Transcripts For CSPAN Key Capitol Hill Hearings 20150921

Standing up for working americans and is prepared to take on the billionaire class. [cheering] [applause] we love you bernie all across this country, we have drawn some of the largest turnouts at our rallies. We have overt that 400,000 people in this country who have made individual contributions to our campaign. [applause] word about that. You are looking at a candidate who does not represent the agenda of corporate america. [applause] who does not represent the class. Of the billionaire i stand before you today to say loudly and proudly, i do not want their money. I do not want a super pac. We will do it on our own. [cheering] [applause] i understand, i understand that when you have a super pac, you the room ofo millionaires and billionaires, and walk out with a heck of a lot of money. I get it. We will do it a different way. We will raise our funds from working people, averaging 31 a piece, and i am proud of that. [cheering] [applause] begin by telling you about an old song, reminding you about an old union song. Some of you remember it. Which side are you on . Do you remember that song . You are very lucky because im not going to sing that song to you. I cant sing, as some of you may know. In a workingclass home in brooklyn, new york. We lived some transplants here, all right we lived in a 3. 5 right controlled apartment. My family never had money. I knew from a very early age which side i am on. [applause] i am a proud progressive. [applause] i am proud to stand with the ,orking families of our country prepared to take on the powerful special interests which wield incredible power over our economy and our political life. That is what i did yesterday. That is what i did 25 years ago. That is what i will do tomorrow. [applause] and, that is what i will do if elected president of the United States. [cheering] [applause] let me also take a moment to tell you something that no other candidate for president will tell you, or perhaps, ever has told the American People. It is a simple truth. President , not bernie sanders, not anybody else can bring about the enormous changes we need to rebuild our crumbling , to do all of the things we have to do for the elderly, the children, the sick, and the poor. We cannot do it. No president can do it alone, unless we have a political revolution. [cheering] unless tens of millions of americans are prepared to stand up, to get actively involved in the political process. Clear thatt very this great country, and our government, belonged to all of us, and not just a handful of billionaires and campaign contributors. [cheering] [applause] i am here today, not just ask for your help in winning here in new hampshire, in winning across. He country if we are going to transform america, we need millions of people to stand together, to take on corporate america, to take on wall street, to take on the big money interests. That is what this campaign is about. [applause] [cheering] else. Tell you something some of you may agree with me, and some of you may not. Republicans did not win the last midterm elections. We lost those elections. [applause] the American People did not vote for a party that wants to give huge tracts rakes tax breaks to millionaires and billionaires, and cut social security, medicare, medicaid, nutrition, and does not realize the reality of Climate Change. That is not what the American People voted for. Is we had a voter turnout that was worse than abysmal. Millions of americans looked out not for me, im not going to vote, im not going to participate in the political process. Electionhat last ,ecause voter turnout was low and because all across this country, people are giving up on american democracy. Very clear. In my view, we will not retain the white house. We will not regain control of the senate. We will not gain the u. S. House, or be successful and dozens of ,overnors races across america unless we are the party that momentum,excitement, enthusiasm, and which produces a huge voter turnout. [applause] Bernie Bernie senator sanders democrats win wendy voter turnout wendy voter turnout is high. In when the when whe voter turnout is low. Our goal is to make it skyhigh. How do we do it . How to read generate the generatet how do we the excitement on the ground . How do we get those who are disillusioned back in the political process . How do we get young people involved . How do we get workingclass republicans to stop voting against their own best interest . [applause] with all due respect, that will not happen with politics as usual. Old, will notsame likely be successful. [applause] the people of our country understand that we are much better off today than we were when president bush left office and we were losing 800,000 jobs worldsand the Financial System was on the verge of collapse. Of coarse, we are much better off today. [applause] but, they also understand Something Else. Yes, we are better off than where we were under bush, but they also understand that for the last 40 years, under democratic and republican president s, the great middle class of this country, once the envy of the world, has been disappearing. , all overew hampshire my state of vermont, all over america, despite an explosion of technology and worker productivity, you have millions of people working longer hours for lower wages. You have people in my state and not work in one job, working two jobs, working three jobs, just trying to cobble together an income that will sustain their families. Today, we have almost four People Living almost more People Living in poverty than any time in american history. Once the American People understand, and what we cannot run away from, and what we have to have the courage to theess is while middle class continues to disappear, almost all of the new income and wealth that is being generated is going to the top 1 , and that has got to end. [cheering] [applause] very few people in america, no matter what their political views are, believe it is morally acceptable or economically 1 ofnable, when 1 10 of the American People have more wealth than the bottom 90 . Isy few people think that it acceptable when you have people all over this country working so hard, long and crazy hours, parents cant stay home with their kids, they are working so many hours. Yet, 50 of all new income generated today is going to the top 1 . That is not the economy that we need. [cheering] need an economy that works for the working people of this country, and not just the billionaire class. We need a Political Movement which is prepared to stand up to the most powerful people in this country, and create a government i know this is a radical idea , but imagine having a government in washington that is not controlled by Large Campaign donors and corporate america, but which represents all of us. [cheering] [applause] we need a Political Movement in the country which takes on political and economic establishment, not one that is part of it. We need a movement which tells corporate america, and the wealthiest people in this country, that yes, they will start paying their fair share of taxes. [applause] that multinational corporations are not going to continue stashing billions of dollars in in the cayman islands, bermuda, and other tax havens, while children and america go hungry. It aint going to happen anymore. [applause] no. No, the ceos of large corporations are not going to continue to receive huge compensation packages an incredible pensions while at the ,ame time they cut the wages health care, and pensions of their workers. It is not going to continue to happen. No, we are not going to continue to have disastrous trade fta. Cies like nafta, cal corporations shutting down plants in vermont, new hampshire, and traveling to other countries, and bringing their products back. We need to policies that create jobs in america, not just china. [applause] and, by the way, that means that together, we are going to defeat this disastrous transpacific partnership. [applause] we need a Political Movement which tells wall street that when a bank is too big to fail, it is too big to exist. [applause] i understand the power of wall street. I really do. I have stood up to them for a very long time. But, whether they like it or not, we will reinstate glasssteagall. [applause] and, we will create a financial makem whose job it is to affordable loans to small and mediumsized physicists so we can create jobs in america, not a Financial System as it currently exists, which is an island onto itself only concerned about their profits. Off theoing to break major Financial Institutions on wall street. [applause] when we talk about the economy, all of you know that throughout this country, there are millions of americans who are working for damn which are just too low. In my view, the federal minimum is aof 7. 