treasury department saying we need your help. they were going to convert $ 5.7 billion into euros on behalf of iran because the real was paid to the u.s. dollar, the most efficient conversation was through ale u.s. bank -- through a u.s. bank using u.s. dollars. iran was adamant getting this done quickly. despite his public stance that it would not provide iran to u.s. financial systems and u.s. banks on february 24, 2016, ofac, this didn't ofasury agency, issued a specific license to bank moscat authorizing iranian assets worth approximately $5.7 to flow through the u.s. financial system. today i heard some say this specific license was just a narrow exemption, or just a minor fix. to that i directly -- direct you to an e-mail from a bank moscato official who said that the license was a gigantic breakthrough which has assured iran of almost fl global financial inclusion. end quote. doesn't sound like a eurofix to me. anyone who said that it didn't grant access to the u.s. financial system has not read the report from the bureau

department of treasury. does all that fit on one business card? the honorable christy goldsmith romero, special specter general for the troubled asset relief program at u.s. department of treasury. ms. verise campbell, nevada for the housing corporation. ms. cathy james, this is still mad at the alabama housing finance authority, and mr. scott farmer, executive director north carolina housing finance agency. welcome to y all pursuant to committee rules all witness who will be sworn in before they testify. please stand and raise your right hand. [witnesses were sworn in] >> the record will reflect all witnesses answered in the affirmative. please be seated. in order to allow time for discussion pase limit your testimony to five minut. your entire written statement will be made part of theecord. as reminder the clock infinity shows remained in time if the light will turn yellow, kind of like a yellow light at the traffic stop. that means speed up. you have 30 seconds left and read when your time is up. remember to press a button to turn the microphon

in this book i was able to use the treasury department's own words and express their frustration. you could read through the actual transcripts of what they're saying. and at the end of december, 1943, a lawyer at treasury said, and this is a quote: mr. secretary, the only question we have in our minds, i think, is the bull has to be taken by the horns in dealing with this jewish shoe and get this thing out of the state department into some agency's hands that is willing to deal with it front9ally. for instance, take the complaint what are we going to do with the jews. we let them die because we don't know what to do with them. and another staff member, randolph paul, quietly added, we are speaking as citizens now. the treasury department wrote a new report titling the report to the secretary on the acquiescence of this government in the murder of the jews, which this is a d.c. town, and a lot of us have read government reports, and that is not generally the title of any of these reports. [laughter] it began: one of the greatest crimes in history, the slaughter of the jewish people

more disappn ste agenci using money meant to help homeowners onecessary expenditures is the treasury department's reluctance to recover those misspent taxpayer dollars. after receiving the audit, treasury decided to claw back only 29% of the improperly spent funds. so long as t.a.r.p. programs exist, it's important that we keep a watchful eye on those expenditures to ensure that taxpayer dollars are spent judiciously and for the purpose of which congress intended. i'm glad we're having this hearing. i'm glad we're looking at the proper use and expend chiture o funds, but i believe the same standard must be applied t trump cabinet and this committee should have hearings on those issues. >> thank you. i'm pleased to introduce our witnesses. deputy assistant secretary for small biness community development and affordable housing policy. in the office of the assistant secretary for financial institutions at the u.s. department of treasury. does all that fit on one business card? the honorable christy goldsmith romero. ms. campbell, chief executive officer of the nevada affordable housing corporation.

details on a reported plan by the treasury department to prevent u.s.echnology from being shipped to china. he treasury department to prevent technology from being shipped to china. ♪ [engine accelerating] ♪ get outta the way! ♪ they've gone wild! ♪ saddle up! ♪ toyota. let's go places. moms love that land o' frost premium sliced meats have no by-products. [conference phone] baloney! [conference phone] has joined the call. hey baloney here. i thought this was a no by-products call? land o' frost premium. a slice above. i thought this was a no by-products call? you know doc how can i get whiter, brighter teeth.. and the dentist really has to say let's take a step back and talk about protecting your enamel. it's important to look after your enamel because it's the foundation for white teeth. i believe dentists will recommend pronamel strong and bright because it's two fold. it strengthens your enamel, but then also it polishes away stains for whiter teeth. so it's really something that's a win-win for the patient and the dentist. >>> here's a look at toda

