35 Burst results for "House Financial Services Committee"
"house financial services committee" Discussed on Native Opinion Podcast an American Indian Perspective
"The house financial services committee is considering adding provisions to a bill to reauthorize federal housing funds. That would withhold some or all those funds from tribes founded violation of their treaty obligation to these black native americans known as the friedman. Okay there are two words there that are really important treaty obligations. I've heard those words tossed around often as i'm just going to say as a crucial to force the united states to honor their treaties the treaties made with these four tribes in oklahoma or treaties to bring the friedman into their tribes as tribal members. So wouldn't you think they'll try to need to honor their treaty obligations as well. My guess is yes. Here's a quote. Excuse me for one minority group to discriminate against another group as the chair of this committee. I don't intend to. I don't intend excuse me to stand for it. In quote said representative. Maxine waters democrat of california and chairwoman of the house financial services committee. Miss waters is a senior member of the congressional black caucus and is used her influence to advance racial equality measures and i applaud. Miss waters for that..
Elizabeth Warren, JPMorgan CEO Spar Over Overdraft Fees at Senate Hearing
"Senate Banking Committee heard from CEOs of the sixth largest American banks. They were pressed about boosting lending, raising wages and diversifying stuff. Massachusetts Senator Elizabeth Warren noted the JP Morgan Chase made almost $1.5 billion from overdraft last year. She pressed JP moving Jamie Diamond and called him quote the start of the overdraft show. So here's the thing. You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it's a bunch of baloney. In fact, it's about $4 billion worth of baloney, but you could fix that right now. FBI See, reports said banks thrive through the pandemic. The industry generated a record $76.8 billion in profits during the first quarter. Democrats wonder why more of that money isn't going to middle class and low income families. They look for more answers. Tomorrow is all street, Sears testified before the House Financial Services Committee. It
S.E.C. Chair Gensler Emphasizes Transparency in Markets
"The securities and exchange commission is exploring new rules for brokerage apps that gamified trading speaking to the house financial services committee today new. Sec chair. gary gansler said applications that use visual graphics to reward a user's decision to trade might result in worse outcomes for investors gansler said that the current investor protection were written before trading move to online platforms. The hearing comes after a boom and trading through apps like robin hood drove several stocks including game. Stop and amc to record heights. Robinhood says that it reduces barriers to investing but doesn't gamified trading
Acting Capitol Police chief testifies about Washington DC Capitol riot
"The capital Riot back under the microscope in Congress, the House Financial Services Committee holding a hearing today on the economic impact of the riot and on the policing and security measures at the Capitol. Testimony expected to be from acting capital pull He's chief who will likely be asked about to the 35 Capitol police officers who were currently under investigation for their actions. On the day of the riot.
Robinhood and Reddit in the spotlight during GameStop congressional hearing
"The CEOs of Robin Hood's Citadel and read it are going to be on Capitol Hill today. To answer the for the massive swings and MIM stocks before the House Financial Services Committee. New York Democrat Gregory Meeks sits on the panel. He tells Bloomberg. He wants to know if retail investors were taken advantage of Basically that you know, the name of the subcommittee that's in charge is invested protection. Make sure that the average everyday investor is protect that hearing gets under way at noon. Wall Street Time stay with Bloomberg Radio for
"house financial services committee" Discussed on KFI AM 640
"Could get $600 checks from the state under a $9.6 billion covert 19 8 package announced by Governor Newsome. Meanwhile, President Biden administration is planning to unveil a massive comprehensive immigration reform bill Little Bit later today, also happening today. A hearing on Capitol Hill at the House Financial Services Committee. About the whole game. Stop. Robin Hood short squeeze debacle. Here's Who's Gonna Be there. The CEO of Robin Hood, Vlad tentative. The CEO of Melvin Capital, Gabriel Plotkin. The CEO and co founder of Reddit, Steve Huffman, and another guy who I'll talk about in a couple of minutes. Like a mystery, a mystery surprise celebrity guest is also going to be there. So you recall what happened? Some people on a reddit Subreddit called Wall Street bets decided it would be a hoot. Goodbye, Game stop stock. In order to drive the price up in order to hurt the institutional investors and the hedge funds who were shorting the stock, betting that it would go down. And it worked in the sense that this Yes, you remember, Gamestop stock prices went through the roof. At one point it was trading at $450 a share. It did end up after that, I think was actually Like $483 a share and then lost 90% of its value. It caused at least one major hedge fund Melvin Capital to completely close out its short positions in the stock. And it led Robin Hood. Which is this try online trading platform app for the masses for the small guy for the little guy. It caused him to shut down all trades in gang stop. And then there was a backlash. How dare you do this to us? Where the little guy we're fighting the man and then you come in and you stop us from doing what we're doing, so we're going to get to the bottom. A lot of what happened and why it happened. But we already know some things because people from Robin Hood and Melvin Capital and read it. Are already talking and have talked and it's more complicated than some people got together, decided Todos a goof and drive up a stock. And then the APP said, no more trading in the stock, and now everybody's mad. Robin Hood. They say, had to stop trading in game Stop. Because it's not as simple as you buy some stock. All trades have to be reconciled. And there's something called T two or T plus two. C plus two settlement. You make a trade and then you have a certain amount of time to settle it. In other words, I can agree today to buy some stock from you and then under T plus two Have two days to actually get you the money. You have two days to actually get me the shares of stock. And then once you have the money, and I have the shares of stock That trade is considered considered settled, so Because there's a gap You need a clearinghouse to be like a middleman to manage all of that. And as you might imagine, things can change in two days. Somebody's made a big stock deal. Now there's two days for something to go wrong, either with the people who have the stock or the people who are supposed to have the money. So there's a bunch of money that has to be in place to cover. The settlement of the trades as I understand it. Basically you have two days to settle the trade. But there's like an insurance policy if you will, or a safety valve. Because there's a chunk of money there that can be used to settle the trade if it if it's necessary, And with all the activity going on, Robin Hood had to drastically up the amount of money they were putting into their clearing house. They ended up having to get I think $3.4 billion So when they stopped the trading, they say it wasn't to hurt the little guy. They were exciting with the big guys. It was because it was no longer safe. To allow those trades until they could get the extra money in place to cover them. That's what they're going to say. Interesting angle. The narrative has always been that these upstarts on Reddit caused all of this. But there's now some data coming out. That actually says it wasn't that at all. That it was institutional investors that drove the price of game stop through the roof. So that's going to be very interesting, because if if it turns out that the people on the sub Reddit did really contribute very much to what happened, Um then it's still the big guys against the big guys. And there is no little guy taking on the big guy anymore. There's going to be a celebrity. In addition to the people from these companies, There's going to be the man known as roaring. Kitty. I was not familiar with Keith Gil. That's his real name, who's known is roaring Kitty. I think he's worrying Kitty on YouTube and on Reddit in the sub forum. He had a user name that has a very, very bad profanity in it that I can't say on the air, but it was a deep Deep effing value. And he is probably going to be held to task for starting the whole thing. He had social media posts that helped spark this mania and Gamestop shares. And People are trying to say Hey, did you know something Were you includes with anybody because he made a lot of money. He actually made almost $8 million off of this thing, and he is expected to say that He did everything on his own with publicly available information he didn't solicit. He didn't tell anybody else to do anything for my profit. I didn't tell people to buy game stops so I would make more money. And this gets until weird area in stock trading where, when does people shooting around ideas chewing the fat about strategies? When does it cross the line into being manipulation of the market? And this is one of the things that they'll be looking at in these hearings and also, I bet you you're going to see some legislation. To try to better define that line. So the guy I'm most looking forward to hearing from is, of course. This guy..