25 an hour starvation wage. We have to raise the minimum wage to a living wage, 15 per hour, over the next few years. [applause] i hope that every man in his room will stand with the women, and fight for pay equity for women workers. [applause] there is no rational economic earninghy women are . 78 on the dollar to men. When we have pay equity for women workers, when we praise the minimum wage to a living wage, millions of mothers will then be able to raise their kids with security and dignity. They deserve that. [applause] i know here, in new hampshire, you see a lot of politicians tromping through your city. You are suddenly of a popular destination. You have heard many republicans talk about family values. You ever hear that . Families. Ust love you know, and i know, what they mean by family values. What they mean is that the women of america should not have the right to control their own bodies. I disagree. [cheering] [applause] what they mean by family values is that are gay brothers and sisters should not have the right to marry. I disagree. [cheering] [applause] i have four kids, seven beautiful grandchildren, and jane and i have been married for 27 years. We believe in family values, but our values are just a little different than republican family values. We believe that the United States has got to end the International Embarrassment of being the only major country on that doesonly one not guarantee paid family and medical leave. [applause] it is not a family value to tell and workingclass woman, who has a baby, that she has to be separated from that baby in a week or two weeks after birth. She has to run back to her job to earn income to sustain that family. That is not a family value. That is the opposite of what a family value is. [applause] that is why i will fight for 12 weeks of paid family and medical leave. [applause] brothers and sisters, here is the truth about unemployment. Real unemployment is not five and 1 . That is official unemployment. Counting those people who have given up looking for work. Real unemployment is over 10 . Let me tell you something of huge consequence, which very few people talk about. That is the tragedy of youth unemployment. Here are the facts. Real youth unemployment if kid, highle white school graduate, 33 . Hispanic, 36 . African american, 51 . Need a major jobs program to put our people back to work. [applause] and, the fastest way to do it is to rebuild our crumbling infrastructure our roads, bridges, rails, water system. [applause] let me tell you Something Else that i feel passionately about. The United States of America Today has more people in jail than any other country on earth. Memakes a lot more sense to for us to be investing in jobs and education for our again people than jails and incarceration. [applause] i want us to end this distinction of having more people in jail. I want to replace it with the distinction of us having the best educated population on earth. [applause] when we talk about politics, let me simply say this. I think most of you know it. Campaign finance system that we operate under his corrupt. Is it is undermining american democracy. [applause] word. T is the right when the Koch Brothers alone can spend 900 billion on this election more money than either the Democrat Party or Republican Party brothers and sisters, we are not about democracy. We are talking about oligarchy. Together, we are going to overturn citizens united. [cheering] [applause] Bernie Bernie bernie senator sanders i am likely the most progressive member of the United States senate, and im proud of that. That i without saying ofe very large areas disagreement with my republican colleagues. That is obvious. There is one area that goes , and goesappointment to embarrassment. Some of you may have seen are just the other evening at the republican debate. Is Scientific Community virtually un unanimous. Very little debate. Climate change is real and is already causing devastating problems in america and around the world. Our republican colleagues are. Repared to reject science that is a dangerous situation for the most powerful country on earth. I will tell you Something Else. It is not that these guys are done. It is that they get their money from the fossil fuels industry. [applause] and, theyre are more worried about their Campaign Donations than their kids and their grandchildren. That is a shame. [applause] must lead the world in transforming the energy system, working with china, russia, and india. We can do it. We can move to energy sufficiency. For the sake of our kids, that is what we have to do. [applause] talk about american needs, there is something beyond comprehension. I dont understand it. I dont understand how, in an incredibly competitive Global Economy, hundreds of thousands youngght, qualified people are unable to get into college, only for one reason. That is their families like the money. That is crazy. Productive tor the future of america. That is why i have introduced legislation and will fight for, as president , to make every Public College and university in this country tuition free. [applause] [cheering] it is not a radical idea. It is common economic sense to say, when young people or people of any age, need education, they should be able to get that education, regardless of the income of their family. [applause] that legislation also deals with a travesty that millions of americans are experiencing today in outrageously high student debt and outrageously high Interest Rates. Now, to lower Interest Rates of freent debt and provide tuition at public universities and colleges that is in fact an expensive proposition. I will tell you how we will pay for. We will pay for based on a tax on wall street speculation. [applause] the middleclass of this country iled out walla street, now decide for wall street to help the middleclass of this country. [applause] [cheering] when we talk about bringing our country together, it is not just the need for major criminal justice reform. I do not want to see kids lives destroyed because of mandatory minimal sentencing. [applause] i think it is time that we take a hard look at the socalled war on drugs, and the lives that have been lost as a result. [applause] think it is time that we make sure that when a Police Officer breaks the law like any other public official, the officer will be held accountable. [applause] when we talk about creating the kind of nation that we want to become, we cannot forget that there are two great 11 Million People in this country who are undocumented. Need view, we comprehensive Immigration Reform and a path towards citizenship. [applause] you are looking at a senator and former congressman who did not ,elieve what george w. Bush dick cheney, or don rumsfeld were saying about iraq, and voted against the war in iraq. [applause] [cheering] i heard the evidence. I heard what they had to say. I did not believe it. Youtube, my website, or somewhere. Read what i said back then. Im not happy. It does not made me happy to say i feared much of what would happen, in terms of the destabilization of that region, did happen. Understand, got to and i speak to you as a former chairman of the veterans veterans committee, someone who will ensure that our veterans get the health care and benefits that they need. [applause] someone who has spoken to hundreds of veterans and learned something about the cost of war. The terrible cost of war. Not just the 6700 brave men and women who died in iraq and afghanistan. Not just those who came home without legs, arms, and eyesight, but the 500,000 the quebec with posttraumatic stress disorder and somatic brain injury. And, the tens of thousands of families that have been disrupted in a way that they may never recover from. And, the children who have an hurt. And, the suicide. Anybody who does not understand the cost of war should not be in the United States congress. [cheering] [applause] that is why it astonishes me, and really hurts, to hear my colleagues talk so easily and loosely about getting into another war in iran. And secretary hard have worked long and for one simple goal. That is to present iran from getting a nuclear weapon. That is something we must do. When they have put together what they have put together is an agreement which allows us to accomplish that goal without going to war. I hope we all support that. [applause] let me conclude, and i have probably gone on too long, and. Ill get yelled at by somebody Bernie Bernie concludeanders let me by begging you to do one thing. Big, not small. Dont get into the argument whether we should cut education by 2 or 4 . Do not get into the debate about whether Climate Change is real or unreal. What i want you to think about , in the wealthiest country in the history of the world, can accomplish. That, in not tell me the United States of america, we cannot join the rest of the industrialized world and guarantee health care to all people as rights. [applause] which is why i support in medicare for all, singlepayer system. [applause] [cheering] do not tell me that, when we have a