Economics. My question really has to do with the relationship between the Gates Foundation and the world they. When i started to think about questions for you, i looked at the world banks budget and i saw a bed with a layout in between 40 billion exceed billion dollars a year on a wide range of topics. So when you entered this field, did you believe, you probably did, but how did you think about approaching a . Would you be catalytic with respect to the world bank . In other words, to do things yourself that they are not doing . For example, the reduction in infant mortality, which is certainly a big success dori really was not underway for a lot of the time the world bank had substantial resources. Was that something that attracted you . Do you think that you can be more flexible than the world bank in terms of moving from one priority to another . How do you match the world they . Thanks. We do a lot with the world bank. I had dinner with john cannon come a long dinner last night bec
The board has not acted on that or a established timelines to do that. Will you do that as chairman, and when will you do it . Think that is in the works, and we will try to get it out soon. Frame in have a time mind . Im not sure, but i will try to make sure. If i can ask you to supplement with moores citrix on the feds attempt to act on dodd frank with regard to that. You also mentioned increased for the biggest banks. I agree the action you supported in july was very positive. I dont agree it was enough. Would you support going further withrms of leverage ratio the largest banks or not . Have a verye will meaningful improvement in capital standards by going the ,pproach. Frank has recommended which is capital standards. Surcharge. Be a they are considering a surcharge hat would add to that. They are contemplating additional ways of reliance on the formhat could take of the capital charge relating to reliance on that kind of funding, or it could take the role of that kind of requirem
I call this hearing to order. Today we consider the nomination of the honorable janet yellin to be chair of the board of governors of the Federal Reserve system for a term of four years. Dr. Yellin is an extraordinary candidate to lead the Federal Reserve. She currently serves as a member and vice chair of the board of governors. She previously served as a member of the board of governors in the 1990s. She was a chair of the of president clintons council on economic advisors and she served six years as the president of the San Francisco fed. In addition, dr. Yellin has an impressive academic record. She is a professor at berkeleys school of business and was previously a professor at Harvard University as well as a faculty member of the London School of economics. Dr. Yellin graduated suma cum laude and received her phd in economics from yale. The nomination is especially timely as our nation struggles with high unemployment in the wake of the great recession. She has devoted a large po
Estate transfer tax, shortterm flip property. When a profit is being made off of the sale. If the resale is within the first year of purchase then the tax will be 24 of the retail price. Within two years, 22 . Three years, 20 . Up to five years at 14 . If you buy property and hold onto it for five years or longer it doesnt impact you at all. The tax also focuses specifically on greedy speculators. It does not apply at all to six categories. Singlefamily homes or condos, Owner Occupied tics or tenancy in commons, new construction, buildings over 30 units. When a Property Owner sells their property at a loss, and lastly, sales to create permanently Affordable Housing. We know that speculation leads to increased housing costs. There have been a number of studies showing that. Also, we know that astronomical housing costs like were facing today in San Francisco is the greatest concern of many san franciscans throughout our city from the rich modxctionv to ~ richmonds and other neighborhood
My next item is a resolution that is in support of the city of richmonds control and [speaker not understood] reduction program. Trying to support many households under water in that area. We have a part in San Francisco where households are also under water. The city of richmond has been struggling to create their [speaker not understood] reduction program. They need a majority vote and thats not been able to do what some of the pressures of councilmember in city of richmond. The joint powers of authority is a pathway, in the state of california the pathway they are choosing. I asked the City Attorney to draft legislation to [speaker not understood] powers of authority so we can join that partnership and support many of the households including San Francisco who are struggling with even with the economy the way it is right now with under water mortgages. So, the resolution we have before us is for adoption [speaker not understood] reference calendar. I want to make sure we can actuall