government said the treasury international the bank of the other central banks and it's been ongoing ever since and what we've done is. come up with a bunch of evidence to prove our case and latest market action in gold and silver is evidence of just that and could you dig into some of that evidence that you were talking about just now i believe there are a couple so you have to see whistleblowers what was the result of. first of all we have all kinds of official documents for the b i yes and various institutions that reveal. quietly or they don't want to get out but it's got to what they're doing and then there have been whistleblowers about the activity of j.p. morgan in the gold and silver markets another billion banks and it's quite a story actually and i believe it was your organization revealed actually j.p. morgan that has the largest short silver position on and they got the v. . how does that affect the market having one giant short holder well that's what we have and i trust the united states i mean when we were in front of the c.f. t.c. we exposed how big it was we've gone

at the treasury international the bank of the other central banks and it's been ongoing ever since and what we've done is. come up with a bunch of evidence to prove our case and latest market action in gold and silver is evidence of just that and could you dig into some of that evidence that you were talking about just now i believe there are a couple so you have to see whistleblowers what was the result of. first of all we have all kinds of official documents for the b i yes and various institutions that reveal. quietly they don't want to get out but it's got to what they're doing and then there have been whistleblowers about the activity of j.p. morgan in the gold and silver markets another billion banks and it's quite a story actually. organization revealed actually j.p. morgan that has the largest short silver position on and they got. their breath. how does that affect the market having one giant short holder well that's what we have and i trust the united states to me when we were in front of the c f t c we expose how big it was we've gone to the sea of t.c. about it they refused

let's start out with treasury international capital flows, called tic.t's always two months in arrears. we're looking at maida that. i look at net long term which was minus $27.2 billion. why is this important? it's the second smallest -- it's the second smallest negative we've had. if you go back to march, it was minus $29.6 billion. but then you have to go all the way back basically 4 1/2 years to january of '09 to find a bigger negative number. let's keep this simple. what it means is foreigners aren't nearly as enamored buying dollar denominated financial assets and i think it's something we need to pay attention to. let's switch gears a bit. art cashen, he's the first time everybody thinks about. i agree with him on one thing he said today and that was when the federal reserve tells you they're buying $85 billion it's not true. although it's closer to true today than it was earlier in the year, people on this floor are aware of it. on the mortgage side, when people refinance, the paper gets taken away from the fed and they buy to replace and that re

story he may not have told you is how paul volcker worked for him at the treasury and they did some important reforms of the international monetary system and years later when paul volcker became the chairman of the reserve he used some of those same ideas to make monetary policy much better so in a way shultz's influence extended to periods that you don't think about. >>host: role as your biggest frustration as undersecretary of the treasury? >> in washington and was expecting a different job that was different because 9/11 ochered right after i got there so rather than going to the fancy halls of negotiation of finance i went to baghdad and africa to think about much more difficult problems. they had to put it the new currency of the the the new monetary system in place in iraq. one of the most difficult things i had to do it was frustrating but it was amazing and rewarding and the series worked and we could get the financial system up and running with a lot of cooperation from the iraqis and a combination of frustration but to be the frustration of policy in general is that we had gotten off track it is the most tragi

may not have told you which is how paul volcker worked for him at the treasury, and they did some important reforms of internationalmonetary system. then years later when paul volcker became chairman of the federal reserve, and i write about this in my book, he used some of the same ideas to make monetary policy much better. so in a way schultz's influence extended periods which you don't always think about, and various you don't think about. >> host: what was your biggest restoration as undersecretary of the treasury? >> guest: when i went to washington i was expecting a different job than it turned out to be because 9/11 occurred right after i got there. so rather than going to some fancy halls of negotiations on international finance, i went to kabul, baghdad and in north africa to think about much more difficult problems. we had to put a new currency, a new monetary system in place in iraq. one of the most difficult things i've ever had to do. it was frustrating in a sense would call on ideas and people were not used to that but it's also really amazingly rewarding. it worked. the theories work and were able to