Robinhood-GameStop hearing will scrutinize how brokerages get paid for trades
"Game stop hearing on capitol hill stock market versus casino and news from down under leading. Today's news grab the popcorn. Robin hoods vlad. Tentative melvin capitals. Gay plotkin rutted steve. Huffman and citadels kenneth griffin and keith. Gill are also to testify. Before the house financial services committee at twelve pm eastern lawmakers will get their chance to grill the executives and hearing focused on short selling online trading platforms gamification and their systemic impact and our capital markets and retail investors. Also making an appearance is read it trading star known as warring kitty who is credited with helping start the game stop mania though his actions are being pro by massachusetts regulators since he was a registered securities broker an army of day traders following wall street bets the red at forum dedicated to quote making money and being amused while doing it up ended some market dynamics last month by taking aim at some heavily shorted stocks they ran them up as a group triggering short-squeezes and causing some hedge funds like melvin capital to record billions of dollars in losses. The party came to an end after brokerages restricted trading on stocks like game. Stop an amc entertainment. Though robin hood took the most flak due to its communication about the events and delay and taking curbs off of a meme trading
GameStop Frenzy is Focus of Hearing in Washington
"Recent frenzy surrounding the shares of game stuff will be the focus of a hearing today by the house. Financial services committee in washington. Here's the journal's paul curated you're going to hear people talk about short-selling and whether there's enough transparency around that which is a question that the securities and exchange commission is also looking into during here about the role of social media and you're also going to hear about. Gamification is a term that describes the robin hood trading platforms use of push notifications and graphics like digital confetti and free shares to encourage its users to trade as much as possible. The ceo of the online trading platform. Robin hood is among those expected to testify. We'll keep you posted on
"house financial services committee" Discussed on WMAL 630AM
"Elephant. WOODBRIDGE, Washington Now more than ever depend on one of 5.9 FM W M A L A cumulus stations. News Now changes should be made. I'm least ella Sarah Fox News. That's what the government watchdog group is saying about the rollout of Corona virus vaccine, the Government Accountability Office. This vaccine distribution has not met expectations in the agencies. Latest report. On the pandemic response, the G A. O recommends a national plan for administering the vaccine coordinated across federal agencies that first made recommendations in September, which so far have not been implemented. The federal agency also calls the small Business administration to better handle loans and advances to detect potential fraud and ineligibility. Joo has made 44 recommendations since the summer. Most do remain unimplemented on Capitol Hill. Jared Halpern Fox News. Just company Nova. Fact says its version of a covert 19 vaccine is 96% effective against the virus in 89%, effective against the UK version of the virus, the company says it's about 60% effective against the South African strain. The White House not considering breaking up in nearly $2 trillion coronavirus relief package. Despite its uncertain future are suffering 1000. Millions of people are out of work. People don't have to put food on the table President Terry Jen Psaki. The plan calls for more funding for vaccine distribution schools, small businesses and stimulus checks were individuals sake says the president wants by partisans poor, but Democrats are beginning the process of budget reconciliation. Ah legislative tool that allows a simple majority to get the Bill passed, the House Financial Services Committee will hold a hearing on stock trading on Gamestop and other companies that have seen dramatic swings..
"house financial services committee" Discussed on Bloomberg Radio New York
"Madame Chair is the top Republican on the House Financial Services Committee again, Patrick McHenry of North Korea's own data, We see that there is a substantial economic recovery happening. Not even way see economic numbers improving and Wei have many households that they're about the same as they were a little better off in terms of savings and back at the beginning of the year. But we see many households much, much worse off. And so it's sort of a tale of two different recoveries, if you will are two different experiences of this pandemic. So while we see good economic numbers What are the areas that you see is needing further assistance? What areas of our economy do you see is eating further assistance to get us back to Something more normalized given where we are with with Koven. I guess I would. I would point to the labor market to sort of capture the size of the issue. We still have 11 million. People out of the 22 million who were laid off from the payroll numbers in March and April. Still 11 million out there, and that's that's really good progress. We've put fully half of those backto work, but that's a long way to go. That's more people than lost their jobs during the global financial crisis as I'm sure, you know. So there's a lot of work to do there and you know our policies will will support that. But it will go faster for those people. If we have, it's all of government working together, okay, meaning that there is a physical response. To get the Teo help support the economy for those most affected by covert. Economically affected by Kovar. Yes. Now, of course, the details of that air between you know Congress and the administration, not for the Fed to say, but I do think that the recovery will go faster. If we have if we have both tools continuing to work together, as they have so far, I think worked very well together. All right. Thank you, Secretary Lucien. There's much that's been made appear on Capitol Hill about your negotiations on Another cares package like we passed back at March that you negotiate. You're the lead administration negotiator on that package, which I think from all sources. It.
"house financial services committee" Discussed on Bloomberg Radio New York
"On around the world, John and Karen Senate Republicans will be quickly to set their strategy for confirming President Trump Supreme Court nominee The senator's focusing at whether they could move fast enough to get it done before Election Day. The U. S is approaching 200,000 deaths from Kobe 19. Meanwhile, Apple is predicting a permanent change with remote work and tropical Storm beta flooding. Southeastern Texas. It's the Atlantic's 23rd storm for this year. Sports Monday night Football. The Raiders beat the Saints in the Stanley Cup finals. Tampa Bay, Even their Siri's with Dallas at a baseball Yankees and Mets both lose the Nationals win Global news 24 hours a day on their hand on Bloomberg. Quick, take power by more than 27. Other journalists and analysts it more than 120 countries. I'm John Tucker, This is Bluebird. Nathan. Sorry, John. Thanks for live from the Bloomberg Interactive broker studios. Worth 6 48 on Wall Street. Time to check what's going on in D. C. Some of the top stories from our nation's capital include President Trump zeroing in on Judge Amy Cockney Barrett as his top choice to succeed the late Supreme Court Justice Ruth Bader Ginsburg. Joe Biden isn't saying whether he would add more justices to the high court. And Chairman Powell will say the U. S. Faces a long, uncertain recovery when he testifies later this morning to the House Financial Services Committee, also making news as John mentioned Senate Republicans crafting their strategy to confirm President Trump's high Court pick. Let's get more on all these stories from Bloomberg, US politics editor Kathleen Hunter, of course with Kate. We've heard this week from the president, saying that he has four or five nominees in mind that he wants her confirmed before Election Day. Can Republicans in the Senate? Pull that off? Well, I think that's precisely Nathan. What the Republicans in the Senate are trying to figure out right now they're going to meet today and their typical, You know, Tuesday caucus lunch where they and they will be, of course, the first one they're having since this development and so I think that's what they're trying to fast. It seems like there is widespread support for Considering a nominee this year, But the big question is whether they'll consider it before or after the election. Right. So where do things stand at the moment? And what is the calculus that senators were looking at? When they decide whether or not to do it before or after Election Day? Well, it's really a numbers game. You know, there's 53 Senate Republicans. That means that you know that they need about three or four of them, Tio break away and join the Democrats to be in trouble on the Republican side. And so I think they're looking at a few folks Susan Collins of Maine, the summer calc of Alaska. On court gardener, potentially of Colorado, Mitt Romney of Utah. There's sort of this handful of folks that are going to be pivotal in determining whether or not this is going to move forward before or after election Day, and I think what they're going to try to do is talk to the folks today and then you know, Of course, it's going to depend on who the nominee ends up being. But some of this is just an institutional policy question. And so I think that What they're going to try to suss out with greater detail. Is there anything that Democrats conducive to try to slow down or stop this process being in the minority? There's really not a whole lot they can do. And part of that has to do with the changes that have come about in recent years, a big part of that Senate rules where it used to require many more votes than it does now. Now. It just requires a simple majority to get a Supreme Court justice through the chamber. And so that change, which came about a few years ago has really sort of Completely overhauled the way in which Supreme Court nominees are considered in the sense that you no longer really has to get the support of the minority party, and that has the effect in this case of really limiting what tools Democrats have at their disposal to try to slow down on certainly to block this nomination. No. One phrase We've heard a lot from Democrats this week is that if a nominee is confirmed quickly, nothing is off the table and something that we've heard a lot. In includes the possibility of stacking the court expanding the number of seats on the high court. Where does Joe Biden sit on that? I guess he was asked about that this week. She was his asset. And yesterday he said that he didn't really basically declined to comment on it. And so he and the past is opposed. The idea of you know what he described which is referred to the court packing He has spent the past but it's not good in part because I think there are fears out there that you know if one side starts saying what we don't like the nominees that we're just gonna add more of our nominees than nothing stops the other party when they joined when they get the power and doing the same thing, and suddenly you know not to be facetious. But you have you know, a 50 member Supreme Court where each president just Add more members and that that obviously has, you know, institutionalist use that it breeds, and so I think that's been the concern that's been out there. But the problem that Biden has that this is an idea right now. That's being pushed by the more liberal wing of the party. And that's a faction of the party that he already has. Some trouble with And so I think the concern for Biden but fit for Biden is to try to spread this needle and not seem too closed off the idea that Ellen it's liberals while at the same time not committing himself to it. What's the difficulty, though, for Biden to try to thread that needle, given that in his past statements on the Senate floor when he was a senator, he vocally opposed to the idea of expanding the court. Well, that certainly doesn't make it tricky. I mean, I think for him, you know, he's a former judiciary chairman. His record on not just this issue, but a lot of issues is very long decade long in many cases, and so, you know, he certainly has been on the record against court packing in the past, and I think that in that in those terms affected, he's declining to repeat that opposition is the way that he's trying to thread the needle for now, and I think if he does decide that shows some additional openess to that idea, You would probably talk about the idea about the fast really that circumstances on the ground of changed back when he opposed it. You know, that was when there was a filibuster proof majority required to get a set Supreme Court nominee through that's not the case anymore. All right. Let's talk about some of the nominees President Trump is considering in one name that seems to be emerging as the front runner is Judge Amy Cockney Barrett. What's her appeal for the president? Well, that's old, I'd say, you know, primarily, she has strong credentials on strong anti abortion credentials. You know, that's a very important issue for the Republican base and could have the effect. Of, you know, helping to spur Trump's most loyal supporters to the polls on Election day. She's also from the Midwest and as a Midwesterner, we know that some of these rustbelt states like Minnesota, Wisconsin and Michigan are going to be very important this year, so she might have an appeal that way as well..
