the treasury. senate is scheduled to vote on his confirmation on monday at 7 p.m. eastern. live coverage of the senate here on c-span2. ty god who inhabits eternity, thank you for also dwelling in contrite hearts. today meet the needs of our lawmakers from your celestial bounty. strengthen their hearts in your ways against temptation, and make them more than conquerors in your love. in all that they say and do, may they seek your glory striving for faithfulness in even the small matters of their labors. with your saving kindness, keep them from stumbling or slipping, preparing them to stand before your glory without fault or blemish. we pray in your strong name. amen. the presiding officer: please join me in reciting the pledge of allegiance to the flag. i pledge allegiance to the flag of the united states of america, and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. the presiding officer: the clerk will read a communication to the senate.

>> the treasury has done a lousy job of the dollar since 1971. it is not the gold standard, goals is the currency's value, 135th of assets gold, 120th of announce, the us had the world's currency and persistently devaluing that currency in the 80s and 90s, those were booming decades, we had two decades of major devaluation so i would see another country either compete more ferociously with the treasury to be the world's currency, we need some other entity to force treasury to be more responsible about maintaining the strong and stable dollar. i also think what will happen is technology is moving in the direction where increasingly private money sources will replace the traditional treasury dollars we earn. i wouldn't mind earning money at jpmorgan or visa dollar or walmart dollar because if they devalued on me i could replace them. with treasury having monopolies if they devalue we have nowhere to go so long-term private money as it historically has will replace government honey. >> host: in shepherdsville, kentucky, you are on booktv with john t

it is about the treasury's reputation coming underfire about the treasury's reputation coming under fire bass about the treasury's reputation coming underfire bass of the brexit forecasts. george osborne, you'll remember before the brexit vote said there would be an emergency budget and the treasury backed up the forecasts because it had only prepared forecasts on the event of us prepared forecasts on the event of us leaving the european union. it didn't say what the upside might be. some of the brexiteers say the treasury's independence has been called into question. consumer demand held up very well and employment is holding up fine. they are not the only one that is forecast doom and gloom. everyone bar the seven or eight economists that came out on the brexiteers side. brexit hasn't happened. a lot of the economists would say they are in the honeymoon period. we are benefiting from a weaker pound with none of the bad stuff from brexit come to pass yet. even so it damaged the treasury's reputation. that's what the papers are reporting. the treasury's reputation. that's what the papers

are secretary of the treasury. that is what we want. now he will go to work on behalf of the american taxpayer. for all citizens, i say stephen will be your champion. a great champion. he will fight for middle-class tax reductions, financial reforms that open up lending and create millions of new jobs and fiercely defend the american tax dollars and our financial security. and he will also defend our manufacturing jobs from those who cheat and steal and rob us blind. there won't be that anymore. we won't have that anymore. countries and others will not be able to take advantage of us. it is a whole new era. stephen knows the system and he will help ensure that wall street place by the roles. he will use his insights to get the best possible result. most importantly for the .merican worker they have been treated very unfairly for a long time. not anymore. you will put his skills to work working families and will help make america the greatest jobs magnet on the face of the earth. countrytruly be for our , for the fi

up via the treasury department. i'm not sure if we have a graphic of what they are. it appears to be sanctions against individuals and businesses. we're set to get more information from the treasury department within the next 30 minutes. there will be a briefing with reporters. we will be on that phone call, our team will be, and we'll bring you more information as we get a chance to examine what this means. i want to bring in congressman leonard lance, a republican from no new jersey. you just introduced a bill to boost sanctions against iran. tell me about that. >> that's correct. it boosts sanctions against iran, hallie. i've introduced this with several colleagues on the republican side in the house. it targets those individuals who would be helpful to iran in the ballistic missile program. the ballistic missile program in violation of a u.n. resolution and under no circumstances should iran be engaged in this type of activity. >> have you had a chance, congressman, to look at has to new treasury sanctions again

the treasury department, from what i understand, is a frarle common practice for the treasury -- fairly common practice for the treasury department, after sanctions are put in place, to go back and look at whether or not there need to be specific carve-outs for different -- either industries or products and services that need to be going back and forth. i would refer you back to the treasury department on that one. reporter: the language on the treasury department website suggests that you are in fact easing sanctions and authorizing certain transactions with the federal securities service. does that not suggest a shift from what took place -- spicer: regular courts of action, the treasury does quite often, when there are sanctions imposed. i would refer you back to the treasury department. reporter: could i ask you to describe -- [inaudible] -- between the australian prime minister and the president. and also outline the president's concerns about the refugee questions. i asked you this earlier this week, but could you clarify whether the deal son or not, because the president tweeted