he was treasury undersecretary for international affairs during the bush administration.billion under management and the world's largest hedge fund. thanks for coming in. so we'll hear a couple things in the next frankly half hour. we'll hear from jack lew on dodd-frank and i want to get your views on that but we're going to get bernanke's testimony at 8:30. what are you expecting to hear? >> i think what you're likely to hear is what you've been hearing. if you would step back and said how would we have expected if this was managed well the qe process managed well, how would we sxrekts this had to go. >> that implies you don't think it's being managed well. >> no, i do. i think it's managed well in the following sense. harrim bernanke says here are then cans that need to be in place before we begin to pull back on qe. if those conditions are in place, we'll begin to do so. and if those conditions are not in place, then we'll make policy decisions. >> how would you position yourself for whatever he's about to say today or the last two months? >> well, we've had two major

treasury. strong castle was not nominated by internal revenue service. t i believe -- this is my personal opinion because i cannot speak for treasury. i do think what has been revealed does cast doubt in my mind. >> i would hope so. i would say these hearings that continue with the type of egregious culture of moral vacuum going on, it is just another example of big government and what we can expect to go mark. when we see a government so large that it is willing to allow these type of things to happen, in fact, foster because of friendships or otherwise. we've even seen in the recent supreme court decision. we think more about personal desires than we do about the best good for children are the best good for taxpayers or the best cared for our economy. we deal with promoting entities like this. this is a perfect example of the burst case that can go on. i see my time has expired. i think the gentleman for is time and comments. we now go to the john and from florida. >> thank you, mr. chairman. i have to tell you, the upshot of these past couple of months

international best practices in china. the deal is up for review before the committee on foreign investment in the united states. contained within the treasuryock international deals if they present a risk to national security. in a letter the committee senate is still reviewing the smithfield deal and will offer a private briefing for the senate agriculture or committee after this hearing which is a started. back to you. ashley: we should mention the dow turning negative. we saw quite a bit of volatility that nicole petallides was talking about just after the fed minutes, but now we are just -- in positive territory right now. tracy: well, on deck blasting new rules for america's biggest banks, the financial services rounddtable chief former governor says make no mistake. they will hurt the economy, and he is here next. ashley: first, let's get that truck -- check of the treasury's that ten year up just one basis point. meanwhile, on the 30-year, up two basis points. we will be right back. ♪ ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experi

treasury secretary. there was a time that we redid the international monetary system.d lots of dealings with people all over the world. and i learned a lot about how to do something internationally. so there was a great experience for me. it was fun and i enjoyed the people. some of them are still good friends today. but of course when i was the secretary of state the tectonic plates changed. when ronald reagan and i took office the cold war was as cold as it could get and when it was over it was all over with a shouting so there was a huge thing to be involved in and watch untold. >> in your book issues on my mind, you have rules for leadership and a couple of those stifel for the expanded on, the bryce harlow rule. but the first this to be a participant. >> that is what democracy is all about. early on when i was working with him in the primaries ronald reagan gave me a tie and this is democracy isn't a spectator sport. so be proud of it. be part of the politics but to participant. >> tool number fight, competence is the name of the game in leadership. >> it is a gre

obtained in your interviews because i do believe it would greatly assist the internal revenue service as well as the treasury inspector general in bringing this matter to conclusion. with that icon collude my statement and i'm happy to answer any questions. >> thank you. and i'll break with tradition just to note since you made a direct request that it is our intention to share fully with the ig this information. i must admit it's been a one way street. we're waiting on an awful lot of documents from the i.r.s. that are long overdue. >> mr. sisk. >> good morning. my name is bill sisk. i have spent over 20 years at gsa. i started in atlanta in 1990 and i have served in a number of management positions including assistant regional administrator and regional commissioner. in my capacity as regional commissioner i represented network services and personal property. i have also served as assistant commissioner in the office of general supplies and services within the federal acquisition service and was appointed to the u.s. ability commission which provides employment opportunities for individuals who are blind o

