yellin is an extraordinary candidate to lead the federal reserve. she currently serves as a member and vice chair of the board of governors. she previously served as a member of the board of governors in the 1990's. she was a chair of the -- of president clinton's council on economic advisors and she served six years as the president of the san francisco fed. in addition, dr. yellin has an impressive academic record. she is a professor at berkeley's school of business and was previously a professor at harvard university as well as a faculty member of the london school of economics. dr. yellin graduated suma cum laude and received her phd in economics from yale. the nomination is especially timely as our nation struggles with high unemployment in the wake of the great recession. she has devoted a large portion of her professional and academic career to setting labor market, unemployment, monetary policy and the economy. dr. yellin also has a strong track record in evaluating trends in the economy. her academic analysis has been spot on. the "new york

the reserve for claims that require an actuary specialist to perform a reserve. the actuarial is hewitt who projects the claims but not reported as of fiscal year end and the analysis is for final year-end to report a liability and expense. so what we have to do, we also have an actuary who independently performs an analysis of that same data and compares it to the analysis and we ensure that they are capable and confer that they did appear adequate and did fall within the reasonable range of our actuary as well. audit adjustment, there were no proposed or past audit adjustments. that means there are very good records kept. and kept in line with other general communications. we did not have any disagreements or difficulty with our management. to our knowledge there were no consultations with not being able to agree on interpretation of principals. prior to services, we did not have discussions outside of the normal course of the audit and finally material written communications, first we get an engagement letter that documents the contracts and county wide and fi

i reserve any time. the chair: for what purpose does the gentleman from washington seek recognition? mr. hastings: i rise in opposition to the amendment. the chair: the gentleman is recognized for five minutes. mr. hastings: i yield myself such time as i may consume. the chair: the gentleman is recognized. mr. hastings: i rise to oppose this amendment. to be clear, nothing in this act prohibits individuals from asserting their right to petition the government. in fact, it would be ridiculous for taos try to write a statute that would negate the first amendment. nothing in this bill does that at all. let me talk about the process here. the b.l.m. undertakes multiple players of rule making and environmental rue view when going through their federal actions. nearly every layer of this rocess allowers in opportunity for public comments, involvements, and questions regarding b.l.m.'s actions. nothing, nothing, mr. chairman, in this legislation, impacts an individual's right to comment, petition, and object to

federalism reservation could, i think, be drafted to be somewhat stronger than the reservation that currently reservation attached to the resolution for ratification that came out last year. conceivably such a reservation would make very clear what the e numb rated powers that congress possesses are. and reserve out of any obligations that couldn't be satisfied through the exercise of those powers. with respect to the interpretation issue, i think a set of understanding could be drafted that would make very clear that the united states does not accord any significance to the interpretation of the convention afforded by the committee. i think it would go a long way toward addressing the concern that the convention might be used to interpret federal statutes including essentially preexisting federal statutes like the a. d. a. the current understanding or the understanding that was attached to the ratify caption last year spoke only the issue of whether or not there was the authority to legally compel changes to u.s. law. the committee clearly does not have the authority to legally compel the ch

the only limitation on the reservation process being such that reservation shall not be incompatible with the object and purpose of the convention inspect in article i the convention states its purpose is to promote, protect, and ensure the full and equal joiment -- enjoyment of all human rights and fundamental freedom by all person with disability and promote respect for the inherit dignity. because the object and purpose of the disabilities treaty is to recognize and provide disability rights for persons with disabilities, it includes by the committee last year fall well within the legal standard. the claims that somehow ratification will undermine u.s. sovereignty are misplaced. some have raised alarm over the existence of disability committee treated -- created by the treaty. it would have only an advisory role and no call -- and legal standards. nothing in this treaty prevents parents from home schooling or making other decisions about their children's education. the convention that braces the principle of the individuals with disabilities education act, adopted in this country

