welcome, chair yellen. or secretary yellen. it's good to see you here. last week, pro publica published an investigation into some of the wealthiest american's tax returns showing that year after year multibillionaires pay basically no federal income taxes. and here's the worst part -- it is possible they did it all legally. that's because year after year lobbyists and members of congress have worked together to hollow out the tax code. take jeff bezos. he's the second richest person in the world. his net worth is nearly $195 billion. his salary is about the same as the average public schoolteacher in massachusetts. $80,000. so, secretary yellen, i want to ask about who our tax code is structured to benefit. jeff bezos or a schoolteacher. the average family in america pays about 7 be 2% of their total wealth in taxes. that includes public school teachers. if the same rate applied to jeff bezos last year, he would have paid $14 billion in taxes. so, secretary yellen, if all we do is increase the federal income tax rate, is it ever possible for mr. bezos t

janet yellen: thank you, judy.t's a pleasure to be with you. ♪ judy: today the washington post published excerpts from a new book by reporters carol leonnig and phil rucker describing how -- that contain the shauna hsing -- astonishing details of how the military were about former president trump's actions in the final days of his administration. to join -- to talk about that i'm joined by nick schiffrin and yamiche alcindor. some blockbuster material in this book. let's start with what we were just discussing. and a lot of it has to do with the fears on the part of the joint chiefs chair mark milley. what were they? nick schifrin: yes. so, milley and other military's fears about what president trump was capable of, about the lack of confidence in his decision-making really accelerated when trump fired secretary of defense mark esper. that was in early november, when trump was threatening to fire other senior officials, including cia director gina haspel, and when he installed loyalists to run the pentagon. current

secretary yellen, thank you. according to nevada's home owners association, vanna has a shortage of roughly seven to -- 79,620 affordable housing units available to extremely low income renters. while the veterans also experiencing a looming housing affordability crisis. we also struggle with access to healthy food options. addressing food insecurity has been a long-standing priority for me, and our community. in fact, las vegas was recently selected to participate in a local foods local places in -- with the federal government to develop a urban agriculture park and co-op in a historic westside which is located in my district. secretary yelling, the green book includes a proposal to create a novel pool of low income housing tax credits which are allocated to states based upon a formula determined by the secretary. can you briefly explain how you plan to carry out this proposal, because it sounds like a program that my home state of nevada would really benefit from. >> sure. i think, a portion of the housing tax

janet yellen saying it could be medium term.is inflation story >> good morning. i don't think it's fearful it is recognizing that what's your definition of transitory? how long if it is medium term or long term, it could last for a time it will take time to fix the supply chain issues. there is inflation, dom. you have a cpi at 5% 10% in the last few months ppi 7% annualized. the prices paid and ism report and you are back to 1979le leve. you have wage increases and shelter now on the rise because moratoriums have been lifted part of this is going to be transitory whatever that means in terms of the timeline some of it is not transitory i think the wages and shelter are things to keep an eye on 9.2 million job openings out there. the economists in the jolt company is saying that you can't find jobs. they can't find people to fill the jobs they have to increase wages. you and i have anecdotal information about the pressures that we're seeing in terms of pricing. the key going forward is do companies have pricing power that is wha

janet yellen optimistic u.s. lawmakers can approve the 15% minimum rate this year. mixed messaging. the u.k. repairs to lift covid restrictions, including its mask mandate, but the vaccine minister says face coverings will still be expected indoors. good morning and happy monday, manus. i know for a lot of investors and probably everyone in england, it is a tired and sad morning. amongst the tears, they have to figure out what will happen with all of these various central-bank decisions as we start to concern ourselves with have we reached peak global growth? what we hear from policymakers so far this week will have a big difference on how you trade the change in global growth. manus: yes, and as i have said, it is a redressing of the central bank decision, sort of the harvey nichols display of what to expect. the ecb goes for a light touch, what will the rbnz do? if you look at the pboc versus christine lagarde, i am surprised the euro has not moved lower. in many ways, it was a reiteration of what we already knew. for her, it was about what shape does the clearer

