the fed felt they were merely acting as the treasury's agent. as unclear how long it would continue. as far as the conduct of monetary policy was concerned, the treasury straitjacketed the fed. why were their interests in conflict? as the economy expanded after the war, the demand for credit rose. banks found an opportunity to lend to private companies, individuals, and so on. where will they get the reserves, the cash to do that? sell your government securities. these were very low-yielding-- 2.5%, 2.75% interest. you could lend at 5%-6% to private borrowers. so the banks, insurance companies, others, began to sell off government securities. the federal reserve was committed to buy them because of that legacy of war commitment. as it bought securities, it added to bank reserves. that gave the banks the basis for new lending. so the banks would lend, sell securities, get the deposits, make more loans. that was adding to an enormous expansion in the money supply and availability of bank credit. the federal reserve was afraid that such an expansion

when the fed was still handmade into the treasury. there's a myth again perpetuated by the fed that in 1951 a treasury accord was arrived. that's true. this accord ended the fed's being pressured by or influenced by the treasury, being near handmade into the treasury. one fed source credits martin with battling for the accord on the fed's part. one problem with that, martin wasn't involved in the negotiations but for the treasury. he was not the fed. he was rewarded with the chairmanship of the fed by truman. he fired him and gave martin the job. martin himself subscribed to what he later called the notion of independence of the fed within the government. it meant that the fed could be independent so long as it did whatever the administration wanted it to do. you can read places where he says things like, to the fed board, we've got to do what nixon wants because -- we've got to do what the administration wants because they are threatening to take away our independence if we don't. even volcker volcker's anti-inflation campaign had not

making rules for bitcoin, the treasury's point man on money laundering lays out his game. a bloomberg exclusive. 28 attorneys general go after retailers and the cigarettes they sell. ending cancer with engineering. college basketball's winners and losers on and off the court. kicking it off with what everyone is talking about. just a day after the u.s. and the eu imposed sanctions over crimea's vote to leave ukraine. vladimir putin launches a counterattack. [speaking russian] >> crimea needs to be under strong, stable sovereignty. i can only be russian sovereignty. >> the defiant putin marching through golden doors and opulent setting. he spoke before russia's political elite and some politicians who had been sanctioned. reminds me of czarist russia. >> many of the world work under the rule that might is right, not international law. they think it is their privilege to decide the fate of the world. and the fates of those who live in the world. >> is vladimir putin saying russia did not use might when he put 3000 troops on the ground in crimea? >> have we violated something?

the yield on the treasury goes down as the price goes up.here we are at 264, the yield on the ten-year note today. one of the causes we saw today for our own selling, the euro, as mario draghi, the head of the european central bank, made comments midday, or evening in europe, that were interpreted pretty bearish for the euro. down it went. down went our market in a second push today. and we're down there. keith bliss, you can't find any single reason for this selloff here. does it continue as a result? what do you think is going on here? >> you're right. it's a mall ga mags of a bunch of things. when you have a little tension overseas or in the emerging markets like we saw in january, people tend to forget that we're still trading near the all-time highs. why not take the money off the table, live to trade another day. normally we'd see a bounce on the next day. i'm not so convinced. we're still not oversold in any of the major indexes, in any -- we're not overbought in any of the bond levels. >> we are 2% from historic highs on the s&p 500.

it went to the treasury department. when it was being worked on in the irs to when you get to speed on february 14, are you saying basically we started over to answer the subpoena you got? >> no, turns out we had already provided significant information on all of the categories of the subpoena. at february subpoena asked what? >> of your subpoena asked for all e-mails, all documents related -- >> a significant mean all? >> now, we provided -- we said we'll continue to work with the committee to provide other documents. >> this is where it gets to the point of understanding because this has not been discussed in the last three months. this has been going on for coming up a year now it has been discussed and understood and talked about, especially as it had targeted around several individual, lois lerner been one of them that is is not a storyline. it's the factors information wanted to come information requested and you made a statement earlier and said the public needs to feel satisfied about what's going on. do you thin

