and when he was there it was anchored much more than the treasury department. and again a part of that is dependent on personalities, and mr. paulson was a very strong personality. i think when i came in, at the beginning of any presidency is going to be a concentration in the white house just because you have a group that is bound up and running for two years, that's been doing policy, and that is going to be some continuation of that, and that over time the other departments and agencies will grow. one of the rules about power that is i think applies to almost everything in life he is being physically close is really bored. and so it is an advantage to be sitting in the west wing with the president versus, even if your treasury secretary sitting in another building, because it's easier for you to just knock on the door of someone next to you, then to someone -- summon someone with all of the formal proceedings that happen. and so that is, it is important. i think if you could see the prejudice of schedule you can almost always see power based on who is oval of

the interest rates we pay. you know, if they're buying less of our treasuries, then relative to anything else the price of treasuries will be lower, and that's the same as higher interest rates, okay? so there are many offsetting effects going on at the same time, but that's the tendency. if emerging market countries are, including china and oil exporters, tend to accumulate fewer treasuries, that's going to put upward pressure on interest rates. and that, too, has been a change over the past years where interest rates have -- including interest rates on u.s. government debt -- have been unnaturally low. >> host: well, the title. the title of your booking is "lost decades." what happened in 2008, and how has that rippled? >> guest: well, that's a great question, and i think the key idea that my co-author and i wanted to put forward is that through all of the swelter of acronyms like cdss and cdos and mortgage-backed securities and all these other terms that were flying around, there's basically one, single, underlying story that has actually been repeated over and over again throughout history. and that is that for

well, the treasury is planning to change that. by the year 2020, they intend to put a woman on the $10 bill. what do you think of that idea? >> i think that's a great idea. i think it's time that we have a woman on a, like, any bill. >> as long as it doesn't, you know, increase the price of you know, if the currency is still valued the same, it's fine. >> i think there definitely should be a woman on the $10 bill because there isn't a lot of female representation in the government, so yeah. >> i don't think it's necessary. it's part of our history and doesn't really need to be changed. >> i think they should because, you know, there's just been men on it for the whole time, and as, you know, our society evolves, so should our currency. >> just about everyone agrees that women have earned a place on our currency. here are some of the names being considered. sacagawea, the shoshone woman who helped guide the lewis and clark expedition. susan b. anthony and alice stokes paul. they were suffragettes who campaigned for women to have the

and while many of us may want to nominate our own moms, the treasury is looking for women who've had more of a, let's say, historical impact, particularly and one more thing -- they can't still be living. currently on the $10 bill is alexander hamilton. whether he'll be replaced by or joined by a woman is still up in the air. by the way, women haven't always been given short shrift on our paper money. more than 100 years ago, the treasury printed bills sporting pictures of pocahontas and martha washington. since then, the only women celebrated on our currency were on coins. but as bob dylan wrote, "the times, they are a-changin'." and frankly, it's about time. with "speak of the week," i'm eric. >> global warming is melting the sea ice in the arctic, and that's putting animals like the walrus in danger. sea ice is critical for all parts of a walrus's life. females give birth and raise their pups on the frozen expanse. adults use the ice as a diving platform to go after the fish that they need to survive. to lewis carroll, author of "alice in wonderland." almost 150 years ago, he wrote

federal government civic what is the treasury? rebecca security your liability of the federal government directly issued by u.s. treasury. by rabbi the federal government. >> if we in but invest in a pension we are in a person me hold the u.s. treasury's of messages the irish it is invested but the savings bonds would be the closest many employees are interested in. but how does that operate? the chinese for a long time a lot more than they were importing most of it was in the form of dollars. in the affair and a lot more from their exports in june could keep the currency but what they do is with the big dollar reserves with the dollar assets that in some ways are the safest basket of the world and they're easy to get it -- in now because they are liquid. like saudi arabia in into weight. >> as any economist is that a bad thing for the united states? to make it is a dead bad thing for china but at a rapid pace. in those foray a good chunk of time. they slow down. with the big risk taking the dollar hereabout is the foreign exchange

