allall the banks made the reserves in the central reserve. in americain america each bank kept its own reserves. 's rainy day money, ask your money. i say kept their own, they would keep them in a vault or park them in a bigger bank the paid higher interest. the bank in tacoma might've caps on this reserves in a bank here in seattle. the bank in seattle might've kept its reserves in a bank in san francisco. but whenever there was tightness whole system would backup. they would call the money and and you get this money tightness and sometimes a panic. this would happen to some extent every fall when the harvest season came in every farming community command back then they hope more than half the population of the us. farming communities would need cash to fund the harvest, pay field hands, finance equipment, great houses, all of that cash drain out of the cities and there would be a mini panic. paul warburg saw this very soon after he immigrated and he was absolutely astonished. i want to take you to an episode, the reaction right after. warbu

all the banks had the sentra reserve. in america each bank kept its reserves. rainy day money, extra money. it keeps them in the ball where they might put them in a bigger bank to pay higher interest down the block. a brink into, might've kept its reserves at the bank in seattle and the bank in seattle might've kept its reserves in the bank in san francisco. both system and backup. the bank into, what colin money from seattle. and you would get this money tightness symptoms of panic throughout the area and sometimes throughout the country. this is what happened to some extent, every fall when the harvest season came and back then farming communities held more than half the population in the united states. they were a big part of the economy. they would need cash to fund the harvest, finance equipment, green houses, all of that. cash would drain out of the cities. rates in new york would go up to 100% sometimes. paul warburg saw this very after he immigrated to the united states than was absolutely his amish beard i went to take you now to an episode that shows

does the gentleman from new york reserve? mr. engel: sorry. i reserve. the speaker pro tempore: the gentleman reserves. the gentleman from california is recognized. mr. royce: i yield to the chairman of the foreign affairs subcommittee on terrorism, nonproliferation and trade, judge ted poe. he's also an original co-sponsor with me on this legislation. the speaker pro tempore: the gentleman from texas is recognized for three minutes. mr. poe: i thank the speaker and i thank the chairman and the ranking member for bringing this piece of legislation up to the house floor. mr. speaker, north korea is a world threat. a nuclear world threat. its leaders are outlaws with no redeeming social character in their souls. and we need to operate with them knowing this. last week north korea tested another nuclear weapon. as chairman of the terrorism, nonproliferation and trade subcommittee, i held a hearing in october and predicted this test would happen again. with iran about to receive hundreds of billions of dollars for its illegal nuclear program, we shouldn't be

. 626-0303 right now to reserve your 100 dollar ticket. every dollar helps children fighting we are following breaking news this morning out of a chesapeake where six people are dead in what police are calling a murder suicide. newschannel threes stefania okolie is live outside of a home on north george washington highway and this just in from newport news: a driver slammed into a home on chestnut avenue. we just got news fire department. we )re told the driver lost control taking the exit of i-664 and hit the home. here )s another picture -- we re told the home has been condemned. the fire department says no one was seriously hurt. today marks the 30th anniversary of the challenger tragedy. nasa will pay will tribute to the crews of apollo 1 and space shuttles challenger and columbia, as well as other nasa colleagues, during the agency )s day of remembrance. seven members of the challenger crew died on the morning of january 28, 1986, when a booster engine failed, causing the shuttle challenger to break apart just 73 seconds after launch.

call 757- 626-0303 right now to reserve your $100 ticket. every dollar helps children fighting cancer. heres a look at the dream home - heres a look at the dream home - construction is underway for this near half- million dollar home-- this is in the hanberry woods neighborhood in chesapeake )s great bridge section. and if you get your ticket early--- you )ll be eligible to win a 2016 chrysler 200 limited sedan-- that )s courtesy of hall automotive and our community partner southern bank. the money goes to help children look, i know you're a cow and all. and you may not know what i'm talking about, but, uh. the yogurt made from your milk, is delicious. tracking rain and warmer temps....have your rain gear handy. scattered showers are in your forecast today, courtesy of an area of low pressure that will track off the north carolina coast. a few rain showers are possible in the morning, and with cold air in place, a couple of snowflakes we )re not expecting a big event. by afternoon, scattered rain will be around. otherwise, expect mostly clou

