>>> remarks from treasury secretary janet yellen, epa administraor michael regan. they discuss president biden's approach to the covid-19 pandemic, economy and infrastructure investments, among other issues. >>> please welcome mayor of miami, francis suarez. >> thank you so much for that wonderful voice of god. very inspiring. i want to welcome every one to the 90th winter meeting of the united states conference of mayors. it's so great to be back together for first major in person meeting since the start of the pandemic almost two years ago. let me say this now, welcome home. [ applause ] recognize the leadership of america's mayors and will come to speak and interact with us directly. the to leaders of the house of representatives will be with us. there are republicans. there are democrats and then there are mayors. 11, let me repeat that, 11 cabinet members will be with us over the course of this meeting. [ applause ] high level white house officials coordinating historic legislation that we help pass into law will be with us. numerous federal departments and ag

[applause] ♪ >> thank you, secretary yellen for being with us today.ed with addressing all the issues and are honored by your engagement. as a reminder, all attendees must be tested using an antigen test prior to each day during the conference. the testing center is open today and tomorrow from 6:00 a.m. to 8:00 p.m. mayorsthe hour-long discussion s part of the annual world economic forum. hello welcome to this very special agenda session affects life on this planet. deputy managing editor at the "new york times". the global space economy will

[applause] ♪ >> thank you, secretary yellen for being with us today.ed with addressing all the issues and are honored by your engagement. as a reminder, all attendees must be tested using an antigen test prior to each day during the conference. the testing center is open today and tomorrow from 6:00 a.m. to 8:00 p.m. mayors

secretary yellen has a long and distinguished career in economics and public service.a head of the white house national economic council under president bill clinton, the 15th chair of the federal reserve, nominated by president barack obama, and of course, president biden's secretary of treasury. as secretary of the treasury, she has overseen critical parts of president biden's american rescue plan, including the 65.1 billion fiscal recovery fund for all cities, and expansion of the children's tax credit, resulting in a 35 to 40% drop in child poverty in america over the course of 2021. she has also been instrumental in safeguarding the full faith and credit of the united states treasury, so central to our nation's globally to. mayors, please welcome a friend of america's cities and an exemplar of a life devoted to public service, secretary of the treasury janet yellen. ♪ ♪ ♪ cities, and [applause] >> thank you. thank you so much. . thank you. thank you. thank you very much. [applause] thank you, mayor suarez and thank you all for welcoming me. more than that, thank y

the fight with janet yellen's staff and the official on the economic council slowed the process. the senior administration officials have now completed a draft version that is ready for president biden's consideration. further action could be delayed because of the ukraine crisis. >>> charlie munger ripping cryptocurrency as beneath contempt he issued a dire warning on inflation. adding that printing too much money leads to trouble. >> we do know from what has happened in other nations in you try to print too much money, you eventually cause terrible trouble. we are closer to terrible trouble than we have been in the past it may still be a long way off on >> reporter: brian, munger also said it is stupid for the tensions with u.s. and china to escalate and continue to slam the wave of trading platforms driven by retail investors >> why we love charlie he calls like he sees it when you are 97, you earned to say what you think thank you, disilvana. >>> on deck, it is deja vu all over again we will outline the key sticking points as we march closer to tomorrow's deadline. we are bac

i was quite surprised by the yellen comment.han: people have been asking around this whole debate around build back better. we talked about brian deese, the national economic council director, not doing many broadcast interviews. i have to say, and the last several weeks, they are engaging in a much bigger way. lisa: it is difficult because janet yellen is not necessarily a politician. she really was a policy member with respect to the federal reserve and elsewhere. . she has stuck to her guns and does not think it is because of the rescue package. the debate seems to be fraying in terms of people looking at a more entrenched inflationary regime. jonathan: she is not taking the governor bailey rise and telling everyone not to seek a big pay rise. economists and central bankers scared of wage increases, but never telling off corporations about margins if you are at the central bank. i saw a lot of people make that comment on twitter over the weekend. it is true. futures unchanged on the s&p. from new york, this is bloomberg. ♪ jo