treasury department's inspector general. that office just release ad report stating that the internal revenue service spent nearly $10 million on executive travel over the 2011 and 2012 fiscal years. the report find a small number of executives had extremely high expenses. that came out just about an hour ago. melissa? melissa: rich, thanks so much. >>> next o "money," is it true that the housing recovery is slamming the door on first-time buyers? a lot of the staff say yes but one of our guest says it is actually all hy. we'll debate that. >>> hedge fund billionaire steve cohen says it is not true that he failed to supervise his employees to prevent insider trading at sac. his proof? he says he never reads his e-mails. i'm not sure that is such a strong argument. think about that. you have got to hear why. more "money" coming up. ♪ at dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? llo? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. ♪ melissa: home sweet home? maybe not. we've been inundated

treasury department's inspector general. that office just release ad report stating that the internal revenue service spent nearly $10 million on executive travel over the 2011 and 2012 fiscal years. the report find a small number of executives had extremely high expenses. that came out just about an hour ago. melissa? melissa: rich, thanks so much. >>> next on "money," is it true that the housing recovery is slamming the door on first-time buyers? a lot of the staff say yes but one of our guest says it is actually all hype. we'll debate that. >>> hedge fund billionaire steve cohen says it is not true that he failed to supervise his employees to prevent insider trading at sac. his proof? he says he never reads his e-mails. i'm not sure that is such a strong argument. think about that. you have got to hear why. more "money" coming up. ♪ this man is about to be the millionth customer. would you mind if i go ahead of you? instead we had someone go ahead of him and win fiy thousand dollars. congratulations you are our one millionth customer. nobody likes to miss out. that's why ally treats all their customers e same. whether you

treasury. he has a long distinguished were in international finance and the private sector and at the imf and u.s. treasury and academia and i think he is actually a pretty well-known figure in washington. so welcome to him. i should've said he got his ph.d. from an obscure institution in cambridge massachusetts because that is the lead into our other speaker. ksenia yudaeva is the russian g20 sherpa and that's a big responsibility this year as russia hosts. she is also the expert structured in the executive office of the president. ksenia has been in office for over a year and has taken on recently the role of organizing st. petersburg summit in all the many related aspects of a hosting year in the g20. she was prior to government service again after long career in international economics including chief economist and she also worked in the washington think-tank in the moscow office and in addition to degrees from moscow state university and the new economic school she also has a ph.d. from another obscure institution in cambridge massachusetts which you can read about in the biography. delighte

treasury. he has a long, distinguished career in international finance and the private sector and at the imf inhe u.s. treasury and in academia. i think he is actually pretty well-known figure here in washington and so, welcome to him. oh, i should have said he got his phd from an obscure institution in cambridge, massachusetts. because that is a lead-in to our other speaker, can send yaw yudaeva is the, g20 sherpa, as big responsibility as russia hosts. chief of the president's expert directorate and first office of the russian president. kseenia has been there a year and scene on the organizing the st. petersburg summit and many related aspects of a hosting year in the g20. she, prior to her government service again has a long distinguished career in international economics including as chief economist at fairbank and she also worked at the -- [inaudible] washington think tank in the moscow office of the carnegie endowment and in addition to, degrees from moscow state university and the new economics school she also again has a phd from another obscure institution in cambridge, mass, which yo

treasury. he has a long, distinguished career in international finance in the private sector and at the and ine u.s. treasury, academia. i think he is pretty well known here in washington. so welcome to him. i should have said, he got his phd from an obscure institution in cambridge, massachusetts. that is the lead-in to our other , theer, ksenia yudaeva russian g-20 sure bob. -- g-20 sherpa. she is also head of the directorate of the executive office of the russian president. she has had that office for over year and has taken on recently the role of organizing be st. petersburg summit and the many related aspects of a hosting year in the g-20. she was, prior to her government service, had a long and distinguished career in international economics. she also works at the carnegie endowment. in addition to degrees from moscow state university and the economic school, she has a phd from another skier institution in cambridge -- obscure in masstion in cambridge, which you can read about in the biography. we will start with the macro, global growth story. i wanted to ask david. you just, the imf ju

