the treasury secretary leads our economy. the secretary helps oversee our banking system and will have much to say about important policies relating to banking, housing, and economic development that will impact all americans. the country needs a treasury secretary who will consider the needs of all americans, including working-class americans. mr. mnuchin's tenure at onewest bank shows him to work in his interest and in the corporate interest, at the great expense and harm to everyday americans. thank you, paulina. i appreciate your sending in this information, and i agree. unfortunately, mr. mnuchin's history of aoppressive foreclose -- of oppressive foreclosure practices isn't the only thing that disqualifies him from serving as secretary of the treasury. i already told that you mr. mnuchin flat-out lied to the senate when he told my colleague, senator casey, that his bank didn't engage in certain foreclosure practices. i'd like to share an article from the columbus dispatch uncovering the exact practices that mr. mnuchin t

mnuchin to become secretary of the treasury. rhode island got hit so hard by the mortgage meltdown that wall street created, and frankly i can never forget the rhode islanders who lost their homes in the course of that. we were able to help some of them in my office. as the senator knows, when you come in, you put together a constituent office and your constituent people work on usual constituent business, and in the ordinary course, constituent business is dealing with federal agencies. it makes sure social security is fine, getting people passports that they put into the laundry by accident, dealing with veterans' issues and getting veterans their benefits, helping people with medicare and medicaid confusion. it's all generally involving people who have gotten somehow filed up in the federal programs that they are beneficiaries of. in our case, we had to open a constituent wing for dealing with the big banks because they were foreclosing so recklessly and in such a mercenary fashion on rhode islanders, and it was such torture f

even so it damaged the treasury's reputation. s what the papers are reportingm the treasury's reputation. that's what the papers are reporting. it is down to comments by a former treasury official who says this has happened. i think we take these things with a long view, we have to see how the treasury does on not just one forecast. there was another story about how gadgets of the future are going to be curved. they will be our flexible plastic friends. a bit like the fridgecam. that's it from business live today. there will be more business news throughout the day on the beb live page. goodbye. —— business live page. hello there. good morning, well it has been quite cold and quite grey for many parts of the uk recently. the second part of the weekend just gone typically, we saw temperatures around about three or four celsius and there was a little bit of wintry weather to be had, but not so by the middle of this coming week. the temperatures are getting back into double figures for the majority. it should feel more like spring fr

lots of people have central banks, the u.s. treasury is able to borrow because americans are enormously productive economically so i think even when you look at the dollar we overrate a presidential a treasury concept. >> host: this is speculated, what if the euro became the major reserve currency? >> the treasury has done a lousy job of the dollar since 1971. it is not the gold standard, goals is the currency's value, 135th of assets gold, 120th of announce, the us had the world's currency and persistently devaluing that currency in the 80s and 90s, those were booming decades, we had two decades of major devaluation so i would see another country either compete more ferociously with the treasury to be the world's currency, we need some other entity to force treasury to be more responsible about maintaining the strong and stable dollar. i also think what will happen is technology is moving in the direction where increasingly private money sources will replace the traditional treasury dollars we earn. i wouldn't mind earning money at jpm

monday evening, the senate voted 53-47 to confirm steve mnuchin as the next treasury secretary. shortly after, he was sworn in at the white house. here is a look. president trump: it is my great honor tonight to present to the american people our new treasury secretary of the united states, stephen mnuchin. stephen, i want to congratulate you. a lot of people wanted that position. a lot of successful people. but i've known you for a long time and i know how smart you are and how great you will be for our country. so congratulations to you, congratulations to louisa and your family. americans should know that stephen, our nation's financial system is truly in great hands with stephen. with him we will have no problem. believe me. once again, i am following neil gorsuch through on my promise to appoint only the very best and the very latest. -- very brightest. stephen is a financial legend with an incredible track record of success. i've watched this over the years. he has been my friend for many years. everything he touches turns to gold. he has done and amazing job and that is wh

mnuchin could use the power of the u.s. treasury department to stand on the side of wall street and on the opposite side of millions of working americans. i don't have confidence based on his professional record that mrs of hard-working families first other wall street. while the foreclosure crisis and its aftermath seem like something of the past, for so many people that's not the case in my home the state of illinois. foreclosures are devastating for the families forced out of their homes and also deaf stating to -- devastating to surrounding neighborhoods. if you want to look at what a neighborhood looks like after the foreclosure crisis, visit east st. louis illinois or go to the westside. vacant lot after vai quants lot, inequitied buildings and homes, an economy devastated. what's left? some of the poorest families on earth. while we have made significant progress since the recession of 2008, many families in my state and across the country are still suffering. there's work to do. if confirmed, mr. mnuchin would be responsible

