One of the ways we can reduce that is through our regulatory budget idea. These guys can cook up all of the creative regulations they want, but they will have to come under a regulatory cost budget every single year. That will force them to justify these regulations. I am with industrial bank. My question relates to education. The escalating cost of college education, we have a number of young people who are having to drop out after taking on loans. That kind of debt you cannot declare. People are unemployed, cannot pay back their debt, and they have their credit wrecked which makes it difficult for them to find employment. The escalating cost makes it impossible for people to get an education. What would you do to control escalating costs and how people can work their way out of a difficult situation . A number of issues that lead to the escalating costs of Higher Education. Every time we increase the aid packages, it gets eaten by tuition increases. One Higher Education provider, they say the maximum amount you get per student or semester is 1000, there is no incentive for them to charge 700. That leads to tuition inflation. A growing number of universities are increasing more expenditures on nonacademic endeavors. More support staff, administrative staff, more things that are not directly related to teaching skills. We have too many students graduating with degrees that do not lead to jobs in the 21st century. That creates all sorts of firestorms, but that is a fact. We cannot continue to allow people to borrow 15,000 to graduate with a degree that they will regret for the rest of their lives. When you go into the school and you take out a loan, you will have to be told, this is how much graduates from our universities with that degree are making. You will know whether it is worth taking out the loan for that job. At least you have been informed by it. What drives quality and affordability in any industry . Competition and transparency. We need more of that in Higher Education. No reason why students should not be able to acquire the equivalent of a bachelors degree by being able to package various areas of learning. I have 10 years of Work Experience and i have gained proficiency in these matters that i can test into the equivalent of an ap exam. I filed a bill last week that creates a Pilot Program for the federal government to do what google does. Hire people with alternative experience and education, which is cheaper and more accessible to people. Do not walk away from vocational education. Do not walk away from what kids can learn in high school today. No reason why we cannot be training more airplanes mechanics, welders, these are growth industries. There is no reason why we cannot hire more people from high school, not just with a diploma, but with a job ready certification that allows them to go to work the day after graduation. I would also argue that Community Colleges can play a role in all of this. Many of the higherpaying middleclass jobs are going to require more than high school, but less than a four year degree. We need to steer more people in that direction without stigmatizing. I reserve the right to ask the last question. We will finish on this. Our mission at the foundation is to develop, engage, and recognize exceptional leaders who champion the american idea. You have talked about the american idea, the american dream. One of the quotes from my dad that he put in his book, a collection of his speeches, the most revolutionary idea in history is Human Progress and prosperity are the result of individual freedom and faith. This is not only the most revolutionary idea in history, it is the only one that has really worked. You have writing a little bit about ukraine recently. With everything happening, would you mind sharing with us how you are encouraging our government and the president to approach ukraine, to address the issues that are there, with that premise that it is freedom and faith that is the undergirding lets remind ourselves of why this matter. These are principles that give our nation purpose. All men are created equal. Not all men born in the United States. This is a foundational belief of our country that we should express in every pronouncement that we make. Whenever that is being challenged or oppressed in any part of the world, we need to speak out on behalf of those who are fighting for the freedom. The second point i would make, it if you look after world war ii, this explosion in the growth of a prosperous economy, look at south korea. They had an economy smaller than the north in the 1970s. Today, it is a global donor. Look at how japan recovered after world war ii. Look at the history of some of the Eastern European countries. Look at latin america. The point is, the expansion of individual liberties, combined with free enterprise, has created human prosperity on a global scale, which has allowed us to sell things to millions of people that, a generation ago, were living in poverty or oppression. If you look around the globe, what are the challenges that we face . Middle east, eastern europe, and in asia. Every one of these points of conflict are being created by a totalitarian government. In the pacific region, it is north korea and china. In europe, it is russia. In the middle east, it is iran and al qaeda. The point of the matter is oppressive governments view individuals as things they own, statistics that have no value outside to what they contribute to the state. That is how they treat their neighbors and other countries around the world. That has to be confronted. If you do not confront tyranny, or it spreads. The only nation on earth capable of galvanizing International Community to confront tyranny is the United States. We cannot do it by ourselves. We will not go to war in 15 different countries, but there are things we can do beyond that. Ronald reagan never invaded the soviet union, and yet it came crumbling down. We should never accept a government that restricts access to the internet, jails political opponents, refuses to hold free and fair elections, does not allow the media to operate, and guns down people on the streets, we should never accept that as just another way of governing. We should always condemn it for what it is. The u. S. Has to be a leader on that. Ukraine gives us an opportunity to do that, to say very clearly to say were on the side of those who seek freedom and there will be consequences for a tyrannical government that invade its neighbors. Those consequences do not have to be military consequences in order to be felt. We can eject them from the g8 summit. We should work in the long term to make europe more energy independent. These are real measures we can to be military consequences in my personal opinion is this. Before anrately stood empty house and