before that he ran the omb. thing i remember being relevant to what he's going to be discussing today, is before that in the early obama administration when he was z deputy secretary of state and running the first ever sort of deep look at all the tools of development assistance across the u.s. government. the development review. shows that his involvement in these questions, the interaction between economics and statecraft is rather extensive. so i'm going to welcome secretary lew up to the podium and he's going to speak for a bit and then we're going to have a conversation. thank you. >> thanks very much, sebastian, for that introduction, and for your leadership at the council. this is a remarkable institution with long history of intellectual influence on america's foreign policy and as always, it's an honor to be here today. america's leadership in the global economy is something we all care deeply about. i want to thank gideon and his foreign affairs team for publishing my essay on this topic. the piece ope

give me a timeline on that. >> right now it's been accepted by omb as under review. that's kind of where we are, answering their questions. >> one year? two years? any kind of an estimate? >> i can tell you the proposal is to have it out. i'll check the final proposal. we have a specific in the proposal for when it will be on the road. my caution's just to say that our piece has it out proposed, currently under review at office of management and budget. >> thank you. next question, nhtsa has announced several initiatives and workshops on numerous issues over the last six months and plans to complete work on these topics prior to the end of the administration. is that correct? >> yes. >> how are you ensuring adequate work and thorough stakeholder engagement is done on these important issues before the final -- before the final actions are taken? >> well, for a variety of activities they are in fact open public meetings. retooling recalls was open. we had others, cognitive distraction, live webcasts for things. right now the secretary's announced in six months nhtsa's

. >> there is no doubt that if these madmen ever got their hands on a nuclear b=omb or nuclear material, they most certainly would use it to kill as many innocent people as possible. that's why other work here remains so critical. >> reporter: part of that work includes a stronger nuclear security agreement between the world leaders which aims to protect nuclear materials as they're being used, stored or transported. this follows the attacks in brussels where investigators discovered they were spying on a top belgian nuclear official. we also know al qaeda has long sought knew lar materials as well. >> reporter: working with other nations we've removed or security enough nuclear material for more than 150 nuclear weapons. material that will now never fall into the hands of terrorists. >> reporter: many republicans argue the u.s. still isn't doing enough to stop isis saying the president must stop his strategy to keep up with any threats. >> isil operatives are everywhere. we're beyond containment and must move desist i havely and with purpose. >> president obama also met with the leader

the 76th secretary of treasurer, a white house chief of staff and you mentioned in reference being an omb director and tons of other jobs. you worked for a congress person. you worked for a speaker of the house, tip o'neill. most impressively, you married your childhood sweetheart and you are still married. the all american dream with two children. let's talk about and you your role. harvard graduate. georgetown law school graduate. your friends say you are meticulous and some say you are a brilliant scholar. it's important when we hear them question after question that you have clearly not only answered the question, but gone far beyond the call of duty where he was responsive for the policies for the trillions and trill yons of dollars. you have shared with us how we reduced the unemployment and so i say to you, is this congresswoman proud to sit here and i say to you, the two most important words that i was taught. the two most powerful words that one can say. that's thank you. my further taught me that a long time ago. she said sometimes it's better to listen than to talk louder than

the snake -- significance is that avoids the review of the request by the omb. answer commenced the opportunity for public comment on the information request. the feedback i received from the request was that it was voluminous and sought a number of data field including the use productsted advanced come a and nonsufficient fees. while it did include a caveat that the institution should not produce any personally thatifiable information directly identifies the consumer or the account, i understand that the data collection request required these institutions to scan customer accounts line by line for their financial behavior going back years. this is aeem that large-scale data collection into the individual consumers use of financial products on a transaction by transaction basis. how many, can you confirm how many data fields were collected and how many customer counts were scanned to get this data? mr. cordray: there were different requests with different data fields. the story you tell vindicates and shows careful concern to comply with the paperwork reduction