the commission means we will need a greater reserve component to meet demand. the army has developed but not yet fully implemented the assessment methodology for evaluating training readiness. nor those of you who don't know, the highest training level is called t-1. thus the objective t name. objective t is based on quantity final measurements and strongly recommends the army implement it quickly. for more information on these topics, they can be found on chapter one of the report. >> i spent my first years in the department of defense. comp d had a motto, we're not happy until you're not happy. so we don't get invited out on a lot of dates. i appreciate the chance to serve. one primary assignment of this commission was to look at the apache transfer issue. it is part of the aviation restructu restruck initiative or ari. we focused on the apache transfers in accordance with the law. the commission gathered extensive information. i will say in the aviation area, we use that information to evaluate options based on four criter criteria. how well could you handle

there's no apaches in either the guard or reserve. finally, ari works counter to the one-army goal of the commission. apaches under ari would be one more area where there's not a connective tish sthu between the regular army and the guard. we looked at the national guard bureau as well. it keeps substantial surge capability, but less wartime capacity in the ari. we looked at a wide range of options. in the end, we recommend that the army maintain 24 battalions of apaches. they would each be equipped. we would modify ari to keep four battalions of apaches in the national guard. it would be equipped with 18 apache helicopters. you need 24 to fight. so what you would do is borrow helicopters from another unit. it works, it's something the guard does fairly routinely and they're not all deploying at the same time. the commission option provides more wartime capacity than the ari. it also provides some surge capability. it does add to costs. and that is a potential disadvantage. we estimated operating costs would go up 165 million a year u

speaker, i reserve. the chair: the gentleman from michigan reserves. the gentleman from pennsylvania is recognized. >> mr. chairman, i now yield two minutes to the gentleman from ohio, a member of the judiciary committee and chairman of the small business subcommittee, congressman chabot. the chair: the gentleman from ohio is recognized for two minutes. mr. chabot: i thank the gentleman for yielding. thank you, mr. chairman. i rise today in strong support of this bill and commend my colleague from georgia, mr. collins, for his leadership on this very important issue. we all know that small businesses are the foundation of our economy. and creating seven out of every 10 new jobs in the american economy. that's how many jobs are created by small businesses. mr. chairman, we also hear from small businesses from all over america, from our own congressional districts, that new and old regulatory burdens continue to make it more difficult for them to expand and grow and create more jobs. the constitution gives us the duty in the house of representatives to p

i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from rhode island. mr. cicilline: i yield myself such time as i may consume. just to respond briefly, we've heard a will the about clearing the underbrur and -- underbrush and scrubbing the regulation bus the reality is, if this legislation passes, there will be certain regulations and it will require the v.a. who is in the midst of major reform to not move forward on its regulations that are intended to improve the lives of veterans until they find another regulation to repeal that someone has determined is of equal cost. so the reality is, it will delay implement eag of these improvements. we can describe it as clearing the underbrush and scrubbing, but what it will mean for america's veterans in many instances is they will be denied the quality care they deserve and they earned in defense of our country. with that i yield back the balance of my time, urge my colleagues to support this amendment that will carve out the veterans affairs administration, the agency charge

that the federal reserve has done through the last two chairs of the federal reserve, one a republican appointee, one a democratic appointee, the fed has been independent enough to do the right thing. inflation becomes low. we have a dual mandate where the federal reserve is responsible for working to keep inflation at no more than 2% and unemployment at no more than 5%. and the fed has balanced that well. inflation remains low despite the doomsday prediction by many of this bill's proponents. we know that our economy still has a way to go. that too many americans are struggling. but it's clear that increase in interest rates before last month would have been premature and would have been harmful to working americans. if congress were involved in that and the way that the sponsor of this bill seems to want, our economy would be in much worse shape. i don't think there's much question about that. out of the fed legislation is also a backdoor piecemeal way of instituting something called the taylor rule which is an attempt to impose a monetary policy role on the fed. this is really the h