"house financial services committee" Discussed on Newsradio 700 WLW
"Day of July 2020. I'm rob carpet breaking now the market's closed higher ending 1/4 that sent stocks surging back toward Wall Street's record highs. The Dow rose 217 points. The NASDAQ added 185 for the day, and the S and P 500 closed up 47. The S and P, which is the broadest of the indices, closed the books on its best quarter since 1998. But that's only after its worst quarter since the 2008 financial crisis. Economists expect more volatilities in the months to come. European aircraft maker Airbus says it will eliminate 15,000 jobs over the next two years as it struggles with the financial hit of the pandemic. Industry analysts say it could be as late as 2025 before air traffic recovers to pre covert levels. Cinemark Holdings will reopen some of its US movie theaters on July 24th with additional theaters re opening. In the following weeks. All will reopen with elevated cleaning and safety standards. AMC plans to reopen some of its theaters next month. Area holding our ABC News. Let's get a closer look at the Fed and Treasury's response to the Cova 19 pandemic, ous leaders testified yesterday on Capitol Hill. Federal Reserve chair Jerome Powell warning it is unlikely the economy will make a full recovery until people feel safe to go about their daily lives this in his testimony to the House Financial Services Committee, the rising joblessness has been especially severe for lower wage workers for women and for African Americans and Hispanics. New JOBLESS claims have been in the 1,000,000 Each week for more than three months. Lina Moise ABC.
Mnuchin and Powell to Offer Mixed Views of Economic Recovery
"So well here in the U. S. We heard today from a Fed chair J. Powell. He said getting the corona virus under control was vital to the American economy. Path forward for the economy remains extraordinary, really uncertain and will depend in large part on our success in containing the virus. A full recovery is unlikely to occur until people were confident that it's safe to engage in a broad range of activities. Path forward will also depend on policy actions taken at all levels of government to provide relief and support the recovery for as long as needed. That is Powell, speaking earlier today to the House Financial Services Committee that was obviously done virtually, he said, Even though the economy is bouncing back challenges remain. With respect to the virus parts of the U. S air, taking steps to scale back re openings as infections do surge and then you've got the issue of monetary policy and fiscal policy for that matter as well. Because they've been unleashed at a massive levels to try to support the American economy. During this
Fed Chairman Says Economy Faces 'New Challenges' from Virus
"Washington Fed Chairman Jerome Powell and Treasury Secretary Steven Mnuchin weigh in on the economic toll from the pandemic when they deliver remarks to the House Financial Services Committee today. Bloomberg Economics correspondent Michael McKee reports. The Fed chairman will stress the importance of keeping the Corona virus contained as the U. S economy comes back. The rebound came perhaps sooner than expected, Paul says in his prepared remarks released last night by the Fed. While this bounce back in economic activity is welcome. It also presents new challenges, notably the need to keep the virus in check, he says. Howl and Treasury Secretary Mnuchin will face questions from members of Congress on the disposition of the $2.7 trillion they've already appropriated. Has it saved jobs. How much has been lost to the Washington boogeyman of waste, fraud and abuse? Both are expected to argue the urgency of getting money out the door outweighs errors made And both are expected to tell Congress much more needs to be done to keep the
Pelosi announces new select committee to oversee coronavirus response, setting up clash with Trump over $2 trillion law
"As Democrats continue their efforts to draft another covert nineteen virus economic stimulus package and the committee to oversee it when the Kenyan reports all the helpful activity on the coronavirus cry during a conference call with reporters house speaker Nancy Pelosi said the purpose of the committee will not be to produce an after action report the committee should be acting before the fact to prevent a lot of waste fraud and abuse systems were redundant house minority leader Kevin McCarthy isn't on board neither is Republican French hill who serves on the house financial services committee he says Congress should have just two priorities right now kill the virus and get this economy back to full capacity
House Financial Services Committee Hearing - Facebook
"Radio we were bringing you live coverage of the house financial services committee hearing earlier they took a brief intermission the hearing has now resumed hearing testimony from Facebook co founder and CEO mark Zuckerberg on the future of Facebook we join it in progress America is as a financial leadership our ability to impose sanctions around the world are our oversight of the financial system a lot of places I just think that we need to trade off and and think about it in in a way you any risks of a new system against what I think are surely risks if if a he is a Chinese financial system becomes the standard in in more countries because then it would be very difficult if not impossible for us to impose our sanctions or the kinds of protections that that that I think we're right to wanna have oversight around the world on on on on on all these different countries and that's not something that I worry about on the first page your testimony you state we face a lot of issues over the past few years and I'm sure people wish it was anyone but Facebook I appreciate that your address issues you had on and I'm probably run out of time so I'll stop right there I do want to give my time back and also say I'm really glad you're catalyst thank you for being here thank you gentleman from Connecticut Mister Hines is recognized for five minutes thank you madam chair Mr Zuckerberg thank you for being here I want to take a slightly off topic today because I sit on the intelligence committee and I'll never forget looking at the thousands of Facebook ads and Twitter posts that the Russians had purchased in order to attack our democracy those posters you know played on the painful and an off an explosive divisions in our society race and gender and religion I'll never forget in particular opposed it was in Spanish that urged people presumably Latino people to vote on their cell phones and I wonder how many actually did I read your recent species speech at Georgetown a couple of times actually on freedom of expression and and and I really celebrate your commitment to freedom of expression but if you don't mind my saying it also came across as one sided it's spoke about Martin Luther king and civil rights and the importance of black lives matter having a voice but I didn't say anything about Indian Muslims killed because somebody used a Facebook post to organize a mob or rocking guys dying in Myanmar because the authorities used as opposed to organize a mob and my point is obviously that what your Georgetown speech missed in my opinion is that like all of our rights freedom of expression is really hard at least it's really hard if it means anything it means that the government will defend the rights of **** to March through and Jewish neighborhood in Illinois it means we'll spend our taxpayer dollars to defend the right of a black football player to take a knee during the national anthem it'll defend the right of an American to burn the American flag with all of the passions and anger and emotion that that would generate so back in seventeen eighty eight we didn't just naively say pre to mix of expression is a good thing we put in place and committed the resources and invested in those things that would make a swarthy to live in a context of freedom of expression we stop was regulation through a democratic and transparent process we spent a lot of resources to regulate commercial speech and most importantly we invested trillions over the years in educating Americans so that when they see something that they hate instead of picking up a gun or a knife they actually formulate a rebuttal the town I live in invest about half of its tax revenue in education so my question is really simple Facebook and I'm a customer today is more like a country in my opinion then like a company you have global reach apparently half of Americans get their news from Facebook so my question is really simple given the investment that we made in establishing the context for freedom of expression what commitment will you make what investment will Facebook may you have almost fifty billion dollars in cash on your books tell us what investment your making so that this freedom of expression which you enable is a good thing rather than a bad thing so that the good side of freedom of expression overwhelms the role he is an Indian Muslims and all that can be bad coming out of freedom of expression congressman thank you for the the opportunity to address this a number of these risks in in the speech that you referenced but you know at a high level I think you're you're right when you serve billions of people even if