institute for the negro race, he created a liberal arts institution. although it was private at the time, by 1923, it becomes a publicly state-supported institution of higher learning for african-americans. what he does, he uses both the washington model of self-help and the dubois model of liberal arts and reality to create this institution of higher learning which was the first state supported institution of higher learning for african-americans, state supported, in the nation. >> if you put his life into perspective, when and where was he born, where did he grow up, what was his personal life like? >> he was born in 1875 in north carolina. he was, again, many would say, born of privilege because of who his parents were in the state of north carolina. these individuals focused -- they wanted to ensure their children had not only education but had a sense of morality, a sense of purpose, a sense of leadership, and that carried him throughout his life. he was a very prominent individual not only in the state of north carolina, but also throughout many

financial institutions and other institutions connected to the u.s. system, that is critical you described embarrassing situations that is iris technology footprints, we look forward to working with you to ensure there is proper funding so that the irs can of it technology footprint and thank you for making that publicly known. i yield back. >> thank you. the gentleman was also the entrepreneurship and capital markets is recognized five minutes. >> thank you. treasury secretary steven mnuchin when you testified to this committee two years ago i asked about beneficial ownership. you said you look forward to working with us on a solution to this issue and then when you testified last year you said and i quote, we have to figure out beneficial ownership in the next six months, i don't want to be coming back here next year and we don't have this so we need to work with congress on a bipartisan basis on this". mr. secretary we have been working on a bipartisan basis on this issue and i think we are close to an agreement. the treasury did provide us technic

we're here at the hoover institution. niall, you very well put the evolution of the ways that we interact with the world. most of us in this room have a cell phone and the idea of how we engage with the press i think is very, very different from the constitutional, you know, foundation. so, i just wanted to ask you to comment more on that because on this idea of the threat to democracy and this idea, this age of net neutrality being bounced around, is it an fcc thing? we have california and acting its own laws. i think it's an important question and i like to hear your thoughts on it. ms. rice: niall, you've actually done work on this. niall: i should credit george schulz, whose i'm delighted to see is here, for forcing me to think about what we should do. i wrote a book called "the square and the power about the history of networks," and i pointed out the problems of the rise of the network platforms. george said that's all very well, but what are we going to do about it, young man? i sat down and had a series of confere

and then they saw this institution do what it had to do, which was to bail your institutions in many instances out. and so what the american people saw at the time was our government is there for the large financial institutions but it wasn't there for us and that delegitimized you, it delegitimized us, it delegitimized the regulators and i think that's the single factor driving our politics today not the single factor but an important factor driving our politics today and so i don't ever want to go through that again because i think we can maybe sustain one of those but i don't think that this democracy can sustain another so i just have one question for all of you and it's actually a specific, slightly more specific version of m mr. stivers' question. as you sit here today, what product, financing mechanism, or market do you think is generating systemic risk that we should pay attention to? if i'm doing the math right, that gives you each 30 seconds so i'm going to ask you to name a product or a market and very quickly what you think we should do about it. starting with mr. corbat

a lot of the smaller institutions don't have the technology, some of the capability that the large institutions are blessed to have simply because of their scale. mrs. wagner: ms. corbat? mr. corbat: yes, we provide financial services for all banks sizes, community banks, regional banks, and every bank sitting next to me at this table is a client of my bank. mrs. wagner: very good point. i serve as ranking member on committee of diversity and inclusion. that?ynihan, who chairs mr. moynihan: i do. mrs. wagner: most people talk about that as an h.r. issue. why is it important to you as a c.e.o. and to the business? mr. moynihan: we want to have a place, a company to be the best place to work. we want every member come say, no matter who i am when i come in the door, i can be. mrs. wagner: do you have pathways to senior positions that are fill with qualified people who have successfully added diversity? mr. moynihan: yeah. 50% women, 40% managers are women. it went from 35% women to 45% women. in terms of people of color, 45% overall. people of color, 37% people of color managers. we continue to w

