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tv   Key Capitol Hill Hearings  CSPAN  August 31, 2016 8:03am-10:04am EDT

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regularly they use it. if they get something wrong, do they keep up or -- give up or keep going. that is resilience. we started that in the bay area hoping to get 1% of eligible students, third through 12th grade participating. we got close to 10% participating. a large segment, majority came from free and reduced lunch schools and we saw more really high fidelity personalized enblended learning implementation we have seen in the past four or five years. that pilot we did with google. this year, we said can we expand it to more geographies. chicago was really interesting to us. it was really urban and there is the chicago public school system and surrounding areas. we connected with mark and we saw a lot of kindred energy around that. so we did learn storm this year
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in chicago in bay area with google, in idaho with the albertsons foundation. idaho is rural area, how do you reach people all over the state and did it in ireland as well, the country of ireland. we can talk more why we did that. this year is pretty incredible. we finished the last stages of learn storm. we'll have the physical finals event but we saw in these geography, 10 and 15% of all third to 12th graders in major urban areas or states or countries participate. so it is pretty exciting. >> mark, before i go to you let's show the video and let people get a sense of it. take a look. >> sure. ♪ [applause] >> we are the inaugural group to
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bringing learn storm to all students in chicago. [applause] >> this idea that you provide the right resources and you have you enough determination, you can learn anything. [applause] >> so the whole spirit of learn storm we have practice the mind-set and now you can build it. ♪ [applause] >> with learn storm, 2015 taking on tomorrow, you guys will have the opportunity to do and be whatever you put your mind to. [applause] >> there is no real limit to learning and it was, beginning of the day, end of the day, or beginning of the year or end of the year, your opportunity to learn does not end.
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[cheers and applause] >> we couldn't have asked for a better launch to begin with because the energy in the room was amazing. one of the things that is true, once you engage in the courses and the challenge, learn storm, it gives you energy. >> i think people look to chicago as a leader. i think we can do learn storm here like no other place. it will set amazing example for the rest of the country and maybe the world. >> you say strong and learn strong. learn storm. [applause] >> that was a pep rally. so why was this interesting to you? why were you, why did you want to pursue this partnership? >> thanks. first and foremost. welcome to the grand hyatt san diego. >> thank you for hosting us. >> appreciate it.
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so, this actually started off in a very unusual way. we, we were finding that around the world so many of our teams in different places, brazil, india, and several cities in the united states were finding that we were having great success in bringing people in to the hospitality industry out of, really disadvantaged backgrounds. people who were disengaged or disconnected from either school or jobs. we have a magnificent opportunity to bring people in with very limited skills and then help them grow. and so our idea was, i, we wondered how we could actually craft some life skills in a distributed format and make it available to a large number of people? we could scale that. and try to facilitate bringing more people from communities into the workforce, not just work at hyatt but more broadly. we immediately thought of khan
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academy because what we were concerned about is this is community of people. i heard in your last session that 36 million people, in the united states, arne duncan said half the black male population in chicago 17 to 24 is either not in school or not working. so it's a large community of people. in order to provide them with resources and skills, you have to do it in a way that is not only accessible to them but also something they could embrace and is not demeaning and it is not, it is something that is truly engaging in truly authentic way. we immediately thought of khan academy. the ethos of khan academy is brilliant delivering real authentic engagement and one that is, not perfect. it is authentic but you know authenticity beats perfection every time.
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we approached sal. when we sat down we had a long discussion about empathy and how they built what they designed in what they did in authenticity. we realized this had broader application. learn storm, one of the key points of learn storm, this growth mind-set, we've been working on design thinking at hyatt for years and trying to expand that and growth mind-set is essential, to actually practicing that. the connection to believe what they were promoting and what we were working on in the country was aligned and we had common view about mission. so, we said, look, we want to actually, longer term, we do want to turn to building these resources out for skills development and life skills. but meantime, this is superpowerful. we would love to help you and partner with you learn from chicago. the scalability of it is also quite stunning. we saw the effect of that in chicago and chicago is in a
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place right now where more engagement is absolutely necessary. >> i was going to say chicago public schools have been struggling. certainly recently we heard all about the problems. how did that affect your thinking in doing this and urgently and both of you focusing on chicago? it wrapped up april 1st, right? >> yes. it i would say provided me a real sense resolve. would i add quickly the first step we took was to enlist city hall and the districts, not just chicago public schools, because this was five counties around chicago. the an enthusiasm and the optimism for what impact this could have was unbelievable. so i think, the senior leadership was immediately supportive and said this is exactly what, you know this is the right time for this, yes. there were all sorts of headlines about lots of fiscal issues and lots of conflict within the district, chicago public school district in
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particular, which is one of the reasons why they believed this was a great thing to do and a great time to do it. the head of cps in particular is very focused on personalized paths for learning. he recognized actually how powerful learn storm and the khan platform is toward that. >> you both mentioned growth mind-set. sal, just for anybody here who doesn't understand the idea and talk a little bit how you integrated that into learn storm. >> growth mind-set, it got popularized with the research of carol dewitt at stanford. this idea broadly speaking in given dimension people have two mind sets, fixed mindset or growth mind set. the ones that has math gene or i don't. growth mind set says i don't know what my potential is. only way achieve it to keep stepping out of my comfort zone. i'm willing to fail and embrace the failure and willing to keep
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going. studies show successful people have a growth mind-set. they always step out of their comfort zone and push themselves. that is only mildly interesting that carol in her research and angela duckworth studies on grit, related idea in university of pennsylvania you can do interventions of people take them from fixed mind-set to growth mind-set. we've been studying this on the khan academy platform. we had a test with carol and her lab ad stanford. doing math exercises on khan academy. the brain is like a muscle, more you use it stronger you get. get neural responses from what you get a question wrong than when you get a question right. we saw significant increase in engagement from students. in khan academy we're building a platform where people can tap into their potential. they literally can learn anything they want to learn
