treasury sect jack lew issued a stern warning to et ridden countries and the creditors, debt a -- get a deal done as the group of seven conference wrapped up in dresden, germany. steve sedgewick has more. >>> here in dresden at the end of the g-7 finance ministers and central bankers conference it was the unofficial agenda making all of the headlines. i went to a press conference with jack lew where he talked officially of course about the agenda saying it was not important to rest on our laurel and we had low growth globally and important to get the growth up talking about the need for surplus countries such as germany to spend on investment and infrastructure. and the unofficial agenda forefront and i spoke to jack lew about the issues and asked him whether it was the creditors or gre itself that had to move. >> all to move. there needs to be flexibility on the part of the institutions needs to be some tough policy commitment implemented in greece. one won't happen without the other. they have to happen at the same time. it can only happen when you go from the high level of generali

jason: you mentioned jack lew before. in my view, no offense against jack lew but for most institutional investors, he has been in the witness protection program. there is no one -- there is too much emphasis on monetary policy. there is not enough focus on other parts of policy that can get growth going. there is too much pressure on central banks. that worries me because when things go wrong, the central banks will get blamed, and that will cause other problems. it will be less independent. brendan: but we have to say this two times a week on "surveillance." there is no fiscal policy. jason: there is no other policy i could not agree more. it is dangerous to be relying too much on that one wheel. tom: let's talk about reality. this is the atlanta fed. the atlanta fed, the smart guys down there say gdp is a little bit lower than what we are talking about here. tell me about the market and the fed right now. how far apart is your world from janet yellen's world? jason: i think janet yellen is probably where we are, somewh

jack lew would say to veto any trade bill that contained enforceable rules manipulation and pushed back against lawmakers intent on putting some rules in that legislation. >>> when it comes to starting a small business it takes a bright idea and a lot of hard work. and many small business owners face a number of big challenges before they find success. kate rogers has more from the iconic conference in chicago. >> one of the things that we've been working on is the relationship between research entrepreneurs, talent money and creating an environment in the city of chicago. >> from silicon valley to main street america, entrepreneur are feeling optimistic but launching a business comes with big challenges including funding, growth and acquiring talent. >> finding the right sales people because for sales that can be very very challenging. >> biggest challenge is the right partnership for the next step. >> at the first ever iconic conference from inc. and cnbc entrepreneurs gathered in chicago to hear from those who have taken the leap and made it big, even the most successful entrepreneur

before the g-7 meeting, aso spoke with jack lew. they reconfirmed agreements made at past g-7 meetings including refraining from targeting exchange rates for competitive purposes. they agreed that excessive and disorderly fluctuations in exchange rates can threaten financial stability. the currency moves have not yet come up at the g-7 discussions. the meeting ends friday. >>> foreign visitors to japan have often been frustrated by the lack of network connection services for mobile phones. but that is changing. more companies are starting to sell s.i.m. cards aimed at travellers. mobile phones need them to operate. nhk world's akiko okamoto takes a look at the growing market. >> reporter: a new telecom business has been launched in this tokyo area. i'm in a shopping mall that is popular with foreign tourists. this vending machine sells s.i.m. cards. >> credit cards can be used to buy s.i.m. cards for internet access. passports are used to verify user i.d.s. this machine reads personal information on a passport and activates the chip

secretary jack lew was there to explain there would be no sanctions relief until we confirmed that iran carried out its obligations under a nuclear deal. secondly, we gave them our best analyse of the enormous needs that iran has internally and the commitment that iran made to its people in terms of shoring up its economy and improving economic growth, and as i pointed out, most of the destabilizing activity is low tech low cast activity. and part of my emphasise to them was if we are focussing effectively on the things we need to do to shore up defenses improve intelligence and the capacity for maritime monitoring of what is taking place in the gulf if we are working in concert to address the terrorist activity and countering terrorist messages coming not just from state sponsors like iran, but broadly from organizations like i.s.i.l., then we'll fortify ourselves, and deal with many challenges and can do so from a position of strength and confidence. it's not to deny concerns there about what happens when sanctions are reduced. it was to emphasise that what matters more is the things