under washington stewardship the institute is well on its way to becoming an educational model. uniquely suited to the needs of the southern black community that washington understands so well. he works ceaselessly, keeping abreast of every detail of the school's operation, continuing also his exhausting schedule and appearances, national recognition comes with a speech before the national education's association in 1884. also, as a result of the nationwide success of his autobiography, out from slavery. >> america learns that there are blacks in the south, seriously trying to shape their own destinies. delicate plans for survivors despite the hostility of many white neighbors. the word goes out that this little campus in the backwaters of alabama is becoming a major force. william baldwin remembers . >> this atlanta exposition put us over, they left a great vacuum and the exposition was a big event and just to show the world the south was on its feet again a strong and proud, recovered from the war and reconstruction. every aspect of southern life is on display and booker t. wa

institution if these institutions were not providing the services. rep. barr: all of you testified about how your institutions are more resilient, you are better capitalized, there is less leverage. what if we overdo it in terms of a surcharge that would make american institutions less competitive your foreign counterparts? anyone can answer that question in the remaining time. what happens with that as it starts to slowly puts businesses into shadow banks and foreign banks. it is not taking place right away. rep. barr: madam chairman -- madam chairwoman, i will reclaim my time. waters: thank you for removing the disturber from the room. rep. barr: reclaiming my time, which is only three seconds left. gentlemen for your testimony today. i yield back. waters: the gentlewoman from ohio, who is also the chair of the subcommittee for inclusion is recognized for five minutes. >> let me start by the door that was opened by ranking member mchenry when he said this committee was about democrats wanting headlines. i do want headlines. i want the headlines to lead

institution if they were not providing the services. >> all of you testified about how the institutions are more resilient and you've are better capitalized o from this higher liquidity and less leverage, but what if we overdo it in terms of adjacent surcharges that would make american institutions less competitive to the foreign counterparts? anyone can answer that in the remaining time. .. the. >> the. >> working in financial institutions but i really think you are too big not to employ african-americans and minorities and females in your pipeline and high position so it is about changing the culture. i'm not so sure i understood the hand game so i will ask a different way because i am the chairwoman and i will ask you to go on the line to say yes or no. i want to know where you put in writing you would develop a diversity plan that includes pipeline. yes or no quick. >> that plan is already in plac place. >> but would you put it in writing to me quick. >> yes. >> absolutely. >> so just to be clear i want it in writing addressed to me. yes or no so business diverse city who are you us

smaller financial institutions don't have the technology, some of the capability that the large institutions are blessed to have have. we provide financial services for banks of all shapes and sizes. national, regional, banks and every bank sitting at this table is a client of our bank. >> very good point. i also serve as the ranking member on diversity and inclusion. mr. moynihan, who drives diversity and inclusion at bank of america? mr. moynihan: i do and the other team management members. aboutt people talk diversity and inclusion as an hr issue. why is it important to you as a ceo? placeynihan: we want to and a company to be the best place to work. we want every teammate to come to us and simply be able to say, i can be all that i want to be. >> do you have pathways to more senior positions are filled with qualified people who have successfully added diversity? plusoynihan: 50% women, 40 women managers, and we went from 35% to 55% women, and people of color, 40% overall. 37% people of color managers. we continue to watch that in every unit and every business review. are you making progr

rogers institute. i became concerned a couple years ago the pace of search in the basic part of sepsis to understand the mechanisms underlying the condition was was not fast enough so i put together a working group of our advisory also which right now is a dampening our port olio and the field and how it and with the rest of what nih is monday and they will be making recommendations to us at the may council meeting they will have the month, particularly they will be looking at the balance of research in animal models versus humans and we are concerned that perhaps there's too much emphasis on looking at sepsis like additions and mice and not enough in actual human conditions. we are also looking at ways we can leverage clinical trials networks that are funded by other tooth that are already enrolling critically ill patients may develop sepsis. so perhaps dr. anthony fauci must say a little bit about that. make the effort against sepsis is multifaceted because you have a microorganism, the pathogen, the

