secretary jack lew, i look forward to your insight. particularly related to bargain servicing, alternatives. as we hear additional details from you about their risk identified in this year's report i will be interested to hear whether republicans believe fsoc should take auction said mitigate those risks. finally, mr. chairman, i am looking forward to hearing more from me about how we address concerns that i and the other members of congress have raised regarding the transparency of the fsoc designation process. unsympathetic to these concerns. i would like to hear what steps he had taken in your suggestions on how to increase transparency in a way that continues to carry out the mission of fsoc. an accord to the secretaries testimony and insight on of these issues as well as what the fsoc is currently doing to monitor systemic risk and prod financial stability. >> the gentle lady from west virginia for one minute. >> thank you, mr. chairman. and thank you, secretary jack lew for being with us today. we will more about the fsoc, which

>> n i beatty with the chief of staff with jack lew expressing the up president's concerns and the real concern is the government will be operating well the people that set the rules need to set a standard so i a could hear what was requested. >> host: did you ever read or hear from the president? >> i did not. it was largely handled by staff. i did not hear from the president. >> host: is an inappropriate? >> i don't know. in many ways part of my story is i am not a political analysts but executive management and hats off to the obama administration for inviting me to play a serious role in the performance and management of government but how it works and that is where my expertise is a and perhaps that is what i do with the policy ixia of the campaign the issues of who's on first i could avoid a lot of that but i ran into the buzz saw. >> host: is that the negative to not understand up politics? >> my staff was very competent to understand but we were all taken for a surprise settled think this could have said completely foreseen because the way it was handled and the size the process

treasury secretary jack lew is speeding at the new york economics club later today. the la kings just got off the bus and nobody smiled, they were all business. >> scarlet saw the rangers drinking under a bar. it's do or die tonight. futures were negative seven yesterday, the 10 year yield was higher earlier and the euro is driving friendly. i am watching oil, it is elevated. crude 104.67. vxx is very complacent. there is the dow. . you can see the brent crude/nymex spread. i am looking for brent crude to 111. is nerdy years of iraq oil. this is the peak, this is the war, and this is the come back with a lot of courage off of that kirkuk pipeline from northern iraq north to western turkey. they were really not doing bad until this disruption. >> people don't realize how much oil comes out of iraq come over 3 million barrels. like number three or four in opec. seven percent -- 17% of the oil comes from this region. >> we did not have to look very far, this is one of the biggest upsets in modern congressional history, the number two republican in the house, eric cantor

treasury secretary jack lew will be testifying before a house subcommittee.ou have your morning brief. .> we do have breaking news this warranted a red headline on bloomberg. rebecca brooks found not guilty on all charges of obstruction and phone acting. -- phone hacking. rooks found not guilty by the u.k. andy colson was also an editor at one of the tabloids found guilty of the charge by a jury. jury.appear to be from a the takeaways that rebecca books -- the take away is that rebekah brooks found not guilty of charges having to do with that girl who was kidnapped. >> good morning to all of you in a and the united kingdom. big athunderstruck by how story this was in the united kingdom. this is a huge deal in the united kingdom. >> at&t is trying to reassure lawmakers skeptical of the proposed takeover of the tv -- directv. the at&t ceo says that the $40 million deal will need to lower prices for consumers. consumer groups want to block the takeover. they said the deal would hurt competition. avon is cutting jobs to try to get back to profitability. the compa

we've had a great kickoff to this from jack lew. first, let's talk about, since he raised the questions of sanctions, and it is so top of mind right now with russia and with ukraine, steve, first to you. how effective have we been in mobilizing europe against russia? we've seen the effects, the economic effects with the ruble, but how is ha translated into effecting vladimir putin's behavior? >> well, you don't know. one of the great questions is what makes vladimir putin tick, and i think it's really hard to say. he on these kinds of issues runs that system, you know, out of his hip pocket. i mean, it's really what is in his mind really is what matters. i think the administration was able to put together international support for a sanctions regime. it has been limited. it is focused on individuals and institutions that have been associated with the regime and associated with this effort. asset freezes, visa bans, those kinds of things. threatened more institutional sanctions that would go after elements of the russian economy in t

treasury secretary jack lew claims the west is united in its view on the ukraine. a must reverse course or face the prospect of deeper sanctions. >> we call on russia to support president pore shenko's peace plan and to stop the division of arms and material across the border. >> and it makes you wonder, why are they doing this? is it because sanctions are actually biting? or is it because they the to get a third party, maybe a neutral party involve. the wto is the main trade body. arbitration is possible at the wto, but as i pointed out before, that could take years. >> you have to wonder whether moscow is trying to he the ante, may hard ball, or whether they are trying to head off another phase of sanctions. the west is talking about a level three now. but you sdpiand i were talking t this off camera. this is going to be stuck in the process for if not months, for years. you've covered wto trade negotiations before. if dohar is anything to go by, it could be years before there is a resolution. it looks as though this is purely symbolic at this stage. >> that's wha

