federal law, and it is not only not included on the list that the obama treasury department and 2014 issue guidance to enhance financial services from marijuana and salad. you can't make this up. so wouldn't it be an equal protection? >> it does show that prosecutorial discretion because the obama administration is not enforcing federal law for having marijuana in states like california and colorado now where those days half, by state law, said marijuana usage is medicinally okay or recreationally okay, but federal law does not create such an exception. this is an example of this administration, criminal more -- this may seem strangely pro- marijuana legalization, and so since they favor that they are using operation choke.to get it agencies they don't like like gun sales of payday lenders and not after industries that actually are illegal but within the state favored which is marijuana use. >> this observation, whatever there right to congress they say payday lenders and pornography dealers, they lumpdealers, they lump them together. we are changing the structure within the financial

you would have thought since it's against federal law and it's not included on the list but the obama treasury department in 2014 issued guidance to enhance financial services for marijuana growers and sellers. you really can't make this up. >> guest: it really does show the abuse of prosecutorial discretion because wilson of the obama administration is not enforcing federal law prohibiting marijuana in some states like california and colorado where those states by state law said marijuana usage has been just used recreationally but the federal law creates an exception might doubt. this is an example of the administration and this administration seems strangely pro-marijuana legalization. since they favor that they are using operation job point to get to the agencies they don't like like than sales of payday lenders but industries are illegal in favor of marijuana use. >> host: first of all whenever a congress they say payday lenders, they lump them together but here's the official been quoted saying we are changing the structure within the financial system that allows this fraudulent business

timiraos: what about the obama administration? the treasury department has been working closely with lots of different groups, including your committee, on this. what is it like to work with the obama administration on this bill? rep. bishop: once again, ironically, the obama administration i think has been very helpful and supportive, especially in the overall draft. no one in the obama administration is talking about what we are trying to establish with the board and the process and procedure. there are some times when i wish they would be a little less technical in trying to come up with which adjectives they think are appropriate, but at the same time, i cannot do anything but compliment them for the help and assistance as we have gotten to this point. they have been extremely helpful to get to where we are. mr. timiraos: that is a tone we have not heard a lot over the past few years between the congress and white house. this is a technically complex, politically charged policy issue that you have been working on. why do you think this iss

way things are turning out so i'm going to pick a bunch of winners and losers, eye barack obama or the treasury secretary or whoever you believe is calling the shots, i know better than the market does. i know better than 300 some all million americans making decisions at the same time, which is all the -- >> this becomes the accepted public -- the money monsters, with george clooney bashing wall street. i understand that. then along comes the "time" cover epowsing a view that wall street is a problem so people understandably are leery of the financial community. have doubts about it. individual participation, the lowest it's ever been. does that worry you? >> yes. look, there's no question that after time and time again in american history, after you have had financial panics, as we did in 2008, you get an excess or a snapback of either regulation or public sentiment and that, too is kind of the market in and of itself, the same way that wall street sentiment runs one way and the other, public sentiment is running one way or the other now. seems to me that donald trump and his lucid moments ha

timiraos: what about the obama administration? the treasury department has been working closely with lots of different groups, including your committee, on this. what is it like to work with the obama administration on this bill? rep. bishop: once again, ironically, the obama administration i think has been very helpful and supportive, especially in the overall draft. no one in the obama administration is talking about what we are trying to establish with the board and the process and procedure. there are some times when i wish they would be a little less technical in trying to come up with which adjectives they think are appropriate, but at the same time, i cannot do anything but compliment them for the help and assistance as we have gotten to this point. they have been extremely helpful to get to where we are. mr. timiraos: that is a tone we have not heard a lot over the past few years between the congress and white house. this is a technically complex, politically charged policy issue that you have been working on. why do you think this iss