they took issue with the treasury official's claim he hadn't been party to any internal discussions aboutual mandate. >> the individual responsibility provisi provision, how it would be affected and how it might int interact, if transition relief was given on the employer responsibility reporting provisions and the other employer requirement, consideration -- >> so there was discussion. there was discussion on it. >> was certainly given. >> there's discussion on it. >> earlier this week, health and human services secretary, kathleen sebelius insisted despite the individual delays the overall obama-care law is proceeding on schedule. the white house cited an announcement today by new york's democratic governor, andrew cuomo declaring the health care insurance premiums by affected new yorkers with shrink by half next year. >> congress passed the law, the president signed the law. the supreme court upheld the law and we're about the business of implementing the law and making sure it provides the benefits, the many benefits to the american people that they deserve. >> we expect these back to

treasury. was at a time that we redid the international monetary system. so lots of dealings with people all over the world. and i learned a lot about how to do something internationally so there was a great experience for me. i enjoyed people. some are still good friends today. but of course, when i was the secretary of state, the tectonic plates of the world changed. when ronald reagan and i took office, the cold war was as close as it could get. when we left it was all over but the shouting abuse of the was a huge thing to be involved in and to watch it unfold. >> mr. secretary, in your book issues on my mind, you have some rules for leadership and a couple of those who have already expound upon. but the first rule is to be a participant. >> yes. well, that is what democracy is all about putative early on, when i was working with them in the primary, ronald reagan gave me at tie and on it it says democracy is not a spectator sport. so, be proud of it. and be part of the politics but be willing to serve and be a participant. >> rule number five, competen

treasury secretary. there was a time that we redid the international monetary system.d lots of dealings with people all over the world. and i learned a lot about how to do something internationally. so there was a great experience for me. it was fun and i enjoyed the people. some of them are still good friends today. but of course when i was the secretary of state the tectonic plates changed. when ronald reagan and i took office the cold war was as cold as it could get and when it was over it was all over with a shouting so there was a huge thing to be involved in and watch untold. >> in your book issues on my mind, you have rules for leadership and a couple of those stifel for the expanded on, the bryce harlow rule. but the first this to be a participant. >> that is what democracy is all about. early on when i was working with him in the primaries ronald reagan gave me a tie and this is democracy isn't a spectator sport. so be proud of it. be part of the politics but to participant. >> tool number fight, competence is the name of the game in leadership. >> it is a gre

activists and others targeted or audited by the internal revenue service that simply because of their political views, that their concerns are phony? and how did treasury secretary jack blue come to an absurd nclusion regarding the investigation into the irs scandal which is nowhere near completion after he has been at his post for all of 4 1/2 months? he told cbs news "with all of the investigations that have gone on, there's been no evidence of any political decision-making in the irs." whatever that means. the statement, of course, is a contradiction to testimony offered by irs attorney carter hull, who implicated the irs chief counsel's office in the tea party and conservative group targeting scandal. the office headed by an obama administration political appointee. today's attempt at a pivot by the president indeed a transparent effort to divert public attention from a scandal-plagued white house. president obama said it himself. and because such clarity from this president is so rare, it is worth hearing him say it one more time. >> but with this endless parade of distractions and political posturing and phonyscandals, washington has taken its ey