the treasury. ve lower as investors move in. somethat market pullback, are questioning wether the markets will recover to with all-time highs that we saw just last week. a longer-term drop. tom lee was on "in the loop" this morning. look at whaten we really matters for the next few years, i think it will be corporate balance sheets. i think they have been cautious, needlessly cautious. capital stock needs to be replaced. coming.a caps fan cycle look at consumers, hugely thertant to the economy, deleveraging cycle i think is done. banks are beginning to ease lending standards which have been unusually restrict it the last few years. can see it in measure data. fannie and freddie -- last year the average fight those score for an improved loan was down 13 points from where it averaged from 2009. almost 30 points higher than the early 2000 cost. we have room. >> not all investors have the same bullish sentiment. one man pointed out -- terms easing is done in of more easing. the fed has been talking abou

paul both been confirmed by the sender drl bush of as the undersecretary of the treasury for international nfirmed by affairs and mr. polis are on the fed board of governors since 2012. i lookun forde someone more abot these nominees positions and the normalization of monetary policy as well as the continued application of dodd-frank.noneei in addition to the seats they will fail, there will be one enem remaining opening at the board. i'm hopeful hud bank experience, with a priority will be utilized in this option the qualifications for this last uti position. ng the qualifications for this last position. today we will also consider nominations to the national credit union administration and the department of housing and urban development. credit unions play an important role in our financial system and are leaders in our relationship based lending in our communities. i look forward to hearing from mr. mcwatters about his priorities at ncua and the opportunities and challenges facing the credit union industry. mr. velasquez brings experience in economic development and housing policy havin

there is a lot of natural demand in the treasuries. y market is what spurred the growth of the corporate debt market. because there have been these purchases by the federal people intohas sent corporate debt, riskier debt. >> to look for higher returns. >> that's right. >> who is doing this buying up of corporate debt? institutional investors, mom-and-pop investors? >> it's both, it's everybody. you have mutual funds that i for a greater proportion of particular -- that account for a greater proportion of particularly the junk bond market. people who do additionally would go to certificates of deposit and other kinds of safe investments in treasuries are now delving into other asset classes like corporate debt in particular for higher returns. if you think about someone who has retired, trying to live off of their savings to my they need to get something. >> they can't get two percent. and the federal reserve helped to spark this by keeping interest rates near zero and making it difficult for anyone to gain returns. now that the fed is

it is very important that we look at what the inspector general for the treasury recommended, and take a look back at the research that he did. the treasurygo, inspector general for tax administration, russell george, issued a report concluding that the irs employees used " inappropriate criteria" to identify tax-exempt applications for review. i want to revisit the findings of this report. the idea is there was an effective management, and that is a quote, at the irs. the first line of the results section of the report said this began with employees indiscriminate use of the irs office in cincinnati. i did not say that, though i.g. said that. they went on to say that these employees, "developed and used inappropriate criteria to identify applications of organizations with the words tea party in their names." said theseso employees, "developed and implemented inappropriate criteria in part due to insufficient oversight provided by management." i.g. reports that former irs official did not disclose the use of the inappropriate criteria until 2011, a year after it began. again, i do not

>> most -- >> do you consult with the department of treasury? >> most of the regulations that are [talking over each other] >> the regulations require three agencies participation. treasury, labor and hhs and there is broad consultation. >> thank you. i'll just quickly say to my friend from massachusetts he should look at the unprecedented original appendix, the trustees report that talks about the double counting that occurred and putting part d on the credit card, the democratic proposal was more than double the credit card bill. here's what i want to ask, madam secretary, we keep this listed in the ways and means committee about all the delays. we have 23 so far. what i want to ask you about is ipad. the independen independent paymy board. your table in your budget last year, you claim in your budget you will save $4 billion. issue you couple that the $12.9 billion. this is above and beyond all the provider cuts that are in the aca to pay for the aca. so here's my question. where are we with ipab? if given us their last april report. i sent an

then, the u.s. treasury says regulation will support virtual currencies. elon musk takes advantage of u.s. dependence on russian rocket engines. to our viewers here in united states and those of you joining us from around the world, welcome. we have full coverage of the stocks and stories making headlines today. musk'sng details elon hall for the u.s. to reduce dependence on russia in the space program. peter cook, with the latest on russia joining -- on crimea joining the russian federation. busy 24 hours. we had the crisis escalating today when the russian president, after that big speech in front of the parliament in moscow, basically officially absorbing crimea into russia, with a signature on a document. you had western nations condemning that russian action, and promising to respond by stepping up sanctions. they warning the crisis is entering a new, more dangerous phase of live ammunition. the greenlight for that in ukraine. president putin effectively bringing crimea back into the russian fold. kremlinally televised speech where putin defended russi