department has taken is the u.s. treasury department has gotten the iraqi central bank to shut down the access of the iraqi bank branches inside isil -- isis territory in iraq. so they should now be shut off from the formal financial system, but we are seeing various informal exchange houses, you know, money and things like that, looking at ways to move money in and out of isis territory. so i don't think it would go direct from isis to the formal financial system very much because the banks are shut down, but i do think they're looking -- and they have ways with some of the informal money exchange houses to first move it out and then try to move it on. and that's certainly something that it's critically important to address. >> well, i think you put it in a very important way, but making it clear that cash is critical to their operations, and obviously we want to use any tool that we can to try to disrupt the flow of cash and certainly through the banking system. but any other tool we can to disrupt the flow of cash. and tha

we helped the treasury department. we helped the small business administration. did so much that would make anyone want to be the top yeller and screamer in favor of this bill. for that i am very grateful. for that i'm very thankful to the committee and to our leadership and to the staff. but then as one who was born in an american territory called puerto rico, there is a glaring omission. that is in puerto rico's worst financial crises we could not get our colleagues on the other side to agree for just some simple help. some simple opportunity to declare bankruptcy. for a simple opportunity to put their house in order. for a simple opportunity to restructure their debt. and so i have said so many times here that i find myself always in this, not contradiction but double situation where i am a

well, the treasury is planning by the year 2020, they intend to put a woman on the $10 bill. what do you think of that idea? >> i think that's a great idea. i think it's time that we have a woman on a, like, any bill. >> as long as it doesn't, you know, increase the price of [laughing] the currency -- you know, if the currency is still valued the same, it's fine. >> i think there definitely should be a woman on the $10 bill because there isn't a lot of female representation in the government, so yeah. >> i don't think it's necessary. it's part of our history and doesn't really need to be changed. >> i think they should because, you know, there's just been men on it for the whole time, and as, you know, our society evolves, so should our currency. >> just about everyone agrees that women have earned a place on our currency. here are some of the names being considered. sacagawea, the shoshone woman who helped guide the lewis and clark expedition. susan b. anthony and alice stokes paul. they were suffragettes who campaigned for women to have the harriet tubman also fought for wo

since the announcement of the jcpoa, the treasury department has taken steps to malign iranian's activity in the region. in november the treasury department designated three hezbollah procurement antiquities and four companies in lebanon, china, and hong confor purchasing dual-use technology on behalf of hezbollah. these sanctions followed actions in july against three senior hezbollah military officials in syria and lebanon who were providing military support to the syrian regime and an additional hezbollah agent who served as the point person for the procurement and transshipment of weapons and material for the group and its syrian partners for at least 15 years. these designations also followed treasury's actions over the jcpoa when the department utilized and sanctioned more than 100 iranians and iran-learned persons. this november, treasury also pnted in the u.s. gulf cooperation council through which participants discussed countering support for hezbollah, for the assad regime and for other proxies in the region. that working group continues to improve information-sharing and cooper

and the process is not over until the secretary of the state -- secretary of the treasury, pardon me, i have been watching too many congressional hearings, the secretary of the treasury signs it into being. then, there is the process that i will not go into, of sculpting the medal. we have, i am part of a group called the artistic infusion program, which began in 2003 by henrietta ford, a visionary woman in her own right who wanted to democratize processing and printing the artist-citizen into the process of invigorating the imagery on our coins and medals. this was sculpted by cb hensel. a group that also submit design -- she is part of a team of sculptors in philadelphia, world-class sculptors and engravers who also submit design , two-dimension candidates for consideration. i call her the donatello of philly. this is just another shot of my iphone. when you shoot a three-dimensional bas-relief, very often, the lighting is very telling of a different story. this is just a shot of what a congressional gold medal ceremony looks like, when it is given to, you know, a group such as the

gathering additional information so the treasury department can sanction the supply networks is valuable. i also think that short of sanctions, there are a couple of steps that can be taken. for example, reaching out to businesses, both the government and the region and to traders to make them aware of this problem and of the potential sanction consequences if they do sell equipment to isil. the region is awash in it. some people will be selling deliberately and others will be selling to any buyer that comes across their door. this,sinessman selling can be made aware. it would also be valuable instead of having the sanctions focused on sales to isis, which can be hard to show. you have to really document this. sales across the borders into isis controlled territories and a territoryit at level would be helpful. senator: what countries are the most like -- most likely suppliers? harrell: iraq and turkey. they are both awash in equipment. gardner.owski: senator senator gardner: welcome to the committee. .hank you chairman murkowski to the witnesses, thank you. the first question i would ad

