the ofr is -- >> [inaudible] >> i'll let dick do that. we are drawing on the whole reserve bank system. we have 12 reserve banks. we have economic research divisions and supervisors and other analysts at these institutions. those are critically important to how we function just like in monetary policy, they are all engaged in that, trying to bring them all into the financial stability. we are making an active effort to get out to the economic community. as you work, we engage the community monetary policy all the time. we have the outside in on that. we have criticism, you know, suggestion; we get everything. i think in the financial stability, we can aim to do the same. >> i don't have anything to add. >> okay. shall we take questions? please. are there any mics? yeah, there you go. >> with risk management community -- riskmanagementcommunity.com, and it seems like the problem you face is your credibility is just one thin shot, and you can look at last week's round table at the fdic where simon johnson whose credentials are impeccable ex

. >> in doing a lot ofre

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but i could be wrong on that and the next comes dick whose role at treasury is to make the ofr happen among other things i suspect. >> thank you, charles. you'll have to blame the typo to tom because that was when they gave the chair, that is what was available. wewritten three books on the financial crisis over the last few years. we've done a lot of op-eds and we've done a lot of media stuff and when i tell my 7-year-old and show him some of the things, he really doesn't show much interest much to my chagrin but i got to thank vince because now i can describe sivs as hall cruxes and i'm going to try that out tonight. i'm looking to that. so anyway, so i want to first start off -- if you look at the economic regulation it's very clear on the approach. and that's you regulate where there's a market failure and i think it's a bit positive about the dodd-frank act that for the most part it does focused on the market failure that was on this crisis and that's systemic risk. associated with this risk is that private markets can't officially solve the problem so a natural outcome is for so

but i doha believe with all ofr the different groups that wed have an immediate still asks who is your leader, not leaders, that we have to come together as a unit at least for once and develop a plan of action of strategy that every organization can go out to implement in its own way. . . by inviting me to give the first medgar evers honorary lecture in jackson, mississippi, in 2003. and during the research, i learned that when medgar was killed, in his back pocket, he had his voter card showing that he was a registered voter. it was stained in his blood from his assassination. medgar evers was killed because he fought for the democratic right that all americans have to vote. what is important for us to consider is that that vote is now being taken away all over this country and especially in mississippi. a third of all black males in that state have lost the right to vote for life. we have millions of americans, white, black, and hispanic who have lost the right to vote either permanently or temporarily because they are former prisoners. and so the prison industrial complex, the stru

presidenta and i would ask unanimous consent toun do this, is to a introduce a list of a number ofr corporationspo making huge profs somng virtually nothing in then taxes and in some cases getting a rebate. rebate. >> mr. president, let me just briefly read this list of corporate freeloaders. one, number one, exxonmobil, the the largest oil company in the mad world. in 2009 exxonmobil meek 19 billion in profits, and not only did exxonmobil avoid paying ay federal income taxes that year, they actually receivede 166 million-dollar rebate from the irs treated you think maybe we want to ask exxonmobil to pai a little in taxes so we don'th have to throw children of their gealth insurance? lar mabey. i last year bank of america,ama largest bank in america, a received a $1.9 billion tax $9 o refund fromn the irs even thougn it made 4.4 billion of profits i and just a couple of years ago a received a bailout from thesury civil reserve and the treasuryf department of nearlynow $1 trillion. what do you know about that? bailing out the largest banks is this country whose greed, the recession and get a rebate

>> well, in one way it's not just to go ofr the taliban. it's also a lot of the infrastructure to build the infrastructure of the afghan government and security forces. but when you look at what has happened over the last ten years, look at the casualties and cost of blood in this war. all of these years, from 2001 to 2007, nevermore than 100 casualties and only for the next few years. it was only in the last couple of years when we put more troops in there as part of the surge and really started to take on the taliban that you see the casualties start to spike. a lot of people will look at that and see the cost of this war and then other people look at the fact that the money being spent, over two billion a week. that's what is prompting the calls to say the nation can simply no longer afford the war on this scale, wolf. >> but the casualties and the costs, hundreds and billions of dollars expected. that's a huge price tag. chris lawrence is going to stay with us. thank you. >>> meanwhile, the house speaker john boehner is warning that the

then he came out and admitted that he had relationships on twitter and facebook and then six women ofr the past three years. most of them were before he was married and said that some of the contact that he had with these women came after his marriage. and you mentioned earlier, wolf, the photos that had emerged today. i asked congressman weiner if he saw those photos when they were taken, who he sent them to. he said that he had not seen the photos today. as for why he's coming out now, he said he decided that it was time to be truthful and only told his wife this morning. and told his staff this afternoon and that he called house speaker nancy pelosi, telling her what he was about to say and said that she advised him to tell the truth. as you saw there in that press conference, there were several times when his voice started cracking and it looked like he was about to start crying every time he mentioned his wife who said that she was unhappy about this when he told her but he said that he is not going to resign at this point. and he stood there for a considerable amount of time fiel