only a very small percent of them use our services to do harm that can still be a lot of harm and we certainly have a big responsibility to make sure that we address all of the new threats that come from the internet and is well as existing threats had been there all along so that there is so this is something that in terms of our our resources and what we're doing notice since twenty sixteen we've built much more sophisticated a I systems to proactively identify harmful content now ninety nine percent of the terrorist content that we take down ari I systems identify and remove before anyone sees it but that's that's the kind of thing that we want to be doing for all of the categories of harmful content but let me stop you there because I got that I get that and that's important but what I'm really looking for is what is the parallel commitment that Facebook will make with its half trillion dollars in market cap and fifty billion dollars in cash what investment will you make an education in good public discourse in basic decency I'm looking for a commitment I say for what you will do to help make this society worth of free expression so I think it's it's two things one is on the safety side it's a major investment in practically eliminating harm and then on the active side we're gonna be investing a lot more in in in in partnerships with high quality journalists and publications to foster that kind of content but you know as I mentioned earlier we don't have more than thirty five thousand people in the company who work on safety and security we spend billions of dollars a year on it it's a very significant portion of our of our budget expenses we spend more money now on safety and security here the whole revenue of our company was at the time that we went public just earlier this decade so a lot of the things that we're doing now simply just would not have been possible even in a six or seven years ago for us to to do and but now you know we're a big company I feel like we have a responsibility to do this and it might it might might my time is expired I think you have a responsibility to do more than police I think you have a responsibility to
Facebook CEO Mark Zuckerberg grilled on Capitol Hill
"Today Facebook CEO mark Zuckerberg was at the hill today we've been telling you about that get a whole lot of different questions from lawmakers but before that may show he was up there really this is all as he continues to promote Facebook's new attempt agreed a crypto currencies called libra that's right Facebook soccer Berg was back on Capitol Hill centering around that cyber currency that you mentioned and what he wants to create and maintain and sort of make a cornerstone of Facebook in the future this of course he was testifying before the house financial services committee today and they're they're pretty leery both across the aisle both Democrats Republicans asking some tough questions here today on how Facebook can ensure that if they move forward with this cryptocurrency how they're going to protect people's rights how are they going to protect the cyber currency from you know being used for nefarious purposes and you know to hide sort of funds going through each for drug trafficking or for any other thing that's you know becomes sort of a hidden sort of currency that is been the regulators sort of big in a red herring all along they're worried about the cyber currency and how they can be used for criminal
Facebook's Zuckerberg grilled in U.S. Congress on digital currency, privacy, elections
"Oh one hours of questioning today on Capitol Hill for the CEO and founder of Facebook mark Zuckerberg he defended the company's project to create a new digital currency called libra the company's been facing more scrutiny from regulators and lawmakers on the house financial services committee did not hold back on him either putting Massachusetts rabbi on a Presley and this was a cupboards first testimony to Congress since April of twenty
Facebook CEO Mark Zuckerberg faces Congress
"Facebook CEO mark Zuckerberg is testifying on Capitol Hill right now and he's facing a tough audience from disinformation and hate speech to a collection content is companies under pressure plus today he'll need to give specifics on Facebook's plan for a new digital currency and here tech correspondent Shannon bond has the story and I should note that Facebook is one of NPR's financial supporters the last time mark Zuckerberg testified at a congressional hearing he was under fire over whether a political consulting firm use the private information of Facebook users as part of an effort to sway the twenty sixteen election a year and a half later that immediate crisis has passed but Facebook is under even more pressure and scrutiny today democratic presidential candidate Elizabeth Warren says Facebook has too much power I say it's time to break them up let's enforce the anti trust laws yes mark Zuckerberg I'm looking at you this started as a place for college students to find each other but now it has become the world's most influential social media site and a crucial place for politicians to reach voters along the way it's become vulnerable to misinformation manipulation propaganda critics say Facebook needs to take more responsibility now that it's so big there is a kind of a denial of just how sweeping that role is and the real harms that the platform can have on vulnerable communities communities of color without adequate guardrail someplace that's the need to give to a former justice department official she now heads up the leadership conference on civil and human rights many of her concerns will be front and center today Facebook has been accused of enabling discrimination through its ad tools the US department of housing and urban development is sued Facebook over this issue the federal agency says Facebook let advertisers show or hide housing ads from users based on their race or where they live Nicole Turner Lee is a fellow at the Brookings Institution center for technology innovation in the case of Facebook what I think we're seeing is that the tool is being used in ways I think that they did not plan for this book says it is stop letting advertisers target ads for housing jobs and credit to people based on their ethnicity or where they live and just yesterday it pledged one billion dollars for affordable housing in California but Facebook wants to go further into people's lives and soccer Berg will have to defend his plans for a new global digital currency libra leaders worry it could be used for illegal activities like money laundering or define terrorism the currency is still in the theoretical stages but it's already in jeopardy just in the past couple of weeks some crucial partners including visa MasterCard and PayPal have dropped out entirely lever sounds dead on arrival Michael tractor is an analyst with Wedbush securities I don't think Facebook could pull it off without the support of all of the different banking and credit your credit card processors payment processors I just don't think that they have the wherewithal to actually do it themselves beyond the headline topics members of the house financial services committee will get to ask soccer Berg about everything else on their minds to what is the company doing to stop election interference is a bias against conservative says some politicians claim what is that politicians lie in ads there may even be questions about whether Facebook should be broken up as it was with Warren is calling for a scenario soccer Berg round the rejects Facebook on the defensive and lawmakers eager to pile on there could be
"house financial services committee" Discussed on Skimm This
"Friend it and the wallets of all your other friends to they wanna put your wallet on your phone and while they're at it they wanna take out the dollars or euros paces and fill it with a whole new currency currency called the libra last month facebook announced. They're launching a new global cryptocurrency along with twenty-seven partner companies. The governing body will be called the Lieber Association facebook says it would help people around the world exchange change money faster like a daughter sending money to her mom in another country without so many extra fees and all from your phone ever since facebook's announcement politicians around the world including the U._S. have been very anti on both sides of the I'll the person leading facebook's effort David Marcus based members of Congress for two straight days of intense hearings. We are deliberate about staking time to get this right that was marcus talking to the House Financial Services Committee this afternoon. Just just a few days ago there were reports that staffers on that committee have drafted a bill to stop facebook from launching libra. It's called the keep tech out of Finance Bill. It's reportedly just draft and it's not clear it'll go anywhere but that committee has is also asked facebook outright to stop moving forward with libra so we're going to get into what members of Congress and the trump administration are concerned about how facebook is responding and why facebook isn't alone under the microscope lately a tech company launching cryptocurrency like this has never been done before so there are a lot of questions members of Congress have about libra..