the 30 year treasury, the ten-year treasury, if they really do rally, the market will say to the fedwas the fed incorrect in the tightening? monetary conditions are tightening. the fed had to prove to the markets -- and frankly talk themselves into -- a tightening. is this going to continue or was verya one and done with a dovish stance going forward given the macroeconomic data? we tend to believe that is what is likely to happen, so the 10-year treasury rallying does not surprise us. aix: so, you see more of flattening of the curve. is there a risk of a lot of supply coming online? is that a buying opportunity? friendly, treasuries, it is the converse. issuance is expected to be down in 2016. as you know, there is a scarcity of highly liquid, highly tradable assets and the treasury is the beneficiary of that. alix: what is your yield prediction on the 10-year? james: i read a great analogy. i'm going to have to bar with. we are going to have to not be bearish, not necessarily bullish. we will spend indicates likely hamster. we will probably end up where we are. the opportunities wi

it goes to the secretariat which is within treasury. and you're looking at 600, 700 pages sometimes in these memos. they're more than memos. it's quite extensive with a lot of good work done by the top economists at the fed and other agencies. >> thank you, sir. >> the time of the gentle lady has expired. the committee will now recess for the vote pending on the house floor. the chair expects the recess to last approximately ten minutes. the committee will reconvene immediately after the vote. the committee stands in recess. >> committee will come to order. the panel will take their seats. chair now recognizes the gentleman from kentucky, mr. barr, for five minutes. >> thank you, mr. chairman. mr. woodall, since you've been the topic of much conversation as a fi beta kappa from kentucky, fellow kentuckian i'm going to leave you alone for the most part today. let me start with bank regulators, prudential regulators and just note at a macro prudential level fsoc and banking regulators have participated in international agreements with the

that's why we're seeing a strong bid in the treasuries. k dupont could be collateral damage of the turmoil with the oil market. liz: we know the chemical companies need oil products. phil flynn looking at oil, am i overstating to say oil over the past couple days has pretty much collapsed? >> it has, you know? these stock guys always blame oil. if oil goes up, they get blamed, if it goes down, everything's oil's fault. but guess what? it is. it's creating fear right now. we saw that in the vix index today. and that fear is permeating the entire market. but are those fears really justified? i think they're overstating the case somewhat. i -- we've got a fed interest rate increase, we got this report from the international energy agency that has not predicted demand correctly even once this year -- liz: i know! why are we listening to them? >> i know. they only missed by a million barrels a day this year. but because they're playing into that negative sentiment after the opec meeting. and i feel like it's dÉjÀ vu all over again because during

that's clever they wanted the $20 bill instead evander jackson but as you have heard the treasury hasbut 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: because h

>> i think there are a am in of tools that the treasury department under the office of terrorism and financial crimes leadership has, including sanctioning money houses and banks that may deal with isis, with isis cash, including putting out, short of sanctions, putting out advisories to the financial sector about what typologies to look for, what risks to look for so there is greater information there, including engaging with iraq, turkey, with other governments in the region including their regulators to make sure that those regulators are taking the steps to keep that money out of their jurisdictions. >> thank you. despite the importance of attacking the financial foundation of isis, the republican leadership has been holding up adam zubin's n nomination for eight months. he is impeccably qualified for this position. even republicans don't contest that. he has worked at the treasury department for over a deckid under both democratic presidential candidate and republican administrations. mr. harrel, let's be brief because the chair has given us extra time. do you think the senate c

there were people at the fed, at the treasury, the president, some members of congress. often, the toughest part of the decision was having the courage to take action deer -- to take action. >> you reference stan fisher in the book. is that the stan fisher dr. bernanke: stan fisher was my professor when i was a grad student at m.i.t. >> tell us about the book he recommended. dr. bernanke: he was an outstanding professor. by the way, he was a thesis advisor not only for me, but for mario draghi, the president of the european central bank. i went to talk to him about macroeconomics and so on. he gave me a copy of milton friedman' s book, "a monetary history of the united states." >> classic book. dr. bernanke: it looks at the history of the fed and monetary policy and gets into the details of that. it was 800 pages or something. he said, read this. i loved it. since then, i' ve always thought it was really helpful to have >> there was a central thesis in that book. dr. bernanke: central thesis was that monetary policy, control of the money supply, whether it is the gold st