we are coming to you inside the historic cash room of the treasury department to commemorate the six tax cuts and jobs act. back with me, larry kudlow, and joining the conversation, treasury secretary steven mnuchin. it's good to see you. thanks for joining us. >> thank you. great to have you here at the treasury. maria: you've got to be feeling good six months later. you led this and now we're looking at an economy that people are actually talking about, close to 5% growth in the next quarter. how would you characterize the impact? >> well, maria, as we said all along, the president's economic agenda was focused on tax cuts, regulatory relief and trade and we're really seeing now the impacts of tax cuts and regulatory relief kick in. as you commented, we're expecting a very big quarter and let me give the disclaimer. i have no advanced notice as to what it is. the atlanta fed is projecting 4.7. whether we hit that or not, this is an enormous quarter and we're beginning to see the impact of the tax cuts on bigger growth, a healthy economy and hard working taxpayers getting money back.

treasury department in washington. i have got a huge lineup. some of the country's top leaders on fiscal policy coming up. steven mnuchin will be here. and larry kudlow. along with the advisor and daughter to the president, ivanka trump is here. along with the office of management and budget director mick mulvaney. and we have an extended preview of my exclusive one-on-one interview with president trump. that interview airs sunday at 10:00 a.m. eastern on "sunday morning futures" and monday morning at 6:00 a.m. on fox business network on "mornings with maria." here are the big headlines this week. reporter: another rocky week for the markets. despite a late-week rally by nike, jp more dan and goldman sachs. the markets finishing in the red in part from trade concerns. despite a strong month, consumer stocks and real estate raising rates for the second time this year. trade concerns causing the mark totes finish mixed this week. oil prices hitting a 3 1/2 year high. president trump was in wisconsin this week to break ground on foxconn's facility

treasury department says it's because of a number of cyber attacks and also the fact that the russians have been tracing under c. d. to keep treasury secretary steve mission says that they have shorn the are a clear threat to the united states safety and stability and therefore they had to take this action what does it mean well if you're on the sanctions list that means any acts assets you have in the united states are immediately frozen and it also means that norm erik ins can do any business so if you are planning travel or banking or any financial services in the united states that can no longer happen because you're under sanctions now it's not just the russians the treasury department of been trying to targeting in the last couple of hours also six libyans have also been named as the target of sanctions including one individual who is believed to have been behind the wooden boat that sank off lampedusa and twenty thirteen with the loss of three hundred sixty six lives and he's just one of six libyans that have also been targeted again because the treasury department says it threa

it is an olive branch and it's a win for secretary steve mnuchin and the treasury department. much lower. the dow industrials are down 50 points. you're seeing investors react to this. the trump administration is throwing their full support behind the legislation. >> that legislation passed out of the house, 400-2. you don't get those kinds of votes in the house on anything anymore. it's well supported on the hill. it's going to conference in terms of legislation. i think donald trump will sign it. that is a good sign in terms of strengthen the cfius process. dagen: what wea we've seen in e back and forth on trade, the tit-for-tat, we have $50 billion in tariffs implemented starting in early july and president trump floated the idea, maybe it will be another $200 billion of if china retaliates, maybe another $200 billion on that. wall street and investors have been talking about $450 billion in potential tariffs. that's almost the 500 plus billion that we import every year from china. again, if this backs us away from that, this backs us away from additional tariffs, this is g

the treasury department is urb investment in sensitive u.s. industries. join us is randy woods in washington. hardly a week has gone by without aggressive move on the trade front. bring us up to date on the latest action. 29treasury has until july two announce proposals on restrictions on chinese investments in the united states. this would be retaliation for supposed theft of intellect property rights of companies operating in china. this could have a huge impact on the u.s. economy and the chinese companies. vonnie: what is this fit into the whole -- where does this fit into the whole trade strategy of the united states? a seems like it is little bit out of left field. is part of the trump administration strategy to get really tough, really quickly on china. they have announced potentially over $400 million of goods to be hit with tariffs and these investment restrictions. these investment restrictions specifically art to counter intellectual property theft. this is targeted at preventing china from overtaking the united states in things like artificial