the treasury, someone who recognizes the balance here. let me tell you what else deficits do. they're used as justification to continue to cut our discretionary spending accounts as well as to take a look as entitlement spending. i acknowledge that part of the strategy to balance the federal budget, we must look at our spending, but we have to have the revenues in order to make it balance. if you don't have the revenues and you're taking another $4 trillion to $6 trillion out of the equation, there's going to be a lot more pressure to make irresponsible cuts on the spending side. i heard candidate trump talk about we're not gk -- going to cut social security but can you have $6 trillion of tax cuts without looking at security? how about medicare? these are programs that are vitally important for our seniors. it allows them to live so they don't have to live in poverty, so they can pay their medical bills. for a majority of seniors, soaghts -- social security is their largest source of income. are we thinking of equating that with tax cuts

jim baker, secretary of the treasury under president reagan; hank paulson, secretary of the treasury under president bush; and george shultz, secretary of the treasury under president nixon. these men have some pretty impressive credentia credential. not only was he secretary of the treasury, but james baker was also the secretary of state. and not only was george shultz secretary of treasury and secretary of state, he was also secretary of labor. these three former treasury secretaries have led a group of other unvestors -- investors, including the former chairmen of the board of wal-mart, the world's largest retailer and employer; and tom stevenson, a republican who is a partner at sequoia capital, a very successful venture capital firm out in silicon valley; and greg mankiw, who was george w. bush's council of economic advisors chairman. so this is a very republican group, and they have a lot of experience, and none of them hold elective office now, so they don't have to worry about the fossil fuel industry trying to crush them in a primary or spend millions of dollars in front gr

they say based on what was just published on the treasury's website, this is the treasury department saying that it's going to allow companies to do some transactions with russia's security service, fsb, as you said, which is important because that is the successor to the kgb, the most coercive agency in the russian state as it was described to me by this expert moments ago excite the sanctions that had been put in place by former president obama. u.s. intelligence agencies accused the fsb of being involved in the hacking the interfering in the 2016 presidential election here as well. they specifically say they are going to allow some companies to do some transactions with the fsb. we are trying to get the language more specifically but this is breaking as we speak to you right now. >> thank you peter alexander. bill cohen is still with us. bill, it does seem this is the fit step towards easing sanctions on vladimir putin's intelligence service? >> what we have to think about is russia conducted an attack upon the heart of our democratic system, which prompted the imposition of sanct

for the uninitiated, what does the treasury secretary do? is he lacked the finance minister? they can impose economic sanctions, they oversee taxes and banking regulations. hang on. he was a former banker. so you have a banker looking at the regulation, or overseeing the regulation, or overseeing the regulation, of rank. yes. in some way it is setting the poacher to become the gamekeeper, but in the same way, it can be setting a thief to catch a thief. he has been on wall street for 17 years, at goldman sachs. he is very well—qualified. it is not necessarily a problem. it is just that we did have the president, donald trump, say that he was trying to drain the swamp. there is a lot of criticism that many people from goldman sachs are in his administration. this is on p1 more. —— simply one more. administration. this is on p1 more. -- simply one more. in that job he would have to do what all the others have to do with their dealings, their businesses, if he has shares in goldman sachs, surely he cannot keep those? during his confirmation hearings he had to admit that he

the headline on the text of the report is, trump pick for treasury secretary foreclosed on hundreds, hundreds of homeowners in western pennsylvania. it focuses in particular on west milanich, from moreland county, east of pittsburgh. here's what nellie ezz says -- well let me give you some background. nellie , in this case, there was a mortgage in place, but nellie lost her husband to cancer, she lost her son to an overdose, and then she lost her home to onewest bank, headed by mr. mnuchin. here's the most important part, though. about what she had asked for. she asked onewest to help her keep the house by adjusting her payment. but she said the bank refused nd then foreclosed on her. here's what nellie says, quote, they should have worked with me to meet a payment that i could make. she filed for bankruptcy, but even then could not save her house. she said it caused her, quote, a ot of depression, unquote. then the report goes on to talk about hundreds and hundreds of foreclosures. i say that because there was a dispute on the record between what mr. mnuchin said about mortgage fore