department is delaying its on which woman will go on the ten treasury lew says the department feedback from than they expected. planned to pick a bill year...he now says a decision will be made sometime next year. contenders were...harriet tubman....first roosevelt.. civil rights parks.. girl scouts founder juliette gordon low... and humanitarian helen keller. around the corner... and maybe you plan on taking a long flight, or a long drive to visit your family... if so, there's one thing you need to keep in mind. you must continue to get up and move... doctor steven joyce explains in this week's get going segment... how to avoid getting a blood clot. "rae: tis the season for crowded airports and long traffic delays... if you are part of this group of holiday travelers... i've got one healthy tip for you to remember. keep. movingwhen we sit for long periods of time,e are asking for a blood clot. dr. steven joyce: "we don't have a lot of blood return from the legs up into the heart and lungs and so it forms what we call stasus in other words static you are not moving very much and therfo

presidency and a very interesting reaction in terms of that decision to bring about more change at the treasurycine: the fact that he will actually tried more cautiously? he will listen to the markets more anything has to do with the finance minister? razia: the hope is there will be greater clarity and transparency around the decision-making. .he markets are very important if any president of south africa is thinking about how they fulfill some of those longer-term aims, what the have promised to the people of south africa, they can't do that in isolation from what the markets are telling them. if we look at a gdp chart of south africa, two days away from the fed potentially hiking interest rates, are they in a turkey situation -- tricky situation? razia: a lot of this, prior to last week's events, is catching up with emerging more generally. some degree of nervousness around the tightening. it is unclear how much of that has been fully priced in. south africa's own economic backdrop has been week. no question about it. also having only achieved growth of 1.5% last year, it looks as though sou

>> so i think there are a number of tools that the treasury department under the office of terrorism and financial crimes leadership has, including sanctioning money houses and banks that may deal with isis, with isis cash, including put out, short of sanctions, putting out advisories to the financial sector about what typologies to look for, to make sure regulators are taking the step to keep money out of their jurisdiction. >> thank you. despite the importance of attacking the financial foundation of isis, the republican leadership has been holding up adam zubin's nomination for nearly eight months. mr. zubin is impeccably qualified for this position. even republicans don't contest that. he's worked at the treasury department for over a decade under both democratic and republican administrations. mr. harrell, let's be really brief because the chair hasv]Ñ already given us extra time here. do you think senate confirmation of mr. zubin will aid in our fight against isis? >> i absolutely think it would aid in our fight against isis. i've had the privilege of working with adam zubin fo

harrell: there are a number of tools that the treasury department under the office of financial crimes leadership has, including sanctioning money houses, banks that may deal with isis cash, including putting out advisories to the financial sector about what to look for, what risks to look for. including engaging with iraq, with turkey, with other governments in the region, including regulators, to make sure those regulators are taking steps to keep the money out of their jurisdiction. senator warren: thank you. despite the importance of attacking the financial foundation of isis, republican leadership has been holding up adam zubin's nomination for eight months. mr. zubin is impeccably qualified for the position. republicans do not contest that. he has worked at the treasury department for over a decade under democratic and republican administrations. i will be really brief because the chair has only given us extra time. do you think senate confirmation of mr. zubin will aid the fight against isis? mr. harrell: i absolutely think it would. i have had the privilege of working with adam

it goes to the secretariat which is within treasury. and you're looking at 600, 700 pages, sometimes. they're more than memos. it's quite extensive, with a lot of good work done by the top economists at the fed and other agencies. >> thank you, sir. >> the time of the gentlelady has expired. the committee will now recess for the vote pending on the house floor. the chair expects the recess to last approximately ten minutes. the committee will reconvene immediately after the vote. the committee stands in recess. >>> this weekend on c-span, saturday night, at 9:00 p.m. eastern, how technology impacts the entertainment business. >> there are certain parts of the day when you don't want to listen to music. so, the morning commute, if you're on the subway or in your car, maybe you don't want only music, maybe you want news, a weather report, maybe a clip of jimmy fallon or something like that if you're on the subway. and that's kind of the hypothesis we're testing. >> thanks to my 18 years on the house armed services committee, i knew the onl