holt: i continue to reserve. the chair: the gentleman from new jersey reserves. the gentleman from washington. mr. hastings: mr. chairman, let me inquire of my friend from new jersey if he's prepared to close. we had some further requests, but i don't see them and sometimes they don't get their time when they come down here. i ask if he's prepared to close. mr. holt: i say to the gentleman from washington, we are in the same situation. i was combecting a few other speakers -- expecting a few other speakers. not seeing them, i'd be prepared to close. mr. hastings: i reserve my time. the chair: the gentleman from washington reserves. the gentleman from new jersey is recognized. mr. holt: mr. chairman, here is a partial list of the federal laws, rules and regulations that could not be enforced were this bill to become law. the endangered species act, the migratory bird treaty act, the national park service unit. the oil and gas operations in national wildlife refuges, the casing and cementing regulations. such as should have been applied in the deepwater horizon cas

so forevermore we have that reservation. if we think we have leverage on other countries we should expect they would have leverage on us and it may make it hard to us to stick to the exceptions we tried to carve out with the ruds and that is a problem. >> you may have entered my follow what but the issues you raised can be fully addressed through ruds other than the last point. do you think the legal points -- >> there are two issues here and one is can we anticipate every possible difficulty and provide for it in advance with ruds? if we are real imaginative and work hard. even then, there's the question what does it mean to ratify a treaty, we have 28 or 32 exceptions we are taking but otherwise we are really part of it. if we have enough ruds saying we are not part of it if we are not part of a while we pretending to be part of it. there is that problem and the second problem is on any particular one of these exceptions if the monitoring committee, the committee of experts says no, you are wrong, that is not valid, do we

>> not that the federal reserve. >> i am asking about the federal reserve at the united states of america. >> no. >> would you describe what you ?re doing you describe quantitative easing. is that the stimulus for the economy? you use the term monetary tool. is that what you would use to stimulate the economy? >> it is attempted to push down longer-term interest rates and stimulate demand in spending in the economy. is this something they have a spouse over the years at times when you have high unemployment -- they have espoused over the years when you have high unemployment? about if theow canes thought about it. they have written about something that is basically asset,and demand, buying then it may be possible to push down there yields. >> it was said several years ago that china was buying our bonds. isn't it true the federal reserve is a sickly the buyer of our bonds? for the most part? >> we are purchasing a substantial wanted tea of treasury and mortgage backed , but we certainly are doing so for the sake of helping the government finance the deficit. in circumstances where we have

the chair: does the gentleman reserve? mr. cohen: i reserve. the chair: who seeks time in opposition? the gentleman from virginia. mr. goodlatte: mr. chairman, i claim the time in opposition to the amendment. the chair: the gentleman is recognized for five minutes. mr. goodlatte: thank you, mr. chairman. this amendment would exclude asbestos trusts that have in place internal audit systems from the requirements of the fact act. there has not been any evidence presented to establish that trusts with internal reporting systems are free from fraud. on the contrary, a g.a.o. report found that trust audit processes are designed to ensure compliance with internal trust procedures, not to remedy the fraud that the bill seeks to address. simply put, internal audits will not be able to detect whether dess per ate claims are filed under asbestos trusts or in the state court. excluding certain asbestos trusts from the fact act would eliminate critical sources of information that can facilitate the reduction of fraud. furthermore, the amendment would not a

yellen, but our clients are concerned about the policies of the federal reserve. they would like to see the federal reserve begin a process of heading back toward a market driven approach to interest rates. there will be pain associated with that. this drugen taking for five years. you cannot slow down without some pain. the fear on the part of our investor clients is that you cannot stay on the drug forever. -- sooner we begin her to the sooner we begin to take steps to take us back to a sustainable environment, they would feel a whole lot better. many clients who anticipate crashes in the market is because of concern about the policies in the federal reserve. >> you are not saying ben bernanke is a drug pusher will -- drug pusher? >> not in the least.