>> treasury secretary jack lew said something interesting. he said we want them to come to a deal before an accident occurs, what is an accident? it means investors get really scared that there is in deal coming. they sell everything and they cause the crisis them ef iss. it wouldn't be as bad as what we went through in 2008 but it wouldn't be a lot of fun either. >> glor: not a financial meltdown but not good. >> not good. >> glor: jill, thanks. >> thank you. >> glor: the death doll-- death toll from flooding in texas and oklahoma keeps climbing at least 28 people have been killed, ten others have been missing for a week. don dahler is in dallas tonight. >> reporter: in dallas an eight-year-old girl became the latest victim when the veck she was riding in crashed and she was thrown into floodwaters. her body was recovered later by emergency workers. in wimberly, five adults and children are still missing. 1 week after a wall of water swept away a vacation home. 2,000 volunteers continue to comb the tangled debris determined to keep searching

this time it is from jack lew. worried about a freak accident.wn to avoid a crisis. looking for crash. malay meal favorite snack chat is joining. at the end of the day it is all about money and sandwiches. ♪

jack lew says greece needs to come up with a workable economic reform plan. >> what happens in a world where they put a credible plan together is something that we will have to see. credible if there is a plan there should be flexibility to make it work. julie: 209 people deciding whether stepladder will be the face of global stock. it was considered a sure thing until the corruption scandal this week. now much of europe is pushing for another candidate. called for him to step down. cameron: you cannot have accusations of corruption at this level and on this scale in this organization and pretend that the person currently leading it is the right person to take it forward. is the ugly seen side of the beautiful game and he should go. the sooner that happens the better. he may not get the two thirds of the votes he needs to win in the third -- in the first round. the senate will meet in a rare sunday session. lawmakers are facing a deadline to renew the 14-year-old patriot act. fullents want to stop collection of americans phone records in the national security agency bases that on cause

jack lew is the u.s. treasury secretary. he talked about shifting the date.eemed to be expressing frustration that the dates and deadlines keep getting missed. i asked how concerned he was. here was his answer. >> from january until now, too much time has been spent unproductively. the challenges this week is it is a weak weather has to be aggressive. -- has to be progress. h anow once you reac general agreement, you still have a lot of work to do ahead of you. hans: we all know deadlines force action. problem is the deadlines being shifted. the latest is the idea greece could lump sum payments to the i.m.f. june 5, they owe 300 million euros. they could push that back. they owe 1.5 billion through june. they could have that payment come at the end. finance ministers seem to want to have some kind of firm deal by june 5. they are quite far apart. if there is one theme running through the morning, it is that there is not enough progress needs to make a decision about what direction they want to take their country. scarlet: june 5 is the deadline we have in min

secretary jack lew was there to explain first of all there would be no sanctions until we could confirm that iran had actually carried out the obligations. >> joining me now john bolten, thank you for joining us. i guess what we got out of this summit was what we expected not a lot. expressions like broad cooperation, and so on. what is your take on this. >> i have to say it ended worse than i thought it word, we start with four of six persian gulf arab monarchs not showing up, but security guarantee that president articulated was so weak i would think that the 6 arab countries would be less confident and concerned about terms of deal negotiated with iran idea this somehow president can have it both ways to calm the arab states down, and at same time reach a deal with iran that will pair of the way for irk republican to get nuclear weapons, has now been exposed as fallacy it has been for a long time. >> so do you believe that saudi arabia, talked about this in recent weeks we could see other countries in the area, start to develop nuclear weapons, saudi arabia in turkey or egypt? >> yes