Fed Chair Powell Signals Rate Cut as Economic Risks Loom
"Two data points from the U._S.. Central Bank today both sending strong and consistent messages about monetary policy. I we got the minutes from the Federal Reserve's meeting back in June and the second chair Jerome Powell himself testified this morning before the House Financial Services Committee. He does this twice a year. He'll speak to the Senate tomorrow. Gina smiling from the New York Times is with us in studio to talk about what we're hearing from the Fed. Thanks for joining us. Yeah absolutely thanks for having me so for those of us who aren't avid fed watchers. Were the highlights today in Chair Pals testimony the big headline that people are going to take away from this is that the Fed seems to be setting up for a July rate cut which is a big deal because they haven't cut rates since the depths of the financial crisis so it's been about a decade and so that's the big one the other one. I think that's important is the Fed is really highlighting that they're worried about. Slow price increases right now just because that increases the risk that they don't hit their inflation goal increasing the risk of deflation in the next crisis. Did you see any difference between what chair Powell was saying on the hill today versus what kind of came out in the minutes no. I think the big takeaway is actually they were very much in agreement. So in the minutes Fed officials basically told us that they are watching Ching a bunch of uncertainties from the trade war took slowing global growth and as they watch those there thinking that it might be appropriate to cut rates in the near term and then chair POW went up on the hill and basically said those uncertainties they are still here. They are still with with us. Is there looming they haven't dissipated and I think a lot of folks are saying that means July ago so let's talk about expectations for a minute. The markets are already pricing in that rate cut that you're talking about. President trump is effectively demanding in one how much wiggle room does Powell really have here in deciding on a rate cut. Yes so I think probably less after today simply because market pricing is pretty cemented at this point you know they really chose not out to walk back those expectations during both these minutes which are edited after the fact and and sort of you know in anticipation of markets reading and also in <hes> Cheer Powell's remarks if he had wanted to to pull that back he would have done it and he did on Powell also made clear in his testimony today that he wants to do whatever he can to keep this record economic expansion going and one of the reasons he mentioned is because that expansion still has not reached everyone a lot of folks aren't fuelling this quote unquote good economy and the big point there is wage growth. It just hasn't taken off the way you would expect if companies were really fighting with each other for workers and so I think what the Fed is looking at. Is You know. Can we continue running this pretty tight labor market with very low on employment without stoking higher wages and the answer that they're coming up with as ask themselves that question is probably yes and probably that's going to help lift people who haven't really benefited from this very strong economy so just. Just very quickly for our own economic intelligence. What does a rate cut do for that situation right so what it does is just sustain the economic expansion longer so that people can keep hiring companies can keep hiring and everyday workers who might have been on the sidelines can jump into jobs which gets to what our colleagues Bene- sure is going to get to in a second on labor force participation? Gina Smile is from the New York Times. Thank you so much.
Larry Kudlow, Powell And Chairman discussed on The Joe Piscopo Morning
"Wall Street will be watching closely when the federal reserve chief Jerome pal pays visit to Capitol Hill later this morning a day after White House economic adviser Larry Kudlow said the Powell's job is safe for now the fed chairman is expected to tread lightly during his semi annual testimony before the house financial services committee many experts expect bound to leave open the possibility of future rate cuts despite a jobs report last week that seem to lessen the urgency of doing that responded Wally
"house financial services committee" Discussed on All In with Chris Hayes
"Six six eight six six to subscribe. Donald Trump is now over to this week in the federal courts, he lost on Monday when a federal judge upheld Congress's powered investigated president, including getting its hands on accounting records, from affirm that he used to work with. Then he lost again on Wednesday. When another federal district judge ruled that Deutsche Bank and capital. One are indeed allowed in fact mandated to hand over Trump related financial documents to congress. Donald Trump three of his children and the Trump organization are now appealing that Wednesday decision. But since the judge already said in the decision that Trump's claims, quote are not sufficiently serious as it relates to supreme court precedent. The president's odds might not be all that great. We also know that at least two banks Wells Fargo TD Bank have already handed over Trump related financial documents to congress here with me now democratic congressman congresswoman walks in waters of California. She is the chair of the House Financial Services committee, which subpoenaed, those financial documents. And as the chair I had not had an opportunity. Talk to you about your reaction to federal court's ruling in favor of this going forward on Wednesday. Well, I am very pleased that judge Ramos ruled against the permanent preliminary in-duct that, that Trump was trying to keep the. From hearing basically, you know, Deutsche Bank, they did not. They did not want Deutsche Bank rather to release the documents. I'm sorry..
"house financial services committee" Discussed on KFI AM 640
"Hindle morning crew. And we continue with more handle on the news. Jennifer Jones, Lee. Wayne Resnick and me. What was that where are you talking about cookies or were you talking about real estate cookies? Good surprised idea to get ours is the most Ben Carson Ben Carson. No. This is not bazaar. Was sleepy. He's the HUD secretary. And there he is at House Financial Services committee. And he is asked about Ario xlt. Now, do you want do you want you see the little the quotes there? Oh, yeah. You wanna do it. Yeah. Go has a reading you be porter or Carson doesn't matter. All right. I'll be Katie porter. Okay was asking him. She was asking him about when properties go into foreclosure, and they don't sell it auction. And now the Bank owns this prop. Right. And that's called they're called a real estate. Oh, all right. Do you know what an REO is an Oreo? No, not an Oreo. REO R E real estate. What's the oast and for the organization owned real estate owned? That's the exchange that happened. Now. Now I can see if you're into real estate, you wouldn't know that because that's a technical term. But when you're HUD secretary housing, urban development you think you know that you probably should. Also, I was with my brother yesterday. We were having lunch and he showed me this, and we both were laughing and I said he ever seen the picture of Ben Carson at his house with his Jesus painting. We are Jesus has his arm around, Ben Carson. Oh, yeah. If they're true. Carson is a very weird guy. And he's a world renown surgeon. Yeah. Right. He uncongested conjoined twins, ver by the way to uncongenial medical term another day, another lawsuit by California against the Trump administration..
House Democrats subpoena Deutsche Bank in Trump investigation
"To house. Committees are ramping up the pressure to get information about President Trump's finances. The New York Times reports the house intelligence and the House Financial Services committees have both issued subpoenas to Bank and several other banks. They're seeking information about the president's financial dealings as well. As those between the banks and Russia Deutsche Bank has provided more than two billion dollars in loans to the president over the years. The other banks also subpoenaed city group J P Morgan Chase and Bank of America.
Bank of America is raising its minimum wage to $20 an hour
"Forget fifteen dollars minimum wage. A big Bank is now planning to up that to twenty dollars an hour with more. Here's USA's, Chris barns. That's what Bank of America CEO. Brian moynahan says they'll be doing whether the new height takes effect in about two years. It means the Bank will be starting people at forty one thousand dollars a year, the minimum wage will rise to seventeen dollars an hour starting this may I the moves are coming more and a hand and other banks ios are scheduled to testify before the House Financial Services committee on Capitol Hill on Wednesday
Are we talking about GE or GM?
