pleased to join you today to discuss the treasury department's work on executing the national security loan program established under the cares act. the treasury has worked diligently to implement every piece of the cares act, including the national securing program. the cares act provided $17 billion to loans to business, critical to maintaining national security related to losses incurred as a result of covid. it authorized treasury to make loans. the statute does not define that term. treasury issued guidance that the company can meet one of the criteria. number one, the applicant performs under the contract or ordered under the defense priorities and allocations systems regulation, 15 cfr, part 700. number two, the applicant offers -- operates under top security sfr 2004. 32 or number three, based on the recommendation and certification of the secretary of defense, or the director of national intelligence, the applicant business is critical to maintaining national security. the secretary of treasury determines it is critical to maintaining national security. if the company met at l

top democrat on senate finance committee, senator ron wyden, says hackers gained access to treasury department email accounts and systems used by the department's highest ranking officials. josh campbell has been looking into this, joins me now. what are you learning about the breach? >> good morning. investigators are investigating the fallout. we are learning the treasury department was one of the agencies impacted. as you mention, that coming from senator ron wyden, top democrat on the senate banking committee. he says in a statement microsoft notified the agencies that dozens of email accounts were compromised. additionally, they broke into systems in departmental office division of treasury, home to the highest ranking officials. secretary steve mnuchin told cnbc that the department was impacted. he said at this point doesn't look like there was any mass ex-kul trags, but important to note we talked about the what that happened here, also important to note why. folks may think the u.s. treasury department, russian hackers gained access to information on u.s. monetary policy. treasury depa

ha a treasury created definition for national security loans? did you consult with the department of defense d director of national intelligence or yone else? >> and my opening statement we consulted with them before we put out the regulatis. >>ry will treasury secretary determines to have national security is based on a recommendation and certificatio of the dod t imply treasury has the final say in whi businesses are designated. is that really the case? >> from a tactical statement from a practical statement we do not do additional diligence. >> if you didn't disagree? >> we did not. and we don't have that expertise to analyzeex that. >> do you think the definition requiring certification by dod deterred business from applying quick. >> i don't. actually are quite candid we would do for the future. while i have serious questions well the national security loan program. will you do it again or do something different or any other emergency loan program. >> i just wanted to put this in contrast. the congress allocated $3 trillion for terrorist related items in the most difficult pa

. >> breaking news,ti involving a potential hack at the treasury department. department. we will be back. ♪ ♪ less sick days! cold coming on? zicam® is clinically proven to shorten colds! highly recommend it! zifans love zicam's unique zinc formula. it shortens colds! zicam zinc that cold! it shortens colds! unlike ordinary memory want supplements-ter? neuriva has clinically proven ingredients that fuel 5 indicators of brain performance. memory, focus, accuracy, learning, and concentration. try our new gummies for 30 days and see the difference. >> i want to bring you the breaking news. >> reuters, reporting, according to three people, government hackers from some type of foreign government for months, e-mails, within the treasury department and sub agency, known as the national telecommunications and information administration. there is concern within the u.s. spy community that other government agencies may have also been compromised, software that they use, microsoft office 365 platform. this is a serious matter, according to reuters, lead to a national security counci

and to the great public service of the treasury department i look forward to working with you and wally to rebuild thepublic trust . if the american people, we will be an institution that wakes up every morning thinking about you. your jobs, your paychecks , your struggles. your hopes, your dignity , and your limitless potential. thank you. >>. >> mister president-elect, madame vice president elect, i'm humbled and honored the trust you placed in me to work with this talented team on behalf of the american people. and especially proud to work alongside leaders who understand that numbers are not obstructions, they are a function of ourvalue . they touch our lives in profound ways and sometimes they make all the difference. like the vice president elect mother, my mother mile was born in india. like so many millions suppressed every generation she came to america to pursue a better life. i was raised in a suburb of boston, middle-class kid . but when i was five, my parents got divorced and my mom was left on her own with two young children. without a job. she faced a choice, returned to

side says encryption keys were stolen and dozens of emails were accessed at the treasury department the treasury hank began in july but cyber experts think the overall operation started months earlier a malicious code was hidden in software updates on government computers. rwanda has sent troops to the central african republic and mids an escalation in violence the country's heading to the polls on sunday rebels backed by foreign presence. of attempting to stage a coup. you update now with all the headlines we're back with another full news bulletin for you that's with us. it's 10 years since the arab spring countries across the middle east a decade on from the past uprising we'll look at the legacy of the revolution. join us as we assess the changes in the that's come on the middle east and north africa . on al-jazeera.