, institutions around the world. we're also one of the larger money managers around the world. if we don't provide these services, someone else will have to. that organization needs to be broad, global, multiproduct, and most likely would not be a u.s. institution if these institutions here weren't providing those services. >> all of you have testified about how your institutions are more resilient, you're better capitalized, there's higher liquidity and less leverage now but what if we overdo it in terms of a gsib surcharge that would make american institutions less competitive to your foreign counterparts. anyone can answer that question in the remaining time. mr. dimon. >> what happens with that is it starts to slowly push business into shadow banks, nonbanks, foreign banks. it's not taking place right away but it is a risk. >> mr. dimon -- >> madam chairwoman, i reclaim my time. >> the committee will come to order. one moment, mr. barr. [ inaudible ]. thank you for removing the disturber from the room. >> reclaim

examiners can review systems at institutions to assess whether the institution is taking its obligation seriously, and whether it has a culture of compliance to try to prevent harm in the first instance. supervision can cover compliance and other internal controls that if unaddressed will lead to future violations. we can suggest ways for improvement that can stop this from happening. additional banking institutions and non-bank lenders have noted the value of the exam process in supporting their compliance efforts. i heard it repeatedly during my listening tour. heading trouble off at the pass may not grab headlines, but it will prevent a lot of headaches for the consumers that we serve. just a few weeks ago, i visited an exam team on-site at a bank. examiners walked me through the systems they use, the information requests they set, the data they received, and the steps they take to evaluate whether an institution is complying with their legal obligations. they talk about how they review in institution's management systems. i was encouraged to hear their focus on working with the inst

and under-resourced institution. and because the vast majority of the college premium is tied up in actually getting the degree, then, you know, having 5 or $10,000 in debt, which is not dischargeable in bankruptcy, you're going to be much, much more likely to default under that scenario than someone with, you know, a graduate or professional degree and much more debt. >> thank you very much. and dr. morrison shetler, i was interested in your testimony about the department of regional colleges. i know many transfer credit. and when i was in the state legislature, i worked with someone who did dual credit and had people graduating from high school with their associate's degree if they wanted to move forward. since they had no debt, i think there is some cost to it, but not typically if they graduated from high school and went. so could you explain what you guys are doing to keep college costs down by working with community colleges? >> certainly. the great thing about western carolina university, we set up mous throug

bureau examiners can review compliance management systems and institutions to assess whether the institution is taking obligation seriously. mother it has a culture of compliance that tries to prevent heart. supervision can cover and attention to compliance and other internal control that is unaddressed only to future violations. we can suggest ways that institution can make implement that might stop this from happening. in fact, traditional banking institutions and non-bank lenders alike noted the values of the exam process and supporting the compliance efforts. i heard it repeatedly during my tour. heading travel off the path may not grab the headlines for prevent headaches for the consumers we serve. a few weeks ago we visited an exam team on-site at a bank in the bureau examiner walked to the system to use an information request they sent the data they received back in the steps they take to evaluate whether an institution is complying with legal obligation. they talk about how their review and institution compliance management system and i was encouraged to hear their focus on working w

the other pieces, which institutions you attend. over and over again, pell students attend institutions that achieve poor outcomes. getting that into that institution doesn't matter. it actually might make them worse if they have to take out a bunch of debt. and if we continue to send, you know, most lower income students where they have a 1 in 10 chance of graduating, that's not helping them. and sending more of them there to then not graduate is also not helping them. yet, the focus is oftentimes on those one or two low-income students that got into a very exclusive college and then did very well because yeah, you can do very well when you're the 2% of low-income students at yale or johns hopkins. and putting more money into those school endowments is not, you know, in any way fixing this problem. >> let's take one more question, and then we're going to wrap. >> you might have already gotten into this in your last response. my name is lauren i'm from congressman tim ryan's office. what conversation is being had around a holistic a

rodgers' institute. i became derned a couple of years ago that pace of research in the basic part of sepsis, understanding the mechanisms underlying the condition wasn't fast enough. so i put together a working group under our advisory council, which right now is examining our portfolio in the field and how it fits in with the rest of nih's funding, and they will be making recommendations to usity may council meeting. particularly they are going to be looking at the balance of research in animal models verse in humans. perhaps there is too much emphasis on looking at sepsis-like conditions in mice and not enough in the human condition. maybe we can leverage clinical trials that are already in process in chrisically ill patients doling sepsis. >> thank you. the effort against sepsis is really multi-pass elted. you have a micro orangism, a athogen, that triggers a physical lodgal and pathological process that is sepsis. it isn't just the microbe or the response. it is a combination of of the two. it is stu