"That Tuesday, April nights. Welcome to Mark Tillery. I'm Chris joining me in studio today from fam- fund, a proud graduate of the university of Virginia law school Bill Barker. Congratulations to your Cavaliers. Thank you. Thank you very much. It was good run heck of a run and we've got condolences to our colleague, Mike Robinson whose Texas Tech grad who's at the basketball game last night. But congrats to. Metropolitan our colleague, and the many UVA graduates who worked here at headquarters. Lot of lot of orange and blue around the office today a lot of people fly in the colors. Why not they should? Yeah. Yeah. I mean, we're is a Virginia company. That's true. That's true. People don't know that. And let's face it. When it comes to major college sports, you're probably going to have a better shot at winning national title with your law school than your undergraduate alma mater, time will tell I guess, I guess we'll say we're going to dip into the full mailbag. We've got news from the healthcare industry the packaged foods industry. Let's start with this get the popcorn ready because on Wednesday. The CEO of the biggest banks in America are heading to Capitol Hill to testify before the House Financial Services committee. The rundown is Jamie diamond from J P Morgan Michael bat from city, David Solomon from Goldman Sachs, Jim Gorman from Morgan Stanley, Brian moynahan from Bank of America will get to Wells Fargo in a second coincidentally or maybe not coincidentally Bank of America announcing today that the company is raising the minimum wage at its company to twenty dollars an hour. And if nothing else the timing of that announcement makes Wednesday probably a little less painful for Brian moynahan hand testifying on Capitol Hill. Yeah, I think so I don't think there's much coincidence about it. I think it's. We'll see it seems like a smart political play at the moment getting the headlines that that they want and positioning, and they'll know expound on that a bit in front of the cameras. So I think that it takes some of the wind out of the sales of of those that are going to attack at least Bank of American. I, you know, I think every everybody is going to be under pressure to to respond. So in terms of Wells Fargo. At the moment. If someone from Wells Fargo is on the list to testify I haven't seen it yet. Doesn't mean. It's not going to happen. We've still got time before the hearing. But I'm reminded of a conversation. I had couple years back with Paul liner. Who's covered the automotive industry for thirty plus years, and we have him on motley. Fool money pretty much every year around the North American International auto show in January and talking to Paul about how. About the ripple effect of. Automaker X having some sort of large failure. And failure to disclose. The failure of whatever the technology is whether you know, it's Volkswagen in the emission standard and just sort of the ripple effect. Like, if you're if you're any of the other automakers you like 'cause they they all pay for it in some small way. And by the same token Wells Fargo just continuing to screw up in terms of their own culture the fake account scandal. Tim Sloan who was there when the scandal? Happing happened not being the right person to try and clean up the mess. And then you know, he is shown the door. If you're any of these other CEO's, I have to believe in the back of their mind at some point tomorrow. They want to say, hey, at least, we're not Wells Fargo. I mean, it just it. It's one of those things where yes, it's a Wells Fargo problem. But it really does spread to the other. Banks. Yeah. I I think that they'll probably to the extent they can sort of redirect the questioning toward. Oh, well, Wells Fargo. You probably would've enjoyed having them here to kick around. And I was I was looking up some of the data on what's been paid. So far post. Oh, eight oh nine and there have been about a about a quarter of a trillion dollars in fines against the banks and not all that cash. Some of that is as been settled in by loan forgiveness, and and some other credits, but it's a, you know, in terms of there was a bail out of the banks true enough, and they paid back the money that they were in some cases forced to borrow from from the federal government. But but that was paid back and they have paid fines. And I don't know that that it is a strong thing to say, hey, look, we've already paid a quarter of a trillion, you know, combined in fine. So don't act like we. Haven't you know, already been punished? That's that's not going to get them anywhere. But you know, they can talk bleakly I guess about having made amends at times, well and one difference between now and five years ago eight years ago that sort of thing is you can make a pretty strong case that big banks are no longer number one on capitol Hill's enemy list in terms of the business world. I think the big tech has probably supplanted them. So for any CEO who wants to try out there? Well, hey, at least we're not Wells Fargo. They could just as easily and by the way, we're also not Facebook. Yeah. Well, and I don't know if that's going to go anywhere either. As I so they've got to create the accentuate the positive part of the story in this twenty dollar minimum pay which Monahan is said, look anybody who works here is going to be making at least forty one thousand dollars. A year. That sounds pretty good as if you're thinking in terms of a minimum wage job of which there are essentially none INA back, right? You've got Bank tellers to the degree that that's a major part of the employment. Banks. I don't know how much that's the case. But you don't have a lot of employees who are probably, you know, competing with at any of these banks who are thinking, what are the other minimum wage jobs that I would be comparing this against, but I think it is a positive, and they're pointing to it in part as something that they are doing their they're connecting the dots between the tax cut and making this sort of passing on some of the profits that they have they're sitting on from from the massive tax cut. So you know, that will get them some of the way with maybe about. You know, one half of the aisle one side of the aisle will will allow them to talk about that and the other half, probably less. So. Like, I said get the popcorn ready. Let's move onto Cerna Corp, which is healthcare. Technology firm, sir has reached an agreement with starboard value. Well, known activist investors to add four members to the board of directors Cerna is also buying back. One point two billion dollars worth of stock. Which of these two things is pushing shares of sir up ten percent today. Because my assumption is just based on the fact that shares of Sern are have sort of treaded water over the last five years or so I'm assuming it's the board seats, I think, yes. Wing along in the the line that starboard is is recommending it's remarkable starved really doesn't have that much of Cerna. I think a red by one percent of Cerna stock, but there's whole laundry list of changes that are going to be made including the strategic business unit being eliminated. I think that. Dividend was just recently, the started by sir. And it looks like they are going to be forced to change some of their capital allocation, including at least authorization to buy back up to one point two billion whether that gets follow through or not we'll see. But I think the board search is, you know, that's that's all part of the equation. I don't know how you can separate a twelve percent move when it opened now it's maybe eight or nine percent. And you know, what part of that is scribe to what part of this whole package. I'm not looking knock starboard value. But I am curious about something that you just said, which is that start value only has a one percent of Cerna Stott. How are they getting four seats on the board? If they only have one percent of the stock. The seems like something you get when you have at least five percent of the stock and really closer. To ten percent of the stock. I agree. I was surprised when when I read that. And so I want to admit that I need to make sure that that's the case before going too far. But if it is the case, you can you can guess that they have some other shares that they are in communication with that are on their side because. Yeah, one percent is one percent. If that's all that. It means is hey, sell your one percent if you know that unhappy. I mean, we we don't you don't have as much power as you think. But if they have plenty of people on their Rolodex, and you know, nowhere to push the buttons and organize the the votes that proxy time than that. That's a different story. Yeah. I was gonna say if in fact, it's only one percent then that opens up a whole world of opportunity for activist investors, potentially. Our Email address is market fully at full dot com. Questioned from dang who's writing from China, dang rights. I've been listening to market fuller since I started investing in stocks and twenty fourteen lately, I've been looking at some large cap stocks, which may not grow that fast and cites as examples Kroger General Motors and some airlines docks. Goes on to I'm considering their p values which are below ten making them cheaper than the market average. Are they bargain or are they potential traps? The age old question dang value play or value trap. Because that is always the thing that sucks in. I was gonna say value investors. But really a lot of investors just, you know, their growth investors who just see a stock. Get knocked down twenty percent in one day and immediately start thinking. Well, look, it's it's on sale twenty percent. So you know, maybe I should be jumping in here. How do