host: the release of those papers prompted the obama administration announcing new changes from the treasuryepartment. i want to get your thoughts. [video clip] president obama: number one, we are requiring banks and other financial institutions to know, verifying, and report who the real people are behind shell corporations that set up accounts at those institutions. one of the main ways that companies avoid taxes for wealthy individuals, is by setting up shell corporations and make it harder to trace where moneys are flowing and what taxes are owed. we are saying to those institutions, you got to step up and get that information. second, we are plugging a gap in our tax rules that foreigners can't evade taxes. the treasury department and irs are issuing a proposed rule to make sure foreigners cannot hide the hind anonymous shell organizations. these actions are going to make a difference. they will allow us to continue to do a better job of tracking financial flows and making sure that people are paying the taxes that they owe rather than using shell coporations and offshore accounts to av

treasury department, and during the obama administration and has done many other things before them. go through them all. david rosenbloom is a visiting professor of tax ace and -- taxation and director of the international tax program at new york university's school of law. he's also been a member of the kaplan drysdale law firm. and david has many other accomplishments, but the one i'll mention is he also was the top international tax officials at the treasury department back in the carter administration. john samuels is now the chairman .f global tax at blackstone many of us remember him for years as the vice president and senior counsel for tax planning at general electric. serviceer john from his at the treasury department during the carter years. where he was tax legislative counsel. and finally, we have barbara angus, the one member of panel who is now in government. she has been a principal with ernst & young. before then, she was also the top international tax person at the treasury department during the first term of president bush -- the second president bush. i think i wi

treasury department, and during the obama administration and has done many other things before them. i won't go through them all. david rosenbloom is a visiting professor of taxation and director of the international tax program at new york university's school of law. he's also been a member of the kaplan drysdale law firm. and david has many other accomplishments, but the one i'll mention is he also was the top international tax official at the treasury department back in the carter administration. john samuels is the chairman of global tax at blackstone. many of us remember him for years as the vice president and senior counsel for tax planning at general electric. i also remember john from his service in the treasury department during the carter years where he was a tax legislative counsel. and finally we have barbara angus, the one member of panel who is now in government. she's tax counsel for the committee of ways and means. she has been a principal with ernst & young before then. before then she was also the top international tax person at the treasury department during the fi

treasuries next. we bring you live picture from hiroshima. barack obama is due to become the first sitting u.s.ident to visit hiroshima. this is the site were seven deck is ago the u.s. dropped a devastating atomic bomb which killed 140,000 people. he will be meeting with four survivors of the atomic bomb and is extremely important, because this comes at a time where disarmament bills are in doubt. ♪ francine: nothing like starting off a friday with a chart of the hour that talks treasuries. this is what i picked out for stewart richardson. of course, it is yellen day. we also spoke to the bond guru. this is what i am showing you. if you look at the white line yields, blue line is else. -- is something else. it is the demand that foreigners have to buy treasuries. when he look about yields being suppressed, people say we do not know where to go. against almost everything the can go wrong -- ahead hedge against almost everything that can go wrong. still with us, stewart wealthson of rmg management. we often look at yields in isolation. there is so much appetite for treasuries no matter what happ

treasury department, and during the obama administration and has done many other things before them. i won't go through them all. david rosenbloom is a visiting professor of tax ace and director of the international tax program at new york university's school of law. he's also been a member of the kaplan drysdale law firm. and david has many other accomplishments, but the one i'll mention is he also was the top international tax officials at the treasury department back in the carter administration. -- where he was tax legislative counsel. and finally we have barbara angus, the one member of panel who is now in government. she has been a principal with ernst & young before then. before then she was also the top international tax person at the treasury department during the first term of president bush -- the second president bush. i will turn this over, and i think i will try to hold you to eight minutes each, if you could. we're a little behind time. i will take a moment to say i am privileged to be here, don, in your honor and have served under your limp at treasury. i think moment

barack obama: just so you know jack lou treasury sector, interest rates go down, they replace the old debt with the new debt interest rates. donald trump didn't make that up. what donald trump did with the hotels in the bankruptcy in the junk bonds. one step below default, that is crazy, that is not what he told maria. and i tell you this is the president of the united states that's equating something that's done every day in the markets, refinance debt with going to the chinese and saying you get less, here's my deal, take it or leave it. that is crazy talk. it will destroy the markets. probably destroy the country. neil: makes it more worrisome. you know? >> this is what he's suppose to be good at. you and i know everybody makes mistakes. we talk to people every day, stuff comes out of that mouth. he made the comment about abortion. he said women should go to jail. you can almost give him that one because he's not an expert. but he's good at allegedly business. he's got to know it's different between negotiating with the chinese on our debt and some bond holder or the bank. big diff