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the people intervention to the americans people is there is a bipartisan commitment the understanding ofr the plate wee are in which we were not here but we are and ain bipartisan understanding growinr bipartisanst understanding that working together is the only solution to this because if it e is just stalemate we are doing a great disservice to the future prosperity of the country and its impact on future generatione including the current generatiol and the mae ny people out of wor the need the recovery to takeena place sooner rather than later. i look forward to working with her along with others, and this is the first probably many difficult but important and necessary discussions. >> seven term democratic congressman anthony wiener announced his resignation from congress. it's just under five minutes. in all conversations [inaudible conversations] [applause] >> good afternoon. about 20 years ago i stood in the same room at the council center and asked my neighbors for their help to take a chance on me and electing me to the city council. then some seven years later i asked the same p

s let's not have a whole series ofre amendments that are totally beyond the scope of this bill yo like the debt limit issues are the repeal of our financial reform of last year. i don't mind debating thoset issues that they shouldn't be debated at this particular moment. i do hope mr. president that we will be able to get to theuthoza reauthorization bill. i pointed out yesterday that one of the highest priorities from our local people in maryland was additional help from the federal government for planning dollars.commun planning dollars of local communities to develop a strategy that can help them with economic growth in the community.ian i can tell you having recently been out to the cumberland maryland, and the great part of ste our state of maryland, beautifuld part of our state of maryland, used to have a lot of and if x-ray and jobs there. a lot of those jobs have movedy on. they do have a strategy that t they need the planning help enable to put that together so that they can come forward with a game plan attracting more private sector interest in order to be able to create mor

i think michael is right that ofr is going to be a very positive addition to the institutional regulatoryframework in terms of improving transparency. >> i do think ben bernanke has tried to be more transparent in general and fed policy, and has made that one of his keystone things of reviewing the economy and monetary policy. having said that i agree that you didn't get all the transparency around the time of the crisis and i can see the problems with that and the reaction of congress which said hey we control the pursestrings and you guys are doing all the stuff on we don't know about it. i understand that. i think there was a concern that revealing too much information at the wrong time actually worsened the crisis or that congress would get in their and stop them from doing the things that they felt they needed to do. so it is a question of how we structure our democracy. does everything go back to congress or do we create institutions like the fed and give them dependents and give them the authority to manage crises when they happen? i mean we don't go back and say you know that gene

i think michael is right that ofr is going to be a very positive addition to the institutional regulatoryframework in terms of improving transparency. >> i do think ben bernanke has tried to be more transparent in general and fed policy, and has made that one of his keystone things of reviewing the economy and monetary policy. having said that i agree that you didn't get all the transparency around the time of the crisis and i can see the problems with that and the reaction of congress which said hey we control the pursestrings and you guys are doing all the stuff on we don't know about it. i understand that. i think there was a concern that revealing too much information at the wrong time actually worsened the crisis or that congress would get in their and stop them from doing the things that they felt they needed to do. so it is a question of how we structure our democracy. does everything go back to congress or do we create institutions like the fed and give them dependents and give them the authority to manage crises when they happen? i mean we don't go back and say you know that gene

do you anticipate, for example, with a community like warrenton, s that a yerar out ofr a couple years? " senator, can i respond back in writing? we are still going through the methodology. i think when we have that, that will be about a 60-day process. we will have to adjudicate in the sea. my staff feels like we have an 80% solution. i'd like would -- i would like to respond back in writing. >> i would appreciate that, and i understand it is a complicated process. you are trying to address it in a thorough manner, and that would be very in terms of the role of certification, the corps played a role where there is a federal structure in ball. we have been working with our communities to make sure we know that every federal structure that could possibly trigger this policy. is the current policy the one from here into the future? is it the walking away from cert? is there a chance to walk back into that role? >> i will defer to the corps of engineers. we work very closely with the them over the certification process of those who are still federally managed. this will be a resource issu

are a whole set of uncertainties with respect to syria even today that distinguish it both in terms ofr about what we can assert and ac. what we can achieve it ofticolic foreign policy and the domestic policy limited to what you can achieve and what is doable in a certain situation and if we simply turn our backs as some ag people are now arguing we ought to do now which ought to be the most reckless and i've heard in my life at the moment where ssople are achieving the goals e where the pressure is mounting,n where gadhafi is less able to maneuver and his forces have been reduced. where many people in our intelligence community and western come into nato intelligence community are saying there is progress being made and the vice is tightening g out we would certainly paul a rug out from under that. that's extraordinary to me. froe snatched to snatch defeat from the withdrawal of victory. i believe, you know, i can'tteli tell you whent it might happen but i am absolutely confident that it is 'mgoing to happen.qah gadhafi is finished. asked the people in the countryo even his own support