treasury department is planning to heighten scrutiny of chinese securities. it could put the trade tussle with beijing on and it reversible course. the white house will examine possible threats in u.s. companies in areas such as new energy vehicles. china' us central bank announced a reserve for carmen ratio cut -- reserve requirement ratio cut. this is the third reduction in 2018. for all of this, let's get straight to end the current. -- endo curran. great to have you on the program. onk about these curbs chinese investments. we have seen this in the past. is it different this time? >> good morning. you are right. just the next or degree of scrutiny when it comes to chinese investment, not just in the u.s., but anywhere overseas. that is what is happening in the u.s. they are pushing back on this with these proposals. they are making the point they have their own national security concerns. for china, it goes to the heart a their strategy to develop world leading economy based on technology. they need to source a lot that technology from the u.s. and if the

i think the most interesting is the treasury department. reports it is looking at not allowing companies with 25% chinese ownership to buy significant businesses. countries could use that for a whole range of things. remember when the french said danone was a nationally strategic company. there could be quite a fallout. guy: that didn't go very well. making yogurt that important probably was a step too far. let's talk about that. we've obviously seen a lot of m&a of late. some of it has not been that successful. let's talk about how banks are changing tact. >> some of the biggest implosions that we've been tracking this year include the south african retailer. most of the american banks reported big losses. some of them -- we had a story overnight on one of bank of america's top executives leaving. he's now going off to citigroup. we've seen bank of america and citigroup take on those divergent route. it is not doing deals. that is hurting some relationships with clients. with someone like citigroup now saying this happens. sometimes compan

by the treasury department. a stock buy stock issue or a broad stockmarket issue. i think like harley davison you will see some stocks get hurt and some stocks take advantage of the trade tariffs. you're definitely right about that. it looks like the u.s. economy is going really strong the estimates are coming in around 4% or even higher. europe meanwhile looks like it is even softened. is now up plan for that for the u.s. and keep it off the global landscape or is it a time to be looking beyond these second-quarter growth numbers. or do you think it will even out for the rest of the world. i think the stimulus package here in the u.s. has really helped regardless of interest rates or tariffs. i think internationally people are underestimating that in europe we are probably only going to have that second inning of a bull market. although we are seeing short-term trading side. i want two-point something out. china is in a much worse can tenuate in. and even the stock market than the united states. people who beli

effort to help iran before the deal was signed get access to $5.7 billion held in -- and the treasury department would lift sanctions for the one-time deal and they are angry that you did this and they say you never informed congress about it. >> no, look, jack lew said -- >> he was the treasury secretary. >> yes. and we said we'll have to find ways to help iran get access to the own money -- >> before the deal was signed. >> this is how the deal was implemented. >> but it not been signed when you lifted the sanctions on the $5.7 billion. >> this is part of our commitm as we were negotiating the deal. it was iran's own money that they had to get access to. and by the way -- >> but they wouldn't have had access unless the treasury department said they could -- a couple of u.s. banks make the transition from their currency to dollars and then to euros. the banks didn't want to do it because they thought it would violate the sanctions. >> and this is the point. this is a single license granted and never even used. and the fact that here we are -- they got what they wanted. they tore up the iran dea

peter: well, you quote, bryan bender, a treasury department official who oversees the committee. any time we see a company that has lots of data on americans, healthcare, personal, financial data, that is a vulnerability. but why? bryan: well, i mean, you have to remember that, you know, the chinese economy is government controlled. i mean, there are private companies in china for sure. but there is a relationship between private companies in china and the communist government of china that is very different from our model. and i think the concern is that, you know, within china the government there keeps all kinds of information on its people -- personal information, financial information. potentially healthcare information. if a chinese company, with close ties to the chinese government, had access to millions of americans' health records or banking records, that information could be used, for example, for espionage purposes. if they know who works in the state department and owes a lot of money to the banks or is deep in debt, has four kids about to go to college, maybe that p

what will these new rules look like from the treasury department.rly when it comes on the heels of an m&a getting approved. week, that start off a wave of optimism that we would have further m&a in the communications sector. that is very related to tech. story,trade relationship it's not making the markets happy, particularly during earnings season. the market has a good guide, outside of earning season, there is a policy risk. all three of them have proven to the problematic this year. caroline: talk to us about where you are expecting the news to carry on. where do you see most exposed? stockn: i'm not a single sector analyst. seeni would say is we have a definitive change in the nature of price. it's very interesting. this is going to sound like a very banal observation. one of the reason the stock market is going down is most stocks are going down. changeally is quite a from the price action of the last few weeks. when we look at the average correlation, it was close to zero short run basis. last thursday, that was much more like a price action