treasury were just put through here with just a handful of questions. now, jack lew is being held up again for another position he wants -- international monetary fund. here is the secretary of treasury of our nation. gina mccarthy, after a full hearing, which took quite a while to get arranged because the chairman of the committee wanted to make sure the ranking member was satisfied with the time and witnesses and all that, she was asked to lead the environmental protection agency. i know quite a bit about that committee. i was chairman of that committee twice, mr. president. now, this is -- this is -- this is a world series deal here. this holds the record. she had more than 1,100 questions. it used to be montana for nominees to be -- it used to be common for nominees to be asked a handful of questions after the hearing took place. my colleague, the minority leader, wants to claim credit for letting some nominees proceed. but the fact that he seeks credit for approving nominee soms only highlight -- some nominees only highlights the extent of the problem. confirming nominees should be the norm, not the exception. remember the agreement we talked abo

treasury. he has a long, distinguished career in international finance in the private sector and at the imf, the u.s. treasury, and in academia. i think he is pretty well known here in washington. so welcome to him. i should have said, he got his phd from an obscure institution in cambridge, massachusetts. that is the lead-in to our other speaker, ksenia yudaeva, the russian g-20 g-20 sherpa. she is also head of the directorate of the executive office of the russian president. she has had that office for over year and has taken on recently the role of organizing be st. petersburg summit and the many related aspects of a hosting year in the g-20. she was, prior to her government service, had a long and distinguished career in international economics. she also works at the carnegie endowment. in addition to degrees from moscow state university and the economic school, she has a phd from another obscure institution in cambridge, mass which you can read about in the biography. we will start with the macro, global growth story. i wanted to ask david. you just, the imf just issued an update of its reg

treasury. in one division of the federal government -- the internal revenue service -- if in fact you're found in that case, you lose your jobs. it's grounds for termination. this is just a simple improvement that would say what is good for american taxpayers is also good for federal employees. and what is good for businesses that do business with the federal government is good for federal employees. and what is good for the businesses ought to be also good for independent contractors who owe the federal government money. i'd be happy to have any modifications that the committee might recommend to this as well as, but in terms of fairness and running $17 trillion in debt and running $600 billion in deficits, we ought to be aggressive about collecting the taxes that are owed to us that there aren't any questions about. the principle the committee used in terms of businesses that deal with the federal government ought to be applied to individual contractors and individuals as well. and with that, i thank the chairman and ranking member of the committee for the opportunity to offer this amendment

international so what's behind china's spending spree well one of the reasons is to diversify the country's over three trillion dollars worth of foreign exchange assets away from the low yielding investments like u.s. treasuries with europe during troubling times china is busy snapping up the bargains. update you now on some more of this hour's world headlines and we begin in canada all passengers have now been rescued from a commuter train in toronto that became stranded after heavy rains have triggered widespread flooding there now almost a thousand people were on board at most were helped out of the windows by emergency services and taken to safety on dainties now the intense downpour had caused huge blackouts across the city after a month's worth of rain fell in just one day. in turkey now clashes between anti-government protesters and police have flared up again after the government had to reopen to get the park to the public and then closed it after protests were announced dozens were injured and more than thirty people were detained by the police in running street battles plans to redevelop the park in the center of istanbul set off two weeks worth of violence that had found out across the entire count

international so what's behind china's spending spree well one of the reasons is to diversify the countries over three trillion dollars worth of foreign exchange assets away from the low yielding investments like u.s. treasuries with europe enduring troubling times china is busy snapping up the bargains. a u.s. district judge has ruled that only president obama has the necessary authority to stop the force feeding at the guantanamo bay detention facility and this is after dismissing a request from a syrian prisoner who had asked for the painful practice to be stopped the same was demanded by a by several actually leading muslim figures in the united states who say that guards should respect their religious fast of ramadan which is now under way most of the inmates have been refusing food a for over five months now in protest against their indefinite detention as well as the harsh conditions allegations have also emerged that guards have been using sleep deprivation against detainees in order to end the strike him hooper from the council on american islamic relations believes they won't stop until there are true improvements at the facility. our position has always been that it's wrong to force detainees that'