massive level of income and wealth inequality, that the United States should continue to have the highest rate of childhood poverty of any other country on earth. Slooplease do not tell me that. Me that, whenell mom and i go to work, that they should not be able to find high quality and affordable childcare. [applause] and, please dont tell me that when the United States cannot and transforming our energy system, and combating Climate Change. We can do that. [applause] brothers and sisters, we can create a nation. Which every man, woman, and child, regardless of the color of their skin, regardless of the country they came from, regardless of whether they are ,ay or straight, man, or woman we can create a nation which fulfills the birthright of all americans. That is a society of dignity, of security, and ending all forms of discrimination. Thank you all very much. [applause] [cheering] at the newsanders Hampshire Democratic party convention. Over the weekend, he also took part in a town hall meeting at a middle school in seabrook, new hampshire. We will have that for you tonight starting at 8 00 eastern. The u. S. House is not in session this week until thursday. The senate, though, will gavel in for Business Today at 2 00 p. M. On the agenda, a bill that bans abortions after five months. You can see the house lot senate live on a companion network, cspan 2. If you are heading to washington, d. C. This week for s visit, you will see many signs like this. You will see people queuing up from time to time to get tors, ahead of the popes visit. The pope, of course, addressing congress in a joint session on thursday. Again, live coverage, including his arrival tomorrow to the white house and address to congress coming thursday, starting at 10 00 eastern. See it all live on the cspan networks. Federal reserve chair janet yellen announced Federal Reserve rates will not increase yet. The committee deemed it appropriate to wait. After her remarks, she held a News Conference with the press. Janet yellen since the committee met in july, the gains have been solid. The Unemployment Rate has declined. Overall labor Market Conditions have continued to improve. Inflation, however, has lower,ed to run partially reflecting declines in Energy Prices. What we still expect is the downward pressure on these factors will fade over time. Recent Global Economic and financial developments will likely push further downward pressure on inflation in the near term. These developments may also restrain u. S. Activity somewhat, but has not led to a significant change in the committees outlook for the u. S. Economy. The committee continues to anticipate that the first increase in the federal funds when itl be appropriate has seen further improvement in the labor market, and is recently confident that inflation will move back to its 2 objective over the mediumterm. It remains the case that the committee will determine the timing of the increase based on the assessment of the implications of incoming information for the Economic Outlook. I will note that the importance of the initial increase should not be overstated. The stance of Monetary Policy will likely remain highly accommodative for quite some time after the initial increase in the federal funds rate in order to support continued progress towards our objectives of maximum employment and 2 inflation. I will come back to todays policy decision in a few moments, but first, i would like to review recent Economic Developments and the outlook. Gross domestic product has expanded at 2. 25 pace in the first half of the year. Inotably stronger outcome june than expected when participants submitted projections. Disposablen real income have increased spending. Net exports were substantially a substantial drag on gdp growth in the first half of the year, reflecting the earlier appreciation of the dollar, and weaker foreign demand. The committee continues to expect a moderate pace of overall gdp growth, even though the restraints from net exports is likely to persist for a time. The labor market has shown progress this year. Over the past three month, job. Ains average 220,000 per month the Unemployment Rate, at 5. 1 in august, was down 4 10 of a percent from the latest reading available at the time of our june meeting. Although that the client was accompanied by some reduction in the Labor Force Participation. Ate over the same period a broader measure of unemployment to include individuals who want and are available to work, but have not actively searched recently, and people who are working parttime, but would rather work fulltime, has continued to improve. That said, some cyclical weakness likely remains. While the Unemployment Rate is close to estimates of the , therterm normal level Participation Rate is still under estimates in the trend. Subdued. Th remains inflation has continued to run below are 2 objective, partly reflecting declines in energy and import prices. My colleagues and i continue to expect the effects of these factors on inflation will be transitory. However, the recent additional decline in oil prices, and further appreciation of the dollar mean that it will take a bit more time for these effects to fully dissipate. Accordingly, the committee inflation willt remain quite low in the coming months. Stay,se temporary effects importantly, as the labor market improves further, we expect inflation to gradually move back to are 2 objective. Stable. Have remained however, the committee has taken no of recent declines in marketbased measures of inflation compensation, and will continue to monitor inflation developments carefully. This assessment of the outlook is reflected in the individual Economic Projections submitted for this meeting by participants, which now extends through 2018. As announced in the minutes from our july meeting, we are also and reducing a modest enhancement to the Economic Projections by publishing the median projections across participants. Concisedians provide summary statistics. They should not, however, be interpreted as a collective view , or a committee forecast. As always, each but as events each but does of its projections are based on his or her own view of voluntary view of Monetary Policy. The median gross projection is 2. 1 for this year, and rises to 2. 3 in 2016. Somewhat above the median estimate of the longer run normal growth rate. Thereafter, the median growth projection declines to its longer run rate. The Unemployment Rate projections are a bit lower than in june. At the end of this year, the median Unemployment Rate projection stands at 5 . Down 3 10 of a percent from june, and close to the median estimate of the longer run Unemployment Rate. Committee participants generally see the Unemployment Rate declining a little further next. Ear, and then leveling out finally, participants project inflation to be very low this year, largely reflecting lower energy and not energy input prices. As the transitory factors holding down inflation abate, and labor Market Conditions continue to firm, the median inflection projection rises from just 4 10 of a percent this year to 1. 7 next year, and reaches 2 in 2018. The path of the median inflation projections is a bit lower than in june. The outlook abroad appears to have become more concerned as of late. Heightened concerns about growth in china and other growing market economies have led to notable volatility in Financial Markets. Developments since our july meeting, including the drop in equity prices, the further appreciation of the dollar, and a widening in risk spreads have tightened overall conditions to some extent. These developments may restrain u. S. Economic activity somewhat, and are likely to put further downward pressure on inflation in the near term. Given the significant interconnections between the United States and the rest of the world, the situation abroad merits close watching. Returning to Monetary Policy, we recognize that there has been a great deal of focus on todays policy decision. The recovery from the great four, andhas advanced domestic spending appears sufficiently robust that the argument could be made for a rise in Interest Rates at this time. This possibility at our meeting. However, in light of the heightened uncertainty abroad, and a slightly softer expected path for inflation, the committee judged appropriate to wait for more evidence, including some further ,mprovement in the labor market to bolster its confidence that 2 lation will rise to in the mediumterm. I do not want to overplay the implications of these recent development, which have not fundamentally altered our outlook. The economy has been performing well, and we expected to continue to do so. Noted earlier, it remains the case that the timing of the and increase in the federal funds rate will depend on the assessment of implications of incoming information for the Economic Outlook. To be clear, our decision will not hinge on any particular day the release or daytoday movements in the Financial Markets. Instead, the decision will depend on a wide range of economic and financial indicators, and our assessment objectives. Ulative let me again emphasized the specific timing of the initial increase for the federal funds rate is far less important to the economy than the entire expected path of Interest Rates. Once we begin to remove policy accommodations, we continue to expect the Economic Conditions will evolve in a matter that will war only gradual increases in the target federal funds rate. Compared with projections made in june, many participants s for theheir path federal funds rate, including estimates of the longer run normal level. Most participants continue to expect that Economic Conditions will make it appropriate to raise the target range for the federal funds rate later this year. Although, for participants now expect such conditions will not be seen until next year, or later. The median projection for the federal funds rate rises to 2016, 2 inn late late2017, and 3. 