and taking a look inside the white house, harris and yellen are urging eligible people to claim theirs, the irs is dropping its newly announced facial recognition technology that you would have needed to access your tax documents online. the agency was going to allow a third-party company access to taxpayer data. they are dropping it, because privacy advocates and lawmakers were concerned about cyber theft. bitcoin is seeking a big comeback after a brutal january, much like the stock market as a whole. i■tsprice has beenimproving in recent days. the price for one big -- one bitcoin surpassed $45,000 for the first time in a month. it is still trading down from its all-time high in november of almost $69,000. here a live look at the new york stock exchange this morning. you can see we are in positive territory, up 110 points. kumasi: a study by the national association of realtors shows the combination of surging home prices and a lack of inventory is making homebuying harder for everyone. according to the chronicle, there are only one in 1200 households that earn near --. reggie: now t

janet yellen says the measures target funds putin is using to invade ukraine. has restricted residents from sending hard currency abroad. the ban covers foreign-exchange transfers and is part of putin's retaliatory exchange measures. the russian central bank clarified the move, saying it only covers new loans and not servicing of existing debt. the u.s. and allies are discussing a coordinated release of 60 million barrels of oil from the stockpile. sources say deliberations are currently focused on a discharge of 30 million barrels from the u.s. and an equivalent amount from other countries though a decision has not yet been made. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. haidi: we are looking at trading in asia. a very swift turnaround when it comes to the u.s. session. most stocks coming off session lows as we gather volatility as a result of sanctions and counter sanctions in the wake of russia's invasion of ukraine. sydney

do you have conversations with secretary yellen and informed her that she is ignoring our requests to appear before this committee and answer the important oversight questions? >> no i don't. my oversight is within the sba. and every other week. >> ppp falls within your wheelhouse as well. as far as insight and answers would be helpful as well as this committee. so with the loan program perhaps appropriately named unfortunately. the thing is was $80 billion in front over $260 billion of loans that is an outrageous figures here as well as taxpayers. ppp as you offered. that was far more successful $900 billion of loans with four.6 billion of potential fraud. a far better ratio for legitimate loans. and with the private sector. and even to expand the sole lending vehicles by members or colleagues on this committee or even your office that something you expand lending vehicles solely through the sba resources as opposed on advocating for such vehicles to be expanded to the partnership of the community bank such as the ppp loan was handled? which would you prefer? >> in my role and i rely

you know, i think janet yellen has been wonderful for me to work with. i like her so much. i've known her a long time. she's terrific. you know, the women in the white house, i have worked very closely with. so, i just think he has a really good team around him. >> you mentioned you're willing to talk to almost anyone at any point to advance the president's agenda. you're one of the cabinet secretaries who was engaged with lawmakers on the hill regularly around the bipartisan infrastructure bill and as the senate was working on that, senator collins described you to me as "a hidden player in the cabinet." and one official told many you're "fluent and republican." -- we were fluent in republican. so, what do you do to build those relationships with republicans, especially many of whom have voted against or have blocked the majority of biden's agenda? secretary raimondo: yeah. that's very coming, by the way. talk to people. engage people. ask them to their vote. listen to their concerns. and recognize that they're valid. you know, i think that's so important. whether it's sus

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do you have conversations with secretary yellen and informed her that she is ignoring our requests to appear before this committee and answer the important oversight questions? >> no i don't. my oversight is within the sba. and every other week. >> ppp falls within your wheelhouse as well. as far as insight and answers would be helpful as well as this committee. so with the loan program perhaps appropriately named unfortunately. the thing is was $80 billion in front over $260 billion of loans that is an outrageous figures here as well as taxpayers. ppp as you offered. that was far more successful $900 billion of loans with four.6 billion of potential fraud. a far better ratio for legitimate loans. and with the private sector. and even to expand the sole lending vehicles by members or colleagues on this committee or even your office that something you expand lending vehicles solely through the sba resources as opposed on advocating for such vehicles to be expanded to the partnership of the community bank such as the ppp loan was handled? which would you prefer? >> in my role and i rely

janet yellen says it's too early to contemplate adjusting capital requirements for banks. she says it's important for regulators to evaluate the hazards. some companies want an aggressive approach to speed the transition toward clean energy. donald trump is wrapping up his play to go activity ahead of midterm elections in november. he has announced plans to speak at the conservative political action conference this year. he is increasingly signaling his attempt to make another bid for the white house in 2024. global news 24 hours a day on air and on bloomberg quicktake. powered by more than 2700 journalists and analysts in over 120 countries. i'm vonnie quinn. this is bloomberg. shery: still ahead, we will break down the latest results from meta and amazon. up next, j.p. morgan's global research chair will tell us why she is expecting five hikes from the fed starting in march. this is bloomberg. shery: brazil is extending the world's most aggressive tightening cycle. our next guest says markets have a lot to learn about the fed balance sheet normalization. always good to s

