the senate banking committee held a hearing today on mitigating systemic risk in the financial markets the focus of the hearing was to touch base with rule makers at the security and exchange commission and the commodity futures trading commission who are implementing the expansive dodd frank financial reform law that seeks to end too big to fail one of the provisions discussed today was six nineteen to ban proprietary trading by commercial banks is also known as the volcker rule we've talked about this rule before and it's come up on under other names so why don't we stop here break down the volcker rule and make sure we're all on the same page by definition the volcker rule where the separate investment banking private act equity and proprietary trading sections of financial institutions from their consumer lending arms to put this in layman's terms it keeps a bank from gambling customer bank deposits to make a profit for the bank unless that is done on behalf of the customer theoretically a bank couldn't take it out of your checking or savings accounts and invest it in the derivativ

a senate banking committee hearing this week suggested banks that own pipe lines and other commodity businesses pose problems for consumers. >> but i also don't think that most retirees realize that their pension or retirement savings are used to pave the way for big banks to be able to control an electric plant or an oil refinery. >> tom klaas is an expert. nice to see you, tom. tensions in the middle east, demand for gas, refinery problems. is there a simple way to explain why gas prices are rising when we are flush with oil and gas in this country? >> well, we're part of the world, and we do have to privilege numbers in terms of cheaper crude than the rest of the world, but there are a billion people elsewhere in developing countries that are moving into the middle class, let's say, in this generation. so we're going to see some settlements of world oil prices, but relative to the rest of the world, we've got better prices for crude, we've got much cheaper prices for natural gas, and we've got a little privileged continent atmosphere. people don't realize it because they're paying

and the senate banking committee will talk with bank implementing the dodd frank reform bill.ive coverage on c-span three at 10 a.m. we will begin us morning on washin

as he mentioned earlier, the senate banking committee is holding a hearing today -- as we mentioned earliernate banking committee is holding a hearing today discussing dodd- frank and implementation of that law. thank you for your time. coming up next, in light of the anniversary of medicare, we will talk with tom scully, who headed up medicare and medicaid, and then later, bill allison of the sunlight foundation talk about efforts to track congressional fund-raising and first, a news update from c-span radio. >> at least 10 suspected nazi war criminals ordered deported by the united states never left the country according to an associated press review of state department data. four are living in the u.s. and all remained eligible for public benefits until they exhausted their appeals and one beyond, and the reason being no other country was willing to take them in. the senate is set to confirm new members of the national labor relations order. the senate is set to vote on a president obama nomination to join the board. leaders are hoping for confirmation by the end of the day for him and t

extraordinary economic measures resumes tomorrow when the fed chairman testifies before the senate banking committee. for "nightly business report," i'm hampton pearson on capitol hill. >>> our guest tonight says ben bernanke got his message out to investors and they are feeling calmer. she's rebecca patterson, chief investment officer. rebecca, we agreed to have you. you have listened to ben bernanke give multiple forms of testimony and speeches. now that you have this clear message, are you doing anything different with your investment strategy? >> actually not. we have been over weight equities. we've had a maximum under weight allocation to traditional government bonds, treasuries. for a couple months we had the view the federal reserve doesn't want to do anything but be gradual. bernanke does not want his legacy to be that he moved too fast and drove the economy into a new recession. so what bernanke said today and in the last week or so, really is kind of under scoring what we think will be a very gradual but a very real turn in the bond market. >> so let me -- let's be clear about that. a lot

. >> we do it all over with the senate banking committee. gerri: i just have to ask you this. on "the wall street journal" today,. >> do you think that has any weight? >> stocks are up, housing prices are up. it makes people feel better about their personal finances and then he did go out of his way to say that we are trying to help mainstreet. gerri: time to look at the top stories on fox business.com. pushing the stock market up. american express, caterpillar, the indexes for all of about a quarter percent. that accordrding to the book ou. the result of the housing recovery and morefactory output. once again we are recalling dehumidifiers, they said. recall now kenmore brands at sears. and google appears to be getting better to inoduce next generation of its nexus tablets. we have more coming later in the show. how to save on medical bills and how to fix them. it is a part of our continuing series. we are bargaining after the break. we will be right back. ♪ if you have high cholesterol, here's some information that may be worth looking into. in a clinical trial versus lipito

