in south dakota ridge is the eighth largest native american reservation in the us and it's home of the to one of the seven the sub tribes of the code of people approximately forty thousand and all the tribe members live across two point one million acres with a gorgeous rolling hills untamed wilderness it's no wonder why pine ridge is held so sacred to the tribe that inhabits the land despite the multitude of problems facing a community that depends on federal funding to survive many tribe members have taken it upon themselves to empower the lakota people to secure a brighter future for the people they were hugely inspiring and we love pine ridge greatly humbled by their stories over the next two days i'll share some of those stories with you to shed light on one of the most unreported and galectin issues in america today the abysmal failure by the federal government to provide adequate social services upholds centuries old treaties and to allow the sovereignty of native american communities to prosper so stick around because we're going to be breaking a set that should have been broke

hiding ridge reservation is a place journalist chris hedges identifies as one of capitalism sacrifice sons it's an area that's paid dearly for the centuries of this country's greed and less capital's expansion and mass commercialization of natural resources when it comes to pine ridge the said to sticks are mind boggling and more in line with third world countries than the so-called richest nation on earth has an unemployment rate of around eighty percent an annual per capita income of four thousand dollars eight times the rate of diabetes the national average two times the rate of heart disease and three times the rate of infant mortality they are global sue face perhaps no bigger threat to their livelihood and alcohol despite the fact that pine ridge is the last dry reservation in south dakota a substance is widely prevalent throughout the community and the underlying causes so many of these problems reckon the separatists are cody snell has a story. from an eighty percent unemployment rate to an average life expectancy of fifty years old. to a pine ridge reservation in south dakota

i reserve. the speaker pro tempore: the gentlelady reserves. the gentlelady from new york is recognized. ms. slaughter: madam speaker, i yield a minute and a half to the gentlewoman from the district of columbia, who was not able to testify before those 12 men, ms. norton. the speaker pro tempore: the gentlewoman is recognized for a minute and a half. s. norton: i thank the gentlewoman for yielding. i particularly appreciate the opportunity to speak since i was denied the courtesy of speaking on a bill that targets my own district. madam speaker, the only thing worse than tarring thing the reproductive health of the nation's women is reaching beyond that to do even greater damage to the women of a local jurisdiction, to permanently keep the district of columbia from spending its own local funds on abortion services for poor women. as 1 states do, among them alaska, alabama, montana, hardly bastions of liberalism. mind you, such spending is already barred in the annual d.c. appropriation. imagine this,ips, strips the district of columbia of its

the federal reserve, like other central banks, weilds powerful tools. democratic accountability requires that the public the able to see how, and for what purposes those tools are being used. transparency is particularly important anytime like the recent one in which the federal reserve has been compelled to take unusually dramatic action, including the provision of liquidity to a wide range of financial institutions and markets that did not normally have access to the fed's discount window, to help stabilize the financial system and the economy. what types of transparency are needed to preserve public confidence? at the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds. the federal reserve routinely makes public the information on all aspects of those activities. since the crisis, and has greatly increased the quantity of an detail of the regular reports to the congress and to the public. importantly, contrary to what is sometimes asserted, all of the

>> not at the federal reserve.l reserve and the united states of america. would you describe what you're doing here you call it quantitative easing in a term that has been made up i guess we all make that, but is that a stimulus you use the term monetary tool is that what you would call it to halt to stimulate the economy? >> it is a tool that is intended to push down the longer term interest rates to stimulate the demand and spending. >> is this in the area of economics something that others have espoused over the years at times when you have got high unemployment? gandy you use a monetary tool to stimulate the economy? >> well, friedman and others -- i don't know if they actually thought about this, but a number of economists have written about something called the portfolio balance the fact that basically is about supply and demand that by the upper class of assets it may be possible to push up their prices and push down their yields and thereby affect the financial conditions in the economy. >> was set several

produced are almost entirely idle reserves. more than 95% of qe2 and kiwi three have the first round of expansion and then our idle and help at the banks. the question to which i do not find a sensible answer if you ask with $2.5 trillion is sitting on idle on banks balance sheets and $2 trillion sitting idle on corporate balance sheets, white in the name of goodness can the federal reserve do that the banks and corporations do by themselves. i make two additional governments do not limit damage or prevented. two additional proposals have little reason for the world of economic capital flows of the magnitude three experience and i put potential monetary fund lending because the international monetary fund lends to countries which will have extreme difficulty like the ukraine, romania and back those loans. repay a substantial part of those loans. we should put some restrictions. thank you. >> thank you, dr. meltzer. dr. dennis lachemann is a relative hello at the american enterprise institute. he served as director policy develo