it seems to me the treasury has authority to take some sort of positive action here. as you may know up until 2007-55, a foreign pension fund had the ability to invest in a domestic route and have their shares treated similarly to a domestic pension fund. this is an area the president has stated clearly he wants to exempt foreign pension funds from this tax as way to help restructure domestic commercial real estate debt and start building and creating jobs all over the country. i've also heard from the president about his forceful statements he wants to use executive authority on issues he deems a priority. this is one of those issues that was listed last year. i hope it makes -- i hope you agree it makes sense for the administration, particularly treasury, in this case, to take some sort of action on this reform. i promised you we would send some documentation. i want to call attention that may have come to you specifically. a number of distinguished tax experts wrote the treasury on october 8th regarding their interpretation treasury has the authority to modify that

department of the treasury. he advises the senior economic leadership at the department of treasury and the white house on global markets. and without objection, the witnesses' full, prepared statements are going to be part of record. i'm going to encourage you all to summarize and just use your time to present your viewpoints, and afterwards the members will have five calendar days to submit statements and questions and any extraneous materials for the record. without objection, as member offices were notified last night in light of our tomb con statement -- time constraint, we're limiting to three minutes to help maximize the participation of all the members this morning. .. if i could now go to our ranking member, mr. engel, whose family is originally from the ukraine, mr. engel from new york. >> thank you very much, mr. chairman. deputy assistant rubinrubin. thank you for appearing before the committee today. and for your tireless efforts in support of ukraine. on an issue that is in the forefront of all our

gerhardt to the treasury oversight subcommittee for seat 1. >> okay. roll call, please. >> on the motion as stated, supervisor campos? >> no. >> campos no. stackv? supervisor tackv? >> aye.

after the situation was evaluated by the inspector general at treasury there was a report that laid out actions to be taken. i made a commitment to keep all those recommendations, to follow through on all those recommendations. one of them was to clarify the rules where the confusion in the policy was what was at the root of the bad judgment that caused the problem. in the proposed rule it was actually a request. you will never find it detailed a policy as many people have said and we have gotten as you know 150,000 comments. we are going through them as we said we would. >> did you have any conversations prior to the tenth of last may when lois lerner major revelations concerning the rule restricting the political activities of tax-exempt groups? >> the ig report that came out, right after that we said we would follow through on all recommendations of the ig report >> mr. secretary last june i sent a letter to the iras encouraging them to respect controlling omb guidance to suspend fy13 performance awards to irs employees as the former director of omb. i know you must feel following om

less than 1% in their target is 2% and this is telling me that there's only a limited upset for the treasuryd yield greatly consider what's going on to the housing market, we have to have a return of a 30 year mortgage yields. >> is anyone going to be calling for a return of this? >> on in europe. but i think that's been happening. >> i wish that they would send us that as well. >> and i think eventually the treasury note auctions have gone well in the market will eventually discover perhaps the hard way that the underlying u.s. economy simply isn't strong enough to shoulder. lou: okay. >> housing is insufficient, wearing over the adequacy of future lou: obama's young invincible spirit is to punish china brings, they are the young invisibles. frank from new jersey writing that since obamacare is a tax on the supreme court, how about we use the honor system for income tax. and save all that money on that corrupt bureaucracy. perry truman, ronald reagan. where are you when we need you. we love hearing from you, send us an e-mail at loudobbs.com we have links to everything. free copies of my ne

will it be critical to watch the ten treasury? "prior to yellen coming out last week and the fomc, the 10- year went down to 262, it's back up to 275-276. that's the one to watch and you see that increase, again, you start seeing a stronger economy, and the fed might have to put the brakes on whenever it's going to be. the 10-year will tell us when that's going to happen." thank you so much daniel! "you too. thank you." paul eggers is filling in today for chuck coppolla. good morning paul! good morning angie. signed into law four years ago todayand debated everyday since, now only four days remaiin before the individual insurance mandate goes into effect. in today's cover story, we highlight the most controversial aspect of obamacare and hear from some procrastinators who still plan to sign-up. " this is going to take a little while here" since president obama uttered those words at the affordable care act signing ceremony, house republicans voted to repeal the law 54 times while the supreme court voted 5 - 4 to uphold it. there ha