you saw this when barack obama could not choose larry summers, former treasury secretary to head them the left wing of the democratic party now on economic issues than there was before, and sanders represents that, but it is bigger than him. >> so it's bigger than him. on that note, you know, some may argue that sanders is actually hurting the chances of a democratic being president because there is this decisiveness within the democratic party. republicans are coalescing around donald trump. we saw the numbers yesterday. they're neck and neck. what do you think? >> everyday, every news cycle is precious. everyday spent refuting charges or getting into a back and forth with bernie sanders is a day that the party as a whole, the democratic party as a whole is not preparing for the big showdown in november. so to that extent, yes, it is a distraction, yes, it could be a problem, yes, it could -- could it end up costing the democrats the election. that seems unlikely at this point. but that's why this question of messy really is sort of pivotal. if it gets messy and goes beyond the conv

transgender memo sent by president obama allowing transgender students to use the bathroom with which they identify. ♪ david: this is "bloomberg markets." i'm david gura. the u.s. treasuryepartment has never disclosed the holdings of saudi arabia, but the question has come to the forefront after plunging oil prices. angela wong covers government bonds for bloomberg news. she filed a freedom of information act request the information. what did we get? breakdown of the opec holdings in u.s. treasuries. we know under that category, the -- $300s around 23 billion. of that, 120 belongs to saudi arabia. that number one of slightly during the oil crisis. that is in a trusting fact that we found up from treasury today. david: we are seeing who the big holders of treasuries are. china and japan the top. are the numbers a surprise to you? we always know that saudi arabia accounts for a big chunk of that subgroup. arabia'sto saudi actual foreign reserves, about 600 billion, the fact that they only have 120 billion is slightly surprising. ofalso need to know a lot central bank holdings are up with the new york fed, which they do not break down. we also know the central bank of chin

obama administration in 2008. in recognition of all of these successes don received treasury's exceptional service award, in 1964. the alexander hamilton award, in 1980. and the treasury medal in 1999. you kind of get the sense that they started making up titles to give to him for his unselfish dedication to public service spanning four decades. these are big awards for those of you not tax cognizant. and they speak highly of don's abilities and savvy and determination. when he was not in the federal government, don was a managing partner in a buffalo-based law firm of hodgson russ andrews wood and good year. he was senior fellow at harvard law school's international tax program. he could co-authored a volume which i think has the greatest title in all of public finance "basic world tax code and commentary." a template for tax reformers around the world. he advised the city of buffalo and the state of new york among other others on tax policy matters. he has chaired the american bar association's committee on domestic relation tax issues. that sounds like fun. he's taught at the university of buffalo and american

obama administration in 2008. while in recognition of all the successes, he received the treasury's exceptional service award in 1964, the alexander hamilton award in 1980, and the treasury metal in 1999. you kind of get the sense they started up titles for his unselfish dedication to public service spanning four decades. these are big words for those of you that are not tax code doesn't they speak very highly of his abilities and savvy determination. when he wasn't in the federal government he was a partner with the buffalo-based law firm. let me inhale here. he was a senior fellow at harvard law school international tax program and he co-authored a volume which i think is the greatest title and all of public finance basic world tax code and commentary a template for tax reform around the world he advised the city of buffalo and new york among others on tax policy matters. he has chaired the american bar association committee on domestic relation tax issues. that sounds like fun. he's taught at the university of buffalo and american university and is a graduate of the university and harvard law school and a member