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especially in the core academic subjects but how to get more into the right mind-set to take advantage of these things. some of the studies with carol got us thinking. if we could tie together virtual, physical, partner with key stakeholders whether industry, teachers, districts, parents and create a community groundswell around mind-set and learning and not just talk about it but give them something to do around it that is actually tied to what matters. the work these student are doing, these, they're doing common core exercises but they don't -- it's fun. >> it is fun. >> mark actually did a significant amount. we looked at the data. [laughter] but it is, i mean i encourage everyone here to try it. the exercises are always available even outside of learn storm. it's a game where you're learning common core mathematics at your own time and pace f you're a ninth grader and have to remediate your sixth grade math. you don't have to feel ashamed. no stigma, and get credit for
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learn storm showing grit and perseverance. advanced student two or three grade levels you can work on that and you're working together and your school gets together. as a community how much grit and resilience your classroom shows? the growth and mind-set, one way to think about learnstorm, we're hoping to do it in many more not just nationwide is mind set intervention, where you literally if we move the dial and number of people in the country, maybe one day in the world that actually have a growth mind-set that actually directly i think will measureably address many so of the things ted was talking about in the last panel. >> i would add quickly, this was designed obviously to enlist students. and it's remarkable. i think the final tally is around 100,000 students in the five counties around chicago we're engaged in the competition which is absolutely remarkable but we decided with sal sort of
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instigation and maybe support to actually launch learnstorm as a competition within hyatt. we released it and ran a cometics within the company. we had over 5000 participants sign up quickly and we ran through sort of the several week period and what came out of that was, just, absolutely unexpectedly inspirational. i got notes from colleagues of mind, one in particular, in lake tahoe who said she always struggled with algebra in school. she squeaked by with a c. it would always bother her that she didn't have that skill. when she saw what was available, she realized she could do it at her own pace and learn but also push herself and she was, you know, unleashed. she basically felt like she was able to accomplish something to take it to the next level. we have another colleague who is a single father whose daughter was having problems with math. he didn't feel enabled to help tutor her and through the
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exposure that he saw through learnstorm he actually introduced khan's, the platform to his daughter around he is now tutoring her with khan's help. so these are the kinds of things that i think are also, they're deeply emotionally important and inspirational and really meaningful but in all cases, based on the design it really promotes going back and not just recognizing that failure is a part of the process but going back and a mying yourself more and more to those areas. it has been amazing to see that come to life, for adults. in addition to the children that were impacted by the program. >> let me ask you a take a step back a bit as a global ceo, both of you as global ceos. what do you see as the most, urgent pressing thing, challenge in education that, in your mind this addresses? that you're dealing with,
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whether it is through hiring and what is happening in the work place and what you're seeing as well? >> i would say, much more focused on learning, not so much education per se in the sense that it is not an educational system. it is really the learning process i think we're focusing our time and attention on. increasingly in every market in which we operate we have 650 hotels in 52 countries, 100,000 colleagues around the world and what we see is that the opportunity gap, the skills gap, the knowledge gap, and the income gap that results from all of that is the alive and well everywhere and widening everywhere. every single market that we're in it is particularly pronounced in a few markets where we focused a lot of attention we recruited from disadvantaged areas. india and brazil are focused a lot of time on, pulling young girls out of favelas and slums
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learning skills to get a job and develop from there. and, so we see that is the number one issue we think we can make an impact on in the world. it happens that our industries is well-suited to that because we have great entry level opportunities and with the help of partners like khan a canned my i think we can bring great tools and resources to bear. i'm learning as we did this in chicago there is a great community of people involved in new learning models and new engagement models. we discovered that this was really a broad community effort. we had library system. we had local institutions. we had obviously the districts and superintendents. this is innovation that sal's team came up with. they created this core of ambassadors and the ambassadors were teachers who were particularly passionate about this, who sort of spread the word and spread their passion for this.
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took very much community effort to bring this together to make it effective and key people in the district. what we're seeing there is opportunity to create more of an ecosystem that covers not just kids but also young adults who are, they're out of the school system and they're out of jobs. they're out of the workforce. and there has got to be a vehicle, a way for us to re-engage them. and tools and resources khan has got and this visibility to how you could actually assemble an ecosystem that would make that effective to pull people back in, through learning and also through linking it to a job opportunity is a big, big opportunity i think. >> sal. >> well you know i think as a society we have kind of almost existential question in front of us. the labor model or the workforce model that we have today is artifact of the industrial age where kind of a pyramid where it
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worked. you had a large need for labor. there was in between layer of information processing, a lot of white-collar jobs and at the top you could say have creative class, owners of capital, people that owned enterprise, entrepreneurs, researchers, the artist, things like that and the one thing that's clear, the writing is on the wall, that is contributing to some of the wage gap and inequality we're seeing over last several years automation is making labor for sure less relevant. it started with offshoring where you go from cost areas to low cost, you get to robots, what are those people going to do in low-cost areas? even information processing middle layer of white-collar jobs. computers are really good at that. seeing artificial intelligence hit its stride. society has a question, bottom two layers, even though aggregate productivity is increasing, the bottom two layers are getting collapsed.
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what do we do with the increased productivity? does it just accrue to top layer and we redistribute it all some way or do you dot aspirational thing, i think we invert the pyramid some way. you get many, many more people in the ability to be entrepreneurs, to be creative, to exercise creativity. the only way we can do it, is educate many, many more people at scale. a experiment that i give a lot of time especially within our team, if you were to go back 400 years in the past, western europe which even then was one. more educated parts of the world, one, five, 15% of people knew how to read and ask percentage of clergy, what percentage of population was capable of reading, perfect education system maybe 40 or 50%. you fast forward today, that would have been a widely pessimistic prediction.
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that is pretty close to 100%. that is by-product of the industrial age public education system, et cetera, et cetera. now today this question of this pyramid, if i were to ask anyone in this room percentage of people are capable being in the top of the pyramid, what percentage are capable of starting research or tech ed company or being an investor or artist, whatever it might be, i expect a lot of people in the room would say well, 10% with a great education, maybe 20? my personal belief, we're starting to see date in khan academy and learnstorm, and allow people to fill their gaps and don't hit the wall in algebra and don't hit the wall in calculus because of the weakness in algebra, i think a large percentage of the population is capable of learning quantum physics or genetic research or a cure for the next disease. i don't think it is just nice to have.