president, much like joe biden on the issue of foreign policy, could you imagine having john kasich wanting omb and his political future will be tied to cruz or trump? >> i think that until you're asked, that is a very difficult question to answer. >> there's a part b to kasich's play book that we should highlight. kasich could become the king maker in all of this. he has 100 something delegates, many he has hand-picked, these are people that the kasich campaign has that are loyal to them and like wise loyal to these guys. in the event that trump is shy of the delegate count or cruz is trying to build up delegates, he takes on an important role. he has a lot of delegates that are loyal to them. maybe to trump, maybe there's an agreement -- >> we've been talking a lot about likability, right, with the two candidates? ted cruz and donald trump. their likability tobacco tar is not -- >> republicans don't like him. >> no? republicans do like him, but when they look at polls about the electorate to beat hillary, that's not true. i know the kasich supporters like to lump trump and cruz together. sinc

we have to work with omb, opm, the white house, think you're going to see a lot of action. future has been, as they will tell you, a creative inspiration to them. think you're going to see over the next few weeks a lot of movement in the civilian space that is derivative of us. mr. harrison: it seems like one of the core things if you want to make at least the officer system within the military more flexible, one of the core things to look at for potential reform is the defense officer personnel management act. dopma.- that was signed almost 30 years ago. they really prescribes a lot of the career progression for military officers. what needs to change with dopma? it needs to be opened up in some career fields or branches, if not ever. it can be part of a successful organization. major law firms have a similar thing. upper row does not necessarily bad. you have to couple it with an intense understanding of your people. so the decision you are making about these upper route elements are exactly the right ones. and we don't do that. we don't know enough about our people. we h

>> so the accountability regulations are now with omb for review. we expect later this spring early summer those regulations will be posted for comment. we will later develop regulations based on the input that we received from stakeholders on state plans and on the innovative assessment pilot. we expect those regulations to be out for public comment in the fall. the goal is to have all the regulations in place by the end of the year so that states are in a position to develop plans in spring and summer of next year, submit those plans in spring and summer of next year so that they're ready for full implementation in september 2017. we have committed to develop guidance on services for homeless students, fosters -- foster distance and english learners. we are continued to gather feedback and input from stakeholders and potentially develop additional guidance documents based on what states, deserts, educators, parents, civil rights organizations are telling us they need in order to ensure clarity and have examples of best practices. >> thank you, dr.

doctors without borders says the death toll from this week's ,ombing of a hospital in aleppo syria has including six medical staff and patients. the organization warned the 250,000 residents in the rebel held parts of aleppo are in danger of being completely cut off and left without medical care. airstrike some hospital drew international condemnation. the puerto rican health secretary says the island is relatedd its first zika- death, 70 euros man died from a drop in blood platelets in january. there has been more than 600 zika cases. news, 24 hours a day, powered by our 2400 journalists in more than 150 news peers around the world. two of wall street's most influential firms are calling for treasuries to move in opposite directions. taking a look, you can see this clash of the titans. goldman sachs is the yield on the 10 year should be more than 2.1% while morgan stanley predicts it will fall to 1.45%. but -- right now, we are at 1.836%. goldman extract treasuries to fall while morgan stanley critics gains. joining us to weigh in is james camp, the head of fixed income at eagle fixed

> second some good questions about the accountability regulations that are right now pending before omb. obviously a large number of us were involved in the construction of that part of the statute. of course, these guardrails are fairly wide in terms of what states can do to build accountability systems. states have to set a goal for performance of schools and subgroups. they have to tracking whether schools and sub groups are pleating those goals and if they aren't, they have to provide interventions. but it's up to the schools what their goals are and what those interventions are. but there clearly would be a point at which a school district is in violation of those requirements. i would suggest, this is just me talking if a school was failing and they just changed the name of the school, that would not likely be an intervention that would comply with the statute. and so to me, regulations are also a means by which we help school districts understand how to comply with a law that is you know, relatively broad in its requirements as to how school districts go about building accountabi