international so what's behind china's spending spree well one of the reasons is to diversify the country's over three trillion dollars worth of foreign exchange assets away from the low yielding investments like u.s. treasuries with europe during troubling times china is busy snapping up the bargains. there's a look at what's fueling the financial crisis with max kaiser here's a taste of what's coming up at seven thirty am g.m.t. . money printing to the west to bank of england bank of japan and then reserve bank of america is to those economies what oil is to opec and the opec nations because the oil is the socially controlled by the state they don't need people to vote they don't need people to work the people live in a stipend in those countries in america in japan and in the u.k. increasingly people are living on a stipend set by the state who doesn't need them because they can print all the money they want to make themselves as rich as they want just like having an oil well you pump the oil and you become a sheik and you come to london during the summer to escape the heat in the mideast if you have j.p. morgan banker or nature's b.c. banker you print trillions of dollars and you live like your sheik at t

. >> are looking at whether or not the internal revenue service was applying treasury regulations as its applied to the applicants. it is this realm which they provided us. what theyt know provided you. you are justeve honest. i do not believe that you are political. i do believe that your testimony demonstrates that you were not using the appropriate methodology in order to meet your charge, which was to find whether there was inconsistent treatment. you would have happened the -- could the universe before you could answer that question. >> we looked at over 600 cases. only 70% of them were tea party cases. we sampled some outside of these. we found that 175 statistically should have been included in the political review. we did not label them as any sort of political thing. we said based on the substance and the case there was evidence that they should have been actually looked at as political cases. 31% of them had no evidence in the file a political campaign intervention and perhaps should not have been looked up. we looked at over 600 cases total. a process tens of thousands. yo

treasury bonds will go up and send rates up higher. >> thank you, michael. >> sure. >> coming up here it's not rocket science but it's very cool. >> our conversation with the crew of the international a hobby that will >>> incredible images from space. >> yes. jonathan bloom spoke with the astronauts on the international space station about the photos they've been taking high above the earth. for astronauts it's just another day in micro gravity. >> you can be superman but playing with objects, with refraction of light and water. >> light engineer took this photo of a giant drop of water. photography is a big hoby. up there lenses weigh nudging and scenery is limitless. >> we never get tired of looking out of the window. we talk among ourselves earth is always perfect and always different. constantly changing. >> they've taken pictures of a wildfire in colorado. a russian cosmonaut used this lens to catch a glimpse of the albert einstein vehicle. >> we have a wall of lenses and camera bodies to use at any given time. it's usually in the evenings that we have personal time to take pictures. >> italian astronaut sometimes shoots with his ipod floating nearby. >> first, my favorite wa

treasury bonds will go up and send rates up higher. >> thank you, michael. >> sure. >> coming up here it's not rocket science but it's very cool. >> our conversation with the crew of the internationalhat will take your breath that will take your breath [ mosquitoes buzzing ] ♪ [ female announcer ] repel mosquitoes without spraying your skin. try off! clip-on repellant. insert one refillable cartridge to provide odorless protection up to 12 hours. whether it's at a game, enjoying family, or just relaxing, repel mosquitoes away without a spray. off! clip-on and refills. keeps bugs off. sc johnson. a family company. [ reel clicking ] ♪ ♪ [ male announcer ] seize your vacation with southwest's nationwide sale. go to southwest.com, where our lowest fares are now available starting at $59 one-way. book now at southwest.com and carpe vacay. ♪ [ camera shutter clicks ] ♪ having necessary school supplies can mean the difference between success and failure. the day i start, i'm already behind. i never know what i'm gonna need. new school, new classes, new kids. it's hard starting over. to help, sleep train is collecting school supplies for local foster children. bring your gift to any sleep