we heard how jack lew plans to press his european counterparts and warn about the unpredictability aboutpotentially disastrous event in greece if they default. yesterday, yanis varoufakis insisted greece would make the 300 million euro payment to the imf. it was contingent to the idea that they would have a deal and get fresh cash with which they could actually make that payment with it is a circular argument from the greeks. at the same time you had a german official saint that germany is confident that an imf payment will be made. they think talks and progress can proceed from there. we do not have a whole lot this morning on which to hang optimism or pessimism. everyone is sorting out these comments. we will see where the day takes it when everyone arrives in dresden in a few hours. jonathan: bacillus in athens. do we expect anything groundbreaking from the ecb today? vasillis: athens expects greece to be mentioned. the brussels group is where the group is at the moment. there seems to be little convergence at the talks right now. this seems to be convergence on the sales tax but that

jack lew saying it's the responsibility of that country and its creditors to meet the deadline. >> alle. there needs to be flexibility on the part of the institutions and tough policy commitment and implemented in greece. one won't happen without the other. they have to happen at the same time. it can only happen when you go from the high level of generalities to the very specific levels of what actions you are prepared to take. i have delivered the same message to, in conversations with the prime minister of greece as i have with the different institutions. i think it is in everyone's interest for this to be resolved and for it to be resolved as quickly as possible. >> that was the treasury secretary at a g-7 meeting. david woo from bank of america/merrill lynch. and jack renn. senior global equity strategist. david, investors seem not to care as we go from deadline to deadline here on greece. could that change if they can't meet it next friday? >> with jack lew's comments notwithstanding three months of negotiation, very little should the narrowing have taken place. little substantiv

it, one that was offered by chairman hatch my friend orrin hatch supported by treasury secretary jack lew so the administration includes a negotiating objective to address concerns so it is in the underlying t.p.a. the problem is it's not enforceable. so we say we agree that currency manipulation is a bad thing because it distorts trade distorts free markets. i'm a conservative, i believe we shouldn't be encouraging distortions. but the difference is between the negotiating objective and the bill and the one i'm proposing is that ours is actually enforceable. gives us the opportunity to actually make a difference in this debate to be able to ensure that countries abide by the rules they have promised to follow as members of the international monetary fund. someone said this is a poison pill for trade. i don't quite get that. again, trade promotion authority already includes currency manipulation. the question is whether it should be enforceable. if we believe as we say we do that this is wrong why wouldn't we want to have some ability to enforce it? by the way as i said earlier this legis

. >>> jack lew is in london. from london he'll travel to germany for the g-7 finance ministers and central bank governors meeting. >>> donald trump looks like he's in the bed & breakfast business. s estate in virginia opened its doors to the public. it's right next door to the trump winery. rates start at $349 a night. >>> good morning. welcome to wusa9 at 6:00 a.m. rise and shine on this wednesday, may 27. we're expecting some stormy weather this afternoon and evening. i'm andrea roane. >>> i'm nick giovanni back with our friends allyson rae, erica grow and larry miller here to get you ready for the day. the afternoon commute may be affected by ain't? >> typical -- affected by the rain? >> a typical affected pattern. today i think the beltway could see good downpours later on this afternoon and could impact your travel home as well. so let's take a look how we're starting off temperature wise. this is the 24-hour temperature change. so this time yesterday, we were almost 10 degrees cooler. it's warm and it's hum

secretary jack lew calling for a resolution to the greek crisis as quickly as possible. for athens, but lew adds it's unwise to think there won't be contagion. vodafone biggest investors will and a week ago vodafone would be a great fit for liberty. check out shares of gamestop this morning. the company posted better than expected earnings helped by strong sales of new releases. becky? >>> we are just a little bit aaway from gdp data. rick santelli is standing by and steve liesman right here on set with us and, steve, let's talk about the expectations on this. you are -- >> expecting. see, it's real. >> nobody got to see that. >> it's real. >> so. >> nobody knows what just happened. >> it's part of our toupee challenge. but, steve let's talk about -- >> joe agreed to shave. >> hold on. >> for the right aamount of money. >> he would shave his head for charity. >> get it cut short so you can see it's all real. >> folks, if you want to e-mail in -- >> million dollar minimum. >> i'll shave it too, to double. we're looking for negative numbers and a lot of -- negative one is