a huge win potentially for janet yellen.finitely a huge win for janet yellen and the biden administration and the united states coming back from a time when most countries were not listening to us on foreign policy. it is in most of the countries interest to come to some kind of deal. they've wanted to avoid a race to the bottom. you do not want to say the irish are on the bottom but they have made money by having low tax rates. this does not prohibit countries from having higher tax rates. it is expected the united states and others will be above that. when companies are looking at where they should locate, it will be a question of not just taxes, but other expenses that should even out. it also should get rid of some of what we used to call in versions in the united states, where companies would move their mailing address to another country like ireland and keep other production facilities here to pay the irish tax rate. taylor: it is interesting. how some of those countries respond? ireland, switzerland? are they involved

haidi: yellen's next stop is brussels. how does the eu fit into the big picture here? that has to do with the countries in the eu, which does not have a unified position on this. the countries that have and a fitted from low tax policies, the one that comes to mind is ireland, which has done well out of this and fueled economic development that way, that has always been very controversial inside the eu. certainly a country like germany has been eager to rein that in. yellen needs the eu to get that together and get united so that the entire project can proceed. like i was saying, there will probably be considerable pressure on these countries inside the eu from some of the big economic powers in the european union. haidi: our editor with the latest over the weekend. let's talk about these developments i the g20 -- by the g20 with our guests. tony spoke earlier about some of the domestic and political implications of trying to push this deal through. how is the road to implementation? >> it is going to be a long one for sure. it is important to understand that this is s

today we have an interview with janet yellen in the show. what's driving the action in the final action of trade. jay powell testifying for a second day to congress, this time in front of the bank committee, facing questions about inflation, the economy and more those highlights ahead jobless claims hitting a pandemic era low and the empire state manufacturing index blew a past expectations. morgan stanley rounding out the strong bank results. 59 minutes to go in the session. energy, tech, small caps are seeing the biggest decline and we have a big first on cnbc interview coming your way from california janet yellen joining us to talk about the global minimum tax deal, her read on inflation with the new numbers this week, the tech crackdown in china and more and also the day the checks go out for the child tax credit for american families. >> we cannot wait, looking forward to that interview. looking straight to the market tech pulling back, energy also underpe underperforming. mike is tracking it for us. >> the weakness in tech giving back

we caught up with secretary yellen.global -- i expect global countries will push for a global tax deal." lisa: which is important in terms of backing some minimum tax deal. we talk about companies wanting this deal to come to the fore. what do you make of that? is that a convincing argument that republicans will be swayed in terms of having this kind of deal? jack: there still is the outstanding question of if all of this on a global minimum tax would need 2/3 in the senate because of the international aspects of this, rather than treating it as a normal tax bill that would need 60 votes in the senate. there's also the questions of the portions of this, and the easiest part pertains directly to the 15% corporate global tax level that could be open to a reconciliation package. that is something to watch as democrats move forward. i'm not sure if everything relating to this global one of them tax proposal could that, but some portions of it they feel are aligned with the rules that go against a next big democratic package

>> this would have two parts to it as secretary yellen just said.one and pillar two. pillar one calls for companies to pay tax where they operate, as opposed to the current system, where they pay taxes based on where they are based. so, some companies go out of their way to find a low tax haven where they do not have to pay much tax. so they would resolve that. there would also be a 15% min among tax. that would be pillar two. so far, 130 countries have agreed to this. the oecd which has taken the lead is hoping to wrap this up at the g20 meeting later this year and have an implanted starting next year. juliette: we heard janet yellen the treasury secretary speaking on the sidelines of the g20 treasures meeting. what did she say about -- g20 trevor -- g20 treasurers meeting. -- what did she say? >> the tax rate would be able to be approved in congress to the budget reconciliation process. a significant thing is that is not subject to a filibuster. so democrats who control both houses could pass it through on partyline vote. the other part though, ab

why janet yellen said we'll see several more months of rapid inflation. >>> intel is in talks to buyhip maker global foundries for $30 million in what would be the company's largest acquisition. >>> plus, mask mandate, l.a. county requiring all individuals vaccinated or not to put their masks back on inside >>> we'll start off with the market markets themselves i'm glad to have both of you along for the ride this morning. mike, i'd love to start with you. i had a couple of conversations this morning with people who at least are still around to actually have conversations with perhaps a bit more pain in the underlying market than seemed to be the case sort of at some of the big names that we look at, or even the broader indexes. >> yes. >> whether it's oil or health care but some real pain is what i was hearing from at least a handful of market participants during the course of this week. >> all you have to do is really look at the russell 2000 or look at even the s&p 500, but the equal weighted version, and it's been lagging so whether you want to call it a little bit of a stealth co