he is the former secretary of the u.s. treasury. now he is a professor at university of california berkeley. great to have you on the show. what does trump get wrong about nafta? >> 20 gets wrong about nafta is pretty much everything. if you listen to drop, if we had not signed nafta, we would have like 30% of americans at work in factories that we had back in 1950. but at most, and that is at most , only 0.1% of any decline in american factory jobs has taken place on account of nafta, and that is a price that president ,ush, the first president bush thought was very well worth paying in terms for stabilizing mexico and giving it a chance to develop and become a richer and more peaceful country. you look at sources of decline in manufacturing jobs, look first at technology, which has made factory workers immensely more productive, but demand has not gone up all that much. most of us only need one refrigerator after all, and only two cars. look at ronald reagan. the passage of the reagan tax cuts and the budget deficits that it provo

in 2012, the terms of the bailout were unilaterally rearranged by the government, by the treasury and they now take 100% of the profits from fannie and freddie directly into the treasury. that's why you've seen the dividends increase by the $256 billion number. it's turned into a serious source of funding for the froth. are there any prospects for the private investors to get some of those dividends back or see their share fwose up? you saw with the election of donnell trump those prospects improve a little bit as reflected in the jump in the share prices for fannie maye from basically doubling. reflects expectations that those comments made by steven me knew me about returning the -- -- sean -- me knew chen mnuchin about returning that. to allow the events to accrue or reprivatize fannie and freddie or make that investment by shareholders like bill pay up. host: pria is in texas, line for independents. good morning. caller: good morning. i'm a common shareholders for fannie and freddie and would like to ask, now that fannie and freddie have paid off the loan and what is the likelihoo

the text of the report is trump pick for treasury secretary foreclosed on hundreds -- hundreds of homeowners in western pennsylvania. if that focus is in particular n nelly melinnic, she's from west moreland county from pittsburgh. here's what nelly says. nelly and her husband -- i'm sorry, nelly in this case -- there was a mortgage in place. but nelly then lost her husband to cancer. she lost her son to an overdose. and then she lost her home to one west bank headed by mr. munuchin. here's the most important part though, about what she had asked for. one to help her keep her house by adjusting keep her payment. but the bank refused and then foreclosed on her. here's what nelly said. "they should have worked with us -- or worked with me to meet a payment that i could make." she filed for bankruptcy. she could not save her house. it caused her "a lot of depression." and the report goes on to talk about those hundreds and hundreds of foreclosures. there was a dispute between what mr. minuchin said about mortgage foreclosures and modifications. modification is a lot better circumstance for a ho

future than the united states treasury secretary. that is the case, whether it is through tax reform that fights in fairness, rules thatreign -- rules that rein in wall street abuses, and good paying jobs here at home. and blueem red, white, jobs. the person who becomes treasury secretary has to be somebody who is ready to work on behalf of all americans, including those americans on the corners of our nation where optimism has dimmed. it steven mnuchin's record is any indication, he simply does not fit that mold. not even close. there is a lot to debate as the senate considers steven mnuchin's nomination. pretty significant is the ranking member on the senate finance committee is the issue of how our tax code punishes the way turning american. i will cover that this morning. in my view, the debate begins as bank.ory of mr. mnuchin's howegins with gory details one left the industrialized process of taking people out of their homes and onto the street. it begins with the details of how mr. mnuchin enriched himself at the same time his

let me say, there is a tradition of the secretary of the treasury having ongoing meetings with the head of the federal reserve. i look forward to that now that i'm in office. thank you, everybody. it is a pleasure to be here on my first day. >> let's get back to the fun. -- i want to address the events of last night, first and foremost. we have been reviewing and evaluating this issue with respect to general plan on daily basis for a few weeks. we got to a point based on a trust issue. the level of trust between the president and general flynn had eroded to the point where he felt he had to make a change. was very concerned that general flynn had misled the vice president and others. he was also concerned in light of subjects dealing with china, north korea, and the middle east. the president must have unwavering trust for the person in that position. the evolving and he wrote in level of trust as a result of this situation and a series of other questionable incidences is what led the president to ask for general flynn's resignation. immediately after the department of justice notified