treasury officials announced that h.s.b.c. the world's largest bank in the second largest bank in the united states it laundered money for some of the most notorious and murderous international drug cartels in the world while also illegally conducting transactions on behalf of terrorists and customers in iran libya cuba the sudan and burma. between two thousand and six and two thousand and nine according to federal officials h.s.b.c. failed to monitor a staggering six hundred seventy billion dollars in wire transfers and an additional nine point four billion dollars in cash transactions from their operations in mexico and the department of justice also said that h.s.b.c. c.e.o. stuart gulliver oversaw that company as it helped launder six hundred sixteen million dollars in illegal transactions from iran cuba the sudan libya and burma by intentionally hiding the identity of those countries but despite all of this h.s.b.c. only had to sign a deferred prosecution agreement with the d.o.j. under which no criminal charges were brought against the bank or any of its banks toure's provided that it met certain conditions those conditions include paying a one point nine billion dolla

treasury. why did you resign? >> well, the atmosphere became rather discouraging, even though i had a lot of really good experiences. one day i'm sitting in my office and the director of internal revenue, the commissioner comes to see me. his name was johnny walters. and he said, i just had a visit from john dean, the president's counselor, and he hands me this list of 50 or so names of people to do a full field investigation of their tax returns. that's a very unpleasant process. what do i do? well, you don't do it. what do i tell john dean courts telling you report to me. if he has a problem, he can come to me. it was interesting later on in the nixon tapes i heard him discussing, this with john dean and they basically said, who the hell does bless think he is not doing what we want? but they never had the nerve to put it to me because if i resigned, refusing to do something improper, with the internal revenue service that wouldn't be a very good story for them. but anyway, that soured me. and then i inherited the administration of wage and price controls, which i had a post originally but it was not in my domain. incidentally, the two people running it for me word on rumsfe

treasury had it wrong in u.s. policy regarding this issue and was wrong. i don't know what qualifies bradley manning to make that judgment. i'm not aware that he has a significant international financial background. to michael's point, i want to make this absolutely clear. you know, real lives were put at risk. there are people who are cited in the cables, julian assange was very cavalier in not wanting to have any redactions of any activists, any government official, anyone who talked to a u.s. diplomat anywhere. i can tell you and vouch for the fact that real harm to real people was done because of what bradley manning did. >> i just can't let that go. julian assange redacted many of the documents. he then asked the state department when you were still there if they would help redact the documents. they sent him back a letter saying, basically we want the documents back. we won't help you redact the documents. >> julian assange is on record saying he thought no redactions should be done. it was his team that set up an imperfect process. we in the state department were communicating through the mainstream media to try to get the -- get wikileaks to redact this and ultimatel

jack lew is the secretary of treasury, we had to file cloture on him so he could be part of the international monetary fund. let's talk about the problems today not some hypothetical in the future. and if people really have concern about that, let them go change the constitution. that's what the constitution says that for a presidential nominee it should be a simple majority. it's worked for a long, long time, and that's why during the time from george washington to barack obama you only had 20 filibusters of presidential nominations. >> a few more questions. go here, and then we'll go over there. >> hi, senator. jonathan weissman from "the new york times." you're having this meeting tonight in the old senate chamber, but it sounds like you've made your decision. so what is this meeting about tonight, and are you open to any kind of compromises that would let some of these or all of these nominees go forward with some proviso that the so-called constitutional option be taken off the table at least for now? >> simple solution. i mentioned it in my remarks. so easy. if the sky's falling and the

treasuries here. i think you want to go into the spread product t. high yield corporates, immediate merging bonds, some of the international. >> you guys disagree, i thinkthe big migration is going to be out of the cash into longer term assets. >> you haven't told me why you think we are going up above the 3, that's the thing. >> well, the thing about interest rates and the bond market, we have no now reconnect with the fundamental also the economy continues to improve. it's not about inflation. it's about the economy chugging along, joe. >> remember, what's the average ten-year treasury yield the last 100 years? >> 6, 5. >> anyone? >> 100 years. >> probably 3, right? >> 4.84. over 100 years. >> that's really skewed by your 1960. >> that is the problem when everyone says normalized interest rates. you tell me where you got a normalized thing. >> where was it in the united kingdom in the 19th century? under 4%. those were real markets. so you know. >> are you saying our market is not a real market? >> he's saying if the banker -- i know you, i understand your point. >> i think the economy is chugging along, unemployment rate is higher than the peak level