gathering additional information so the treasury department can sanction the supply networks is valuable. i also think that short of sanctions, there are a couple of steps that can be taken. for example, reaching out to businesses, both the government and the region and to traders to make them aware of this problem and of the potential sanction consequences if they do sell equipment to isil. the region is awash in it. some people will be selling deliberately, some people will be selling to any buyer that comes across their door, and making sure that the business people selling this are taking these steps. i also think it would be valuable instead of having the sanctions focused on sales to isis, which can be hard to show. you have to really document this. sales across the borders into isis controlled territories and prohibiting it at a territory level would be helpful. submitter: -- senator: i am running out of time, but what countries are the most likely suppliers? mr. harrell: iraq and turkey. both of them are awash in oil equipment. i would recommend engagement there. sen. murkowski:

department has taken is the u.s. treasurydepartment has gotten the iraqi central bank to shut down the access of the iraqi bank branches inside isil -- isis territory in iraq. so they should now be shut off from the formal financial system, but we are seeing various informal exchange houses, you know, money and things like that, looking at ways to move money in and out of isis territory. so i don't think it would go direct from isis to the formal financial system very much because the banks are shut down, but i do think they're looking -- and they have ways with some of the informal money exchange houses to first move it out and then try to move it on. and that's certainly something that it's critically important to address. >> well, i think you put it in a very important way, but making it clear that cash is critical to their operations, and obviously we want to use any tool that we can to try to disrupt the flow of cash and certainly through the banking system. but any other tool we can to disrupt the flow of cash. and that

securities with the fed and buy treasury debt directed option. on may 1st, 2015, richard kechum stated there have been direct changes with respect to the fixed income market in recent years. many have come in the reaction of the failures and market impact coming out of the credit crisis. that has led to much higher capital requirements. the volcker rule that limits the ability of proprietary trading with respect to bank holding companies. a range of other issues that have all had significant impact from the standpoint of liquidity of the fixed income market. and finally, the director of exchange traded funds for the search firm said volume in the corporate bond market has dried up so much that it alone may pose a significant systemic threat. and so my question for director cordray, according to the fsoc website, the financial stability oversight council has a clear statutory mandate that creates for the first time collective accountability for identifying risk and responding to emerging threats to financial stability while the rest of the world ha

tell us about the treasury markets and where the yields have gone as we head into this. over the past five months, we have not seen bill -- volatility in the treasuries market at this level. i want to show you this chart. this is all happening as investors expect the fed to raise rates. 10-day an index of the price volatility in the treasuries market, which rose to 6.66 on tuesday. last time this happened was back on july 2013, so we are definitely seeing volatility come into the treasuries market as we await the fed funds futures target rate potentially being risen 25 basis points. , lookingpast few weeks at the price of oil, the markets have been tracking oil pretty much but not today as the fed looms larger. is down after the gains we saw on monday and tuesday, down by nearly 1.6% today. we are below the $37 threshold. , butd briefly did below 2% we have since pulled back. betty: thank you. let's check in on the bloomberg first word news with vonnie quinn. good morning, a top russian diplomat says turkey should pay compensation for the russian warplane it shot down. t

treasury securities declines. and the interest we would earn on those securities would be money that would be transferred out for many years to come back to the federal coffers. you are diminishing the stream of revenues into the federal budget by many years. now, a central bank differs from a commercial bank, and the role of capital is. almost all central banks do hold operating expenses. the capital, so on those grounds well. we have long had capital in surplus, and i think it has a lot to do with my ability to manage monetary policy. >> thank you. it was important to get an answer to that question. it's so relevant right now, and there is the narrative that this is easy money. i think you've given us a pretty good response to that question. >> we appreciate it. thank you. >> thank you very much. >> senator cassidy. >> madam chair. thank you for being here. segueing, you have heard from a lot of people working part-time. will you hold up the poster, please? we've noted that this effect does not apply to all quintiles. i

