You mean you will try to adhere to the rule but if youre not able to thats not a deal breaker for the white house . Again, the Administration First of all i want to be clear, i did not name it as a recall. Just a promts, right . No. I never made it as a promise. I made it as an objective. Our current proposal which lowers tax breaks is offset with a taggers deductions. Youll see what it looks like. I think its a widely shared objective. Thank you. I want to talk about provisions that passed the house last week. Im curious, do you support removing transparency from executive pay. Companies will no longer be allowed to disclose disparity between the ceos and employee average of those institutions. They wont en be required if executives are required to bet against their own companys stock prices. Are those really that costly . Overall i the support the choice act and what its trying to do. As it relates to executive pay, i have always viewed that boarding should be held accountable. Too many delegate to paid consultants which makes no sense. Work shouldnt be overburdened by clerical things. Im sorry. Its kind of a yes or no question. Do you support those parts of the financial choigs act that eliminate transparency in the instances they sited . Again, im foe cussed on t the overall bill. As one thing as it relates to transparencies, shareholders see what executives get paid, whether they are on a relative basis or not, i dont have a strong opinion on that. I do support shareholders voting for boards who should be held accountable on executive pay. I yield back, mr. Chairman. Mr. Stewart. Thank you. I have to say and its been said many times, actually, that is president has assembled an extraordinary cabinet. I was in china a couple of months ago. We were with senior leadership. They would allow u. S. Beef which is a big deal for many districts. Many of us were having stefeeli. We can call it Trump Pacific Partnership if you want. I appreciate that you feel the same way and president does as well. Its a difficult thing to do. We understand that. Its worth it, i believe. Really the koe the economic growth. All of those a key to that. There is one other element to it. I think everybody up here had hundreds of meetings with people who came under concern about the judgement. Generally by the nature of their concerns these are often democrats. We have interested in government frunding, whether its for the arts. We say you have to talk to our friends and convince them they have got to work with us on mandatory spending. All of these budget pressures will fall on these. Whether it is education, arts, all of them. I wonder if you would share your view on that. Its politically difficult. If we dont that i can that on on we will not fix the debt challenge we have. Give us your sense on that. There are many aspects of the agreement that do make sense. The agreement overall do make sense. I think we can get bilateral deals. It doesnt make sense to do a larger deal. I think we can do better. Let me assure you, our objective is more trade. I would like to say i went to my first g20. Anybody who wants to have res resiprical trade, we are all more it, drink it auchlt. The has has head it clear. Its not something. And it might not be the priority right now. I support that. We would encourage the add minute station to work work with us. Thank you. I yield back. Well get to go a little bit longer. Mr. Secretary, i have a couple, now that you a had a few meal metings as the chairman of the group there if you could sort of give you could update us and then speak to us as for multiple processes but speak to your thoughts on that. In my mind it has two important functions. Given the significance of that issue the president signed a specific executive order. The other function is bringing them together. One of our in the report we are putting at tonight is to give more power to coordinate. It should not be a replace. As an example one of the thing we will recommend there have overmanning conditioners. Sit one of my most important receipt. We think one agency should be na named so ud is a questionmented fulgt finally, this is something i take very seriously the. That National Security review is very very important. I can tell you that theres been many transactions already this year and there have been voluntary withdraws. The fact you havent seen a lot of information doesnt mean theres not lot of work being done. We respect that. Do you believe that process is flawed . Have you discovered that in your review . Reporter no one premature. There is litigation is i dont want to make any specific comments on that as well if flt president signed another executive order to streamline agencies and requiring tome this identify inefficient processes. From your search there in treasury . Any way you can find it . Theres been a ser ri of feelings. This is an area we look forward to additional savings. We have multipresident doing things together more efficiently. Dont want to go into the specifics today. We look forward to working with congress on these recommendations. Is there a set criteria in. I look at it as no different criteria than when i was in business. What can we do to deliver Better Service at less expense and be more efficient. Its not just cost savings and whether its on National Security. We are looking at across the board. And i understand you can be the do into details at this point. Who what would be the time line we might see this that would help us as we move forward . I hope its something we can get to your this year. The sooner we get it to you the sooner the changes condition incorporated an the bet are off we can all be. Thank you. You mentioned theres only a couple couple is that accurate to your understanding . Theres a difference what ma i was daying kaying. Hand program has been fully committed. The hand prom gram is no longern impact. You also mentioned in your written testimony that the treasury request National Security and prioritize the departments wide range of financial tools. We are talking about sanctions. Youre sort of the watchdog on such things, making sure they are actually enforced. Im sure you with believe that sanctions are an important diplomater tool, they are go to make sure what other countries believe is appropriate, the iran deal, but again, there is a cut to the office of terrorism and Financial Intelligence by 6 million. Well, first of all let me just comment. I proeshuated the opportunity for us to meet earlier. I believe in the sanctions program. These work. Theres no question the ran they came on was because of what we put on with our allies. This is something at the National Security council we talked about constantly. I worked closely with toir ti till we put in a number ow of this administration not to negligence the 17 million was intended to be nait was some wl not intentional but there was a small cut on that. It was intended to remain flat. We are very pleased that was just signed. Setting