the irs treasury department have been ignoring that request for three and a half years. the irs is taxing and spending the american people's money without permission from or accountability to congress. we need to know how this happened and that begins with transparency. thank you very much for your time and i look forward i look forward to your questions. >> thank you mr. cannon. >> thank you mr. chandon. i expect if they had shown up today they would say they tried to carefully obey the statutory authorities when it registered things under section 36b. i want to say why that's nearly's nearly impossible to believe. i don't know whether obama care is a good idea a good idea or a bad idea but that's why i'm sitting in the middle. i do want us discuss three circumstances where other regulations clearly contradict the legislative language and if you think this is clear, anybody could just come up with some colorful counter argument. it only grants access when their income falls in a specific income range. they didn't like that result so they had expanded credit to several pe

the treasury or the treasury or fs oc looked in the diversification of managers. >> well, treasury secretary, i have looked at it. if you look at the performance there is not a huge difference. some are successful and some are not. some have good years. some have that hears. one of the problems is a tendency to both things up. easier to deal with a few rather than a lot. we need to push back. the door has to be open to new participants command we have tried to have that be the approach. there is more progress and is to be made. >> as these asset managers get bigger and bigger they play more and more of an important role in their sourcing capitol. and so that is one of the reasons why banks had to go through the community reinvestment act. should we be ensuring we have more inclusion so that we can make sure they are investing or reinvesting in our other communities? >> it is important for broad participation. i do not know that i think you should have mandatory targets but i'm happy to follow up with you. >> the time of the gentleman has expired. >> right over here. >> i've got five minutes

carvin and other critics of the treasury rule put forth? as mr. carvin had to admit when the supreme court asked him this very question? there were none. but i'd like to back up for a moment to talk about the language of the statute, itself, because i think it's important to correct what i see as some mischaracterizations. as justice scalia reiterated a last year, it is a fundamental cannon of statutory construction that the words of a statute must be read in their context and with a view to their place in the overall statutory scheme. pluc in other words, not plucking a forward phrase out of a statute and using it to defeat the very fundamental purpose of the entire act which in this case was to provide affordable health insurance for all americans.to hel to help achieve this aim of broadening access to health care and insurance, the statute provides for the establishment of exchanges on which individuals can purchase quality affordable health insurance. section 1311 provides that, later "each state shall not later that january 1st, 2014, establis

officials from the treasury department will be testifying late. ax credits for the "t(urchase of health insurance in the federal exchanwj the hearing has been delayed for a series of votes on the senate floor. once it gets underway, we'll have it live for you on c-span3. in the meantime part of this morning's washington journal. >> welcome a republican of montana, serves on the armed services committee. the first navy sale eeal elected to the house in 2014. after part of operation iraqi freedom. deputy and acting commander, combined joint operations task force the i the arabian peninsula. awarded two bronze stars for combat. what do you make of the strategy of isis in iraq and syria? >> it's evolving. i think we're in free fall in iraq. what's happened, we don't have a policy and a strategy in syria that has bled isis over to iraq. iraq now since we're only doing air operations alone and their not effective, eh iran playing a much bigger role. the militia that appears iranian influence influence, if not led, the senior military leaders from the gua

they fought it before the treasury department and lost. they fought the individual mandate in the courts and have lost. now another group of opponents has raised another legal challenge. asking our courts to bless a contorted reading of the law in a way that would sabotage a core provision of the act and undue the way that the subsidies work to the fulfillment of the core goal of the affordable care act. now, neither the distinguished chairman of the subcommittee nor myself were present as the law was crafted, but there have been a number of quotes in the press recently from those who were actively engaged suggesting that this cramped reading that's being advanced runs directly contrary to the universally held understanding of those who were engaged in its drafting and implementation. from doug elman door f, head of the cbo at the time, to members of the joint committee of taxation, charles clapton, former senator enzi, senator snow, herself, recently been quoted saying they did not see or recall any distinction between federal and state ex