with that i reserve my time. the speaker pro tempore: the gentleman reserves his time. the gentleman from georgia. mr. woodall: mr. speaker, it's now my great privilege to yield two minutes to the gentleman from florida, mr. bilirakis. the speaker pro tempore: the gentleman from florida is recognized for two minutes. mr. bilirakis: thank you so much, mr. speaker. i appreciate it. i rise obviously to support the rule but also i have strong support, again, for the restoring americans healthcare freedom reconciliation act, a crucial piece of legislation with bicameral support. this bill continues our efforts to protect patients, families, taxpayers and communities across the nation. it will lift the burden of president's health care law and give back the power over health care decisions to individual patients and families. this bill gives us the opportunity to take crucial steps towards a more patient-centered health care system. it gives us the opportunity to reduce our nation's deficit by repealing the majority of the burdensome health care faxes and ending harsh penalti

and i reserve. ism the gentleman reserves the balance of his time. the gentleman from maryland is recognized. mr. van hollen: thank you, mr. speaker. mr. speaker, this is a sad and shameful way to begin the new year, 2016 here in the united states congress. his bill is entitled restoring americans' health care freedom. the freedom of health insurance companies to once again deny health care to people based on pre-existing conditions. it may be a new year, mr. speaker, but here we go again. we're in this congress on the floor of this house for the 62nd time. with this effort to dismantle the affordable care act and to dd insult to injury, to deny millions of women access to health care choices by targeting planned planned. while the -- planned parenthood. while the year has changed, it is still the same. with all the pressing issues we face at home and abroad, the first thing that our republicans decide to bring to the floor the most pressing business to start 2016 was to take away access to affordable care to 22 million ericans and deny access to aff

price: i'll reserve. the speaker pro tempore: the gentleman from georgia reserves. the gentleman from maryland is recognized. mr. van hollen: thank you. mr. speaker, may i inquire if you have any further speakers? mr. speaker, we finished the debate really where we began which is that on this first day back of 2016, we're really revisiting, as mr. neal and others have said, the battles of the past. we heard from the republican leader, mr. mccarthy, that they had worked hard for this day. we know from the congressional budget office the nonpartisan director of the congressional budget office that apparently what our republican colleagues worked so hard to do was to take affordable health care away from 22 million americans. at the same time, we heard all sorts of misinformation and distortion on this floor about planned parenthood, which is an organization that provides women, their families with health care, provides cancer screenings, provides family planning. even the republican chairman of the oversight and government reform committee, mr. chaffetz, investigated

lamborn: we reserve. the chair: the gentleman from colorado reserves. the gentleman from california is recognized. mr. lowenthal: i would like to talk and respond to some of the points raised by my colleagues on the other side about the doom and gloom of job loss numbers that they present. they say 70,000 jobs will be lost with the proposed rule and just heard also possibly 80,000 direct mining jobs might be lost. these are frightening numbers, unfortunately they are not credible and not based upon any kind of evidence. those estimates come from a study that was paid for by the national mining association and those numbers are the same that 70,000 or 80,000 is the total number of coal mining jobs currently in the united states according to the energy information administration. in fact the national mining association study projects up to 52,000 coal mining job losses in appalachia as a result of the administration's proposed rule. but there are only less than 50,000 coal miners in that entire region today. apparently this rule creates jobs before it cos

i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from ohio is recognized. mr. gibbs: i yield one minute to the gentleman from texas, mr. lamar smith. the speaker pro tempore: the gentleman is recognized for one minute. mr. smith: mr. speaker, i thank the gentleman from ohio for yielding me time and i support s.j.res. 22, which rejects the environmental protection agency's waters of the united states rule. this rule is just another one of e.p.a.'s many attempts to expand its jurisdiction and increase waters to regulate waterways even if that means invading americans' own back yards. the science committee's oversight hearings revealed that the e.p.a. made arbitrary decisions in writing this rule and justified it with phony science. and the government accountability office found that the e.p.a.'s use of social media to promote the rule actually violated the law. the obama administration will do anything and say anything to impose its liberal agenda on the american people. i urge my colleagues to support s.j.res. 22 and di

