. >> mdm. chair, i 1st want to get into measures of inflation. the federal reserve, i understand currently uses and inflation measure the core personal consumption expenditures which excludes volatile food and energy prices. several alternative measures of inflation exist including one called veteran which strips out a larger basket of volatile items from the calculation. i no you know all this. do you think the federal open market committee should incorporate alternative measures of inflation such as trim? could you explain to us the risk of not properly gauge inflation expectations. >> let me 1st say that the federal open market community's 2 percent objective refers to the increase the annual increase the total in the total pce price index that includes food and energy. food and energy are important components of every household spending basket and i don't think it would make aches -- makes sense for be acceptable to americans to focus on a measure a measure that strips out these important components of the consumer basket. so we focus on tota

. >> i appreciate that mdm. chairman, but i just need a yes a yes or know. do his criticisms reflect yours? >> i am not speak -- not seeking in any way to alter dodd frank at this time. >> let me bring up the question differently. do you think it is appropriate that mr. alvarez mr. alvarez to public positions that do not evidently reflect the public position especially before an audience that has a direct a direct financial interest in how the fed enforces its rules? >> i think the fed's position in my position is that we are able to work very constructively within the framework of dodd frank to tailor rules that are appropriate to the institutions we supervise and are not seeking to change that. >> i appreciate that. you know, we know that the fed staff plays a a critical role in shaping dodd frank rules and enforcing them. in the case of the swaps push out, congress passed the law in 2010. the fed and the occ delay the effective date until 2016 giving and other big banks time to get the ball repealed before it ever went into effect. did mr. alvarez provide

. >> david was carrying a gene called mdm 1, which causes the body to be resistant to multiple antibiotics other words david brought the super-bug back to the united states and it was spreading all over his body. doctors carved off more of david's legs but that wasn't enough. colostin, an antipottic so antibiotic so harsh it's rarely used. 20 minutes away from david's home, 11 people died and another 32 were sickened between 2012 and 2013 after being exposed to a super-bug. its unclear if that bug actually caused the deaths because the patients had other health problems. but this much is clear: up to half the people who get this bug, cre, will die. the centers for disease control has called this the nightmare bacteria and says it infects more than 9,000 people per year at health care facilities and it's on the move. on monday news broke that two people have died in recent months in north carolina after coming in contact with the super-bug. and last week, in los angeles, two people, now dead, and five patients infected after being exposed to cre. since 2012, there have been outbreaks at hos

chung asked me to chair as she isn't able to be here today and i would report that we reviewed the mdm commercial enterprises contract which will provide the turn key patient system. that is the television systems for the new san francisco general. over 500 units will be put in and in fact they're the largest supplier of these type of hospital systems throughout the nation doing over 3,000 and recently completing the television network at laguna honda and also at kaiser in oakland amongst other facilities here in the bay area, so the committee reviewed the request and is recommending its approval on the consent calendar. our other item we tooked up is the dph quarterly financial update. it was a positive update for the first half of the year. there was a continued deficit related to san francisco general and the short falls in regards to mostly related to the short falls in the managed care settlement that was reviewed by the committee. the committee extensively discussed the items regarding revenues and understanding the aca being a new mode -- model that we're going to be moving much

for example mdm is one of the new systems. we don't have that today but in large part we're going to actually take what we have we're going to modify it to meet the needs of the new hospital and for example if you change the number of beds and the location the system has to be completely changed out and redesigned in some ways to make it work and anywhere from the clinical system to the financial system so that's the work effort going on today. basically the decision was made because with the rebuild and the effort it took to do the rebuild and the reorganization of the it it wasn't possible to engage in a new emr and confident we could be successful, so it was really opted we would do it more in stage fashion because the reality is commissioners even if we opted to do the new emr and had the manpower to do it our infrastructure across dph was not ready. the things that would help us doesn't exist today so if a doctor has a reset issue he has to call the help desk and open a ticket and wait. if you have a clinical health desk

for example mdm is one of the new systems. we don't have that today but in large part

thank you mdm. chair. i yield back i yield back my balance. >> the gentleman yields back. we have a parliamentarian hear to give us notes on what to say when people may not be saying exactly the right things but we owe to our colleagues, especially our colleagues on this committee a great deal of civility. i have been concerned in several meetings we have had recently about words that are being used in this committee in terms of being on the edge of impugning the integrity of other members. if we were on the floor the parliamentarian would be called upon to make a ruling on some of the words used in here relating to members. i want to say to the members two things: one, when i 1st came on this committee their was a five-minute rule for how long members can speak. it was viciously enforced for the majority. we have not done that. i am also very concerned, again, about civility in this committee and i want to say that we owe each other, again, being civil especially to our colleagues on the community. i just want to urge our members to be thinking about those two things and

. >> mdm. chair, some of of the large foreign banks that do business in the us do you hold them to the same capital standards you do our banks? if not, why not? >> we have just put in place a rule pertaining to foreign banking organizations that as they're are sufficiently large things that required to form intermediate holding companies that we will contain their activities. as a way to subject the the same standards is standards as us firms doing business in our markets. >> in other words the foreign banks should not have an advantage with lower capitol standards that our banks doing business in. >> to the extent they are doing business in this country we are going to subject them to the same standards. >> i appreciate your bringing attention to those issues with taxpayer workers we will benefit. trade trade is another one of those matters. ohio manufacturers are similar to indiana manufacturers must compete against foreign competitors subsidized. this needs to be addressed. the fdic seeing p