the treasury or the treasury or fs oc looked in the diversification of managers. >> well, treasury secretary, i have looked at it. if you look at the performance there is not a huge difference. some are successful and some are not. some have good years. some have that hears. one of the problems is a tendency to both things up. easier to deal with a few rather than a lot. we need to push back. the door has to be open to new participants command we have tried to have that be the approach. there is more progress and is to be made. >> as these asset managers get bigger and bigger they play more and more of an important role in their sourcing capitol. and so that is one of the reasons why banks had to go through the community reinvestment act. should we be ensuring we have more inclusion so that we can make sure they are investing or reinvesting in our other communities? >> it is important for broad participation. i do not know that i think you should have mandatory targets but i'm happy to follow up with you. >> the time of the gentleman has expired. >> right over here. >> i've got five minutes

treasuries you had. now you kind of do. >> i think that it is important for us to maintain the deep treasury market has something that is part of what makes our dollars part of the world reserve currency. i do not see a weakness but i can assure you, a day does not go by where i don't ask questions. >> xm bank. i talked about ideas were institutions are required to sell off portfolio so that there is better transparency do you support do you support that approach? >> am not familiar. i be happy to look at it. the bank does enormously important work. >> and i agree with the position. additional transparency. >> i be happy to look at it. >> the time for the gentleman has expired. the chair wishes to alert members to accommodate the secretary schedule. we we anticipate clearing three more members of the cube presently. mr. stivers, passenger, and bar depending upon whether or not someone else walks in the german from ohio is now recognized. >> thank you. >> i'm well. >> you already answered questions for mr. duffy and mr. ross and mr. fincher. i want to ask a couple things. you don't think there is a problem. the w

>> i said we haven't seen problems in the treasury. ink there are issues about liquidity that require attention and i went through at some length the issues we need to pay attention to. >> great. let's talk a little bit about that. so you do believe that we need to give it a little attention. as your role of chair of the f sock, have you directed the office of financial research to study this problem and how the policies that are completed and proposed might come together to cause a problem, or have you asked them anything at all? some of us would love to see them do a study. i wrote them a letter asking them to do a study and i'm just curious if you've asked them to do a study on liquidity. >> they are doing work in this area. they've obviously issued some analysis, and i know they have other work that is ongoing. i think it's not just an ofr question but a question that we have to ask in domestic finance in treasury, securities and banking regulators have to ask. i think that there's a serious conversation in this area. what i've trie

is this the treasury standard for expedited treatment? >> congressman, in general our performance on foya is better than that. i'm not familiar with the specifics, i'm happy to look into it. >> you know it's just hard to believe that there's some season the department is -- >> i'll have to look into the matter and get back to you. >> stonewalling that one. >> on another matter, i'd like to bring your attention. the fiscal year 2012 financial services appropriations bill included report language directly to the secretary of treasury, to submit a report to congress regarding the potential risk to the u.s. financial markets and economy posed by financial terrorism in economic warfare. i subsequently met with treasury assistant fitz pain in august of 2012 and was told the treasury would work on that. the report language also included in fiscal year 13 and 14 appropriation bills, in july of 2013, my staff sent nearly a half dozen e-mails to the appropriate treasury staffer for a status update. those e-mails went unanswered. finally, in fiscal y

>> it goes to the treasury. >> goes to the general treasury. basically homeowners that have -- >> and so does the risk -- the support that goes behind the risk. >> i supported all that. i'm not -- i totally agree with everything that was done up until they paid back their loans. my problem is they paid it back. they're stable. they're heading in the right direction. and it's time to get back to more business as usual. because like everybody else i want to keep homeowners keeping their own money to the best of our ability. and yes there are some risks but right now dollar for dollar risk is contributing to the general treasury account and that doesn't seem fair to me. it strikes me if we're going to have a general treasury account either we should tell people we are charging you extra because you have a service or increasing taxes, neither one of which are sins to me. but in this case you're charging them through their mortgage for something that is unnecessary at this point in time. >> that's not the way i look at it. i see it the gses are still