we've been engaged and involved with the department of labor and omb for a while supporting the rule.t's an unambiguous public good. this is one of the most exciting things to happen for investors in 40 years. what it does is restore confidence in the financial system. even if you go beyond faith in your adviser, that your divorce is acting in your best interest, if you can trust anyone who holds themselves to be an adviser, you can trust them to be acting in your best interests, that's great for everyone seeking financial advice. >> this is just for retirement at, right? >> and greg, why do you oppose this? when you hear that an adviser now has to act in the customer's best interests, it seems like a win-win. >> we represent a lot of small broker dealers who would be offering these products and the regulatory burden on these brokers dealers will be increased. the litigation risk is much more increased. we think the offerings made to retires will be much less. the standards or the benchmarks for investing will been much higher, because the fees are much less. overall it's going to be

amazing.ruly i was born in the year that china detonated its first it also omb, and happens i just learnedhe year that cooper created dr. strangelove. that was a very different time. >> 1964. >> 1964, very good. how times have changed, right? and you made me even more nervous, dr. hecker, in the middle of your comments and even happier at the end that we got to where we are now, that most people don't feel this is something to worry about. i am error worried about north korea. day told mp the other reporters at the new york times to let south need korea go nuclear in order to address that problem. i didn't think it was a grown-up solution. i have a question. i want to go back to dr. perkovich's sunny description of park stone. a.q. was a fellow named kahn that doesn't come up much these days. you said pakistan didn't want to let go of its crown jewels. there seemed to be another logic. one had a hard time keeping a straight face as he claims it was a renegade on his own business. hahn happened to make a.q. thing of the past and how are we confident there's not more right now. the leaderch:

dodaro, i and the omb folks are meeting this afternoon to talk about progress on it which will include inventory. it's an area we are aware of. >> inventory we really can't even audit. >> correct. you have to have full existence. >> it's troubling. >> we agree. on the issue of acquisition reform, mr. kendall has moved out quickly with the new guidance to put some of those new procedures in place. i would respond a little bit to mr. dodaro's remarks about strategic portfolio management. we agree. and in fact over the last three years the deputy secretary of defense has led a strategic portfolio review on an annual basis. so not only are the reviews done within the military departments across their business space, but then it comes to a departmental level where the vice chairman of the joint chiefs, the deputy secretary of defense and all the heads of the agencies do a strategic review of all the investments and investment plans so that to your point and to mr. dodaro's point, we can rationalize investments going forward. >> we have a bill actually that deals with some property disposal

300,000 people killed, and the presumption of hostility with the russian air practicing indiscriminate ombing, what are we going to do about that situation? can we count on a couple of thousand american trained and equipped forces to reduce, or counter, what is clearly a consolidation of power on the part of assad? i hate isis, but it isn't isis that has killed 300,000 or driven millions into refugee status. it is assad, i wonder what you believe our options are in this deteriorating situation, which means a resumption of the slaughter and flow of refugees. sec. carter: may a start then hairman can chime in behind? we are intent upon fighting isil in syria because our principal and paramount responsibility is to protect the american people. and isil is trying to attack the american people. i agree with you about the assad regime, that is why he can't be part of the future of the country because of what he has done to his people. and i agree with you that while the cessation of hostilities has had an important effect in both the north and the south in permitting the humanitarian ssistance, it

if it becomes essential to our interview burdens and we've done that at times and gone through the omb process. >> if you look at credit cards, my understand is, this is a rough number, there somewhere over 1 trillion credit cards in, credit card accounts in the united states. if you're looking at 600 million, that's half at least to understand you may be far above the $600 million level which is what i asked for the number. >> the credit card database is different from the 1022. it's an compliant and elites who sampling which is a good thing. on the credit card, we are working to get a sampling process for that i believe we will be able to do that over time and continued to report and that's response to your oversight and your concern, which i share. >> my question specifically was how many data fields were collected and how many customer accounts were scanned to get the data? >> happy to follow up i can depend on which 1022 you're talking about our which database you're talking about and will be glad to be briefing your staff and make sure you're satisfied. >> thank you very much, mr