the treasury department is apparently planning to heighten scrutiny of chinese investors in sensitivedustries. we have seen this trade war scenario heading to the worst—case scenario directions. very concerning. they are the trade tariffs that will be implemented in july. are the trade tariffs that will be implemented injuly. and donald trump's plans to restrict how much chinese companies can invest in us companies across the board, from robotics to aerospace. china has responded to this, saying that they cannot turn the other cheek and will retaliate. all of this is concerning. as you mentioned earlier in the programme, china has reserves and it is unlocking capital reserves to inject cash into the economy, which is crucial. you watch this extremely closely for your clients. what are they saying about this? the world number one economy at war with the world number two. it is concerning. trade wars benefit no one. ina concerning. trade wars benefit no one. in a global world you need trade for employment in the economy. it is something we are watching very closely. at the moment, marke

witnesses include a former director of the treasury department office of illicit finance. a representative with the cyber security firm called dark tower and the head of the center born politics. this is about one hour. >> the subcommittee will come to order. i appreciate senator

treasury department in washington. i have got a huge lineup.aughter to the president, ivanka trump is here. along with the office of

treasury department in washington. i have got a huge lineup.ome of the country's top leaders on fiscal policy coming up. steven mnuchin will be here. and larry kudlow. along with the advisor and daughter to the president, ivanka trump is here. along with the office of

the treasury department now planning curbs on chinese investment as stocks tank in the u.s.. at theon continues u.s.-mexico border as congress struggles to deal with any kind of immigration bill. erdoganurkey, president extends his rule. will look at how investors are reacting to an increasingly authoritarian regime. ♪ shery: let's start with the markets. here's abigail doolittle. reporter: we have the dow, the s&p 500, and the nasdaq all sharply lower at this point here on this monday. nasdaq, theand worst day since early april. the dow down for a third week in a row, the longest losing streak despite the fact that the week is young since 2016. may just say, pressure on ratcheted up trade tensions between the u.s. and china. the possibility that the u.s. chinese investment in technology firms, the dow down for three weeks in a row. this weakness we are seeing today has been building. this is a one-year chart of the two weeks ago we started to show the fact that the dow was starting to move below 100 and 200 moving day averages the question is -- averages. the question is whe

treasury department that deals with sanctions and since trump came into power they have not issued any licenses for companies to work with you on they can basically do the job of the u.s. version of creating a european they can create a european. system the banking messaging system is under pressure. they can create an alternative messaging system when it comes to you can banks that are only dealing with you don't they don't have to worry about dealing with the united states they don't have to worry about using and they don't have to worry about sanctions for the united states you began with pessimistically thinking this might not survive if it does collapse entirely what's going to mean for the middle east how likely is it going to trigger a conflict dragging in saudi arabia and israel among others. it may actually lead to a war that's why both iran and europe are interested to saving a german but if their government is finished totally after us with. the conflicts that we already have been in the middle east are going to increase. they are not going to be. pursuing. other activities

i had to look up in a heavy library textbook what the treasury department did. textbook is sort of like wikipedia for the elderly. ands called in to interview i sat for a while in a small anteroom waiting period just me and the executive assistant, who i am sure had seen countless other nervous applicants like me in that chair. time with friendly chatter and asked her where she was from, how long she had worked there and whether she liked it. and ay, this door opened tall, imposing figure watch out. he escorted me into his office. annabellainterview, blocked me out, i think her, she wished me luck. guess what, i got the job. my first day, she walked up to me and said, i am glad you got the job. i told my boss i like you the best. struck that she had influenced his decision. maybe, just maybe, making a personal connection and treating her with respect could help me get the job. of people inenty washington for whom anybody but their bosses or peers were invisible. how many people like me had sat in that chair, not realizing that a very important person was sitting