day towards rebuilding that dream for all americans and to the great public servants of the treasury department, i look forward to working with you and wally to rebuild the public trust. to the american people, we will be an institution that wakes up every morning thinking about you. your jobs, your paychecks, your struggles, your hopes, your dignity, and your limitless potential. thank you. >> thank you. >> mr. president-elect, madam vice president-elect, i am humbled and honored by the trust you placed in me to work with this talented team on behalf of the american people. i am especially proud to work alongside leaders who understand that budgets are not obstructions, they're reflection of our values. they touch our lives in profound ways and sometimes they make all the difference. like the vice president-elect's mother, my mother maya was born in india. like so many millions across every generation, she came to america to pursue a better life. i was raised in a suburb of boston, a middle class kid, but when i was five, my parents got divorced and my mom was left on her own with two young ch

treasury department and possibly other government agencies the u.s. national security council says it's investigating the cyber attack it comes less than a week after a major u.s. cyber security firm fire eyes said foreign government hackers had stolen tools eases to probe the defenses of its customers which is seen in its chief research analyst for i.t. harvest he joins me now via skype from birmingham in michigan good to have you with us live on al-jazeera so how much of a concern is this announcement from the government that basically several government departments might have been hacked. yeah and there's the story develops it appears that this is a widespread use of an attack and supply chain so 1st we had the attribution to russia and the hackers called cozy bear her a p t 29. minutes later we learned that it was just the same people as the tech as the treasury department but now we're learning that they got in through a vulnerability in star in a major piece of software infrastructure called solar winds in solar winds has tens of thousands of cu

says hackers attacked computers at the treasury department there are fears it could be much more far reaching. the 1st u.s. shipments of the 5000 vaccine are being delivered across the country in the nation's largest ever immunization project more than 16000000 people in the u.s. have tested positive for corona virus and the death toll is heading towards 300000 california ohio texas and pennsylvania have been reporting the most alien factions california has confirmed almost 200000 cases in the past week alone but one of the riskiest places to be right now is the tiny states on the right rhode island. by almost 50 percent compared to a fortnight ago new york still has the highest death toll overall with more than 35000 it was the 1st epicenter of the virus in the united states in cases all again on the rise john hendren has the latest from washington d.c. . the united states rolled out the most ambitious vaccination program in american history. to the applause of workers at pfizer's michigan vaccine plant it is a test of an unprecedented national effort to save millions of lives in th

treasury department and possibly other government agencies the u.s. national security council says it's investigating the cyber attack it comes less than a week after a major u.s. cyber security firm farai said that foreign government hackers had stolen tools that uses to probe the defenses of its customers or richard stand on is chief research analyst for i.t. harvest he says the hacking attacks are far more far reaching and expected. so it appears that this is a widespread use of an attack and supply chain so 1st we had the attribution to russia and the hackers called cozy bared her a p t $29.00. and then minutes later we learned that it was yes the same people as attack as the treasury department but now we're learning that they got in through a vulnerability installed in a major piece of software infrastructure called solar winds in solar winds has tens of thousands of customers around the world 90 percent of the fortune $500.00 and many government agencies all 5 branches of the u.s. military the pentagon the state department and the office of the

yesterday steve mnuchin confirmed that the treasury department had a been hacked making it the thirde committee said that the treasury still do not know all of the actions taken by hackers or precisely what information was stolen leaving big questions about the impact the hack will have on treasury and the risk facing other government agencies. joining our conversation, eric geller, cybersecurity reporter for politico. eric, you were here as this was breaking and your description has haunted me ever since that we're a federal government in crisis and the extent of this attack is still unknown. is that still the status or how mas that changed? what do we know now? >> we know for example the treasury department believe the hackers have addressed the emails of some officials and what we don't know as senator widen said, we don't know what was taken and that is why we're still kind inform a crisis atmosphere right now. because it is almost a wait and see game. the agencies have to figure out what has been taken. that takes a lot of time. a lot of nitty-gritty digital for epsic work. it i