these aren't going to be the treasury. these have to be international sanctions. nobody, even the harshest critic, wants to put boots on the ground. >> let me give you an example of why i think the credibility thing is a little bit tricky. look at what the president said at one point today. it's remarkable. >> one thing right away is to work with the administration to help buy assistance to the ukrainians to the people and that government, when they get back in assuming the weather clear, that will be first order of business. >> let me make two points, then give you a chance to respond. first is you're a russian, moscow's had 85 inches of snow this year. the president said when the congress gets back in, assuming the weather cooperates. you're thinking to yourself, is this guy like nuts? this is a sign of american toughness. five inches of snow, congress collapses. u.s. in the spring will be back. what's his first act? obama's first act is always to spend money, but the truth is the number one supplier of energy to ukraine is russia. the number one debt is to russi

look at the treasury market. we are seeing a little more movement than we are in terms of stocks. elds going up to 2.79% on the 10 year. treasuries extended their largest slump this year. more reaction in the treasury market to the jobs report event and the stock market. what about earlier markets? we asked commodities broker how they were reacting. was really good. the revisions over the last two months or shocking. you saw a lot of gold investors that stepped out of the market. gold came up to the 1350 level, a key level of resistance. now we are back to a key level of support. the economy is starting to improve. we will see tapering continue and even accelerate. a lot of people shifting out of oil.and into oil pumped up. oil could be the new safety player now. >> from commodities back to stocks, adam johnson is here to tell us how we can use the jobs report to figure out which companies to invest in right now. >> follow the jobs and you will find the growth and stocks to buy. a time for a little insight. the economy generated, created, 100 75,000 new jobs in february. where were

gerhardt to the treasury oversight subcommittee for seat 1. >> okay. roll call, please. >> on the motion as stated, supervisor campos? >> no. >> campos no. stackv? supervisor tackv? >> aye. >> supervisor tang aye. supervisor yee? >> aye. >> 2 ayes one no. >> your name will be moved forward with positive recommendation. gavel >> item number 2, madam clerk? >> item number 2, hearing to consider appointing two members, term ending february 1, 2015, and one member, term ending february 1, 2016, to the park, recreation and open space advisory committee. there are three vacant seats and three applicants. >> i think we need to mention the first applicant said she wouldn't be able to come. >> i've got sick seconds. shad all i have to do? ~ six >> you can make a short comment. >> okay. i didn't know, i've never been before and had to explain myself, so, i will just do -- [speaker not understood] i'm a native san franciscan. i went to public schools, public university, and i spent more than 50 years of my life in what would now be considered district 5. i've a di

this creates an authority that is broughton can be used and executed by the secretary of the treasury as appropriate person ought to the situation on the ground. >> how large a universe of people are we talking about? dozens, hundreds? how many falls under this category. >> i am not aware of a limit on the number. >> and one less thing. you have been warning about a move into eastern ukraine. >> i certainly don't have any intelligence assessments to provide to you. i think that as russian officials noted a couple of days ago the exercises that were announced head supposedly ended in western russia near the ukrainian border and those units were returned to the bases. that is something we obviously monitor closely. there are a stories on the ground in eastern ukraine that are of course of concern. >> to ask you about an? blocked pursuant to the executive order. it provides a flexible tool that in the coming days and weeks can be used to sanctions person responsible for -- and i could go through the list, but in other words, nobody has been sanctioned under the ceo. the authority has bee

as the internet edition by the bug reports second the us department of treasury bills overall volume of us debt rose by five point eight trillion dollars in the first place among foreign central banks of china with just ten seconds. the biggest sellers of us that ireland sixteen point six billion dollars. norway nine billion dollars in russia six point eight billion dollars according to the date of the u s treasury department in january russia was a well placed among the largest holders of us debt. on fourteenth of march the liberal amount of years that was registered at seventeen point four hundred and sixty four trillion dollars out of this amount twelve when fifty five trillion dollars is treatable that which can be freely bought and sold. across the world thirty percent of all the banks are planning to change their automated teller machines but two thousand sixteen. as business portal capital but he said reports overall more than two point six million machines are installed globally. it is forecasted that by the year two thousand and two. this amount will rise to three point seven