round two for ben bernanke on capitol hill today, testifying before the senate banking committee thisn't move the markets yesterday, though he hinted he's prepared to stop or slow down printing, but no word from him on when he's going to do it. the hearing starts at 10:30, then faces questions from the senators at the end of this hour. we'll monitor the q&a portion, break in if there's news, but, charles, our charles found something of note, he says, that ben bernanke said yesterday. tell us. >> a note with the biggest exclamation point ever seen. ben bernanke, at the end, browbeating the guy, upset, and he says, what's going to happen if you adjust rate. this is what he said. if we were to tighten policies, the economy would tank. i mean, that's not fed speak. that's direct, in your face, there's no question about it, unequivocal, and, by the way, what's he saying? he's saying the economic recovery is what you said coming into the show. now, it's interesting, obama threw him urn the bus two weeks ago. he threw obama's economy urn the bus saying, if not for us, the media gives preside

my concern with that going back to last week when the fed governor testified before the senate banking committee he told senator johnson, quote, in regard to postponing and delaying the rules as you testified before on basel iii, that is to say the collins dment es require generally applicable capital requirements the applied to holding companies be supervised. i look at that amendment and what concerns me is i'm afraid your hands may be tied. we have two types of financial institutions. we have the short-term funding of banks and the long term insurance companies and yet we're going to give risk-based capital requirements, expanded requirements based on general accounting principles which don't apply to insurance companies, increased costs of insurance. i come from a state where insurance is important, florida. more importantly, we are going to results in a conflict between the ferguson act and the implementation of basel iii capital requirements for insurance companies. how do you feel we can resolve that? >> so quickly on the debt limit i was not trying to make a policy recommendation other t

then repeating that performance in front of the senate banking committee on thursday. a lot to chew on there. politicians are expected to grill him about the fed's bond buying program and plans for tapering and, of course, if widespread rumors that bernanke will step down in january true, this could be his last monetary policy report to congress. >> i bet he would miss that. >> we should also note that tomorrow say huge day at cnbc. in addition to the testimony, we'll be holding our delivering alpha conference. you can catch it all day on tv and online. "squawk box" will be live at the event. we'll be starting at 6:00 a.m. eastern time tomorrow. among our guests, famed short seller jim chanos joining us. along with david mccormick, and then at 8:30 eastern time, treasury secretary jack lew. not a bad day. you're all coming across -- >> yes, we're coming to your home. >> is it safe? >> it is safe. >> should we -- >> you should come over after the -- >> you know how you jones to wear the jacket. want to do it tomorrow? i'll wear a jacket tomorrow. if you want me to wear

. >>> the senate banking committee holds a hearing today to discuss wall street bank ownership of physicaldities ranging from metals, warehouses, to power plants. in prepared remarks, the company is urging lawmakers and regulates to boost oversight of the metals exchange. >>> some public unions say they weren't given the opportunity to discuss issues with detroit's emergency manager before the city filed for bankruptcy last week. detroit retirees, workers and pension funds concerned their retirement benefits will be slashed have filed lawsuits to challenge the case. a federal judge will hear their argument on wednesday. to remain in bankruptcy, detroit must prove it is insolvent and make a good faith effort to negotiate with creditors over its more than $18 billion in debt. >>> capital is firing back at the s.e.c.'s pace against steven cohen. the wall street journal reports the hedge fund told employees evidence shows that cohen didn't read the e-mail from 2008 about the earnings which is at the center of allegations he failed to prevent insider trading at the firm. cohen's lawyer say he r

