ms. maloney why that is. you said that is a nonstarter for the u.s. and the other european powers, to really suspend or delay these serious sanctions, why? >> there's a bit of brings man ship going on. the iranians are trying to give as little as possible and get as much as possible with respect to the sanctions which have already been dramatic in their impact on both the overall economy and the daily persons' life in iran. from the u.s. side there's a recognition we are on the cusp of the most powerful sanctions going to full implementation in just another month so to pull back at this stage would be both strategically unwise and have severe political consequences in an election year in which iran is featuring dramatically in the back and forth between democrats and republicans. >> warner: much to unfold, suzanne maloney and ambassador mouse save jahn, thank you very much. >> ifill: finally tonight, the golden gate bridge-- an icon of american engineering and architecture-- turns 75 this week. its impact, its legacy and even some of the controversy t

ms. maloney. thank you. >> thank you, and i'd like to ask mr. auer, i understand the criteria the council has established by regulation and statute. but i'd like more clarity on the exact metrics that will be used in designating nonbank foreign ministers is saifis. how much interconnectedness makes a firm a sifi? could you elaborate in this area. >> again, in the multiple rounds of public comment that we received, there's a desire to led to development of a three-stage process. the first stage is based on publicly-val indicated data and easily cal kulable metrics, in order to provide greater clarity that the public, about the types of endits that the council is going to want to examine further. the council is very clear that it wants to look in stages two to three, on a first by firm basis. a specific framework for it to do so. interconnecteds in is will of the things that the council will be looking at. >> one of six broad categories of frameworks, the others are size, substitutability, leverage. >> how did you find interconnectedness? >> there

ms. maloney, for the purpose of making an opening statement. >> first of all, i want to thank you, madam chair, for calling this hearing and i welcome our witnesses. this hearing today is about a very important set of issues designation of nonbank companies as systemically significant. and there's a lot of per spektives and issues that have been raised. if there was one area we learned from the financial crisis in 2008, was that the regulators did not have the tools to regulate complex interconnected nonbank companies like aig. and did not have the ability to wind down these companies in the event of a failure without disrupting the system and without taxpayer funding. as a result, these highly interconnected over-leveraged firms nearly brought this entire country and its financial system to its knees, and it was quickly recognized that key supervision for these nonbank areas was missing. we did two important things in dodd-frank to address this. by eliminating the hiding places from regulation and ending too big to fail. first we gave the fsoc, the financial stability oversite council t

ms. maloney. thank you. >> thank you. i would like to ask mr. auer, i understand the criteria the council has established by regulation and statute, but i would like more clarity on the exact metrics that will be used in designating non-bank financial companies as sfis. for example, how much interconnectedness makes a firm a sfi. could you elaborate in this area? >> certainly. again, the multiple rounds of a comment that we received, there was a desire led to a development of a three-stage process. the first stage is based on publicly available data and easily call can you labl metrics in order to provide greater clarity to the public about the types of entities the council is likely to want to examine further in stages 2 and 3. however, the council is very clear that it wants to look in stages 2 and 3 on a firm by firm basis and the rule and guidance lay out a specific framework for it to do so. interconnectedness is one of the elements that the council will be looking at in stages 2 and in stages 3, but it is one of six broad categories of fra

ms. maloney was referring to. and the i.a.e.a. tentative deal yesterday to allow i.a.e.a. access to some of these sites? >> yes. already iran agreed with the i.a.e.a. on a new modality agreement award plan to address all ambiguities of the i.a.e.a. including the possibility of military dimension issues. the agreement tentatively is reached and is ready to be signed. second is all assurances that iranian nuclear program would remain forever peaceful and iran would remain a nonnuclear weapon state. the proposals... iranians they have proposed includes all this. it means the maximum level of transparency, the maximum level of cooperation with the i.a.e.a., even giving access to th i.e.a to military sides addressing all military dimension issues and all confidence building measures. the i.a.e.a. resolutions and the united nations security council they want but in response the p5 plus one is not ready for appropriate proportionnal response. they are asking iran... >> warner: i'm sorry, but let me ask... >> they shall asking iran... >> warner: let me just ask ms. maney why that

ms. maloney's question. which is under a single mandate, focus on the purchased power of the dollar, could the fed intervene in times of mercy for the answer is absolutely yes. there's to be the lender of last resort. still provide liquidity to those banks frankly are just a liquidity problem but are solvent and, of course, they have billy to increase or decrease the interest rates, to tighten or loosen money supply. so they would still be under a single mandate have a billy to intervene in very unusual and exigent situations. what they would not be allowed to do is to continue to intervene far beyond that financial crisis, which again is contributing to the uncertainty today. >> it would seem that, looking at the last 20, 30 years that their ability to impact our economy is real exactly on both ends but it would seem to me that they can nibble around the edges on these things, but if they actually had the ability to control unemployment, we would have a situation we have today. is to control inflation i don

ms. maloney. >> first i would like to thank the chair lady capito for holding this hearing. one in the series on the future of mobile payments, and the financial system and thank future of the panelists for joining this morning. the hearing will serve as a great first step and learning session on this rapidly evolving technology. ausley feel that this is another example of american exceptional was some of coming up with an innovative idea and an efficient idea that keeps america moving forward employing more people, becoming more efficient, and making us an even stronger country. i'm excited about this idea come and i really look forward to hearing from all of your testimony. mobile payments in the united states expect to generate 215 billion by the year 2014, 43 million adults in the country use alternative financial services to as a form of banking, and as the technology continues to move forward, it creates innovative and exciting opportunities for everyday citizens at home and at work. the possibilities are truly endless. we are seeing what technology can do for consumer