>> i was in a meeting with jack lew, the chief of staff, andy basically was expressing the president concerned. and the real concern that if the government is going to be operating well, the people that set the rules need to set a platinum standard. it was insid inside-out that i d hear what was being basically requested. >> did you ever meet with the president or hear from the president throughout this process to? >> no. i did not. i did not, and it was largely handled by staff. it was all handled by staff. i did not do from the president. >> do you think that is appropriate? >> i don't know what is appropriate. in many ways part of my star is that i'm not a political animal. i am an executive management person and i have to say my hat is off to the obama administration for inviting me to play a serious role in the performance and management of government. not policy, not programs but in how it works, and that's what my expertise is and that's where perhaps, well, that's what i do, and the politics and campaigns and the various issues around who's on first in washington. i was able

on first from jack lew tuesday discussing u.s.-china relations.y, we will hear janet yellen speaking at the imf followed by remarks from imf's managing director. atn it's jobs, jobs, jobs the close of the week. we get the june jobs report on thursday. economists surveyed by bloomberg expects 210,000 jobs added this month. the unemployed rate should hold steady at 6.3%. bond inequity markets will be closed for america's birthday. the u.s. is turning 238 this year. >> happy birthday, america. stay with us. another check on the market movers on the other side of the break. "bottom line " returns in just a moment. ♪ >> get the latest headlines at the top of the hour on bloomberg radio and streaming on your tablet and on bloomberg.com. that is it for this edition of "bottom line." have a great weekend. mark will be back on monday. on the markets is up next. we're coming up on 56 past the hour. bloomberg television is on the markets. but look at where stocks are trading an hour before the end of the session and the end of the week. we are seeing a mix r

remarkst will include by secretary jack lew. new york times reporter david sanger. live coverage begins at 8:30 a.m. on c-span3. c-span's new book "sundays at eight. >> many of the problems that we saw at the end again at the very beginning. i spoke about the attempt to control all institutions and control all parts of the economy and political life and social life. one of the problems is that when you do that, try to control everything, you create opposition and dissidents everywhere. if you tell all artists that they all have to paint the same way, you have made them into a political dissident. andou tell boy scout troops they're not allowed to be boy scouts anymore and they have to be young pioneers, one group decides they don't like that and ,hey form an underground group which absolutely happened in poland, you have just created another group of political opponents from other apolitical teenagers. ouread more about conversation with an apple baume. >> this week our guest is bret baier, anchor of "special report with bret baier" on the fox news channel and autho

we welcome back secretary jack lew to discuss.but before we do i would be remiss if i did not bring up the continuing scandal at the internal revenue service, an agency that is part of treasury. mr. secretary, 13 months ago you appear before us and said, my highest priority is to restore confidence in the irs. i think we know that that has not yet occurred. back then president obama's said of the irs scandal, the misconduct is inexcusable, and americans are right to be angry about it, and i am angry about it. he said his administration would cooperate with congress to uncover the truth. that is what he had said. regrettably, that is not what happened. in the last few days we have learned the administration as nonsense at least february that years, years worth of irs e-mails of 85 employees at the epicenter of the scandal have simply vanished. how terribly convenient for the administration, but how inconvenient for the american people who expect equal protection under a lot. the american people regrettably but understandably are be

lew treasury secretary jack announces the expansion of federal housing programs. and later, house and senate democrats call for comprehensive reform.ion are. >> it was august 15 i think on a sunday, very much one of those nixons when richard essentially appeared on national television halfway through bonanza, a great cowboy show, not really my type, but maybe viewers will remember that show and he interrupted the show to say we're not going to allow the dollar to be converted into gold. and this was one of the most mostficant events, the significant things to have happened in the history of money. and it was a very decisive where essentially he shut the goldwyn do, that's what the could notwhere people simply come into fort knox and is $100, i want to get the gold value. and that was as a consequence of big, bad problems that the american federal government got its debt, the vietnam war and also pay for the great workty, and it just didn't out. there was a deficit, there was a trade deficit. conservative member of british parliament talks about the history of rela