i think it's the devil and the dollar where the reserve a spending problem getting its. quantitative easing and certain that is your interest rate policy now the problem is that they're going to inject you with zero interest rates up until two thousand and fifteen late two thousand and fifteen at the same time quantitative easing is continuous. now all this talk of tapering doesn't mean that she has ended basically it's a something cut back on the amount of bombs that they're buying but what hughie means is that every month the treasury excuse me the federal reserve prints of invents creates out of nothing but air seventy five billion dollars worth of money and use that money to go out into the markets and prop up treasury bonds now without this propping up of seventy five billion dollars a month which is approximately nine hundred billion dollars a year without this propping up for your bonds would collapse and balance and interest rates would start a rock remember prices of bonds are inversely correlated to their heels now if you have the situation of escalating meal's

in fact, madam president, the federal reserve balance sheet shows that the federal reserve itself is by far the largest holder of u.s. treasury bonds, with $2.2 trillion in treasury debt, the fed holds nearly $900 billion more than china does, if you can think in those terms. madam president, the fed holds more in treasury bonds than do china and most of the euro zone combined. madam president, the rate of acceleration with which the federal reserve is purchasing treasuries should be alarming to all americans. on the day of president obama's first inauguration, the federal reserve held $475 billion in treasuries. today it holds $2.2 trillion in treasuries. that represents a 363% increase in the past five years, and it's no coincidence that president obama has greatly accelerated our national debt over that same period of time. there is a connection here. when he took office, the national debt stood at a large $10.6 trillion. that's a lot of money. today it stands at $17.3 trillion, five years later. the federal reserve is aiding, i believe, and abetting the failed policies and the re

, called the changing federal reserve, past, present, and future. the fed recently announced it will begin slowing its bond purchasing program this month known as quantitative easing. the senate is scheduled to hold a confirmation vote on monday on chairman bernanke's successor. he's joined by economists. they spoke for about an hour and a half. >> these are the annual meetings of our association, the association of economists, and it's attended by 11,000 or 12,000 card-carrying economists from around the country and indeed around the world. we gather here -- not here, but in these meetings annually. we debate high theory. we debate policy. we have discussion groups. and this is one of the sessions that we're particularly proud of and is one of the highlights of these meetings. we have the pleasure today of hearing the reflections of ben bernanke. ben earned his ph.d., earned his ph.d. from m.i.t. in 1979. and since then, he's been a distinguished scholar and public servant. i'm not going to give a long introduction, because most of you know him, bu

it allows us to may pay the mortgage and as well as cash fund some but we run out of reserves at the end of year two >> we don't have any fund balance to speak have to the 14, 15? >> in 14, 15 we do but we end the second year with only about $7 million of recurs is the 4 percent of reserve which is quickly used up as & we transition to 17 but once we trigger into year 3 it's not substantial. >> can we have a reserve policy that states we have a minimum. >> we do it's predicted upon to establish the reserve and by the end of that 10 year plan we satisfy the 15 percent of operating right side and expenses and the debt coverage ratio. so in year one and two we're satisfying that debt service so we're technical low meeting reserves but by 3 through 10 it's no longer substantial. how much is that presidential >> that's about 27 to $28 million so right now we have $20 million in reserve so we're showing that next year and in the two years as well. >> i want to highlight although we're submitting a two year budget it's eating into our reserve so i hope to meet quarterly and if we are lookin

then the need to continue to protect our reserves. you know, a cautionary note if we're in drought that means observer costs go up and outlining all of those potential solutions continue to fall short of a balanced plan >> commissioner torres. >> if we're in daughter i thought we were. >> we're not officially in drought. >> i thought the governor was prepping to issue such a statement. >> maybe we can talk about the state declaring a drought vs. our agency we normally look at it in february our water supply. >> so we're able to so declare even though the governor does. >> the governor is focused on state water. >> about it has an impact over the drought. >> yes. >> but we can 2k3i7b8 delivery a drought for our purposes why with are we waiting actually february. >> we have a timeline so we normally look at the water year and we have a couple of more months left. so everyday it doesn't wayne rain or snow we're concerned so when february roles around we look at our water supply and then we will work with our wholesale customers to determ

