Cspan, created by americas Cable Companies 35 years ago and brought to you as a Public Service by your local cable or satellite provider. Today independent vermont senator Bernie Sanders Ranking Member of the budget committee, outlines his ideas on the economy and the middle class and his legislative priorities. Live coverage at 10 30 a. M. Eastern here on cspan2. Treasury secretary jack lew testified thursday before the Senate Finance committee on the president s 2016 budget request. He discusses many of the proposals in the 4 trillion plan along with other related topics. This is just over two hours. [inaudible conversations] [inaudible conversations] [inaudible conversations] the committee will come to order. [inaudible conversations] the committee will come to order to. Todays hearing is on president obamas budget for fiscal year 2016. I i want to thank secretary lou for appearing before secretary lew for appearing before us today. And im not going to sugar coat anything. Instead,
I want to talk about an area that i talk to you once before about Community Banks they were not the speculators that brought about the financial collapse then theyre trying to figure out a way to remain relevant. During the tarp time the preferred stock of Community Banks or now held by treasury considerations of treasury to make it easier to be able to recoup theyre preferred stock. We share the view that Community Banks way a Critical Role in local economies and in creating an engine for Small Business growth and local economic activity. We have in the incb t. A. R. P. Program to work with Community Banks. Appreciated. I was interested in your exchange in regards to the us harmonize with the Unit International community and the fact that we have high Corporate Tax rates and i i also was interested in the exchange on simplification where you are trying sen. Wyden wants to get the code much more simplified command i agree. I would put in the plug that you take a a look at the progressi
The Export Import Bank is a critical component of our export strategy. In a world where nobody had export subsidies, one could have a conversation about whether or not we should have one. But in a world where our competitors have export programs, and we might not, thats putting a burden on our exporters thats just not fair. If youre selling, you know, from washington state, i know aircraft are a big issue, if youre selling aircraft against companies that have export financing, because of programs like the Export Import Bank, and we dont, thats something that you cant make up for just by running a tighter operation. Now, we have discussions going on on an international basis to see whether we can on a global basis lower the export subsidy programs. In that kind of an environment, it would be a different question. But we cant unilaterally put our companies in a position where exporters from other countries have export support, and they dont. So i think the reauthorization of the Export I
In asia the shanghai composite closes lower after an erratic session that saw shares dip into direction territory. The french drug maker with one of the best performing stocks in europe with reports that pfizer is eyeing a takeover bid. You have a duty to change the face of fifa. These are the words of Sepp Sepp Blatter speaking ahead of a vote on his reelection as president. Italys numbers just hit the table. Growing 0. 3 from the First Quarter from the Fourth Quarter of 2014 confirming a preliminary estimate and also revised up to 0. 1 year over year. Taking a look at the euro a little higher holding on to 109. A similar level that it traded at yesterday. We should point out as we hit the halfway park in 2015 italy is actually the out performer. Ftse mib up 24 year to date. Greece is a top story for us. Theres more mixed messages in the situation in greece. Lagarde warns a grexit could be possible but would not mean the end of the euro. Meanwhile the greek government hopes to wrap up
The finance committee will come to order. The u. S. Tax code is infected with the chronic diseases of loopholes and inefficiency. These infections are hobbling americas drive to create more good wage, red, white and blue jobs here at home. They are a significant drag on our economy and are harming u. S. Competitiveness. The latest outbreak of this contagion is the growing wave of corporate inversions where American Companies move their headquarters out of the United States in pursuit of lower tax rates. The inversion virus now seems to be multiplying every few days. Medtronics proposed merger was record breaking when it was announced in june. But the ink in the record books had barely dried when abv announced its intention on friday to require shyer for almost 55 billion. According to the july 15 edition of marketplace and im going to quote here whats going on now is a feeding frenzy. Every investment banker now has a slide deck that theyre taking to any possible company and saying, yo