from the bush institute leadership forum in dallas, this is 15 minutes. ms. kuzmich: it is my pleasure to introduce dennis muilenburg from boeing, who is going to kick off our afternoon session, and he is going to kick it off with the beginning of the military service initiation citation. boeing has been part of our work at the institute on leadership, and particularly the work for the military service initiative. they were an early champion and -- of what we call our leadership veteran program that we started last year to work with leaders across our country who are serving veterans, and you're going to hear from one of our program alums in just a few minutes, so we were really pleased that dennis is able to be here. he is president and chairman of the boeing company. he is obviously very busy with a loss going on and a lot on his plate, so please join me in welcoming dennis muilenburg to the stage. [applause] well, thank you, and good afternoon. and thank you, mr. president and mrs. bush, for having me to address this as we all have as global citizens to ma

krasner, he is a senior fellow at the hoover institution. he is a senior fellow in the institute. from 2005-2007 he served under secretary of state condoleezza rice as the director of policy planning at the state department, where he worked on foreign assistance reform and other projects. lastly, condoleezza rice. senior fellow on public policy at the hoover institution. the professor of global business in the graduate school of business. and the professor of political science at stanford. from january of 2005 until 2009, she served as the 66th secretary of state of the united states. she also served as george w. bush's assistant of natural sick -- national security affairs. please join me as this esteemed group comes to the stage. [applause] ms. rice: good afternoon and thank you for joining us. we will have a little discussion here about the subject of this panel, democracy and american foreign policy are hot topic these days. after we have talked for a while, we will invite you to ask questions. i want to remind everybody that i am a professor, i will call on somebody if no one

i'm a senior fellow at the manhattan institute. i've now worked in this space for over a decade, first in my position as staff economist with the council of economic advisors and at the brookings institution. thank you for the opportunity to share my testimony here today. college is expensive and getting more so every year. this inflation is driving student borrowing to tick up year after year. the community outstanding balance of 1.5 trillion is the highest level in history but it's important to remember that spending on higher education is, at least on average, worth it. the increase in earnings that comes from having a college degree tend to out weigh the up front cost of enrollment. for those who go onto see a positive return on their spending, the problem of affordability is an issue of liquidity or being able to borrow from their future earnings and not an issue of price. this notion is born out by the statistics. while the popular media has frequently told stories of borrowers struggling with repayment, the vast majority of

now on booktv, a portion of a recent program the manhattan institute's heather mac donald takes a critical look at political correctness in higher education in her most recent book "the diversity delusion: how race and gender corrupt the university and undermine our culture". >> there has never been a more tolerant, more opportunity filled environment in human history then the college campus. it is filled with the most well-meaning faculty who want all of their students to succeed in particular societies traditionally oppressed groups and students are being encouraged by this growing diversity bureaucracy to think of themselves as victims and celebrate the victimhood. there is a worthless competition underway on every count college campus today to be the top dog victim. these days that position glorified, sought after, is occupied by trans individuals but that won't last. anybody who can guess the next top dog victim is more pressing than not to get surprised because the students are desperate to find some way to trump the current totem pole of victimhood. >> helen mcdonald isn't there som

the question is, all the institutions in america are 7%. the question is the difference between nine and 10 for us. what is good enough? we actually have 11.5, so let's get about that. that is $140 billion in loans that we could do in terms of rural small does this lending that we cannot do because of the capital risk buffer. >> i want to shift gears to a personal interest of mine. using machine learning, artificial intelligence to help banks better mitigate the risks in the financial system. can you all speak to the challenges, maybe even the opportunities, that you have faced in the pouring machine learning? i also want to ask, how are regulators responding to a i machine learning opportunities, implementations? >> you touched on compliance and a need to invest in compliance, surveillance, control, which is something we have been focused on. one of the benefits of ai and machines is the ability to surveillance more and create more protection in an organization, then what can be done by individuals manually. >> my time has expired, i yield