jack lew came out and said we are just now going to see it.wonder if what has been true in the past will be true in the future. >> what it told of a let view of america. first and bold. run with a broken leg. all of the manipulation of industry. the regulation. obamacare. the only impediment, in my opinion, to negative growth. melissa: is there any way to zap that to get it going again? >> everybody wants to use different analogies. the plow horse. it is though clay. it is the rocks. obamacare. dodd-frank. higher taxes. more redistribution. if you want a racehorse again, you get rid of those things. i graduated from college in 1981. everyone told me the same thing. melissa: okay. >> we will never get better. we cut taxes. we cut spending. we raised interest rates. the economy boomed. that is how you get out. melissa: okay. i want to bring up another subject that is closely tied to this. hundreds of federal workers signing a letter to the president today. now, these same federal workers is saying that $10.10 is not enough. what does it mean to

after that, treasury secretary jack lew announces the expansion of federal housing around. >> on the next washington journal, a look at the legalization of marijuana in colorado. here is a look. >> here at medicine man on the recreational side of this sort, a lot products or sale and the people who help them through the process are called budtenders. tell us a little bit about the role that you play here. >> i help patients in the direction -- i help guests come in and find the type of pot they might be looking for. >> how did life change after january 1 for you guys? >> amazing. this is one of the largest dispensary facilities and there are two big things. probably 50% of the sales are out-of-state. not just out-of-state, but out of country. i've had in-state people for the first time coming in not knowing that they might qualify for a patient card. >> if i am a resident, how much can i buy? if i am out-of-state, how much can i buy? is 7 gramstate it legally. >> what is the price like for you guys on the recreational side? >> $290 for announce. we have aces for $30 to $40. on the wr

we begin with treasury secretary jack lew. [applause] >> thank you, john, for that kind introduction, and i want to thank the center for strategic and international studies for hosting this event. for decades, csis has done tremendous work to shape national security policy, and it is great to be here today with so many people who have dedicated themselves to tackling our strategic challenges. i also want to thank the men and women who have made treasury's office of terrorism and financial intelligence -- tfi -- the indispensable institution that it is today. in particular, i want to thank under secretary david cohen and his predecessor, stuart levey, for their vision and hard work. i also want to recognize members of tfi's leadership team -- danny glaser, leslie ireland, adam szubin, jennifer shasky-calvary, and eric hampl -- for their outstanding service to our nation. and i want to express my appreciation to the over 700 dedicated civil servants who are the backbone of tfi. we meet today almost 13 years since the deadliest a

treasury jack lew says the economy should grow at a much stronger rate the rest of this year.lso urging china to pick up the pace on the currency reform coming during a speech to the economic club of new york. and brand-new developments in the ongoing food fight involving tyson foods, and others. you thought this was over? writers reporting ties and will pay termination fee of not more than $163 million to pinnacles. dow jones says pinnacle is now considering an option including securing more cash in exchange for the termination of the deal. simply by being walked away fr from, pinnacle may get a lot of money. let's go to d.c. house majority leader eric cantor that he will step down from his leadership post after his unexpected defeat in his home state of virginia. this has rocked the political and business world because the dark horse on your screen, dave brat, won district primary race. a relative unknown, economics professor and a tea party backed candidate. he does not like a business. who will hear directly from cantor in about 90 minutes. we have called on the best and b

we've had a great kickoff to this from jack lew. first, let's talk about since he raised the questions of sanctions, and it is so top of mind right now with russia and with ukraine. steve, first to you, how effective have we been in mobilizing europe against russia? we've seen the effects, the economic effects with the move. how is that translated into affecting vladimir putin's behavior? >> well, you don't know. i mean, one of the great questions is what makes vladimir putin tick, and i think it's really hard to say. on these kinds of issues he runs that system, you know, out of his hip pocket. it's really what is in his mind. it's really what matters. the administration was able to put together international support for a sanctions regime. it has been limited. it has focused on individuals and institutions that have been associated with regime and associated with this effort. asset freezes, visa bans, those kinds of things. >> threatened more institutional sanctions that would go after elements of the russian economy in the event