, janet yellen -- janet yellen, about the treaty. i want to go back to the canadian fisheries treaty of 1888. this through grover cleveland -- not grover cleveland alexander. treaties are not siebel things, art -- not simple things, are they? >> that when i have forgotten, but no, i think you have made a very good point. to get a treaty, you must get 2/3 of the senate to agree. janet yellen in venice over the weekend conceded that it could be a year before we get her minimum global corporate tax. i think it could be even longer than that yet i do not think the votes were there in the senate to approve it. tom: are the votes in europe? doesn't europe have to agree on all of this before the u.s. steps in? greg: of course, ireland is the one that steps in all the time. i think there's real concern that it can't win approval and wash -- approval in washington. lisa: is there a concern that both sides don't have consensus, and this is just noise to try to pressure companies into acting differently? greg: i think so, i may be pressured cou

janet yellen was optimistic lawmakers can approve minimum rates of at least 15%. a fast-track budget bill, the secretary-treasurer he didn't say if the plan would require a two thirds vote in the senate, an almost impossible get, given republican opposition. it's coming to rome. italy won a dramatic 2020 final against angled in a penalty kick after a 1-1 draw. england scored the first round of the match in just two minutes. leonardo baluchi tallying the equalizer in the second half. extra time didn't change much, and the final shootout was ugly, with italy missing two, and english a heartbreaking three. global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. at least it's the world cup next year, anna. anna: something to look forward to. bloomberg right the latest headlines for you. let's stick with the world of sport. that tense showdown between italy and england. take a look at the reaction we've seen from newspapers and those countries in italy. we are euro

romaine: you mentioned facebook here, talking about the yellen concern, yellen, knowing that the treasuryas a working group that is considering what potentially to do in this realm and whether the treasury or more specifically the fed should be involved. it's interesting, if joe weisenthal were here he would probably have something more introspective to say, but he pointed out this great article this morning where the title was basically what if the fed worked for the people in this whole idea of the fed just lending directly to the people. it sounds like a strange concept but claudia is joining us now to talk about this from the jane family institute, a senior fellow who is a former federal reserve economist and all-around great person, so explain this to me. a lot of people fear i guess the idea that facebook or private companies may sort of move into this staple of the realm where they would somehow usurp the viability of the dollar, if you will. what does the fed being involved with this have to do with it? >> there's a lot of reasons the federal government should jump in. i mean, tec

i spoke with secretary yellen earlier today. secretary yellen, thank you very much for joining us. i know the administration has been very eager to roll out these child tax credits. what impact do you believe they're going to have on american families? >> well, i think it's going to be a tremendously important support for american families, you know, today the families of more than 60 million children will receive an honor beginning on a month today on a monthly basis, checks that will help them meet the expenses that they have in caring for their children. and it will be a dependable source of income that they can counon. it's estimated that the american rescue plan will reduce this year child poverty rates by 50%. and the child tax credit is the most important reason for that reduction. so it's a very important source of income support. >> woodruff: how can you be sure the money will be spent on children? >> well, families, of course, care very much about their children and the inability to put food on the table or to keep a roof over one's head. these are things that very badly

the treasury secretary yellen predicting a few more months of rapid inflation. said and done breaking this morning, biden administration warning u.s. businesses about the risks they may face if they do business in hong kong. the live report from china is coming up. the final hour of "squawk box" begins right now. >>> good morning welcome to "squawk box" on cnbc. andrew is off today. we've been watching u.s. equity futures still in the green down by over 100 points. indicated by 27. treasury yields now in the same rough raframe of where we've be at 2.2%. >> other top business stories we've referenced treasury secretary yellen said she worries about problems inflation could pose for lower income families looking to buy homes but ultimately it will remain well under control. >> i think we will have several more months of rapid inflation i think over the medium term, we'll see inflation climb back to normal levels we'll keep a careful eye on it >> climbing back to those rates. seeing that as a sign the market believes inflation is under control. biden administration

