and the president reaffirmedis governnts committed to transparen, accountability and human rights as th wage this diffult but necessary fight. >>> fomore on the president's trip to meco, we're joined he once again by sharon o'neil, a fellow in tin american stues at council on foreign relations here in ne york. welcome back >> thank you. so this is presidt obama's second trip to mexo. what is the signicance of this particar meeting? >>well, this is a meeting that's been ld nually for the st four years. it's a north america summit bringi together prime minister harper of canada, president obama off t united states and calderon of mexico. soart of thisarger rmat. >> i was looking a flu season just around theorner and i understa talking about wife is on the, the agenda here and it sa that there will be greater coeration p i'm just wondering, wh exactly is do that an. >> unprecedented cooperation when swine flu bke now the april. weaw scientists from canada, theunited states, get together, scientis from mexico too to actually figur out what swine flu was and then to try to corol it. so we

what's going on and whose interests are being served and that's why i would like to see a lot more transparen. the question i have for dr. meltzer, since he's aware of this, he's published this, is this a good reason for us to know a lot more about the agreements that the federal reserve makes because they can make agreements with international banking institutions and we have no right -- we may have a right under the constitution that we should but we don't -- we've given up that right and we've given up that privilege. would this be a good example of why we need to know more what exactly the federal reserve is doing. >> yes. let me begin by saying independence to me, and i believe to many of the members of the panel, does not mean lack of transparency. it means protection -- the reason we have independent central banks is so they don't expand under pressure from congress from the administration, from the banking community and from others. we want them to be independent to make their judgments without -- because they are obligated by law to maintain high employment and low inflation. now, th

theris no question,hough, that greer transparen and fairness in t system is crical, and i think this billed a dresses that. it's not the silver bullet, but it's a srt. the key thing is the financial teracy and the fact that we've been woefully short-sighted in the way we've treate financial literacy in this count. and part of theproblem thas happened in the financial services industry is the ct th many of these documents, many of the notices many of the contcts that involve credit cardsave been very confusing. in some congressional hearing they've tked about being written in 27th grade english. that's part of wh this law is designed to address, to give consumers more time, t give nsumers more disclosure and to give consumers an opportunityo developtrategies in the event that somhing goes horribly ong relative to their rate or relati to the fees they face. >> reporter: miss fdis, at the same time, is it the case th w some people who in past were offered creditr mite have been oered credit will no longer be offered credit? >> well, congressnderstood whethey passed this law that one of