>> jack lew, the treasury secretary, he doesn't think that's the case.n fact, when the republicans announced that they were going to ask for the special prosecutor, the treasury secretary said that there's enough probes going on. in fact, he said if one looks at the record, the record should actually be pretty reassuring to people. his exact words, doctor. >> i'm not reassured. and, you know, the other psychological fallout from this is it divides the population into people who feel at risk from the irs given who's in leadership positions in washington and people who do not feel at risk. that's incredibly divisive. and that literally means one citizen may have less feeling for justice being important to another, and that's corrosive and erodes what we're all trying to build. >> that's exactly what i was going to say. [laughter] >> well, i stole your -- >> i'm kidding. it was great. everybody's got -- we're all dependent on the irs. we all have to give them and show them the money, okay? >> yes. >> so this is something everybody should feel vulnerable and

a good backdrop for jack lew.e will speak before the economic club of new york stock gamers will dispense on los angeles for the electronic entertainment expo. it will draw the usual players like activision and blizzard. there will also be rival press conferences for microsoft and sony to highlight their latest consoles. if you are keeping count, sony has sold about 2 million more playstation or consoles. in the world of pro games, we will have had two heads in the nhl and nba finals. on the world leader front, new presidents of ukraine and egypt were just wanted. leaders will discuss making europe more competitive. president obama and tony abbott will meet at the white house to discuss trade. there are priorities in the asia-pacific region. we will hear from a possible future candidate. state secretary of hillary clinton will give interviews to abc news on her new book. we all wait to see if she will make the decision to run for resident. we will have more right here on bloomberg television. back to you. >> a loo

americans are growing more labor market.he it is a good backdrop for jack lew when he speaks before thew york on wednesday stop gamers will dissent on los angeles for e3. expo.the alleged tronic it will draw the usual layers , as activision and blizzard well as press conferences -- from microsoft and sony. if you are keeping count, sony has sold 2 million playstation 4's. headll feature a head to with the national hockey league and the nba finals. on the world leader front, the new president of ukraine and egypt were just wanted. leaders will meet to discuss making europe more competitive. president obama and tony abbott will meet at the white house to discuss trade. they will discuss priorities in the asia-pacific. we will hear from a possible future presidential candidate. former secretary of state hillary clinton will give interviews to 80 news on her new book. it is titled hard choices. we will see if she makes the decision to run for president. we will have more of the news for you on bloomberg television. >> coming up next, we will have the latest on what reporters are watching on

reporter: she's outlasted four other chiefs of staff, rahm emanuel, pete rouse, bill daily, and jack lewhas been said that karl rove was george bush's brain and you're barack obama's spine. >> well, i think the president has a pretty sturdy spine all on his own. >> reporter: he doesn't need you for that. >> he does not need me for that one bit. >> reporter: at 8:45 she sits down with her own senior team. 36 white house staffers work for her. they discuss getting programs out, going around congress straight to the nation's mayors. then it's off to the roosevelt room. >> good morning, good morning. >> reporter: and a meeting with small business owners on how to make the workplace more family-friendly. 2:45 p.m., the first of the day's meetings with the president himself. >> good job yesterday. >> thank you. >> reporter: i want to read you some things that have been said about you. >> sure. >> you're the most powerful woman in washington and that you're like nancy reagan but with more power. what do you think of that? >> well, you know what? i think people say all kind of things about me. t

from treasury secretary jack lew on tuesday, discussing u.s.-china relations. we will hear from federal reserve chaired janet yellen speaking at the imf, followed by remarks from imf managing director herself, christine lazard. then it is jobs, jobs, jobs at the close of the week. we will get the june jobs report on thursday, a day early thanks to the independence day holiday. economists expect 212,000 jobs were added this month. if they are right, it would mark the fifth straight month of a more than 200,000 payroll gain. the unemployment rate should hold steady at 6.3%. it culminates in a big birthday party on friday when bond and equity markets will be closed. twoica the beautiful turns hundred 38 this year. more on the week's news right here on bloomberg television. us a headng giving start on the week ahead in the united states. let's get the latest from the world cup. the netherlands has beaten mexico to earn a place in the quarterfinals. mexico lost 2-1. the dutch will go onto the july 5 quarterfinal facing costa rica. costa rica is a huge surprise. they