you help people think about solving this question because we're talking about more than one stock here, and we're not gonna go through like Kroger. General, you know, we're not gonna go through all of them. But what do you sort of look for once once you've made that initial calculation of? Okay. Here's a large cap, it's not going away. And sometimes we're looking at large companies that are paying dividend. So there's some reason to buy them, maybe the businesses and setting the world on fire, but you've done the math. And you say we'll look from peace stamp this significantly cheaper than the overall market. Why should I buy a few shares? Yeah. Is a good question. And to take the p so it's I'm looking at data that right now in comparison to its forward earnings GE for instances at five point eight times forward earnings. And boy that sounds street at is cheap over the last five years. The average is six point two. So usually for the market for the last five years for GE over g so g is not it's maybe, you know, five percent cheaper than its five-year average in comparison to the forward earnings expectations. And why is it so cheap one the Ford earnings tend to be overly optimistic not only for GE, but for everybody at this time of the year, you're still going out one quarter ninth and yet reported, and so there is the typical enthusiasm about the year ahead, and as the year goes down and companies report, and they say, you know, we're gonna we're not gonna Aaron quite as much as we may be thought we did. Or as you thought we did. Additionally, just it's a highly cyclical industry autos and auto sales of begun to level in decline, and
"house financial services committee" Discussed on NewsRadio KFBK
"Withdrawing its endorsement of Google's human rights campaign says is withholding its endorsement until Google removes a so called conversion therapy app from its Android phones. The group says in a statement has been urging Google to drop the because conversion therapy is life threatening to LGBTQ youth, and clearly violates Google's own standards the app developed by living hope ministries has already been removed from app stores run by apple Amazon and Microsoft, a house committee looking into getting cash out of the marijuana industry in into Bank accounts has failed to bring the matter to a vote yesterday, the safe act wouldn't prohibit or penalize institutions from providing financial services to a cannabis related business or service provider the act would allow banks to follow the state laws as marijuana remains illegal at the federal level, Massachusetts Democrat Jim McGovern says he expects a vote damp and sometime in the next few weeks, according to banking industry analysts the White House rather the house is open to considering and possibly even passing a Bill like this the future path of of a Bill in the Senate is unclear. Time now is six twenty five at News Radio KK eating breakfast together as a family has a positive impact on adolescent and teen body image. According to a new study, and it's not just about what you eat for breakfast. Whatever the menu. It's the connection and the relationship we definitely see body dissatisfaction peak in adolescence. So it's it's an important issue for teens. Ginny Ramsauer winter with the university of Missouri and the director of the center for body image research and policy when you have a stronger connection with their family. They're more likely to have a stronger connection with themselves which can show up in a more positive body image. And she says we know that body image related to a number of negative and positive benefits. Those include things like physical mental sexual relationship house. So this is a really important issue. He does say pick a time breakfast, lunch or dinner. It all matters. It all counts. Dina kodiak. Newsradio became time. Now is six twenty six at NewsRadio KFC PK. I'm Christina Madonna along with great Fishman. Let's get a check of our traffic. Trouble. Now with rhino. We do have that one accident across the river from the pocket south river road a bagel Slough road. That's still don't have a lot of details on this one an ambulance was assigned. Now, I understand the vehicle. He's unoccupied CHP unit is assigned to go there. No indication they're actually on the way there yet. Traffic and weather together every ten minutes on KFI as morning news. Plus wants to do with tons of material leftover from the campfire destruction that story coming up..
"house financial services committee" Discussed on The Ben Shapiro Show
"House Financial Services committee. She's one of the most corrupt members in the history of modern congress there there's fairly solid evidence that she was derived as a member of the House Financial Services committee that she was helping to direct money to a Bank associated with her husband for years, the one United Bank in any case ANC used her time to go after the Wells Fargo CEO for lending money to ice, and it got real awkward for her because she doesn't know what she's talking about. Mr sloan. Why was the Bank involved in the caging of children and financing the casing of children to begin with? I don't know how to answer that question because we weren't. So in finance you've you were financing involved in debt financing. Of course, if it can GIO group, correct? For for a period of time. We were involved in financing one of the firms, we're not anymore and the other. I'm not familiar with the specific assertion that you're making that we weren't directly involved in that. Okay. So these companies run on private detention facilities run by ice, which which is involved in in caging children. But I'll move on. Okay. So the case that she is making the Bank lends to a customer, and that customer goes and does something bad with the money. The Bank is now responsible for that. So in other words, if the Bank gives you a car loan, and you got and you buy a car, which has happened to millions of people in the United States. You get get some sort of loan from a Bank gotten by car. Then you take that car, and you drive drunk and crash it that is the banks fault. According to AO OC. So I guess that the people who manufactured the microphones, which ANC is speaking are responsible for her stupidity. I guess that's the way this works. Now, any any buddy who was involved in the chain of events leading to a bad thing happening is now responsible for that bad thing happening because we all have magical god-like powers. She tried the same routine with regard to the Dakota Access pipeline. She tried to ask the CEO of Wells Fargo if he is responsible for an oil spill by a pipeline. Wells Fargo was also an investor and a major investor in the Dakota Access pipeline keystone fell pipelines, as should Wells Fargo be held responsible for the damages incurred by climate change due to the financing of fossil fuels and these projects. I I don't know how you calculate that congress safe from spills, or when we have to reinvest in infrastructure building sea walls from the erosion of from the erosion of infrastructure or cleanups. Wildfires at cetera. Why should Wells Fargo pay for the cleanup? Up of it. If since it paid for the construction of the pipeline itself because we don't operate the pipeline. I did Wells Fargo financed this pipeline when it was widely seen to be environmentally unstable. Because our team reviewed the environmental impact. And we concluded that it was it was a risk that we were willing to take. I mean, what I love about her case right here is that she is saying that Wells Fargo is responsible for every downstream effects of a business that it funds including effects on climate change yet. This is a lady who just said the other day that she is living in the world. So she is not responsible for using Uber and blowing carbon emissions into the atmosphere at an exorbitant. She's not responsible for that which she does directly. But somehow Wells Fargo is responsible for doing something lesser amazing stuff..
"house financial services committee" Discussed on KCRW
"The footsie in London is down less than ten percent s&p. Nasdaq futures are up about a tenth of a percent. The Dow futures down tenths of a percent, sixteen points ten year. Treasury yield is a two point six two percent. Back in two thousand sixteen Wells Fargo was fined for opening millions of accounts without consumers permission and the fallout from that scandal is not over CEO. Tim Sloan testified before the House Financial Services committee yesterday. Marketplace's Nancy Marshall genzer is in Washington. Nancy, what was the reaction from regulators? It wasn't good. The office of the comptroller of the currency or OCC issued a statement saying wells still didn't have good corporate governance. The OCC also said it was quote disappointed in how the Bank has been trying to clean up its behavior. Wells Fargo is also under pressure from the Federal Reserve, which has limited the bank's growth. And and just remind us again, how the Bank got into all this trouble in the first place. Well, there were those millions of accounts wells opened without customers permission wells charged other customers for auto insurance, they didn't need. Well, CEO Sloan told the committee yesterday that wells is a better Bank than it was three years ago. Still the chair of the House Financial Services committee democrat, Maxine Waters said yesterday, maybe the banks should be downsized. And the Wall Street Journal is reporting the OCC is thinking about forcing out more, top Wells Fargo executives and might also charge wells and. Extra fee because of all the time it spending dealing with the Bank, right? Marketplace's Nancy Marshall genzer. Thank you. You're welcome. Marketplace morning report is.