it was better -- they asked the treasury department if they had the ability to do that and the treasury department granted them a license to do it. what is interesting is they went to big us banks to do this. both banks said we want nothing to do with this was the reputational and legal risks was too high so ultimately the dollars were not provided to complete that currency and over time they converted to euros in small amounts but the point is during that time the administration was saying we are not allowing the financial system to be used, we are keeping sanctions in place. but allowing the access when in fact it is wrong and it is important to flesh that out because now with regard to the next iran agreement or the agreement with north korea and others we will require more transparency i hope and that is part of the recommendation. shannon: ned price said they continue to malign the deal in an effort to justify donald trump's unjustifiable decision. referring to the fact that he has withdrawn from the deal. this is about besmirching the deal and nothing more. >> the investigation is

trump administration and anyone who has to go to committee of jurisdiction and it involves the treasury departmentartment, this is more than just the state department. if they know they have to testify before congress and answer the questions to ensure this passes, then through the process, as ron just said, they will be working towards ensuring that we have not just the right agreement, but also the answers to those questions so they're not embarrassing themselves and they're not tanking their own deal. mark: don't the american people have a right to know what's in the deals too? our representatives need to know. you're funding some of these things, whatever, isn't that the whole point of the treaty provision. whole body politic has a right to know, our representatives have a right to know. the senate. you need a supajorityo pass it. what they did on the iran deal is flipped it on its head. corker-cardon deal was you needed a super majority in congress to stop the obama deal, and as it turns out, you didn't even know what you were voting on because you didn't get the information on the side deals

we have reports about the treasury department to curb chinese investment in technology terms.daq fallen for the third consecutive session. em currencies taking a beating. the turkish lira down after a short round. we had the turkey election reelecting president ertl on their. this is bloomberg. ♪ -- there. this is bloomberg. ♪ >> that is streaming live on twitter. this is mark." i'm amanda lang -- "bloomberg markets." i'm amanda lang. shery: bloomberg economics saying this will change the constitution of the workforce because right now, only 20% of women in saudi arabia work. bloomberg economics think women driving will also mean war women working, and that could add $90 billion for economic output by 2030. that would be huge. amanda: in the u.s., the percentage in the labor force is 66 -- 56%. time for the bloomberg business flash. ukraine's biggest dealmaker says tariffs by the trump administration will eventually hurt u.s. consumers. the ceo discussed the long-term effects of the trade war today exclusively on bloomberg tv. >>e short term we benefit from tariffs but the pri

. >>> plus despite president trump's proposal to let russia back into the g-7 his treasury departmentback over russian cyber attacks including targets of the nation's power grid. ♪ ♪ ♪ raindrops on roses and whiskers on kittens ♪ ♪ bright copper kettles and warm woolen mittens ♪ ♪ brown paper packages tied up with strings ♪ ♪ these are a few of my favorite things ♪ ♪ ♪ woman: it felt great not having hepatitis c. it's like a load off my shoulders. i was just excited for it to be over. harvoni is a revolutionary treatment r st common type chronic his c. it's been prescribed to more than a quarter million people and is proven to cure up to 99% of patients who have had no prior treatment with 12 weeks. certain patients can be cured with just 8 weeks of harvoni. before starting harvoni your doctor will test to see if you've ever had hepatitis b which may flare up and cause serious liver problems during and after harvoni treatment. tell your doctor if you've ever had hepatitis b, a liver transplant, other liver or kidney problems, hiv or any other medical conditions and about all the medic

the system run by the treasury to apartment -- treasury department provided congress follows throughnd thatvarious ways is a bipartisan initiative that looks likely to go through. the president said if that does not go through, all bets are off and back to plan a. is --g us on the phone and here in new york is ian harnett and from london is our very ownphanie flanders up bloomberg economics -- of bloomberg economics. stephanie, let me start with you and what this mean for the international trade regime. is this a big shift from what already existed? stephanie: i think when it comes to individual companies, chinese companies trying to get access to the u.s. market and take stakes in u.s. companies, there has always been an element of having to go through the process and a certain amount of political backlash you had, particularly in the u.s. where there is a concern about strategic investment. we have had a couple of mergers blocked by president obama and the two we have seen from president trump. debate around this and the direction he has gone will give some people concerned this --