nowadays, the best of the best, thank you, put that law degree to work, next up on "kudlow" janet yellenl tax crusade it's going to hurt america's best companies and put america last and will talk about it with steve moore, the hero of the story is ireland and maybe hungry, i am "kudlow", stay with us, thank you madame psaki you helped the conservative cause helped the conservative cause enormous helped the conservative cause enormous helped the conservative cause enormous helped the conservative cause enormous ♪ ♪ ♪ easy tools on the chase mobile app. simplicity feels good. chase. make more of what's yours. only 6% of us retail businesses have a black owner. that needs to change. so, i did something. i created a black business accelerator at amazon. and now we have a program that's dedicated to making tomorrow a better day for black businesses. ♪ ♪ i am tiffany. and this is just the beginning. ♪ ♪ what makes new salonpas arthritis gel so good for arthritis pain? salonpas contains the most prescribed topical pain relief ingredient. it's clinically proven, reduces inflammation and comes i

. >>> now coming up amazon's profits, handbags and janet yellen all those things converging in italy. you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >>> a rally for big tech hit a speedbump today. ama

that is the job janet yellen god.f they don't choose jay powell, people are betting on her to get the four year term. rishaad: thanks a lot for that. global economics and policy editor kathleen hays. the ecb is not the only one deciding on the cost of borrowing today. people who want to know what they are doing about growth, they have revised down the growth targets from 4.1 to 3.8%. it is about the resurgence of the virus and the response to it, which people want to know and how it is impacting growth. david: you could look at one metric, which is inflation, which is not been a problem in indonesia. the reason i bring that up is when you look a real rates because inflation has been benign in indonesia, real rates has been far and above what you have in inflation issue with real rates falling. i am not saying you could make the case of the hike that with the fed hiking rates and inflation remaining low, there might actually be some rationale and logic for thank indonesia to consider rate divergent especially as the fe

let's move to ylan mui who has the details for us >>> kelly, treasury secretary janet yellen has sent a letter to congress warning that the nation will hit the debt limit on august 1st. and she said that if congress has not raised the debt ceiling by august 2nd, the treasury department will have to resort to using extraordinary measures in order to pay the nation's bills. yellen did not say how long she thinks those extraordinary measures could last, but she did warn that failing to pay the nation's bills would cause irrepairable harm to the u.s. economy and the livelihoods of all americans. now, cbo has previously projected that the extraordinary measures could last through october or november. yellen said that there are scenarios where the extraordinary measures could run out shortly after congress returns from august recess this year because of the pandemic and changes to payments and to receipts, it's especially difficult to project kelly, she did urge lawmakers to raise the debt ceiling in a bipartisan fashion but again, treasury will have to report to using those extraordinary m

you had a meeting today with secretary yellen. clear she did not like the digital tax and now you have decided to delay that until there is a g20 deal. what is the rationale? minister bluemel: i think the work proceeding this meeting was good work. notably on g7 and g20 but also on ocd levels. agreed on a concept of a global minimum taxation and that is a big step forward. if the process we in europe delay a digital tax, it is a feasible step. we want to have constructive conversations and negotiations in implementing what was decided earlier. maria: let's say we get to october in rome and there is a g20 deal by heads of state and that is approved. does that mean europe will not need its own tax on digital services? minister bluemel: it depends what the agreement will look like. at the moment we are at the minimum of corporate taxation, which is easier to implement, and pillar one, which is slightly more difficult. the first pillar is also implemented. i think we have a big step forward on justice in taxation. that will affect tax