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the pyramid inversion of it is existential question for society over the next, 10, 20 years. >> credentialing, you're working on it, talk a little bit about that and what it means for your business too. >> well, you know, education is at least two, maybe three things. there is learning part of education, getting the skills. then there is, how do you show proof of your skills to the world? then you could also argue there might be a socialization, how do you learn to work with other people in your community. but the credentialing piece is key. i think a lot of structural unemployment there is a skills gap and signaling gap. a lot of people have the skills or they're close but hard to prove they have the critical thinking or writing or personal skills to plug into that new career. something we aren't doing yet, when we talk to folks like, hyatt and other partners, we were talking to another one of our supporters at&t, earlier
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this morning about exactly this issue. how do we get a world through chan academy and a lot of efforts everyone in the room is doing how do they improve what they know and employers that employ all people at all different levels recognize that and use that and start to bring them into the workforce. >> something specific you want to talk about on that front or no, not yet. >> it is early. interesting one of the first times we got together and we were talking through a number of different issues including the primaries as i recall, how it opens the primary season, that was interesting discussion, we won't go there. but, so, one of the things that sal immediately identified was this issue about the fact that there is a disconnection in signaling and credentials because i was explaining to him that we were, we were supporting and part of the 100,000 opportunities initiative which is an initiative really kicked
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off by howard schultz's foundation being run by sort of the aspen institute to enlist big employers to pull what they're referring to as opportunity youth. same population that arne duncan referred to last night and we talked about earlier into the workforce. so i described the first engagement that we had, the first event to sal, which was, a few thousand people this chicago came to a job fair with biggest employers part of the 100,000 opportunities. we met a large number of young people who they thought could make really, they believed could be great great entry level employees at hospitality because how they presented themselves and what they were able to bring to bear but to a person my colleagues says there is zero chance we would have ever interyou viewed them because they have no resume' and there
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is nothing to look at. immediately he said there has to be a different way to think about a credential than a high school diploma or some other institutional, institutional evidence of success or evidence of completion. and i agree with that. i think the challenge right now, the other thing that sal had an idea around was, if you actually had a network of these kind of employers, and one of those employers, let's say was walmart that met the young person who they thought had a great opportunity, if they actually credentialed that person or designated them as someone they would qualify as someone they would interview for a job, we could look to that as a proxy for our own credential. then we could in effect enable a group of people to be now in that flow of interviews and job opportunities. so i think this is a very important element to this because the population of people
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who are disconnected from school at this point you but also disconnected from the workforce there has to be a path and there has to be a different path and i think there are a number of credentialing ideas, some of which i think link directly to khan academy and its platform but maybe even broader than that, around life skills. >> i have to ask you, khan academy has been enormously successful. you've made huge strides. you've been at this how many years? >> depends when you -- i started doing my cousins 12 years ago. the domain name khan academy was about 10 years ago. i set up as a not-for-profit in 2008. in 2009 when i quit my former career to do this. >> do it full time. as much progress as you have made on this front, do you think anything you've done or are doing is going to fundamental change public education in k-12? if not, you have this room full
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of people, governor, bill gates, all these great minds, what do we have to do to get at that? >> yeah. i mean, it's interesting because in a lot of ways some things have happened actually far faster than i would have expected, some things not as fast all of us would hope. things that happened faster, is, there is a lot of ed tech investors here. prior to 2008, 2009, people didn't think there was, ed tech was almost third rail of venture capital investing but khan academy and others started to show there is, there is a hunger. students are out there trying to fill in their gaps. they're willing on their own time trying to pull it. it was happening at scale and continues to grow dramatically. we've seen that. we've definitely seen the conversation. ed schools have been teaching about differentiated instruction forever but we're saying wait, the tools are starting to exist
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where there is very doable. learnstorm we have large fractions of these areas doing personalized instruction where 20 years ago would seem like science fiction. people learn at their own pace. not lecture based but more one-on-one and not group instruction. the fact we can engage regions in this way is pretty incredible. one of the things i've been, almost every night i think, more dots get connected. this partnership with the college board. the college board, creators of the s.a.t. and the s.a.t. has been around for, college board has been around for almost 100 years and the new president, first time recognized look, there is this whole industry that unlevels the playing field around test prep. they reached out to us. they had seen work we had done around common core and adaptive personalized learning and they said would you be willing to do something like that for s.a.t.
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that makes it free? we been careful to use the word s.a.t. prep. s.a.t. prep has been around tricks or how you just game the exam but they wanted to work with us because we were about real learning. if you're having trouble with the algebra problem you can still learn it or remediate it and go back to the arithmetic or whatever. we've been working with them on that. this past s.a.t. administration was first time. 50% of the all the students who took s.a.t. used it. we've seen a 20% reduction in paid test prep. we've seen usage was even across all demographics. . .
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>> we can personalize that for the students and then we can see how that affects them when they take the sat and move further on when they go to college. a lot of what i just said is even to myself five years ago would've felt like science fiction. what i'm excited going forward is leveraging this, these multiple platforms partnering with many people in this room. it will be a collective effort but i think in 10 to 15 years which is in a long time in the whole scheme of things we will have a world where if you're in the developing world and you don't have access to school to a smartphone or a tablet you can literally self educate, prove what you know and plug into
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meaningful careers but if you're in the world most of us live in, you will be able to supercharge what's happening in the classroom where instead of these paper books that weigh 20 pounds and not personalized, you have resources that not only allow you to get your core skills, you can have labs, create portfolios who, in class time will be free for more student interaction. those artifacts, these portfolios are going to give us even richer information for the people that we want to work, we want to fund, and allow people, poor people to enter the top of the pyramid. >> one of the and the singing leverages is the platform, you can build skills on your own and then free up classroom time to truly engage. i see a clear direct corollary to our business people are trying to take the
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administration out of our colleagues hands so if you're not stuck sitting there doing administered task in front of the cast but provide them so they can engage authentically in a way with our guests. same thing happens in the classroom but you need the tools to be able to do that. in our case are but a platform, sort of take all of the administered burden off of the plate so they can authentically engage in the khan academy case, nuclear learnt a lot of these things on your own if they would get to class it can be more active and engaged. i think that's so powerful both in a work context and in a school context. the other thing is you talked about earlier today agency, just being able to take more control over your own path and your own growth and your own learning. it's got obvious benefits but it's also, there's something
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deeply sort of respectful of the human spirit when you do that, we put that in someone's hands. it often bolsters your self-confidence. it makes a big difference from an emotional perspective in terms of how you experience a learning and how you build confidence over time. that's a special gift embedded in what he has built because that's really an emotional connection that those people, those kids will carry with them forever. i think that really enables amazing things for the future. >> we have a couple of minutes left so let me have you both comment in closing on how important the public-private partnership is in going forward especially. then where you see long-term going. to mention ireland. what are the longer-term goals? >> ireland is interesting because to some degree the precursor started there.
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one of our board members as a rail the tv show in ireland. he said that's a good idea. we are in the works right now of figuring out how to get this into the regions, how to go nationwide. won't work with districts, teachers and with corporate partners to make this literally like a nationwide growth mindset and finch, change culture around learning. so that's key to us. the public-private or not in gl for profit corporate partnership is key. we are not for profit. we are funded by philanthropic and partnerships like this and it isn't just the financial resources that allow us to build khan academy and do things like that. it's the expertise, the know-how. if we can start connecting you learning on khan academy to authentic career paths and industry and things like that, that really starts to take us to where the future needs to go. >> i would just say this whole
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experience has been inspirational and it's been a very personal one for me personally but also for so many members of my team. one of the reasons we found so much meaning in it is because we as a workstation or purpose driven. our purpose is to care for people so they can be the best. with the our learned storm has helped care for people in a favorite explicit way. it propels them and enable them to be the best. for us it was a fulfillment of our purpose but i do think the sense of perspective, what you described earlier and around on the ground of what's going on with workforce and with young people who are disenfranchised at this point is certainly a huge motivator. i think it's necessary for employers and enablers and providers but also institutions
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to actually align around what is at the design principle we are going to align around and what is, iis it that you would want o have? the one thing demonstrated is you can skip impact enormously. and also the impact has been super deep. it's a great model. >> thank you so much. appreciate it. thank you, everybody. [applause] >> with the house and senate returning from their summer break next week, on thursday at 8 p.m. eastern we will preview for key issues facing congress this fall. federal funding to conduct the zika virus. >> women in america today want to make sure that they have the ability to not get pregnant. why? because the mosquitoes ravage pregnant women.