so that they can compare between institutions, program specific institutions and see what the cost is, what their likely earning potential is, and at april, but this will be much more meaningful than what is currently shared, which is the average cost, yes, the average earning an average cost per institution. this will help students be better prepared and make, hopefully make better decisions. >> if i could continue. thank you for yielding. going back to the question coming from the representative from pennsylvania about the inability in certain parts of her district, schools and individuals having an incapability of paying for this education. could you address that a little more clearly, the fact that they are not paying for it. it's a tax credit. that they'll have the opportunity for. >> right, indeed with the tax credit scholarship program pennsylvania would opportunity to participate and then formulate programs to either enhance choice programs they have or create new ones, or both. the district that she was particularly referring to would be able to participate, presumably there

up attending institutions with really, really poor outcomes. if we're not addressing those outcomes, getting them into that institution doesn't matter. it might make them worse if they have to take out a bunch of debt. if we continue to send most of low income students to places they have a one in ten chance of graduating, that's not helping them. sebdi sending them there, it's not helping them graduate. focus is oftentimes on those, like one or two low-income students that got into a very exclusive college and then did very well because, yeah, you can do very well when you're the 2% of low-income students at yale or johns hopkins. putting more money into those schools endowments is not in any way fixing this problem. >>let take one more question. then we're going to wrap. >> you might have had this in the last response. i'm lauren. from fr i'm from congressman -- office. what conversation is being had around a holistic approach to this. there was a lot of discussion around the black graduate student with six figure of debt and pell. that often

large institutions are blessed to are because of their scale >> mr. corbett >> yes, we provide financial services for banks of all shapes and sizes, community banks, regional banks, national banks, and every bank sitting at this table with me is a client of our bank >> very good point i also serve as the ranking member on diversity and inclusion. mr. moynihan, who drives diversity and inclusion at bank of america >> i do and the other management team members drive it. >> most people talk about diversity and inclusion as an hr issue. why is it important to you as a ceo and to the business? >> we want to have a place, a company be the best place to work we want every teammate to come to us and be able to see, no matter who i am, when i come in the door, i can be who i want to be -- we're 50% women, 40 plus percent women managers in terms of people of color, we're 45% overall people of color, 37% people of color managers and we continue to watch that in every unit and every business review, are you making progress of the goal of having our company reflec

the other piece is which institutions you attend, and pell students end up attending institutions that have really poor outcouple times. if we're not addressing those outcomes getting them into the institution doesn't matter. it may make them worse. if we continue to send most lower income students to places where they have a one in ten chance of graduating, that's no helping. also not helping them. yet the focus is oftentimes on those, like, one or two low-income students that got into a very exclusive college and then did very well, because, yeah, you can do very well when you're the 2% of low-income students thaat yale or johns hopkins. and we -- putting more money into those schools' endowments is not in any way fixing this problem. let's take one more question and then we're going to wrap. >> you might have kind of already gotten into this in your last response. my name is lauren from congressman tim ryan's office. my question is, what conversation is being had around a holistic approach to this? there was a lot of discussion about the pell student and the black graduate student w

examiners can review systems at institutions to assess whether the institution is taking its obligation seriously, and whether it has a culture of compliance to try to prevent harm in the first instance. supervision can cover compliance and other internal controls that if unaddressed will lead to future violations. we can't adjust ways -- can suggest ways for improvement that can stop this from happening. additional banking institutions and non-bank lenders have noted the value of the exam process in supporting their compliance efforts. i heard it repeatedly during my listening tour. heading trouble off at the pass may not grab headlines, but it will prevent a lot of headaches for the consumers that we serve. just a few weeks ago, i visited an exam team on-site at a bank. examiners walked me through the systems they use, the information requests they set, the data they received, and the steps they take to evaluate whether an institution is complying with their legal obligations. they talk about how they review in institution's management systems. theirencouraged to hear focus on working