jonathan: janet yellen, the u.s. treasury secretary.eene and lisa abramowicz, i'm jonathan ferro. monday morning, here is the price action. down six on the s&p to 4354. outside of that, setting a tone to this market worldwide, the price action comes down. your tenure yield, 1.34 43 percent. yields down by a basis point or two. in the fx market, the euro negative by about 0.3%, down by 0.28%. that is a weaker euro. tom: an important meeting. frame it versus the last meeting. this is not a snood fest -- a snood fest -- a snooze fest. [laughter] lisa: hold on a second, wait. . jonathan: i'll get there. tell me why thursday is important. lisa: it is not just the target, but that they are going to outline what comes after next march. the idea of yes, it is going to continue the bond mining -- bond buying until march, but what next? jonathan: i do think it is ridiculous because we have gone from lower than in close to two to present. if you see the bundesbank last week? having none of it. tom: mr. scholz today talking about they are monitorin

>> well i couldn't agree more with secretary yellen.cination rate are still seaing outbreaks among those not vaccinated. and then if that forces them to refrench a little bit from the reopening, that ends up being a drag on the global economy and you're seeing the headlines out of europe as we speak now. and so it is a concern. i do think secretary yellen is right, we need to do everything we can to help the world get vaccinated for their sake but also for our own sake because it is an inner connected world. and by the way, if new variants emerge abroad that are even more potent than the delta variant, that could end up coming back to america and that should be concerning to us, too. >> that is a great point as well. because this virus learns and it gets even more foolproof. so we got about an hour ago the highest jump in inflation both on a month over month basis and a year-over-year basis in 13 years and you've been in the camp, do not freak out about inflation, it will be better in fall when people go back to work. you saw it pressur

she worked with janet yellen.ct, a lot of people thought if hillary clinton had won a race to the white house, lael brainard would have been hillary clinton's choice to head the treasury. this is why there is so much spotlight for her. she is in as the likeliest person to get this job. people have talked about rafael bostic. as for -- the vice chair of bank supervision. senator warren, a liberal democrat, every time she can, when he testifies, and she got after jay powell last week as well for being too soft on the banks so that is a voice which will be urging the president to go ahead and pick somebody else to take this seat. maybe we will find out by september but there's going to be a lot of voices. i think what is interesting is because she is a woman, because she is so well-qualified, a lot of people figure she is the first choice. when it comes to the markets and invest is and maybe even janet yellen, at a time like this when the economy is still coming out of that deep recession, we are still worried about

secretary of state janet yellen, secretary of treasury janet yellen, she's really warning that somethinghat treasury will have to take "certain extraordinary measures" to prevent the united states from defaulting if congress does not act quickly the debt ceiling comes up by august 2. your thoughts on that? >> well you know they've got a history of being able to juggle the books and chase their own checks for months, so i'm afraid that's a little boy who cried wolf too many times. we've been down this road before we've got to try to get it right unfortunately, i think we're going to get it wrong and i think, as you say, it's going to fundamentally change america, not for the best, when what you're effectively doing is a massive stimulus at a time in which the economy is in many ways overheated. charles: yeah, i mean, i've lost track of how many times this debt ceiling has been raised. it's a trivia question now, it could be final jeopardy. let me ask you sir, before i let you go with a minute. this morning, china imposed sanctions on former commerce secretary wilbur ross and some others.

what kind of negotiating leverage does janet yellen have given the fact she needs to wrangle together congress to get the u.s. on board and the parameters of that? >> it is a very good question. right now the leverage they have is global momentum. i spoke to the german finance minister after his meeting with the secretary and he said the train is going. given the fact you have so many countries even in the developing world coming on board. you go to the point that this goes the hands of congress. republicans do not like this and it will be very difficult potentially through budget reconciliation they can get 15% global minimum tax. that other pillar, they need two thirds of the senate to vote for it. lisa: senators and congressmen had been off for two weeks, they come back to washington this week. how high on their agenda will this minimum tax rate versus the infrastructure and some of the other proposals? >> you guys in new york keep saying the week starts tomorrow. in washington it starts today. they are landing today and it is all about infrastructure. there is also a timeline, the