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>> today they turn down the very mining that they argued for last may and decided to gamble with allies of children like this. >> the annual defense policy and programs a bill. >> all of these votes are very vital to the future of this nation in a time of turmoil and a time of the greatest number of refugees since the end of world war ii. >> gun violence legislation and criminal justice reform. >> every member of this body, every republican and every democrat once to see less gun violence. >> we must continue to work the work of nonviolence, and demand an end to senseless killing everywhere. speed up and the resolution for congress to impeach iran's commissioner john koskinen. >> house resolution 828 impeaching john koskinen, commissioner of the i arrest for
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high crimes and misdemeanors. >> we will review the debate with senior congressional correspondent for the "washington examiner." join us thursday night at eight eastern on c-span for congress this fall. >> throughout this month we are showing booktv programs during the week in prime time. booktv on c-span2 takes our public affairs programming and focuses on the latest nonfiction releases through interviews and discussions.
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>> booktv on c-span2, television for serious readers. >> we are live from the brookings institution waiting remarks on treasury secretary jack lew. he will be getting a preview of the upcoming g20 summit and u.s. priorities for the meeting taking place in china on september 4 and 5th are president obama is expected to attend. again we are live at the brookings institution. we just learned secretary lew is running a few minutes behind but we will have live coverage of it here for you in just a moment on c-span2. [inaudible conversations]
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[inaudible conversations] [inaudible conversations]
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[inaudible conversations] >> once again live at the brookings institution of waiting remarks from jack lew. you will be giving a preview of the upcoming g20 summit taking place on september 4 and 5th in china in which president obama attend. treasury secretary running a few minutes behind. we will have live coverage when it starts. we have more live coverage coming up today on c-span2 starting at 11 eastern, a discussion on how pols reforms can improve economic conditions in this nation and in other countries. panelists will look at ways the next president could boost prosperity. the heritage foundation posting that discussion. also coming up live today at 1:20 p.m. a discussion on the zika virus with dr. anthony fauci. he was director of the national institute of allergy and infectious diseases.
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a number of other specialists again at 1:20 p.m. eastern. at 5 p.m. president obama will take part in the lake tahoe summit was the minority leader harry reid it also california governor jerry brown and california senator dianne feinstein among other speakers. that will start at 5 p.m. eastern. coming up on road to the white house coverage today at noon eastern, hillary clinton will be taking part in the american legion convention in cincinnati, ohio, and that will be live at noon on c-span. tonight at nine donald trump will outline his immigration plan. using phoenix, arizona, also will be meeting with the president of mexico today ahead of that speech. live coverage at nine tonight of donald trump with his immigration plan here on the c-span networks. it will be specifically on c-span at nine.
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[inaudible conversations] [inaudible conversations] [inaudible conversations]
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still a couple minutes away from treasury secretary jack lew with a preview of the upcoming g20 summit. while we wait for secretary lew we will look at what books a number of senators are reading this summer. >> booktv visited capitol hill to ask members of congress what thbe reading this summer. >> as i mentioned before i usually keep a book on my nightstand in indiana as i travel back and forth every week. sometimes more than once a week. i keep a book on my nightstand here and my place in washington so before i go to bed i always try to get some good reading in. then i have my on the plane book which i read going back and forth. so not surprisingly to books and reading your in indiana have
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just finished incidentally. jack kemp's book. i was a very close friend, colleague to jack kemp. we had a good personal relationship and so it's interesting to go back and read some of that history. also the latest book here on politics which fits from washington is mitch mcconnell's book, the long road, what is it? along gain, title anyway. i thought since he's my boss and gave me a free book i have to read it. since i see them everyday, i just read chapter seven. i didn't know this about you, et cetera, et cetera. in my book on the plane is a new book about churchill that was written by the former mayor of london, boris johnson. i'm a big churchill than the i've read every book i can get on churchill but this one is a
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different perspective and a really recommend it to people because it's a totally different look at churchill, different perspective but i'm enjoying that. i'm right in the middle of that now. in my book at home, i always had to be reading a spy book. i'm on the intelligence committee. loves by books, tight rope, about a world war ii spy that was ever dropped into france to report on the germans and so forth your those for reasonably have been my books and then i am stocking up ideas for the break in august 2 hopefully a little more time reading. >> i hope to finish a couple books. first of all i reading the freedoms cap which is given to me by senator roy blunt, and this is a book that is about the dome being put on the capitol building pre-civil war, but what
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is i found especially interesting as i get into the book is to focus on the house chamber in the senate chamber, and how those were added to the original capitol building. one of the main proponents of that is jefferson davis. so while we are approaching the civil war, we have jefferson davis really hoping our country, helping build a capitol building which would serve our entire country, then we know later that he became the president of the confederacy. so that's a book that i'm hoping to get through. i started it and they need to finish it. i also want to read about destiny and power, which is the book by jon meacham on george h. w. bush. i would like to get that done this summer. and then every summer i tried to read a book that i've read before. last summer i read "to kill a mockingbird." the summer before that i read all the kings men which is one
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of my favorite books. and this summer i'm going to reread dickens, a tale of two cities. >> i have a bigger stack that i've got time i fear, provide i reading the wright brothers which is david mccallum's book. a wonderful american story of ingenuity and creativity. a library of congress does a great series for most of congress with a bring and authors and they talk of the interview them. they talk about their most recent books and had opportunity to see him talk about this book and then they give a speech, a copy of the book for those of us who come to the event. it's a wonderful story. >> first i'll tie you i think the best book i read last year was a book called poetry night at the ballpark by bill kauffman
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which had nothing to do with poetry but was about minor league baseball and politics and history. i can recommend that book to anybody. i am currently reading three books. i'm reading the biography of woodrow wilson which is a very long read but a very, very good a. and then i'm reading a new book called the road to little -- sort of a travel book about his travels around the small towns of great britain, sort of a sequel to the book that he wrote 25 years ago i guess about england. and then i'm reading a good book called the boys in the boat, which is about the rowing team from the university of washington for the 1936 olympics. it was recommended to me by one of my staffers. i never had an interest in the
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rowing before reading this book but it's a lot about hitler and history and also about rolling. >> booktv wants to know what you are reading this summer. tweet us your answer @booktv, or you can post it on our facebook page, facebook.com/booktv. >> treasury secretary jack lew is at the brookings institution. is previewing president obama's trip to china for the upcoming g20 summit on september 4 and 5th. secretary has just arrived and he will be speaking shortly. this is live on c-span2. >> i think, and always worked with a dual society. time is very tight so i won't steal any time, but just let me add perhaps that the g20 at the summit level launched in 2008 in washington, the height of the
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crisis. it was launched at the finance ministers level in 1999. all crisis type response, to the asian financial crisis and then, of course, in 2008 to the united states, to face the great financial crisis. and despite the difficulties of the political side and particularly two years ago there were tensions, i think the g20 have survived as the major international economic forum, to guide the world's economy. it is not representing all the world like it represents a huge part of the world and works with the rest with the imf, with the international institutions, to implement some of the decisions, some of the strategies that are agreed on. and i think it's been, some people call it a revolution in