we find mainstream institutions have been caught up in this. fidelity, schwab have institutions that are charitable vehicles. those institutions are being exploited by these big donors and funding millions of dollars into the islamophobia network. how do we challenge this? i can get into that. i will stop there. think about challenges we face and we will get into the details. thank you. matt: we will want to respond to those comments. i will ask the panel to continue to discussing islamophobia industry before we get into the response. [speaking simultaneously] >> salaam aleikum. islamophobia network is specifically from a legal lens, you mentioned that commercial network. i tried to theorize how the law in spiriting much of the -- i will provide you with a general framework and frame of concepts that enable us to think about islam a -- islamophobia. it is private in nature. i mean it is unleashed by private actors, meaning individuals, hatemongers like the terrorist in new zealand, not acting on behalf of the state directly. these are individua

covering a wide variety of people and institution. can you talk about how the islamophobia industry is both vertical, reaching from the donors to the grassroots or vice versa and also horizontal, groups across states, institutions? abbas? abbas: sure thing. yeah, i think it is an interesting way to think about it. the industry if you will definitely has top donors that are feeling it. you can think about them. i imagine they do sit around and talk about how they will advance a certain agenda or are aware of what they are doing because they are deliberate and effective. when you look at the activities they are engaged in, it seems they are moving in a concrete sort of tandem way where they are accenting and helping one another. one of the ways this really works out at the vertical and horizontal level is a fellow named david. all of these organizations sound the same, like americans for a better america. [laughter] >> americans for america. abbas: and it is really interesting. even though i studied this stuff, i always get the acronyms

those institutions that do that and those institutions that manage money and the fact there is this relationship between wall street institutions that gets this access to cheaper rates and get access to federal reserve policy and influence the policy means they are influencing the stock market. from that perspective if they're betting on the stock market and then using the term betting as you use the term gambling, they also have since the weather it's going to go up or down more so than you might for for a numbef reasons for when is they had the volume so they can see how much volume is going in or out. also have the ability when things go down too much to go to the federal reserve and simple, there some problems going on, or look at our books, , or we could have credit issues going forward and ease my little bit and then i goes back into the stock market. the reason the stock market rises so quickly in that manner is because it's easy to chew it money into it and it's these are meant to come out which also makes it a very good -- that's not to say their company senate have good value and are n

john lipsky is a fellow of the foreign policy institute. he served as first deputy managing director of the international monetary fund. from 2006 to 2011. previously, he served as vice chairman at jpmorgan investment bank and chief economist at several leading financial institutions including chase manhattan bank and solomon brothers. currently he serves on the executive committee of the national bureau of economic research and on the advisory board of the stanford institute for economic policy research. he holds a ph.d. in economics from stanford university and is a life member of the council of foreign relations. please join me in welcoming dr. lipsky to the podium this evening. [ applause ] >> thanks for that very nice welcome. now let's see. if i stand up straight, can you hear me? the mic works. good. occasionally that doesn't work. thanks for coming. suffice to say this talk this afternoon is based on one that i gave, an updating of a talk i gave in january at chinese university of hong kong at the invitation of terrence chong, execu

devos: i know the confucian institute -- confucius institute has been raised as an issue. >> you agree that the confucius grants to the huawei college campuses that also do sensitive research pose a threat? sec. devos: i think that issue has been raised in our agency and other agencies. there has been much more increased attention paid to these issues and schools that are taking this threat more seriously. >> has the department of education informed college campuses about this threat? sec. devos: we have raised this question. the department of educations per education's to -- purview extends to gifts and contributions. we have been much more assertive about insisting they be accurate in doing so. >> last week acting secretary shanahan testified. i asked him if he had ever engaged you on this subject. he said no. a tasky belief that force between the department of education, armed services committee, and others would be , something congress should require to happen in some form. with that, i yield back. >> thank you. the gentlelady from pennsylvania. >> good afternoon, secretary. i have