i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from new york is recognized. mr. engel: thank you, mr. speaker. i rise to oppose this measure and i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. engel: thank you. first, i do want to thank my good friend, chairman ed royce. it's not very often we find ourselves on different sides of foreign affairs issues, which runs edit to the way he our committee. but in this case, in my view, this bill isn't the right fit or the right approach. we should go back to the drawing board rather than ramming through a partisan measure that will never become law. we should go through our normal process of drafting legislation in a bipartisan way with input from both sides rather than advancing something that was put together without a single democrat having any input whatsoever. as a result, this bill does not have a single democratic co-sponsor. if we are going to pass legislation like this, it only works if we do it in a bipartisan way

cummings: i reserve. the chair: the gentleman reserves the balance of his time. the chair recognizes the gentleman from utah. mr. chaffetz: i yield two minutes to the the gentleman mr. blum. mr. blum: mr. speaker, i rise day in support of the 11 5, searching for and cutting burdensome act. clear.a behind is simple and this legislation creates a commission to identify outdated rules, streamline and updates our regulatory system and enforces systems to repeal regulations to offset the costs. as a a career small businessperson i know what it is like to grow a business under the burden of excessive regulation. i met a payroll every week for the last 20 years and i would propose to you if they signed paychecks they would propose fewer regulations. cost ing to a report, the of the economy of regulations is a staggering $ trillion a year and we wonder, mr. speaker, why manufacturers choose to move their operations outside the united states. instead of hiring more workes, raising more wages, many businesses are forced to divert investments to complying with more governme

they all exist in the reserve components. and a large component, large percentage of the national guard's short-range air defense is for all the right reasons and completely justify abiable commd to defense of the national capital region. we live under that umbrella right here, and we're thankful for that. but it leaves insufficient capacity for short-range air defense, for other army forces in other contingencies. >> if i could just add, the one thing i'd just add is yes, of course the russian threat is critical but we were extremely mindful as we -- and hopefully you'll see in the chapter we have on the future challenges that those kinds of weapons, and this is true well beyond short-range artillery issues, are exponentially dissipating across the globe. so the russian and chinese arms market is quite extensive. we acknowledge the fact that technology is defusing much more rapidly than probably was anticipated. and that's one of those threat areas that whether or not there is a specific russian challenge today we should be

we talked to a reserve unit. and we said, well, are you able to take advantage of some of the cyber companies, the microsoft in washington? and they said, sir, yes. we have people who really want to serve. now, they'd love to come in and out. but they're in -- they serve in the reserve. you should see our parking lot. the number. you'd be surprised the kind of cars we have in our parking lot. >> the one thing i'd add is that from a soldier perspective, you know, the army's got a lot of different initiatives going on in how to better recruit and retain individuals. i'll submit to you i don't think that was really part of our charter. i think what our charter was how do we look at the total force policy and make recommendations to ensure that we do things more effectively and efficiently at the army national guard and army reserve levels. so we work together as one team. focused together on one thing, to recruit an individual, to be part of the total force. >> christina wong, the hill. >> thank you. christina wong

engel: i reserve. the speaker pro tempore: the gentleman from new york reserves. the gentleman from california is recognized. mr. royce: i yield two minutes to the gentleman from utah, mr. stewart, a member of the appropriations and intelligence committee. the speaker pro tempore: the gentleman from utah is recognized for two minutes. mr. stewart: thank you, mr. chairman. my work on the intelligence committee, i spend an awful lot of my time on these types of issues. and i think there is much we could say about this bill, but at the end of the day it comes down to two fundamental questions, they are quite simple. the first is, do you believe the president will hold iran accountable? in an interview yesterday, i challenged the other person, show me the president's foreign policy success. because i believe this administration has been seven years of foreign policy failure from china to russia to afghanistan to syria. the list is long. and we have to ask, do we trust the president to implement policies that keep the world more or less safe? the second question is jus