obama administration's carve out to allow --. the administration used last year must pass bipartisan act. the committee reached out to office of management budget t department of the treasury and department of education to testify about why the administration's prioritize this row bow call carve out for years. unfortunately obama administration is not represented before us today but we'll continue to see its input. we have a variety of perspectives represented on the panel today and i look forward to hearing your testimony and appreciate very much your participation with us, thank you. i recognize the member from florida. ranking member senator nelson. >> plmp mr. chairman, if you go anywhere in this country and you ask a consumer do you want to receive robo calls or you ask would you like to receive robo calls on a cell phone you may get the cell phone thrown at you. there are few things that ignite people like robo calls. it goes on and on. it is a sentiment that nearly all of us share. and that is why for the last 25 years the laws have sided with consumers. the number of consumer complaints about robo calls regardless of the laws continue to increase. the sec receives

treasury secretary he was one of the primary architects of the bank bailouts. over the last eight years, we've seen goldman sachs aggressively lobbied the obama administration , seekingluence over financial reform, dodd frank. we expect goldman sachs to try to win influence with whoever is the next occupant of the white house. this isn't just a random company. this is a bank with a lot of political interest involved. amy: lee fang, you're also looking at this whole controversy around denver wasserman schultz. in the last week, there have been calls, especially bernie sanders, calling for her to be removed as head of the dnc because he feels she favors hillary clinton. sanders then supported her opponent in the congressional race in her own congressional race. --k about debbie wasserman debbie wasserman schultz and her influence. >> there has been a lot of controversy about the leadership of debbie wasserman schultz over the democratic national committee. one kind of contract here is that, just as obama pushed to reform the dnc current when he became the nominee in 2008, he of limited ethics rules that prevented federal lobbyists from donating to the dnc or the party

obama administration in 2009. deputy secretary of state for management and resources. he became omb director in november 2010. white house chief of staff in january 2012. and treasury secretary in february of 2013. thus ended the biographical portion of the program. now on to the riveting mechanical details. as always we're on the record here. police, no live blogging or tweeting. no short no, filing of any kind while the breakfast is under way to give us time to actually listen to what our guest says. the embargo ends when our guest stops speaking. to allow you to file before the market opening, we'll stop at 9:20. to help you curb that relentless selfie urge we'll e-mail several pictures of the session to all the reporters here as soon as the breakfast ends. and as regular attendees know if you'd like to ask a question please do the traditional thing and send me a subtle non-threatening signal and i'll happily call on as many reporters as we can goat to in the time we have this morning with secretary lew. we're going to start off by offering our guest the opportunity to make some opening comments and then we'll move to questions around the table. thanks for doing

economy between the obama administration and the fed and essentially to start off small businesses main street has been pushed aside and 62 percent of the money creation goes back to the treasury and the other two-thirds most of it goes to the carnival of the big companies buying up their own securities of for the stock market cosmetics or to buy at their rivals. now there are twice as many ipo in china as there are in the united states. it is a real catastrophe and why we need a big change right now. >>. >> whether those concrete policy steps that need to be taken? step-by-step and then the other thing and that is why we brought to the system for the job of we manipulate money began easy prosperity. so you start right away with free interest rates they say that will disrupt the market brokerages already disrupted just remember the late 40's the economic director of occupied germany overnight he propose to do away with rationing they said that is the disaster and he replied my advisers tell me the same thing. he did it anyway and within days special started to fill up with products and the german miracle began. free interest rates. also make a bet is positive to get the credit

obama administration in 2009 as deputy secretary of state for management and resources. he became omb director in november 2010, white house chief of staff in january 2012, and treasury secretary in february of 2013. thus endeth the biographical portion of the program. now on to the riveting mechanical details. as always, we are on the record here. please, no live blogging or tweeting. in short, no filing of any kind while the breakfast is under way to give us time to actually listen to what our guest says. the embargo ends when our guest stops speaking. to allow you to file before the market opening, we will stop at 9:20. to help you curb that relentless selfie urge, we will e-mail several pictures at the end of the session to all the reporters here as soon as the breakfast ends, and, as regular attendees know, if you would like to ask a question, please do the traditional thing and send me a subtle, nonthreatening signal, and i will happily call on as many reporters as we can get to in the time we have this morning with secretary lew. we are going to start by offering our guest the opportunity to make some opening comments, and then we will move to questions around the table