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2008, because as the world economy changed, as the weight of countries in the world economy changed, the g7, the g8 was just a longer representative of what the world economy really is, was there and the g20 in that sense has become much more inclusive, much more relevant, much more difficult. i was in court or sometimes were old -- it was nice we all knew each other personally for years but i think this reach is that global and it has become the forum for international economic sanctions and also beyond that. so secretary lew, thank you for joining us. i know you're heading for china tonight. i know time is very short. you will address us and then our distinguished friend, colleague, senior fellow david wessel from the head of the actions of an
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economic studies will engage in a conversation as well as with the rest of the audience. many thanks again. [applause] >> thank you so much for that kind introduction, and let me begin by thanking the brookings institution for that kind introduction and david wessel for hosting this important discussion. it's really a pleasure to be with you here today, as kemal notably today i depart to hangzhou to join president obama. alaska 20 meeting the president will attend during his tenure. it's a fallible moment -- [inaudible] eight years economic growth and financial stability are both of which remain so important to american workers. president obama will use the summit to advance -- towards the
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future that is safer environmentally -- and one in which -- more widely shared. can you hear me? there we go. we've made significant strides during the past eight years. in late 2008 the world economy suffered the worst financial crisis since the 1930s. recognizing that truly global nature of the crisis president obama joined world leaders from large economies both advanced and emerging. for his first g20 summit in april 2009 comment was a time of great uncertainty that required a spirit of close cooperation. g20 leaders pledge to do whatever was necessary to halt the crisis including committing $5 trillion in new fiscal stimulus and bolstering resources to the imf and other multilateral institutions. coordinated action made a difference. five months later in september 2009, president obama
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hosted the next meeting of the g20 in pittsburgh where two simple words into simple words latest assess the forceful response to the crisis by declaring, and i quote, it worked. but they also recognized much more remained to be done. in pittsburgh she 20 leaders committed to a company support program aimed at boosting the recovery, strengthening the financial system and building an architecture to prevent future crises. since 2009 w 2009 we've used asa gateway to deliver on that commitment. we address the problem of too big to go by strengthening the global financial records within the company placed structures to prevent the repeat of the crisis including higher capital standards, improved monitoring and regulation of derivatives and greater transparency. we built a critical consensus on exchange rate policies to avoid bigger action that leave us all worse off and on working toward shared global growth using all
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available means, monetary policy, fiscal policy and structural reforms. we reform the governance of institutions like the imf to make sure they are well resourced and more representative of a diverse global economy. so they continue to be relevant and effective in a changing world. we implement reforms at the world bank and regional development banks to advance efforts to close the develop the cap and to fight poverty. we reaffirmed our resolve to fight terrorism in all of its forms strengthening efforts to prevent the financing of terrorists. we worked together to strengthen global action to fight climate change and to make sure financial resources stand behind this commitment. and so i should believe in the importance of financial inclusion, we continue to strengthen efforts to improve access to the world's financial sentiment. the united states is stronger at the american people are more prosperous because of the work that we've done at the g20.
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first, the g20 brings policymakers from leading global economist together to exchange views about key global challenges, i've knows common problems and debate strategies to address them. sometimes there's a broad agreement on these issues in the g20 served as a platform to coordinate policy responses and to maximize their effectiveness. as was the case in immediate aftermath of the global financial crisis. at other times there are divergent policy gives and the g20 provides a platform to work through the issues with the goal of building a consensus over time. when i became secretary of the treasury in 2013, a debate over growth versus austerity dominated these meetings. the united states believed it was misguided to impose immediate fiscal austerity with the globe economic recovery still fragile and unemployed but still unacceptably high. we thought there was a need for short-term growth and longer-term structural reforms. but not everyone agreed and our
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differences without be resolved immediately. it was only over time through persistent discussion and evaluation in g20 meetings and as these issues increasingly became topics of domestic political debate in many countries that a consensus began to form around the u.s. position. in february of this year she 20 finance ministers meeting in shanghai finall by the committee all policy tools, monetary fiscal and structural from individuals and collectively to support the recovery. beyond words in a communiqué this commitment was almost immediately reflected a new policy measures in several major countries including canada, china, south korea, japan and parts of europe. all undertake additional fiscal spending or delaying tax increases to support the economies. and today the g20 is a lot of debate the growth versus austerity but rather how to best employ fiscal policy to support
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our economies and increasingly how to make sure the benefits of growth or more widely shared. while continuing to focus on sustainable long-term fiscal policies. more needs to be done but we've made real progress. second, she 20 meetings provide a mechanism to hold countries accountable to one another for commitments they make, particularly when their policy actions could harm others. take currency exchange rate policy. the united states has long opposed using exchange rate policy to devalue the currency to gain an unfair trade advantage. we have precipice bilaterally anand multilaterally, it would work in the g20 to build a consensus that all major economies should refrain from unfair exchange rate practices. at a time of slow economic growth, policymakers can be tempted to look at interventions in foreign exchange markets to lower the value of the currency or prevent it from appreciating as a quick and easy fix. but as we know these policies in
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the past have led to a vicious cycle of currency wars and protectionist measures that ultimately lead to lower global growth which hurts everyone over time. we engage counterparts on this issue at meeting after meeting. into until president obama affirmed with other g20 leaders a new shared commitment to move rapidly toward market determined exchange rate systems and flexibility to reflect underlying fundamentals, avoid persistent exchange-rate misalignment and refrain from competitive devaluation of currencies. they are, for the first time, china committed to allow market forces to play a larger role in determining movements to continue to reform its exchange rate regime and to increase the transparency of its exchange rate policy. we continue to build upon these commitments including in shanghai earlier this year were the g20 agreed for the first time to consult closely foreign
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exchange markets to avoid surprise one another with sudden changes in policy that had a negative impact on other countries. this was no small achievement considering china's objection to such policies not long ago. we will continue to china and others accountable to those commitments. it's notable that ended voters political and economic surprises that periodically unsettled financial markets this year, she 20 countries have continued to abide by their exchange-rate commitments, providing stability at otherwise volatile moment. to what can we attribute this discipline? at one level to 20 members know that they each benefit from the collective restraint that's respected. but they also want to avoid being taken to task by the g20 beers should they be the country that appears to violate a commitment. on top of the important progress achieved at the g20, the united states and 11 nations that are part of the trans-pacific partnership have agreed to high
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standards designed to address unfair currency practices including unprecedented transparency and reporting standards as well as enhance communication and cooperation on macroeconomic and exchange-rate policy issues. earlier this year president obama signed legislation that puts in place important exchange-rate reporting and monitoring tools of our trading partners and gives the administration the authority to levy meaningful penalties to hold countries accountable for unfair currency practices. the trans-pacific partnership put in place historic labor and environmental standards that ensure our trading partners play by our rules and values. we are committed to seeking support for tpp and hope that congress will approve the agreement as soon as possible. it's the right thing to do for our economy and for american leadership in the strategically importantly asia pacific region. finally, she 20 meetings provide a platform for deepening relationships and building trust among senior political and economic leaders throughout the