up a terrorist Financing Center we would coach here. It was something that was done after the budge does submitted. I will be work on this. This is that if. You were anticipating a different we were leezed. We are short on time. Would you have been made aware of increasing earlier . Now is the time to speak. Let me say i am supportive of the difficult decisions. If you want to put more money i firmly believe in tfi. Clearly people who are money law den aring are evading taxes at home and to avoid sanctions. So it has to be a priority for multiple reasons. It is a huge priority of ours. This is a very important National Security tool that is very effective and not to put our military. I would like to discuss an issue that my colleague and i raised within my letter september to you on 34r 29th. At the second is currently under review. Money gram is a lrj constitution similar in size to many large u. S. Banks. China has proven its ability and desire to hack sensitive american investigation that the Chinese Government having ak tesz to is personal date to after millions of americans is. And you stated protecting trej di is critical to our financial stability. I believe that it has Cyber Security administration. I realize youre not tiebl mend but what concerns do you have that handles the data of americans. Also members use money gram at a high rate due to the need to transfer money back home. Im concerned their financial investigation and exposure may be harmful. Weld we first of all, thank you are the i am physical i is an interagency responsibility. As i pref usually mentioned i think its important to review National Security. Some with v just a week. I look forwards to working with congress. I want to be very specific that i am not prepared to make any specific comments about this transaction. I can assure you to the president and i take our national curt as the highest priority. Thats one of the reasons why he wants to increase military budgets substantially. To the extent that a transaction comes before that we believe is a threat to National Security we will attempt to litigate it. If its not redrun, send it to the had the. Because just we you dont see things going to the president doesnt mean theres not a lot of active the. Thank you n. Chairm mr. Ch. You indicated top pie orties was the taxpayer. I wanted to ask you about the irss use of proo i vat companies. They are targeted and criminals are both irs and treasurety inspected general noted a huge surge in phone calls targeting taxpayers with these arrests and deportation and among other things. Under the private Tax Commission program they are now calling taxpayers correctly directly. If youre prized to be hearing from us and youre not hearing from us in the allowing private election firms to call taxpayers and identify themselves simply confused taxpayers. As a condition the irs has stipulated all private collection companies respect taxpayer rights includining the elections practicing act. One mhad its contract terminate providing inaccurate information. Given the fact that it already has a accepted business practices. How can taxpayers make sewer they wont simply seek to exemployed his situation let me first make, can is a decision that predated me and in general i am supportive of yugz outside nirms firms after all n have been used. I was not familiar with one of the four. I will instruct my staff to look into it. It is concerning to me. Well make sure its a balance between making sure the government collects money with making sure we dont have rnd. Thank you. Here we go. Thank you. I want to talk about funding for the cdfi fund has been eliminated as we have talked about. In one cdfi in my district has invested over 30 million in Small Businesses and rural kplik development. In a county it makes up about 600 jobs. I will point out as well, again, i come back to the imagery you used when you talked about traveling with the president. The people you were reaching, this is that type of county. These are those people. Cdfis dont duplicate what they do. I would have trouble. I have been traditional financing. I think it would eliminate a safeguard that kind of fills a gap essentially. I guess as we move forward i guess i would ask that the administration consider this. We have many more budgets to come. I just want to put in a plug for this one. I am very familiar and i do agree with you. They provide a very significant benefit to many communities. I realize there has been bipartisan support for them as well. Let me comment. This was a difficult decision in us trying to save money and things. The two things, this program was started a long time ago. There wasnt private con tray bu contributions. We still have a significant amount of money on new market tax credits. Another thing for me to advertise i did not arrange this. Exactly. Im calling for a task force. I think banks will spend billions and billions and billions of dollars. I think in too many cases. I want to muk sure we move with Community Activists and others to make sure that the billions and billions of dollars that banks are spending is absolutely going to help kplunties and isnt just a check the box to satisfy regulators or shareholders. Thank you. Appreciate that. I yield back. Thank you. I think what we hear from the secretary is that he respects the process and recognizes the kshs and interest of the committee. Mr. Cartwright and then mr. Young. Thank you. Hafrp stands for home affordable modificati modification, program, right . It was. They are mortgages and help them keep their homes, right . Thats correct. In addition to creating that it created this which is the watchdog over not only tarp but specifically the hafrp program, is that right . That hass been special Inspector General has been very successful as an office. They convicted 36, is that right . That sounds right. Holding the bankers accountable for the bail out money they got through the prm to help people sty in rchl the honorable christie goldsmith romero. She took the unusual i dont think theres anything ub usual. Ip they had the right to do that the question sque again, let me just high like and i only have a few minutes left. I want to repeat whether her comment was. Her comment was blian offense t has come up with investments, holding bankers feet to the fire that they comply with the terms of tarp and the program even though its an enormously office. And according to romero she said this budget prose pose sal per criminal investigations and it dad this place is critical, federal interest at risk and inhibits. That is what christie goldsmith romer said. Have you met with her after she made that Public Statement . I have not. Thats are fairly damming comment on your agency, isnt it . Let me say i well leave this hearing at this point. You can watch the rest of it online. We are live now on capitol hill for the confirmation hearing for patrick shanahan. Should get underway in just a moment. Live coverage here on cspan3