management and budget and the department of treasury and department of education to testify about why they prioritized this robo call carve out for years. the obama administration has not represented before us today but we continue to seek the input as the robo call carve out is implemented by the fcc and the over site of tcpa. finding the right balance is essential to protecting the privacy of consumers while making sure they have reasonable access to the information they want and need and making sure good faith business actors could reasonably assess the cost of doing business. we have a variety of perspectives represented on the panel before us today. i look forward to hearing your testimony and appreciate very much your participation with us, thank you. i'll recognize the senator from florida, ranking member senator nelson. >> mr. chairman, if you go anywhere in this country, and you ask a consumer do you want to receive robo calls, or you ask them would you like to receive robo calls on your cell phone, you may get the cell phone thrown at you. and there are a few things that unite our country men and women like the distaste for robo calls.

treasury department disclosed , $1.68rabia's debt hold billion. they reportedly threatened to sell their stake if the bill became law. back in april, the obamaistration issued what amounted to a veto threat of the measure. haveright here, we will more details on this developing story as soon as we get them. bernie sanders is hoping to make it four in a row today. democratic presidential jaime are being held in kentucky and e more details on this developing story as soon as we get them. oregon. hillary clinton's lead is almost insurmountable, but still, he has won the last two primaries. kentucky is considered the bigger prize. former president bill clinton says he has been asked for a role in the potential hillary clinton administration. he says he wants to help parts of the u.s. that are still struggling economically. mrs. clinton said that her husband would be charged with economic revitalization, but told "the new york times" he would not have a cap net position. bergdahl'snt bowe delayed until february. desertion andof misbehavior before the enemy. the international olympic committee says 31 athletes have tested positive in every analysi

in his first term president obama asked me and a couple of other people, what should be my number one priority? i have also been secretary of the treasury. i think the biggest priority ought to be the restoration of the economic strength. internationally if the economy doesn't remain strong. to the extent we bear an undue share of the burden. i don't think i'm wrong in saying more the burden ought to be shared. of course our foreign policy .hould always be informed i certainly believe it is not unreasonable. >> just to clarify. >> the monitor elements, but saying largely -- >> taking leadership, that hasn't worked out very well in my experience. i remember when i was secretary of state, we had been dealing with the end of the cold war and all of these issues. .e said please have added we all went our own way. sometimes you need leadership from the uniquely preeminent power in the world. >> this does require us to have a presence around the world. the presence provides determines, short of conflict of where we want to be. it provides reassurance allies. asiapresence in northeast is an example of that. absolutely critical in terms of pres

obama administration in 2009 as deputy secretary of state for management and resources. he became omb director in november 2010, white house chief of staff in january 2012, and treasury secretary in february of 2013. thus ended the biographical portion of the program. now on to the riveting mechanical details. as always, we're on the record here. please, no live blogging or tweeting. in short, no filing of any kind while the breakfast is under way to give us time to actually listen to what our guest says. the embargo ends when our guest stops speaking. to allow you to file before the market opening, we will stop at 9:20. to help you curb that relentless selfie urge, we'll e-mail several pictures of the session to all the reporters here as soon as the breakfast ends. and as regular attendees know, if you'd like to ask a question, please do the traditional thing and send me a subtle, non-threatening signal and i'll happily call on as many reporters as we can get to in this time we have this morning with secretary lew. we're going to start with some opening comments and move to questions from around the table. thanks again for doing this, sir. appreciate it. >> thanks so much, th

president obama was quoted in an atlantic article talking about $150 billion that would be going back to iran. the iranians say they have access to $100 billion. the treasury department says it's $50 billion. secretary kerry said they have only had access to $3 billion, and then blamed treasury. talking about a lot of money going to a state sponsor of terrorism. there's also questions about the ballistic missiles. in december 2015, there was a viles of the united nations resolution 2231 in testimony by the iran deal coordinate, but in march of 2016, you have ambassador power to the united states ambassador power to the united nations who toned it down a little bit. now they're calling it just an inconsistent width is their quote, as opposed to a violation of the united nations resolution. then you also have issues about boosting iran's economy. secretary kerry is currently on tour in europe. the state department suggests that we're obligated, the united states of america, is obligated to boost the economy, the iranian economy. again, something we need to understand. we don't understand the side deals. there's still sanctions of terrorism on iran. we want t