less than 1% in their target is 2% and this is telling me that there's only a limited upset for the treasury greatly conssider what's going on to the housing market, we have to have a return of a 30 year mortgage yields. >> is anyone going to be calling for a return of this? >> only in europe. but i think that's been happening. >> i wish that they would send us that as well. >> and i think eventually the treasury note auctions have gone well in the market will eventually discover perhaps the hard way that the underlying u.s. economy simply isn't strong enough to shoulder. lou: okay. >> housing is insufficient, wearing over the adequacy of future up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. [ chainsaw whirring ] humans -- sometimes life trips us up. sometimes we trip ourselves up

>> i do not they going public and putting capital into the treasury is indicative of selling. an opportunity to put at aal into the business time where they can monetize value. it is not the same as selling equity on a secondary issue where they are cashing out. when you saw yesterday $1.2 to the top four people at apollo, that it has been extraordinary. you talk to people likely cooperman. he would give you very sound and fundamental reasons why we have got two or three left in the cycle. >> some reasons being the low interest-rate environment. qwest also, companies are doing well. our corporate clients are doing nicely. >> are they willing to spend? you are an advertising guy. spends expected to grow by three or four percent. i think the uncertainty about the fiscal policy is --sing corporations >> what would give you more confidence that you know exactly what to expect about taxation policy and health care reform, etc.. there is no indication about what the final outcome would be. 70% of the business are outside of america. they are in china and russia and brazil. those mar

. >> joining me now is assistant secretary of the treasury in the george w. bush administration and author of the treasury's war, the unleashing of a new era of financial warfare. juan zarotti is with us. also, retired navy commander jd gordon. i want to start with you because russia has a long history of conducting drills and exercises, all around a particular area, and then those exercises just end up becoming a real operation. do you think what we're seeing is not just a drill but the precursor to a full scale invasion by russia? >> governor, thanks for having me on the show, i appreciate it. i think vladimir putin is trying to reconstitute a russian empire. we have to realize in 2005, he said the greatest geopolitical crisis of the 20th century was a dissolution of the soviet union. think he's trying to reconstitute it now for two principle reasons, first, because he can. he sees barack obama as a weak and ineffective leader. he sees our european allies as weak and ineffective as well. number two, i think he feels he has to. russia is fading. it was 148 m

the treasury department is also some -- also imposing sanctions on ukraine. adviser and two crimean-based separatist leaders. malaysia is asking for two dozen countries for help in finding that the missing plane. the search stretches from cuts extend all the way to australia. they are looking into the role the pilots may have played. the 8/10 of a percent gain in february was the biggest since may of 2009. the output began after snowstorms began to pick up in the united states and prevented some factories from receiving parts and materials. that is a look at the top stories we're following in the news at this hour. they are the national education standards that stirred up opposition in the tea party. we are talking about the national economic standards being implemented by states. conservatives are concerned about government overreach. big business is pushing back. withmattingly joins me more. good afternoon. >> good afternoon. 45 states adopt the standards back in 2010. there was little sign they would become the flashpoint they are now. bolstered by grassroo

>> this is from the u.s. treasury assistance plans, the $1 billion loan guarantee is planned and they plan to send technical advisers to the ukraine, saying the treasury will be at the center of international aid and the plan will live to the russian tree move. >> would you presume that the imf is speaking with russia? ofis there a lack communication there? >> certainly, they are members and are represented at the executive board my and executive director. i am sure that there is communication. but the important point here is the technical analysis of what is needed to put ukrainian economic policy in a sustainable and positive mode. then to arrange the financing necessary to make the implementation practical. you so much.k greatly appreciate that from our washington news bureau this morning. really talking about the clamps that have to be placed down in the process. >> with a context as well. >> without question, the sequence. >> apple, on a hiring spree for these jobs. location,about location, location. we will tell