and i reserve. ism the gentleman reserves the balance of his time. the gentleman from maryland is recognized. mr. van hollen: thank you, mr. speaker. mr. speaker, this is a sad and shameful way to begin the new year, 2016 here in the united states congress. his bill is entitled restoring americans' health care freedom. the freedom of health insurance companies to once again deny health care to people based on pre-existing conditions. it may be a new year, mr. speaker, but here we go again. we're in this congress on the floor of this house for the 62nd time. with this effort to dismantle the affordable care act and to dd insult to injury, to deny millions of women access to health care choices by targeting planned planned. while the -- planned parenthood. while the year has changed, it is still the same. with all the pressing issues we face at home and abroad, the first thing that our republicans decide to bring to the floor the most pressing business to start 2016 was to take away access to affordable care to 22 million ericans and deny access to aff

talley: when i came into the position chief of army reserve and the main general army reserve command about 3 1/2 years ago, we in the army reserve had created the employers partnership program that became so successful it was replicated throughout all the services and components, and what i wanted to do is to make it more than an employment program. i wanted to make it a program where we could create a platform where private sector, for-profit, not-for-profit, and academia and the public sector could partner with the army reserve to help their organizations and also improve readiness in the army reserve. lauren: in what specific ways have you seen this partnership encourage the collaboration between the military and private sector? talley: so we've got about 7,000 partners right now, and so an individual readiness. one of the biggest challenges we have in individual readiness is soldiers and their family members tend to spend more money than they make. so, wh we do is wering in different people that are celebrities that are experts at advising on how to save their money, be more fisc

what it can prove as reserves and what it cannot.s a sovereign country and they hold all the reserves -- they are not under those same kinds of constraints. certaintyk the -- on paper,s saudi aramco has the second-biggest reserves in the world behind venezuela. it's about transparency. prince said itn serves the company's interests and promotes transparency. how much transparency? >> that is going to be the multibillion-dollar question. are we going to get an independent external audit of the kingdom of saudi arabia's oil reserves? i doubt it. of a there be an audit portion of those reserves that are somehow attributed to saudi aramco? that is possible. i think transparency is going to be nowhere close to what we are used to with someone like exxon. oil on the run level down to $32, the lowest level since 2003. saudi aramco can cope with that. there are many members of opec who can't. when did those two forces collide in such a way that provokes a change in this policy ? >> the saudi's have been very clear about what they are prepare

i rise in support of auditing the federal reserve. i rise in opposition to the lack of accountability of the federal reserve, an institution that has for too long been +shrouded in secrecy. the objective of the federal reserve transparency act is simple: to protect the interests of the average american by finding out where hundreds of billions of dollars' worth are going. the federal reserve has the ablght to create new money and to spend it on whatever financial assets it wants, whenever it wants, while giving the new money to whichever banks it wants. yet if the average joe and jane from main street printed their own money, they would be imprisoned as counterfeiters. nowhere else but in washington, d.c., would you find an institution with so much unchecked power. creating new money naturally lowers interest rates pric ratee price of using money. the unchecked printing press creates a price control on the cost of using money. throughout our country's history, price controls have never worked and the fed's price control on interest ra

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i reserve the balance of my time -i reserve my time. mr. newhouse: i reserve. the speaker pro tempore: reserve. massachusetts. martinuther king m govern: mr. speaker, -- mr. mcgovern: mr. speaker, i will close. don't know what else to say other than the fact this process stinks. two closed rules and structured rule on the third bill. we have a controversial bill on iran that is one of the most partisan pieces of legislation on foreign policy that's been brought to this floor by my republican friends. and it's really frustrating because i think there's a lot of common ground on holding iran accountable where democrats and republicans could come together and actually craft something that had, if not unanimous support, almost unanimous support. i think that would be a powerful signal to send not only to iran but the rest of the world. but instead of going down that road, my republican friends decided to squander that opportunity and come up with a political sound bite. and the same goes for the two environmental bills that have being brought before this house. the

the federal reserve.e in opposition to the lack of accountability of the federal reserve, an institution that has for too long been +shrouded in secrecy. the objective of the federal reserve transparency act is simple: to protect the interests of the average american by finding out where hundreds of billions of dollars' worth are going. the federal reserve has the ablght to create new money and to spend it on whatever financial assets it wants, whenever it wants, while giving the new money to whichever banks it wants. yet if the average joe and jane from main street printed their own money, they would be imprisoned as counterfeiters. nowhere else but in washington, d.c., would you find an institution with so much unchecked power. creating new money naturally lowers interest rates pric ratee price of using money. the unchecked printing press creates a price control on the cost of using money. throughout our country's history, price controls have never worked and the fed's price control on interest rates ha