5 in 2018. In 2016 and 2017, the medians thoseout. 25 below rejected in june. The media projected rate in 2017 remains below the rate that most participants expect to prevail in the longer run, despite the fact that the median projection has the Unemployment Rate slightly below its longer run normal level, and inflation close to our 2 objective. Participants provided a number of vaccinations for their low federal funds rate rejections. These included, in particular, the residual effects of the financial crisis, which are likely to continue to constrain spending for some time, as well as headwinds from abroad. But, the restraining influence as aors on real activity restraining influence of these factors on real activity dissipates further, most participants expect the federal funds rate to move to its longer run normal levels by the end of 2018. I would like to underscore that the forecast of the appropriate path of the federal funds rate, as usual, are conditional on participants individual projections of the most likely growth, for economic unemployment, inflation, and other factors. But, our actual policy actions over time will depend on how Economic Conditions evolve, which is quite uncertain. If the expansion proves to be more vigorous than currently movespated, and Inflation Higher than expected, the appropriate path would likely follow a steeper and higher trajectory. Conversely, if conditions were to prove weaker, then the appropriate trajectory would be lower and less steep. Finally, the committee will continue its policy of reassessing proceeds from ies. Ring treasury the sizable holdings of longerterm securities should help maintain accommodative financial conditions and promote ourher progress towards objectives. Thank you. I will stop there. I will be happy to take your questions. Cnbc. Madam chair, this notion of uncertainty and economic global development, is it fair to say that you may be many months before those Global Developments make their way to the u. S. Economic data, and that you would not have that certainty that you are looking for to raise Interest Rates for many months . Janet yellen i think you can see from the projections that most participants continue to think that Economic Conditions will call for, or make appropriate, an increase in the federal funds rate by the end of this year. Moved theirants projections into 2016 or later, but the great majority of participants continue to hold that view. Of course, there will always be uncertainty. We cannot expect that uncertainty to be fully resolved. In light of the developments that we have seen, and the impacts on Financial Markets, we want to take a little bit more time to evaluate the likely impacts on the United States. As i mentioned, the inflation outlook has softened slightly. We have had some further developments, namely lower oil prices, and a further appreciation of the dollar, that have put some downward pressure in the near term on inflation. We fully expect those further movess, like the earlier in the dollar and oil prices to be transitory. There is a little bit of downward pressure on inflation. We would like to see some further developments, and this importantly is likely to include further improvements in the labor market. It would bolster our confidence that inflation would move back to 2 over the mediumterm. From the financial times. Can i ask about the next meeting in october . A livesee that as meeting even though there will not be a scheduled press conference at that time . What kind of developments would you need to see to be confident to move in the near time . , the more important Financial Markets, or the upcoming data . Janet yellen as i said before, every meeting is a live meeting where the committee can make a decision to move to change our target for the federal funds rate. That certainly includes october. As you know, and i have stress previously, were we to decide to do that, we would call a press briefing, as you have participated in to make sure you know how to participate in that press briefing, should it happen. October, 02 over remains a possibility. We will be looking at incoming developments, both financial and economic, to try to make sure we feel really that the u. S. Economy is doing well. I want to emphasize domestic developments have been strong. We see domestic demand growing at a solid pace. The labor market continuing to improve. Of course, we will watch incoming data to confirm our expectation that that will continue. Watch global, will financial and Economic Developments. I cannot give you a recipe for exactly what we are looking to see, labor market, and we would like to bolster our confidence that inflation will move back to 2 . Further improvement in the labor market does serve that purpose, to put the other things we would see that could bolster that confidence, but further improvement in the labor market will serve to do that. Jim from the l. A. Times. There were a group of protesters out here before the meeting, there was a Similar Group at jackson hole. They and others have warned the fed not to raise rates, out of concern that the labor market is not fully healed, wages have not risen fast enough. What impact has had on you and your colleagues and your decision today . Chair yellen we have been receiving advice from a large number of economists and interested groups. That is of course appropriate, and we Value Hearing the opinions of many differing groups and individuals with different perspectives. But at the end of the day, it is the committees job to come together to analyze the data that we have on the economy, to decide how it affects the outlook, and to try to deliberate and arrived at a Committee Judgment about the appropriate path of policy. That is what we did today. As i said, although we are close to many participants, and the median estimate of the longer run normal rate of unemployment, at least my own judgment and this has been true for a long time is that there are additional margins, particularly relating to very high levels of parttime involuntary employment, and Labor Force Participation that suggests that at least to some extent, the standard Unemployment Rate understates the degree of slack in the labor markets. But we are getting closer, the labor market has improved. As i have said in the past, we dont want to wait until we have fully met both of our objectives to begin the process of tightening policy, given the legs in the operation on Monetary Policy. Kate davidson from the wall street journal. Do you think over the last two months that you have gotten closer to or further away from the inflation goals . Separately, you have received a congressional subpoena related to the disclosure of information from the said september 2012 meeting, are you any closer to complying with that and have you turned over information to congress . Chair yellen your first question was have we come closer are moved further away from our inflation goal. We have used the same language, which is that we expect to achieve our 2 goal over the mediumterm. I would say, as we say in our statement, recent developments seem likely to put downward pressure. We are after all way below the inflation targets. But an important reason for that is that declines in import prices reflecting the appreciation of the dollar and declines in Energy Prices are holding down inflation, well below our target and well below core inflation. We expect those effects to be transitory, and with inflation executions, we expect inflation to move back to 2 . In the interim meeting period, we have seen some further appreciation of the dollar and further downward pressure on Energy Prices. That creates a bit of further drag on inflation that i would view as transitory. It is very likely to be transitory. I continue and the committee continues to expect that the inflation will move back to 2 . This should be a small thing. In the meantime, the labor market has continued to improve. A titer