"house financial services committee" Discussed on Intercepted with Jeremy Scahill
"Experience with banking now that after you won the nomination your mansion in Yorktown. Uncovered two bedroom mansion and that had actually been part of our coverage of the race and had been part of part of your story the entire time. But it did involve foreclosure it involves was called the probate core. The core surrogate court, so what what was your experience with the banks, and with foreclosure, I feel like for me, I was largely shielded from direct interactions with the Bank because at that time when my father passed around eighteen years old, and this was you know, you're confronting the double whammy as as you already reported on of of us struggling with our payments in the middle of financial crisis. But also losing my father who is the main breadwinner in our home. I remember being at the house, and there would be these cars that started pulling up and taking pictures of our house. There were just intimidating something happening. And so it, and my mom would walk up to them and be like, what are you doing? And they basically say, well, we're taking photos from the street. You can't really tell us what to do. And it was just very deeply unsettling, very deeply unsettling. And that's when it that's when these predatory practices that we knew banks engaged in leapt off the page left off the television. And it was literally on the street in front of my house. And it's not just what banks do it's often. What they don't do. Follow the law when it comes to modifications or refinancing or or just work work with people. So you're now going to be in a position to regulate those banks banks were unwilling to work with you a couple years ago. Now, they're going to have to work with you. You know, what's Brad? What's she facing from the banks? House Financial Services committee. You're facing a lot of members who will be more senior than you who don't have those sympathies. I have not experienced themselves. Most members of the committee are not going to be all that immersed in in the details. Certainly in the time that I was there towards the end after the financial crisis hit after we were in the foreclosure crisis. It became apparent that servicing mortgages was a huge problem. And we just couldn't get the those of us who are trying to do something about it just could not get them to do anything. And there were times that I just wanted to take, you know, somebody from Fannie or, Freddie, who said we can't do it. Anyway, except the way we're doing it. It just throw them out the window. Fortunately, it was it was on the first floor salt recall. So I went. The issues are complex and in the complex all this pay. Now, they're in America over foreclosures. And the unspoken unacknowledged priority was always about helping the banks kind of jiggle their finances. So they could appear to be solvent. And they wouldn't have to recognize losses on mortgages. I mean, it was a shameful time in our history. And I think household wealth people's life savings. Same life statements fell benign trillion dollars, and it was just not the priority of anybody in Washington. And and that was never acknowledged. They they always wrung their hands. And oh, yes, gosh, we are doing so much. This is so bad. We're doing everything we can. But everything they could have done that would have been affective would have made the banks recognizer losses in that. And the banks would have been revealed many of them to be insolvent. I it was a great frustration of of my life. So I have a question because you were serving in congress and on the committee in the years leading up to the crisis. And I know that I I remember very well when the crisis was on folding because this was around the time that my father passed away. And there were so many momentus things that were happening. Barack Obama was elected that you know, that November. But earlier that year was when Lehman collapsed and so- Lear women clubs almost that was really what precipitated the the real Christ. And so there there were all these things unfolding, but I remember it was really in that it was really that fall when everything was was starting to fall apart..
"house financial services committee" Discussed on Pantsuit Politics
"And probably has a lot of people shaking in their boots. Because the details of that are long and thorny Maxine Waters is the Representative from California's forty third district. She has been in congress since nineteen ninety one and she's often like did with like seventy percent of the vote. So there is not as much reason to be a moderate. But she is the Mosignor of all the African American women and congress, she's another long-term congresswoman, but very different political makeup of her district than somebody like Richard Neal or Frank Pallone, such I mean, she doesn't have a lot of motivation to be moderate. But I think that she is a much stronger bipartisan player than people. Give her credit for I read a really interesting article about her several months ago that was like she has a stronger history of working across the album, people than her sort of media portrayal would lead you to believe another interesting thing about the House Financial Services committee is that Alexandria, Cossio Cortez has been named as a member. So I mean, I'm all in on these hearings. I'll be watching. I'm just going to be based on those two being their alone. I'll be watching, and you know, I'm I'm definitely more of the progressive wing of the Democratic Party when it comes to consumer protections and the income inequality. So I'm excited about these two. I'm excited about Maxine Waters bean at the head of the House Financial Services committee. I can't wait sushi does in to be inclusive here accustomed Cortes is not the only kind of freshman star on this committee, Rasheed. It's Lyod is on it. I on impressively this committee is stacked up to do a lot. It also is stacked up to do some things that will otherwise personally effect. The Trump administration. So also included in Representative water's letter was this paragraph. I'm committed to strong oversight and following the Trump money trail starting with Deutsche Bank and suspicious activities reports filed with the financial crimes enforcement network or FinCEN today, I have joined with my.
"house financial services committee" Discussed on 860AM The Answer
"Did you see the the Democrats didn't even didn't even show up at the White House yesterday president inviting them to lunch, let's talk. Let's let's let's have negotiations. They don't even want to negotiate. They're worried about these stunts look Pelosi asking President Trump to deliver his state of the union in writing. And putting Alexandria a Cossio Cortez on the House Financial Services committee. Those are the shenanigans they're engaged in. They don't care about the shutdown. They think the shutdown is a winning issue for them. And it's not, and I believe with all of my heart. The President Trump is not gonna fold on this. He won't care. There's Schumer up there smirking from the podium in the well of the Senate, you're not gonna win this Donald Trump. You're not going to beat the American people. He's not fighting the American people, Chuck, you are you're at you. And you're out of touch democrat colleagues are. A socialist of the House Financial Services committee. This is as crazy as crazy gets. And you know, the caller from Ohio makes a good point the people in that bubble in Washington DC, they're making the decision for hardworking men and women all over the country. They don't care. They just don't care. And they're to want to all they wanna do is condemn the half of the country. That doesn't see the world the way they do. Megan McCain was was in a debate with somebody yesterday. I think it was sunny. I don't have the name of the person who said it. But I think her name is sunny hashtag or hostile or some of them know who these people are. But it, but it's always informative informative to hear a show with millions of viewers were they were arguing about racism in America hears cut, number two from ABC's the view and the liberal on. The panel was was was talking about racism in America. And Megan McCain was very direct in saying really think nearly half the country is racist. Here's cut to from ABC and gravy. Forty two percent of Americans are racist. I just said, I don't know. That's why. No question. Account centrating on campus.
"house financial services committee" Discussed on Marketplace All-in-One
"Can you imagine if we had not nationalize fannie or freddie i five point four toyin at assets nine times bigger than lehman it hadn't stabilize that so i part of the story i would add on was after after the bear rescue ben and i went and talked with barney frank at the house financial services committee in barney's memory is the same as ours we went up there and we said you know we we learn something barney we don't have the powers the emergency powers in our regulatory system the dealing with a failing nonbank one and investment banks starts to go it in the middle of a run disintegrates very quickly if you don't have the emergency power to to guarantee or two or two point in capital so we need some kind of emergency resolution laurie hank paulson there the treasury secretary for the last couple of years at the george w bush administration our interview with paulson former fed chair ben brunetti and tim geithner who was at the time the president of the new york fed is coming up on monday our project about the crisis and the ten years since is called divided decade how the near collapse of the american economy changed us as a country amy scott was our new york bureau chief at the time and she got to know one couple as the crisis was playing itself out i i met justin brandon and lee holiday in march of two thousand nine a year after bears collapse he had been on the support staff at bear stearns asset management we supported all those guys that kind of brought the house down all the hedge funds so you know the assetbacked securities mortgage backed securities all that stuff when a new fund launched his team would send out gifts branded with the funds name one day he was delivering a box of bear stearns umbrellas to headquarters when he met lee she worked as an executive assistant in the corporate real estate division and oddly enough i recognized him she recognized him because before he landed at bear justin had played guitar in a hardcore.
"house financial services committee" Discussed on The Nicole Sandler Show
"Srs of 'cause you're lots of democrats who don't want that they don't want it on their record that they're taking money from the banks there's so they take money from from um hoyer in i'm sorry are they take money from a crowley instead and from the other democrats uh if they'll share who were on uh the house financial services committee i don't know where that money is coming from as it theoretically they don't so who's fighting back against this i mean the luck we've got to believe that the democratic party is better than the republican party and even with it as a little bit even with all this going on there still better than the alternative um but there's got to be better than that for us to be fighting so hard for them who who are the good guys and are they is anybody in a position to work their way up through the ranks through leadership or we will banging our list of all that be a be pramilla dry apollo um uh edl shoot shoot congresswoman from seattle if you'd better than that yes but let me uh and and ted lieu is better than that had lose their health of either but but let's go for a minute uh to what you said about work your way up the ranks so i i was kind of looking at uh at the constitution the other day and there's nothing in their about having to work your self up the ranks that's not part of it there's nothing in their about the speakers will the speaker and the leaders of the democratic party will be very very very very very old we'll have given millions of dollars in bribes to all the other members of the caucus is nothing in their about that right so that's just sort of like uh something that they all sort of accept that you you give money to everybody else you helped him raise money you'll you give them the money and you're in you get real old and then you become uh you get into leadership and work your way up the ranks but but i i don't know why that has to be why not.