they describe the regulation around the treasury department as patchy. you have a little bit with the fed, little bit with the treasury department, but you do not have one large overarching authority. you have similar issues with foreign exchange as well. betty: it is very preliminary, there is no accusation of wrongdoing yet. do you know this may have or if there's a possibility of storming the treasury market at all? issue.hat is the if you are able to trade information about auctions or foreign exchange orders or whatever product it is, it is open to abuse. ,ou have the ability to possibly of course, to rig rates, manipulate markets, change prices. that is the focus of the department of justice. even if they are not profiting on it are making tons of money by talking about which -- rt mark: it seems like what you are saying is that what they want to do is close what could be an misuse keri:. definitely. it is a type of conduct that is open to abuse is on the market. facebook'sl ahead, instagram apis changing its focus. mark: it is introducing new featu

they fought it before the treasury department and lost. they fought the individual mandate in the courts and have lost. now another group of opponents has raised another legal challenge. asking our courts to bless a contorted reading of the law in a way that would sabotage a core provision of the act and undue the way that the subsidies work to the fulfillment of the core goal of the affordable care act. now, neither the distinguished chairman of the subcommittee nor myself were present as the law was crafted but there have been a number of quotes in the press recently from those who were actively engaged suggesting that this cramped reading that's being advanced runs directly contrary to the universally held understanding of those who were engaged in its drafting and implementation. from doug elman door f, head of the cbo at the time, to members of the joint committee of taxation, charles clapton, former senator enzi senator snow, herself, recently been quoted saying they did not see or recall any distinction between federal and state exch

. >> we heard this criticism, the u.s. treasury labelled three past. japan in 1988, taiwan in "88 and 1982, and china. the act of 1998 requires the secretary of treasury to provide reports twice a year on the international economic and partners. since 1994, the treasury, secretary of united states - been from different parties - has not labelled anyone a currency manipulator, where is the disagreement, why is there a disagreement about whether or not these are currency manipulating countries. >> the treasury department violated the law by failing to name countries as manipulators, almost any observer would say china is manipulating the country. known why the government let us down, failing to act or identify countries as currency manipulators, there's pressure on the government from multinational corporations. if you are a company that is outsourcing jobs, producing, let's say hypothetically china. importing the goods to the united states, and currency manipulation is a benefit. if they are whispering in the ear of the treasury, don't act or say anythin

carvin and other critics of the treasury rule put forth? as mr. ad to admit when the supreme court asked him this very question? there were none. but i'd like to back up for a moment to talk about the language of the statute, itself, because i think it's important to correct what i see as some mischaracterizations. as justice scalia reiterated last year, it is a fundamental cannon of statutory construction that the words of a statute must be read in their context and with a view to their place in the overall statutory scheme. in other words, not plucking a forward phrase out of a statute and using it to defeat the very fundamental purpose of the entire act which in this case was to provide affordable health insurance for all americans. to help achieve this aim of broadening access to health care and insurance, the statute provides for the establishment of exchanges on which individuals can purchase quality affordable health insurance. section 1311 provides that, "each state shall not later than january 1st, 2014, establish an american health benefi

most recently from the head of treasury. that sparked a fiery debate in parliament about whether anything should be done about it. >> i call the honorable leader of the opposition. >> thanks madam speaker. my question's to the prime minister. does the prime minister agree with his treasury secretary who said today there is unequivocally a housing bubble in sydney and in higher priced areas of melbourne? >> i call the honorable the prime minister. >> as someone who, along with the bank, and has a house in sydney i do hope that our housing prices are increasing. i do want housing to be affordable. but nevertheless i do want house prices to be modestly increasing. now, madam speaker -- the important thing is to ensure that our economy is as strong as possible so that people have as much resources at their dispostal as possible, have jobs that they can go outs there and buy the things they need including the housing that they need. that's the important thing and that's what this government is doing. this government is trying to m