labor market tighter labor market moving toward full employment, is one that historically has generated a boards pressure on inflation. That bolsters my confidence in inflation. On the other hand, we have had a long period in which inflation has been running below our objective. I consider it very important that we achieve our inflation objective, and defend against inflation that is persistently above our inflation objective, and also persistently below our inflation objective. We want to have not only in a good degree of confidence that that will occur. We did take note in the statement of the decline in inflation compensation. It is hard to get a direct read on Inflation Expectations out of these measures. They can be pushed down by factors pertaining to liquidity, and the treasury, and the tips market, and other issues pertaining to risk premia. But we have taken note. I would say that is something that is caught has caught our attention, and factors we are watching. We would like to have a little bit more confidence, but i would not interpret development during the intermediate period as significantly undermining confidence. The labor market is really important, that as it continues to improve, it has and we want to see it improve further, that there is to bolster confidence. You asked about september 2012. We are working very closely with House Financial Services committee that requested information to satisfy their request. We are working very closely with them. From the new york times. The Economic Projections you released today show that members expressed expect a threeyear time when the Unemployment Rate will be at its lowest sustainable level but inflation will not rise above 2 . That seems extraordinary. Can you talk about why we would expect inflationary pressures one unemployment is at midlevel, why would inflation be so weak, and does it indicate that you are projecting much of the decade will pass without the fed reaching inflation target, does it indicate the u. S. Failed to do enough to revive the economy . Chair yellen we have been very focused on doing everything we can to revive this economy, and to achieve our maximum employment objectives. After we took the funds rate down to zero, as you know, we put in place a number of other extraordinary measures, including Forward Guidance and large scale asset purchases in order to speed the recovery and attain both our inflation objective and maximum employment objective. When you look at the production projection, you can see that we see sufficient growth to push the Unemployment Rate. It is already very close to participants estimates of its learn curb run normal level. We expect the Unemployment Rate to fall slightly, but participants project it will fall slightly below that level. If that occurs, we would expect Labor Force Participation, the cyclical component of that, to diminish over time. We would hope to see some decline in the portion of slack that is reflected in high levels of parttime involuntary employment. Inflation is going back in our projection to 2 . It takes until 2018 to get there, it is awfully close in 2017, and not terribly far away even next year. We have very large drags from import prices and Energy Prices. Over the next year or so, those things should dissipate, and the behavior of inflation should mainly, if our understanding of the inflationary process is correct, and if Inflation Expectations are anchored at two, if the labor market heels, and if the healing progresses, we will see further upward pressure on inflation. That is what we expect now. It is a slow process. It is characterized by lags, and that is why it takes a few years as the Unemployment Rate falls, and even overshoots is longer run normal level, it just takes some time for inflation to get back to 2 . But the overshooting helps the cap back faster than it otherwise would. It is certainly important for us and our credibility hinges on defending our inflation. Not only from if it rises above, but also if we would not have over the mediumterm that we want to see inflation get over 2 . Following are designed to we believe the policies we are following are designed to accomplish that end will do so. And will do so. Thank you. From the washington post. I want to piggyback on that question, and bring up the old threshold of 6. 5 unemployment and 2. 5 inflation, when the fed promised to keep Interest Rates low. That has assumed, or suggested the fed was comfortable with inflation rising above 2 , but you just said moments ago that you dont want to wait until inflation actually hit your target before you are ready to lift off. And wonder if you could explain that a little bit, is there a shift in how much inflation the fed is willing to accept . Chair yellen let me be clear, 2 is our objective. We want to see inflation go back to 2 , 2 is not a ceiling on inflation. We are not trying to push the inflation rate above 2 , that is always the objective. But 2 is not a ceiling, and if it were, it would have to be conducting a policy that on average would hold the inflation rate below 2 . That is not our policy. We want to see the inflation rate get back percent as rapidly back to 2 as rapidly as we can. But there are lines and the impact of Monetary Policy on the economy lags on the impact of Monetary Policy on the economy. It an employment falls below estimates of the natural rate, only then did we start to begin the word tighten Monetary Policy i dont think is right. Let me say, just to begin to diminish the extraordinary degree of accommodation for Monetary Policy, we would likely overshoot substantially our 2 objective. We might be faced with and having to tighten policy in a way that could be disruptive to the real economy. And i dont think that is a desirable way to conduct policy. Gina from bloomberg news. You mentioned earlier that there is always going to be some uncertainty in the Global Economy. Yet it seems that that is what kept you from hiking this month. How do you communicate to markets, what is the kind of uncertainty that keeps you from lifting rates, and what is the uncertainty you can overlook . Chair yellen that is a very hard question. It is why we come together and had very careful of valuations of a wide range of factors. But at the end of the day, we are focused on two things. The path for employment, and whether or not we feel confident we are on the road that will take us to our maximum employment objective, and whether or not we see the risks around attaining that as balance. Of course, there will be uncertainty around it. With that, we have reasonable confidence inflation will, over the mediumterm, go back to 2 . It is really through that filter that we are trying to look at uncertainty. Of course, there are many uncertainties in the Global Economy, but we are asking ourselves how economic and financial developments in the Global Economy affect the risk to our outlook for our two goals, and whether or not they create unbalanced risks that we want to wait to resolve to some extent. Can you talk about what foreign developments you discussed and what you are concerned about . We assume it might be tied china, are you concerned about the chinese economy slowing, the markets there . Do you have concerns about the european economy . Related to stop markets can i ask you feel how how you feel about u. S. Equity markets, because you spoke about the them back in may and you saw that they were generally quite high. Now equity prices have pulled back. Chair yellen with respect to Global Developments, we reviewed developments in all important areas before, but we have focused particularly on china and emerging markets. So we have long expected that most as most analysts have, we have expected to see the chinese rebalance their economy. They have planned that, and i dont think there are more surprises there. The question is whether there might be a risk of a more abrupt slowdown than most analysts expect. I think there were concerns about the deftness with which policy makers are addressing those concerns. In addition, we saw a very substantial downward pressure on oil markets. Those developments have had a Significant Impact on emerging economies that are important producers of commodities, as well as more advanced countries, including canada, which is an important trading partner of ours, that has been negatively affected by declining commodity prices. Net and players of energies are positively affected, but emerging markets has been negatively affected by those developments. We have seen significant outflows of capital from those countries, pressures on their exchange rates, and concerns about their performance going. A lot of our focus has been on risk around china, but not just china, emerging markets more generally and how they may spill over to the United States. In terms of thinking about financial developments and our reaction to them, i think a lot of developments we dont want to respond to market