Homeland security chief warned mall of america shoppers to be, quote, particularly careful, and yet yesterday it was still hard to find a parking spot at that mall. Why arent American Consumers worried if the government is . Some surprising answers on this one just ahead. Important story there. Another one as well, the president just wrapping up comments about these new rules theyre talking about for 401 k rollovers making sure the Investment Advice you get is good for you and not just for the Financial Planner or broker who is advising you. There are some concerns that people are being steered into investments that have higher fees. Theyre suitable for you, but theyre expensive at the same time, and there are cheaper alternatives. So brokers may be making more on these higher fee investments, and so the president wants to do something about that but the industry is fighting back. So we have both sides of that issue coming up a little later here on the closing bell. Yeah divisive one.
Unless we go through old rulemaking process but theres a good reason for us to participate these international forms. Financial markets are global. If we take actions to stiffen supervision and regulation states and other Major Financial Centers that packets to get similar ways we just see activity out of our borders to other parts of the consistent systems so we do want to buy discussions that lead all countries to work harmoniously together to try to raise standards and maintain a level Playing Field which explains why we participate. And i think we play a lead role organization. But you dont need to accept that recommendation verbatim, do you . We do not. And often we put in place separate standards. Thank you. The wall street journal recently reported the Federal Reserve surcharge of the largest banks is hurting us banks because it is not on par with what form regulators are applying to foreign banks and indicated the fed proposal is going beyond an international standard, roughly
Been mentioned but i would like to make sure that you keep a close eye on this because when we talk about manufacturing, the ability to be competitive and all that was ever said to me by our manufacturers were if it was a fairfield well do fine. But if the game is rigged, i dont know how we win that kind of game. And ive always had the same feeling that and my Ranking Member Sherrod Brown right next to me in ohio has dealt with this with his manufacturers as well if currency is fairly valued and we are not successful, our manufacturers, if i cant win a fair game that is on me. But if it is being manipulated against my company, it makes it awful tough to keep the workers working and to keep our economy growing, so i would just ask that you keep that in mind as you move forward. And thank you so much for your service. Thank you. Madam chair. You mentioned that the current unemployment is listed at 5. 7 . However, one alternative measure that seems to fully capture a better sense of Labor
This might be a sign of stabilization in the industry. 481,000 homes. It was little changed from the 82,000 we saw in december. That forecast was 470,000. There had been concerns about supply constraints with new homebuilders not building any particularly lower and homes and higherend homes. It looks like again we might see stabilization there. We are also seeing improvements in the job market, feeding through the home market as well. Better than estimated month over month, down 2 10 of 1 . Julie, thank you for breaking it down. It is time for the bulletin, the top business stories of the morning. Day two of jenny yellens testimony on capitol hill. The chair of the Federal Reserve will be questioned by the House Financial Services committee. Yesterday, testifying before a senate panel. The fed is coming to the end of having Interest Rates near zero. Yellen also said wage growth inflation are too high, which would argue against raising rates anytime soon. Too high . I am not sure about
And yet some continue to dismiss calls for change or more transparency at the fed. I would argue, however, that theres an even greater need for additional oversight by congress, and further reforms. Our central bank is expanding its influence over households businesses, and markets in recent years. Not only has it pushed the boundaries of traditional Monetary Policy but its also consolidated Unmatched Authority as a financial regulator. As the fed grows larger and more powerful, much of this authority has become more concentrated in washington, d. C. , and in new york. The fed emerged from the financial crisis as a super regulator, with unprecedented power over entities that it had not previously overseen. With such a delegation of Authority Comes a heightened responsibility, i believe, for the congress to know the impact these new requirements place on our economy as a whole. The role of congress is not to serve on the federal open Market Committee, but it is to provide strong oversig