fontenot serves as the secretary of treasury on the dwoepment and execution of treasury's budget and strategic plans and the internal management of the department and its bureaus. in january 2014 president obama nominated him as the treasury's chief financial officer. ms. mary howard is in charge of the disclosure division. she' served in this role since january of 2014. in this role she's responsible for managing a multifacetted privacy program and ensuring compliance with the privacy act, the freedom of information act and the internal revenue codes known as 6103. ms. howard represents the irs interest in identity theft information protection disclosure and data sharing. ms. howard began her career in 1988 and served in various yous roles throughout the agency and her career. if you would please rise and raise your right hand. the witnesses are to be sworn before they testify. do you solemnly swear or affirm that the testimony you're about to give will be the truth, the whole truth and nothing but the truth? thank you. let the record reflect that all witnesses answered in the affirm

looking at the two-year treasury moving lower. at 68o-year yield now basis points. ix: we now look at some of the stories making headlines at this hour. minister and the eu commissioner will meet with greece's creditor at 5:00 p.m. new york time. downplayed an imminent deal with greece. to unlock the a lot money. the german finance ministry said it is a long way to get a deal. the vice president for the euro policy, here is what he had to say. >> we are making progress. basically report to the ministers. and get guidance to move forward. >> we also heard from the finance mr. of finland. >> there has been a lot of back-and-forth and forth between the technical and political levels. we have not seen a concrete oppose a yet. >> a few minutes ago, we got word the group will meet tomorrow to continue discussions. make a $170 to million payment to the ims. meanwhile, the french president said he spoke with president obama today. phones the two spoke by frenchng wikileaks -- president says -- sentencedton bomber to death. yet a formal hearing for the marathon bomber. he add

weiner mentioned that no onening t is questioning the candor of treasury of the irs. well, it's difficult to make and assessment of that because they're unwilling to show up and defend their decision-making. so what i can tell you is they're not here. mr. they are refusing to recognize the oversight responsibility of the senate.ing so i'd like to ask you, mr. process cannon, you have examined this question closely. what do we know about the decision-making process at the irs and treasury in establishing the rule here? >> well, unfortunately, very , very little, senator, because as i ore mentioned before, a request by senator hatch for all the documents related to the has b development of this rule has ee been ignored by treasury and irs for 3 1/2 years. in september of 2014, the fr chairman of the house oversight can committee, after being frustrated by treasury and irs' unwillingness to release those a yea documents to hisr. committee issued a subpoena for those documents. treasury and irs have been ignoring that subpoena, for how long ago, september of last year. al

74th secretary of the treasury under president bush and ceo of goldman sachs. now chairs the paulson institute at the university of chicago eight think and do tank. and he has a book which just hit number three on the new york times bestseller list. [applause] ms. sandberg: tim geithner, 75th secretary of the treasury under president obama. you heard it here -- he never worked at goldman sachs. people think you did, but he never actually did that. bob has some views on why that he may choose to share later. he was ceo of the new york federal reserve bank. before that, he was a civil servant at treasury. please welcome our panel. [applause] ms. sandberg: we are sitting here with three of the most experienced economic decision-makers. a great honor for all of us. we might as well start with the economic outlook. it is fair to say that, so far 2015 may not be as promising as we might have hoped for growth. certainly the outlook at the end of 2014 looked like it might be a little more optimistic. are we slowing down? or do we not yet know? let's start. bob. mr. rubi

everyone is watching the 10 year treasury. the 10 year hitting a high for the year at nearly 2.5%. oil prices have today. a big inventory report later this morning. over to maria bartiromo for "morning with maria." maria: thanks so much. see you in an hour. good morning. i am maria bartiromo. it is wednesday, june 10th. a criminal defense lawyer with his own firm in new york in a fox news contributor. fox news dagen mcdowell. we will talk with my group in a minute. first breaking news for the escaped killers. richard mack and david's five. the investigation continues with all life in prison worker joyce mitchell. high-level sources for the escaped. he was supposed to provide a cause to