turbulence. The fed should not be responding to the ups and downs of the markets. It is certainly not our policy to do so. But when there are significant financial developments, it is incumbent on us to ask ourselves what is causing them. Of course, while we can know for sure, it seems to us as though concerns about the Global Economic outlook for drivers of those financial developments. They have concerned is, in part because they take us to the Global Outlook and how that will affect us. To some extent, we have seen a tightening of financial conditions during the interim meeting period. The stock market adjustment, combined with a somewhat stronger dollar and higher risk spread does represent some tightening of financial conditions. In and of itself, it is not the end of things in terms of policy, because we have to put a lot of pieces together. We are looking at a u. S. Economy that has been performing well, and impressing us by the pace at which it is creating jobs, and the strength of domestic demand. We have that, we have some concerns about negative impacts from Global Developments, and tightening of financial conditions. We are trying to put all that together. Important, we say in our statement, despite of all of this, we continue to view the risks, of Economic Activity and labor markets as balanced. There are a lot of different pieces, different cost currents, some street and indeed outlook and some creating concerns, but overall no significant change in the Economic Outlook. Just to piggyback on the global considerations, as you say, the u. S. Economy has been growing. Are you worried given the global interconnectedness, low inflation globally, all of the other concerns you spoke that, that you may never escape from this zero situation . Chair yellen i would be very surprised if that is the case. That is not the way i see the outlook, or the way the Committee Sees the outlook. Can i completely ruling out . I cant completely rule it out. That is an extreme Downside Risk that near the center of my outlook. Michael mckee from Bloomberg Radio and television. If the economy develops as bit projections suggest, you will see improvement in labor market, but it wont push inflation of any faster. Im wondering what the argument is for raising rates this year. Even allowing for long and variable lags, you are not forecasting and inflation problem problem that would need a faster rate path for at least a couple of years. Chair yellen if we maintain a highly accommodative Monetary Policy for a very long time from here, and the economy performs as we expect, namely it is strong in the risks that are and the risks that are out there dont materialize, my concern that will be much more tightening in the labor markets then you see in these projections. The lags will be probably slow, but eventually we will find ourselves with a substantial overshoot of our inflation objective, and then we will be forced into a kind of stopgo policy. We will push the economy so far, it will have become overheated, and we will have to tighten policy more abruptly than we would like. Instead of having slow, steady growth, improvement in the labor market, and continued improvement in performance in the labor market, i dont think it is good policy to have to then slam on the brakes and risk a downturn in the economy. Mike derby. Derby. One of your colleagues on the dot plots said they would like to see negative Interest Rates. I didnt expect to see that. What do you make of negative Interest Rates as a potential source of new stimulus if the fed would have to do something more, as opposed to go into qe. Does negative Interest Rates have any part should it be part of the feds toolkit . Janet yellen now having Interest Rates is nothing we seriously considered. One participant in the committee would like to see additional accommodation, is concerned by the inflation outlook and things that we need additional stimulus. Additional accommodation to provide that, and propose doing so by moving Interest Rates negative, that is something we have seen in several european countries. Its not something we talked about today. I dont expect that we are going to be in the path of providing additional accommodation. If the outlook were to change in a way that most of my colleagues and i do not expect, and we found ourselves with a weak economy that needed additional stimulus, we would look at all of our available tools, and that would be something we evaluate in that kind of context. Margaret singer, associated press. , says in a press. You said that you yourself expected to see the first rate hike before the end of the year. Is that still your expectation . We talked about the developments in Financial Markets and what caused the august turbulence you mentioned, you didnt mention the prospects of a fed rate increase. Do think that might have a role as well . Yesterday about my expectation, i would say i speak on behalf of the committee and try to explain committee decisions. We dont identify who is who in terms of our projections of the funds rate. I dont want to change that and have the focus be on my personal views on the past. I have characterized the Committee View as a forecast that will likely if it prevails, if thats how the economy evolves, call for a funds rate increase later this year. Ofhink thats a fair summary the committees assessment of things. Also aboute i think uncertainty of our policies. [inaudible] janet yellen i think the main drivers of the turbulence have been concerns about the Global Outlook. Thats how i read it. There is uncertainty about fed policy. As i mentioned, we are well aware that there has been a huge focus on the decision today. I would ask you to appreciate that there are a lot of crosscurrents in economic and financial developments that we ind to take into account deciding with the appropriate course of policy is. And we dont make continuous decisions every single day about our policy. We meet periodically, we do our darndest to pull together the best analysis we can into exchange views and arriving at committee decisions. I do understand that during this that everye period word that an fomc member has said has been parsed for its potential implications for what our decision will be. Thats an unfortunate state of affairs. I think its natural that you are at a point when conditions may be falling in place for there to be a shift in policy. Its natural that should happen. Goes it does to some extent contributor uncertainty in Financial Markets. Michelle, bbc news. He talked about a strong dollar. I wonder do see your policy actions affecting the dollar . Is it something you consider when making a policy decision . Policy en monetary u. S. Monetary policy is directed toward trying to achieve the goals congress has laid out for us. One Monetary Policy titans and Interest Rates rise, it commonly is the case, either when it happens or in expectation the expectation that is coming, Interest Rate differentials globally do tend to induce capital flows that have impact on exchange rates. Has somepolicy often effect on the exchange rate. In my view, the main channel by which Monetary Policy works. Its one of a number of different channels by which Monetary Policy works. It does have some impact on exchange rates. And yes, we need to take that into account. Craig from marketwatch. I want to see if you would shift gears and talk about the Housing Market. You say in the statement thousand market has improved. You counting on the Housing Market for growth going forward, especially since the Committee Sees rates rising . Thanks. Envisioning we are further improvements in the Housing Market. It remains very depressed. Housing starts below levels that seem consistent with underlying them a graphics. Especially in an economy demographics. Especially in an economy thats creating jobs, and we have people who are still doubled up in demand for housing should be there and should materialize as the job market improves. And Income Growth improves. It . We counting on housing is now very small section of the economy. It is not the driver the key ofver in my own forecast ongoing improvements in the u. S. Economy. Role, but supporting consumers pending is the main driver. Season outlook for investment spending. Expect continue to housing to improve. And remember, we are envisioning if things go as we anticipate ofa pretty gradual path increases in shortterm Interest Rates over time. To some extent, thats already embodied in longerterm rates. On the other hand, as time passes, and we move beyond the window of short rates or zero, it will be natural for it to rise some. We recognize that the Housing Market is sensitive to market rates. Its an important factor. That is something we are taking into account, in thinking about whats the appropriate path of policy. Nancy with marketplace. You mentioned youve got a lot of unsolicited advice from folks outside. Theres another side that says the fed should raise Interest Rates