as far as i know, before the hearing on prudential, the treasury notified prudential that they had been designated as a global sifi. >> before their hearing, before their final determination, before fsoc, treasury, if i understand your testimony, let them know that they had been designated? >> that's my understanding. >> that seems questionable. as you stated, the treasury, the fed, and the s.e.c., they're not insurance regulators, as has been pointed out by so many of my colleagues, nor are they necessarily phi beta kappas from kentucky. meanwhile it is dominated by banking regulators who don't know much about the insurance industry. does it concern you that they're the only representatives in the room when decisions are made about insurance issues, sir? >> yes. i think the cftc and the fdic should be in the room and insurance regulators should be in the room if they're making decisions that are going to affect the businesses that they regulate. >> thank you. given the sequences of fsb designations and later fsoc sifi designations, how can insurers be confident that their designations

let me start with bank regulators, prudential regulators and just note at a macro prudential level fsoc and banking regulators have participated in international agreements with the financial stability board, basel and other forums and the main difference between u.s. requirements and those promulgated internationally is that it seems that our domestic standards are more stringent than our foreign counterparts. a few examples, capital surcharge on global financial firms nearly doubled the international standard. supplemental leverage ratio that is double adopted internationally. a liquidity coverage ratio more restrictive than the international standard and arbitrarily punishes certain products. otc margin requirements that are considerably more punitive than international standards. so the question is this, for miss matz, mr. watt, mr. groomburg, mr. cordray, mr. curry. the question is, i assume that you all agree that these prudential rules and other reforms have improved safety and soundness, and if you agree with that general proposition, raise your hand. all of you agree these new

aig, prudential and g.e.ill you comply with our requests about the analysis that went into the designation process? the memos, the correspondence, all that information. everyone here, will you comply with that request? raise your hand if you will comply with the request to document that information. i got no takers. so, why not? mr. gruenberg, why not? >> congressman, if i may say, you raise a fair question. i think probably want to go back and look at the request. it seems to me the line here is when you're dealing with supervisory information or dealing with the three companies you referenced. they are open institutions. so you have to strike a balance there. >> chairman gruenberg, listen, do you know there was a recent attack -- some allege by isis -- in san bernardino? >> yes. >> you know that, right? do you know this body gets intelligence briefings from the fbi in regards to eyes skpeus terrorist attacks? i would argue american lives are in danger by these radical extremists. does anyone argue that anyo

what was the specific leverage of prudential that caused you concern? >> the determination wasn't based on the insurance activities. it was based on the financial activities of the company and how they are interwoven with other -- >> specifically, which activities were those that were interwoven that concerned you? >> the extent of their leverage. the derivatives. >> i asked you about the leverage. >> securities lending. their debt position. the difficulty would be to resolve them if there was financial distress. it was not one factor. >> chair's time has expired. the chair recognizes the ranking member for five minutes. >> thank you very much, mr. chairman. let me first go to mr. woodall. is aig designated as a sifi, mr. wood all? >> yes. >> should it be? >> well, at the time when they were designated, we were coming right out of the financial crisis. the first two designations were aig and jecc, companies who had had some problems during the crisis. >> some problems? big problems. >> big problems. >> okay. so it should be a sifi? >> at that time. >> a

aig, prudential and g.e.will you comply with our requests about the analysis that went into the designation process? the memos, the correspondence, all that information. everyone here, will you comply with that request? raise your hand if you will comply with the request to provide us that documentation. i got no takers. so, why not? mr. gruenberg, why not? >> congressman, if i may say, you raise a fair question. i think probably want to go back and look at the request. it seems to me the line here is when you're dealing with confidential supervisory information and we're dealing with the three companies you referenced. they are open institutions. so you have to strike a balance there. >> chairman gruenberg, listen, do you know there was a recent attack -- some allege by isis -- in san bernardino? >> yes. >> you know that, right? do you know this body gets intelligence briefings from the fbi in regards to terrorist attacks? i would argue american lives are in danger by these radical extremists. does anyone ar

prudential -- tell us what you like this.put pockets of time, with what's happening in 2015 as opposed to just normal investment in three to five years. , therelook at prudential are three main strengths to its longer-term prospect. in the u.k. we are becoming aware, pension provision is something that needs to be done over a much longer period of time. in the u.s. you have a similar story with the baby boomers, and in china where prudential is very established. those are three very strong things that underpin prudential. anna: and you mentioned this exposure to china, a lot of concern about slowdown in the chinese economy, but the thing about this is that it is geared toward the new china growth story. >> and it is long-term. ,t has obviously been affected as has the wider market, but what you have got to be hoping for when prudential comes to lay the market is that it continues to make progress, and having that geographic diversification, it can pick up the slack elsewhere. anna: are the regulatory concerns around the secto