on the treasury markets, rising for a third day in a row. 2.72%. y the director of institutional equity trading. let's start with the 10-year note. we heard from jeffrey of that is goingal to 2.5% this year. >> i would not say that. able range bound -- the fed has been pretty transparent about what their intentions are. i think people are more concerned about north of three percent than the are 2.5%. >> do you think we could get to four percent? >> that would be a reach. we have to learn about that. it would be a lot to digest in a short amount of time. >> what is your outlook for stocks e >? >> you are seeing a lot of people with concerned about valuation. buyers are being very selective. the market is better to buy, even though we have had three straight down sessions. it is very much -- people have adopted the position that earning season is over for the most art. -- most part. you mentioned china -- we have had eyes on it tonight. >> what's your expectations? >> who is to say? they are becoming more transparent. a week or so ago, we saw the firs

on the bond markets, treasury yield late friday with a yield of the ten-year, 2.64%. the yields rose yesterday. today, 2.67% is where we stand. prices falling on monday. of course, the fed's two-day meeting starts today. it will be interesting to see where the end of this meeting, they do anything with their jobless -- 6.5% or not. let me show you where we stand with currency markets. euro/dollar, not far away. above 1.39%. the 2 1/2 year high was hit last thursday. but remember, inflation, the print in february was revised lower to a joint low since november 2009. so there still is deflation. we'll get into that, as well. that's where we stand right now in europe. what happened in asia while you were sleeping in north america? sixuan. >> thank you for that, ross. china's new home price growth came in at 8.7% in february, slowing down from the 9.7% on-year growth in january. towards that chinese property developer was near bankruptcy with debt exceeding $500 million. as far as markets are concerned, property majors such as china merchant and polireal estate were down

it was in the allocation of the treasury department that oversees the irs. they will be administer ared by the irs under the treasury department umbrella. and people can say, and there is reason for it, that tax credits are not the same as spending, but the bottom line is, it adds to the deficit. 60 billion in tax credits and mostly small companies who can't afford to pay for the insurance is going to add to the deficit. extra spending by definition adds to the deficit. by the way, to be fair here cbo is saying it will be a billion. but excuse me, 18. >> 8 billion. >> and well, the point is, they are claiming to get the money back eventually once obama care begins to pay off. the money that we spend on tarp spending, most of that money was paid back and there are precedents for companies that receive bail outs and paying back that money. it is anybody's guess. and judging on the basis of how obama care has gone so far, i don't think there is a good odd chance that the money will be paid back. president obama's budget that was released yesterday proposes to g

also, and the treasury markets, yields are up a bit. the 10-year note is trading at 2.67%.f the fed's two-day policy meeting where analysts adduce the policymakers holding steady on the taper and continuing to pull back on -- where analysts do see policymakers holding steady on the taper and continuing to pull back. >> the most upsetting fact i've heard all day, time for insight inaction. look at this. only 500 companies in the s&p 500. 216 of them since 2009 have gotten at least half their earnings gains from buybacks, not from actual organic growth. this is not good. in other words, you could just buy back shares. by definition, your earnings per shares will go back -- go up. almost 216 of 500 companies, that is how they have been generating gains. that is not good. the problem is, earnings are down here at the bottom of the income statement. up at the top, you've got sales. that is money coming through the door. then you have costs, interest, taxes, depreciation -- depreciation and amortization, you name it. it tweaks the number by the time you get down here. that is why

was a little rush into the treasury market. in terms of commodities, you have to look at oil here. data, u.s. inventory is climbing for the seventh straight week. there's some weakness in the, the. refining capacity is down. they are transitioning from winter into spring. that affects the energy stocks. or on the markets, i'm alex feel. ♪

less than 1% in their target is 2% and this is telling me that there's only a limited upset for the treasury greatly consider what's going on to the housing market, we have to have a return of a 30 year mortgage yields. >> is anyone going to be calling for a return of this? >> only in europe. but i think that's been happening. >> i wish that they would send us that as well. >> and i think eventually the treasury note auctions have gone well in the market will eventually discover perhaps the hard way that the underlying u.s. economy simply isn't strong enough to shoulder. lou: okay. >> housing is insufficient, wearing over the adequacy of future income. and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses gunde

after the situation was evaluated by the inspector general into treasury, there was a report that laid out actions to be taken. i made a commitment to keep all of those recommendations, to follow through on all of the recommendations. one of them was to clarify the rules where the confusion in the policy was at the root of the bad judgment that caused the problem. in the proposed world that we put out it was a request for broad comment. it didn't provide as detailed a policy as many people have said. and we have gotten as you know over 150,000 comments. we are going through that as we said we would. >> did you have any conversations prior to the tenth of last may when lois lerner made her conversations concerning the new rule respecting political activities of tax-exempt groups? >> well, be a ig report -- i don't remember the date of the report for the as after that we said that we would follow through on all of the recommendations of the report. >> last june i sent a lette send purging them to respect the controlling guidance and suspended by 13 performance awards to the irs employees