he denied reports that the treasury department is easing economic sanctions against russia and he took questions on the gorsuch nomination to the supreme court and the immigration vetting process. the briefing ran about 25 minutes. mr. spicer: good afternoon. happy ground hog's day. we've got six more weeks of winter, apparently. luckily for those of who you are going to be joining the president down to florida this wenlt, you get some time -- weekend, you get some time to get a glimpse of summer at the winter white house. the president's going to start his meeting at 1:00 sharp. you probably just saw the b-roll of the folks from harley rolling on in. literally. so i'm going to try to keep this a little quick. the president signed a proclamation yesterday ushering in black history month. he looks forward to engaging in an informative months. last night the president was honored to host the swearing in--- swearing in of the next secretary of state, rex tillerson, in the oval office. as the president said last night, secretary tillerson is a man who is already respected all over the worl

the treasury is set to announce new sanctions we believe this hour against tehran. also happening, by the way, financial freedom as the job market has its best showing in four months. the trump administration is set to roll back rules on big banks, rules, by the way, put in place after the fiscal crisis. the president is meeting this hour with some of the leaders of the most recognizable brands in this country, j.p. morgan, walmart, underarmor, ford. you know who is not there? uber. we'll tell you why. plus, senate showdown. lawmakers moved forward on the final vote now set for betsy devos on tuesday. we have got every angle covered for you this morning, kristen welker at the white house, stephanie ruhle and ali velshi will be joining me. i want to start with kristen first. sanctions coming out as early as today against iran. what do we know? >> as early as 10:30. mike flynn came to the briefing room and said the administration was putting iran on notice for recent provocations, including a ballistic missile test, which the administration argues is in defiance of a u

the treasury department, from what i understand, is a frarle common practice for the treasury -- fairly common practice for the treasury department, after sanctions are put in place, to go back and look at whether or not there need to be specific carve-outs for different -- either industries or products and services that need to be going back and forth. i would refer you back to the treasury department on that one. reporter: the language on the treasury department website suggests that you are in fact easing sanctions and authorizing certain transactions with the federal securities service. does that not suggest a shift from what took place -- spicer: regular courts of action, the treasury does quite often, when there are sanctions imposed. i would refer you back to the treasury department. reporter: could i ask you to describe -- [inaudible] -- between the australian prime minister and the president. and also outline the president's concerns about the refugee questions. i asked you this earlier this week, but could you clarify whether the deal son or not, because the president tweeted

did the treasury department solely make this decision. this is not working in the fashion that needs to work. but if it's going to be ad hoc, we are going to have another rabbit hole we are running down. we are running down this rabbit hole from yesterday's -- he is going to keep everybody guessing, on their feet and not being really able to focus on the key issues. that is focus on what needs to be done to preserve this cup. i think we have a real problem for news well, there is a principles committee. and there is a deputies committee. there are numerous committees that are very important working groups that are subsets of the nsc. right now you don't have the principles committee, don't have the deputies committee. you don't have deputies in any of the these departments, to say nothing of cabinet secretaries. and you don't have anyone other than the people immediately around the president, steve bannon, who is on the principles committee by the way by memo from the white hse a seat at the table. not like david axelrod sitting in the bac

i would refer you back to the treasury department on that one. reporter: the language on the treasury department website suggests that you are in fact easing sanctions and authorizing certain transactions with the federal securities service. does that not suggest a shift from what took place -- mr. spicer: regular course of action, the treasury does quite often, when there are sanctions imposed. i would refer you back to the treasury department. reporter: could i ask you to -- [inaudible] -- between the australian prime minister and the president. and also outline the president's concerns about the refugee questions. i asked you this earlier this week, but could you clarify whether the deal is on or not, because the president tweeted last night, i will study these dumb deals, implying that he's still considering them. mr. spicer: the president had a very cordial conversation with the prime minister. where they went through an extensive discussion of this deal. the president is unbelievably disappointed in the previous administration's deal that wa