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world's leading countries. solid relationships are indispensable to making progress in the work of the g20. relationships among she 20 leaders, finance ministers and central bank governors, for example, were critical to extend efforts to secure u.s. congressional passage of imf reform legislation. in 2009 we lead the world to embrace reforms which gives the imus sufficient resources to be the first responder at times of economic crisis and also get energy and under represented countries a greater stake while maintaining u.s. influence. but after more than five years when the united states failed to ratify these reforms, many countries including our close allies begin to question our commitment to the international financial architecture that we helped design. time and again at these meetings either the president or i needed to persuade the world that we would keep our commitment, that the world should not try to move on and find other paths forward
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that would dilute u.s. influence. personal trust forged in large part through the g20 process prevented the united states can be isolated, even during this difficult period we were still able to marshal support for u.s. priorities like i was ukraine program and the response to the ebola crisis. with the approval of imf would've reform legislation by congress last the summer, we quickly restored u.s. political capital for future challenges that lie ahead. close working relationships also allow for rapid and clear communication and action in challenging times, particularly with events or issues can be difficult to understanunderstan d and predict a moment of trouble. this was the case in the wake of the recent u.s. brexit referendum. regulatory and policy collaboration by finance ministers and central bank governors in the lead up to the vote was effective and helped settle nervous global markets. in the days following the referendum, the treasury team
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worked closely with our international counterparts again drawing on strong relationships of mutual trust. so when volatile currency movements could have prompted and coordinated responses, coordination among she 20 counterparts helped to calm financial markets. the benefits of discord nation are not limited to economic and financial shocks. we also see the benefits, for example, in the wake of terrorist attacks and rapid cooperation on areas like track and blocking terrorist financing are so critical. we've come a long way in a short period of time. when i became treasury secretary three and half years ago there was still a lingering but if you a round the world based on the fact that the u.s. was at the epicenter of the 2008 global financial crisis. but today there's broad appreciation for the resilience of the u.s. economy at our ability to i can drive growth of providing much-needed support for the global economy. as the result of the economic policymakers around the world see the united states as an
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example to be emulated which historically has been a very real sort of use leadership strength. but there is more work to do in hangzhou. president obama will press on several issues help for stronger growth and if i met with sustainable future and the global economy that truly works for everyone. the president will call on his counterparts to follow through on the g20 commitment to use all policy tools including fiscal policy to achieve robust and inclusive growth. people underscore the importance of investing in jobs in supporting middle-class incomes. support for the global economy can't and should be stronger and we continue to believe that more countries have room to enact pro-growth policies. we also see the choice of using fiscal or structural tools as a false choice. some countries have different structural reforms as a solution in and of themselves. but it's clear macroeconomic support is essential for many
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structural reforms to be successful. both to provide important transitional assistance to displaced workers in regions, and to boost an economy during an adjustment period when mr. structural changes can lead to short-term declines in economic activity. such as what excess and social capacity is retired. the president will press for action on excess capacity most notably in the steel industry are excess capacity to towards markets antienvironment. the harms are workers and runs counter to efforts to achieve strong sustainable imbalance growth. he will also press for fiscal measures both to smooth the transition and increased short-term demand. as we work to achieve strong sustainable imbalance growth, the g20 most remain mindful of the need to redouble our focus on making sure that the benefits of growth broadly shared by all our citizens and that the benefits of global economic integration reached working and middle-class families through
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better jobs and living standards. around the world the message of anxious and angry citizens who feel left behind underscores the need for global financial discussions to show both an understanding of this concern and a commitment to action. that's why at the g20 nine its ministers meeting in hangzhou in july we press the g20 to focus on the goal of strong, sustainable balanced and inclusive growth. in hangzhou president obama will advocate for greater emphasis on inclusive growth by the g20 including policies great opportunities for youth and vulnerable populations and will encourage countries to develop action plans to go the digital, financial inclusion so that banking services become more universally available. president obama will reiterate his support for open integrated global economy. as the president has said there are very real concerns of globalization and technology but the answer cannot be too close
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ourselves off. the u.s. has a strong interest in increasing access to markets that are becoming a larger share of the global economy. the united states looks forward to discussing ways to ensure the g20 is upholding high standards, protecting workers, ensuring a level plainfield, and expanding opportunity. the president will also continue to emphasize the importance of the g. \20{l1}s{l0}\'20{l1}s{l}) work to ensure a level playing field for workers and businesses to compete. in recent years the g20 has made significant progress, cracking down on corruption and addressing tax evasion and avoidance. these efforts remain critical to promoting broad-based economic opportunities. in the wake of the financial crisis the united states late a leadership role in pressing for an ebony financial reforms. the u.s. financial system is considered stronger than it was eight years ago and will continue to work with the g20 the financial civil report it created to strengthen regulation and supervision of the financial system which in most cases what standards closer to our own.
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president obama will stress the need for all countries to implement the agreed upon financial reform agenda in a timely basis. in hangzhou will take the opportunity to reaffirm our commitment to preserving access to the u.s. financial system while continuing to protect its integrity by enforcing u.s. laws and regulations against money-laundering, terrorist financing and sanctions evasion. to advance these contradictory goals we have work together with federal banking agencies to bring greater clarity to the conversation about correspondent banking including to a joint fact sheet released yesterday which outlined supervisor enforcement processes with respect to anti-money laundering and sanctions. access to the formal banking system is not only a key to unlocking economic potential, it's a critical way to avoid illicit activity in an informal cash economy. climate change remains a serious threat to the global economy and to international security. and no nation is immune. the longer we wait to address this challenge the more costly
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it will be both a financial and human terms. the g20 must continue to exercise leadership in meeting this critical challenge. at the pittsburgh summit in 2009 leaders agreed to phase out inefficient fossil phil subsidies over the medium term. we must renew our efforts to phase out the subsidies and in hangzhou the president will press to move forward with this commitment. the united states and china have recently completed our respective fossil fuel subsidy. reduced in the first be undertaken under the auspices of the g20 we congratulate germany and mexico for launching their own reviews and encourage others g20 members to do the same. the g20 is also making important contributions to beating climate and other environmental challenges through the new green finance study group, and a final report showing the group's process this year will be publicly released along with the communiqué at the leaders summit of encourage the g20 to continue developing this honorable body of work. we will continue to look for
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ways that you 20 can support the implementation of the paris agreement. finally, president obama would underscore the continued importance of the g20 going forward. at the pittsburgh summit in 2009 we make the decisions to elevate the detroit as the premier forum for international economic cooperation. since then the g20 may global economic governance more effective and representative and provided an indefensible setting to facilitate operation among the world leading economies. the president believes the g20 will continue to play a central role in preventing a reemergence of the types of imbalances and regulatory gaps that contributed to the global financial crisis in 2008. i will close by noting that the g20 has proven to be a flexible forum for global cooperation. as we've seen over the last few years, moments of global crisis like 2008-2009 over one kind of
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coordinated response but we saw in pittsburgh. periods of less distress requires something different, a commitment to common principles and individual action that moves important issues towards better outcomes while allowing partners to maintain a dialogue to deal with potential or real crises. a one size fits all approach to coordination will never work, but the interdependence of the global economy demands the frequent communication and building consensus requires an investment of constant attention to detail and persistent efforts. thank you very much, and i look forward to the discussion with the david wessel, into taking your questions. [applause] >> and thank you very much, mr. secretary, for coming. i was trying to think of some topic that you didn't cover in his speech, but other than not mentioning donald trump i think you covered outsold everything i could ask. but one point i want to start