than the one hundred million dollars bottom access with none other than the treasury secretary, jack lew will meet with him to talk about the economic impact of climate change today. robert bryce is in manhattan and joins us now. am i being a little crass and crude? $100 million buys you a seat at the table with the treasury secretary? i am being acidic. how do you see it? >> i would be the last to call you a cynic. what is remarkable about this new reports that hank paulson and michael bloomberg have released, just yesterday called risky business and how the white house is framing this is it is more a message from the climate catastrophe but there are no policy answers or solutions, no hints as to what exactly they want to do with regard to climate. the journal quoted the ceo or the chairman, gregory page who said he signed on to be part of the project, specifically because they didn't offer any solutions. is a remarkable turn of the events. stuart: this is not an exchange of views. is not a comfortable little sit-down, this is the environmentalist saying are you in line with us. we hav

attended a meeting with the very high level white house officials including the treasury secretary jack lewo discuss the economic impact of climate change. john stossel is here for more on this. i say flat out this is chronic capitalism, $100 million buys you a meeting with the treasury secretary of the united states. are you appalled? why not? john: i am appalled the goes on och like with this lunatic childless environmentalist and suddenly believes global warming is the biggest threat. the fact that he gives $100 million of his own money and gets a meeting with the white house, it is crony capitalism, that is my show tonight, not about people like him who are pushing politics but people who are getting government grants for their companies. stuart: that is your view of crony capitalism. john: this is pandering, political countering and being stupid because what he believes in is just absurd, that we could spend so much money trying to address this possible problem, and it wouldn't make any difference what we do. stuart: he used to run a hedge fund, and as he was running invested $220 mill

calling us offensive, and for those keeping score on the president's fifth chief of staff, i asked jack lewdvice about how to manage this relationship. he said, like a marriage, and the president is larry king. [laughter] actually this is an honor for me. ira him or the day i was being offered the position. the president looked at me straight in the eye and said dennis, if you like your current job you can keep it. [laughter] one reason the president and i work so well together, we have a lot in common. one difference is that he is protestant and i am catholic. he wrote "dreams from my father," and i wrote guilt from my father. [laughter] i have an lucky enough to have some pretty incredible experiences. people often ask what it is like to be there in the room with the president. i say we call those people white house photographers. it is not all fun and games though. the white house can be stressful. my boss likes to talk all the time about how he is going gray. [laughter] really. what is that like? [laughter] it must be hard. there is always new challenges in this job. the president has t

for somed jack lew advice about that, how do i manage this relationship. look, it's like a marriage and the president is just like larry king. ( laughter ) still actually this really is an honor for me. i remember the day i found out i was being offered this position, the president looked me straight denis, if and said, you like your krnl job, can you keep it. now one reason the president and well together is that we have a lot in common. one big difference is that he's tan and i'm a catholic. father" "dreams from my and i wrote "guilt from my father." and i've been lucky enough to have some pretty experiences, people often ask me what it's like to be right there in the room with the president. and i say we all those people white house photographers. it's not all fun and games, though. the white house can be pretty stressful. my boss likes to talk all the he's going gray. really? what's that like? ( laughter ) hard, huh?d of there is always new challenges in this job, of course, and president is taken to slipping out unannounced to department. to a burger

conversations] [inaudible conversations] scree- testifies about missing irs e-mails and treasury secretary jack lew announces measures aimed at promoting affordable housing. every four years the department of homeland security publishes the quadrennial homeland security review a document outlining the agency's goals. today the center for strategic and international studies hosted a discussion about the 2014 qhsr which was recently released. this is two hours. >>> good morning, everyone. i'm kathleen hicks, i run the international security program and our international security program includes the homeland security program. security is as one and i'm very pleased today to be able to introduce and then follow on in a conversation with assistant secretary alan cohn from the department of homeland security. alan's relatively new expanded title of responsibilities is for strategy, planning, analysis and risk so i'm not sure what's left out of there but there are other people at dhs so presumably he's keeping other people employed beyond those areas. in addition to leading the qhsr, both the last one an

