secretary lew: correct. mr. duffy: and it's fair to say there's many modes of communication but one of them with the secretary was via email, right? secretary lew: correct. mr. duffy: it's your testimony today you never noticed that she wasn't sending email or you were corresponding with her via a dot gov account that you never realized it was a clinton email account? secretary lew: congressman i'm -- i can answer the same question again. mr. duffy: i'd like that. secretary lew: my general mode of communication with the secretary was meetings and phone calls. i did email with her from time to time. and i don't remember exactly how it showed up. mr. duffy: i want to be very patient. i want to ask, president obama has indicated this is going to be one of the most open and transparent governments we've ever seen. as one of his representatives i would ask you actually respond to the question which is -- did you ever notice that you were corresponding with secretary clinton on an account that was not a dot-gov account

>> we've had that conversation, mr. lew. what about the money for giving swedish massages to bunny rabbits. wee do that. what about money for studying whether or not sea monkeys synchronize when they swim? are those payments just as important as the debt? >> i believe we pay our bills. we make commitments to veterans, we pay. we don't have the ability to make the kind of decisions -- >> why won't you take steps to satisfy and calm the financial markets in this country and around the world to let everybody know who holds u.s. debt that their interest will be paid? why won't you do that? >> did the word all payments come out of my mouth? i have 30 seconds. here's my point, mr. lew. you want the brinksmanship. you need the brinksmanship. you need financial turmoil in order to accomplish what you need to accomplish politically. all i'm asking is to do your job and say interest has been paid. >> my job is to make sure we pay all the bills of the united states. >> and we pay the interest. do we have enough money to pay the interes

mr. lew aye. moulton, aye. chairman no. classes any member wish to change the vote? >> mr. chairman, on that vote, the eyes are 14 and the nose are 22. >> the nose have it any amendment is not agreed to. the next amendment is the first one out of numerical order amendment number 11 county clerk will designate designated amendment and the staff will contribute. >> amendment number 11 relating to visit -- veterans programs. >> recognized for six minutes. . the president's's requested level by 1.9 billion dollars for fiscal year 15. in short, such ensure the services provided would never be at risk in a government shutdown para protecting our veterans is not an option, but a duty. we oh it to service members to provide them with education and job training and long-term treatment. they have earned this in service to our nation. veterans continually suffer from high and employment and suicide and homelessness. we can do better. that begins by relieving the sequester for the budget, which puts many programs at risk. i see firsthand it is insufficient funding for v.a. programs, cr

and lastly, mr. lew, i believe you were asked a question earlier about dynamic scoring and didn't have the opportunity fully answer the question. i wanted to provide you with a few moments if you could to expand upon your thoughts of dynamic scoring. >> thank you very much, mr. larson. the question of how we score legislation is obviously inherently a technical and complicated one. we have established practices that are meant to be as accurate as possible. and the risk of going from something that is known to be the most accurate to something that has all kinds of uncertainty, and it's something we worry greatly about. because i think there is a shared concern we not blow a hole in our budget because our estimates are wrong. so there is some element -- i was asked if there was any dynamic scoring in the -- in tax policy and joint tax committee scoring today. there is some. but if one goes further and uses assumptions that drive the numbers in a way that may not turn out to be correct, we'll all regret it

mr. levin. secretary lew, thank you for your time today. your entire written testimony will be included in the record. if you could try to summarize it in five minutes so we could -- because we know you have a hard stop. try to summarize it in five minutes so we can get to our questioning we'd appreciate it. the time is yours. >> thank you very much, chairman ryan ranking member levin, members of the committee. it is good to be with you here this morning to discuss the president's budget. mr. chairman i think -- i know this is the first time i've appeared since you've taken over the gavel of this committee. i congratulate you and look forward to working together in a bipartisan basis to get things done. a year ago president obama said the 2014 would be a breakthrough year for our economy. the evidence is now clear that over the past 12 months america's made great strides. we're seeing real progress in job creation economic growth family wealth, energy independence, manufacturing, exports, retirement accounts, the stock market health care co

. >> mr. lew i'm asking about planning in the possibility, as you admitted you can't guarantee the out come so are you planning for that? >> we are confident that our interpretation that americans in every state that are eligible for premium tax as it stands -- >> so you said you can't guarantee the outcome. so as americans work toward a thoughtful plan to address the ruling, will the white house work with us in that eventuality or will you refuse to work with republicans in dealing with that ruling and the millions of americans that could be impocketed? >> congressman the oral argument hasn't taken place. if there were a ruling that took away the tax credit from the american people, it would be very disruptive. >> right. and in that case will you work with republicans for crafting a solution for those americans so they can have high quality affordable health care. this is simple will you work with us or refuse to work with us. >> i think there is a mistake to think there is a simple solution. it