i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from washington is recognized. mr. hastings: i'm pleased to yield one and a half minutes to the author of this legislation the gentleman from colorado, mr. lamb born. the chair: the gentleman is recognized. mr. lamborn: i thank the gentleman. i want to applaud and commend my colleague for his concern and thoughtfulness to the people impacted in colorado. many of which were in his and representative cory gardner's district, some town farther south in my district where there was unfortunately some los of life also. we all share that same concern. to put things in perspective, though, when we look at the oil and gas impact of the flooding, there was no hydraulic fracturing going on during the flooding and the spillage that was later determined to have taken place was relatively minor. there were about 1,000 gallons, excuse me, barrels of oil and gas spilled with about 400 barrels of production water system of that's about 1,500 barrels which is about 62,000 gallons. to put

the fomc has clarified the federal reserve objectives and policy strategy. because of its dual mandate for the congress the federal reserve could not adopt a numerical inflation target as its exclusive goal. nor would it have been appropriate for the fomc to provide a fixed objective for some measure of employment or unemployment in parallel with the inflation objective. in contrast to inflation, which is determined by monetary policy in the longer run, the maximum level of employment that could be sustained over the longer run is to determine primarily by none monetary factors, such as dem graph irks, labor market institutions and advances in technology. moreover, as these factors involve, the maximum employment level may change overtime. consequently, it's beyond the power of a central bank to set a longer run target for employment, that is independent of the underlying structure of the economy. the approach on which the fomc agreed is described in a statement of longer run goals issued january 12th, and reaffirmed january of this year. the statement begin

they told countries they should remove all reservations and this includes reservations that preserve the se prep sigh of national institutions over the treaty if there's a conflict. now, in theory, they have no authority to interpret treaties in ways that create new obligations or alter the substance of the treaty. in reality, they are accepting the interpretations as creating new obligations. the high court of colombia changed their laws as authoritative. spain liberalized it in 2010 stating it did so because of the treaty, and, also, the world health organization's definition is one rejected by u.n. member states for 20 years. now, third, these cases could reverberate in the law. they are not isolated in just this term, but a problem affecting a wide range of social and economic policies that americans care about. the u.n. human rights treaty system is in disarray. now things are so bad last year that the u.n. general assembly launched a process to attempt to hold them accountable. even the united states said in those negotiations that before americans give more money to the u.n. h

this year is the one hundredth anniversary of the federal reserve act i think that after a century people would have a better understanding of the history and wall of america's central banking system while the federal reserve act was drafted in congress the roots extend back to nine hundred ten but a secret meeting between rhode island senator nelson eldritch a group of wealthy and powerful financial figures the select group of influential men convening for a ten day top secret meeting on jekyll island just off the coast of of georgia and what resulted was a plan for something called the national reserve association an institution that would handle government debt to remain privately run and one hundred thirteen president woodrow wilson signed the federal reserve act codified in america's most powerful financial institution one that is neither federal nor holds any reserves so we're going to help me break down some questions and this conceptions about the very complex workings of the federal reserve system i'm joined by a host of artie's boom bust erin ade what. have you got to her. you l

systems of the federal reserve was the u.s. central banking system concocted a jungle island the original intent as you said was the kind of. stabilize the booms and busts of the economy what it turned into though i mean it seems like it started off as a criminal. and it was actually kind of came out like you said you know there was a bunch of the banking barons of the day were there and they all convened pretty island off the georgia and they had this private meeting where they said it came shortly after nine hundred seven the big crash then and they all got together after ten days they came up with the solution they were going to create the national reserve association which would kind of morph into the federal reserve act which would morph into the central bank as we know it today in the central bank basically what they wanted to do they modeled it after the german model actually the term daddy warbucks came out of he was a big banking baron in germany there are plenty of countries the central banks but you know the meeting

this year is the one hundredth anniversary of the federal reserve act you think that after a century people would have a better understanding of the history and role of america central banking system while the federal reserve act was drafted in congress the roots extend back to nine hundred ten with a secret meeting between rhode island senator nelson eldritch a group of wealthy and powerful financial figures the select group of influential men convening for a ten day top secret meeting on jekyll island just off the coast of virginia of georgia and what resulted was a plan for something called the national reserve association an institution that would handle government debt to remain privately run and one hundred thirteen president woodrow wilson signed the federal reserve act codified in america's most powerful financial institution one that is neither federal nor holds any reserves so we're going to help me break down some questions and misconceptions about the very complex workings of the federal reserve system i'm joined by a host of artie's boom bust erin eight of what is a i hi