jack lew, the treasury secretary in the u.s. is on his middle east tour. speaking from jerusalem, he's saying the next step for u.s. in iraq is not a military challenge. the u.s. is not focusing on a military challenge right them. we'll keep you abreast of the situation. for now, let's take a quick look at where oil prices are trading right now. trading just above that 113.5 levels pushing higher in the session is light crude, 106.75. we'll talk more in the second half of the show about where oil is headed at this level. we also have spanish auctions this morning. we've got sprinkling just over 1.5 million euros. see if we can find you the bid to cover ratio on that. 2.1. the last auction it was 2, so slightly better as far as that's concerned. the bid to cover 2.3. as far as the yields are concerned on the three-year abdomen yield of 0.87 and the last auction that was at 96. so it's continuing to make lower .lower yields as far as pricing there shorter term debt is concerned. no complaints from spain right now. >> let's cross over to tokyo. apple is expec

first, i would like to thank all of our participants, secretary jack lew, white house chief of staff mcdonough, my predecessor stuart levy for there are marks. each of our panelists, tom donlin, stephen hadley, michelle --mon, quito extender, and keith alexander, and our moderator. the conversation has been highly entertaining and engaging, and also deeply informative. i know i have a lot of action items written down to take care of when i get back to the office. i would also like to thank the center for strategic and international studies president and ceo and the entire csi s team for hosting at this facility. we've had the opportunity today to trace the rest -- the treasuries and financial intelligence in the past decade and reflect upon our compliment, and to know where we are falling short and to think about where and how tfi can contribute in the years ahead. our speakers and panelists have helped us better understand financial measures and the makes of targeted an economic financial sanctions programs, financial transparency at home and abroad, collaboration with the global pr

the chiefs of staff that i served, dennis mcdonaugh, jack lew, bill daley, rahm emanuel, valerie jarrettnd pete raus, david plouffe, a key adviser and friend, alyssa demonco, rob nabors, kathy romler, jen sacky, anita, daniel, tom, susan. the list goes on. tony blinken. these are extraordinary people. ron klain, ben rhodes, jeff tiller, marissa hawkins, hally ledbetter, all superb individuals with whom i have had a great privilege to serve and have some good times with. i thank them all. marvin and pete, i think i probably owe you some money but thank you, as well. i know i have forgotten a lot. the uniformed and secret service agents are extraordinary people who serve their country and the president and others so well. the folks who work in this building and who work on air force one, i'd like to thank them and then finally i would like to thank you. some of you may remember ben feller who was sitting in that chair asked me on my first day as my first question about how i viewed the job. i said, first of all, we are all here to serve the president and the country. we work for him, but t

begins withon treasury secretary jack lew. it's great to be here today with so many people mo have dedicated themselves to tackling our challenges. i also want to thank the men and made tv f.i. the indispensable institution that it is today. tacker i want to thank david cohen and his predecessor for work.vision and hard i also want to recognize members of t.f.i.'s leadership team, ireland, zubin, shasky and haskell. express my dead case to the civil servants who t.f.i. back bone of we meet today almost 13 years since the deadliest attack on place, oneil took that killed nearly 3,000 and courseur nation to its of everyone here remembers september 11, the horrific attack that unfolded quickly and time. at the same first, in new york, then washington, finally pennsylvania. was a tragedy unlike any other, catching us by surprise and shattering a sense of as americans we had come to feel. working and living in new york i that day as the twin towers fell, and so many lives were changed forever. this is a turning point for our nation

. >> i have to ask you because jack lew started this off by talking about 9/11 and the evolution of the treasury tools in response. there is a big debate today about whether releasing five very high level taliban prisoners is the right response to get back a prisoner of war. steve? >> i don't do this stuff anymore. look, it's very hard an the right questions are being raised. did we negotiate with terrorists? we don't. and for good reason. the problem is if you swap or pay to get your hostages back, you incentivize hostage taking. that's a problem. there were congressional statutes requiring consultation with congress. if we could consult on the operation against osama bin laden why couldn't we consult on this. there are a whole series of questions that need to be raised. you know, again, my guess is that the dilemma the administration had was the following. we've turned over a lot of prisoners in afghanistan to afghan authorities and regrettably they have released a lot of them over the objection of our military people who are now released in afghanistan who killed americans. and that'

we had a great kickoff from this from jack lew. let's talk about, since he raised the questions of sanctions. steve, to you, how effective have we been in mobilizing europe against russia. we've seen the effects, the economic effects, how has that translated into affecting vladimir putin's behavior? >> well, you don't know. one of the great questions is what makes vladimir putin tick? and i think it's really hard to say. he, on these kinds of issues runs that system out of his hip pocket. it's really what is in his mind really is what matters. able to put together international support for a sanctions regime. it has been limited, it is focused on individuals and institutions that have been associated with their regime and associated with this effort. threatening institutional segments going after the russian economy in the event that russia would have intervened to upset the upcoming election to move across the border with their own forces rather than with money and weapons which is what they're doing every day. i think it's been a

