of america, bank of new york mellon , and wells fargo. -- bank of new york mellon, bank. they have had five years to identify and address problems within their organization. will you use your additional authority to quickly and severely to present to the economy? >> we certainly do stand ready impose capital on these firms if they have not identified the deficiencies we have identified. we have been very firm in indicating what the deficiencies are. released the letters that details the deficiencies. we will quickly review the submissions due by october 1. i would say by all of these , identify short coming that we did not think rose to the level of deficiency, and other things that we want to see corrected and will be reviewing to next round of submissions see if they have been connected or not. could rise to the level of deficiencies. time has now expired. we now recognize the gentleman from texas. >> the fed along with the occ and fdic put out a reports on bank investment activities. the federation has several concerns with physical commodity activity. authority last w

. >> was that what happened at bank of new york mellon, one of the recent boards you joined? mr. gardner: -- mr. garden: the sequence of events was similar. i spent time with the chairman and ceo, and we spent time where i wanted to make sure he understood who we are and what we do. we spent time finding common ground on the business issues. we brought in those discussions out to our teams, and ultimately, i was invited to join the board. as i described, we sent a due diligence request list. gerald had a great idea at this point, which was to create a finance committee, a subset of the board to help weed through all this information and navigate what we are going to do , and the results have then spectacular. the earnings at bank of new york are up 35% plus in the last margins up 600, basis points. gerald is viewed as one of the best ceo's in the banking sector. >> there was another activist who did not agree. mr. garden: that is an interesting data point, which is along the line, and activist showing up. i hope you did not say "another activist." showed up, and my recollection w

hey, my terrible towel is a like to have your opinion of bank of new york mellon, bk. >> i'm not going to rub in the terrible towel. i'm going to use my handkerchief to get it a little bit cleaner. i'm very magnanimous in the way that we beat the -- that was a beatdown. anyway, it was fine. what was the stock? i'm too busy thinking about the birds. bank of new york. oh, my god. you know what, the banks are going lower here for now. bank of new york, you can wait until it comes down a little bit and the steeler fans actually i spoke to were incredibly gracious, and i'm sorry if i got obnoxious near the end. what can i do? i'm from philadelphia. robert in west virginia. robert. >> caller: congratulations. your eagles showed me my steelers need to retire some people. >> don't regard them as your steelers. smallwood is your guy. he's from west virginia. you should be cheering him. >> caller: yeah, i've got to change teams. >> yes, you do. that's okay. i can take care of it. what's up? >> caller: i'm talking about >> we like this. we did a piece about this saying it was incredibly undervalu

morgan chase, bank of america, bank of new york mellon state bank and wells fargo.se banks are required to submit their wills to you in the next week. these banks have had five years to identify and address problems within their organizations. if any of their living wills are still insufficient in october, will you use your additional authority under the dodd/frank act to quickly and severely reduce the risk these banks present to our economy? >> we certainly do stand ready to use the authority that we have to impose higher capital and other standards on these firms if they have not corrected the deficiencies that we've identified. we've been very specific with the five firms in indicating what the deficiencies are. we've released to the public the letters that detail those deficiencies. we will carefully and quickly review the submissions that are due by october 1st to see if those deficiencies have been remedied. but i would say more broadly for all of the firms the fdic and the board identified a range of shortcomings, things that we did not think rose to the lev

importants an connection to the empire state, having served as the andrew mellon director of the new yorkublic library. he was part of the team responsible for integrating the branchh libraries and libraries into one service for users. creating the largest public library system in the united states and one of the largest research libraries in the world. , here coming to new york served in top positions as two of the positions major academic libraries -- the massachusetts institute of technology and duke university. in these positions he let major initiatives including the expansion of facilities, the adoption of digital technologies, and a reengineering of library publications. when franklin roosevelt established the national archives and that are dedicated , it is unlikely he could have envisioned the way the agency and presidential libraries would change with the times. yet he would no doubt be gratified to see that what is not altered is our commitment to providing the american people with access to the documents, photographs, and historic material that recount our shared national hist

new york. so, we've been running autonomous vehicles in pittsburgh through carnegie mellon for years.past year and a half, we've been partnering with uber, and now it's time to take it to the public. >> an uber engineer in a quote called pittsburgh the double black diamond of driving. is that a good thing or a bad thing? >> well, i guess it's if you like a little challenge, it's probably true. yeah, it's not just the topography. pittsburgh's a very hilly terrain. it has all four seasons. but you know, it's a city that was built in the 19th century, and it wasn't really designed for automobiles. so, as one of their engineers said to me, if we can prove we can do this in pittsburgh, we can prove we can do it anywhere. >> so, mayor, my understanding is that there is going to be a backup driver in each car and that these initial rides will be free, once people agree to actually try out these autonomous car routes. but how do you see this evolving over time? and what's really in it for pittsburgh? because one might argue, hey, there used to be a job actually driving people around now. that