maintains its position as a supplier of reserve assets to the world it cannot run a. trade balance or budget balance for anything but a very short period of time ok now dick cheney he once said that i want to get this straight reagan proved that deficits deficits don't matter he was more in boston by both sides for making this this comment do you agree with mr cheney on the deficit matter. means me to say so but i do can you expand please well this was the experience the people in the reagan administration had that they launched a program based upon a very large tax reduction very large increase at least one aspect of government spending. and they were threatened with the same kind of calamitous financial outcomes and yes interest rates went up in the early reagan years and i t v one eighty two but then they stabilized and came down again simply because the federal reserve changed policy so it became clear that the reagan administration could in fact get away in the world the climate that was just being established at that time with the financial. posture that they to

and reserve knew how. the refining process requires vast amounts of water anproduces 2 tons of sandy residue, called tailings, foevery ton of iron pellets. and that creates a problem. those tailings have to be put somewhere. and for years, the cheapest place to put them was the lake. that upset a lot of people, like environmentalist alden lind. e save lake surior associatiostarted in late '69 and came about largely because of concerns of people who lived in the silver bay vicinity about the impact of the tailings disposal on lake superior. schoumacher: it wasn't long before a new federal agency got involved. dr. phillip cook remembers. cook: i think there was ki of a gut action of people living in the area, who were... more environmentally concerned, that something that big was a problem. they didn't really, at first, have any specific concerns, other than it looked like the lake was getting cloudy and there was obvious turbidity being caused in the immediately vicinity of the discharge. but, you're right,

maintains its position as a supplier of reserve assets to the world it cannot run a. trade balance or budget balance for anything but a very short period of time ok now dick cheney he once said that out loud want to get this straight reagan proved that deficits deficits don't matter he was lying bastard by both sides for making this this comment do you agree with mr cheney on the deficit matter it pains me to say so but i do can you expand the well this was the experience the people in the reagan administration had that they launched a program based upon a very large tax reduction very large increase in least one aspect of government spending. and they were threatened with the same kind of calamitous financial outcomes and yes interest rates went up in the early reagan years and i think eighty one eighty two but then they stabilized and came down again simply because the federal reserve changed policy so it became clear that the reagan administration could in fact get away in the world the climate that was just being established at that time with the financial. postur

central banking systems is the federal reserve was the u.s. central banking system concocted jackal island the original intent as you said was the kind of. stabilize the booms and busts of the economy what it turned into though i mean it seems like it started off as a criminal. well actually it kind of came out like you said you know there was a bunch of the banking barons of the day were there and they all convened in a pretty island off the georgia and they had this private meeting where they said it came shortly after nine hundred seven the big crash then and they all got together after ten days they came up with the solution they were going to create the national reserve association which would kind of morph into the federal reserve act which would morph into the central bank as we know it today and the central bank basically what they wanted to do they modeled it after the german model actually the term daddy warbucks came out of he was a big banking baron in germany there are plenty of countries the central banks but you know the meeting

maintains its position as a supplier of reserve assets to the world it cannot run a. trade balance or budget balance for anything but a very short period of time ok now dick cheney he once said that i want to get this straight reagan proved that deficit deficits don't matter he was mombasa by both sides for making this this comment do you agree with mr cheney on the deficit matter pains me to say so but i do can you expand please well this was the experience the people in the reagan administration had that they launched a program based upon a very large tax reduction very large increase at least one aspect of government spending. and they were threatened with the same kind of calamitous financial outcomes and yes interest rates went up in the early reagan years and i think maybe one maybe two but then they stabilized and came down again simply because the federal reserve changed policy so it became clear that the reagan administration could in fact get away in the world the climate that was just being established at that time with the financial. posture that they took

maintains its position as a supplier of reserve assets to the world it cannot run a. trade balance or budget balance for anything but a very short period of time ok now dick cheney he once said that out loud want to get this right reagan proved that deficit deficits don't matter he was my master by both sides for making this comment do you agree with mr cheney on the deficit matter it pains me to say so but i do can you expand things well this was the experience the people in the reagan administration had that they launched a program based upon a very large tax reduction very large increase in least one aspect of government spending. and they were threatened with the same kind of calamitous financial outcomes and yes interest rates went up in the early reagan years and i think eighty one eighty two but then they stabilized and came down again simply because the federal reserve changed policy so it became clear that the reagan administration could in fact get away in the world the climate that was just being established at that time with the financial. posture that the