jack lew in the united states is trying to clamp down on this. 1.2 billion pound deal between steris and synergy. manus: avago technologies has agreed to buy broadcom. $37 billion. it is the biggest technology acquisition ever. let's get more with haslinda amin in singapore. it is just a huge deal, isn't it? haslinda: totally. it is a deal that makes you sit up, pay attention, and discuss it on bloomberg tv. the deal will create the sixth largest chipmaker in the world. it hasn't been sealed yet. that will probably happen by early next year. like you said, the biggest technology deal ever. a 16% premium to caroline: -- to broadcom's last close. some say avago overpaid. even though avago says it is hard for another company to match that bid, it is still paranoid there would be a competing offer. as we understand it, qualcomm intel, they have had discussions with broadcom, but nothing so far. avago seems to be the only one with a reliable bid. if you are wondering what avago does, it makes chips for things like smartphones, computer disks, data networks. it has grown hugely as a compan

secretary of treasury jack lew. some u.s. are saying lew may pressure his counterparts to act more swiftly. lew is concerned about the unpredictability of this. he said there might be consequences for the entire global economy. caroline, one final note on this -- just as if there couldn't be any more drama in this saga, you have jean-claude juncker talking about jan us varoufakis to he says "he is not helping the process. that is a quote. he did have kind words for alexis tsipras, but it seems mr. juncker and mr. varoufakis are not on the same page. caroline: the clock is ticking when it comes to physical cash for greece. how are they increasing the revenues? june 5 is when they've got to pay the imf that first installment. hans: one proposal that was floated -- we had two proposals floated yesterday out of the greek finance ministry -- one is the idea of a transaction tax on atms. they want to prevent people from paying cash to funnel people into the credit card system. after floating that, they drew that back. there is anot

european economies in greece to reconcile the differences and is the treasury secretary jetblue -- jack lew, he is in regular touch with his counterpart in your of her. -- and you. the thing we continue to be placed i is that individuals on all sides indicate that they believe is the u.s. leave is in the interest of the global economy for the year paid union to -- european reunion to remain intact. we can -- to resolve this in a way that does not add additional or necessary drama. this is something we continue to march are closely and we are encouraged by the good-faith efforts that have been made to try to minimize to -- the drama and uncertainty. to extent -- to what extent did the president -- was he involved at all? i have -- he will spend time leaders in the community who have in the frontlines of this over the last several years that the tensions between many members of the community and local law enforcement have worsened. i know the attorney general is planning to meet with the family of freddie gray. she will spend some time meeting with those officers that have in injured in the c

secretary jack lew was there to explain the first of all there would be no sanctions removed until we could confirm that iran had carried out its obligations under any nuclear deal. secondly we gave them our best analysis of the enormous needs that iran has internally and the commitment that iran has made to its people in terms of shoring up its economy and improving economic growth and as i pointed out most of the destabilizing activity that iran engages in is low-tech low-cost activity so part of my emphasis to them was that if we are focusing more effectively on the things we need to do to shore up defenses and improve intelligence improve the capacity for maritime monitoring of what is taking place in the gulf if we are working in concert to address the terrorist activity and countering terrorist messages that are coming not just from state sponsors like iran but more broadly from organizations like isil then we are going to be able to fortify ourselves and deal with many of these challenges much more effectively and we can do so from a position of strength and confidence. so it's