senator sherrod brown, democrat from ohio. he led senate committee hearings today that focused on bank ownership of commodities operations.rst question to you, senator, is how has this been going on under everyone's noses for three years? and my sense is no one knew this was happening until the "the new york times" wrote about it. >> we found out it was happening because some of the can manufacturer -- the soft drink and the beer manufacturers came to us and said that they have been -- that the whole laws of supply and demand were upsidedown, that the wall street companies, you mentioned goldman sachs, there are two other banks that have been part of this, there's goldman, there's jpmorgan chase, and there's morgan stanley, i guess, for the three. that those three banks, whether it's oil or copper or aluminum, they've gamed the system and they've only been allowed to do this for around a decade and they're getting more and more inquisitive, if you will, as they gain more and more power in the marketplace. let me give you a good example. one of these, morgan stanley owns 80 tankers, 80 oil tankers and owns refining capacit

we're going to learn a lot more, of course, as we get to the senate banking committee in a moment.bout to testify. he will face questions from senators like chuck shunle schu elizabeth warren, tim crapo, tim johnson. we're back after a break. ♪ ♪ let's go! ♪ [ male announcer ] you can choose to blend in. ♪ ♪ yeah! yeah! yeah! or you can choose to blend out. ♪ oh, yeah-eah! ♪ the all-new 2014 lexus is. it's your move. their students need financial literacy education. but the funding, resources and curricula are often not there. pwc is doing something about that. i'm bob moritz, u.s. chairman of pwc. pwc's earn your future is a 5-year, $160 million commitment of funding, volunteer hours and curricula to help provide students with financial well-being. pwc's earn your future: empowering students and future leaders through finial responsibility. faso you want to save on autoof and insurance?.ers drive a hybrid. get good grades. lose the bling. go paperless. combine policies. make automatic payments. and of course, talk to farmers. hi ♪ we are farmers bum - pa - dum, bum - bum - bum - b

the senate banking committee questioning her progress writing new financial regulation and commoditiesg banks. david: peter barnes joins us from the nation's capitol with all the details. when everybody said she was appointed. she would be controversial. indeed she is turning out to be so? >> she is getting good start out on this front. the sec is looking to update insider trading rules for commodities markets, david and liz, in that hear today. this follow reports that jpmorgan chase and goldman sachs had large holdings and copper aluminum in warehousing operations they own and operate. critics say this distorts supplies and increases prices and also may allow these banks to trade derivatives on those metals based on their own internal knowledge of the size of their holdings. now that's not illegal but one senator today asked if regulators should update their rules to limit this kind of activity. the chairman of the sec said the agency is looking into as well as disclosure issues around this kind of trading. >> i think it's a subject matter that once it came to my attention, that is f

she's gone on to become a powerhouse in the senate banking committee.nwhile, the other guy in this story, richard cordray has been running that consumer watchdog agency. he has been doing the job that the president picked him to do. even though two years later he still has not been confirmed for the job. because republicans in the senate are blocking his nomination. senate republicans interestingly say they actually have no objections to richard cordray, the guy. they just hate his job. they just hate this new agency that he's supposed to be running. nipping at wall street's heels. they say they will on the to oppose any nomination to lead that agency, no matter who it is. they do not care what the nominee is. it could probably be scott brown for all they care. they're just saying no to the idea that anybody will be allowed to run that agency. they think if they can keep the agency from getting a confirmed director, they can keep the agency from doing its job which, of course, is defined by law. but, you know, easier to block one guy than try to change

interesting that this article came out and the people are really focusing on this as the senate banking committeeabout to hold hearing tomorrow looking at whether or not banks should actually own warehouses, oil refiners and power plants, so also the federal reserve reportedly looking into whether the 2003 rule that allowed them to have these warehouses, if that's even -- should still be in effect so all of this is coming at a very interesting time and metals traders are watching very carefully and energy traders as well. >> thank you, sharon, very much. >> let's take a look at the interest rate scenario in today's trading session because that is being watched very closely down here. the 2.5% mark is really key to traders, watch that very carefully, dipped below it on today's housing data. the taper talk is out there once again, some saying perhaps that talk of tapering, not tightening, but tapering was premature last week. they will put a lot of emphasis on the fed meeting next week, a two-day meeting and we will, too, of course. that's the bond market report. ty, up to you. >> thanks very much.