i see no difficulty with making these strengthened reservations. but i also don't think they are absolutely essential. why? because professor bradley acknowledges and what is clearly understood the convention -- the congress is already adopted the reservation that has declaration that has the convention being nonself-executing. which he acknowledges would have the effect of preventing the convention from being judicially enforceable on its own terms. therefore, it can't be used to justify legislation that would not be ordinarily under our institution and can't be justified. can't be used to justify interference with our system of federalism beyond what would ordinarily be possible under the institution in the ab sen of this treaty. so i don't think it's absolutely essential but i also think it's already been done but very strong reservation i think note difficulty in adopting these stronger statements. i think on home schooling which has been an issue in the past. i think it's been dissipated, thankfully. i want to express my own support for school

when you pay a premium, you are paying into a reserve. so the cea builds up a reserve. they can't build up the reserve otherwise. that's how their building it. the national flood insurance is a public pool. the same thing is true there. they didn't have enough in their reserves to pay out the returns. congress had to pass legislation to authorize the replenishment. that's how these pools are set up. government is involved in how the additional funding comes. i am not specific with how it works in california. part of the reason states are putting this up as opposed to a company that does this. >> so, how do we as a homeowners or renters know who is a sound structural engineer? >> how about i answer since i'm not an engineer. you can take comfort, we in san francisco have the largest community of seismic activity and structural engineers. we have a lot of concerned citizens that aren't engineers that are asking questions like you're asking. i think the essential questions on how your building is going to do, there's going to be a lot of consensus on any group of engineers

the only limitation on the reservation process is that such reservation shall not be incompatible with the object and purpose of the convention. in article one, the convention states its perp this is to tomote -- its purpose is protect and promote the equal enjoyment of all human rights and freedom, by all persons with disabilities and to promote respect for their dignity. because they the object and and provideecognize disability rights for persons with disabilities, the rud's are within the standard. the claim that somehow ratification will undermine u.s. sovereignty are misplaced. some have raised alarms over the existence of a disability the treaty.eated by it would have an advisory role and there would be no call for it to be entered as a law under its constitution and legal standard. nothing in this treaty prevents parents from homeschooling or making other decisions about their children's education. the convention embraces the --ples of individuals with which emphasizes the importance ofthe role of terrance children with disabilities in making decisions on behalf of their childr

i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from massachusetts. mr. mcgovern: mr. speaker, at this time it's my privilege to yield three minutes to the gentleman from new jersey, mr. andrews. the speaker pro tempore: the gentleman from new jersey is recognized for three minutes. mr. andrews: i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized. mr. andrews: thank you, mr. speaker. i thank my friend for the time. in march of 2010, the president signed the affordable care act, and in that law there was a provision that said on january 1, 2014, if insurance plans did not have important consumer protections, like getting rid of lifetime policy limits and annual limits, that they couldn't be sold any more. so for over for over 3 1/2 years the insurance had notice the day was coming when they could not sell these plans anymore. they chose to wait until the last couple weeks to send out notices to millions of americans saying they couldn't renew

it's fascinating to adjust to will a reservation, the blackfeet reservation, growth.ohn: there is not much development. very few farms. here is one. >> you can see this same thing on manas reserves were they have managed to develop an industrial park. they are creating jobs, wealth, and at least getting 1 foot up the ladder out of poverty. john: i'll give you the last word. >> well, what we have to do is reserve -- reverse 500 years of colonization. but first nations, indian tribes in theedriver's seat. we can be successful where the federal governments in both countries a failed. the only way that that ultimately can be resolve this by granting us the right to be able to own our romance. john: thank you, terry anderson, may joules. coming up, the return to my local park. why is it so nice and so many are a mess? up next, how clever ways to mark property helped make america rich. we've completely integrated every step of the process, making it easier to try filters and strategies... to get a list of equity options... evaluate them with our p&l calculator... and execut