department has taken is the u.s. treasurydepartment has gotten the iraqi central bank to shut down the access of the iraqi bank branches inside isil -- isis territory in iraq. so they should now be shut off from the formal financial system, but we are seeing various informal exchange houses, you know, money and things like that, looking at ways to move money in and out of isis territory. so i don't think it would go direct from isis to the formal financial system very much because the banks are shut down, but i do think they're looking -- and they have ways with some of the informal money exchange houses to first move it out and then try to move it on. and that's certainly something that it's critically important to address. >> well, i think you put it in a very important way, but making it clear that cash is critical to their operations, and obviously we want to use any tool that we can to try to disrupt the flow of cash and certainly through the banking system. but any other tool we can to disrupt the flow of cash. and that

the treasury department apparently received a lot feedback from the public about the proposed currency redesign. it had said it would announce the woman chosen to be on the bill by the end of 20-15. abolitionist harriet tubman... first lady eleanor roosevelt... and civil rights pioneer rosa parks are among the popular contenders. families in need struggle each year to make this season special... but coming up we'll tell you about the shop they can visit to bring seasonal magic to their kids this year. unusual weather... central hey! this holiday, u.s. cellular's giving you 15 gigs of data for just $70! but i wanted a pony. [ gasps ] you're getting data. pony-sized data? u.s. cellular sized data. 15 gigs of good, strong data you can actually use because it works in the middle of anywhere. i'd like $100! yes!

the spread between the two year and 10 year treasury yields. nd the past cycles. a flattening curve represents investors betting that long-term treasuries will outperform short-term debt. that expected to perform another round of tightening. if history proves correct, look for to flatten. >> is the volatility that we are seeing in credit a reason for the fed to be concerned or is this what the fed is turn to accomplish? tightening policy. >> what we are seeing here is the high-yield spread in all the different sectors. the stress all over, not just in energy. with a be worried about that? >> i think they should be. the trouble for the fed is something of a convergence between the corporate sector in the u.s. and the broader economy. the fed has to manage the broader economy. the fed has two mandates. level inflation and implement. behind that, is financial markets. i think the danger for the fed going forward is that the economy is ok. they should have raised a couple of years ago. >> you pointed out that the five-year real rate, nominal rates o

the spread between the two year and 10 year treasury yields. the past cycles. curve represents investors betting that long-term treasuries will outperform short-term debt. that expected to perform another round of tightening. if history proves correct, look for to flatten. >> is the volatility that we are seeing in credit a reason for the fed to be concerned or is this what the fed is turn to accomplish? tightening policy. what we are seeing here is the high-yield spread in all the different sectors. the stress all over, not just in energy. with a be worried about that? >> i think they should be. the trouble for the fed is something of a convergence between the corporate sector in the u.s. and the broader economy. the fed has to manage the broader economy. the fed has two mandates. level inflation and implement. behind that, is financial markets. i think the danger for the fed going forward is that the economy is ok. if we have access to supply and numerous sectors, you can have -- collapsing economy looks ok. it is tricky for the fed. they sho

brendan, what does the treasury secretary say he is what to do about this? brendan: that is the question. financial inclusion, getting more people access to bank accounts, is one of the areas where we can learn a lot from the developing world. other people at this conference room tenure, for example, an incredibly successful program allows people to make transfers on their cell phones. that is technology where we are behind the developing world. what is happening at this forum is mostly the treasury secretary, when i pressed him on this, said we want to give private actors a chance to come forward with their solutions. jp morgann is here, announced it will work with a peer-to-peer lender. essentially, the job of government right now, as secretary lew put it, is to do more research, look at this, make sure it is important, and then ask private companies to come forward with solutions to make it easier and cheaper for families to get access to bank accounts. betty: it is not just about access, but also making consumers feel more confident in the financial syste

deborah: the treasury decision on which woman will go on the ten dollar bill. treasury secretary jack lew says the department received more feedback from the public than they expected about the currency redesign. lew originally female face for the new 10-dollar this year...he now says a decision will be made year. the top contenders were...harriet lady eleanor roosevelt.. civil rights pioneer rosa parks.. girl scouts founder juliette gordon low... and humanitarian helen keller. deborah: do you know your health numbers? or even what a health number is? well, your weight is one of them...and knowing the right numbers is vital to your health. one of the numbers you need to know is your blood pressure... or the force of blood in your arteries as your heart beats. the american heart association says for the average person, blood pressure should be less than 130 over 80. the second number is your " a normal total cholesterol is probably less than 200, or so. and for triglycerides, your number should be less than 150. now, your ldl, which is often times referred to as