the u.s. treasury has the shares of freddie mac and fannie mae to stake.em controlling in the time since they gave that nitial investment of $188 billion, they have gone back $256 billion dividend, whether oft is fair return is matter huge controversy and we can get the topic, if you'd like tis complicated one and subject former al lawsuits by and current fannie mae and freddie mac investors. investors.ate guest: private investors, the are traded off exchange and you can buy private shares in the companies, but the government has the majority stake. host: does that answer your question, gloria? caller: not really, that is used to, i used to work for the government, we businesses.o small the loans were guaranteed by the government, but not guaranteed is the reason i asked the question, when he he, but the not lenders or the investors banks, whatever the ase might be, are they reimbursed 100% or percentage of that amount they lent to the people? host: got you. than slightly different the one i thought yo

for the uninitiated, what does the treasury secretary do? is he lacked the finance minister?y oversee taxes and banking regulations. hang on. he was a former banker. so you have a banker looking at the regulation, or overseeing the regulation, or overseeing the regulation, of rank. yes. in some way it is setting the poacher to become the gamekeeper, but in the same way, it can be setting a thief to catch a thief. he has been on wall street for 17 years, at goldman sachs. he is very well—qualified. it is not necessarily a problem. it is just that we did have the president, donald trump, say that he was trying to drain the swamp. there is a lot of criticism that many people from goldman sachs are in his administration. this is on p1 more. —— simply one more. administration. this is on p1 more. -- simply one more. in that job he would have to do what all the others have to do with their dealings, their businesses, if he has shares in goldman sachs, surely he cannot keep those? during his confirmation hearings he had to admit that he had forgotten hearings he had to admit that he

i look forward to working with the entire, great staff of the treasury department. i am committed to using the full powers of this office to create more jobs, to combat terrorist activities in financing, and to make america great again. thank you. [applause] >> thank you. >> thank you. announcer: there are still several nominees waiting to be considered. when a member's return a week from monday, they will resume debate on wilbur ross to be commerce secretary before voting. then later in the week, debate continues on other nominees including ben carson for housing secretary, congressman ryan's secretary andior former texas governor rick perry for energy secretary. as always, you can follow the senate to live on c-span2. president trump is in florida spending time at his mar-a-lago is states. later, he will speak to supporters at a rally in melbourne. it is the first being held by the president is inauguration. we will bring that to you live at 5:00 here on c-span. vice president pence is overseas this weekend meeting with foreign leaders at a security conference in m

he is the former secretary of the u.s. treasury. w he is a professor at university of california berkeley. great to have you on the show. what does trump get wrong about nafta? >> 20 gets wrong about nafta is pretty much everything. if you listen to drop, if we had not signed nafta, we would have like 30% of americans at work in factories that we had back in 1950. but at most, and that is at most , only 0.1% of any decline in american factory jobs has taken place on account of nafta, and that is a price that president ,ush, the first president bush thought was very well worth paying in terms for stabilizing mexico and giving it a chance to develop and become a richer and more peaceful country. you look at sources of decline in manufacturing jobs, look first at technology, which has made factory workers immensely more productive, but demand has not gone up all that much. most of us only need one refrigerator after all, and only two cars. look at ronald reagan. the passage of the reagan tax cuts and the budget deficits that it provoked

but just coming into the treasury secretary job with that kind of a record causes me great concern. it's one of several reasons why i'll vote against his confirmation. when you step back and put it in the context of this administration and those promises that you saw by candidate donald trump as opposed to the actions of president donald trump, i think the country is -- is justifiably concerned and i think it's our job to hold both the treasury secretary were he to be confirmed and the president accountable. senator schumer: thank you, colleagues. just one other point while we're talk about broken promises. candidate trump campaigned as a friend of the working people. he has nominated a labor secretary someone who is so anti-working people that it's appalling. tonight there's even consternation on the republican side about his moving forward and i would urge president trump to withdraw the nomination of dzner for labor secretary as well. reporter: can i ask a question about michael flynn has come under fire for some controversy about whether or not he spoke to the ambassador for russ

i want to talk about the kind of person i want to see head the treasury department. and i want to note i have supported a number of republicans for this particular position in my time on the finance committee. isant the kind of person who going to give everybody in america the opportunity to get ahead. to have more discussions about taxes, and important in this role will be the treasury secretary's view of taxes. we have a tax code that is a .ale of two systems if you are a cough or a nurse in west virginia or oregon, your a policecall -- officer or a nurse in west virginia or oregon, your taxes are compulsory. they are taken out of your paycheck. but if you have a battery of financial experts, it doesn't work that way. you can use that battery of financial experts to pay what you want when you want to, and maybe not much at all. want somebody for this position who feels passionately about giving everybody in america the opportunity to get ahead, who really understands to work priority it is to bring economic recovery to ose communities dimmed by hardship and folks su