today, spoke to the senate banking committee. said the same thing, and we are off to the races. >> i would argue he's been saying the same thing for the past few months. >> yes. >> saying we are dependent. almost feels like the market is up on fumes today. >> you don't think the market is strong enough to support a rally like this. >> if people are cutting estimates before earnings and you are surprised on the upside, you are not where you were in april. bigger problem is the latter part of the year. earning estimates are just too high and they have to come down. >> you know, you also have the philadelphia federal reserve survey out today. but if you are looking for value in a market trading near all-time highs or in uncharted territory, where is the value right now, you would say? >> well, you have to pick your shots. we do think there is value in some of the financials. we think that what played earlier this year is people were looking for yield. and we have been telling people the last several months, we would rather have a 3%

into the senate she's been taking names and kicking ass using her influential seat in the senate banking committee warren has already called out the nation's top financial regulators for failing to take wall street firms and executives who broke the law to trial in may warren sent a letter to federal reserve chairman ben bernanke attorney general eric holder and as the chair mary jo white asking them why big banks and their top executives are consistently allowed to avoid prosecution for violating federal laws she's repeatedly gone off their feet after federal regulators in congress in congressional hearings for not shutting down big banks the violate the law and throwing their c.e.o.'s and executives in jail. we face some very special issues with big financial institutions if they can break the law and drag and billions in profits and then turn around and settle paying out of those profits they don't have much incentive to follow the law and here she is hammering regulators again so what i'm like is you're the experts on money laundering i like your opinion what does it take how many billions of

he'll be appearing before the senate banking committee.ing before the house yesterday, bernanke reiterated that the fed would likely begin tapering later this year, but he also stressed policy would remain accommodative. >> we're using asset purchases and the resulting expansion of the federal reserve balance sheet, primarily to increase the near term momentum of the economy with a specific goal of achieving a substantial improvement in the outlook for the labor market in a context of price stability. >> stocks didn't react much to his comments. trading in a narrow range. but this is probably exactly what the chairman had been hoping for. he stressed volatility has come down in the markets as heny th the markets have gotten a better understanding of what it needs to do. the futures at this point are indicated up for the dow futures and s&p futures. dow futures up by 33 points. s&p futures up by 1.25 points. nasdaq futures indicated down by half a point. beyond bernanke, few other events of note. weekly jobless claims, the philly fed survey

my concern with data going back to last week when the governor testified before the senate banking committee, he told senator johnson that with regard to postponing and delaying the rules if you testified before, he said it is to say that the collins amendment does require the capital requirements be applied to all the holding companies and supervisors. i look at the collins amendment and what concerns me is i'm afraid your hands may be tied. and that we have three different types of financial institutions here. we have the short-term funding in the long-term and insurance companies. yet we will give the state's capital requirements expanded requirements based upon accepted accounting principles, which don't apply to insurance companies and we will input in turn increase the cost of insurance. i come from a state where insurance is very important in florida. more importantly, we are going to probably result in a conflict between this and the implementation of this for insurance companies. how can we resolve that? can we resolve that? >> is not trying to make a policy recommendation other tha

adam: the senate banking committee tackling reform so why after three years is dive franc still not done? we have charlie gasparino and elizabeth macdonald why they're still dragging their feet. right now we want to check stocks with nicole petallides now passed all time highs? >> correct. what is not dragging its feet is the market. we had a 1,000-point swing now here we are. if we would close right here right attitude take their record all-time closing how long dash high but the dow is in 2000 intraday high we have not hit that yet but we are seeing a great day on -all street. lot of this is field by ben bernanke and the fed. he said on may 22nd there is concern as they would taper but they have turned it around and they will be in to the for sale -- foreseeable future. lori: so the morning after the chief's remarks so is a tapering out of the question? we are welcoming senior portfolio manager, and is to see you. >> afternoon. lori: start with the fed. so many mixed messages. what do investors need to know? >> a great point. we witnessed successfully putting the toothpaste back in the