the treasury department is launching a new website promoting what it calls the new 10. you can go there to give your input on who should be on the new bill. they say the theme is symbols of democracy. as for all that movement to put a woman's face on the 20 that you may have seen in your facebook feed the treasury says the timing of tonight's announcement just a coincidence. >> interesting. it's happening. >>> it's rang out there, doug. >> yeah. >> and it's going to hold on to it for a little while? >> it really is. somebody in our newsroom said that's going to make for great >> i like the sound of that. >> i really think so. a lot of people love to listen to that rain making its way down. nothing too heavy, and not a lot of thunder lightning. just plain steady rain. good sleeping weather right on through 2:00 three income the morning. it's a very large area of rain for all the way up towards pennsylvania, right on down toward the south. we'll do a come of stops here zoom towards frederick and frederick county maryland, over towards mt. airy. gaithersburg seeing some of

most of the ups and downs in the treasury market has been about the term premium. the term premium goes down as risk appetite comes down. and it goes up as you have more -- tom: the deal going up can be a positive sign of the american economy? neil: it is largely risk on, risk off traits. no, general he i agree with you. absolutely, guilds going up as a sign that things are getting better. more growth in the u.s. economy. while we may have a relief rally now, i do worry a little bit about the u.s. equity markets. at the end of the day, the economy is improving.

the flight to safety bid will disappear. bunds and treasuries will continue to sell off you and i .xpect a deal dog you want to deal. merkel now want to deal. so a deal will happen. the deal.raghi want merkel wants a deal. so a deal will happen. green spot ande it was greece. it was sort of an irony. spot. always been the red scarlet: reverting to the mean. alix: when you look across the bond market, is there a market that has adjusted to this volatility that we have seen? peter: not really. the credit markets, investment grade, and high-yield have held in very well. some are down a little bit today, but they are outperforming the treasury market. so far, i think people have been reluctant to sell the corporate bonds. alix: is that a risk-entrÉe? peter: partly. that people are worried about the liquidity. so they sell their corporate bonds in a moment of fear, they may not be a buy them back. we need another leg down. lisa: the volatility, isn't really that traumatic yet? or is it really just a concern of how bad it will get? if this keeps going

the treasury taking their cue from the european debt market.eing this spill over into the equity markets? they seem to be sanguine, keep moving higher. in the u.s., there is the fear about the bubble in the stock market, which have been coming up. -likeave seen equity instruments in the u.s., starting to see some weakness. people pulled $2.6 billion from u.s. high-yield funds last week, the most this year. there have been signs of weakness that have started their , and typically the junk bond market is head of the equity market by about three months. if that continues, that could portend for some weakness ahead. scarlet: could be the canary in the coal mine for equities and a long bull market. lisa abramowicz, thank you. formallyad, jeb bush enters the race for the republican nomination today. live coverage is next from miami. ♪ . . alix: it is noon in san francisco and 3:00 a.m. in hong kong. jeb bush is set to make it official is our. he will announce he's running to be the next president of the united eight, possibly setting a course to beco

ryan: i have had a decent amount of conversations with the treasury. i think they agreed with our view of things more than not but not in every instance. we want to make sure this is clear that the legislative branch is the one that writes the laws and nothing other than that. kimberly: you mention this issue of the corporate tax base. how much does that to the urgency, because it seems we are heading in a direction where you may not have a base reform at a certain point. rep. ryan: if the corporate tax base you wrote so much because of all of these international rules or because of our absolutely inferior tax system or tax treatment of u.s. corporations, we will not have a tax base with which to reform our tax code. that is important. for those of us who were comprehensive tax reform, we think it is important that we stabilize our tax base so it can get to that day. can we do that with this president, that is probably more you want to go with this. there is a big difference between our view and the president's. we think taxes should be lower for indivi