president obama was quoted in an atlantic article, talking about $150 billion that would be going back it iran. iranians say they have access to $100 billion. the treasury says it is $50 billion. secretary kerry said they only had access to $3 billion and then blamed treasury. talking about a lot of money going to a state sponsor of terrorism. there is are questions about -- martha: as we dig into the iran deal that was hugely controversial and now this story in "the new york times" sort of spilled it all back into the headlines as ben rhodes, deputy national security advisor, suggested that the deal had been in the works under the previous, more hard-line administration in iran, not just beginning when the moderates came into power. all of this has a lot of importance in terms of national security and global security. so let's bring in chris stirewalt, fox news digital politics editor. chris, politically, when you look at what's at stake here, and the discussion that is going on capitol hill and decision by ben rhodes not to come to answer these questions, is that okay? >> well, i mean look, ben rhodes is sort of like the rooster that takes credit for

obama met with saudi king and liquidate u.s. in years past. not even a top ten hold or of treasuryhink that that was -- a lot of hot air coming from saudi government. frncht treasury or not. >> all right thanks for weighing in on that robert ahead we had had to california where mark zuckerberg is set it have a big heating today which qeivetive leaders on heel of allegation is trending news feed suppresses certain stories, and then later hillary clinton losing moment tull with sanders take home another win in oregon we talk to future of her candidacy and what happens if she wasn't win california with stuart varney. keep it right here on the fox business network. ... >> welcome back. good morning, i'm sandra smith. maria bartiromo is on assignment and will be back tomorrow. it's wednesday, may 18th. these are your top stories at 8:30 a.m. eastern. the race for the white house too close to call in kentucky with 99%, 48.6% of the vote for clinton, 46.3 for sanders. different in oregon. and sanders took 28 delegates to clinton's 24. and donald trump closer to 1237 after the primary and

treasury secretary donald mentioned his name. he said no but left the door open. neil: they are all saying no and coming up. what helped them, barack obama, warren buffett liked what you were saying. a lot of top executives at goldman sachs. it does give you a little more sheen blues not that donald trump was desperately needed given that. but to assuage those who are concerned including the financial times today, a global trade war. >> mark cuban said it would go down 20%. there is some fear here. neil: cuban is on that list that includes third-party alternative candidates, he is denying that, disputing that, said that is not going to happen but he is making some noise. thank you very much. in case you didn't know venezuela -- years after the process, chickens coming home to roost, the protests are outrageous and now the president declaring martial law and guess who he is blaming all the fun? the united states. the e-class has 11 intelligent driver-assist systems. it recognizes pedestrians and alerts you. warns you about incoming cross-traffic. cameras and radar detect dangers you don't. and it can even stop by itself. so in this crash

, the department of the treasury, and the department of education to testify about why the administration's prioritized this robocall carveout for years. unfortunately, the obama administration is not represented before us today, but we will continue to seek its input as its robocall carveout is implemented by the fcc and as the committee continues its oversight of tcpa. ultimately, finding the right balance is essential to protecting the privacy of consumers while making sure that they have reasonable access to the information they want and need and making sure good-faith business actors can reasonably assess the cost of doing business. we have a variety of perspectives represented on the panel before us today, and i look forward to hearing your testimony and appreciate very much your participation with us. thank you. i'll recognize the senator from florida, our ranking member, senator nelson. >> mr. chairman, if you go anywhere in this country and you ask a consumer, do you want to receive robocalls or you ask them would you like to receive robocalls on your cell phone, you may get the cell phone thrown at you. and there are few things that unite our country