chosen to be the next fed chairman has to go through a senate confirmation process, go to the senate banking committeethe fed chair terms to ben bernanke ends at the end of this year, january 301st. back to you. connell: a lot of fun. thank you. the -- key democrats and a group bloggers. dagen: well, we will talk about this. chief portfolio strategist. nationally syndicated columnist and fox news contributor. i'm going to start with you because you're here in studio. one of the problems would be his personality that he is not a man of compromise. he likes historic plea to belittle people who work for him. that is not the makings of a fed chairman. >> i think you're right about that. he is a bull in a china shop and as is very brash and aggressive terminology that may suggest does not play well with others. the fed is an organization that likes to build consensus around whenever its policies are. that may be something that would be better. in terms of policy there would not be a very big difference in terms of personality. very strange in some ways that the white house is even floridian is as a trial b

wednesday testifying before the financial services committee on thursday before the senate banking committee trying to rein -- may he was hawkish, then reined in that. what is your own take? are we trying to get to a point where we get -- we're so anecessary that toysed to tapering talk that we don't care what happens? is that what we're trying to do. >> i have a minority view. i don't think he's been hawkish. i think he's been consistent over the last couple of weeks. the problem is, i've been talking this with our clients for a better part of the year now, when you go away from things people understand like i'm going to buy a ton of bonds in an effort to hold down interest rates or just going to reduce the federal funds rate, the nuances and the specificity with which monetary policy is currently operating is really confusing to the average person, and even the typical wall street investor who follows this only on a surface level. they're dealing in very esoteric aspe aspects of monetary policy and a articulating how they're trying to do it is more difficult. what you end up with is a lot

the senate banking committee holds its first hearing on the issue tomorrow. ler coors. >>> also, the commodity futures trading commission is putting wall street banks and big traders on notice for a possible probe of their metals warehousing businesses following repeated complaints that they've inflated prices. reports say the cftc sent out letters last week telling firms to observe e-mails, instant messages and other documents from the past three years. these do-not-destroy requests given to metals producers in exchange for storage space in their warehouses. over the past few years, tons of aluminum and other metals have piled up in global warehouses that are part of the london metals exchange network, clogging the trading significance tesystem. and that's caused prices to surge, prompting allegations that some banks and traders are zporti i distorting supplies. what's unclear is whether they'll move ahead with a formal probe. the agency opens dozens of investigations a year but only a handful result in actions. we'll be watching, of course. back to you. >> m

he'll be appearing before the senate banking committee.bernanke reiterated that the fed would likely begin tapering later this year, but he also stressed policy would remain accommodative. >> we're using asset purchases and the resulting expansion of the federal reserve balance sheet, primarily to increase the near term

senate armed services committee will head a couple of nominations. we'll join that hearing on c-span in progress at 10 a.m. eastern. also at 10 a.m. on c-span3, the senate banking committee will hear from mary jo white, the head of the securities and exchange commission, and gary gensler who heads the commodities futures trade commission. and later on c-span3 the senate energy committee will hear from energy secretary ernest moniz on what to do on nuclear waste. that's at 2:30 be p.m. eastern. >> when did we reach a point where you have to have a certain philosophy because of the color of your skin? [applause] when did that happen? you know? [cheers and applause] you know, a reporter once asked me why i didn't talk a lot about race, and i said because i'm a neurosurgeon. [laughter] okay in they thought that was pretty strange. and i said, you see, when i take someone to the operating room and i cut the scalp and take off the bone flap, i'm operating on the thing that makes that person who they are. the color doesn't make them who they are. when are we going to understand that? [cheers and applause] >> surgeon and author ben carson takes your calls, e-mail comme

also attending him on c-span3, the senate banking committee will hear from mary jo white, that of the seekers exchange commission and gary gensler who edits the commodity futures trading commission. they will testify about systemic risk and financial markets. later on c-span3 the senate energy committee will hear from energy secretary on what to do with nuclear waste. that's at 2:30 p.m. eastern. the congressional black caucus on friday posted what they called an emergency summit to address violence and crime in urban communities. the forum at chicago state university is a less than two hours. >> good evening. good evening. >> good evening. >> well, thank you all for coming this evening on a friday night in chicago. how are you? we welcome you to the town hall of the national summit on urban violence, here at chicago state university. i first would like to introduce the president of the university, dr. wayne watson, take it is in greetings and welcome you to the university. dr. wayne watson. [applause] >> good evening. we can never acknowledge and thank those who have the courage to h