because keeping rates so long so low for so long has actually exacerbated the wealth gap. Do you think the fed has widened the wealth gap with its lower jeffrey policy . Low Interest Rate policy . People say that only benefits the wealthy. Janet yellen i dont see it that way. It is true that Interest Rates have hit asset prices, but they have complex effect for Balance Sheets, through liabilities and assets. , the thing the modular policy does is put people back to work. Inequality isme surely exacerbated by having high unemployment in a week job market, this is the most on thed negative affect most vulnerable individuals. To me, putting people back to work and seeing a strengthening of the labor market has a disproportionately favorable effect on vulnerable portions of our population that is not something that increases income inequality. There have been a number of studies that have been done recently that have tried to take account of many different ways in which Monetary Policy acting through different parts of the transmission mechanism effect inequality. There is a lot of guesswork involved in different analyses can come up with different things. A pretty recent paper that is come copperheads of prehensive concludes that policy is not exacerbated income inequality. [indiscernible] did a possible Government Shutdown this year play in decision today to delay the rate hike . What would you say to lawmakers that are pursuing this strategy at again . Janet yellen it played absolutely no role in our decision. I believe it is the responsibility of congress to pass budgets to fund the government, to deal with the debt ceiling so that america pays its bills. We have a good recovery in place that is really making progress. Actionsongress take that would endanger that progress i think that would be more than unfortunate. To me, that is congresss job. With formingged us an Economic Outlook that is focused on the mediumterm and taking appropriate policy action based on that outlook. That is what weve done in the past and will continue to do going forward. Steve beckner, you said in your Opening Statement that the feds policy of maintaining a large Balance Sheet by not starting to shrink that Balance Sheet by curtailing reinvestments and rollovers, that helps add to your accommodative monetary expands on top of the near zero federal funds rate. By delaying rate hikes, logically, are you not also delaying reducing the Balance Sheet . A year ago, the fomc said they would not start shrieking the Balance Sheet until it started raising the funds rate. Is that a concern that you are delaying normalization of the Balance Sheets, and was that an issue that you and your colleagues discussed . Thank you. Et yellen we have been this was reported in the minutes of our july meeting have been discussing reinvestment policy. The normalization principles beginte that we would not to either reduce or eliminate reinvestments until after we have begun to raise the federal funds rate. Exactinciples said the timing of that would depend on economic and financial conditions, and our evaluation of them. That guidance continues to be accurate. We dont have anything further on it. It is certainly true that we to beginitted to wait running down our Balance Sheet until after we have become the prices the process of normalization. Defer it is not a very large matter that we are talking about from the stimulus point of view. It is to some extent true that if we delay raising the rate, it may be delays the timing of which that process will begin. But there is no fixed we have not given some text fixed amount of time after we start. We are continuing to discuss what the appropriate timing would be of that policy, and havent made any further decisions on that just yet. [captions Copyright National cable satellite corp. 2015] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. Visit ncicap. Org] heres the schedule for congress. Thursdaye is out until until they and the senate will hear from pope francis. The senate will gavel and for day gavel in for the day. Lawmakers would consider legislation that would ban abortion after five months. See live coverage on our companion network, cspan2. The senate coming in and about 20 minutes. The popes visit to the United States. Cspan has live coverage from washington, d. C. The first stop on the post your. Tuesday afternoon beginning at 3 45 on cspan. Well live with the president and mrs. Obama to greet the pontiff. Wednesday morning on cspan, cspan radio, and cspan. Org, the welcoming ceremony for the pope as the obamas officially welcomed him to the white house. Live coverage begins at 8 45 eastern. 4 00, thet canonization of the basilica of National Shrine of the immaculate. Cspans coverage begins as pope becomingakes history, the first pontiff to address a joint meeting of congress. Friday morning at 10 00, live coverage from new york is the pope speaks to the United Nations General Assembly on cspan3, cspan radio, and cspan. Org. 11 30, the pontiff will hold a multireligious service at the world trade center. On cspan. Org. A look at some of the work underway on the National Mall in preparation for the popes visit. Hes visiting three cities in the u. S. , hundreds of thousands of tourists are expected your in washington to hear from the pontiff on thursday. That is a day that he is set to a message to a joint meeting of congress. We have live coverage on thursday here on cspan. Heres a look at one of the tickets for the telecast of the popes speak. Speech. Crowds excited together on the west front of the capital where that speech will be telecast. Pope francis is excited to make a brief appearance. Remarks now from former president jimmy carter, who gave an update on his cancer diagnosis to an audience of the Carter Center in atlanta, last week. He was joined by his wife to discuss the Carter Center global initiatives. This is an hour. [applause] sir . Pres. Carter you dont have anything to say . All right. And for the many messages you have sent since i announced i have an illness. Im getting treated for it very well. There is a new medicine that has been developed for my disease, and it is called pembrolizumab. It took me three weeks to learn how to say it. I get the treatments four times. Well have a positive effects later on. I started out with 84 ounces of fluid today and of the doctors have been back to 64 ounces a day. Instead of being productive, i spent a lot of time in the restroom. [laughter] that is the extent of my treatment. I will continue now with the notes that marion gave me about the center. We have been working on a number of issues, as you well know. The Carter Center has been establishing itself, ever since we found that it, for the future when rose and i will not be active to raise money and be here as leaders. We have a very viable and attractive and well qualified group of trustees. Roughly 22 with 11 of them being chosen by the Carter Center and the other chosen by emery and approved by us. We have a legally binding contract between the Carter Center and emery. We provide active programs and emery provides the academic Background Research and everything. It is a permanent arrangement. We have allies and friends from many countries in the world from those who have joined us in preparing for peace and helping us with diseases and those sort of things. We have an endowment that we built up that was about 600 million before the recent reductions in the stock market. Im not sure what it is now, but it is in that neighborhood. We have never taken any money out of the endowment. We are prepared financially and organizationally to continue for quite a while. We have a new Vice President that i want to introduce tonight. Would you stand up . [applause] he is in charge of all of our peace programs. He spent 24 years with the United Nations and he has been ambassador in several of the countries in which we do business. One of the things we started was monitoring troubled elections. This has been a stimulating and productive process. Whether it is just totalitarian or dictatorial government, within the Carter Center there are certain proprieties that we raise that they have to meet, we monitor their election. Sometimes the democracy will get so powerful that the opposition parties are not willing to compete with a troubled election or an honest election because they do not think it will be honest. Quite often we get permission and then we go again. We just finished our 100th election back in may. Of course our programs are doing away with troubled countries that have diseases. Is one of our primary commitments. The majority of our money and our people in dealing with health care and people who are desperately in need of that assistance. As you know, we started in 28 countries and 28,600 villages. We are down now to four countries and a few villages. We have only 11 cases in the whole world. [applause] we hope this will be the second disease ever eradicated. I