that is something janet yellen didn't answer. edward lawrence thank you very much. supply problems at the port companies are turning to chartering freight flights to get their goods into this country. madison alworth is at jfk with the very latest on all of this. hi, madison. reporter: david, despite promises things were getting better our ports continue to have severe delays. many companies are turning to the skies, flying freight cargo than through the ports. jfk they started to increase capacity because how strong the business is doing, how much interest they're seeing from companies. this is all coming at a time like i mention the when we are seeing those severe, severe delays. for example, in long beach, according to mersk, the shipping company, you could have delays anywhere from 38 to 45 days. when it comes to timely goods like medical supplies or seasonal items, some companies simply cannot wait that long. enter the charter cargo flight. this is a 747. we got a sneak-peek this morning when it flew in to off-load cargo. this plane costs one million to two mil

and yet, you know, my counselor to yellen. sure. crane is going to last publishing it. she wore beaming. he's a leasing was too green. you know, lancer, yes, i'm mostly for teachers. ukraine le let is the genie at the science english know what is the anti it print though? sure. if yes, but he said, yeah, for a minute. wait. a little shilling for general under do was on how to submit us. her initial is most i do with les fuller there, but a sense of what it is. there is some sort of loan of some inch there's somewhere else and you could, they had gone for the point of view. what are some of us that are sla yet she burst use a visa, a graduate music to my set up because normally nino, maybe summer grade, i mean is the reason why when you receive this without you big wash out last lot there, there was the one you know, because i got a good i school g tom, read it to you to probably in your boss, give me a date and wanted to me at the the some of us with us as a resource to not these sure. let me give you some i saw that i want to get up with that are both of you. what's it

so i think anticipations with deference to treasury secretary janet yellen, that these are unrealistic expectations at this point. so inflation is going to remain as subject that is front and center, especially going into november's mid term elections. and i think that that, that politicians especially are going to put more pressure on the fed to continue paying attention to inflation. even if it means trying to force the fed to tightened too much, as opposed to, as you suggested earlier, potentially pause or reverse course. yeah, there's definitely good to keep in mind now when it comes to the politics and all of this. i mean, how is j powell playing a role here? we've seen him try to keep markets happy. we've seen him try to keep president biden happy in order to re secure that re nomination. so where does he stand and all of this and what kind of legacy is he leaving behind right now? well, you know, i think we're going to find out for more years is a mighty long time because that that's another entire tenure. when it comes to chair power he's, he's certainly young enough to, to, to

we will put that to janet yellen and what will that due to the growth story. this is bloomberg. ♪ manus: welcome back to the open. we are 14 minutes into the trading day this monday morning. a reappraisal of risk and it is fundamental. the question is -- it is predicated on the view that russia does not invade ukraine. what is at risk? the fundamental question -- is this the grandest and most global stage that putin could ask for? a moment to negotiate and de-escalate? for the moment, the market is banking on de-escalation which is what diplomacy will do. to that end, you see the reduction in recession risk. european equity markets are up this morning. paris is up by 0.6%. macron has real skin in the game. if he has brought them together, think of what that will do for his election. this could be a win for macron going into the polls rather than the specter of a conflict. london is up. credit suisse has a report that they were banking and doing business for people involved in a variety of less than acceptable business. they say they closed down many of these a

do you have conversations with secretary yellen and informed her that she is ignoring our requests to appear before this committee and answer the important oversight questions? >> no i don't. my oversight is within the sba. and every other week. >> ppp falls within your wheelhouse as well. as far as insight and answers would be helpful as well as this committee. so with the loan program perhaps appropriately named unfortunately. the thing is was $80 billion in front over $260 billion of loans that is an outrageous figures here as well as taxpayers. ppp as you offered. that was far more successful $900 billion of loans with four.6 billion of potential fraud. a far better ratio for legitimate loans. and with the private sector. and even to expand the sole lending vehicles by members or colleagues on this committee or even your office that something you expand lending vehicles solely through the sba resources as opposed on advocating for such vehicles to be expanded to the partnership of the community bank such as the ppp loan was handled? which would you prefer? >> in my role and i rely

