because they can't know everything that happens on a trading floor. i know cantor complies with the rules on the exchange that have you as test to the supervisory controls. do you find this to be an effective tool and do you find it to be a fair one? >> you know, from our perspective we're a private partnership so in reality it's our money that's actually circulating w

finally steve predicted that former chief of staff jack lew would be the next treasury secretary.f course that proved true as well. not so bad in terms of steve's scorecard. let's see what his predictions are for the new year. >> my big call for 2014 is synchronized global growth. we haven't had a year without at least one quarter of negative growth from either japan, the u.s. or europe since 2005. 2014 could be that year with the crisis ending in europe, u.s. fiscal drag fading and japan's fiscal bank opening up the throttle a chance for one of the best growth years from the big three since the crisis began. all of that means better dough messic growth and global growth will keep the fed on track to end qe in 2014 it will do all it can to get out of the program without a spike in interest rates and a sharp fall in stock markets. it's going to lean heavily on guidance that rates will be kept low through 2014 and even into 2015. inflation could be a new worry next year. it's unclear if we'll have actual inflation but it's logical it will be a concern for markets. that will present

. >> jack lew, treasury secretary, is saying we have seven weeks to raise the debt ceiling. where are we heading here? >> how did the showdown work for the republicans last time? not so well. i'm assuming it's like they have been burned on the stove and will not jump back on it and there will be not the same kind of showdown next time. but the tea party republicans, maybe they will do it again. >> i think this is an issue the republicans believe we need a showdown on. most of them believe they are in alignment with the public on that. it's interesting he said i'm not willing to negotiate but i'm willing to talk. guess what, that's negotiating. >> stick around. we will keep you guys for another block. coming up on "the lead" the president talked about the 46 recommendations he was handed for curbing the nsa's power. they are sitting on his desk. will he follow any of them? let's hear what the president had to say about your privacy today. >>> and from beach towels to bobbleheads, the merchandise alone from the show has raked in $400 million this year. did a & e shoot its gold

the recession could have been a depression, that's according to treasury secretary jack lew. mr.te, the economic stakes were high and president obama understood that inaction was not an option. his decision to commit to additional support to gm while requiring them to fundamentally restructure their business was tough, but it was right. now remember that the auto bailout was part of the t.a.r.p. program, the bulk of the funds going to the banks. while the u.s. spent almost $422 billion on bailouts, it's recovered about $433 billion so so far this far in the program, including the loss on gm. so netanya net, the government up. >>> lululemon's founder and chairman out the door. it took a while but he had made some controversial comments earlier this year. >> exactly, the saga of course at lululemon continues. the company's founder and chairman, chip wilson, he is stepping down after an uproar over these comments that he made critiquing the customers' bodies. what he said with respect to to that controversy over the sheer workout pants was that, frankly, some women's bodies just don

fox business now confirming that treasury secretary jack lew has himself confirmed that treasury hasremaining stake in general motors. the common stock, the shares that the government owned, all of it has now been sold. the stock hitting a 52-week high. as you can see the stock is moving to the upside in the after-hours with this news crossing over all the u.s. government from general motors investment. made $39 billion. this investment going back 3 or 4 years with the tarp. that was general motors and when chrysler did take tarp money. ford never took any tarp money. breaking news on gm. david? david: time for a quick speed read of some of the day's other headlines, five stories, one minute. galaxy brand holdings carlyle group company is purchasing linen 'n things. linen 'n things went bankrupt in 2008. before being recreated as a e-commerce site a year later. >> time warner is reportedly delaying the spin-off of time, inc. from 2014 to later this year. this because of time, inc.'s poor performance last quarter and its expected performance this quarter. >>> microsoft has deals leadi

treasury secretary jack lew says the alternative would have been much worse and others are saying it'srice to pay for saving 1.2 million jobs, keeping the great recession from becoming the great depression. one of the big fears when you look back during the financial crisis was that gm's failure could have wiped out suppliers. that could have set off this huge train reaction where ford, who did not get a bailout, ford may have had to file for bankruptcy because of lack of auto parts. you're seeing this report come out and although you see taxpayers having to foot the bill $10 billion it could have been worse. >> a lot of people are saying this was a successful strategy after the moaning and groaning of wringing of hands. >> the u.s. was never in it to make a profit. >> thank you for the update. i appreciate that. >> a lot of people say they read "playboy" for the articles this one might be one of the reasons why. ben affleck has come out in "playboy" not about hunting drones, no, we have that story coming up but the story about the paparazzi and ben affleck just hammering away at those

. >> treasury secretary jack lew met with the philippine finance secretary yesterday here in washington. after the meeting the two delivered statements to the press focusing on the ongoing hurricane recovery reference is the economic relations between the two countries. this is just over five minutes. >> good afternoon. i'm pleased to welcome the secretary back to washington, d.c. and i was pleased to meet with him today and we had an opportunity to exchange views on a variety of topics. first, i want to express my sympathies as to the people of the philippines in the wake of typhoon yolanda. the united states was able to provide assistance and relief in the immediate aftermath of the storm, and we continue to stand with the philippines as they rebuild. in addition, the united states government response, we are pleased with the past -- fast and we're flexible response from the asian development bank. we look forward to working with the multilateral develop a bank, to move forward with well-designed projects that assist the affected population as they rebuild. today we discuss the outloo

later, treasury secretary jack lew gives a speech on the dodd- frank regulations.loyment insurance benefits are set to expire on december 28. withday, a hearing witnesses representing some of the 1.3 million people who will be affected if these benefits expire. this is 90 minutes. >> good morning, everyone. thank you for joining us for this hearing. good morning everyone. thank you very much for joining us for this hearing of this most serious matter striking into the heart of the security of america's working families. in the interest of getting to our witnesses as soon as possible, i will save my for the remarks until later. the yield to the distinguished member of the ways and means committee who has been a champion on the issue of fairness for america's workers. today, our focus on unemployment insurance, the very distinguished gentleman from michigan, representative sandy live -- send 11. >> -- sandy levin. >> this congress has a mandate to extend federal unemployment insurance hearing we will, in a few minutes, see the human side from the three americans who

talking about global core will could come down, a meeting -- here's what jack lew had to say. >> withker rule resolution authority, stronger capital reporting requirements the tools of financial reform being used to make the financial system safer and hold financial institutions responsible for bearing their own risk. and the london whale. cheryl: relieve the law said it really authored the direction of the volcker rule for proprietary trading to hedge portfolios in the cross hairs. that is what banks don't like. a report says we still want to hedge losses and portfolios. the bank's most at risk, goldman sachs, jpmorgan, bank of america and citigroup watch volatility in those stocks and track the developing story again. the rules are voted on by the sec on december 10th. time for your west coast minute. to california cities are banning smoking, and more regulations are on the way. richmond city council voted for parks, restaurants and other areas. google is under investigation by california state agency over construction of a barge in san francisco bay. the agency which opened last we