larry summers around the treasury department for president clinton, and the economic council for president obama said there is no good economicte argument. for more on targeted checks with no linkage to need. in the liberal new york times reported this morning that a majority of the households they get non- targeted checks do not end up spending them on urgent needs but rather just add to their savings. and that we know the pockets of the needy are sing one economist. and putting money there, would be much more efficient use. unfortunately, madam president, the sum of our callings it seemed have forgotten that's exactly what we did, only a week ago. is been less than five days since president trump signed into law another bipartisan rescueo package targeted to americans who actually need the help. we passed entire second round of ppe loan to save small business jobs targeted to the hardest hit. wearing a multiple times of additional federal benefits are employed workers including an extra $300 supplement. every week. there are billions targeted food assistance, billions for targeted rental

you think about the data that's inside the treasury department. least if you're looking for silver linings here, it seems just to be an intelligence operation. it seems just to be about gathering information, not about disrupting these systems. so while the information may have been compromised, theres no indication, at least as of right now, whoever the attacker was here was trying to disrupt the treasury department or disrupt these companies affected. they're simply trying to understand as much information they can and presumably use that to their advantage in the years to come. >> eamon, thank you, eamon javers in washington with the latest on this developing story. guy, solarwinds is a publicly traded company. ticker symbol down 60% this week. fireeye attacked this week. a lot of analysts saying this could be a threat. obviously if a cybersecurity company is hacked, what kind of faith does your customers have in your ability to defend them against attacks? >> yeah, it's the bingo card the buzz word this year. i clearly didn't have fire eye get

some of the payments are going out tonight from the treasury department. they said they will start to be received. if you're getting a paper check they're going to go into the mail tomorrow. as for those $2,000 payments, there's no telling yet whether congress is going to agree to those. from the legislative drama that took place today on capitol hill, it's clear the fight is not over. on the senate floor today, democrats trying to force republicans to pass a bill, raising covid relief payments for americans from $600 to $2,000. >> the fastest way to get money into americans' pockets is to send some of their tax dollars right back from where they came. >> reporter: the effort blocked by senate majority leader mm. >> object. >> reporter: mcconnell breaking with the growing number of gop members and president trump, who earlier today called on republicans to deliver t $2,000 payment. as the issue pit the president agnst some in his own party, it also unites congressional democrats wit him. vice president-elect kamala harris today joining president-elect joe

and the revelation that hackers broke into federal agencies, including the treasury department.mon joins us with the latest. what else do we know about this breach and the context around it? >> we got a lot of news overnight, but let me start with the "reuters" story that came out yesterday. they broke it late yesterday and what they said was somebody has been hacking into the treasury department and also into commerce's national telecommunications and information. the attack was so serious it led to a national security council meeting at the white house on saturday. the scope of the breach they reported was unclear. the investigation by the fbi and others is still in its early stages. but we got a report out last night from a cyber security company and what they said is they discovered this attack dates back to the spring of 2020. they said the attackers, whoever they are, most likely a nation state, that is a government intelligence service somewhere around the world, they didn't name the government they thought was responsible here, and they said the government was able to ac

treasury department and possibly other government agencies the u.s.national security council says it's investigating the cyber attack and it comes less than a week after a major u.s. cyber security firm fire i said foreign government hackers had stolen tools it uses to probe the defenses of its customers 1st china intensifies its campaign against dissidents in hong kong democracy activists in the territory face a bleak choice move overseas or go to prison an increasing number of young people are amongst those choosing political exile adrian brown reports now from our cong. there was a time when hong kong was a haven for families fleeing persecution in mainland china as 2020 nears its end people are now leaving the city for the same reason aged just 15 a rule ranks as one of hong kong's youngest political exiles here packing her bags in the hotel room where she spent last week before flying to london on saturday she was 14 when she was detained during protests 7 months ago and although not charged remains worried about the impact of a sweeping new nati