get one for active army and one for the reserve. one for the active army he went a number of weeks and you got certified as as it does argue that the one in the reserve, you went periodically and a record of time you got trained as a drill sergeant. we abolish that. we said if you going to be a drill sergeant in the army, you go to one school and you go for that length of time and you become a drill sergeant. what that resulted in is in the training bases, you go down to fort benning, fort jackson whatever, you've got drill sergeants. you don't have reserve drill sergeants or acted will sergeants. they are all working together. you can't tell what component they're coming from because they all trained at the same standard that to me as one o of the key things we've got to do is get the training one army school system really working. >> just real quickly, when the commission got to travel and we traveled pretty extensively, i had the privilege to go and talk to more junior soldiers. there was no argument whatsoever about i'm in the g

chinese reserves the when qe3 started to be tapered.t's difficult to unpick so the feds stop being an additional injection of liquidity in the chinese are taking away. i think the markets are fairly ambivalent about who is actually buying and who is actually selling. the net effect is aggregate holdings and they have gone down subsntially. a hedge fund manager who in thea lot of money subprime housing market said he's looking for a 50% or more devaluation to preserve the fx reserve. would you see something like that? michael: i think it is highly unlikely. manyis a medical issue and concerns the chinese would have, they are under no great pressure given that fx reserves are still over $3 trillion. much more likely is they will continue to run down reserves and it will continue to be a source of volatility in global markets. they will try to take it to a basket of currencies which they hope depreciates against dollars. you have to understand china is not in the position other emerging markets have been. it's not the position china was in

and your reservation usually includes word or similar vehicle. many agencies will offer a complimentary upgrade to the next available car class if a reserved car isn't available. your chances of getting that specific car, you may want to sign up for the company's loyalty program. those customers are typically serviced as priority. also consider prepaying. and that sort of gives the company some incentive to hold that particular car for you. now, if there are no vehicles available at all, in some cases the company will pay the difference if you do choose to rent from a competitor. so there really is legally no obligation, but they do try to accommodate customers. >> especially long term customers. okay. thank you. to get in touch with our investigative team, send an e-mail to better get baquero@ at nbc@nbc oig. >>> chuck is here now with a look at what is coming up at 6:00. >>> the story of a long island priest arrested after he and when they searched that priest, they found crack cocaine. his explanation is as heartbreaking as it is shocking. >>>

we will become so much like you to get to that's reserved. i gave five options what would you do now? the great experience being run let's try to see if we can make it. when i discover this is all these people were given more time. alleys you have a lot of choices. or the drumbeat of opposition. plywood say sellers. that i that all those greedy americans want all that land. no. the indians questioned it midi said this is terrible. is this how we followed tecumseh? or the proud warriors to give up the dairy life and now you will be a farmer. many shawnee said we are leaving. so the profit is still alive. ended juicy we cannot stay in americans anymore. with diseases and drunkenness and violence and will not rest until we have every territory but petition in after petition you can imagine my surprise the send us west. they will get their wish eventually. in the superintendent but maybe they are meant to be wild hunters and then they start killing to send the people west. i asked what you do if you are president now we are ted years down the roa

with the operating and the contingency stabilization reserve those are circled in red at the bottom the 3 new pieces of information that field into those 3 items 1, 2, 3 with the green arrows let's talk about each of those number one that's the exit fee impact it reduces our electricity sales revenues by $88.4 million over the first 5 years and our capital improvement plan sorry you're working capital loan increases by $4 million that is number 2 and then the third item to our advantage is the lower supply costs associated with the supplier price refresh we got so the pc i reduces the projected revenues by $8.4 million this is advocating the california puc to revisit how it is calculated item 18 that the number one is our largest impact and it is one of the sensitivities that we evaluated a price change and so we also modified our sensitivities analysis from november 10th i'll talk about that just a minute the fact when you look at the bottom you only see one number circled that's our new financial observed to fund our reserves but no longer agriculture to have the stabilization res