then he will travel across the capital to testify at a senate banking committee hearing.watch out at 10:30 a.m. eastern also on c-span3. a natural resources subcommittee on wildfires in the south and southwest. congressional members talked about their states battles with out-of-control wildfires and the need to pursue methods of prevention rather than the current model of suppression. members also expressed condolences for the 19 we firefighters who lost their lives in a central arizona wildfire last month. this is just over two hours. >> the gains may actually help us get this hearing rolling along and i hope that they continue with what they are doing. but we welcome all of you who are here. this hearing today is going to explain how we implement something that i consider needs to be appeared on shift of how we handle the issue of wildfires and management of our federal lands. last year's fire season, we saw the third most acreage burned since 1960. the recent tragic event in arizona and the catastrophic fires in colorado, they simply tell us that the status quo is not

i am very close with the senate banking committee and other committees of jurisdiction at fhfa oig coming and routinely debrief both senate and house bipartisan on events and activities at the oig and at the agency. >> finally, under the foreign affairs act of 1980, each state department is supposed to be inspected by the oig at least once every five years. there's about 85 posts in the bureau that have not been inspected in the past five years, and congress has had to grant the department a wafer with regard to this requirement. what do you believe upon your confirmation to be true that can be done to remedy the situation? >> i am aware of the statutory requirement for inspections. one of my first tasks would be to look at their resources allocated to the inspections on audits and investigations to determine where oig priorities are. i'm very interested in working with the committee if confirmed to understand the kennedys perspectives on the need for the various inspections of embassies >> i'm going to turn to senator

you can hear coverage of the senate banking committee's hearing on this at 10:30 a.m.astern time on c-span radio or watch the hearing on c-span3. those are some of the latest headlines. >> it is a little bit anachronistic to say he was a household name, but he came pretty close. in the years immediately leading up to the revolution, his name was better known than washington or franklin. dickinson wrote many of america's first state papers and many of the highest level documents, policy documents, constitutions, legislations, but he also wrote many more things for ordinary american people and spoke to them in a way that very few other leaders did. these include newspaper articles, poems, and america's first patriotic song. john -- my interest came out of my interest in early american political theory and religion. i started out studying quakers in the colonial period. when i got to the revolution, his name kept coming up. i cannot find anything about him or very little. what was there was very conflicted and nobody seemed to be able to understand his actions. >> learn m

. >> the senate banking committee is holding a hearing today this morning at 10:00 a.m.y joe white as well as the chairman of the commodity futures trading commission. what would you ask them? >> well, i guess for mary jo quite, i hve -- quite, i -- white, i have a lot of respect for her. i would ask her friendly questions about how her inability to fund herself having to go through this yearly appropriation process which lead to dysfunctional to run the agency. i would challenge her on the reform. i'd also ask her about market structure issues, high frequency trading, dark pools. some of these new so called trading strategies i think really under mine the public's confidence in the pricing mechanism in our equity market. i those will be my top three for her. for gary, his inability to fund himself. at the end of the year. also ask him what more needs to be done. >> we're going to be covering that hearing here on c-span 3 at 10:00 a.m. this morning for those of you that are interested. you heard sheila bair. she asked questions that could be asked from those two regulat

on thursday, he testifies at the senate banking committee hearing. you can watch that live on c-span 3 as well. that gets underway at thursday at 10:30 eastern. next federal reserve board governor discusses the economy and the implementation of the dodd-frank financial law. he says that the economy despite slow growth is more table than it was leading up to the 2008 financial crisis. due to dodd-frank and increased household savings among other factors. hosted by "politico." this is about an hour. [inaudible conversations] good morning, everybody. thank you for coming out. try to keep the -- try to keep the room cool for everyone. we're going get started very quickly. joining me is federal reserve governor danielle. -- he's at the center of the fed's regulatory effort and the member of the open market committee. perfectly situated in the corner of wall street and washington. i want to thank everybody who came out. everybody joining on the live stream. thank you for being here. i would like to encourage those watching to tweet questions at me #morning