i refer you to the treasury department on that one. >> and senator john mccain urged president trump -- initially it looks like it's a technical fix. i've not fully explored it, but that's the impression i have of what it is. a statement by nancy pelosi was less critical. saying president trump lifts sanctions on the russian security service. vladimir putin's thugs meddle with an american election and president trump gives them a thank you present. >>> president trump has said to keep a good relationship with israel. but yesterday there was a marked shift in tone. a senior administration official warned israel yesterday to stop making settlement announcements that undermine the president's efforts to bring peace. the official also said the president is committed to a two-state solution. the netanyahu administration -- since president trump took office and it comes just two weeks before prime minister netanyahu is to meet. the american desire for peace between the israelis and palestinians has remained unchanged for 250 years. existing settlements may not be helpful in achieving that

wyden: madam president, the senate is now debating the nomination of steven mnuchin to be the secretary of treasury. and this is yet another nomination on which the majority has walked away, unfortunately, from a 20-year bipartisan approach when it comes to the vetting process. in 2009 when tim guide near was -- guide ner was president obama's nominee, a vetting issue came up and both sides of the finance committee carried the investigation out to its conclusion. but the situation has turned out quite differently this time. there were several properties in the united states and abroad worth a hundred million dollars missing from mr. mnuchin's disclosure. he failed to disclose several positions in various firms. he misled the public. he misled the committee's about his bank's forecloser tactics and he appears to have hidden key data requested by members of this body. frankly, i don't believe these investigations would have been uncovered at all if not for the work of the minorities' investigations team. the majority, however, looked the other way and the vetting process was ended prematurely. so the

to theto turn it over newly minted secretary of the treasury. to issue a brief statement answer a few questions. >> pleasure to be here on my first busy day in office. yesterday, the department of treasury's office of foreign asset control designated pheasant -- venezuelan national as a specially designated narcotics trafficker pursuant to the kingpin designation act for playing a significant role in international narcotics trafficking. also, another was designated. these designations follow a multiyear investigation into the criminal activities. president trump appreciates the hard work put into this case by the department of treasury, departments of state, as well as the national security council, and then people throughout law enforcement. following the signing of the executive order last week, designing to break the back of criminal drug cartels, this action demonstrates the president's seriousness about fighting the scorch of drugs in the united ace. in addition, he wants to send a clear message to the people of venezuela that america stands

it was interesting to watch the treasury secretary speak. y weakened a little bit. i think that was because he was certainly nowhere near aggressive talking about china, et cetera. also because he hinted that the border tax was not a lock and that it might have some problems itself. so we're beginning to see the dichotomy is going to be when the market figures out the timing. trump keeps talking like it's going to be two or three weeks you'll get to see what we're going to do. treasury secretary indicated that they hope, hope, hope to get things done by august. >> what did you think when you heard that? >> i was -- i thought it was somewhat more realistic but somewhat disappointing because it depends on what they do. if they do the tax reform, will it be retro active to january 1st? and where are things going to go? >> and he also -- the secretary was also relatively sober in terms of promising growth or at least tangible benefits from whatever tax plan even if it gets done in august, right? he said this 3, 3.5% that we're kind of pencilling

i just don't think this is the type of person who should lead the treasury secretary. and i will simply close because we will have further discussion on this, madam president, about the kind of person i want to see had the treasury department. i want to note i support a number of republicans for this particular position in my time on the finance committee.o i want the kind of person who's going to give everybody in america the opportunity to get ahead. we are going to have more and discussions about taxes earned,s particularly important in this role will be the treasury secretaries of you of taxes. we have a tax code that is really the tale of two systems. if you are a cop or a nurse in west virginia, madam president, or in oregon, your taxes are compulsory. once or twice a month your taxes are just lifted out of your paycheck. if you are a working person, that's the way it works in west virginia.. that's the way it works in oregon. but if you have a battery ofu cn financial experts, it doesn't work that way. you can use that battery ofu financial experts to pay what yo

steven mnuchin is the new treasury secretary. s your first sit-down television interview since taking over in that spot. i want to thank you very, very much for joining us and inviting us into the building. >> thank you. thank y thank you for being here. >> as joe mentioned, there are a lot of questions people want to hear from you. there's been huge debate about these issues. one thing i'd like to clear up first and foremost is how you pronounce your name. i've heard it pronounced 15 different ways by people who swear they know your family. mnuchin? >> i'll go with mnuchin. perfect. >> just for the record so we clear it up and get it right. >> and steven. not steve. >> we have butchered it a few times through here. sir, i think the thing that's most important to the markets is what's happening with tax reform. yesterday president trump said we could expect to see a plan maybe the beginning to middle of march. he said it's very well finalized at this point. i just wonder, does it resemble the house plan? what can you tell us about