treasury. you are recognized for five minutes. >> thank you. on july 22, -- on july 2, there would be relief 2014 with free provisions added to the internal revenue code by the affordable care act. first, the information reporting requirements for insurance companies, employers, and other entities that provide health coverage. second, the information reporting requirements for employers subject to the employer shared responsibility provision. and third, the employer shared provisions. july 9, we published formal guidance. notice 2014 -- there he five that describes the transition relief. after reviewing written comments on the employer and insurer information requirements and after related discussions with employers and other stakeholders, employers and their representatives have requested relief for 2014 because of the difficulty and cost of complying with requirements, a desire that it be simplified and the times necessary to adapt information gathering and reporting systems and implement reporting effectively. we recognize the best of -- vast majority provide health coverage to their workers and we want to make sure employers will be able to c

internal revenue service used inappropriate criteria that identified for review organizations applying for tax-exempt status based upon their name or policy position rather than on tax exempt treasury regulations. second, that the cases of the irs referred for review as potential political cases experienced delays. third, the irs made unnecessary and burdensome request for information. on may 10, 2013, at an american bar association conference held in washington, d.c., lois lerner the directer for the irs at the time stated, quote, instead of referring to the cases as advocacy cases, they actually used case names on this list. they, the determination unit in cincinnati, ohio used names like tea party or patriot and selected cases simply because the applications have those name in the title. that was wrong, that was absolutely incorrect, insensitive, and i inappropriate. end of quote. she also stated that some cases were des moines, iowaed -- delayed and unnecessary questions were asked confirming three key findings. the storyline based on her presentation that the irs app guyed for inappropriately targeting conservative organizations. she made her statements on may 10, 2013, before

that the internal revenue service use inappropriate criteria that identified for review all the positions -- organizations applying for tax- exempt status based on their name rather than on treasury regulations. wered, applications referred for review potential political cases. there were requests for information. at an american, bar association conference held in washington, d.c., the director of exempt organizations for the irs at the time stated, instead of referring to the cases as advocacy cases, they actually used case names on this list. they, the determinations' unit in cincinnati, ohio, -- determinations unit in cincinnati ohio, used tea party criteria if they have those names in the title. that was wrong. she also stated that some cases were delayed and unnecessary questions were asked, confirming ey information in our report. the ira's apologize the- ira's apologize. miss lerner made her statement report wasbefore our completed. it has been asserted back ticta concluded that the irs inappropriately targeted conservative organizations. that narrative is based upon ms. lerner'stays men, not on ticta lerner'ssion-- -- ms. statements, not on ticta's conclusions. as of the

codified solely in the internal revenue service code and address transactions that address self-dealing and conflicts of interest. prior to the issuance of a 1978 executive order, treasury jurisdiction over the i.r.a. rules. the 1978 order transferred treasury's jurisdiction to the d.o.l. the safe retirement act restores jurisdiction for i.r.a. prohibited transaction rules to the treasury department. in addition, the treasury will be required to consult with the securities and exchange commission when prescribing rules describing the standard of care to brokers to i.r.a. own pemplets the 1978 executive order also transferred to the d.o.l. some of the treasury department's joint jurisdiction over the prohibited rules applicable to retirement plans. the about the bill i inthiewfd today restores joint jurisdiction to treasury and the d.o.l. joint jurisdiction makes sense in light of the d.o.l. proposal to expand the 1975 regulation because treasury must enforce prohibited transactions through excise taxes. treasury should have a role to play in any expansion of the rules because expanded rules will mean more excise tax cases for the i.r.s. to process. if the acting secreta