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with is you said that g20 has been significant progress in addressing tax evasion and avoidance you're okay, progress but there's some tension as well. yesterday european union said apple owes ireland 13 billion euro. i have a couple of questions on the. what about the eu and what about apple. first the eu. do you think the european union is unfairly targeting us-based multinationals in this crusade? >> david, this is an issue that we've engaged on for some time now. we have a shared commitment with our colleagues in the eu to close down pathways to tax evasion and tax avoidance. we made real progress in the g20, progress than last winter months and the last 24 years on dealing with base erosion of profit shifting into some of issues like transfer pricing that are at the core of the problem. our concern with the european commission action is that it is
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using a theory to make tax law. is doing it in a way that is retroactive and that overrides national tax law authority, in our view. and we think that it undermines the environment in europe for international business because it creates uncertainty that ultimately would not be good for the european economy. as the head of the u.s. tax agency, i've been concerned that it reflected an attempt to reach into the is tax base to tax income that ought to be taxed in the united states. i understand the frustration of that taxi from the united states has been slow to accomplish. we have been working very hard for the last four years to press forward on this and i believe we have made progress and that there's a growing bipartisan consensus on how to deal with tax reform in a way that will enable us to reach overseas income. what i don't think is right is for these issues to be addressed
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in a way that undermines the spirit of economic cooperation, and that is inconsistent with well-established principles, not a difference we want to get income that is gone without taxation because loopholes in the tax code. >> but do you think they're targeting only u.s. companies? is there some other agenda? >> i have raised the issue the pattern of actions certainly appears to be highly focused on u.s. firms. they point to some small actions against non-u.s. firms, but the largest actions do appear to be scored at our tax base. >> let's talk about apple. sometimes what's legal is more outrageous than what's not legal. so from what the european commission has said, apple that what you basically pay almost no taxes, less than 1%, on this income it was setting to off set in ireland that didn't have any
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people. you are correct if they ever brought that money will be would be taxed in the u.s. they show no interest in doing that. carl levin said yesterday sham on apple for dodging taxes and shame on the irs for failing to crack down on the. is or something to that argument? >> you know, david, i share the view that our tax laws should make it impossible for income to go tax list and that's one of the reasons why attacks for proposal that we have put forward would make it impossible to park income overseas to avoid u.s. taxation. we would have a minimum tax rate that applies to all and, that is taxable in the united states, whatever it is earned. congress has not acted on that but i believe we have made progress but there is an increasing bipartisan consensus about an approach and i'm hopeful that we will see action probably not in my tenure but early in the next administration.
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i have said too many ceos come and i won't comment on any specific tax matter for any individual company, but i said it many ceos that you need to be more careful when you think about only maximizing tax advantage. because there is a real impact on reputation and the assignment for business when you have issues like companies that avoid taxation. i think there is a need to balance what decisions are made at a firm level. i have been very clear on issues like conversion. it is legal but it is a company does have to take an action just because it's permitted. it would hurt the company in the long term in terms of its reputation and its market access and attracted is, that's something that matters to shareholders as well as the quarterly impact of a specific tax position. i think that we have responsible as policymakers to take action.
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it's one of the reasons i'm so committed to continuing to work through the issues regarding conversion to the right way to deal with that as well as stateless income is the process of tax reform. we have tools that we can use administratively and we're going to use them as best we can. ultimately, congress needs to act. i've been encouraged in the last 24 hours seifert more memos on both sides of the aisle talk about the need for tax reform than i have a more recent -- >> maybe you could come back after the election to be the next president tax reformer spent i think we've done a service to congress and all who seek taxes from because with a blueprint, a white paper the think is the basis for bipartisan agreement. >> let me ask you, turn to the g20. you made the case that you 20 helped save us from the great depression to point out during the financial crisis and you listed a number of instances where he basically said that would've been worse if not for the g20.
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protectionism can exchange rate and such and such. outside of the official circles, people say but is it working? the global growth forecast continue to be revised down. there are new signs of modest protectionism. global trade flows from the growth in global trade flows has plateaued. there's a lot of antipathy towards globalization, towards trade treaties. it kind of leads people to say we'll give you an a for effort at the g20 but when you look at outcomes in terms of growth and incomes of real people it's kind of, you don't give a very good grade. >> you know, i cannot disagree with the argument that we should be doing better and we could be doing better. but i think what is quite clear is that you compare where the united states is to eight years ago and it's night and day. the difference between an economy that was spiraling with no bottom out of control, to
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illustrate in the global economy, notwithstanding the fact that we would like to see even stronger growth. look around the world and we are not seeing a global recession like we did in 2008, but i think the macroeconomic policies have failed to take advantage of the opportunity to have a more robust period of growth. the united states is actually facing headwinds from a slower growing global economy. as pauly costas a half% back a gdp. we can't make policies in other countries but what we can do is influence the way they think about their policies. if you look around the world today, there are more countries that are using macroeconomic tools to this deposit tools in particular that a year ago or two years ago in part because we've had sustained commitment. >> but what we secured german counterparts who you've been having this argument with them for as long as i can remember. you say you should use fiscal and they say we are worried
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about that or inflation. >> i have always said we ought to keep our eye on both short-term growth and long-term fiscal balance. as the only person can to oust the director of omb for three surplus years, understand -- in good times you need to strive towards balance or surplus. what we haven't seen in the last eight years is the kind of environment that is the right environment for those kind of, that emphasis on surplus. it doesn't mean you can be out of control forever. what i would say is did you compare where things are today versus where there are four years ago, in europe the conversation on using fiscal policy is different than it was. the united kingdom had a policy that was strict austerity and they're now talking about using the fiscal tools to help navigate the space that is going to be bumpy after the brexit
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referendum. you have seen the european union which reflects germany's, you know, cooperation, soften some of the fiscal targets, particularly in countries that are dealing with the refugee crisis. you see germany -- on top of not within prior targets. so i'm not saying that we're going to see every country in the world jump on the bandwagon and declared that they're using the fiscal tools, but if you look at facts, more fiscal tools are being used. that is not inconsistent with your basic premise which is we need to be doing better. i profoundly agree that we could be doing better and we need to be doing better. i think this issue of inclusive growth has salience around the world that is important not just for the moment but it will remain important. because i know in the united states that there is a benefit to international trade,
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international economic cooperation because with the best workers and the best products in the world. we need access to global markets. it won't improve the quality of life in the united states or around the work of countries start to cut those off speed why do you think so many americans doubt that, doubt that globalization has produced anything good for them and their families speak was at one level all of us who believe that these are important principles have to be more clear in how we communicate the policy, the purpose of the policies and ultimately the benefits. i do believe that companies have to share the benefits of global trade in their policies in terms of wages and other things that reach their working people. as governments we need to focus on giving people the tools that they need, the training, the research and development, the infrastructure so that they can see a pathway toward a future that is stronger, not weaker.