what do you do with the treasury market with that? i think you trade a narrow range. 2.25 to 2.50. the market gets excited beyond 2.50, but it's not clear. unless we see significant consensus emerging. alix: does that mean the equity market is wrong? they are at record highs. are they wrong? >> i think the markets are giving conflicting signals. the treasury market is saying hold off, the equity market is euphoric. ofs clear that the details the tax reform will have significant winners and losers. if i was at equities, i don't know about owning s&p as opposed to more domestic looking companies rather than trade sensitive companies. david: here in new york city, it's all about trump and what happens here. there's a global reflation going on, bigger even than donald trump. >> absolutely. and that's the question for the rest of the world. can you see any easing up of the monetary foundation we have had? does the ecb at some point recalibrate? they have been saying they are to tapering -- do they lower it? if you get global rates slightly

for the treasury department after sanctions are put in place to go back and to look at whether or not there needs to be specific carve-outs. >>> meanwhile, a first day on the job for secretary of state rex tillerson, who's now tasked with representing the most unpredictable president on the world stage. >>> this hour, pray for arnold. that hashtag taking off after trump used his first address to the national prayer breakfast to jab his "apprentice" replacem t replacement. >> they hired a big, big movie star, arnold schwarzenegger to take my place. we know how that turned out. a total disaster. and mark will never, ever bet against trump again. i just want to pray for arnold f we can, for those ratings. >>> coming up, how schwarzenegger fired back. >>> we begin this hour with the trump white house defending itself on the world stage. it began with a series of contentious phone calls to the president of mexico and the prime minister of australia. then a warning for iran. instead of the diplomacy of speak softly and carry a big stick, the white house is yelling about its sledgehammer. >>

i just don't think this is the type of person who should bee treasury secretary. now we will have further on this about the kind of people i wanted c had -- so my time on the finance committee. i want the kind of person who is going to give everybody in america the opportunity to get ahead. we will have more discussion on texas a particularly in this role will be the treasury secretary. we have a passcode that is really a tale of two systems. if you you are a cop or west virginia or in oregon, your taxes are compulsory. once or twice per month your taxes are lifted out of your paycheck. your working person. battery that's my work didn't west virginia and that's what worked in oregon. but, if you have a battery of financial experts, doesn't work that way. you can use that battery of whey financial experts to pay what you want, when you want, and maybe not much at all. ab i want somebody for this position feels passionately about giving everybody in america the opportunity to get ahead.y really understands what hero priority it is to work to bring economic recovery t

the language on the treasury department website suggests that you are easing sanctions on certain transactionswith the federal securities service. does that not suggest a shift? >> no, it doesn't. from what i understand, it is a regular course of action the treasury does quite often. i would refer you back to the treasury department. host: your confidence in president trump and his national security team. (202) 748-8001, republicans. (202) 748-8000, democrats. (202) 748-8002, independents and all others. send us a tweet. several here, including this one saying, "president donald trump embracing president barack obama's foreign policy pillars -- what is that about?" tillerson, now that has taken over the state department, it should shape up. willotracted war in iran create american jobs, make us great again." jane in cincinnati. caller: good morning to you. good morning everybody in america. it the we have tried democrat way and they republican for years. i would not have voted at all is trumpet not been in there. he is our last chance i do believe in our heart -- my heart. as far as all the mi

he can just tell the treasury secretary. it's a big show. when romney ran, he wanted to rip up dodd-frank. they think this act when it came up in 2010 in reaction to the financial crisis was an overreach. the pendulum someone too far the other way and it's made it hard for businesses to make money. >> and there are people in the meeting with the president who agree with that. >> there's two groups within that meeting, the ceos in with the president. presidents always do this, gather these groups. one group are industrial and manufacturing ceos worried about this border tax and piling on on individual companies. the other group, smaller now, technological companies, very worried about this immigration move by the president and about visas and both groups are worried about corporate taxation and they have a lot of money overseas. they want to talk about ways to bring that money back and not be, as they say, double taxed. it's a useful meeting -- >> the lineup is impressive, jpmorgan chase, general motors, walmart, pepsi, ibm, jack welch, used t