they were a bunch of crooks including in the treasury department. when the scandal broke, general grant said ok this has got to be investigated. we can't do it with our justice department. he personally made the judgment we're going to appoint a former democrat senator from missouri to investigate. ditto then. that's ancient history. spring forward to watergate. the decision was made by the attorney general of the united states serving under richard nixon to name a solicitor general who served under john kennedy and who had served brilliantly. so that was our tradition. but during my tenure, all of a sudden everything got turned totally upside down. he can't investigate because he as republican. now it's a law. i've been a judge and solicitor general of the united states but all of a sudden the president's partisans are -- i'll just say suddenly it became a bad thing to be a republican to investigate a democratic president and that was our system. host: michigan, republican line. caller: thank you. nice to meet you. my first question involved vince f

witnesses include a former director of the treasury department office of illicit finance. a representative with the cyber security firm called dark tower and the head of the center born politics. this is about one hour. >> the subcommittee will come to order. i appreciate senator whitehouse being in attendance and coming up with an endless pool of good ideas. i learned a lot about crypto currency. let's see if i can put it into action for the purpose of this hearing today is to look at the problem the country faces in terms of how a shell corporation could be exploited by a foreign entity. how easy it would be to create a corporation in america and funnel foreign money through it to affect our democracy, and how these virtual currencies, big.in others, how they can be manipulated by foreign powers or other groups to influence our democracy. what i would like to do is introduce our panel and turn it over to senator whitehouse who will lay out the case better than i. that's why were doing it. i will say this, i got german grassley here and i appreciate his attendance. were n

they asked the treasury department if they could get the ability to do that and sure enough, the treasury department granted them a license to do that. what's interesting is they went to the two big u.s. banks, the appropriate banks to do this, both banks said, no, we wants nothing to do with this. this is wrong. in other words, the reputational risk or less and legal risks were too high. ultimately, the dollars were not provided to convert that currency. over time, they converted to euros, as we understand it, small amounts in europe, much less efficiently. the point is, at that time, the administration was saying, we are not allowing the u.s. financial system to be used, we are not allowing the dollar to be used, keeping the sanctions in place, only the secondary sanctions and others are we allowing the array needs to have access to, when in fact, they were granting this license. it's just wrong. it's important that we flush that out because now with regard to the next iran agreement, or with regard to the agreement with north korea, will require more transparency and it is part of the

the treasury department says the postcard is meant to reduce the burden on household who still send in paperwork. in washington, ray boggan, fox news. >>> getting back to the breaking news in concord. concord fire says that homes on crystal ranch drive are being evacuated. you can see the smoke from our live camera in martinez. it's covered a wide area of vegetation there and the fire is burning in the lime ridge open space near mount diablo. the fire has already burned about 100 acres and homes are threatened. contra costa county fire says they got the call just before 3:45. you can stay with ktvu throughout the afternoon as we learn more about these evacuations. >>> it's time for everyone to grow up. toys 'r us is closed for good. coming up next, where the shoppers will take their final trip to the store. >> and in weather, we'll be tracking the weather conditions around that fire. and as far as our warmup, it's still on track toward the weekend. triple-digit heat. there's the smoke plume on our live camera across the bay. so this is not a small fire. it has been growing in size and

that trust is critical to all the irs does particularly as it works with the department of treasury to implement once in a generation tax reform last year the successful implementation of that landmark reform bill is among the highest priority and enclosing a wish to recognize the procedure at age 101 remains a legend in our field it is the duty of the service to carry out that policy to correctly apply laws enacted by congress to determine the reasonable meaning of code provisions and to enact them and to perform this work in a fair and impartial manner with the taxpayer point of view i am grateful for the opportunity to testify and i look forward to your questions. >> we are grateful you are willing to take on this assignment it is one with plenty of controversy i do have some obligatory questions i have to ask. first is there anything you are aware of in your background that could present a conflict of interest with the duties of what you have been nominated? >> no. >> any reason personal or otherwise that would prevent you from honorably discharging the responsibilities of the offi

he is a former policy adviser at the treasury department, current law professor at vanderbilt law schooleat to meet you. explain why a central bank should be a source of banking services for ordinary americans. fed,e central bank, the has bank account liabilities like ordinary banks, 2.5 trillion, more than jpmorgan. right now, they can only be held by banks. they are great. ,hey pay almost 2% interest five basis points below as of today, roughly 2% interest. they have real-time settlement of payments between accounts. they are sovereign and non-default-able. no $250,000 deposit. the fed supplies physical currency to the general public, and the question is whether account money shouldn't also be a public service. scarlet: what problem would it solve? unexpected of problems. we have a large on banked population -- un-banked population. you could put them on and they could treat this as public infrastructure. you could have, real-time payments. in the u.s., we are painfully slow compared to the rest of the it comes fit -- when to slow payments. macroeconomic stability, a source of instabil