the reserve fund slumped by 30%.ly with russia's finance minister asking him why russia is facing a crisis like the one we saw back in 1998. if the state finances aren't adjusted to the new conditions come we can expect big deficits, big inflation in the devaluation of our currency. that was the case in 1998-1999. if we don't take the right and 99 thein 1998 parameters were cut by 10 percentage points with a spike in inflation. it happened all on its own. out of our control due to inflationary devaluation. we shouldn't make the same mistakes. we must revise the budget to meet the new conditions. ryan: there are an awful lot of parts of the budget the can't be cut. what it makes sense to change the rules and cut in those areas as well? >> for now, we've decided not to cut defense spending. we will see how the situation develops further. a little budget that would make it to the year. -- into thousand seven we have enough resources reserve but this year we need to make decisions that will allow into balance public fina

straitjackets the federal reserve by doing that with congress. i know some of you support audit bills in the past of many supported the dot-sanders amendment during wall street reform but this is different. it doesn't include provisions to review the intimate foreclosure review program. it doesn't include protections on some of the sensitive information that gao could review like transcripts. what this is about, mr. president, in addition to congress meddling in monetary policy is older like this. we know that the fed is charged with a dual mandate, to balance them to do with the tension between combating inflation and combating unemployment. we know that in past years that that has landed far more towards the bondholders and wall street and combating inflation that has towards meanstreak employment and combating unemployment. we also know that with the pressures in this town when president obama signed wall street reform, the chief lobbyist for the financial services industry said it's now half time, meaning that conservative members of this con

how far will they let the reserves dwindle in defense of the yuan? we have heard officials in beijing say it would be foolish to bet against continued depreciation. the sentiment is there for continued depreciation. angie: they have a lot of firepower. it is for international investors around the world, what happens if it goes from four to three? stephen: it is going to go further. it could go down to about $2.6 trillion. $3 trillion is that critical threshold. we have an economist, a critical threshold is $3 trillion. saying, $2.8ist trillion in reserves may already be spoken for to cover liabilities. noted professor of economics at the university of california san diego, he said there will be another psychological switch if it gets below 3 trillion yuan. i do not think there will be panic after that, but people in china will become alarmed. davoss a big topic at right now. none of these intervention measures are ideal. basically, more openness from china is what he is calling for. angie: we are getting some reports that shanghai banks are worried a

we talked to a reserve unit. and we said, well, are you able to take advantage of some of the cyber companies, the microsoft in washington? and they said, sir, yes. we have people who really want to serve. now, they'd love to come in and out. but they're in -- they serve in the reserve. you should see our parking lot. the number. you'd be surprised the kind of cars we have in our parking lot. >> the one thing i'd add is that from a soldier perspective, you know, the army's got a lot of different initiatives going on in how to better recruit and retain individuals. i'll submit to you i don't think that was really part of our charter. i think what our charter was how do we look at the total force policy and make recommendations to ensure that we do things more effectively and efficiently at the army national guard and army reserve levels. so we work together as one team. focused together on one thing, to recruit an individual, to be part of the total force. >> christina wong, the hill. >> thank you. christina wong

here, patrice bada is supporting the future reserve. he's already won the fishermen and hunters over , so they'll respect the areas where fishing and hunting are prohibited. >> the hunting association supports what we're doing and is helping us with our work. the members act as guards in the park and make all the decisions regarding the area. >> it's a natural paradise, with protected marsh areas, rare species of plants and wildlife. how important is it to the hunters here to preserve their environment? patrice bada meets some guards on patrol. they used to hunt monkeys and antelope. now they earn a living by guarding the area against poachers. >> we used to sell the game or eat it ourselves. but we've stopped doing that. we want our children to see the wild animals in the future with their own eyes. >> patrice bada stays in close touch with the local hunting associations. he visits the villages, he encourages the hunters to act out their traditional rituals rather than going after real animals. suddenly they spy a monkey in the tree. b