. >> governor keating, you've had experience in government at the treasury department. you've worked with president bush. you've also had experience as the governor of the state of oklahoma. any chance that the 70% treadmill is going to be a slowdown so that banks will be able to lend some of this money out cap the >> you know, pimm -- lend this money out? >> you know, pimm, they are proposing to do this every year. the 50% extreme, collapsing of the stock market, is that likely to occur? housing levels of 2001, is that likely to occur anytime soon? who knows? but it is good to do stress test. i think it they will look at the features were they did well or need improvement and use that. it is very good for american borrowers and for american banks that want to lend. we just need to get the economy going again. >> i wonder what things you would describe as being necessary for that kind of economic growth. you've had a background not only in politics, but also business. >> obviously, what is important is to give confidence to small business. two thirds of the jobs, as you

and that was in the treasury. nvestors moved in. pullback that we saw yesterday, investors are questioning whether the markets will recover to the all-time highs that we saw last week or is this the start of a longer-term drop? we will get to tom lee, who was on "in the loop" this morning, defending his call that the s&p will close the year out above 2000. at what matters for the next few years, it will be corporate balance sheets, companies with a lot of cash who have been needlessly cautious and it has resulted in a situation where capital stock needs to be replaced. i look at consumers, obviously hugely important to the economy, we have a record from stocks and housing credit leveraging is done and banks are finally beginning to ease lending standards, which have been unusually restrictive for the last few years. >> what tells you that? >> we can see that in measured data. data from fannie and freddie last year, the average score for an approved loan was down 13 of 2009.om the average but it is almost 30 points

welcome to the treasury department. i'm with the office of national institutions here at treasury. it's great to have you-all here with us for the first meeting of the new president's advisory council on financial capability. also warm welcome to the members of the council. we are grateful that you have agreed to serve. the subject of financial capability is a priority for the administration, so we look forward to the work of this counsel with great interest. in a few minutes, we'll hear remarks from secretary lew, secretary duncan, sill seala munoz, and director rich cord ray. before i turn it over to secretary lew, let me make a couple points about the work of this council. first, the mission of this council in many ways follows from the work of the previous' president's advisory council on financial capability. that council submit add report to the president which it noted the importance among other things of financial education for our youth and drawing on all resources, private and public, state, local, and federal to advance this agenda. hence the focus on youth with this part

i think it's very important that we look at what the inspector general for the treasury recommended and take a look back at the research that he did. nearly one year ago the treasury inspector general for tax administration, russell george, issued a report that included irs employees and i, quote, inappropriate criteria to identify tax exempt applications for review. i want to revisit the findings of his report. the ig found that there was ineffective management, and that's a quote, at the irs. the first line of the results section of the report said this began with employees in the determinations unit of the irs office in cincinnati. i didn't say that. the ig said that. the ig also went on to say that these employees, and i quote, developed and used inappropriate criteria to identify applications from organizations with the words tea party in their names. end of quote. the ig also said these employees, quote, developed and imme meanted inappropriate criteria due to insufficient oversight provided by management, end of quote. the ig report that former irs official lewis learner did not

we need to focus on the central issue, which is no one dollar should be lost from the treasury. e president, we pushed, he has ordered one yesterday, that there should be a forensic audit to determine where these moneys, what is unaccounted for, is it the $10.8 billion that we are saying from the accounts? we've been working on this for two years. you know, is it $50 billion? is it 20? is it 12? what is the amount. we need to know for the sake of the nigerian people and he has ordered that. so we want it to be independent, we want it to be well done, so that we can lay it to rest. >> how do we -- how do you solve the problem of corruption? you've been in government twice. you have a reputation for being extremely honest. what would you do if you had a magic wand, you were president, what would you do to get nigeria to get this cancer out of its system? moo we >> well, you know, fareed, there are no easy answers. there's one thing i want to say and repeat. no one can fight corruption for nigerians except nigerians. everyone has to be committed from the top to the bottom to fight i