want to see head the treasury department. i want to note i supported a number of republicans for this particular position in my time on the finance committee. i want the kind of person who's going to give everybody in america the opportunity to get ahead. we're going to have more discussion about taxes and particularly important in this role will be the treasury secretary's view of taxes. we have a tax code that is really a tale of two systems. if you are a cop or a nurse in west virginia, madam president, or in oregon, your taxes are compulsory. once or twice a month your taxes are just lifted out of your paycheck because you're a working person. that's the way it works in west virginia. that's the way it works in oregon. but if you have a battery of financial experts, it doesn't work that way. you can use that battery of financial experts to pay what you want when you want to and maybe not much at all. i want somebody for this position who feels passionately about giving everybody in america the opportunity to get ahead, wh

>> the treasury secretary. >> treasury secretary mnuchin. >> are bonds underestimating what may happen? >> i think there's strong demand for our paper because of what first of all there's a lot of areas around the globe starting to heat up. so i don't trust there are low rates also a lot of political turmoil. i look at the italian rates and french rates and german rates and think are you kidding me? those should be so much higher than us. so i look around the globe and i really say to myself, you know what, if i'm a money manager around the globe, do i really want to be in those countries? >> those rates on your screen don't jibe with this front page today, right? >> no. >> i mean, after getting -- >> no, you would get a flat yield curve if they take them up, which would signify we're in a recession which i certainly don't think is the case. >> is that what you took away from the minutes? >> i thought they were saying business is pretty darn good. you know i'm a marks rate hike guy and i think they're going to fall behind if they don't do a march rate hike because of what you hear from

the white house maintains it is not ease iing sanctions. >> the treasury department -- from what i understand, it's a fairly common practice for the treasury department after sanctions are put in place, to go back and to look at whether or not there needs to be specific carveouts for different, you know, either industries or products and services that need to be going back and forth. i refer you to the treasury department on that one. >> and senator john mccain urged president trump to -- initially it looks like it's a technical fix. i've not fully explored it, but that's the impression i have of what it is. a statement by nancy pelosi was less critical. saying president trump lifts sanctions on the russian security service. vladimir putin's thugs meddle with an american election and president trump gives them a thank you present. >>> president trump has said to keep a good relationship with israel. but yesterday there was a marked shift in tone. a senior administration official warned israel yesterday to stop making settlement announcements that undermine the president's efforts to bring pea

jon: in the last one he four hours, the treasury spare -- the treasury secretary has spoken with bloomberg news. steve mnuchin, the treasury secretary, saying that no china lending decision will become -- no china lending decision will come before the april fx report. it jumps out to me the suggestion, the thoughts around the u.s. dollar. on the one hand, it is good, and on the other there are short-term negative consequences. alix: there are certain issues with the dollar being too strong, which begs the question -- does the injured -- does the administration want a strong dollar or a weak dollar? no one actually knew the answer. he does go to say that steven mnuchin did show a conciliatory tone toward china, begs the question, will we see some kind of indirect accord? david: this is the u.s. treasury secretary's job. at the same time, he has a boss in donald trump, who has said is hard to go and say it is strong, strong, when you have a boss saying otherwise. jon: a tax plan will come in august. hopefully that would be enacted. there is no real sign as to whether appetite is -- where the

in front of the treasury holding one minute's silence. despite the freezing weather these cyclists and pedestrians in front of the treasury holding one minute's silence. despite the freezing weather these cyclists and pedestrians are here to pay tribute to those killed on the roads. and to call for change. london's filthy air is killing 25 londoners a day and that needs to change. the second thing we are asking for is 10% of the transport budget by 2020 to be spent on cycling and walking infrastructure to make our streets fit for people. this week has been the deadliest week so far in the capital, with three cyclists and two pedestrians being killed. a stark reminder of how dangerous travelling in london can be. some pinning the pictures of victims to their clothes, others wearing gas masks as a symbol of their anger towards air pollution in the capital. victoria lost a leg after she was hit by a lorry. i was in hospitalfor six months, and then i was off work for a long time. these are life changing injuries. i'm missing a leg. it has bee