dodaro and the omb folks were meeting to talk about the progress, which will include inventory. >> an inventory we can't even audit. >> right, you have to have full existence. >> that's troubling. >> we agree. on the issue of acquisition reform, mr. kendall has moved out quickly with the new guidance. to put some of those new procedures in place. i would respond a little bit to mr. dodaro's earlier remarks about strategic portfolio management. we agree, and in fact over the last three years the deputy secretary of defense has led a strategic portfolio review on an annual basis. so not only are the reviews done within the military departments across their business space but then it comes to a departmental level where the vice chair of the joint chiefs, the deputy secretary of defense and all the heads of the agencies do a strategic review of all of the investments and investment plans so that to your point and to mr. dodaro's point we can rationalize investments going forward. >> we have a bill that deals with property disposal and management. how many people in the audience own proper

king: the accountability regulations are now with omb for review. we expect this spring, summer, those regulations will be posted for comments. we will later develop regulations based on the input we have received from plans andrs on state on the innovative assessment pilot. we expect those regulations to be out for public comment in the fall. the goal is to have all the regulations in place by the end of the year, so that states are in a position to develop plans in spring and summer of next year, submit those plans in the spring of summer of next year so they are ready for full implementation in 2017. we have developed guidance for , homeless students, foster care students, and english learners. we are continuing to get feedback from stakeholders and not additional guidance documents based on what states, educators, parents, organizations are telling us they need in order to ensure clarity and have examples of best practice. thank you, dr. king. i hope you will reflect on this hearing today. we have many differences of opinion on this committee, a

economies -- we want to bring in now somebody who knows about this, david stockman, the former director of omb under president reagan. know about this interplay. this is my question. which is the chicken and which is the egg? are the economy is driving the economy, or are the central banks -- are the central banks driving the economy, or is the economy driving the central banks? >> the real economies in the world are freighted down with debt. there has been a massive credit bubble for the last 20 years. for ae had enough capex decade. as a result, we have way too many commodities. commodity prices are falling. the export industries are now shrinking everywhere in east asia. this morning you saw taiwan had negative gdp in the first quarter. exports are down 10% to 20% in china, korea, japan, and so forth. when we had is a world going through a deflationary adjustment from a long credit binge that the central banks cannot do anything about. if they pretend that somehow they are stimulating growth, the only thing they are doing is stimulating more speculation in the financial markets. we are at m

i know the administrator has talked to omb about staffing issues. i know that there is a long-term strategy to address that issue. it's a resource issue of both money and people. it's going to take some time but we have addressed that. there's a short, mid-term and a long term plan. he's working with the senior staff to do that and i think both of these gentlemen who are working in the airport can tell you what they're doing daily. >> some have suggested shifting officers from tsa's controversial behavior detection program to regular screeners. so let me go on. mr. rhodes, i have a question for you. kind of concerned about an article i'm reading about a mohammed fa ra from minneapolis. are you familiar with him? >> yesse. >> here's what he says. there's an ongoing program of racial profiling and harassment by tsa agents at the twin cities airport. he said recently he was asked by an agent who said, quote, hey, were you going to make a run for it if i hadn't given your ticket back? and the response he's gotten from tsa and the congressman from that a

before that, he ran the omb.ne thing i remember being relevant to what he will be discussing today is that before that, in the early obama administration when he was deputy ares -- deputy secretary of state and he was running the first ever -- he was looking at all of the tools of development at the development review. it shows his involvement in these questions with the interaction between economics and state craft. and it is rather extensive. i am going to welcome the secretary to the podium. he will speak for a bit and then we will have a conversation. thank you. thanks very much sebastian for that introduction and your leadership at the council. this is a remarkable institution with a long history of intellectual comments on america's foreign-policy. it is an honor to be here today. america's leadership in the global economy is something we all care deeply about. i want to thank gideon and his foreign affairs team in publishing the essay on this topic. it reminds me of a story of getting reform for the imf. w