and efforts to break up the institutions. >> right here in the middle. can you explain why it isn't just a useful tool, why is it something that needs to be addressed considering there isn't much use for these populations we are talking about economically? >> this is one of the things that you sometimes encounter in the world of policymaking was they say the economy grew while the factories went overseas and people lost their jobs and sort of faded out of usefulness that we are doing fine. i had friends say it's like it's embedded this collapse. i've said it before every human being is of infinite value and we simply cannot allow that sort of thing to happen and it's not loneliness and people are sad. a year renovation of people when they don't have the ability to connect to others and sort of the economy that allow them to exist and form to do better if we are not letting them and given the avenue to pursue the greater good it is a disservice. for one more question is all the time for. where is the microphone right now flex. >> all very isolated and it'

what is the place of the working class is that they lack those institutions. and we talked about the factories shutting down, that is certainly a factor. but the church is closing down, i talked about all the institutions, but the middle class and working class, the church had always been the church at the synagogue, the mosque, it is always been the central institution of civil society it has been tolerable for the elite. secularization has been deadly for the working class and the middle class. that is what i argue, that is what i think i establish and again, i want to thank you all for coming and i cannot think of to better people to talk about this with who have written on these things a lot. thank you guys and let's have a conversation. [applause] >> megan, i will let you go first. >> there's much i want to say. and not just because my husband is in the audience. full disclosure, i did not see the spoken publication, they withheld it for me so i can tell lies on it. but with my favorite passage from the book, i think it goes back to the insight and the ch

cato institute is a private institution, nonprofit. facebook is, google is. this point of no state action. that's a powerful point as we go down. the third one is the one that is --cussed widely, section 203 asc, often referred to section 230. part of the law passed in 1996 by congress. this is not the courts. i thought we should linger because this is much discussed and misinterpreted. let's look at the language of this bill, which -- the protection of good samaritan blocking and screening of offensive material. no providerrt is " or user of an interactive computer service shall be treated as the publisher or speaker of any information provided by another information content provider." that is not the most scintillating prose ever written but what it means is not being a publisher is important because publishers are responsible for the things they publish and can be sued for libel. in this case congress decided to exempt social media from that specifically. why? part of the issue is they were widen, thenenator representative cox, concerned they had this new

the institutions that manage money and that there is this relationship between wall street institutions into this access to cheaper rates and federal reserve policies means they are also kind of influencing the stockfl market so from their perspective if they are betting on the stock market and i am using the term as you've used the term galang they also have% for whether it's going to go up or down more so. one is they have the volume so they can see how much volume is going in or out. they also have the ability when things go down too much to go to the federal reserveve and say there's problems going on here or look at our books or we could have credit issues going forward and ease money a little bit and then it goes back into the stock market. the reason it rises so quickly in that manner is because it's easier to accumulate money into it and it also makes it a good haven for betting that's not to say there are not companies that have real value and that are not hiring people in the country ann are not providing input into the economy and buying shares in the stock isn't necessarily

we might have paperwork and helped with banking here and there the reality is those institutions and enron could not have become the major derivative that it came instead of the energy company it said it was an worldcom cannot become a massive organization with so much stuff hidden offshore and from their book from the public if banks had not helped create the facilities and credit lines and merge companies together and basically do all that. with respect to the influence in washington all of that comes to bear. all the bakers of the time throughout our history have been able to money or through having the ear of presidents being on committees and major advisors they've been able to look it was enough, you need us and summarizing but work it into that. in terms of all the presidents bakers the same thing. i wrote ten years after i wrote other people's money but in that book i go through specifically the kinds of relationships and influence bakers at washington and today we think mostly of the donations. and that lobbying which is immense compared to other sectors although that right

we're proud of that. , a hear a disillusionment sense of what this institution is. if the only thing you do about catholicism was the headlines of the new york times over the last year, and most of which were on sexual abuse, it might not be the institution you join. i'm a catholic. i worry about that in the future of the institution. i think it's much better than that. this problem is significant, severe and has to be grappled with. steve: but they go back to the issue of catholic church and politics. to you say that catholics work with one party over another? prof. mcgreevy: catholics were clearly associated with the democratic party from the 19th century through the 1950's. the data we have tells us they started to shift toward -- especially more affluent toward the republican party in the 50's. eisenhower was popular with catholics. kennedy stop that. kennedy was unbelievably popular with all. all. we believe he got 80% of the catholic vote, which is a huge number. then, cap obstructing tour the republican party, maybe it is 55-45 now. but you know catholics, a