hope i am living longer than it will. We have an ongoing exhibit, if you visit new york, at the americans him of national history. It has been very popular there and it will be january of 2017 . Is that right . Yes, sir. Pres. Carter we are looking at the possibility of putting some of the exhibit in london. Concentrating these past few that has not been finalized yet. The human rights defenders program, as you know we are concentrating these past few years on the horrible abuses of women and girls around the world. We had another session on that in february of this year and we talked about how women have been so vital in promoting peace. They are the ones who are the foremost most of the battle for peace because they are the ones experience the deleterious effect of all, on their homes and the people they care for, their children. This fall, later on we will have a special program in ghana where we have both muslim and christian leaders who have already been trained in nearby synagogues and they will come to ghana. I was going to go but my doctor wont let me go. Other people will be representing me. We are continuing to promote the concept and religious scriptures in the bible and the koran and so forth. There is no allegation by god or allah that women are inferior in any way. Which right to point out those places in the bible or the koran that guarantees equality of treatment. To make sure they know about these facts. Recently i have been traveling a good bit, about as much as i ever have before. I was in the gulf states with rosa, raising money for the program that she will describe later on for Mental Health. Dealing with some of the richest people on earth. We went later to russia with a group of people called elders. There were six of us and we met with former president gorbachev and other leaders. We spent almost three hours with president putin, in a private place where he lives, and we discussed all the items on the agenda with president obama and other leaders around the world. It was an extended conversation, but he was saying how much he has been working with the Opposition Forces in syria, along with the leaders in syria. He is try to bring the two together. He says that what he hoped to see develop, was an arrangement whereby russia and the United States could sponsor a session with three other countries, one would be iran, another saudi arabia, and a third turkey. If you think about the geography and the politics, that is a wise decision. If you brought them together, they could agree on any decision for syria could be likely accepted by other countries. I said, what did obama say when you mentioned it . He said, i have not brought it up with him yet. I said, do you mind if i do that for you . He said ok. So the next day i sent president obama and secretary of state carry this proposal, and shortly after that, secretary of state kerry went with me to putin to support that idea. We need to do whatever we can with russia and china to promote peace and harmony in the world and future Economic Development for everybody. China, by the way, as you know we have the First Official visit of president xi jinping with president obama later this month. He has been in office for a long time. I would say he is the most powerful leader in china since xioping. It is great to see the United States and china cooperating whenever we can. Treating each other with respect and as equals. China has emerged to be one of the greatest powers on earth. China announced then under deng xiaoping, that they would be open and reformed. They have reformed their government insofar as freedom is concerned, but they also have diplomatic relations with us every country on earth. They have become the secondlargest economy in the world and are destined to be the top economy on earth. They have some great challenges ongoing in china right now, with which xi jinping has to deal. I hope is that he can find Common Ground on as many things as possible. Since we normalized relations, since 1980, china has not been to war with anybody. My hope is that china and the United States can cooperate and bring peace to troubled places in the world. That is happening this month. Another problem we have, that is ongoing, that i have been asked to mention, is the right of people to have access to information. We call it ati programs. So citizens of Different Countries can have the legal right to know what their government is doing. What kind of contracts, what kind of sales are made, resources, things of this kind. We take it for granted because we have had partially implemented laws for quite a while. We are trying to do that with countries all over the world, and we are working very hard. Additionally, in the last year or two, to make sure that women have the same right to have the same access as men to the legal insight into what the government is doing and what their basic rights are. What agricultural assistance they can get. We found that in guatemala, and liberia, women are greatly deprived on an equal basis of having the same access to information as their husbands. Now, to get back to the diseases, that will be a last thing i mention. We just finished administering our 220 million dose of medicine that deals with river blindness. The Carter Center has been transforming asia in changing our basic goal in dealing with river blindness. In the past we just try to control it by giving one dose of medicine to people that have river blindness and will not have it for another year, and need another dose. But in latin america, they have found out if they get more than one dose per year, up to four, that we could completely eliminate the disease from that country. We have done that in four countries in latin america, and with the exception of one little tiny tribe on the border between venezuela and brazil, we have done it. We will soon be free of river blindness in the entire hemisphere. We have taken that knowledge to africa, and instead of just trying to control her blindness control river blindness every year, to completely eliminate it one country at a time. We havent yet set a goal of doing away with it for the entire world. We are just dealing with it on a country by country basis. That is elimination, not total eradication. Elephantiasis and malaria, we can treat them together because it is caused by the same mosquito. If we can get rid of the mosquitoes we can treat both of those at the same time. We are doing that all of her nigeria. All over nigeria. Weve also talked that the only place in this hemisphere but still has malaria, is hispaniola, haiti and the Dominican Republic nextdoor on the same island. We have been able to reduce the amount of malaria in the Dominican Republic by two thirds and haiti by 33 since the equator. As far as haiti is concerned, we have reduced malaria by 80 , since the earthquake took place. Those are the things i wanted to say to bring you uptodate and i will turn the problem now over to the boss of the Carter Center. [laughter] so rosalynn, you take charge as you always do. [laughter] rosalynn this is a program we started 19 years ago. We were sitting around thinking what else can we do about overcoming stigma. Someone said, since the president has such an impact of what people think about Mental Health issues, why dont we bring some reporters and train them so that they can report accurately and indepth. This is our 19th year. We have trained 165. We have six from our country every year, and we have expanded it from new zealand to south africa and columbia. We do them one at a time, and we usually choose another country after the last one. Colombia this is my Favorite Program of the year. It is so exciting to see people coming from all over the country. We had 117 applications for the six slots. So many people are interested in Mental Health now. Its getting to be really excited. The incoming report on what they will be doing and the outgoing fellows report on what they have done. Its been a really good day to hear from them. We have five fellows here from colombia. They do it a little bit different. Instead of having one person on one issue, they have two. So we have five. Not sure where the extra one came in. [laughter] colombia has become a model for them, it is based in la sebata university, just outside of bogota. The whole university has supported the program. It makes so much difference if you get the Program Based with those who will really work on it. All of them have been good, but this has been special. We did an evaluation of the program this past year, and learned about so many things that have been going on. I brought the colombians here in person to report on that, the projects they have had. I will point out a couple of them. The Health Superintendent forced to resign. The government announced he would shut the hospital based on reports of inhumane practices. Formation of Quick Response to Mental Health service teams. This is just something that had never happened