the treasury market is saying hold off, the equity market is euphoric. ofs clear that the details the tax reform will have significant winners and losers. if i was at equities, i don't know about owning s&p as opposed to more domestic looking companies rather than trade sensitive companies. david: here in new york city, it's all about trump and what happens here. there's a global reflation going on, bigger even than donald trump. >> absolutely. and that's the question for the rest of the world. can you see any easing up of the monetary foundation we have had? does the ecb at some point recalibrate? they have been saying they are to tapering -- do they lower it? if you get global rates slightly higher, even 10, 20 basis points, i think that spurs treasuries even higher. absolutely the question for japan and europe is do you get any pullback from monetary foundation? monetary policy is extremely accommodating. alix: you are sticking with us. and coming up, the biggest cut oil production in more than eight years, saudi arabia giving oil prices a boost, sayi

future than the united states treasury secretary. that's the case whether it's through tax reform that sitesde unfairness and wall street home. abuses and infrastructure in trade policy that creates good paying jobs here at home. they call them red, white and blue jobs. the person who becomes treasury secretary has to be somebody who is ready to work on behalf of all americans including those americans from the corners of our nation where optimism has dimmed. if steven nguyen's record is any indication, he simply doesn't fit that mold, not even close. there is a lot to debate as the senate considers his nomination. particularly significant is the ranking member on the senate finance committee is the issuehe of how our tax code punishes the wage earning americans. i will cover that this morning.c in my view come the debate begins with the story of one west. mr. minasian's bank. it begins with gory details of how one must industrialize the process of kicking people out of their homes and onto the street. it begins with the details of h

he can just tell the treasury secretary. it's a big show. when romney ran, he wanted to rip up dodd-frank. they think this act when it came up in 2010 in reaction to the financial crisis was an overreach. the pendulum someone too far the other way and it's made it hard for businesses to make money. >> and there are people in the meeting with the president who agree with that. >> there's two groups within that meeting, the ceos in with the president. presidents always do this, gather these groups. one group are industrial and manufacturing ceos worried about this border tax and piling on on individual companies. the other group, smaller now, technological companies, very worried about this immigration move by the president and about visas and both groups are worried about corporate taxation and they have a lot of money overseas. they want to talk about ways to bring that money back and not be, as they say, double taxed. it's a useful meeting -- >> the lineup is impressive, jpmorgan chase, general motors, walmart, pepsi, ibm, jack welch, used

steven mnuchin is the new treasury secretary. this is your first sit-down television interview since taking over in that spot. i want to thank you very, very much for joining us and inviting us into the building. >> thank you. thank y thank you for being here. >> as joe mentioned, there are a lot of questions people want to hear from you. there's been huge debate about these issues. one thing i'd like to clear up first and foremost is how you pronounce your name. i've heard it pronounced 15 different ways by people who swear they know your family. mnuchin? >> i'll go with mnuchin. perfect. >> just for the record so we clear it up and get it right. >> and steven. not steve. >> we have butchered it a few times through here. sir, i think the thing that's most important to the markets is what's happening with tax reform. yesterday president trump said we could expect to see a plan maybe the beginning to middle of march. he said it's very well finalized at this point. i just wonder, does it resemble the house plan? what can you tell u

neil: how does that jibe with treasury secretary mnuchin. >> because the treasury secretary is in the meeting, in the old days some treasury secretaries said i want hid of these meetgs. i don't want the head of n. c. cohn didn't do that. cohn said i want head of these meetings. national economic policy will be set largely by gary cohn. there is rumor going around there is another separate cabinet post, council of economic advises kudlow was going to get. that is no longer cabinet post because of gary cohn. he nixed that as cabinet post, further consolidating his power. neil: kevin brady, the house ways and means chief, neil, we're looking at big sweeping tax cuts. marry it with corporate tax reform. we'll get it done this year. if it gets done before the

the treasury department -- from what i understand, it's a fairly common practice for the treasury department after sanctions are put in place, to go back and to look at whether or not there needs to be specific carve-outs for different, you know, either industries or products and services that need to be going back and forth. but i would refer you back to the treasury department on that one. >> reporter: so, that is the administration's word about the modification of these sanctions. people familiar with the sanction, with this action, rather, are telling nbc this does appear to be a technical fix, essentially. something that will basically ease u.s. imports -- u.s. exports, rather, going into russia. the deal is, when you talk about the fsb, the former kgb, there's going to be a lot of attention on this. and you're already hearing now from the former head of the fsb that this is potentially a move that will help both nations work together on, for example, joint terror operations, joint counterterror operations. i think there's more reporting to be done. we expect to do that this afternoon a