challenged these people and you challenged their americanism and it is the lowest thing ive ever seen in my 32 years in congress. Preks were on the brink of enacting an independence bill for the disabled of america. Thing,ll henceforth my look to this day and when the president signs this is the Independence Day for those who have been disabled. I would like to ask my distinguished republican colleague if you would take the chair. Will the gentleman please take the chair . [applause] [no audio] first emma thank you for giving me the opportunity that to wield this gavel one time and sit in the chair. It was something. George w. Bush of the state votes. S has received 271 al gore of the state of tennessee has received 266 votes. May god bless our new president and our new Vice President and may god bless the United States of america. [applause] you have supported us with your resources, with your leadership in the world community, and most importantly, with the precious lives of their your soldiers. [applause] is now my privilege to present the gavel of the United States house of representatives to the first woman speaker in our history. The gentlelady from california, nancy pelosi. It was dr. Martin luther king, junior who said of all forms of inequality, injustice in health care is the most shocking and inhumane. Racial profiling has to stop, mr. Speaker. Just because someone wears a make them anot glimpse. Dlum. O on the next washington Soghoian Chris comments on Edward Snowdens comments at sxsw. Live on cspan everyday at 7 a. M. Eastern. You can join the conversation on facebook and twitter. To tell you events about tomorrow. The Senate Armed Services committee holds a confirmation hearing for nominees to head the nsa and the transportation command here on cspan at 10 10 a. M. Eastern. At 1015 a. M. Senators hear from whistleblowers from the Hanford Nuclear waste side site. Representatives of the department of energy. And Homeland Security secretary jeh johnson testifies about his agencys budget request before a House Appropriations subcommittee. At 4 p. M. Eastern. A president ial panel created to help young people become better Money Managers and better equipped to make financial sessions met for the first time at the treasury ripped department. Jarrett include valerie and artie duncan and jack lew. This is two hours. A warm welcome to the members of the council. We are grateful that you agreed to serve. If subject is a priority so we look forward to the work of with greatl interest. In a few minutes we will hear remarks from secretary jack lew, secretary arne duncan, Cecilia Munoz come and director rich cordray. Before turn it over to secretary low, let me make a couple of whites about the work of this counsel. First, the mission of this counsel in many ways follows from the work of the previous president S Advisory Council on international capability. That counsel submitted a report to the president in which it noted the importance, among other things, of Financial Education for our youth and drawing on all resources, public to advanceand public this agenda. Hence the focus on youth with this particular counsel. While the Previous Council worked on conceptualizing the path this counsel shares experiences on the implementation of ideas and capability. Leaders in have been achieving results and we need to hear how they are working to hear it. The members come from the public and private sectors and we also have the representation from the federal government and from the local government. Work on Financial Capability is a collective effort. We must do our business to figure out how the federal, state, and local government can come command each other to achieve the results we all would like to see. And now im honored to present to you the secretary of the treasury, jack lew. And good for a much morning, everyone and welcome here to the department of treasury. I am pleased to have all members of the new counsel here with us today including tractor cordray and secretary duncan. That we haveased so many members of the public here this morning with us. President obama created this counsel and brought this group of committed men and women to advise him on the issue of profound importance to the future of our economy. The Financial Capability of americas young people. Whether it is teenagers deciding had to spend their first paycheck, College Students making crucial decisions about how to repay their student loans, or new parents trying to save for a childs education and their own retirement, helping americans build a sound Financial Foundation is not only important for their futures but it can strengthen our economy for generations to come. That is why the work that we do as members of this counsel could significantly impact how successful we are at growing the middle class and increasing economic mobility and opportunity for all americans. Or gently there is much we can do to improve Financial Capability. Mastering the basics of financial decisionmaking at an early age will put young people at the first decision Many Americans face on whether to pursue secondary education, and if so, how to pay for it. We need to make sure work pays for all americans, not just those who have earned a post secondary degree. That is why the president has proposed an increase in the minimum wage an extension of the earned income tax credit so all americans who work hard will be able to be economically selfsufficient. Beyond growing jobs and expanded opportunity, theres more we can do to make American Workers and their families financially secure. This council should call on employers large and small in the private, nonprofit, and government sectors to consider how they can help their employees become financially successful. Many workers look to their employers as a source of information and guidance on important Money Management items. They also provide workers with information and options to plan and save for retirement. These options include traditional retirement plans or new tools, a safe, simple, and affordable way to save for retirement geared to workers who may not have access to employersponsored plan. In addition to savings, we should also examine how other tools can improve financial outcomes. As we have worked in recent years to make our Financial System more fair and transparent and to protect against the worst abuses, it has become clear that when, it comes to protecting consumers our best defense is a good offense. In the age of smart phones and big data, consumers are empowered to make Smart Financial decisions in real time, allowing them to trade financial Emergency Rooms for preventive care. Technology has given us the ability to rethink Financial Capability and gives us the ability to reshape and redefine what it means to be financially