the frustration that you hear here in washington and we heard from the secretary of the treasury jack leweek in a speech, is that companies have so much cash. they are sitting on it and not spending it and part of it is that confidence issue. companies are really confident that this economy is getting better, then they will spend some of that cash and try to develop and grab some of that growing market share and that frustrates policy-makers here in washington. >> there's concern this is a long-term change in the way companies hold cash, deploy cash. creighton christianson has a pretty interesting piece in "the harvard business review". >> consumer numbers are high but consumers are having more real expectations now of what is going to happen in terms of their own personal well-being, financial well-being and that may have something to do with, yeah, the numbers are high but relative to what. >> thank you, jeff. >> you bet. >> confusion in washington after house majority leader eric cantor shockingly lost the republican primary. what does this huge upset by tea party challenger dave brat

jack lew added the administration will use money from treasury financing bank to help housing finance agencies fund the construction of more affordable rental housing. meantime, lew adds that the white house is looking for way toes attract more private capital to the housing market. and if you pick up a paper today, let me see, "wall street journal" -- >> are you talking about -- >> washington post, usa today, obama lose escort showdown, the tabloids -- dog bites man -- no, man bites diagnose on the post. >> man bites man. >> oh, yeah, with those teeth. you heard what he said, suarez said, you know, these things happen. >> three times for him. >> these things happen. but, you know, it is very competitive. i don't know about biting, but these things happen. and then even i mean, they made it thin. >> that's the lead story. >> the two columns. >> the main op-ed in the "wall street journal" is about this, too. a blow to president -- okay. they have it, sort of. but 9-zip is interesting. all along, these guys have been very activist at the nlrp. the nlrp is now scrambling to revisit hundr

tiberi was correct when he quoted jack lew, an old friend. economic growth is very weak. the number of people working is the real issue. 200,000 jobs a month won't do it. so why cannot we find common purpose and expand the runway in trms of economic growth for all members of the american family? are you telling me that this austerity package has worked? mr. tiberi's comment, when mr. tiberi said the investing class in america and the business class, they are looking for stability, they look at this institution every day and they think they are finding stability? with the arguments that take place here? there are enough men and women in this institution and on the ways and means committee of good are to continue the conversation that mr. camp has begun on tax reform. this is piecemeal. it is an ill-conceived manner and way to do tax reform. again, a reminder the last time we did tax reform the internet had not been invented. that ought to tell us the story. here's what tax reform might look like. acknowledging that fossil fuel is not going away in the near future, we can s

the point of the psp program is to put in place an additional requirement, this is jack lew what congress was after. when there isn't a standard like 7411, psd is supposed to fill the breach. makes sense because you want to get the psd program -- it -- if you want to get in there at the beginning so they don't lock in all pollution causing technology. >> about the best available control technology, i think i have an idea of what that looks like with respect to sources already regulated because they are related to the naaqs. available control technology look like with respect to greenhouse gases question mark >> it's an evolving process only your honor. there are 140 or so permits and have been issued with some very helpful discussion of this kind of specifics into places. >> am i right, because the greenhouse gases do not affect ambient air quality in a way the naaqs provisions do. you're dealing with regulation of energy usage as opposed to you missions of lead -- >> the main thing now is, significant energy efficiency, for example different kinds of turbines. >> the same sort of thing i

first i want to thank all of our participants, secretary jack lew, white house chief of staff dennis mcdonough, my predecessor, steve hadley, keith alexander, neil woollen and rubin jeffrey and also our moderators. the conversation today has been highly entertaining and engaging and also deeply informative. i know i have a lot of action items that i've written down to take care of when i get back to the office. i'd also like to thank the sector for strategic international studies as president and ceo john hammery for hosting this event here in their beautiful facility. we've had the opportunity today to trace the evolution of terrorism and financial intelligence over the past decade and reflect on and sometimes even applaud our accomplishments to know where we have fallen short, and most importantly, to think about where and how tfi can contribute in the years ahead. our speakers and panelists have helped us better understand how financial measures, the mix of targeted financial and economic sanctions programs, financial transparency at home and abroad, collaboration with the global