as soon as we do, we'll turn to the nomination of steve mnuchin to lead the department of the treasury. i'll have more to say about mr. mnuchin tomorrow but let me say this. the last eight years americans had to endure an economy that failed to live up to its potential. part of the problem was the regulatory avalanche of the last administration. it's time to finally move toward a modern regulatory framework instead, one that appropriately manages risk while promoting growth and job creation. the president has started providing relief already that will move us toward that goal. steve mnuchin can help do more. he also has an important role to play in the effort to make our tax system simpler and more conducive to the kind of economic growth and job creation we should all want. it won't be easy to get that done. we need someone like steve mnuchin working with both parties to make it happen. the treasury nominee is smart, capable, and he's got impressive private sector experience. we need him confirmed as soon as possible so he can begin to tackle these challenges and reverse the last eigh

that that is the kind of treasury secretary i ahea a treasury secretary who gives everybody in america the opportunity to get ahead. thus far i just do not see mr. bae-2's fulfilling that role. we'll going to talk about other issues next week particularly his view with respect to taxes i urge with my colleagues to oppose this nomination and will have further discussion on it next week. with that i yield the floor. i would note the absence of a quorum. >> the treasury secretary nominee steve mnuchin will get us in a vote on monday. for more on that or the the senators on president johnson cabinet picks we spoke to capitol hill reporter. >> the congressional reporter, how is the vote

the department of treasury. it will take them some time to figure out where all the levers of power actually are in those buildings, because it's not necessarily obvious. the political system is not like the financial system in terms of the way wall street works. if you're running operations inside the white house, it's not like being the number two at goldman sachs, where you tell people what to do and they do it. white houses don't work that way. >> eamon, thank you very much for bringing us that story. >>> a look at the bank share prices in the premarket again. mostly higher. not that pronounced. wells is up 0.9%. jpmorgan up. citigroup up 0.2%. that speaks to the fact that deregulation was priced n but as eamon made clear, we need some congressional approval for marked moves into rolling back dodd-frank. a clear indicator from the administration they plan to deregulate. >>> moving on to other stories, the parent of snapchat lifting the curtain on hits highly anticipated public offering. snap inc made their p

i would refer you back to the treasury department. host: your confidence in president trump and his national security team. (202) 748-8001, republicans. (202) 748-8000, democrats. (202) 748-8002, independents and all others. send us a tweet. several here, including this one saying, "president donald trump embracing president barack obama's foreign policy pillars -- what is that about?" tillerson, now that has taken over the state department, it should shape up. willotracted war in iran create american jobs, make us great again." jane in cincinnati. caller: good morning to you. good morning everybody in america. it the we have tried democrat way and they republican for years. i would not have voted at all is trumpet not been in there. he is our last chance i do believe in our heart -- my heart. as far as all the middle east people, they do all hate us and they always have. about people stuff are against black people because they are black and they are white and this and that -- host: you think all middle east people hit the united stat

votes for the top posts in the treasury, health and human services, as well as delaying votes on senator jeff sessions becoming the attorney general. he did get a vote yesterday along party lines. he was approved 11-9. democrats in a united front against the president's education pick, betsy devos. two republicans have joined them on that so it is looking like a 50-50 vote. meaning that vice president mike pence would have to break that and be number 51 for her to get confirmed. of that, democrats are debating how far they go in their opposition to the president's picks for the supreme court, judge neil gorsuch. asking you outside of washington, what do you think? is this too much or not enough? host: in fort myers, susan is an independent. go ahead. caller: thank you for taking my call. and the opportunity to voice my concern. i don't feel the democrats are far enough. and i am seeing that -- mr. trump, i -- theyink -- anyway are putting the news media on turningnsive, psychology. the news media is doing a great job. i encourage them to report more and in more detail and not repeat the

the senate is to look at the treasury pick. who exactly will be shaping the administration's economic policy. joining us now is mike furman and alec blinder and the former fed vice chair and ambassador now the university of denver. ♪ time, just an hour's president trump and prime minister trudeau will hold a press conference at washington. what both sides are looking for is shannon pettypiece and the man who is traveling with mr. trudeau washington this week. let's ask about what canadians are expected out of this visit. they will be talking about trade and refugee issues as well, expecting some hard-nosedess ness from their prime minister in washington. >> justin trudeau is expected to talk trade, trade, and more trade. they're obviously ideological differences with donald trump, but canada is to expose to some of the changes donald trump has talked about when it comes to nafta and some sort of border adjustment tax. canada is here to mitigate some of that and the politics of liberal versus conservative can wait another day