is what has been happening since november the market, if you look at the period of 2015-2016 when yellen said, okay, here it goes she was fed chief. the market cut mt. big stocks that were of the high multiple range but to earnings cut them 30%. we have a lot selling sales. >> yeah. a lot of guys are growth investors going oh, my i didn't know it could happen. >> right the spaks. >> it has happened. >> i want to come back to the spaks. what about adobe what about cisco >> salesforce. how about salesforce those are not spaks. >> right the multiples have been cut by a third. >> yeah. down 33%. >> advanced micro was down 30% by the way past intel. >> right. >> wait, what? >> amd is bigger than intel. >> yeah. it's like better than u.s. steel. >> yeah. that's a big deal. >> yeah. what matters is merrill lynch. >> i told you in 2015 -- yellen said in late summer and early fall, we'll raise rates. you saw salesforce plummet not unlike what is happening now. it's a little more severe. but i just think when you look at the ipos. remember the ipo market? ( i would point out this severe multiple c

anthony blinken -- janet yellen, are set to brief the senators at 7:00 p.m. and all house members at 6:30 p.m. information will be limited but expect more briefings to be on the hill and congress likely to talk more -- about this when they return. there is a session in the senate this week but the house and senate expected to return for the president's day district work. it's an estate work. it's at the beginning of next week. bill. democrat. good morning. caller: please allow me to get this off my chest. i am disgusted with both parties, and with the republican party especially. they encourage putin to do this. the fox news channel are in love with putin and it is all about power. the republican party would do anything to get back into power. it is a and salt when they say are commander in chief is weak. that is playing into putin's hand. we as americans need to come together because the american people forgot the history of world war ii. i was over there -- not in world war ii but -- they informed me about all the horror stories. russia is a people country.

>> chairman powell learned from chair yellen who is very effective at building consensus.starts with our long phone calls with each of the members, each of the participants of the fmo see to explain where he is and see where they are. that's step number one and that goes a long way for when they walk into that room, they all know what each other is thinking and in general, the chair will get his weight barring some radical conflict in views and that would only lead to dissent which chair powell is open. if you don't feel you can support 25 basis points, i would fully expect them to stand by president bullard who prefers a faster strategy. that's a healthy degree of dissent. at the end of the day, the committee will back chair powell especially at a moment that so delicate and important that the fed get its communication rate and guidance right as well as the policy. katie: has the fomc abandoned the idea that inflation will come down by itself? >> i don't thinkno, think that was ever the view. a number of factors will work toward moderating inflation. one of those is impro

one of those fronts is identified by blinken and yellen the night at 6:30 p.m., the response of washingtonlisa: they want to defend nato, they want to stick with their allies, but they still are importing oil. they want to do with gas prices that are absolutely surging, and they are facing an economy that has not fully recovered from the pandemic. how much do we get something further beyond just the sanctions that were expected, and do they go to the swift banking issue and withdrawal russia from the international financial system? tom: looking at the black sea as well, part of the story this morning. i want to look at the haven data to pick up on the general data. just some of the things in the bloomberg world we look at, it is very simple. strong swiss bank confirmed after 11:00 p.m. last night, down to a 102 print on swiss franc against the euro. ruble 85 is stunning. jonathan: some of the big trades more recently are just unraveling as we back away from this idea the ecb can tighten any time soon. wonder if that changes, but that is the perception this morning. banks in europe are down

does secretary yellen try to give us an inflation study, does the president speak? they respond to a report of 7% inflation? jack: they have struggled to figure out exactly how to respond to this. you have heard them in the big picture talk about the jobs gains. some of the more detailed issues that the president has brought up may be don't resonate with everyday people. to get into, here's what we've done on meat processing competition, here's what we've done on semi conductors clearly does not resonate that well with the broader public. and that's why you've heard the president pouring out a number of times they are looking to the fed for this, and really acknowledging his own limitations. kailey: the president obviously has limited cards to play in this kind of scenario. as he tries to manage this messaging around the economy, how does the build back better failure and the parts of it that may or may not come to fruition factor in here? jack: for one, there really has not been concrete talk on capitol hill about where they are going with this. we have heard about