good news on the child tax credit front but bad news on inflation from treasury secretary yellen we'll sort it all out for you. >>> to japan where the olympics begin one week from today as tokyo hits a new high in covid cases. >>> plus, a big weekend at the box office kicks off with a long-awaited sequel to "space jam. but that's not all as we kick off your friday. "early today" starts right now >>> thanks for ending your week with us. i'm frances rivera >> and i'm phillip mena. breaking news at this hour, another suspect in custody police in texas responded to calls about a man acting strangely and carrying a large gun. the standoff quickly turned deadly after the officers tried to make contact. >> he was very hostile it was only a matter of minutes after that contact that the suspect opened the front door to the residence and began firing on the lvelland police police officers >> a s.w.a.t. officer was killed and three other officers were hurt police used a robot to take the suspect into custody just hours ago. he is also injured >>> rising covid cases are casting a dark cloud over a

and lets he be very clear, too, about what janet yellen and the biden administration is doing. i believe -- i agree with what david said before. this is the wrong path to go down. europe should be cheering because now they're going to get a shot at american international corporations. so, in the end, these corporations do not really pay tax. they are going to pass that along to the consumers and who is going to be the big loser is the american people. i believe that. >> all right. real quickly, i wanted to address something maybe you do at the outset and saying the tax hikes might never come to pass and that's planned in the united states. you might be right about that, judging by the markets, hitting records amid the worries and central governments pile on. so the markets are right on this, this is not going to come to pass? >> i think that it will end up being some modest increase nowhere near what joe biden proposed. we have james madison and alexander hamilton to thank for this. you have to do work to legislate and the sausage making involves people getting on board. 50% de

yellen also expressed concern about the pandemic, saying the delta variant could threaten global economic recovery and conquer. caltrans says the heat is causing some problems for a highway replacement project that got underway this weekend. caltrans crews are replacing 3500 ft of concrete on northbound highway to 42 network started on friday night cruise plan to have the highway repaved by 10 o'clock tomorrow morning. the work has been planned for months in caltrans says there was a lot of coordination with other agencies, including the chp to get the project rolling. but cruz did not expect such an intense heat wave. in fact, it's been so hot there in concord during the daytime hours that water trucks had to spray down the cement to make sure that it drives correctly. a couple has been forced out of their home after it was nearly destroyed in a fire. it happened just after nine o'clock last night. on h and six streets in antioch as ktvu is greg liggins reports, firefighters say fireworks nearby started a grass fire and the embers spread to that home. my house is on fire. i can't talk ri

, however, says there will be no hyper inflation and you kind of agree with yellen, probably not for the same reason. but tell us why what your position is, in terms of you see deflation. the primary thing happening in the world today as, as an inflationary, monetary policy running into technology that's increase increasingly the deflationary. so that, imagine what would happen in, in that as, as governments push up printing presses and dr. inflation more and more and more. what would a business driving it were their own rational and rational business to when they try to remove labor faster with technology. so what you're, what you're finding is the policy is designed, you have to, you have to forces colliding and each other and each one is moving faster and faster and opposing directions. i am not saying that someday we don't get to hyper inflation. but by stepping into that trap with central bankers, and they what will happen is they will be more, right, because technology will drive out labor faster and remove the cost faster. and it'll look like and make it look like they have mo

janet yellen just concluded a meeting, getting a handle on the risks here eric rosengram called tetherk to the financial stability. jeffrey zhang and a yale school management director dr. gary gordon, it's called taming wildcats, stablecoins. they are talking about regulated currency that banks created. during this 25-year period 1/3 of all banks failed. they couldn't redeem their own notes. ominous. what lessons account 19th century teach us about stablecoins? let's check in with dr. gary gordon the frank class of 1974 professor of the yale school of management thank you to "mad money." >> thank you very much >> professor, i know many viewers are not familiar with stable dl coin but we're familiar with tether can you explain where stablecoins fit in and explain why yellen, powell and rosengrin are concerned about the concept of stablecoin. >> they're concerned because stablecoin issuers resemble banks. you give them $100 and they give you $100 worth of their coins with the promise that you can redeem your coins at any time one poor one soit's the one for one part which makes them bank