while the 10 year yield on the treasury is up one basis point. trumphe weekend, donald refrain from criticizing japan's currency policy in his meetings with shinzo abe and attention has shifted towards trump's tax plan, and we talked about that reflation trade already. quickly copper, the biggest jump more on the friday, blog, check it out, a macro strategist in singapore highlighting this chart, saying copper is likely to drive the aussie dollar higher. anna: swiss voters have rejected a bid to reform the country's corporate taxes, forcing the government to find another plan to keep the country internationally competitive. manus: that comes as it plans to end this practice of giving tax breaks to multinationals due to international pressure. what is the government going to do now? this is a little shock. the polls have not got this quite right again. >> indeed. met, the finance minister yesterday to convene a tax force that will meet in coming days, and in a best case scenario, they might have a draft bill by the end of this year, but exactly wh

treasury secretary of the united states. now, fox business network's blake burman on the timetable they're using. blake? >> the timetable coming into focus and into question on this day, you just heard the treasury secretary steve mnuchin, he spoke with maria bartiromo about the timing of this. the treasury secretary saying the policies might not have a meaningful impact in 2017. so maria asked the treasury secretary as relates to tax reform, might that be something that comes in 2018? take a listen to what he told maria. >> i think we're looking at that. it's preliminary for me to comment. at what point it takes effect. in either scenario, you're not going to see the growth until next year. >> so because he said they're looking at that, neil, i asked sean spicer, would the president be okay with a package with a time line in which the tax cuts would be enacted and people would feel it in 2018 and not 2017. a bit of ambiguity. here's spicer. >> there's two issues. fiscal year 17 and calendar year 17. for tax purposes, it's c

rearranged by the government, the treasury and speak 100% of profits into the treasury. it has turned into a pretty serious funding for the federal government. are there prospects for the private investors to get dividends back or see their shares go up? you saw with the election of donald trump, those prospects improved a little with the jump in crisis from freddie mac and doubling, basically expectations that those comments made by steve mnuchin about return to private market -- one of donald trump's campaign maybe that would be the policy of the trump administration, to reverse that decision and allow them to recruit or reprice -- accrue or reprioritize fannie and freddie. host: just a few minutes with joseph lawler. texas line for independents. good morning. i am a common shareholder for fannie and would like to ask now fannie and freddie have paid off the loan, what is the likelihood of me being relieved from government leadership so our shares can have an upside? host: there wasn't a loan, the government bought a stake and that was the terms of the bailout. have th

can you share with the reasoning was for disregarding the treasury which as we know was the taxpayers money. >> is what speaks to the legal reasoning that is the priority that they made giving the reinjured its first without payment to the treasury. >> do you still have any idea how much is owed to the u.s. treasury that the previous administration refused to pay? >> i don't have at my fingertips but can follow-up. >> is it into billions of dollars? >> the requirement was for several billion into they could still be made because it would actually be made in 2017 so some of that is still being reconciled. >> thank you, sir i would like to yield to the gentlemen of the committee to make a few commen comments, please. >> thank you very much. the first oversight committee hearing that we are fortunate to have him as a small businessman and entrepreneur as a lawyer. serving as the ranking member on this important health subcommittee, this subcommittee takes up some of the most important issues that come before the committee not the least of which is the affordable care act. they will touch

table and may is on the table and break the treasury out of the range it has been in. : michael regan, if i can bring you and. you said if we get the tax cuts, equities can withstand this potential for three rate hikes this year. that is looking at the glass half-full. what about looking at the glass half empty? what about border adjustment tax? what about the potential for more protectionist policies? let's look at the flip side. michael regan: you are right. to some degree, i think investors are discounting the idea that the potentially trump's parts of policies, anything with the air of a trade war about it -- investors are hoping and thinking that it would go away. anytime those issues come back , it tends to be about currency manipulation or tradeabout currency manipulatior trade wars. i think that is a potential risk for the equity rally at the moment. but i think a lot of people are saying and thinking that the tax cuts are the biggest deal for corporate profit. repatriation of foreign profits would be a real short-term shot of adrenaline for the market. i think there is a cert