s. 2067, a bill to prohibit the department of the treasury from assigning tax stay statutes to organizations based on their political beliefs and activities. h.r. 3865, an act to prohibit the internal revenue service from modifying the standard for determining whether an organization is operated exclusively for the promotion of social welfare for purposes section 012-c-4 of the internal revenue code of 1986. mr. reid: i would object to any further proceedings with respect to all four of these measures. the president pr the president pro tempore: objection is heard. the built will be placed on the calendar. scried i ask unanimous consent that today's proceedings be printed in the congressional record dated march 4, 2014. the president pro tempore: is there objection? without objection, so ordered. mr. reid: mr. president, because of the inclement weather, we've had to change things around significantly. but this is a message to all senators. we're going to do our utmost to get everything done wednesday and thursday. there will be some debate tomorrow. i am talking about the voting. if we can'

by the end of march, they will 203 billion paid dollars in dividends to the treasury. din is here with us. not a bad day. sun came out, are temperatures went up. >> good. >> that will keep the warming trend for the next two days. and then, oh, a 30-degree drop. we are ready for spring to arrive and stay with us. looking outside at the courthouse in clarendon and the district. the skies are clear. we will see more clouds through the overnight hours. 61 degrees at reagan national airport. winds ticking up out of the south-southwest. the day temperature for now at 61. our average 54. in 2006.d, 78 setback now we are at 57, now 58 degrees. it is live. leesburg at 60. our final stop takes us to silver spring, now at 58 degrees. a cool start this morning, only in the upper 30's. temperatures have warmed up nicely. 63 in fredericksburg. and hagerstown. the wind speed and direction -- out of the south-southwest. boy, it is breezy. the winds will he is a little bit through the overnight hours. rail -- well air, to the north and east of us has is looking at cooler temperatures, b

"the drop in the treasury holdings is really about russia. i think russia is taking precautionary action against the possibility that their assets may be frozen." that was marc chandler, vice president of global currency markets at brown brothers harriman. western banks are already reported to be shutting off credit lines for russian companies. chuck coppola joins us with a report on the malaysian airlines flight 370.. chuck? the malaysian mystery known as flight 370 has fueled a variety of scenarios--from an explosion to perhaps a hijacking or distraught crew member at the controls. that's partly because the malaysia airliner's automated communications system appears to have been working as much as five hours after it left kuala lumpur for beijing, a week ago last saturday it's now believed that the plane crossed into airspace over the indian ocean. the boeing triple-7 was carrying 239-people. in another airline investigation...the faa is looking over a florida bound plane that reportedly blew a tire during takeoff , causing the flight to "bo

across the government in conjunction with our allies. >> there have spent four books on that but to the treasuryrd is to find peace of work. >> talk about public diplomacy that we are not doing it so much with those diplomacy efforts working with counterterrorism. >> the opportunities are wide-open. some we explored during the cold war. those of you would know with other information i was the first off in my life to buy solidarity which we added two new funding to the crisis back in the '80s and it was exciting the way that organization came out of nowhere to have been amazing effect. that was just as important as the political side. those who have come matt of the soviet union says pierre absolutely ignorant and blinded to is a good defects we were having we did not realize what was created in a world deprived of information but we have mostly forgotten that we have broken down the united states information agency to build substructure. the public diplomacy team seem to have a good budget near 800 million which is half the total and three have a new television station based brewery here in spri

so, i don't think you can even go down to 2.5% on the ten-year treasury. same time, look at what else has gone on. yes, we have had some people sell stocks and go into bonds but they have gone into other kinds of bonds, high-yield is doing fine. lopes are doing fine. >> high yield like the stock market? all right. i got to get out of here. abigail dolittle, actually, i never -- i never met stalin. i was alive, but i never met stalin. abigail dolittle, zane brown, john rutledge. thank you all very much. >>> now this could be the final meeting of the kudlow youth summit tonight. our college-aged crew of young adults will tackle the lousy obamacare enrollment numbers and the ukraine crisis, joining me on set right now. stay with us on kudlow. we will be right back. l right in retirement, will you outlive your money? l right uhhh. no, that can't happen. that's the thing, you don't know how long it has to last. everyone has retirement questions. so ameriprise created the exclusive.. confident retirement approach. now you and your ameripise advisor can get the re