on the issue of foreign policy, could you imagine having john kasich as your vice president wanting ombomeone who knows how to pass a budget. >> and his political future will be tied to cruz or trump? >> i think that until you're asked, that is a very difficult question to answer. >> there's a part b to kasich's play book that i think we should highlight. kasich could become the king maker in all of this. kasich has 100 something delegates. many of thm he has hand-picked. these are people that the kasich campaign has that are loyal to them and likewise he is loyal to these guys. in the event that trump is shy of the delegate count or cruz is trying to build up delegates, he takes on a very important role because he has a lot of delegates that are very loyal to him and if he encourages delegates to go a certain way, maybe to trump -- >> we've been talking a lot about likability, right, with the two candidates. ted cruz and donald trump. their likability factor is not high. what about kasich? republicans don't like him? >> no. republicans do like him. but when they look at these polls abo

vall valeant pharmaceutical is not selling bausch and l omb.nt is only selling noncore assets. >>> coming up, honeywell ceo david cote, his take on the global economy. that's next. this clean was like, pow! it added this other level of clean to it. it just kinda like wiped everything clean. my teeth are glowing. they are so white. i actually really like the two steps. everytime i use this together it felt like leaving the dentist's office. crest hd, 6x cleaning, 6x whitening. i would switch to crest hd over what i was using before. . >>> welcome back. in a week where the obama administration has again being attacked as anti-business, two of the president's cabinet sex and trade rep are attending the import-export summit. to share his thoughts on that and so many other topics honeywell chairman anne ceo david cote. this week it was about the move on inversions. i know you and the president see eye to eye on a lot of things. did you think that was the way to approach that, this whole subject? >> well, i hate to say i'm not a huge fan of inversion

. >> when we come back former indiana governor and omb director mitch daniels is on the race for the to bus that. new inversion rule threatens the allergan-pfizer deal. u.s. equity futures are under pressure as we head to break. how do you stay on top of your health? ahh... ahh... cigna customers have plan choices and tools to take control. so they're more engaged, with fewer high health risks and lower medical costs. take control of your health at cigna dot com slash take control. when bargain carriers talk about unlimited data they don't talk about all the extra unlimited that comes with it. like unlimited frustrations when they slow your data after just a gig or two. or unlimited angry girlfriends... because of unlimited undelivered explanations. and unlimited searching for... whatever you're searching for. stop searching and switch to verizon by calling 1.800.870.8149. to avoid unlimited misunderstandings. mom! mom, where'd you go? maybe, not baby. and what feels like unlimited videos that won't go viral. so if you're done with your unlimited plan limiting you, call 1.800.870.814

i know the administrator has talked to omb about staffing issues. i know that there is a long-term strategy to address that issue. it's a resource issue of both money and people. it's going to take some time but we have addressed that. there's a short, mid-term and a long term plan. he's working with the senior staff to do that and i think both of these gentlemen who are working in the airport can tell you what they're doing daily. >> some have suggested shifting officers from tsa's controversial behavior detection program to regular screeners. so let me go on. mr. rhodes, i have a question for you. kind of concerned about an article i'm reading about a mohammed fa ra from minneapolis. are you familiar with him? >> yes. >> here's what he says. there's an ongoing program of racial profiling and harassment by tsa agents at the twin cities airport. he said recently he was asked by an agent who said, quote, hey, were you going to make a run for it if i hadn't given your ticket back? and the response he's gotten from tsa and the congressman from that are

that safety groups did, we ended up having to file a lawsuit to finally spring that rule free from omb and the agency. so we're kind of faced with all of these roadblocks, you know? we can't get the agency to issue the rules. aye given examples -- i've given examples in my testimony. then when they are, they delay the deadlines and, finally, we have to resort to litigation. and public interest groups, you know, public citizens handled both those cases for us, but it really is unnecessary for these common sense and important rules and regulations that consumers want. >> and let me point out in terms of the rear visibility, that law actually passed in 2008, and so finally, in 2018, we will see that standard. but, yeah. so i wanted to ask you, we talked a bit about, quite a bit about recalls. as you said, 2015 was another record-setting year for recalls, more than 51 million vehicles were recalled. again, for ms. gillan, dr. rosekind has said publicly that nhtsa's diligent in pursuing automakers for safety defects is why recalls have gone up. perhaps that is partly the case. some have sug