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fortunately we were able to get all that money back. >> what about metlife and prudenti prudential?>> congressman, with all due respect, i was not there for the prudential designation. with respect to metlife, it is a matter under litigation so i don't think it's appropriate to comment on the reasons for it. >> you all, as fsoc, your underlying call is to prevent excessive risk to the u.s. financial system. and i'm saying is there are certain financial risks to what you are doing, to the actions you all are taking. ms. white, did you all discuss the potential downside of what you're doing here and how it might affect the market? you referred to the guy who made his living regulating insurance and living in the insurance. and sometimes staff have not had that on the ground experience. so regardless of what anybody else says, do you all sit quietly behind the doors and say, hey, i would like to really take a close look at what we're doing? >> i think we have to carry out the mandate we were given, which is basically to identify and address systemic risks to the financial system. i mea

. >> prudential. isadditional fundingio provided by newman's own profitson, donating all from newman's own's food products to charity and good.hing the common the corporation for public broadcasting, and by contributions to your pbs from viewers like you. thank you. once again, live from washington, moderator gwen ifill. gwen: good evening. the massacre in san bernardino oldpredictably revived debates about terrorism and also exposedt has us to something new, the thential that through radicalization of u.s. systems, isis has for the first time that we know of successfully launched an attack on the homeland. director james comey earlier today. director comey: the investigation so far has indications of radicalization by the killers inspiration by foreign terrorist organizations. gwen: pete williams joins us with the latest. what do we know? mentioned isiser specifically but we did learn wednesday'sust as attack inside farook's fellow employees was beginning, his wife, tashfeen malik, sent an to thement

you made the same determination for prudential. and you voted to designate them. and they are not in the lawsuit right now. so i take it you did the same level of preparation in making your decisions for prudential than you did for metlife? >> correct. >> so what was it about the derivative decision that prudential had that made you inclined to vote for the designation? >> well, it wasn't just one item. it was the totality of -- >> i get that. tell me one thing about the derivative position. >> the size of it. i can't remember off the top of my head. it was a huge amount of derivatives. >> huge in relation to what? >> in relation to other institutions, how they were exposed to other institutions, and exposed other institutions -- >> that's not my question. in relation to the size of their assets? >> their exposure. it wasn't in relation to the size of their assets. we view it in relation to their exposure to the financial system of the united states. >> was it a billion dollars? what was the size of their derivatives? >> i don't know. >> thank you. >> the gentlema

. >> reporter: we are here world famous harlem globetrotters at the prudential center in new jersey and we are here with mr. rob powers about to teach him globetrotter magic. >>> probably pickup games outside tonight because of all the weather. record high in islip today at 61, 60 in the park. still 57. >>> following breaking news happening on the upper east side of manhattan where the department of buildings has issued an emergency vacate order. this is happening for a residential building at 346 east 63rd street. the worry is inspectors say that they are concerned that falling bricks from a nearby building that we have been covering all week can penetrate the structure if they continue to fall off. the building is where hundreds of bricks crashed down onto the sidewalk. some falling 35 stories hitting the street, thankfully no one all of this happening monday persists there. >> people can't get in there, obviously no traffic as you can see. what a mess on the upper east side. >>> we move on. have more tonight on eyewitness news at 11:00 on that story. >>> a town in new jersey with its

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. >> prudential. >> additional corporate funding for "washington week" is provided by boeing. additional funding is provided by newman's own foundation, donating all profits from newman's own food products to charity and nourishing the common good. the corporation for public broadcasting and by contributions to your pbs station from viewers like you. thank you. ones again, live from -- once again, live from washington, model rator gwen ifill. gwen: good evening. we've reached that part of the year where everyone begins to take stock. at the white house, the president tried for a victory lap. >> i said at the beginning of this year that interesting stuff happens in the fourth quarter and we are only halfway through. gwen: president obama seemed upbeat, perhaps because he was headed to hawaii. he claimed credit for a budget, criminal justice reform and insisted he does have a plan to defeat isis. peter, does the president have a reason to be optimistic? >> he finished the year better in some ways that you might have expected at the start. he'd just lost the senate and people tho