david: this is the u.s. treasury secretary's job. e has a boss in donald trump, who has said is hard to go and say it is strong, strong, when you have a boss saying otherwise. jon: a tax plan will come in august. hopefully that would be enacted. there is no real sign as to whether appetite is -- where the administration's appetite is on historically low treasury yields. the bond markets are like, show me the money. david: it is so true. the budget plan he is supposed to present to congress by march 13, needs to show long-term growth deficit -- long-term growth plans and a long-term deficit. alix: you know what, i am done. i am over it. formercoming up next, cbo director will be speaking on the white house budget plan. this is bloomberg. ♪ jon: from new york city, this is "bloomberg daybreak." a cautious treasury secretary is dominating the headlines this morning. you have to wait until august to see this stimulus plan enacted by congress. the equity market is a patient one right now. looking at the steven mnuchin comments, yields are

a sit—down protest at the treasury by hundreds of cyclists calling on the government to spend more onng safety measures. also in the next hour... spy gadgets made by the real life q—branch during world war two. it looks like an ordinary fountain pen, when it screws, it reveals a sinister dagger! they were used by british secret agents who worked behind enemy lines and go under the hammer next week. and england beat wales in the six nations to extend their winning run to sixteen matches. president trump has tweeted that the "us legal system is broken", after suggesting that he may be about to sign a new executive order on immigration. he said the move was among a series of options being considered after the courts blocked his original order, which banned people from seven countries entering the us. dan johnson reports it was one of his boldest first actions. after an appeals court backed the ban, he said he would see his opponents in court. but speaking on air force one, president revealed he is now considering other options. we will win that battle. we also have a lot of other options

, japan the largest holder of treasuries. vestors help their stakes by the most in almost four years despite reassessments of appetite for u.s. treasuries, international investors, what is their take on trump? >> that has been a theme that has been running since late 2013. if you look at for example what china has been doing, mainland china has reduced its holdings to one trillion. there is a lot of that taking place in the summer of last year , so it is before this administration came in, so i think this is rather more the reassessment of the administration and the u.s. bond market rather than comments about administrations per se. yellendo you think janet will intimate that march is really live? , because fort it her to get to the point of getting the market truly believing that march is a move from ultra low expectations would lead to a lot of market disruption, so i think she will be cautious as she has been for the last couple of weeks. manus: she will walk that line. highlights for your week ahead? anna: donald trump hos

. >> because the treasury secretary is in the meeting, in the old days some treasury secretaries said i want hid of these meetgs. i don't want the head of n. c. cohn didn't do that. cohn said i want head of these meetings. national economic policy will be set largely by gary cohn. there is rumor going around there is another separate cabinet post, council of economic advises kudlow was going to get. that is no longer cabinet post because of gary cohn. he nixed that as cabinet post, further consolidating his power. neil: kevin brady, the house ways and means chief, neil, we're looking at big sweeping tax cuts. marry it with corporate tax reform. we'll get it done this year. if it gets done before the

the treasury yields cannot 230ly break out from the and 250 range. easuries have not done terribly this year. they have not provided a lot of total return. they have not seen a lot of yields back up like they did in november and december. japanese buyers, no official date out yet. thank you. from thelines now donald trump meeting with justin trudeau. they are speaking at the white house now. we will bring you comments later. some headlines, trump saying we need policies that keep women in , the u.s.rce president saying we need policies to keep them in the workforce and also said it is not working well for entrepreneurs and u.s. capitol. trudeau is saying it is powerful leverage to have women -- still ahead, is the oil industry shifting to growth mode? we look at the outlook or energy m&a. this is bloomberg. ♪ vonnie: this is bloomberg markets." time now for the bloomberg markets deals report. theght and analysis from biggest players behind the deals. we are looking at better oil and gas deals back on the table as oil prices start to stabilize. the exe

to the extent that you provide any conclusions to treasury about your agency's rules as part of this process, could you provide those materials to the banking committee? janet yellen: i don't yet have any clarity about what the process will involve. withe always try to work our oversight committees to provide materials that are relevant to your oversight. and we will strive to do that. >> i have doubts about the executive order that requires federal agencies to eliminate two rules. in many cases, to consumer protections for every new role. i'm tickly troubled by what that means for financial regulators, a little bit like joining the highway department to take down two feet of guardrails for every foot it puts up. i've a series of questions and i will put them together -- is it clear that financial regulators, including the fed, are not covered by this rule? does it make sense to remove to every newes for protection? does it make sense to remove consumer protections for every new consumer protection? will it make our system more stable and better protect consumers from bad actors? jane