they argue that inflated aluminum prices have cost buying millions of dollars and the senate banking committee is scheduled a hearing today on whether banks should be owning physical operations from metals to ware housing to power plants and responded yesterday. said that -- another said that it represented a minute amount of the aluminum, but -- >> i think less than 5% was the goldman sachs response. all right. let's talk about -- what? i'm sorry i asked. never mind. >> there is somebody on trial now. >> let's talk about a few stocks to watch this morning after all the after the bell movers last night. shares of netflix trading lower after the company's earnings beat forecasts. revenue came in in line, but the new subscribers, that's what fell short of analyst expectations. julia boorstin talked to reed hastings and will join us with the highlights in the next half hour. >>> texas instruments getting a boost in late trading. earnings beat the street by a penny and ti offered an upbeat revenue forecast saying that customers seeing more confident about placing forwards for chips. the stock up b

the senate banking committee holds a hearing tomorrow on whether banks should control warehouses, powerment saying it is reviewing if activities are complimentary and permissible for bank holding companies. a review somewhat familiar is not new but on going. still the first public acknowledgment raising concerns regulators may try to close off access to lucrative businesses for banks. add to that a source confirms the commodities future trading commission is opening a probe into metals warehouses because of allegations of falsely inflated prices. in an e-mail to cnbc the commissioner wrote there are clearly theoretical conflicts involved in warehousing and many end-users suggest they have resulted in market moves and it can impact consumers. if that's going on we need to put an end to it and fast. goldman, jpmorgan, morgan stanley declining comment on whether they received the letter and the drama will continue in washington, d.c. tomorrow when they hold that hearing. back to you. >> the whole country talking today. that's for sure. thank you so much. bob is back here at the stock excha

. >> this nomination would go through the senate and banking committee, ben bernanke's term ends januaryof next year. dennis: the fed pumping $85 million a month into bond purchases to keep interest rates low. for that money you could pick up a few of these. the robber report's best of the best picks of 2013. cheryl: some lori: markets, the dallas in the in the red to snap a four week winning streak. sam still all next on how to get the bulls back in the saddle. ♪ she's still the one for you - you know it even after all these years. but your erectile dysfunction - you know,that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needingo go frequently or urgently. tell your doctor aut all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in b

set to replace him is jason furman, who was approved by the senate banking committee about two weeks ago. on capitol hill, congress is returning for one more week of work before their august recess. the house gavels in at two tomorrow with legislative works set at 2 p.m. eastern. also a bipartisan compromise bill, addressing the doubling of student loan interest rates. the senate approved their version last week by a vote of 81 to 18 read the sentences in the afternoon at two. 5:30, senators will take on the boat to name it -- on the vote to name james comey as the new fbi director. today, nominees to the national labor relations board. top leaders talked about when they could expect the house to go to conference with the senate to resolve differences on their 2014 budget proposals. ask my friend, the majority leader, does the gentleman expect we will go to conference? i yield to my friend. >> mr. speaker, i think the gentleman for his tenacity. this is a weekly discussion between he and i. i am that live to respond -- delighted to respond. it is something we should commit to ourselv

he made these remarks at a senate banking committee hearing during his second day of testimony on the's semiannual report on the economy and monetary policy. south dakota senator tim johnson chairs this 90-minute hearing. >> good morning. i call this hearing to order. today we'll welcome chairman bernanke back to the committee to deliver the federal reserve's semiannual monetary policy report. nearly five years after the worst financial crisis since the great depression the u.s. economy continues to show signs of improvement. recently we have seen the housing market strengthen and payroll employment firm up. private sector job growth strengthed to year to around 200,000 jobs per month. the economy has shown signs of resilience despite fiscal tightening. on housing, i'm pleased to say that the recovery is gaining momentum with solid home price gains nationwide. new home construction has seen double-digit growth and single-family home seas have also picked up. many homeowners remain underwater but overall numbers continue to decline. going forward i would encourage the fed to be thought