" jim was the chief of staff and then secretary of treasury under reagan. later secretary of state under bush. we began that way. i think that the book -- to give you a little flavor -- i will just give you a story and call on two of my colleagues to give you their story -- i am an old eagle scout. and when people talked about how nice the president was, i thought of the scout laws -- trustworthy, loyal, courteous, kind. people would talk about president reagan, but i did not think in terms of toughness. and one of the stories in the book is about that toughness. and frank carlucci who was the national security adviser before he became the secretary of defense, and he knew that the president liked the prime minister of canada, and they were going up to canada to negotiate with the canadians on the new treaty. as they got out of the car in canada, the president looks at frank and says, "frank, be nice to the canadians." frank went his way with the negotiating team from canada. the president went his way with mulroney. they had a break and came back for lunch,

the u.s. treasury wants you to know who you think it should be. >> the potential new treatment without having surgery. >> good evening. after low 90s in the east bay for today, down to 60 in dublin also 56 in arinda. we'll have details in the heat tomorrow plus, of course the warrior's victory parade forecast in just a few minutes. get a makeover. one of founding fathers alexander hamilton, is on his way out. in his place -- a more femi >>> okay, get ready. the $10 bill is about to get a makeover. alexander hamilton is on his way out. and, in his place, a more feminine look. >> a woman will now be on the ten, but here's the catch. we don't know who it is. it's actually up to us. peggy, how does this work? >> pretty cool makeover here. the treasury says people will be able to weigh in on this for this summer. we heard a lot of votes for el nor roosevelt and harriet tubman. hamilton was our country's first secretary of the treasury. >> i think it's fantastic and its's overdue. >> move over alexander hami

it is shocking to think that the treasury and the appeal does not happen.y, the government has to have some degree of flexibility with respect to failing financial institutions to be a look to act appropriately in times of national crisis. usually, the courts will support a government that thoughtfully does that, and i think here you debate thisctfuly relative to how they treated other financial firms, but ultimately, if you were there in 2008 and were trying to solve the problem, you cannot go back and renegotiate these things. i am personally sympathetic to their position, but the courts have spoken. anchor: was his goal to make any money, or was it just to make that point? josh: i think aig thoughtfully decided that its future was in focusing on the core business of being a great global insurance company, and ultimately, i think they had a legal obligation that they had to seriously consider whether or not to join this. forher they would be open damages themselves should greenberg win, but aig has been doing everything they can to distance themselves fro

even more so now that the u.s. treasurys changing the $10 bill. >> we have got counter filters around the world that are trying to duplicate our currency cop standly. >> reporter: for the first time the treasury will pick a female face for the $10 bill. maybe someone like civil rights eye cop harriet tubman who led a recent poll on the issue. women touring the bureau of engraving today liked the new idea with some digs at the men. >> think that females have contributed positively to our history. >> reporter: why not the $100 bill or $50 bill? >> boys might get upset. >> empowers women, all around d. like me. >> reporter: why is it important? >> um, well women have a lot of buying power in the country. >> reporter: money has changed many times but this is the first time officials are seeking public comment. >> process is going to be very different from anything we have ever done in the past. >> reporter: treasury secretary jacob lieu makes the final decision in late summer. new $10 bills would be out by 2020. >> always had m

alix: the treasury department announcing today at blends to redesign the $10 bill to mark the 100th anniversaryf women getting the right to vote. scarlet: no decision made yet about who will be featured on the new bill. >> it takes over the federal government at a time when the country is bankrupt, restores america's credit. he creates the first bank of the united states and the coast the first fiscal and monetary system. the first tax and accounting system. he creates the entire financial infrastructure of the u.s. and was the architect of much of the federal government. alix: ron is on his way to a broadway rehearsal of the new broadway by alexander hamilton. the u.s. is not the first to add women to its bills. ueensyrian clean non- -- q appears on the 500 pound note. scarlet: we are way behind syria. mexico's 500 peso shows diego rivera and his wife on the back. alix: still ahead, pulling the plug on the robo calls. some new rules are passed that would make it tougher for telemarketers to call you. scarlet: about time. ♪ alix: the fcc is cracking down on unwanted robo calls. the commission m