mr. lew, you're recognized -- mr. lieu, you're recognized. mr. lieu: the cfpb is answerable to congress, the same way any independent agency is answerable to congress. if we don't like something that an agency does, we can pass a law reversing it. so if you don't like something the cfpb does in a proposed order or an order, you can pass a law reversing it. there are multiple independent agencies that are in existence, it's not as if this is a new concept. but there's been a lot of rhetoric -- will the gentleman yield on that? isn't -- mr. garrett: will the gentleman yield on that? isn't this an entity that does not have commissioners on it? >> will the gentleman yield? listen i'm on the financial services committee too. ms. moore: the cfpb -- mr. lieu: i yield. ms. moore: thank you. you know, it's accountables it independent, which should not be subjected to the appropriations process it has dealt with balloon payments, predatory loans excessive fees and points, negative amateurization and interest-only payments. mr. rokita: the gentleman's time

and lastly mr. lew, i believe you were asked the question earlier about dynamic scoring and didn't have opportunity fully answer the question. i wanted to provide you with a few moments if you could to expand upon your thoughts of dynamic scoring. >> thank you very much, mr. larson. the question of how we score legislation is obviously inherently a technical and complicated one. we have established practices that are meant to be as accurate as possible. and the risk of going from something that is known to be the most accurate to something that has all kinds of uncertainty and it's something we worry greatly about. because i think there is a shared concern we not blow a hole in our budget because our estimates are wrong. so there is some element i was asked if there was any dynamic scoring in the -- in tax policy and joint tax committee scoring today. there is some. but if one goes further and uses assumptions that drive the numbers in a way that may not turn out to be correct, we'll all regret it after

mr. chairman secretary lew i i welcome me back today. their many important international and financial issues that need to be addressed such as is jonathan hilliar on financial services has pointed out moving from a regulatory environment to a growth agenda as was noted. as he rightly points out we have to have the courage and self-confidence to make changes where we see those necessary. i want to focus on one concern of mine which applies to the imf and international monetary fund fund. it does does my congress authorize 100 billion-dollar commitment to the imf in an account new arrangements to borrow. for the past five years the administration has requested 63 billion of that to be transferred to permit paid capital account later to be used to bail out european countries deeply in debt like greece. i would like to explore why should hard-working middle income taxpayer dollars be used to bail out of the countries especially after suffering from bailout fatigue in our own backyard dealing with fannie mae freddie mac fha and a number of o

mr. thiam may be close with jack lew.about the attorney general in the states, the state of new york? so many want some sort of a billet -- sensor ability on these banks. >> thank you very much. hans nichols reporting from berlin. >> china deflation in february came in higher than expected 1.4% year on year. that is after the country's central bank stepped up easing moves. . jpmorgan's chief emerging equity step -- strategist. how much should we read into this when it comes to the lunar new year? >> i do not think we should read too much into it. there were three areas where you saw increases. one was food prices particularly fresh vegetables. the cost of transportation going up train tickets, airline tickets. the other thing was general services. you have a big migration of labor back into rural areas. we're going to have to wait until march to get some sign of what the trend is. but the trend is running into this data point one of increasing concerns of deflation. 37 months we have had producer price deflation. this pre

mr. chairman. and my colleagues for your kind words. and secretary lew, i could thank you for your service. we've been together a really long, long time. >> a long time. >> yes. back when we were discussing earmarks in the old v.a. hud bill. so, again, thank you for your words and also for your own service. i want to reiterate some questions about community banks that i see as a common theme here among all of our colleagues on both sides of the aisle. and perhaps mr. chairman it's going to maybe a meeting with this domestic finance, maybe not a hearing, but a conversation. so let me get to my questions. i'm concerned that when the shrinking number of community banks, and number two i'm also concerned about the shrinking number of minority-owned community banks that have demonstrated solvency and stability. but i know since even the last year, we've gone from 47 to the number in their 20s. so i think these are issues we need to really be looking at. we could talk about the merits of a community bank as compared to being you know a regional or a franchise banking in our community. well, let m

altered to secretary lew and look forward to the testimony. >> thank you, mr. chairman.re to discuss the treasury's budget. as we meet today our economy and country have made considerable progress we can all take pride in. every metric from job creation come economic growth, deficit reduction to manufacturing americans come a long way. in 2014 with other best year of job growth over the past five years they have created nearly 12 million new jobs. our economy continues to expand with growth in 2014 and forecast project teams the growth of this year. we continue to outperform our trading partners, many of which are still struggling to recover from the global economic crisis. we set another rack of last year for goods and services overseas and the record was largely driven by small business. fallen by almost three quarters has declined even further in the next fiscal year. achievements -underscore americans enduring economic strength and we can keep the progress going with the right policies and bipartisan cooperation. the president's budget is a blueprint for washington t