treasury department is going to do because initially, we were reporting they were going to restrict chinese investment in the u.s., and then navarro and mnuchin said no, you have got that wrong, we're not doing that it may be still for everybody they will restrict investment, what is the story? i am not clear on what is going to happen. that is the general story of this trade situation. not just the micro-story of what will happen with these restrictions and the attempt to roll back the threat. it is a general story of we keep getting these hard-line headlines and we see some exemptions and then earlier it looked like china and the u.s. would compromise and suddenly they are at full out war. overall, this trade story is going to ebb and flow for many months. there is not one day where we will have complete clarity anytime soon. maybe in a few months time we might do. we get some scary headlines and positive headlines so you saw that yesterday in the short term . there is the threatening headlines this morning and it was negative with stocks. peter navarro rolling back. something scary, the

that trust is critical to all the irs does particularly as it works with the department of treasury to implement once in a generation tax reform last year the successful implementation of that landmark reform bill is among the highest priority and enclosing a wish to recognize the procedure at age 101 remains a legend in our field it is the duty of the service to carry out that policy to correctly apply laws enacted by congress to determine the reasonable meaning of code provisions and to enact them and to perform this work in a fair and impartial manner with the taxpayer point of view i am grateful for the opportunity to testify and i look forward to your questions. >> we are grateful you are willing to take on this assignment it is one with plenty of controversy i do have some obligatory questions i have to ask. first is there anything you are aware of in your background that could present a conflict of interest with the duties of what you have been nominated? >> no. >> any reason personal or otherwise that would prevent you from honorably discharging the responsibilities of the offi

by sources that from march 22nd when this deadline of this saturday was put in place for the treasury departmento look at investment restrictions on china, the treasury has been keeping a close eye on what the u.s. stock market says in response we'll see whether they are taking today's move into account as well. guys, back to you. >> yeah, and, kayla, there's been a lot of different information out of the white house today with secretary mnuchin saying it is not just about china, but everybody i don't know that's reassuring the markets, but thinking, wait, this is broader than we realize. >> reporter: certainly, the mandate of treasury is broader than just looking at china and purview of the current legislation pending on capitol hill looking at foreign investment into the u.s. is broader than just china, but what they are doing this week is intended to look specifically at china i mean, there's ands, ifs, or butts about it that's what the white house said back in march. that's what the white house said back in may. while they take an up bre umbre approach, the intentions are to hit china. >> we

information, there is the potential to influence and course management, according to a senior treasury department official. bryan: this gets to this increasingly challenging issue of who is behind these companies. who is providing the seed money? obviously, if a chinese national is named to the board of the company, that is. it clear that that person has an active role. obviously, if they are an executive in the company, they have a more active role in managing the day-to-day operations. but with the person is just a funder, is back in china, and is provided some of the funding? the question that arises is, well, does that financial relationship give that person access to some of the deep, dark secrets of what the company is working on? does it potentially give that person access to how the technology works that could potentially be replicated in china by another chinese company? the treasury folks that we talk said that was on the higher list of concerns. it's very difficult to know anymore who's got real control, who's got real access and who doesn't. they are the primary roles of cfius. transa

tomorrow, more and maria decipher the cash or by the treasury department. that historic worldwide from treasury and washing team. i'll be speaking with stephen mnuchin and larry kudlow. we will mark six-month anniversary of the passage of the historic tax reform package and talk with them about that and a lot more. a lot more coming up tomorrow at the treasury. join us tomorrow for the breaking an exclusive from washington. top stories this hour. president trump taking his america first message to the midwest last night. heading to wisconsin today where he will oversee the groundbreaking of the electronics sector that could bring 13,000 jobs to this day. the president spoke out on everything from retirement of a supreme court justice in maxine waters as well. watch. >> to travel ban ruling underscores just how critical it is to confirm judges who will support our constitution. and i am very honored that he chose to do it during my inner term in office. he felt confident in me to make my last choice and carry on his great legacy. >> we were thrilled to appoin