janet yellen has set a rough timeline for when the biden administration hopes congress can take up tont that was in george by g20 finance ministers. yellen has given the signal that the plan would require two thirds vote in the senate, impossible without republican support. >> number one remains to be negotiated. maybe it will be ready in the spring of 2022 and try to determine if that's what necessary for implementation. vonnie: china has proposed new laws that would require all companies seeking to list in foreign countries to undergo a cybersecurity review. it would tighten review of the country's internet giants. regulators saying such information risks might be exploited by foreign governments. the imf managing director says a carbon border tax would be a protectionist measure. she insisted -- she said that she has backed france's planned for carbon measures around the world. indonesia's finance minister said one global carbon pipe would be agreeable but it would be difficult to make the agreement. new virus cases hit a record sunday -- five weeks into a nationwide lockdown. the

>> there's a couple factors going on here, kelly first what i would argueis treasury secretary yellen has made tremendous progress in moving the ball forward on some sort of global tax agreement you remember when this process started people would say why would other countries agree to raise their own taxes. and she's slowly making progress, but we're not there yet. i think when you get into the details of what the agreement was reached with the oecd, you see there's still some holes in the rate, in the base, and those issues are going to have to be worked out why are we having this conversation first joe biden wants to raise taxes on u.s. multinational income they're worried about raising taxes on the u.s. and taxes outside the u.s. not going up at the same time. so, they want a proportional shift. and second to your point in the opening about tech companies, tech companies are being hit with discriminatory taxes called service taxes. this is a negotiation to create a new global wind fall profits tax on companies that would be based on where they're located so, there's two different t

if the bite administration is already on board with treasury secretary yellen green inside as always, danielle dean martino, who thank you so much for your time today. thank you. and time now for a quick break, but when we come back, amazon has responded to report that it will accept big coin and other crypto currency as payment. we'll take a look at how the responses affecting prices. that's going to break. here are the numbers at the club. the so what we've got to do is identify the threats that we have is crazy. plantation, let it be an arms race is often very dramatic. developments only personally, i'm going to resist. i don't see how that strategy will be successful, very critical time time to sit down and talk to me in my phone. i 60 level and i don't i just saw up dollar form isis fighters and now boarding a philippine naval ship in the $900.00 jeff, aren't abdulla still don't know who was waiting for them? can i get a hold of me . ready i knew gold rushes underway, and gunner thousands of ill equipped workers are flocking to the goldfields, hoping to strike it. rich children a

about all these issues you know, whether it's the right move or not as a moot point, because genic yellen has put her weight behind reappointing j. powell because she wants to make sure that there's continuity in policy. you know, to me, at least because of the magnitude of the financial bubble that we're staring at today. i would say that it's time for a change of leadership. but my opinions not going to count very much divided ministration is already on board with treasury secretary yellen green inside as always. danielle dean martino. bu thank you so much for your time today. thank you . and time now for a quick break, but when we come back, amazon has responded to report that it will accept big coin and other crypto currency as payment. we'll take a look at how the response is affecting prices. that's going to break. here are the numbers that the quote, the me ah the ah ah, me the welcome back a day after we told you about a report that amazon is planning to begin excepting bitcoin and possibly 7 other crypto currencies in the near future. the e commerce job has now officially denied

if the bite administration is already on board with treasury secretary yellen green inside as always, danielle dean martino, who thank you so much for your time today. thank you. and time now for a quick break, but when we come back, amazon has responded to report that it will accept big coin and other crypto currency as payment. we'll take a look at how the response is affecting prices. that's going to break. here are the numbers at the club, the when i would chose the wrong one, i'll just don't get to see out the thing because the after an engagement equals the trail. when so many find themselves world far as we choose to look for common ground hadn't been in my phone since i don't i just saw under the dollar format isis fighters. they're now boarding a philippine naval ship with john $900.00. jeff, aren't abdulla still don't know what's waiting for them to do can i get a hold of me . ready ah, ah ah ah ah, ah ah, ah welcome back a day after we told you about a report that amazon is planning to begin excepting bitcoin and possibly 7 other crypto currencies in the near future. the e