back in the summer in july, the treasury department gave a $700 million loan to this company under the. it's emerged that it actually is backed by a private equity company called apollo which has ties to the white house and more specifically to jared kushner because they inked a deal back in 2017 over real estate. now, the treasury secretary mnuchin has denied that he's had any communication with kushner and the team. but the congressional oversight committee has said that the loan is suspect because, "a," the company was already troubled and "b," it is unclear that this company to begin with was crucial to national security. so a lot of questions about the 7 hundred million dollars loan given out by the treasury department this summer. >> $700 million is a lot of money. cnbc's joumanna bercetche, live from london, thank you for being here. always great to talk with you. >>> unfortunately we are here on friday still talking about a relief bill for millions of americans that is not finished, congress is still stuck. that's the only thing that matters heading in to the christmas holiday.

of what he essentially said is that the treasury secretary that the treasury department may be trying to put in some last minute rules for cryptocurrency that would be really the most damaging rules that have ever been created at least so far in terms of laws regarding crypto here's what the c.e.o. of corn base said about it he said the proposed regulation we think would include requiring financial institutions like queen bass for instance to verify the recipient owner of the self posted wallet collecting identifying information on that party before withdrawal could be sent to that self hosted wallet it's a very big deal because you have to remember that one of the manger major ito's of of having could occur and see is being able to own your own wallet hold your own keys to it so that you privately holding collect a crypto currency that's the whole point of it being called a crypto currency not just a digital currency under this set up essentially what this really comes down to is the treasury department is saying we want to know specifically who the owner of every wallet is before th

treasury department accuse a chinese man. tronics import and export corporation of supporting the illegitimate maduro regimes efforts to undermine the knesset on democracy as artie's alex my helmet explains the move is ramping up tensions but the 2 nations just ahead of the transition of power here in washington. it's the latest move by the u.s. to try to contain venezuela and this time washington's aim was to hit 2 birds with one stone the u.s. treasury department has imposed sanctions on the china national electronics import export corporation the chinese company is accused of providing software training and technical experts to venezuela's government which the u.s. would like to see removed from power. u.s. secretary of state mike pompei all sent out this tweet the u.s. is sanctioning p.r.c. tech firms c e e e c for enabling the majority for its to undermine democracy in venezuela their support to restrict internet service and conduct digital surveillance against political opponents is robbing venezuelans of a democratic f

can you spea to the department of treasury's process and ether you work with other agencies and departments and otrs to assess e effectiveness of these economic sanctions once they have been levied and if you do tt, how often with the intent that they've beenut in place are they achieving the intended objective, and if not,hat are they doing and what unintended negative consequences are there? >> first let me say i appreciate you bringing of the subtext and i would be happy to follow up with you off-line. i spend enormous amounts of my time before the pandemic i was spending 50% of my time on the sanctions. i think they are very effective foreign policy tools. we coordinate 100% with both the state department, the national securitnationalsecurity councile intelligence agencies on anything we do, so we have a robust interagency process. i'm going to encourage the chair to spend time on this. i also want to thank the committee and congress you've given us a lot of funding over the last four years. we've increased the number of people we have in these areas and these are very effective tools c

treasury department and possibly other government agencies the u.s. national security council says it is investigating the cyber attack comes less than a week after a major u.s. cyber security firm far i said foreign government hackers had stolen tools it uses to probe the defenses of its customers. still ahead here on al-jazeera there are no signs of giving up by farmers in india is they stage a hunger strike to protest against new agricultural. pushed out of persecuted white christians in iraq say they no longer feel safe. the latest winter low is spinning up in the eastern side of the mediterranean which means significant rain for turkey snow height and a whole lot expanse down to northern egypt and across into the levant now initially it's not going to be particularly cold it'll just be shower is the forecast for gods to get through monday tuesday and wednesday showers on tuesday wednesday a bit of a breeze temps are dropping below 20 degrees and it goes probably love that jerusalem's forecasts of 15 the time we get to tuesday the rain the 1st ban