it goes to the secretariat which is within treasury. you're looking at 600, 700 pages sometimes in these memos. they're more than memos. it's quite extensive with a lot of good work done by the top economists at the fed and other agencies. >> thank you, sir. >> the time of the gentle lady has expired. the committee will now recess for the vote pending on the house floor. the chair expects the recess to last approximately ten minutes. the committee will reconvene immediately after the vote. the committee stands in recess.

the treasury secretary can't decide on which woman to put on the new bill. he says the problem is that the public submitted too many ideas for who to put on it. it's here's a live look we've had better days, that's for sure. plan on gusty wind, falling temperatures, and light rain to continue today. rainfall totals will wind up in the 2-3" range with isolated higher rivers will respond, with flood warnings likely on most basins this week. temperatures will slowl cool as the week goes on with a minor system still on track to move in on wednesday morning. temperatures will be warm enough for that to stay asasall rain, and should also be very y ght. by thursday and friday, the coolest air of the month so far , comes in with his in the low 30s. by the weekend, another temperatutu rebound is likely with some more rainfall to start next week.today: showers, windy, falling temps high: 46-52 winds: sw 15-30 alo: 46 dbq: 50 iow: 49tonight: patchy fog low: 32-38 winds: nw 10-20 alo: 34 dbq: 36 iow: 35tomorrow: mostly cloudy high: 41-47 winds: se 5-15 alo: 41 dbq: 44 i

normally the federal reserve sends the profits from its portfolio assets directly to the u.s. treasurysurplus profits are actually one of the major reasons our federal budget deficits have fallen in recent years below where they were a short time ago. however, this bill would siphon off that money and redirect it into the highway trust fund. just today the federal reserve chair, janet yellen, testified before the joint economic committee where she commented on this particular provision, on this particular aspect of this bill. she said -- quote -- "this concerns me. i think financing federal fiscal spending by tapping resources at the federal reserve sets bad precedent and impinges on the independence of the val bank. it weak h weakens fiscal discipd i would point out that repurposing the federal reserv reserve's capital resources doesn't really actually create any more money for the federal government." and that's not the only funding gimmick found in this legislation. it also purports to raise $6.2 billion in revenue for transportation and infrastructure projects by selling oil from t

the satisfaction of you and treasury and the others, it is hard to -- to forget, although it is easyo forget details how bad a situation the country was in from that day in 20082 in the last four months of the year through the 1st half of 2009 our economy hemorrhaged eight million jobs. in my part of the country, but everywhere. you get the fiscal health in the late bush years with the stimulus, tax-cut stimulus that you supported. in retrospect you thought it was inadequate butan adequate but important. the beginning of the obama administration another fiscal help though and they retrospect you said it was probably inadequate. here is my question, sorry for the long intro. overwhelming opposition. why was it so hard for you and secretary paulson, you were appointed three times by president bush, republican. i don't know a lot about your politics. secretary paulson was clearly republican. why is it so hard to convince republicans to step up on the fiscal policy to grow the economy? >> well,well, i think that people have the wrong idea basically. there is a fear of deficits. deficits

about $220 billion of the u.s. treasury is in short next year. sured next year. maybe letting some of that expire and rolloff the battle in sheet, will create some tightening that could create a point rate hike. scarlet: and the fed has a target range as opposed to a fixed point. do you see a return to the fixed point target anytime soon? >> it is very important that the fed has arrange this time, because for the first time the federal reserve pays interest on excess reserves. it is a key way they have created this excess reserve since the balance sheets exploded. they need to control that money in the system, and they need to pay banks on the extra reserves. they need to pay them more than the fed funds. the low end of that range will be protected by the federal reserve, and the top part of the range is kept in place by this interest on reserves. intricate handling of monetary policy. other countries don't do this. most have fixed targets. like the ecb. joe: speaking of the ecb, we have this question of how successful they are going to be. do you think they will