the treasury nominee is smart, capable, and he's got impressive private sector experience. we need him confirmed as soon as possible so he can begin to tackle these challenges and reverse the last eight years of economic heartache. the presiding officer: under

mounting opposition against the president's cabinet picks, boycotting votes for the top posts in the treasury, health and human services, as well as delaying votes on senator jeff sessions becoming the attorney general. he did get a vote yesterday along party lines. he was approved 11-9. democrats in a united front against the president's education pick, betsy devos. two republicans have joined them on that so it is looking like a 50-50 vote. meaning that vice president mike pence would have to break that and be number 51 for her to get confirmed. of that, democrats are debating how far they go in their opposition to the president's picks for the supreme court, judge neil gorsuch. asking you outside of washington, what do you think? is this too much or not enough? host: in fort myers, susan is an independent. go ahead. caller: thank you for taking my call. and the opportunity to voice my concern. i don't feel the democrats are far enough. and i am seeing that -- mr. trump, i -- theyink -- anyway are putting the news media on turningnsive, psychology. the news media is doing a great job. i enc

let's look at the ten-year treasury note. bit of fluctuation during the middle of the week, but ending where it started, just below 2.5%. 2.483. >>> we have breaking news overnight out of china the peoples bank of china surprising markets by modestly increasing short-term interest rates on its first day back after the lunar holiday. we also got economic data overnight. private chinese manufacturing survey missed forecasts. coming in at 51 from december, the month before, 51.9. looking at asian markets, the nikkei just about flat. hang seng and the shanghai lower again on the first day back after that long holiday. still a lot of attention being paid to what's happening here in the united states both out of washington as well as the jobs report and rhetoric out of washington with those ceos this afternoon. >> to pause on that chinese monetary policy, a big surprise they tightened policy very slightly. that's important to watch. is that the start of a new trend? is it something we should take positively or negatively? growth in

the treasury secretary saying the policies might not have a meaningful impact in 2017. so maria asked the treasury secretary as relates to tax reform, might that be something that comes in 2018? take a listen to what he told maria. >> i think we're looking at that. it's preliminary for me to comment. at what point it takes effect. in either scenario, you're not going to see the growth until next year. >> so because he said they're looking at that, neil, i asked sean spicer, would the president be okay with a package with a time line in which the tax cuts would be enacted and people would feel it in 2018 and not 2017. a bit of ambiguity. here's spicer. >> there's two issues. fiscal year 17 and calendar year 17. for tax purposes, it's calendar year 2017 that they're probably most concerned with. the president as we work with congress will have those details to be able to flush out. >> something that they have to work can congress on. president trump dropped news on this whole conversation just moments ago telling reuters in an interview, speaking about the border adjustme

tom price to lead health and human services, and steven mnuchin to head the treasury department. >> i think they're pretty desperate to get these hugely ethically challenged nominees through the process before the american people get a good look at what they're up to. >> just six trump nominees have been confirmed so far. four of them cabinet secretaries. compared to 11 cabinet secretaries who were approved at this point when president obama first came into office. is this frustration from the elections? >> no, it's a frustration, i would say, about particular cabinet members. >> on friday, republicans were poised to break a filibuster of betsy devos's nomination to lead the education department. but only after two republican senators announced their opposition, which will prompt vice-president mike pence to break a tie, and delay the confirmation of senator jeff sessions as attorney general so he can cast a vote to save devos's nomination. the cabinet drama is distracting from the gop's ambitious legislative agenda, including the push to repeal and replace obamacare. the gop is divid

the u.s. treasury still has the controlling stake. in the kindness that they gave the initial investment of $188 billion, a have gone back -- gotten back to hundred 56 billion dollars dividends. whether that is fair is a huge matter of controversy. we can get to that topic if you would like, but it is complicated and the subject of several lawsuits by former and current investors. >> private investors. joseph: the companies are still traded off the exchange and you can still buy private shares in those companies, but the government has the majority stake. host: does that answer your question, gloria? >> not really, but that's ok. i used to work for the government and we made loans to small businesses and the loans were guaranteed by the government, that they were not guaranteed 100%. that was the reason i asked the question. lenders --hen the investors reimburse, or banks, or whatever the case may be, are they reimbursed 100%? or is they are percentage of that amount that they let to those people. >> a slightly different question than