yourself, at carvana.com. >>> we have breaking news this hour about a potential hack affecting the treasury departmentnd department of commerce. the white house confirmed to nbc news that it is investigating reuters reported that foreign government-backed hackers gained access to internal government emails. nbc news has not yet confirmed the details of that report, but the commerce department has confirmed to nbc that there has been a breach in one of its bureaus and they've asked the fbi to investigate. let's go to national security and intelligence correspondent ken dilanian. ken, tell us what we know right now, what you're hearing. >> yeah. actually, maria teresa nbc news has confirmed through a source familiar with the matter that the u.s. believes these were russian hackers. in fact, the russian version of the cia, the svr, that broke into both the treasury and commerce departments and potentially other government agencies as well as private entities. we reported last week that this same agency hacked the private cybersecurity company fireeye, which plays a huge role in defending both government

we know the treasury department and the commerce department were breached.and i'm told by two officials briefed on the matter that so far there is no information that classified networks were penetrated. but given that the treasury department enforces sanctions and the commerce department regulate the internet and negotiates trade deal, there's plenty on those servers that the russians would be interested in. we know this hack is broader than the federal government.it extends to many, many corporations. we're just begin to go learn how far this reach is, andrea. >> ken, i know you're going to stay on it. the treasury does a lot on international and national banking. so there's an amazingly large, you know, treasurer drove of information that could be available. ken, thank you. >> thank you. >>> vaccines are rolling out today. a shot has not yet been cleared for children under the age of 16. but children are vulnerable to covid and are being hospitalized for covid and for a multi system inflammatory system related to covid. hospitals in appalachia are now see

>> the treasury department asked for the money back, most of it a few weeks ago for which mnuchin the treasury secretary was severely criticized so in terms of the extra packages you have things expiring at the end of the month, leave the expiration dates in their and if you need more aid next year, you can do it but right now we have the mechanism in place to help small businesses especially moving restrictions on the small business what they have qualifications for the payroll protection plan which hurts a lot of small businesses because the extra bureaucratic obstacles, clear those out of the way, put the money in and send out another check, 1500 - $1800, i know that sounds like a lot but it's a one-shot that's what you want the immediate assistance now. >> speaking of next year end where we are, that's a big thank you because we might be back to talking about stuff like this, a quick comment from larry kudlow on the economic growth that we might get next year, i want to see whether or not you agree with this, here's what he said. >> 45% is quite reasonable and i think frankly ther

can you speak to the department of treasury's process and whether or not you work with other federal agencies and departments like the department of state, defense and others to assess the effectiveness of these economic sanctions once they have been levied? if you do that, how often with the intent of saying, ok, these sanctions have been put in place, are they achieving the intended objective? and if not, what are they doing and what unintended negative consequences are there? secretary mnuchin: first let me just say i appreciate you bringing up this subject. i would be more than happy to follow up with you off line. i spent an enormous amount of my time really before the pandemic i was spending 50% of my time on the sanctions. i think they are very, very effective foreign policy tools. we coordinate 100% with both the state department, the national security council, the intelligence agencies on anything we do. so we have a robust interagency process. i am going to encourage chair yellen to spends time on this. i also want to thank the committee in congress. you have given us a lot

payments and that will probably take another 2 weeks according to export for the experts for the treasury department to pay that money out so there is see pins remember donald trump as you just mentioned also don't call for 2000 u.s. dollars in direct aid and refused to sign the bills that bill for long periods of time and it seems very much like he has not accomplished anything on that and except sowing a lot of uncertainty here in the united states and as you know donald trump's been all over the place on for or against more money for corona aid and relief what made him finally change course and signed the bill. well there's just a couple weeks left in his presidency and of course he does not want to be the one the culprit in fact for millions of americans ending up without food ending up without being able to pay their bills and to make ends meet of course he rather wants to be the one you know calling for more aid and that's exactly what he did and now congress has to vote on this 2000 u.s. dollars proposal that all trump made and the democratic controlled house of representatives will certainly