jack lew is is behind this as well which means corporations have to watch where they pay tax and possibly could have to pay more. back to you. >> we'll see what happens overtime we could see some corporations question whether they want to expand into europe and whether that will result in a derailment in the type of mna we have been seeing cross border, steve. >> possibly. that's a sad thing though. your big investment banks advising people to do a deal for tax reasons. it's been poor form that if tax assertion is the only reason you do a deal that's pretty pathetic. they're investment bankers and they would never admit that. they say there's another role of rational. so i hope they do the deals for the right reasons. i'm sure they will. >> we'll see the repercussions in a couple of years time. thank you so much. i want to draw your attention to headlines coming from the chinese central bank. it will fine tune economic policy in a timely fashion and it will keep liquidity at reasonable levels and also reduce a high cost of credit for companies in a targeted manner. now of course we have b

secretary jack lew was there to explain that first of all there would be no sanctions relief until we could confirm this iran had actually carried out its obligations under any nuclear deal. secondly we gave them our best analysis of the enormous needs that iran has internally and the commitment that iran has made to its people in terms of shoring up its economy and proving economic growth. and as i pointed out, most of the destabilizing activity that iran engages in is low tech low cost activity. and so part of my emphasis to them was that if we are focusing more effectively on the things we need to do to shore up defenses and improve intelligence improve the capacity for maritime monitoring of what's taking place in the gulf, if we are working in concert to address you know the terrorist activity and countering terrorist messages that are coming not just from state sponsors like iran but more broadly from organizations like isil then we're going to be able to fortify ourselves and deal with many of these challenges much more effectively, and we can do so from a position of strength

secretary jack lew was there to explain firsts of all there would be no sanctions relief until we should the carrying out of obligation under a nuclear deal. secondly we gave them our best analysis of the enormous needs that iran has internally and the commitment that iran has made to its people in terms of shoring up its economy and improving economic growth and as i pointed out most of the destabilizing activity that iran engages is in low tech/low cost activity. so part of my emphasis to them was that if we are focusing more effectively on the things we need to do to shore up defenses improve intelligence improve the capacity for maritime monitoring of what's taking place in the gulf if we are working in concert to address, you know the terrorist activity and counters terrorist messages that are coming not just from state sponsors like iran but more broadly from organizations like isil we'll be able to fortify ourselves and deal with many of these challenges much more effectively and can do so from a position of strength and confidence. so it's not to deny the concerns that were there

the decision to make the new bills lies in the hands of jack lew and his department and if the treasuryo print few bills it would take years for its partner, the federal reserve to distribute all of the redesigned bank notes. this week the federal reserve and its bill distributing power at the center of another money story. the trans-pacific partnership trade deal. the agreement has been many the works for almost ten years and would update the terms of the trade between the united states and 11 countries bordering the pacific ocean. as the largest trade agreement in decades the deal would be a major part of president obama's legacy. if you think the idea of putting harriet tubmap on theroversial it has nothing on the big trade deal. big companies favor the pac to spur economic growth while many progressives and labor groups have concern for american workers. the deal has been so fraught that the senate initially societied against debating the president's authority to speed trade pacs through congress to give the lawmakers power to vote for or against the deal, mott alter it. in a revers

i know jack lew, the commerce department wants a piece of this too. i have committed to my workforce and to them that we'll meet regularly, we'll work together, because we don't want turf wars. turf wars are counterproductive and they don't serve anybody's interest, most of all the american public's. i believe we can and we should and we are working more effectively better and without the turf battles. a lot of it is due to personalities. if you have people at the top of these agencies who know each other and trust each other and work well together we can minimize the confusion and the inconsistency. i do recognize that there are a lot of agencies involved in cybersecurity. >> thank you. senator purdue. >> thank you, mr. chairman. mr. secretary, i just want to say for the record how much i appreciate your forbearance and courtesy earlier and our private meetings. and for your public service. a very difficult mission you've been given. in the spirit of oversight, i just like to ask a couple of questions, your predecessor secretary napolitano, in 13 tal