it would be ultimately up to the committee how to spend that reserve. it wouldn't to have go to that project. but you could add in that reporting element to make sure the committee discusses that project when you consider the reserve. >> thank you, that would be what i'm most comfortable with so we would go ahead with the appropriation. part of that appropriation in the end would be $838,000 budget committee reserve pending release on reports from parks and recreation and how it will be spent ideally i want to be able to maintain it's being used for geneva car barn and is that for reserve. i just want to make sure that we keep the specific use source for the specific use. >> john gibner. what i suggested would not be for that specific use because you would be adopting the reappropriation and putting the reappropriation on reserve. the control about whether there is, whether you can simply not appropriate and maintain it on reserve. >> that wasn't what i said. i said we can go ahead and do the appropriation. but instead of releasing the full amount we'll

time right now for the fed reserve. economy is not recovered the way it should coming out of this recession. what we are seeing is that the fed reserve has limited tools. congress isn which willing to act, and world in which congress is not cutting back on spending or shutting down the government costing the economy millions of dollars, congress is supposed to do its part. right now the fed has limited tools of monetary policy. and workingying with the one tool. >> you like yellen. >> i want to be hopeful. grade would professor warren give ben bernanke? >> it is a mixed grade for me. lot to stabilize the market, but he kept the focus on the largest financial institutions in fewer what was happening at a different level. the fed's role has limited tools. crisis, theith that fed has a responsibility and regulation. under dodd frank, it has missed its deadline massively. the rules have been complex and difficult to follow. uneven.ry regulation has not been a place he has concentrated and done with the fed needed to do to h

speaker, i reserve our time at this time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentleman from oklahoma is recognized. mr. lucas: mr. speaker, i would now like to yield to another one of our outstanding subcommittee chairmen, the gentleman from pennsylvania, mr. thompson, one minute. the speaker pro tempore: the gentleman from pennsylvania is recognized for one minute. mr. thompson: mr. speaker, i rise in support of this farm bill and also to thank chairman lucas and congressman peterson for your leadership for agriculture. as many of my house colleagues have already said this morning, this legislation is long overdue. this bill is truly worthy of its name. the federal agriculture reform and risk management act because of the historic reforms it ledge slates. overall the bills repeals or consolidates about 100 programs. along with sequestration reduction that cuts mandatory spending by nearly $23 billion. and the conservation title alone reduces it from $23 billion to $13 billion. this b

isn't it true the federal reserve is a sickly the buyer of -- federal reserve is basically the buyer of our bonds? >> senator, we are purchasing -- >> for the most part? >> we are purchasing a substantial wanted tea of -- a substantial quantity treasury and mortgage backed securities, but we certainly are doing so for the sake of helping the government finance the deficit. in circumstances where we have -- we are doing so to achieve the goals that congress has assigned to the federal reserve. in circumstances where we have run out of scope for conducting monetary policy when our overnight interest rate target has hit zero, we really have to rely on alternative techniques, and we are certainly not the only central bank that has recognized this and is undertaking similar programs. >> you allude to other central banks, and i don't know of any other central bank i think we should follow. we should set the example here, and the fed has darkly. -- has historically. i will run out of time in a minute. unemployment. you mentioned unemployment. 7.2% ornemployment is 7.3%. 7.2%. what is reall

let's talk about do banks lend reserves question mark what do you think. right so this is the big myth of the money multiplier i mean if you take a basic course in economics you'll learn that banks need a certain amount of reserves before they can lend and that's not really the reality of how banks actually operate the reality is that banks actually lend first and they find reserves later so you know you don't have this big pool of reserves or so-called you know money sitting around in a pile that economists call this the loanable funds the that you have to go to this market so-called of funds that you then will be able to lend out and that's not really how banks work banks actually expand their balance sheet and dodge in italy so they do it without necessarily having the funds to actually be able to lend so it's more of an accounting trick really it's they're literally creating money out of thin air and they're expanding their balance sheet and just creating literally an accounting records for what the loan is that creates the deposits now is the u.s. gov

the gentleman from pennsylvania reserves. the gentleman from new jersey continue to reserve? the gentleman from new jersey continues to reserve. the gentleman from pennsylvania. mr. pitts: mr. speaker, at this time i'm pleased to yield to ms. jenkins, the gentlelady from kansas. the speaker pro tempore: the gentlelady from kansas is recognized for one minute. ms. jenkins: i thank the gentleman for yielding. personal information is an issue. and many kansans are worried about them not protecting them from security breaches and fraud. experts have repeatedly raised red flags about the security of the information people are submitting to the obamacare exchanges and are a former social security administrator even described the website as a hacker's dream. important questions about the website's security remain unanswered, and americans, especially those that lost their plans due to the president's health care law, deserves a peace of mind that their information is safe from cyberthieves. i urge my colleagues to support this bill that requires h.h.s. to notify americans within two