the only limitation on the reservation process -- such reservation should not be incompatible with the object in person -- or of the convention. in article one, it states the purpose is to promote, protect, and in sure the equal enjoyment of all human rights and fundamental freeman -- freedoms by all persons and to vote respect for their inherent dignity. toause the object is recognize and provide disability rights for persons with disabilities, the ruds fall well within this legal standard. the claims that ratification will undermine u.s. sovereignty are misplaced. this committee would have an advisory role and there would be no call for its being entered as a law under our constitution. nothing in this treaty prevents parents from homeschooling. this emphasizes the importance and the role of parents with -- of children with disabilities. and of the children's parents with disabilities choose to homeschool. the convention specifically recognizes and protects the important role of the family. ratification of the disability rights convention is an opportunity to export to the world the

in china's favor to accumulate foreign exchange reserves a deputy governor of the central bank said in the speech organized by china economists fifty four meshing wa university he added that they are you on is actually perhaps helping more chinese than it's harming them i.e. the middle class is able to their purchasing power rises as u.n. rises you're laying out a geo political situation where iran was calling the shots more than people recognizing because they were trading oil for gold that's a possibility to look at this as i have with the gold being traded for oil so that that was what forced the cord and it's stirring the pot in the region because of course it sets up saudi arabia and israel and iran and in the u.s. and the u.k. are all having to rearrange their seats at the table but based on iran using the gold card china which is also exerting some leverage by exerting some other levers in the global economy that are not recognized by the west as it were and yet you see the subtle shift taken place well exactly because everybody said that we're on a petro dollar standard you

the crow were on the reservation. the flathead were on the reservation. the shoshone were down in wyoming on the reservation. everybody else was on a reservation but this chippewa poly ethnic group of people, they want on a reservation. there was no treaty so they had to be ethnically cleansed from the territory. and that's basically from the early 1870s, there were a couple of examples in 1868 after the civil war, but really it started in earnest in the early 1870s all the way to 1896. there was an ongoing campaign of ethnic cleansing of this group of people from the border region. this modern group of people, they had towns. there were fully developed towns with blacksmith shops and schools and churches and framed buildings and logged buildings, and still people live in their skin lodges or the canvas tends and there was a mixture between the townspeople and the buffalo hunting people and they would maintain their winter ground. what i mean to say is there was a full developed society, a modern aboriginal society. troops would come in and they built the

and the federal reserve system works jointly on these reviews. supervision of, say, one or two of the large institutions. it's also become an intradisciplinarian matter, where economists and lawyers are involved in, so we've learned -- we've learned a lot there about supervision. i would say one of our top priorities now is ramping up our monitoring of the financial system as a whole, to detect financial stability risks. i think that's something we weren't doing in an adequate basis before the crisis. and so, we missed some of the important linkages whereby problems in mortgages would rebound through the financial system. >> well, thank you very much. thank you, mr. chairman. i just want to say, dr. yellen, when you're confirmed -- and i very much hope you are confirmed -- that i'm very glad to hear you will make it a top priority for the federal reserve to engage in the supervisory and regulatory responsibilities that help keep our financial system safe, and that cannot be something that is merely an afterthought, but has to be a primary effort

david: $1 reserve president agrees with you. great to see you again. appreciate it.th magazines, especially after the financial crisis. a comeback story from the dead. domino magazine, shudder, such a following. a very significant come back with a whole new look and silicon valley. hal is this company doing things differently this time around? could it spark sales of the publicly traded company? we talked to that to media group founders next. david: the weekend box office record. it broke november records. how well did the film to in the u.s. as opposed to what it did overseas? why is it doing so well over there? maybe not so well over year. we break down the numbers and check out what is next for lions gate. ♪ you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be baker. [ woman ] i wanna be a pie maker. [ ma] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ ♪ no

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excess reserves have exploded, from $267 billion in october 2008, to $2.2 trillion today.ghly two-thirds of all the money created by quantitative easing. >> banks used the cash that they got from the federal reserve to improve the quality of their balance sheets. now it's also the case that they decided to lend only to the most credit-worthy borrowers. >> reporter: banks don't have to lend excess reserve to his realize a return because the fed pays a quarter of a percentage point interest on them. >> the policy of paying interest on extra reserves weakens the impact of quantitative easing on the economy, on the willingness to lends and, probably should be stopped. >> reporter: meanwhile, the fed is still buying $85 billion worth of bonds a month. >> we have begun to wonder if this is actually some sort of "q" he stern at this. it the could be another chance before the federal i federal res back on its asset purchases. >> reporter: purchases many americans are still waiting to feel richer for. patricia, al jazerra, new york. >> the number of loans the -- the value of loans