most federal funds are paid to to the treasury, the general fund. that's where takada's 95 million went and that angers tyger. >> congress has no business spending that money. the money belongs to the people driving around in dangerous cars like this. >> reporter: consumer advocate rosema rosemary shahan say it is unlikely to change. they have attempted to change federal law to focus on figure. if you have a consumer complaint call us at 1-888-996-tips. back to you guy. >>> ee opening. thank you, chris. >>> let's get back to the weather. a live look at the golden gate bridge. it is wet out there and that leads to problems. there it is. that tree comes crashing down. this is cellphone video of a tree in capi the tola. neighbors say it was already tilted and the ground around northern california is so saturated this is what we've been seeing for several weeks. jeff ranieri is with us now. we saw jean elle at sfo. it is raining at parts of the bay area. >> and when this wind kicks up more trees could come down. the winds could gust as high as 40 miles

on sunday the president met with now secretary treasury manuchin, and mr. steve wen before returning to washington. yesterday the president had an incredibly productive set of meetings and discussions with prime minister joe trudeau of canada focussing on our shared commitment to close cooperation in addressing both the challenges facing our two countries and the problems throughout the world. our countries share a profound economic interest with more than $2 billion in two-way trade flowing across our border every day. the president was pleased to launch the canada-united states council for the advancement of women entrepreneurs and business leaders by holding a roundtable discussion here at the white house. together with prime minister trudeau, his daughter, ivanka, the president discussed the unique challenges that women face in the workplace with an incredible group of successful and respected female business executives from both countries. a full list of the participants is available through the pool. in addition to his in person meetings with the prime

here with a deeper look at how the treasury secretary is navigating the choppy waters of international diplomacy is a bloomberg reporter who joins us from washington. we finally have a treasury secretary. it took a few weeks. everyone around the world is excited and finally getting some clarity on u.s. policy, they hope. what are the big things they want to learn from the new treasury secretary? >> well, clarity is a keyword, and hopefully they will get that . as you mentioned, germany and japan are early questioners of what this secretary is going to do. one thing that rattles them of it is his commentary around financial relations, talking about rolling back some of those post great recession-era regulations. germany especially pushing back on that. the finance minister saying let's be careful about this, let's not scrap the playbooks so soon. japan pushing back the little bit on the implication that they have a weaker yen. that was not very satisfying to them. this all gets back to a lot of talk lately on the dollar and what might become of the trump administration's policy around t

. >> do you still have any idea how much is owed to the u.s. treasury that the previous administration refused to pay? >> i don't have at my fingertips but can follow-up. >> is it into billions of dollars? >> the requirement was for several billion into they could still be made because it would actually be made in 2017 so some of that is still being reconciled. >> thank you, sir i would like to yield to the gentlemen of the committee to make a few commen comments, please. >> thank you very much. the first oversight committee hearing that we are fortunate to have him as a small businessman and entrepreneur as a lawyer. serving as the ranking member on this important health subcommittee, this subcommittee takes up some of the most important issues that come before the committee not the least of which is the affordable care act. they will touch on it at some point and that is the cost of the drug. that is the number one issue with regards to independents, democrats and republicans. and succumb in the recent hearings that we have had, there's been testimony

when we hopped into the bloomberg, in light we have tlc, a longer treasury etf. is represents price. in blue we have corporate bond etf over the last five years. they trade pretty much in lockstep come up and down in this range. right now they both have found support from the bottom of the range, suggesting both may trade higher and the great bull market and bonds might not be over. joe: thank you, abigail. let's talk more bond stuff, because bond watchers will be taking their cues from president trump's runtime speech to congress tomorrow. -- prime time speech to congress tomorrow. what will they be looking for? fidelity's total bond fund. he was named bonds start manager of the year. we appreciate you coming on here. why the overweight, and more big picture, what is the market expecting out of this administration, especially going into tomorrow by cs speech? -- tomorrow's speech? guest: we think corporate credit is really attractive, especially in the intermediate corporate credit. we still get a lot of yield over and above treasury. the thought process is trevo

yesterday, the department of treasury office of foreign asset control designated venezuelan national a specially designated narcotic trafficker pursuant to the foreign narcotics kingpin designation act for playing a significant role in international narcotics trafficking. primary fragment of the venezuelan, , and lopez bello ws also designated. these designations follow a multiyear investigation into his criminal activities. president trump appreciates the hard work put into this case by the department of treasury, department of state, as well as the national security council and many people throughout law enforcement. following the signing of the executive order last week, designing to break the backs of criminal drug cartels, this action denigrates the president seriousness about fighting the scourge of drugs in the united states. in addition, he wants to send a clear message to the people of venezuela that america stands with them. with that, i am happy to take two or three questions specifically about this. >> reporter: sanctions are directly relevant to the treasury department w