literate in the 21st century. Be as schools, private businesses, or families, there is a role for everyone to play in the effort to better prepare our youth to navigate a world will of consequential Financial Decisions. The administration has taken a number of steps over the last few years to advance Financial Capability and expand opportunity. But our work is not complete. Im confident this council will continue to build on our efforts and make sure we are working in concert with other sectors of our economy and society. I ask this council to show us what is working, who is leading, and how we can Work Together to broaden the impact because one approach will not suit all needs. I look forward to working with my colleagues across the administration and our partners outside of government to identify the best new ideas and put them to work for the next generation of americans. Thank you. Cecilia . Thank you for being here today. I am the director of the president s domestic policy council. I want to thank the newly appointed members of the council for your commitment to help us better understand how we can prepare americas next generation today for the financial challenges they will face tomorrow. The work you are about to embark on is an investment in the Economic Future of the country. I dont think it is a simple task. You and i know the challenges our young people face are very different from the ones the rest of us faced growing up. I learned financial responsibility for my dad who at age 90 faithful he balances his checkbook every month. When i was about to ship my firstborn after college, you sit them down to have all the conversations you were you forgot to have with them. One of them was i have not taught you to balance your checkbook yet. She looked at me with that patient look they get before they roll their eyes and said, i dont have a checkbook. Shes constantly bombarded with credit and debit card offers and numerous other Financial Decisions on a daily basis that could and will have a big impact on her life. These are things i could not have thousand at her stage getting ready to go off to school. Young people are facing these same choices every day. That indicates many of them are not wellprepared to handle these challenges. They are less likely to have bank accounts. A significant percentage rely on riskier borrowing. They are less likely to have money set aside to meet an emergency. This is particularly true for young people of color and those who have not finished high school. This is our challenge. All young people should be armed with the tools to create a Better Future for themselves. That includes Financial Literacy skills. This work goes hand in hand with the president s broader agenda. We call it an opportunity agenda, to make sure we are increasing Financial Security for all americans. Secretary duncan is deeply engaged in the work of making sure every student is able to go to and finish college. With his leadership, the administration is working to make college more affordable and provide young people with clear information about the opportunities available to them. We also need to know, to be sure young people have the financial smarts to weigh these options and make informed choices that affect their futures. This will increase the likelihood they can finish college and start their careers on a strong footing. When we talk about the opportunity agenda, it also includes an issue we are deeply engaged in like the Affordable Care act which very much connects to Financial Security and the effort to increase the minimum wage. Higher wages are not the whole equation. Young people need to know about and have access to sound products that help them spend money wisely and put money aside for a rainy day. I hope the council will consider all of this and will also consider how its work will coordinate with other initiatives across the administration, including the my brothers Keeper Initiative recently announced by the president to provide more opportunities for boys and young men of color who face particularly tough odds when it comes to climbing the ladder to success. I hope we can align our Work Together. What you are about to embark on is tremendously important. Sometimes the earliest lessons are the ones that stay with us the longest. You make investments early and watch them grow. Thank you for your efforts. I look forward to the good work we will do together. Thanks very much. Director cordray . I find the word it repeatedly comes to mind for me this morning is amen. We have many similar things to say. We each have our own distinct vantage points, so it is useful to say them nonetheless. I am richard cordray, director of the Consumer Protection bureau which did not exist during the president s first term. We are glad to be part of this. Over the years, Financial Education has become a passion i have pursued at the local, state, and federal levels. It is a privilege to serve on this council. At the consumer bureau, we are committed to helping consumers make sound financial choices. We are doing all we can to protect people by ensuring markets work better for them, reliable, and fair. But we also recognize the best form of Consumer Protection is self protection, which means helping people avoid problems in the first place and know how to address problems when they occur. This has proven to be a hard problem in our society. It is important for parents to talk to their children about money from an early age. Many find it difficult or uncomfortable to do so, leaving our young people starved for information. We need to begin by recognizing how rarely families engage in these discussions. This is a fundamental problem for anyone who cares about the direction of this country. Young people who lack the skills to make effective Financial Decisions will find it harder to become productive and capable citizens. They will incur unnecessary debt, miss opportunities to save money, and develop a poor credit history. These problems will block them from opportunities and resources to improve their futures. We are enrolling them in the school of hard knocks with no reason to think they will avoid repeating the same mistakes others made before them. We have an opportunity with this council to see that america does better by its children. Now more than ever as we emerge from the deepest financial and economic crisis of our lifetimes, people need to know how to manage the ways and means of their lives. The choices they face in the financial marketplace with instruments like mortgages, credit cards, student loans, credit reporting, and more are increasingly complex. Many consumers use the tell your story feature of our website to describe their lasting regret they did not know more at the time they made important Financial Decisions