i questioned secretary yellen after the leak. when will the irs be held accountable?t need to be moving in this direction. >> charles: it's a giant opaque machine. they would love to add 80,000 more agents to that, which is scary. senator, we did hear they're going to drop this controversial facial reckon anything place for taxpayers. that is a good start. although at the bottom, they said they're looking at other alternatives. be careful where you ask for. >> back to what you said. it's like the chinese communist party. they're setting the goal posts here. video surveillance, monitoring every transaction. this does sound like the chinese communist party and that's where the biden administration wants to take us. >> charles: how do you feel about the bill you've worked on here? something that could happen after the mid-terms? >> maybe even before. the democrats look at this and look to their constituents, this is not popular in america, charles. they intend to implement this through this american rescue plan, it will receive a lot of backlash in democrat states and re

the deal came yesterday with ursula von der leyen, and today with treasury secretary janet yellen, because, as you have said, a transmission system. what messages are they transmitting? they are transmitting back-and-forth payments. that is what the u.s. and the eu have been prohibiting, trans actions with the russian central bank. this is an earthquake. it is the kind of thing that is on was never done except with extremely small rogue economies. the russian finance ministry also targeted. but that is going to do is freeze 50% or more of russia's foreign exchange reserves, which leaves them in a world of trouble and of course, disconnecting banks from swift. let's talk about what it actually means to lose their four x was herbs -- four x reserves. this is the story here. this is me. i am buying something from kailey. but kailey has an account in venus and i have one in mars, so what do we do? i send my money to a corresponding bank in the middle . could be a private bank. could be the central bank of russia, depend on what level we are transmitting. kailey then goes to this bank and says

one thing i would end here, secretary janet yellen said in the press release that i thought this wasery key she said this is the beginning of the dismantling the kremlin's financial network. meaning they have a lot less in the hopper and they want president putin to stop in his tracks there are more to hopefully walk backwards with a strategy, you know, another strategy, a broader strategy in place as well. >> we'll look every day as the new things come out, people don't know exactly what to make of them? that's when we call you and say is this the big one? thank you my friend. >>> details in the federal hate crimes trial against the three men that kill illed ahmaud arbery and the jury verdict that civil rights leaders are calling, quote, precedent setting. >>> up next, a different kind of precedent actively rooting against the american president and for vladimir putin led by donald trump. stay with us. stay with us it's our ultimate sleep number event on the sleep number 360 smart bed. it senses your movements and automatically adjusts to relieve pressure points. and it's temperatur

presence national security advisers there on the side as well as well as treasury secretary janet yellen likely involved is eight discuss potential sanction options against russia. the present give a bleak assessment on friday where things stand, stopped up a medic advisers say there's still room for diplomacy. >> until the tanks are rolling in the plains are in the air were going to try everything we possibly can to get president putin to reverse the decision we believe he is made for and to dissuade him. part of that is the prospect of massive sanctions of brick. >> few hours from now expect vice president kamala harris two touchdown back in washington after spying the weekend meeting with u.s. allies in germany she also had a chance to meet with nato secretary general has had despite the we have seen, the nato alliance is ready for what may come next. >> i think what we are now faced with is a new normal in european security. we see russia inc. willie to contest fundamental values for our security by the use of force and also by effective use of force. we have started all of the work.

also national securitied a visor jace ke sullivan and slightly pictured treasury secretary janet yellen. playing an important role if the united states moved forward with sanctions after an ainvasion. the white house working on for days and weeking crafting a package to implement. they've come under scrutiny. president zelensky believes the sanctions to be implemented before an invasion. the white house and top officials defended waiting need to act as a deterrent to russia and not have those off the table or have president putin plan for that. we're learning president bush is set to speak with french president emmanuel macron this afternoon. that follows back-to-back phone calls macron had with both putin and zelensky as he's looking to chart a diplomatic path forward. even as the u.s. continues to warn that russia could invade ukraine at any moment, there is still a glimmer of hope for diplomacy. secretary of state antony blinken told our colleague dana bash earlier today that president biden would be willing to speak with president putin at any time, and in any format, if it could av

national intelligence, national security adviser all at meeting as well as treasury secretary janet yellen, playing a very important role with the sanctions should putin move forward with invasion. u.s. facing pressure from people including ukrainian president zelensky who want to see these sanctions outlined before an invasion takes place, but the u.s. top officials have defended the decision to wait on those sanctions. take a listen what, to what the pentagon spokesperson, retired navy rear ed merrill john kirby had to say earlier today. >> he has not conducted another invasion in ukraine yet, and we want to, we still think there's time to prevent that. so it's supposed to be a deterrent, if you punish somebody for something they haven't done yet, they might as well go ahead and do it. holding that in abeyance and hoping to affect the calculus of mr. putin. >> reporter: even as the u.s. continues to warn russia could attack at any day, the white house still maintains that diplomacy may be an option. secretary of state antony blinken saying president biden would be willing to speak with p