it.ou can do >> prudential. >> we're committed to strong. we're committed to sure. smart.ommitted to security and bold. in a world of enduring needs, boeing are women of proud to build and deliver capabilities for those who serve to protect our nation and its allies. indurings an commitment. >> additional funding is by newman's own foundation. donating all protests from own's food products to charity and nourishing the good. the corporation for public broadcasting and by contributions to your pbs you.on from viewers like thank you. >> once again, live from washington, moderator gwen ifill. >> good evening. i've got to be honest with you. figuring oute week how to have this conversation tonight. do we focus on the candidate himself? a new wall street journal nbc of americansws 57% object to trump's proposal to temporarily ban muslims from entering the u.s. but trump will be the first one to point out that so far, this polls, hurt him in the where he continues to hold the lead in iowa, new hampshire and nationally. >> worst thing that's ever happened to isis, the peop

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prudential bring your challenges made in america christmas is back. so many of you sending us your ideas. tonight, we take you to a famous stop in new york for so many tourists. this year, with a made in america twist. just four days away now, the most wonderful time of the year. the christmas trees outside our studio every year. hi, merry christmas. and even about the trees, we ask, are they made in america? >> north carolina, pennsylvania. >> reporter: and price? >> how much you want to give me? >> reporter: how much you want to sell it to me for? so many visitors hailing a cab, goingmacy's window, and we do, too. macy's celebrating the 50th anniversary of "a charlie brown christmas." the sad little tree coming to life. the macy's scenes ss made in america. sand sanding, sculpting, painting. viewers like amy sending their ideas. >> hi, david. i just got my new flat wear from america. >> reporter: liberty table top from upstate new york. the steel from pittsburgh and tennessee. 5,000 to 6,000 peoples and hour. and the young entrepreneurs. emily, hey.

prudential, bring your challenges.ng america" is brought to you by prudential. prudential, bring your challenges.tt2watz'@f4 "a`n_bl tt2watz'@f4 bm`nti@ tt4watz'@f4 " dzlq &,\ tt4watz'@f4 " enlq v(< tt4watz'@f4 " gzl& o/d "show open " sabrina: elias: a quick check of traffic this morning... this is i-235 at conditions] elias: good morning i'm elias johnson... it's 7:56. elias: another drops out of the republican presidential nomination race. george pataki has decided to end his presidential campaign. the former new york governor failed to gain traction in the polls, averaging one percent, which also kept him off the primetime debate stage. that leaves a dozen major candidates still vying for the party's nomination. elias: elias: a major upset on the hardwoods last night. the iowa hawkeyes men's basketball team defeated number one ranked michigan state in iowa city. this is the first time since 1999 that the hawks knocked off a #1 ranked opponent. at no point did the hawkeyes trail behind michigan state in their big ten opener, taking the win 83 to 70. sabrina: m

aig, prudential and ge. will you comply with our requests about the analysis that went into the designation process? the memo, the correspondence, all that information? everyone here, will you comply with that request? raise your hand if you'll comply with the request to provide us that documentation. i got no takers. so, why not? why not? >> congressman, if i say, you raise a fair question. i think i would probably want to go back and look at the request. it seems to me the line here is when you're dealing with confidential supervisory information and we're dealing with the three companies you referenced, they are open institutions. so you have to strike a balance there. i take your point. >> listen, do you know that there was a recent attack -- some allege by isis in san bernardino? >> yes. >> you're aware of that, correct? do you know that this body gets intelligence briefings from the fbi in regard to isis and terrorist attacks? now, i would argue that american lives are in danger by these radical extrem

prudential, bring your challenges. ng america" is brought to you by prudential.allenges. >>> good morning. i'm reggie aqui. you may have noticed it's a little cooler when you get out there this morning. lisa argen is standing by to look how much warmer it will get today. hey, lisa? >> hey, reggie. increasing clouds. not as warm as yesterday. you can see san francisco here. temperatures are in the upper 30s in oakland. low 30s morgan hill. still cold around san martin and san martin and morgan hill, but a possibility of a few light showers in the north bay. low 50s today. sue? black ice an issue in several locations. off of highway 24 remains closed until that ice melts. also areas of napa and sonoma county, black ice. extra caution. and an accident out of lanes but apparently debris in all kinds of lanes in this area and that car at least one of them, smoking on the side of the road. expect minor delays. i see a little red sensors there. once again, southbound in the fremont area near auto mall parkway. a couple cars off to the shoulder and minor delays. >>> back

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