vonnie: bloomberg has learned that yellen has been withdrawn. the white house told an economist that she will not be nominated. she is a former obama era appointee who worked for hillary clinton and was slated to be nominated as undersecretary for international affairs. president joe biden is calling on cuba's government to respect the right to peaceful assembly after some of the largest street protests in decades. the u.s. stands with cubans in their calls for freedom and pandemic relief. police were shown to attack demonstrators. during an event and address, the cuban president called on his supporters to confront protesters. lawyers for the ousted myanmar leader say four new charges of corruption have been filed against her. she is currently on trial in the capital on charges that include sedition. lawyers say there will be a hearing on the new charges later this month. the united nations says world hunger probably surged to a 15 year high in 2020 as the pandemic curves incomes and access to food. a new report reveals as many as 811 million p

i asked secretary yellen about her thoughts on the recovery. >> my expectation is within the next year, the economy will get back to full employment or something very close to it, and that still remains my exp expectation there's plenty to spend in the pipeline and there's still a lot of people that need to be put back to work, so i expect a recovery to continue with a good, strong pace into next year. >> steve has more data on how it fits into the recovery and the outlook. >> we got it all today a much stronger retail sales numbers showing a reopening u.s. economy with considerable pent-up demand and likely a good deal of inflation. we're up 0-6 on the -- and just 0.4 gains, so really beating the expectations furniture, home furnishings down 3.6% what's going on there? maybe a slowdown that you just can't get the stuff. that was certainly the situation with vehicles. return of bricks and mortar, people wanted to see what they were buying, instead of the brown boxes. inflation is starting to worry households down revision to may, and consumer sentiment dipped with a sharp gain in infla

. >>> when we come back, treasury secretary janet yellen has an urgent message for congress.ung woman whispering: hey, did you bring the... the condoms? young man whispering: what's up? young woman whispering: condoms father: condoms charlie. she wants to know if you brought any condoms. young man: yeah i brought some. ancr: eargo a vitually invisible hearing loss solution with high quality sound and lifetime support. eargo 5 is here. our latest device that allows you to personalize your hearing experience. get yours today. and if you're and active or retired federal employee you may qualify to get eargo at no cost to you. if you're 55 and up, t-mobile has plans built just for you. switch now and get 2 unlimited lines and 2 free smartphones. and now get netflix on us. it's all included with 2 lines for only $70 bucks! only at t-mobile. >>> yellen did not provide an estimate of how long these tools might last the congressional budget office had projected october, even november, but yellen said the pandemic has made this timing particularly uncertain and extraordinary measures

. >> treasury secretary janet yellen spearheaded that.nationals. yellen did tell reporters there was enthusiasm behind the agreement. >> the international tax deal protects the free, open economic order that is crucial for i investment in growth and at the same time it's welcome news for middle and working class people around the world and i think especially for the american people. >> reporter: the plan would set a global minimum tax rate of at least 15%. the g20 finance ministers with the oecd hope to implement it by october. the group are holdouts like ire lapped and estonia are holding out. countries are able to tax multi-nationals with revenues of more than $20 billion on profits above 10%. financial firms and extractive industries are exempted. it could be spring of next year before this part of the deal is complete and, guys, it's very likely the senate will need to ratify the agreement with a 2/3 majority. >> that's the tricky part. the idea of getting 2/3 of congress to agree to anything. we can't even get a bipartisan infrastruc

it is unacceptable that secretary yellen is not appearing before the committee when time is so urgent that two weeks before expiration. she should be here today to answer for the mismanagement of the emergency rental assistance program, $46 billion and less than 4% reaching those who need it. sec. fudge, outside of treasuries emergency rental assistance program, hud received tens of billions in community development block grant and assistance grants from the cares act, two different programs, almost eight years -- almost a year end a half ago and the vast majority of which remains on spent. only 12.3% of the 5 billion in the cares funds have yet been spent while only 9.4% of homeless assistance act has been spent. what is this money in your jurisdiction, why are these funds delayed from reaching those who need it the most? >> thank you for that question, is a great one. hud is obligated which means we have given to grantees or the 93% of all cares money. part of the problem with the cares money has communities receive cares money and then collect money, rescue money, for they determin