federal reserve, like other central banks, wield powerful tools.emocratic accountability requires that the public be able to see how and for what purposes those tools are being used. transparency is particularly important in a period like the recent one. including the provision of liquidity to a wide range of financial institutions and markets that do not normally have access to the fed's discount window to help stabilize the financial system and the economy. prints -- of transparency are needed? central bankel the must be clear of its operations. particularly when they involve the employment of public funds. since the crisis is has greatly increased the quantity of its regular reports to the congress and public. is asserted,hat all of the financial transactions are subject to regular intensive audits are the government accountability office, an independent inspector general, and a private accountability firm. it is a testament to the dedication of the federal team thatmanagement these throw audits consistently produced assessments of the financial

issue is the whole discussion of the federal reserve and federal reserve policy has been caught up in this very polarized political have beenthat we experiencing in these countries these days. in the papers there is a chart of democrats and republicans and their support for the fed. that polarization shifting and switching and getting worse over time. a very disturbing example in my mind, this was in the republican --maries, who will fire bank fire been burning cane fast as. when thesturbing to me republican congressional leadership wrote a letter to the federal reserve trying to dictate portfolio choices. this is a direct interference or and attempt to interfere. then there are the votes against ben bernanke when he was reappointed and janet yellen more recently, the number of votes in the party, i think you can see the polarization affecting the fed. the third issue that i think is worries some is that many of onse objections centered inflation and an overly accommodated fed. painting is always unpopular central --oliticians many politicians. a long time of unemployment. i think the

the resident reserved for housing resident, alice caruthers. she has a large historical and knowledge of the farm and a valuable member of the committee. and brett is involved with the farm and a licensed contractor. seat 5, craig heckman. he's a landscape architecture and has working in a lot of naturalized open spaces adjacent to the agricultural production, finally seat 7, bonnie, who has been working at the library and working on the living library nature walk and also implemented a stereotyped for the program use this summer and continues to work with adjacent schools. i think that concludes my presentation and happy to answer any questions. >> thank you very much. >> is there any public comment on this item? did you want to come forward, laura? >> thank you. i just wanted to say that i'm really excited to participate on the citizens advisory committee and work on the goals that the committee has. i just also wanted to say that urban farms are such a transformative place for participants and i would like to thank the parks and recreation f

for 13-14 this year the open space fund reserve totals $1217,000. the reserve structure are depicted in attachment a in your packet. looking at attachment a, i would highlight the three items. the reserve is broken up into three separate funds, the deferred maintenance and 25 percent for commissioners projects and 25 percent in undesignated receive. the commissioners fund balance was 14, $621 and the undesignated is $148, 238 and the deferred maintenance problem is $608,000. last year the department identified water main repairs and last year's completion status is on attachment b in your packet. everything is complete except the two projects at maclaren park. they are working on the gym floor repair now. the last year deferred maintenance project should be completed shortly for the item before you, for fy 13-14. the department's proposal to continue major infrastructure repair and replacement as the principal focus of deferred maintenance and among those of the significant requirement the integrity of the studio building roof. this building built i

the fed reserve is the biggest regulator. what do you think janet yellen will do as far as big bank regulation that her predecessor did not do? >> one of the tools at her disposal is ordering capital reserves. a second part related to this is the bigger the bank and the more risk it poses to the system, higher cost on larger financial institutions. so, the fed both independently and through its leadership of all the bank regulators has the capacity to put more balancing constraints on the largest financial institution. when i say balancing, balancing is a kind of risk to quack -- >> do you expect that yellen will be more likely to do that than bernanke was? >> i asked about the importance of the regulatory role. yellen is making commitments in the direction. if she sees a problem those with the tools are. >> that makes you hopeful? >> i'm more hopeful. look at the numbers. the big banks are getting bigger and they are taking on more risk. our banking industry is becoming less diversified with every single day. we are losing s

and i would be very concerned about legislation that would subject the federal reserve to short-term political pressures that could interfere with that independence. >> thank you, mr. chairman. >> senator tester. >> thank you, mr. chairman. i want to thank you for being here, vice-chair yellen. at the end of october the federal reserve formally applied for application in the insurance association. international association of insurance supervisors, for membership. the united states already has membership on that through the federal insurance office, created by dodd-frank. can you tell me why the fed should have membership, its own membership on that board? and furthermore, why there should be a focus on that when domestic oversight challenges seem to be a much higher priority? >> well my understanding, senator, is that now that the federal reserve has been charged with supervising some of the largest insurance companies that have been designated by fsoc as systemic, that we want to be in a position to work with regulators in other countries as we have in the case of banking rules to