common practice for the treasury department after sanctions are put in place. to go back and look at whether or not there needs to be specific carve outs for different either industries or products and services that need to be going back and forth. >> let's go to cnn's jim accosta at the white house. jim, what does this, quote, technical fix, what does it actually change? >> well, jake, the trump administration is adjusting some of the sanctions on the russian intelligence service known as the fsb that were put in place, as you said, by the obama administration over kremlin cyber attacks on the u.s. that include the hacking that occurred during the 2016 election. now, we're told the tweak was necessary, officials say, to deal with some of the unintended consequences of those sanctions that were impacting u.s. businesses selling tech products in russia. as you just played, white house press secretary sean spicer characterized this move as, quote, fairly common, but jake, as you know any modification of sanctions on russia are sure to raise eyebrows here in washi

i'll take one more question, please. >> p folks at the treasury department within the administration feel confident with mrs. yellin at the helm, and, you know, to be able to set monetary policy going forward? >> let me just comment. i'm really here today, again, to talk about the venezuelan situation, but let me just say that there is a tradition of the secretary of treasury having ongoing meetings with the head of the federal reserve, and i look forward to that now that i'm in office. thank you. it's a pleasure to be here on my first day. >> thanks. thank you. >> all right. let's get back to the fun. we've been reviewing, and i want to address the events much last night first and foremost. we've been reviewing and evaluating this issue with respect to general flynn on a daily basis for a few weeks trying to ascertain the truth. we got to a point not based on a legal issue, but based on a trust issue with a level of trust between the president and general flynn had eroded to the point where he felt he had to make a change. the president was very concerned that general flynn had misl

first off, last night the treasury department's office of foreign asset control labeled the venezuelan vice president as a specially designated narcotic trafficker under the kingpin act. before i continue with the briefing and look forward to your questions, i want to turn it over for a short time to newly minted secretary of the treasury steven mnuchin to issue a brief statement on this and deliver a few questions. secretary mnuchin. >> pleasure to be here on my first busy day in office. yesterday, the department of treasury office of foreign asset control designated venezuelan national as a specially designated narcotic trafficker pursuant to the foreign narcotics kingpin designation act for playing a significant role in international narcotics trafficking. primary fragment of the venezuelan, , and lopez bello ws also designated. these designations follow a multiyear investigation into his criminal activities. president trump appreciates the hard work put into this case by the department of treasury, department of state, as well as the national security council and many people throug

the secretary of the treasury has tremendous responsibilities. part of it is for the irs. there are a lot of things we would like to see corrected there. there's some tax implication that we need to see done the share and i appreciate the chairman's willingness to do the and his ideas that he has that would make a significant difference. i will comment later and i am disappointed in the democrats that i will drive the republicans the health committee. >> thank you. >> thank you mr. chairman. i have to say that i share your dismay and discussed frankly that our colleagues on the other side are now going to an unprecedented level of rank partisan obstructionism that is completely inappropriate. we have now, already reached the longest time that the american people have not had a treasury secretary, i think in the history of the republic. that is a huge problem. we did not inflict this kind of obstructionism on president obama. i believe the day he was inaugurated he had a cabinet secretary's already confirmed because republicans chose not to obstruct the process recognizing

to ask the secretary of the treasury for the tax return of donald trump. perhaps seeing some evidence, some truth, will shed some light on the challenge that we face as we go forward. with that, i'm pleased to yield to the distinguished vice chair, congresswoman linda sanchez. ms. sanchez: thank you, leader

most federal funds are paid to to the treasury, the general fund. that's where takada's 95 million went and that angers tyger. >> congress has no business spending that money. the money belongs to the people driving around in dangerous cars like this. >> reporter: consumer advocate rosema rosemary shahan say it is unlikely to change. they have attempted to change federal law to focus on figure. if you have a consumer complaint call us at 1-888-996-tips. back to you guy. >>> ee opening. thank you, chris. >>> let's get back to the weather. a live look at the golden gate bridge. it is wet out there and that leads to problems. there it is. that tree comes crashing down. this is cellphone video of a tree in capi the tola. neighbors say it was already tilted and the ground around northern california is so saturated this is what we've been seeing for several weeks. jeff ranieri is with us now. we saw jean elle at sfo. it is raining at parts of the bay area. >> and when this wind kicks up more trees could come down. the winds could gust as high as 40 miles