the trevorly department added -- treasury department added added deadlines.nd etfs. you've got alibaba looking up actually this morning, shockingly. hong kong shares tumbled 8% yesterday but in the premarket up more than 3% and a lot of criticism obviously about ant group's business practices. ryan, i want to get your take on all of this. >> yeah, i mean, don't mess with the chinese government. it's a tale of two markets. because facebook, amazon and google also have anti-trust suits against them here in the u.s. and those stocks are still at all-time highs. the same thing happened to alibaba in china, the stock is down 30%. so it's just a good reminder that some markets are freer than others. also, when we were talking about how over of-valued the u.s. market is becoming, i think it is probably over-valued and probably going to keep going higher. if you want to diversify your money, you want to have emerging markets in your portfolio. china is not the only market out there. if you look at online retail sales in china, it's 20% of all sales are done online. t

where they bought a commemorative coin from the treasury department and paid them for thatep of their nt worth in perpetuity. that would be exactly like the claims that we cited in our reply brief where you have a side transaction to a one sashareholder to the disadvantae of all the other shareholders and that is just no difference for purposes of a derivative claim whether the harm to the shareholde comes because of a side transaction or pursuant to an amendmento the dividend obligation. >> thank you, counsel for justice thomas. >> thank you mr. chief justice. counsel, would you perhaps and this is redundant but give us another exple of what correct reply rather than derivative. >> so, a direct claims are claims where the injury to the shareholder doesn't turn on a harm to the corporation so, for example, if shareholders are injured and their right to vote that doesn't change the right of the corporation but are directed shareholder claim. the case is been recognized through direct suits where shareholders are harmed and tend to be the context where there is a dilution of, for exampl

treasury department decided to label them manipulators. -- it isating is prepared to be much much moreasury department fx .olicy report in some ways, this does not come as a huge surprise, but is it really more about the dollar or more about intervention? >> a combination. mechanicalretty assessment. switzerland has hit the three criteria decided by the u.s. treasury. it has been an extra ordinary year, as we all know, on many fronts. can claim this has equally been an extra in their year for them in trying to manage inflation in the domestic economy. they have always said the exchange rate is a key part. never pretend otherwise, hasn't tried to hide its intervention under a bushel. i think when they have the talks, that will be the backdrop. let's talk more about that week dollar and find out what happens with the fed later on. if the fed is dovish today, do we get even more dollar weakness? that should be the reactionary function. you would ordinarily look for that currency to weaken irrespective of the country. the risk appetite we see generally through markets over the course of th

okay, russian hackers, months long attack, the department of homeland security, department of treasury, department of commerce, department of agriculture, nuclear labs and fortune 500 companies all compromised. the full scope of this attack isn't even known but the president of the united states who took this oath. >> preserve, protect, defend. >> the constitution of the united states. >> the constitution of the united states. >> protect and defend tonight said this about the attack. nothing. the united states the target of a major attack and trump says nothing. instead, this is how he spends his time today, tweeting about the election, repeating his tired and false claims about the election he lost and as for his administration's response to the attack. >> we are taking a hard look on this and obviously take any sort of cyber hacks very seriously. >> well, it's hard to take a hard look when the president of the united states has fired the head of the homeland security's cyber security and axed his secretary of defense. in fact, trump has gutted the defense department. trump doesn't have a permane

been russian they pierced cyber defenses and accessed e-mail and internal files at the treasury and commerce departments and possibly elsewhere f.b.i. investigators say it is an ongoing situation they are trying to find those people responsible the treasury and commerce departments were among dozens infiltrated let's talk now to glen tell he was a general counsel of the national security agency currently a senior advisor at the center for strategic and international studies he joins us on skype from washington glen cursed a welcome to al-jazeera in this day and age how is it possible that all these top flights u.s. government departments don't have perfect cyber security. that of course is the goal but like many goals it's not really obtainable for a couple of reasons peter 1st of all we're dealing here with an incredibly sophisticated attack this is a cyber attack of immense skill and comprehensiveness probably done by a nation state which is why many people tend to think it probably was generated by the russian foreign intelligence service which has that level of sophistication so what is it sophistic