this year is the one hundredth anniversary of the federal reserve act you think that after of 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 jackal island just off the coast 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 hold 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 the host of artie's boom bust erin ade what is a how do we have yo

for the federal reserve, the country and for me personally. i thought it would be appropriate to reflect on some accomplishments of the past eight years as some uncompleted tasks. i will briefly cover three areas in my remarks. the federal reserve's commitment to transparency and accountability, financial stability and financial reform, and monetary policy. i will close by discussing the prospects for the u.s. and global economies. fostering transparency and accountability in the federal reserve was one of my principal objectives in front were 2006. i had long advocated increased transparency and in particularly a more explicit policy framework to make policy more predictable and effective. my efforts have made it more effective, but i will discuss the steps are approved important in other spheres as well. as a beginning expected to build on the framework that i inherited from paul volcker and alan greenspan. my predecessors had solidified the commitment to low and stable inflation as foundations of broader economic stability and they graduall

the gentleman from pennsylvania reserves. the gentleman from new jersey continue to reserve? the gentleman from new jersey continues to reserve. the gentleman from pennsylvania. mr. pitts: mr. speaker, at this time i'm pleased to yield to ms. jenkins, the gentlelady from kansas. the speaker pro tempore: the gentlelady from kansas is recognized for one minute. ms. jenkins: i thank the gentleman for yielding. personal information is an issue. and many kansans are worried about them not protecting them from security breaches and fraud. experts have repeatedly raised red flags about the security of the information people are submitting to the obamacare exchanges and are a former social security administrator even described the website as a hacker's dream. important questions about the website's security remain unanswered, and americans, especially those that lost their plans due to the president's health care law, deserves a peace of mind that their information is safe from cyberthieves. i urge my colleagues to support this bill that requires h.h.s. to notify americans within two

reserves. the gentleman from kentucky is recognized. mr. rogers: i yield two minutes to the distinguished chairman of the agriculture subcommittee on appropriations. the gentleman from alabama, mr. aderholt. the speaker pro tempore: the gentleman is recognized for two minutes. mr. aderholt: thank you, madam speaker. for the time. mr. chairman, thank you for the time. and also madam speaker, i want to just personally thank the chairman for his work and his staff because shepherding all 12 of these propings bills is no easy task. as it comes down to the issues that are the toughest issues to discuss and come to a conclusion to at that time, so mr. chairman, thank you for your work and your staff and how you conduct your staff in these negotiations. i'd also like to echo something that mr. rogers said in his opening comments about one of our subcommittee chair, or clerks, martin delgado. he's retiring from the subcommittee after 16 years as was mentioned, he is someone who knows the subject matter of agriculture very well he gos beyond and has

steel reserve and plant.

federal reserve officials. now well with the fact that there are still some empty safe stuff on the board of the federal reserve had any impact on the town of picher fed policy decisions well now it's that's an interesting question and a good question because we don't entirely know who's who's going to fill the slots for example we do think that there's a good chance stanley fischer is going to be nominated hero and it's up to two to one of the slots and i think that he would find that his. policy stance is really to have lee well in line with earth and so what it really comes down to dollars is to what extent is the president pick. up. members that are shown are only in line with janet yellen thinking or the divorce thinking in general and as long as he continues to pick members that are generally in in that vein they wanted to see a large change in in the composition of the policy making behavior the followers are so if the share is nominated you expect that we'll see more of the same is that we're saying. pa

systems of the federal reserve was the u.s. central banking system concocted a jackal and then 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 of the jet. 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

thank you and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from new jersey is recognized. mr. pallone: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized for as much time as he may consume. mr. pallone: thank you. first of all, mr. speaker, i want to point out that republicans are using out-of-context quotes from an administration or from administration officials to mislead the public about the security of healthcare.gov, the website. the same official they keep quoting went on to say, and i quote, the added protections we have put into place are best practices above and beyond what is usually recommended. and no website is 100% secure, but this effort to scare people from signing up for coverage is simply wrong. mr. speaker, i'm afraid the bill before the house today is simply an effort by republicans to continue to impede the efforts of implementing the affordable care act by instilling misinformation and fear in the american public. it's an egregious bill th