reserve savings of 144. putting new money for habitat reserve and water on reserve, coming back before you anyway to ask for those to be awarded. leslie, the release of reserves for the project. we have reached a milestone this summer. we were able to start construction on the first major dam built in california since the 1970's. congratulations to you and the city family for moving forward. the amendment as a whole, just to recap, realigns the budget, bringing it up to date based on what has been reviewed and reported on in every single change and update, coming not only to the commission, but to this body to go through that. in addition to the items mentioned here, we have also asked for the amendment that you allow us to take any future savings on future contract rewards and moved it to the purview that you have under your reserve, locking in savings that we would only be able to pullout if you give us permission. i know that we have concurrence with the budget analyst on that as well. with that, i am hap

reserve. the question of whether to include the chief of the national guard bureau as a member of the joint chiefs of staff is a complex issue with significant policy implications. to properly address this issue requires an understanding of the role of the national guard, the role of the joint chiefs of staff and the role of the chief of the national guard bureau. i believe that we have the right witnesses before us today to help us understand all aspects of this issue. when individuals unless you accept a commission a state national guard unit, they simultaneously last or a commission and in the army national guard united states or the air national guard of the united states, which are components of the army and air force. these individuals retain their status as state cardmembers, unless and until they are order to activate the federal service and may revert to state status upon being reviewed from federal service. there is a third hybrid status commonly referred to as title 32 status, where

reserve staff regularly tours of the far east marine nature reserve one of them is valentino wysocki with every group she leads out of her a list of strict rules tourists are supposed to follow. the directions i was in where now lendon it keeps us navi i should remind you that this is a protected area it is strictly forbidden to take anything from this reserve or any other reserve for that matter that it is also you are not to pick up anything from the sea this way tourists of the reserve have to take steep paths they are not supposed to leave the trail or seek detours but once they reach the top they are awarded with a spectacular sight these sculptures of the results of the wind and sea eroding the rocks over millions of years extraordinary trees have taken root here to this man with that goal and his japanese read the fine is more commonly known as the grave site fine. this is because it's also found in south korea where it's a symbol of mornin with as such trees are planted on grace there. unlike other trees if it prefers to grow on the rocky coast so in many cases the roots of s

what i'm going to show you here ok so this is a bank's reserves say they have a reserve requirement of ten percent so this is their reserves its ten percent banks can lend out ninety percent of the money that they have so this has an effect of the expanding credit in the economy as you just saw now when a reserve requirement is increased what does it do its course is. to reduce lending so you see this come down because they have to keep more of that money in their reserves in that pot that you saw down here at the local central bank so they can loan less so what is the effect of china cutting its reserve requirements for its banks as we've just seen them do well in their case it's by a half a percent and this is basically a green light for the chinese banking system to loan more and create more credit now as they know that is inflationary it tends to put upward pressure on prices but now you know what it is that they've done this with the reserve requirements and what they are. and don't go ahead still and don't go away still ahead right here on capital i count you out and we will g

they all ship it to the federal reserve banks. and a public number that he put out on a press release, i can use it, is that they had 80 billion in cash. we got information that the accounting records there were corrupt. so we sent in a gao team, and they published a report, which i put in my book, it was just a terrible report about people going in to all the records and changing them. they were all messed up, and also on some reports forcing a balance so that the books looked balanced. after we did that, alan greenspan sent in a huge group from the board of governors, and they spent a weekend counting the money in the fall. i don't know how they could count all the into we can. he said there wasn't a dollar missing. but the problem is, the bookkeeper in those faults, the other banks do that. that is that a national security problem, as i told chairman ron paul, and should be audited. then let me talk a little bit about one chapter people would be interested in, it's called when 500 economists are not enough. that's how many work

reserve bank in dallas, mr. richard fisher. and our federal reserve's bank really has 3 or 4 and general areas. one is conducting a war monetary policy as a nation. supervising -- conducting our monetary policy, supervising our banking institutions, maintaining the stability of our financial system, and providing financial-services to our lending institutions or depository institutions, u.s. government and foreign official institutions, including playing a major role in operating our nation's payment system. as chairman, ben bernanke also meets regularly with the president, the secretary of the treasury and testifies in front of congress. he is a major player in our world economy. in addition to visit here us here at fort bliss, he took the time voluntarily to greet our soldiers coming back from iraq this morning at 3:00 a.m. sir, we thank you for that. [applause] and we just appreciate your being here. let's give a big texas welcome to ben bernanke. [applause] >> thank you, general. it is >> as somebody who put

reserve. i sailed on the great lakes myself in my career and that is a real neat place to be a coast guardsman. a great maritime environment. i think the work of the coast guard is valued at there. the poll were class icebreakers are icebreakers' at large is an interesting situation. there is an observation bill with a provision right now, and i'm not at liberty to talk about the lip pending legislation -- to talk about the icebreakers the ships are built in the 70's. 30 plus-years-old. we plan, we take the polar sea out of service. she was -- we were going to run her to initially 2014 when she comes down for a major maintenance. we have engineering casualties in the last year or two that to occur down. there's a limited amount of funding as we operate the icebreakers those are the to the polar sea and the star and then we have a medium icebreaker that is a ship. to work within the existing budget framework we have, we just couldn't afford to try to meet both of those large polers in the servi