. >> reporter: the treasury secretary janet yellen said the aggressive new actions will significantlyility to use assets to finance its destabilizing activities. as the ruble plunged and the moscow stock exchange remained closed, putin huddled with his financial advisers. meantime, president biden spending more than an hour on the phone with european allies amid a remarkably united response to the invasion. that call happening hours after b close to largely ignore the decision to place russian nuclear forces into special combat readiness. >> we've seen mr. putin's announcement. we believe it is as unnecessary as it is escalating. secretary austin is comfortable with the strategic deterrent posture of the united states. >> reporter: as more nations ban russian flights from their air space, the u.s. is making clear that there is little an tied to create a no-fly zone over ukraine. arguing it could be tantamount to a declaration of war. >> the president has made clear that we're not going to put boots on the ground. we're not going to put american troops in danger. that means we're not g

we also went in with secretary yellen and ramundo to talk about the current economic sanctions and i think as you see this, this is something our intelligence community has been saying since november that putin was moving toward. i think this is a completely unprovoked attack. it's really shocking and appalling to see these tanks moving in, not provoked in a fl fledgling democracy like ukraine. >> u.s. intelligence was right when secretary blinken said missiles would come down across ukraine, that's what he thought would happen, most people anywhere did not think that was actually going to happen. there were a few. most did not. they certainly did not think that here. then it happened to them. so given that u.s. intel is right, what does u.s. intel say about putin's next steps now? because they're very unclear sitting here. >> so, erin, part of the reason i went to ukraine on the foreign affairs delegation, the bipartisan delegation that we took to brussels then ukraine a couple of weeks ago, was to understand what was happening because we had been hearing from u.s. intelligence sinc

you man, yellen, me a pre algebra. they scamp off. darcy know what i shall be. let doll celeste, that he did to the jeep sill. i guess one police always deadly violence has been on the rise in egypt, especially in this sign i peninsula. the northeast corner of this remote region has become for european leaders, one of the middle east, hottest frontlines against armed groups. the c. c, government appears to be struggling to contain this threat of islamic stake militants who are based on the sinai. and of course now with the effect of collapse of islamic state power in iraq and syria. there are indications that at least some of those fighters are now coming from those areas and into the sign on. but it's hard to know what's really happened in ne side as the independent media have not been allowed into the area for years of yearly. so, so tweet tara, imagining that a fetal feature that aforesaid weather juicy, and he got, he got a, a bloomberg it up roy out today, out of media that lead to intimate scenario on listing. as soon as he was out of the bloomberg at our

then this tweet from secretary blinken, the chief of staff and secretary yellen will bring all house members on ukraine this evening. a similar briefing is expected to happen for all senators in the late afternoon today. we will try to keep you updated throughout the program on the latest developments. we just want to hear from you this morning. on the invasion of ukraine and the conflict between ukraine and russia. (202) 748-8000, for democrats. (202) 748-8001, for republicans. we mention that the statements from russian vitamin put in on the invasion coming as the human security council was meeting to find a peaceful solution in the wake of the actions and the statement by russian president putin. this is u.s. secretary with her reaction. >> at the exact time, as we are gathered in the council, seeking peace. putin delivered a message of war in total disdain for the responsibility of this counsel. [video clip] this is a grave emergency. the council will need to act and we will put a resolution at the time tomorrow. as president biden said tonight, russia alone is responsible on the

so you can ramp it up, and the one thing that i would end here with is that secretary janet yellen saide something that was very key. she said that this was the beginning of dismantling the kremlin's financial network. meaning, there you have a lot left in the hopper, and they want at least president putin to stop in his tracks, and then there are more, so hopefully walk backwards with a strategy, another strategy, a broader strategy in place as well. >> all right, look, every day these new things come out, people like us do not know exactly what to make of them, but that is why we call you when we say, is this serious? we will be doing that over the course of the next few days with you. thank you my friend. a former senior policy adviser at the treasury sanctions the vision. we appreciate your time. still ahead, details from the federal hate crimes trial against a three man who killed him out aubry, and the jury verdict that civil rights leaders are calling quote, president setting. up next, republican sending a different kind of precedent, actively rooting against the american preside