. >> the housing market is a key pillar of the economy and something the federal reserve watches. as central bank policy makers meet, bond investor has some harsh words about the fed strategy at a conference yesterday. >> i don't think it's any surprise that markets are around the world have been collapsing in the aftermath of the feds raising interesting rates because they continue to idiotically say we're going to raise rates eight times by tend of 2017. the fed has got to dial this rhetoric back or the market will continue to humiliate them with further declines. >> it's the declines that has the federal reserve wondering what it will do next. we'll know more when they issue a statement tomorrow. some have already changed their expectations. >> there's been a lot of criticism about the federal reserve and the rate hike and the global weakness and the market volatility especially the sell off in the market. overwhelmingly that the quarter point rate hike in december was the right move. 80% say it was the right move. only 15% say it was a mistake. in fact, they think the federal

goodlatte: i continue to reserve. the chair: the gentleman reserves. the gentleman from michigan is recognized. mr. conyers: mr. chairman, it's my pleasure to recognize a distinguished member of our committee, mr. johnson, for 2 1/2 minutes. the chair: the gentleman from georgia is recognized for 2 1/2 minutes. mr. johnson: i thank the ranking member. good morning, mr. speaker. rise in opposition to h.r. 1927, section 3, the fairness -- so-called fairness in class action litigation act of 2015. which is actually the text of h.r. 526, the furthering asbestos claim transparency or the fact act. t's a fact that the koch brothers, probably sitting at home with their fingers crossed watching these debates hoping that -- and feeling confident that this will pass because they know when it passes it's going to help them. how does it help them? well, they are the ones who manufactured or acquired the companies that manufactured the asbestos. and this asbestos everybody knows now hurts people. so when people are hurt, they deserve to be able to go into a court o

the reality is they have a world of reserves. day they need a breakeven price of close to $90 per barrel. when you start getting to $10 per barrel it is very uncomfortable for them. it remains to be seen whether they would not subtly begin to try to move the market upward. anna: that is what the opec numbers are doing. in terms of the global glut, what do we know? p.m. we got the big number in terms of u.s. inventories. cushing is a number we do not look at all the time. that is a small town in oklahoma with a population of 7000. what we learned there is that the supply in the inventory is rising. for the ninth week in a row. run-up ine biggest the inventory since april. that's why when we already had the price of oil falling it continued to fall. despite the fact that the total number of inventories actually fell a little bit. still well over a hundred million barrels over the daily average. there is a world of oil out there and everyone is looking what is happening in china and saying, do i want to buy this? anna: thank you ver

scarlet: our saudi arabian reserves going to zero?look at the implications of the price plunge. that is coming up next. ♪ joe: i am joe weisenthal. "what'd you miss?" may take aramco public. it controls a 10th of world oil production and the sole producer of saudi arabia's reserves. losses.suffering major cofounder now is the of the cross asset firm. what would it mean with saudi arabia where to selloff part of aramco? factor is a huge company. there are indications a could be worth at least $1 trillion. publishedrview today by the deputy crown prince of saudi arabia. there are suggestions it could be as much as 5% to begin with. it would be likely that down stream elements, but later oil exploration. joe: we've been talking about this question of whether saudi reality -- depeg the their currency. what factors are driving this. in the work that you have done, what really drives this, and what would it take to break that pay? the first thing we should examine is the reserves. they started to decline from their highs last summer to a $7

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china is drying down reserves.ur central banks around the world essentially doing the opposite of what key we did? central banks around the world essentially doing the opposite of what qe did? tracy: it's a huge debate. you get things like the goldman sachs financial conditions index going up. obviously, the fed's interest rate rise is playing into that, but the question is whether financial conditions are tightening perhaps faster than the fed would want. analogy, berkeley said the high price of oil -- barclays said the high price of oil would lead to quantitative easing. with oil so low and saudi arabia assets, that's another pale wind for assets retreating from the market. you really expect to see in three hours or four hours? tracy: i wish i had a preview. tom: there is a thundering silence. to thethis gets back uncertainty point. who knows? you have china doing all sorts of regulatory intervention. if you made a list of everything china has done to prop up its stock market, it would be about 10 pages. predicti

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