we had a good reserve set aside. 15 million reserve. $2.6 million reserve in the children's fund for child care cuts, so in those ways we are well-positioned to handle the risks we have in the current year, but we do have significant risks. the downside items we are looking at our state and federal impacts that i will talk more about in a minute. it is somewhat disconcerting, despite the economic recovery, that unemployment remains weak. then we have a lot of uncertainty. the pace of economic uncertainty, whether it will continue. the november ballot, there are three or four items for prop b. it that does not pass, we will have to think about whether we want to do anything in the current year to address street paving and sidewalk repair item. we did not include a great deal of funding in the budget, almost no funding in the budget to maintain the street program and the bond does not pass. we want to make sure we keep up on the ada compliance program. prop c and d, these did not impact the current year so much. we did not make any assumptions about pension and benefit reform. this was

the minneapolis federal reserve bank's districts includes more than 40 indian reservations. accordingly, for the past two decades we have sought to assist native communities to overcome the significant bare barriers they face accessing credit and financial services. as mr. olsson noted in his testimony, one significant barrier is the lack of or inadequate tribal laws governing secured lending. by secured lending, i mean extenses of credit collateralized by a borrower's personal property which includes anything that is not land or fixed to land. these types of transactions in all state jurisdictions are governed by article ix of the uniform commercial code. state law generally does not apply within tribal jurisdictions, however, and we have found that across indian country with a handful of exceptions secure transactions law is largely incomplete, outdated or nonexistent. the result is that lenders face very uncertain rules and, thus, higher risk -- actual or perceived -- doing business in native communities. consequently, loans and other business deals are frequently made at

i reserve my time. the speaker pro tempore: the gentleman from massachusetts reserves his time of the the gentleman from georgia is recognized. mr. woodall: i thank you, mr. speaker. we could likely go back and forth all day long with my friend from massachusetts believing that he loves workers more, with me believing me i love workers more. with them believing to define loving of workers means we have to regulate them differently from washington, d.c. for me loving workers means we are going to free them to do those things they do best which is produce. but i have no further speakers remaining and i would ask my friend if he has further speakers. mr. mcgovern: we do. mr. woodall: i reserve the balance of my time. the speaker pro tempore: the gentleman from georgia reserves. mr. mcgovern: i yield two minutes to the gentleman from georgia, a member of the judiciary committee, mr. johnson. the speaker pro tempore: the gentleman from georgia, mr. johnson, is recognized. mr. mcgovern: whose amendment was no

just very quickly the federal reserve is not federal it has no reserves right who owns the voters are. now or they don't have reserves in the sense that people think in other words they don't have gold or anything real i mean they create the reserve so in that sense that you know the reason they are the manufacturer of reserves they're the lender of last resort and they're not federal in the sense that they're it's there it's composed of twelve branches all of which are own one hundred percent by by the banks in their district that are member banks. and that banks ah get a dividend they get paid six percent annually for on their investment so it actually is a money making private venture in that sense and it's that better is their branches that print the dollars if you look at your dollar bill you can tell which branch it came from so our money is made by a private. entity that has this petition of government because the president appoints is a half or all of the of the federal directors so the to the i think they're yeah appointed by the president approved by congress by congress but

the source of funds would be the state reserve.now that you have spoken to us briefly about state impact recently. the drawdown here would result in 11 cents left in the reserve. where do you see the state? >> supervisors, we do have a little bit more information that i had last week. a round of the laguna honda hospital, revenues from the state, there is a federal reduction in that rate, resulting in a $30 million hit that year. for all intents and purposes, i would say that the rest of the state reserve is gone. i do think we have some good revenues in the current year that are likely to be okay without having to do a round of cuts. i am hopeful that that is the situation we are in. between that news and development payments still outstanding, some other news we are tracking -- if we could, i would have -- i think the mayor is supportive of the program and support of of using the state reserve to backfill this program. the timing is unfortunate because it would have been nice to have waited to see where these other issues shake o

source that suddenly makes us an eligible to withdraw from the rainy day reserve. it allows you to use that nonrecurring revenue source to plug that whole. it also clarifies the effective date to make it clear that this policy does not apply before the coming fiscal year's budget, but begins as of june 1, related to the fy 2012-2013 budget. supervisor kim: so this would allow a rainy day fund to be used for recurring expenditures or not? >> it would allow us to use nonrecurring revenues to replace the rainy day reserve. this is an unlikely circumstance, but it is one of these scenarios here. let's say the mayor and board adopted a budget that assumed $10 million from the rainy day reserve, because revenues declined to a level that you were eligible to withdraw $10 million from reserves. this circumstance we are imagining here is that the mayor and board about that budget and six months later, let's say we receive a nonrecurring revenue source as defined by this legislation, at the rainy day reserve accounts that towards the revenue targets. so it might squeeze the

million from reserves. this circumstance we are imagining here is that the mayor and board about that budget and six months later, let's say we receive a nonrecurring revenue source as defined by this legislation, at the rainy day reserve accounts that towards the revenue targets. so it might squeeze the revenue to a place where you're no longer eligible to withdraw from the reserve. so in order to ensure that the policy does not restrict that nonrecurring revenue source to a nonrecurring expense, even though it has now created a hole in the budget, this allows no the use of that non-recurring revenue to plug at all. supervisor kim: is this considered a one-time non- recurring revenue stream? >> you would have the policy explicitly allow the mayor and the board, as an eligible nonrecurring expense, allows you to make deposits to reserves. if we have non-recurring revenue, as the board of supervisors, you can choose those nonrecurring revenues and fund reserves. i do not know if that gets to your question. s