kimberly: the treasury department says the irs incorrectly issued around $46 million in tax refunds in3. the treasury inspector general audit released cited in efficient oversight of refunds and faulty computer programming for that expensive error. the irs programming glitch ignored a process that allows it to delay refunds considered potentially fraudulent. it automatically released over $27 million in tax returns are for the iris to pick up on the mistake. >> bureaucracies are resistant to change. the irs is resistant to change. but will have problems of terrible service are hard-working taxpayers and at the same time fraudulent returns given back to people who do not deserve that money. kimberly: the other $19 million was due to improper screening. is a shame because of all these imposters the irs is -- a lot of wasted money. leon: we go to the roundhouse ski if you could see your cough, you'd see all the sickness you're spreading. new robitussin cf max severe soothes and delivers powerful relief of cough, sore throat, stuffy nose and fever. new robitussin cf max severe. because it'

the treasury secretary had announced plans to choose a new face for the 10-dollar bill by the end of the year. among the popular contenders are abolitionist harriet tubman, first lady eleanor roosevelt, civil rights pioneer rosa parks, girl scouts founder juliette gordon low and humanitarian helen united states postal service officials say today is the busiest mailing day of the year for cards, letters, and packages. officials recommend sending packages by december 21st for christmas arrival. the u-s-p-s estimates over 15-point-five billion pieces of mail will be sent this holiday season. northern california and the sierra nevada mountains were hit with their third winter-like storm in a week yesterday. heavy rain and strong winds flooded some roads and scattered debris on others. strong winds downed trees as well as power lines and were blamed for a number of power outages in the region. rain was expected throughout the day with forecasts calling for up to a half inch to fall in some areas. in the high sierra, several kids enjoyed the final day of their weekend sledding down hills a

plenty ofs there is profits lashing that is going to come back to the treasury, so why do we take some of it as an early withdrawal, do you want to respond to that? chair yellen: i appreciate for the opportunity for dude -- to do that. you have bill as i understand it, it will take a large share of our operating surplus is part of the federal reserve's capital. it will not allow us to build it up. this concerns me. financing federal fiscal spending by tapping the resources of the federal reserve sets a bad precedent and infringes on the independence of the central bank. it begins fiscal discipline and i would point out that reproducing the federal reserve's capital surplus does not actually create any new money for the federal government. if you don't mind my quoting what cbo wrote in scoring, this important to note that the transfer of surplus funds from the federal reserve to the treasury has no import for the fiscal status of the federal government. fall the federal budget accounting does not recognize additions to the federal reserve's surplus account, such additions have the same

i was at the treasury department in 1980 -- well, in the reagan administration, 1981 to 1987.nd i was also one who communicated a lot with people in the bush administration in the -- in the -- in the 2000's. and they were aware that there was something going on at fannie mae and freddie mac. they didn't know exactly what it was because, as i said, fannie and freddie were not disclosing that they were taking credit risks. but people in the bush administration were aware of this and they started to draft legislation that would impose much stricter regulation on fannie and freddie than existed before. and who opposed it? dodd and frank. right. they are heroes to the left. they are heroes. but to the rest of us in this room and the rest of americans who see this, they shouldn't be heroes. >> i was kind of surprised you didn't include any discussion of the role of credit default swaps in the recession and the amount of risk that a lot of the investment banks were taking on in the portfolios. mr. wallison: well, for one thing, i don't have time to talk about things like credit defau

but my girls didn't sign up for that." 3 3 the treasury department says the i- r- s incorrectly issued around 46-million dollars in tax refunds in 2013.an audit released earlier r this week blames inefficient oversight of refunds and faulty computer programming for the error.the i- r- s programming glitch ignored a process that allows the agency to *delay* refunds considered "potentially fraudulent"... more than 27 million in tax refunds before the i- r- s noticed the mistake. 3 "now bureaucracy is resistant to change, the irs is resistant to change. so, we're going to continue to have these problems of terrible service for hardworking taxpayers and at the same time, fraudulent returns that are given back to people who don't deserve that money."the other 19 million dollars that went out erroneously was due to improper screening. 3 3 still to come tonight... great news for holiday travelers heading to the airport. the reason why, coming up in tonight's fox means business report 3 3 but first... is the recent jump in the number of terror arrests in the u- s a sign of actual plots... or j