financial institutions and other institutions that are connected to the u.s. system. that is critical. >> final question, you described embarrassing situation that the irs technologyin footprint. we look forward to working with you to ensure there is proper funding. so the irs can update its technology footprint and thank you for making that publicly known. are you back. >> thank you, ms. maloney from new york. also the chair of investor protection and capital markets is reckoned as for fives minut. >> sixty mnuchin, when you testify to this committee two years ago, i asked about beneficial mortgage. you said he look forward to working with us on a solution to this issue. and then you testified last year you said and i "we have to figure out ownership in the next six months, i don't want to be coming back here next year if we don't have a result. we need to work with congress on a bipartisan basis on this. "well mr. secretary we been working on a bipartisan basis on this issue and i think we are very close to an agreement. treasury did provide technical feedback on ou

, so that they can compare between institutions, programs, specific to institutions, and see what the cost is, what they're likely earning potential is, and at a program level, this will be much more meaningful than what is currently shared, which is the average cost, yes, the average learning, and the average cost per institution. so, this will help students be better prepared, and make hopefully make better decisions. >> if i can continue, thank you for yielding. going back to the questions coming from the representative from pennsylvania about the inability in certain parts of her district, schools of individuals, having capability of paying for this education. could you address that a little more clearly, the fact that they are not paying for it, it is a tax credit that they will have the opportunity for. >> right, indeed with the tax credit scholarship program, pennsylvania will have the opportunity to participate and then formulate programs to either enhance trees programs they have there, or create new ones, or both. and, the district that she was particularly referring to woul

an institution disappears and it's not just a church, a secular institution. that disappears and then you need more government. there's a study that showed the correlation of regulation and social trust. and that the argument is that the causality goes both ways. they say there's to equilibrium. lots of regulation and low trust or low regulation and lots of trust. i was imagining this guy walking on a razor. as you're trying to walk in the middle of moderate regulation. moderate trust. at some point, you slip a little. more regulation, less trust. and you go down one way or the other. >> if you talk about social trust, that is the glue that holds communities together. it's almost as if it's a perfect storm. you've got the regulatory relationship of social trust. if not the thing that nobody is happy about, which is as you get multi ethnic groups. social trust tends to go to the floor. we live in a multiethnic nation. we will not change that. but it's a fact that it's a problem with social trust. video games, which are now, you project out video games 10 years

it receives funding from french and german cultural institutes, but not the iraqi government. >> the government doesn't care at all about the young generation and art, especially. culture? no, nothing. grants like we have in europe-- so, we have grants for the young generation, grants for cultural institutions-- here is nothing. >> reporter: the ministry of culture, tourism and antiquities does organize and fund several art festivals and other cultural vities to promote iraqi artists, musicians and writers, according to spokesperson omran al obeidi. >> ( translated ): every year,n we putace an integrated plan to suppart cultural and stic activities in all of iraq. the minist provides all the required facilities for these events. >> reporter: but al obeidi admitted that the nuf programs is limited due to insufficient funds. the ministry's share of the govement's 2019 budget is le than 0.2%. >> ( translated ): we've got the smallest budget of allhe ministries, but we overcame this difficulty through appropriate management and the selecon of the right activities that deserve the attenti

the ever him lincoln institute is a non-for-profit institute that relies on its donations and additionally it is those donations that keep this day free to all of you. anyone wishing to make a donation can go to the ali website www.l incoln-institute.org or hand a check to our board members here today. i would like to introduce the president of the lincoln institute. he is an associate professor of american studies and the author about -- attor eight books about abraham lincoln. welcome, john. [applause] >> thank you, so much. good morning and thank you for joining us. i am president of the abraham lincoln institute. i wanted to say we are here to celebrate the latest in lincoln scholarship but today is a very encouraging day for me in thinking about the future of lincoln scholarship. a few minutes ago i was on the balcony and i met a young girl who is seven years old and she insisted that her mother bring her here for this symposium. it says that the future is bright and i think we should give her a round of applause. [applause] i have recently been thinking a lot about abraham lincoln an