obama was quoted in an atlanta article. the iranians say they have access to an hundred billion dollars. the treasury department says it is $50 billion. talking about a lot of money going to a state sponsor of terrorism. there was a violation of the native resolution 2231. of 2016 the united states ambassador of power to the united nations toned it down a little bit. now they are calling it inconsistent as opposed to a violation. you also have issues of boosting suggesting they were obligated. the united states of america is obligated to boost the iranian economy. we don't understand the side deals, they are still sanctioned. then there are questions about everything that has been agreed to. i will also note to our colleagues the chairman of armed services is a very important amendment. this will be part of the issue moving forward. we wanted to get the person right in the thick of things to come here and testify. the white house claimed this wasn't in executive privilege. reserve's -- they reversed .ourse and said it was who was being inconsistent? plenty of time to talk to the media friends and the

obama administration in 2009 as deputy secretary of state for management and resources. he became omb director in november 2010, white house chief of staff in january 2012, and treasury secretary in february of 2013. thus endeth the biographical portion of the program. now on to the riveting mechanical details. as always, we are on the record here. please, no live blogging or tweeting. in short, no filing of any kind while the breakfast is under way , to give us time to actually listen to what our guest says. the embargo ends when our guest stops speaking. to allow you to file before the market opening, we will stop at 9:20. to help you curb that relentless selfie urge, we will e-mail several pictures at the end of the session to all the reporters here as the breakfast ends, and, as regular attendees know, if you would like to ask a question, please do the traditional thing and send me a subtle, nonthreatening signal, and i will happily call on as many reporters as we can get to in the time we have this morning with secretary lew. we are going to start by offering our guest the opportunity to make some opening comments, and then we will move to questions around the table. than

their first supeeny and sent a letter to the treasury secretary reminding him of the obligation to preserve the e-mails. after condemning the target, president obama states in a 2014 interview there is not a smidge of corruption. >> not even mass corruption or a smidge. >> all of these investigations are still open. even the investigation he ordered was not complete. how did the president arrive at this conclusion? what did he become aware of in those nine months? irs commissioner koskinen appears before multiple congressional panels promising to deliver the e-mails >> are you going to provide the documents for lois lerner that were subpoenaed? >> yes, we are working hard to get you the lerner e-mails. >> are you sure? >> there is thousands of pages. and in june he tells lerner they cannot be recovered. >> was it physically destroyed? >> what could have happened for the commissioner to make such a statement? >> remember the first letter from chairman camp to the irs in june of 2011, coincidentally lerner's hard drive crashes eight days later. what are the odds? her hard drive crashing within a week of inquiry defies all odds. in april of 2013, a m

treasury secretary to discuss banking matters, but that discussion focused on protecting the integrity of the global financial system against the risk posed by iran. in the decade that follow, george bush and obama strayings, as well as the u.k. and other governments, the union union and united nations all imposed extensive sanctions targeting iran's illicit conduct. banks were briefed extensively and repeatedly by the u.s. treasury department on iran's conduct. the financial action task force, the global standard setting body for anti-money laundering and counterterrorist financing warned about the financial crime risk posed by iran. as a result, iran has become a financial piraha. no one has claimed that iran has ceased to engage in much of the same conduct including actively supporting terrorism and building and testing ballistic missiles. but now, washington is pushing non-u.s. banks to do what is still illegal for american banks to do. this is a very odd position for the u.s. government to be taking. it is shocking that this administration continues to be complicit with the largest supporter of terrorism in the world. how many lives will be lost because of this? there was a time when americ

obama opened a briefing today with remarks on the economy and taxes. we will have that for you later on the c-span networks. another economic-related story from "the hill o." the treasuryartment is poised to approve a plan that would significantly reduce benefits for hundreds of thousands of current and future retirees. if the cuts are approved, they would be the first reductions the treasury department signed that allowedft -- them to cut benefits. republican national committee chair priebus acknowledges it will take other republicans, including speaker paul ryan, time to meet and get used to donald trump. this comes a day after speaker ryan publicly said he cannot back mr. trump right now. mr. priebus sat down for a one-on-one tribute with mike allen. the r.n.c. also talked about the party's minority outreach plan. [applause] >> thank you for coming out this morning. we had reince priebus with us, looking forward to a conversation with him looking ahead, talking about the convention and about november. i would like to thank bank of america for continuing to support these great conversations. bank of america is here. we really appreciate our partnership with bank of a