i have known mike rogers because used to be my client, i know jack lew once a piece of this to o. we have committed to this because we do not want to turf wars. they do not serve anyone's interests, including the american public. i believe we so, i believe that we can and we should and we are working more effectively better. and without the turf battles. a lot of it, frankly, is due to personalities. we have people who know each other and trust each other, we can minimize the confusion and inconsistency. i do recognize there are a lot of agencies involved in cyber security. >> thank you. >> thank you, mr. chairman. i want to state for the record how much i appreciate your forbearance and courtesy regarding the meetings. and your services, i know it is a difficult mission you have been given. in the spirit of oversight, i like to ask you a couple of questions. your predecessor, janet napolitano, in 2013, a large part of the legal immigrants in this country came in legally and overstayed their welcome. can you give us an update area. johnson: i saw a report that, in my judgment, lac

also jack lew says he fears a greek accident could happen.ondon school of economics today, lew warns the country and it's eurozone creditors need to double down their efforts to avoid missing the next debt payment deadline. as we've discussed, you can make that deadline but a month in it doubles and triples. it's sort of a cascading effect. >>> also oil in focus today. crude prices bouncing back a bit after steep drops yesterday. analysts there looking for crude stocks to fall for a fourth straight week. the data from the american petroleum institute will be released at 4:30 eastern time this afternoon. a lot of folks will be watching that. >>> we also have media news. vox media is acquireing another company. cnbc and comcast had a stake -- have a stake in recote so there you have it. >>> let's tell you about other corporate news. express scripts is looking for deals with drug companies that would set pricing for some cancer treatments based on how well those treatments work. this is a front page story in "the wall street journal." it says th

sequestration was implemented the majority of the senate was held by democrats and the concept came from jack lew which is heavily documented from the president's administration. just to make sure there's full clarity here of majority and minority perspectives, there was a different majority at the time when that was taking place. if i could just for a moment address the open world discussion here. this is a program that's been ongoing for several years. it's been decades, quite frankly, with great intentions in the beginning. and what hasn't been stated today is that its intention was to be one time. a one-time program to assist during the transitional phase of the soviet block countries at that time, back in the bill clinton administration to assist them with some dialogue with free markets and diplomacy and such, as we were experiencing during that time. as we know, with a lot of government programs that have good intentions of being one-time, sing lar, they sbsh singular they tend -- singular they tend to go on. we've heard claims that we don't have enough money to spend on things that have s

. >> the president is not but the treasury secretary jack to -- lew has. this is the way that the united states facilitated previous rounds of the financial difficulties. we are aware of the significant and economic consequences for greece to meet its obligations to be a part of the currency union in europe. that's why you ct six to be actively engaged with some european men -- leaders including the prime minister to talk about a solution but ultimately the united states is prepared to support your a but to be the responsibility of greece in the other multilateral institutions that are involved with these difficulties. >> turning to the home front , two weeks ago chairman paul ryan insisted that the agreement, has nothing on immigration and later the judiciary committee put out a statement praising them for not including of a gracious and. now senator sessions and others say it does include portions of the package of the trade deal. who is right? >> i would entrust the principal responsibility to negotiate this agreement and this is the discussion he has h

jack lew noted that there is -- quote -- "pressure to lower the standards" on things like financial regulations and trade deals but that the administration believes that is not -- quote -- "not acceptable." our lead negotiators u.s. trade representative michael froman has said that the u.s. is -- quote -- "not open to creating any process designed to reopen, weaken or undermine implementation of dodd-frank." and president obama's administration says that our trade deals should not include regulation of financial services. i agree. but this president won't be president in 18 months, and there's nothing this president can do to stop the next president from reversing direction in the european negotiations. senator mcconnell certainly knows this. that's why he's telling republicans -- quote -- "if we want the next republican president to have a chance to do trade agreements with the rest of the world this bill is about what that president as well as this one." and that's why i'm proposing this amendment to make sure that no future president can fast track a trade agreement that weakens our financia