we will get pressure to remove every one of our reservations . >> but to remove those reservations, that would require congress to act to remove those reservations. do you think -- >> forgive me, i was not clear. there are a lot of folks that spoke today that think we are owing to lose credibility altogether. if we do not ratify, we will be out of the table. i think that is excessive. we will maintain our credibility. 138 countries have already ratified without us ratifying. great britain. spain has passed a comprehensive law. african nations are making differences. even without us ratifying, and time and again i hear when i am at the u.n. from delegates, you are the leaders on this. we understand you have not ratified but you are still the leader. again, i think we go down this path and go through reservations if we are afraid by ratifying, we have gone too far. we arty have the authority, credibility, and leadership to make a difference around the world. >> would you work constructively to do what we can to get to a place where these ruts alleviate most of the concerns you have? i know

i began serious philosophical reservations about what the fed was doing and i decided to apologize to america as the black friday shopping in the us we look at where the wild buying spree of the federal reserve has landed the american economy. started. and nothing came out which was very frightening. great horrible a lot of fear. and if those side effects of fracking weren't enough communities in texas and also had to cope with earthquakes which some blaming on the new method draining our top story. this is r t international live from moscow with twenty four hours a day. police have been deployed on independence square in the ukrainian capital where thousands have been besieging the parliament building. demonstrators are angry that the country's president refused to sign an association deal with the e.u. during an eastern bloc summit. in kiev. several hundred riot policemen arrived on the scene and created some tension they were here to literally cordon off the streets just to not let the people out on the street and now the traffic has been suspended and people are protesting not onl

the federal reserve system works jointly on these reviews. we no longer delegate to individual reserve banks the 2 of these of 1 or large institutions. it has become an interdisciplinary matter. with economists, lawyers, and others involved in this. we have learned a lot about supervision. one of our top priorities now is ramping up our monitoring of the financial system is able -- as a whole. that is something we were not doing on an adequate basis before the crisis. we miss some of the important links by which problems and mortgages went through the financial system. >> thank you very much. i just want to say, dr. yellen, when you are can armed, i am glad to hear that you will make it a top priority of the federal reserve to engage in supervisory and regulatory responsibilities that help keep our financial system safe. that cannot be something that is merely an afterthought. it has to be a primary effort on your part. >> thank you senator. i completely agree with that. >> thank you very much. governor, yound have demonstrated your rest them

i see no difficulty with making these strengthened reservations. but i also don't think that they are absolutely essential. why i ask because as the professor acknowledges and what is misunderstood in the convention of the congress already adopted a reservation and that were declaration that has the convention of being non- self-executing which he acknowledges will have the effect of preventing the direction from jude being enforceable on its own terms. they justify legislation that wouldn't be ordinarily mystified under our constitution which can't be justified and can't be used to justify interference with our system of federalism beyond what would ordinarily be possible. i don't think that it's a sensual but i think that if it's already been done by this very strong reservation of the non- execution no difficulty adopting the stronger statements. on home schooling which has been an issue in the past, it's been dissipated thankfully i want to express my own support for school choice i think i'm well known for this, homeschooling has blossomed und

just like we did for online restaurant reservations, you don't want to call.ou want to make it online. you want to settle the check through the mobile app, very much so. >> that's what we're after. >> that would be just fabulous. >> and we're going to have that piloted by the end of the year in san francisco. >> it is the worst moment now when i go to a restaurant. it is by far the worst moment. that would be terrific if you solve that. >> we're working on that. >> one last question, could you ever do social? because mark benioff, i know you guys, i go to your website, and there you are, he has preached to me, i know we're going out to dream force, he's preaching, you got to have social, mobile, cloud. yelp's the social thing. can you do a social thing somehow? >> absolutely. we have a tremendous opportunity to layer the social graph on top of our review. >> really? >> we already have more reviews for our restaurants than anybody. >> okay. >> so it's saying what are my friend's reviews of this particular restaurant. >> that's where you're going? >> absolutely.

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