hochberg: we have sent money to the treasury, last year, $675 billion. over the last two decades, $6.9 billion. that is actual cash that leaves the checking out -- checking account of the xm bank and goes to the treasury. that's actual cash. sen. donnelly: i am from the state of indiana. one of our mutual friends has been very important in the operations of the xm bank and has run a great company. he has used the xm bank, helped in management of it. i think that is reflective of our state. it is small and midsize businesses come over hundred companies that have benefited from the bank in recent years. overall, do you think that those 100 companies would have found similar financing opportunities if xm had not been around? mr. hochberg: companies have to certify that we are the lender of last resort. admiral is a good example. as they have grown with us, they are now in a private sector. he couldn't three or four years ago. working with xm, their sales have grown. it is now bankable by the private sector. if that changes, we would welcome that. sen. donnel

that's clever they wanted the $20 bill instead evander jackson but as you have heard the treasury hasgreed but they said not the 20 because it was already done so we will kick off alexander hamilton of the $10 bill were moved into the side and it is long overdue says the lady through lead the movement. sabrina schaefer is less enthusiastic. >> remember you only memorialize people through monday or on a monument it is much more than their gender or political party but their value the way they influenced our culture over hundreds of years. john: women have not? >> let alexander hamilton in what he did you transform this country from agrarian to err ben and stable and he prevented what would have been a more civil war between the colonies and there is so much to say he contributed to the country. john: we are for gender equality but they are called the founding fathers. >> we are women on 20 is because one of the founding fathers andrew jackson and his legacy is one that we call into question. john: you do not want to kick off hamilton? >> now or we would have said women on 10. john: bec

not the views of treasury or f-stock. expressing my own views and they will not be identical because the bar was put in place to express their own views. >> the chair recognizes the gentlemen from georgia, mr. scott. >> thank you. i want to keep the conversation on liquidity. it is is a serious issue and i am very concerned. liquidity is the key to protecting the financial system. it is also the key to being able to ascertain potential risk do is the system. so that provides us with a way to be able to not just look down the road for problems but see them before they turn that corner. so, also i realize and i think you would agree, you, too, are concerned about liquidity, correct? >> i said so yes. >> and the issue becomes will this liquidity worsen as the economy worsens? and specifically tell me what if there were another crisis? we don't want another crisis. after they fixed the depression they said they didn't want another one. but we have a free enterprise system that is free to go up sideways, down or whatever. so i

the weakness overseas. european stocks decline for a fifth day. emerging market stocks have fallen for 11 straight days. as for treasuries, they are rebounding from last week selloff, so prices are higher, lower yield. week,eld at 2.4% last according to barclays, meant that that plunge made the 10-year more attractive than before. the big story is the dollar, which is weaker against the euro and the yen. the big news came after an unnamed french official was telling reporters that president obama spoke privately to g-7 delegates saying a strong dollar pose a problem. the president later denied that but you see the damage done and the weaker dollar now. onk: a lot of stuff going around another 11th hour appeal from greece. investors trying to figure out when the federal reserve will finally weigh on interest rates. let's take a look at some other top stories crossing the bloomberg terminal at this hour. as scarlet mentioned, the group of seven leaders meeting in germany, discussing that tends situation between russia and ukraine. german chancellor angela merkel said we are "ready to intensify sanctions if the situation wi