running out of time but i want to get this in, because you sent a letter to secretary of treasury janet yellenligation to testify before the committee on small business was approaching now, i think about almost 300 days past the deadline. maybe that is an answer to why she doesn't want to show up, when she eventually does, what do you want to ask her, what do you expect to hear from her? >> well by law, there is a law, a bipartisan passed law she had to appear in front of our committee by the end of april of last year. well she hasn't done it, the law also says she is supposed to appear twice this year, 2022 in front of our committee. i'm not holding my breath. we passed a one year mark for the law. in couple months we'll pass one year mark to show up for the first time. she needs to be there to report on the ppp program. the treasury is in charge of that program, not sba. as a result it is her responsibility and statutory duty to show up. she refuses to do that. i sent her another letter this week. we're continuing on a regular basis to highlight her absence, thumbing her nose rules and laws

and then on the right-hand side of the screen is janet yellen, the treasury secretary. you might be wondering why the treasury secretary would be at a ukraine meeting. it is her department that is responsible for enacting those unprecedented sanctions the u.s. for weeks has been threatening against ukraine if it were to go ahead and invade. secretary of state blinken, who also was at that meeting today, we saw him leave the white house just a few minutes ago. he was on "meet the press" this morning where he laid out how everything the u.s. has predicted would happen, in his view, is now happening. take a look. >> it certainly looks like everything we said was likely to occur in the leadup to the actual invasion is happening. we're seeing false flag operations taking place in eastern ukraine. the manufacturing of provocations and justifications for russia to go in. all of this seems to be following the script that i laid out at the united nations security council and that president biden talked about to the nation the other day. >> reporter: now, we know be that the next

the president in the white house, jay powell at the fed, janet yellen at the treasury, bernie sandersad wrong on inflation and we are paying the price. the administration spent trillions, the fed printed trillions of dollars, the treasury okayed it all and the socialist introduced us to the harebrained idea that printing unlimited amounts of money would not produce inflation. so now what? inflation has to be dealt with. if not it gets worse. the president has no clue what to do. he's blaming meet conglomerates and oil companies, talking about cutting the gas tax. he think build back better will bring prices down. jay powell knows what he's got to do, raise interest rates and turn off the printing presses. that will be painful and we will pay the price. any yellen supported the printing and is still on board with more spending even though we have a 40 year high for inflation. according to the socialist spending and spending don't produce inflation. they think it is all about corporate greed. if there's anybody with any sanity in a democrat party they should step forward and point out i

. >> i have worked with yellen. we have a very different institution and it's very collegial constitution. -- institution. >> i know you commented on yellen and mcwilliams. i appreciate that. i do understand you had a good working relationship with her. i would you to reflect on what happened there. i think it is relevant. fed is a multi-member agency. it's prided itself on operating free from political interference and following norms of governance for many years. there are people on the left and in this administration who want the fed to become more political, to become advocated for the causes and the agenda that they support. i'm concerned the feds with the issues will understood mine the fed's credibility and threaten its independence. i think that's important. you know the fed has stated there's two categories. the first is physical risk and the second is transition. physical risk, that's severe weather events do not threaten stability. do you acknowledge the likelihood of weather events leading to system risk

breefrs are expected to be secretary blinken, secretary austin, the chairman milley and secretary yelleng. i imagine this is the one you're talking about. at 5:00 on thursday. they are unclassified, these briefings that we're hearing because members are back in their home districts and states during the presidents' day recess. can you confirm? >> that's accurate. i've been informed there will be a briefing tomorrow. the information you have is accurate. it will be unclassified. but i will tell you this. a lot of the information has been made available to the public in an information to counter what we knew would be propaganda by mr. putin in trying to blame everybody but himself for the invasion. so we expect we will continue to be very transparent so that the world understands one person and one person alone is responsible for this tragedy and that's mr. putin. now we need to stand strong. i expect tomorrow we'll hear about the specific sanctions and the cooperation we're receiving from other countries. >> thank you very much, senator. i appreciate you joining us. i appreciate you stand