Heard officials of both administrations for two decades talk about agreements that are eventually going to happen, and they almost never do. Ambassador lighthizer has been a bit of a pit bull on this piece of it, but discussing it in the interagency process isnt really the same as pushing to help statebased backers understand that this has real consequences. I am glad it is a topic for discussion, but i would just say ,n the Intelligence Community oversight in the legislature, this is an increasingly bipartisan issue that republicans and democrats believe it is important to be holding these faux private Sector Companies in china to account, and show that we mean it, not just to say eventually somebody is going to come up the stairs if you keep stealing ip, and they continue to do it. For what it is worth, i think of one perspective on an increasingly bipartisan basis is serious. Sen. Crapo thank you. Thank you, mr. Chairman. My question is quite simple. Can i get both of your commitmen
We will receive testimony from the secretary of the treasury and e chairman of the Federal Reserve as required under title iv of the cares act. Congress has appropriated 3 trillion to protect and support americans to fight the pandemic and also to stabilize the infrastructure of our economic system. A large portion of this funding is authorized under title iv of the cares act which provides resources for loans, guarantees, and other investments from treasury and the Federal Reserve 13. 3 emergency Lending Facility and programs in support of eligible businesses, states, municipalities, and tribes. Title iv of the cares act provided 454 billion as an infusion into the exchange stabilizatiofund to support the Federal Reserves emergency lending facilities that facilitate liquidity in the marketplace and support eligible businesses, states, governments, and tribes. This unique authority known as 13. 3 authority is authorized under section 13 of the Federal Reserve act and plays a Critical R
Announcement. Michael mckee has the details on who will take the job. Michael we have a replacement forecaster, george, he is jeffrey smit jeffrey schmidt, the ceo of the school of banking at Southern Methodist university and will serve out the fiveyear term. He can be reappointed in 2020 six. He will be a Voting Member of the fomc in 2025. Hes a nebraska native, he began his career in 1981 as a field examiner based in the ftse in kansas city and he follows a trend at the Kansas City Fed because Esther George and her predecessor or Bank Examiners, and 1989 he became president of American National and oman moved on to mutual of omaha, the Insurance Company as per german and ceo. He has been running a familyowned bank in dallas, graduated from the university of nebraska, has a Business Administration degree, he is not an economist. He will take office august when he first, two or three days before the Kansas City Feds annual jackson hole symposium begins. So he will be there in time to g
In chief of Bloomberg Businessweek, megan murphy. We take a look at japanese manufacturers, setting practices around the world, but those practices are now in question. Megan this comes from the kobe steel scandal. Kobe steel has been shown to have falsified standards and products they shipped Companies Like boeing, mitsubishi. The scandal has drawn up this broader issue going back to olympus. Iesve had japanese compan rocked by these scandals. Iconic backbone of the country, why are they being forced into these mistakes and scandals . Whats the pressure . China. Julia for cost reasons and the laws have changed as well. Doeshistleblower law that mean people are willing to come forward and go we have problems here . Megan when any scandal at a Japanese Company breaks, we are all familiar with this public apology Company Executives bowing. Its part of the culture that when you make mistakes, you own up to it. You are almost never seen or heard from again. This whistleblower law has contr
Improve, saying that most districts reported Consumer Prices holding steady. The key one, Economic Activity expanding in most districts. Last month we saw the Economic Activity expanding and nine of the districts, getting a similar story from the fed beige book. Also saying that wage growth varied considerably by variance there. We will get more on the labor Market Leader once we get that monthly jobs report from the government. Get right over to the markets desk where julie hyman is sitting. Any reaction, julie . Julie typically we dont see a big reaction to the bache book, right . It just gives color. The fed saying that Consumer Spending rose in the majority of the middle of in headwinds from a weak energy sector. No surprises there. Second that the stronger dollar with global headwinds is hurting exports again. We are already seeing stocks in a tight range and they remain within a tight range as well the nasdaq has been the day and it remains it as stocks bounce around. Looks like