want to show you what is happening in the treasury market. y looks like the global treasury rally taking place for the past couple of weeks is continuing the yield on the 10-year note trading at the highest level since late september. we are seeing a global selloff in bonds around the world. the german bunds its 1% for the first time since september. taking a look at what is happening. falling today. trading at the lowest level since may 18, down now read a third straight day. we are seeing strength in the japanese yen. the japanese governor. saying he thinks it is unlikely the yen will decline any further. moving on to commodities. oil touching the highest level of the year, also perhaps on tops of the dollar weakness. trading just under $61 per barrel. that is also sending energy shares higher. the equity market. gold is having its best day in two weeks. gold trading at the highest level of 2015. seven month high for gold. of for a third straight day in a row. gold huger's trading at 11.36. -- gold trading. at today's market closes in asia a

treasury, the yield is biggest10 basis, the decline in treasuries since october. ed market over almost 4% yield is up right now. the final round of iranian new year talks is underway. the clock ticking tomorrow had been the deadline for reaching a deal to limit the nuclear program in exchange for an easing of sanctions. negotiators call it a little flexible, but not too flexible. >> the end of june, beginning of july, we will finalize hopefully in the coming days. olivia: we are covering the talks from vienna. in bureau laxman on -- in deirdre lockman on -- indira joins us now. how close are these two sides at this point? it -- they have ever been. it sounds fast file, but it's true. the united states is adamant that they need to stick thate framework agreement they came by in switzerland. it was very hard getting there, with the nuclear curves and the way they would have to redo the plans and a heavy reactor to put them within what the iaea considers only for peaceful use. what they seem to be googling about now is the future for how they are going to verify past

that's right, the treasury department announced a woman will be on the redesigned note.ght now alexander hamilton is on the $10. the treasury department will is a list-- elicit input on what woman should appear. >>> the federal reserve is moving towards raising interest rates the first time in a decade. but they declined to say when it would happen. and speaking after the fed's poly meeting saying the job market and consumer spending all improving. >>> come september the next young men and women are not thinking interest rates but freshman year of college. congratulations to the 2015 class of universal charter school in grays ferry. and it was all about purpose of life. the class valedictorian headed to temple on a full scholarship next year. >>> a group of baseball players embarking on a journey they will remember the rest of their lives. the scene as philadelphia's anderson monarchs left for a bus ride to cities etched in the fabric of their heritage. seven of the members were members of the taney dragon's in half year' world series. and the man responsible for this pr

she is writing to the assistant secretary of the treasury. he can find a job for her dress maker, elizabeth keckley because she does no longer need the services and wants to get elizabeth onto the jobs list at the treasury. "i promise i will never ask you for another favor." of course, she did. over and over. personally, it was the death of willie. this was a piece of sheet music that we just acquired, only two copies report it anywhere. we suppose there are a few out there. it is hard to imagine how many people would have wanted to buy this outside of the lincoln's immediate circle of friends. a substantial publisher in new york, william hall, printed it. he was the first child to die in the white house and not one of only two presidential children to die in the white house. >> from springfield, illinois. going back to her need for money, abraham lincoln was a very successful lawyer in springfield. he worked the railroads and made quite a bit of money. what was his income? >> that is a great point. it is interesting. if you go back and look

now they have set their sights on the $13 trillion treasury market. ri geiger has been following the investigation into banks and financial markets. she spoke with the surveillance team this morning. as you said before, with libor and ethics, those cases were about conduct issues. people talking either internally or with other people at other banks, their peers, about order information. those are largely unregulated industries, fx, libor, and treasuries. now you are seeing conduct in these areas being a low hanging fruit for the department of justice. the distinction is contained auction process. they get a look at the bids and desires of their customers. reportingying in your , that they are talking to each other 20 minutes and one hour before? >> possibly. we are getting indications that there is conversations in chat rooms prior to the primary treasury options -- auctions. as you know, that is one of the largest financial sales daily, yearly, monthly. it's a big deal. tom: this is a redux back to 1931 with the brothers. >> that is when they institut