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one of the problems we've had over the last 25 years is we tend to talk about these issues at the moment would want to pass trade agreements. people get skeptical and say what he doing in between quite some of us talk about in between but there's not a lot of listening to the conversation in between. i think we need to make a click not just on the eve of a vote in congress but all the months in between that these are shared bipartisan priorities. i think the reality is we have a challenge to maintain that dialogue, something i believe we need to do better at as policymakers. policymakers. >> when you go to asia i'm sure you will be asked about the trans-pacific partnership. you can say that the obama administration is for it but your counterparts will say, what are your odds of getting it through congress this year? donald trump and hillary clinton have both expressed opposition. what we say to them about the
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tpp? >> look, i will tell them what i've told you before, which is the president remains committed to getting it done and will use every ounce of energy he and those of us in the administration had to push it forward. we continue to have leaders in congress, speaker of the house, majority leader of the senate who are committed to getting the agreement approved. i personally believe that for most of congress who voted for trade promotion authority, tpp isn't easy vote. tpp has ended the marshall provisions that if improve labor standards and improving our mental status, that sure mental status, daschle in the business environment will become and level playing field the you can see around the world that country from mexico to vietnam that actions are being taken already to improve things like labor standards. so i actually think the case on the merits for tpp are very strong. the access to markets that will
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come to the united states is a plus for american workers. clearly a political environment is a complicated one. i don't need to say, to tell anyone that. they know that. but they also know that it's always hard and what it requires is a commitment of of the prest to push forward and the cooperation of leaders -- >> up will you tell them they can expect a vote this year speak as we will continue to press forward and we think it will be done this year and we are going to do whatever we can to make that happen. obviously, i can't take away the concern that people have with a look at the difficult political environment, but i think they do understand that the effort will be the one that's needed to get it done. >> one more question and that in a few minutes for questions an audience. you mentioned in your speech specifically overcapacity in steel. that's a big issue in china where you are going. what kind of reaction do you get to the chinese when you give him this advice that may be
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producing more steel in the world could use for the next 20 years is not a great strategy? >> i'll tell you, david, the chinese have acknowledged for themselves they have a problem with excess capacity. if you look at the measures they brought to the national people's congress a few months ago, it has been a language and policies to deal with excess capacity as part of their structural reforms. so i think we don't have to convince them in theory. what they need to do is tackle the very real challenge of pressing these changes down into the provinces, where steel capacity is owned by state-owned enterprises and other powerful interests, where they are employing a lot of people at this not just local economy but a very much a political and social system as well. so this is not easy, but i think they understand that if they don't address it, it's corrosive to china's economy and the long-term future for china's economy is much dimmer.
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that doesn't mean that i have 100% confidence. we are pressing very hard on this. we are urging him to take clear measures both domestically and into indiana national arena to make clear that this is something -- international arena. we will continue for the duration of our tenure to seek real tangible progress. i think we have seen important reflections in policy but the proof is in -- spirits we haven't seen anything yet tangible? ..
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>> so you mentioned earlier that china made progress in allowing vaflt currency so wondering if in context of slow chinese economy you expect first of the currency -- market forces going forward. >> okay, thank you. >> woman in the aisle there, mic. >> reporter with media group china as far as i know there's a
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u.s. delegation talking about negotiation about the b.i.t. talks right now in beijing. i'd like to know to expect any announcement regarding the bmplet i.t. and following g20 summit. >> over here. [inaudible] >> mr. secretary -- >> tell us who you are -- >> from brookings, so climate change and u.s. leadership has been pivotal in that. so the question i have is on fossil fuel. subsidies, the g7 has made a commitment. is it possible to have that commitment in the g20 and second, aspect of brookings highlighted very much is the importance of carbon pricing. now differences across jurisdictions on carbon pricing
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but what is the goal for leadership on issue of carbon price. smg three good questions. start with the first one. thank you. chinese will let the rnb fall with market forces to get their economy moving. >> i think that if you look at china's economy today, there has been downward pressure on the rnb. very different when market forces are driving exchange rate and not political decisions to drive exchange rate. i said on many occasions that real test for china is when market forces are press aring appreciation of the rnb and will they tolerate the appreciation? and i have tried to be quite objective because i think if we want them to move in an orderly it a market exchange rate, we have to accept it is going up and down with market forces. i think that what we have heard from them is unequivocal that
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they're prepared to do that. what had we know to see is how they behavior in real world when market forces are driving rnb up. >> okay. by lateral investment treaty with china get that done before you leave? >> we've made a lot of progress on bilateral treaty and it took us years to do the information technology agreement which was narrower in scope. i have had a number of conversations with my counterparts in china i think we have a shared view that is important to make progress this year. our negotiators just spent a week meeting on this and continued focus of work. it is going to require just because of the time that remains picking up the pace to get through the amount of work there is. it's possible and we have urged teams to press forward to continue to make as much progress as they can and hopefully reach an agreement. >> and then there was a question
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you mentioned about the campaign to reduce fossil fuel subsidy. that is now a g20 -- rng going to say it is a g20 commitment and the fact that two countries in united states and china gone through two more countries are going through. that reflect a commitment i think of the g20 level to do a fossil fuel subsidy review. the challenge after review is enacting the policies to take away the subsidies. and you know, i think we've seen around the world particularly at a time of low oil prices countries moving in a direction trying to address very important structural issues. it's always hard because you've got consumers both retail and industrial who have built the subsidies into their expense models. into their family and business budget. because of low energy prices, this an
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ideal time for countries to make the adjustment. what we know is that fossil fuel subsidies lead to torted pat rn of use bad for environment and ultimately bad business practice. so i home it's an area that continue to make progress. >> what is audis in all exporters say when you you bring up this conversation? >> saudis have been taking some steps to review their own fossil fuel subsidies. it is some level understands it is a bad thing. i haven't heard anyone dct for the fossil fuel subsidy that are in place -- >> people in town -- [inaudible] >> particular interest. i was talking about policymakers. [laughter] >> and finally the question about carbon pricing whether -- you know, tax on carbon is that part of the conversation or is that over the horizon? >> the imf has repeatedly pointed to this issue that
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global community should focus on. we have encouraged attention on this challenging issue. our -- having lived through the 1990s into attempt to put a form of carbon pricing -- >> like three -- it was small and became a metaphor for things that were difficult to do. doesn't mean conversation should end but an idea that needs to be continually u pursued. >> okay do we have time for another question or two. gentleman up here in the aisle. >> nick can you speak at all to issues at the g20 on cybercrime? >> cybercrime. a woman here over please. >> thank thank mindy there's con quarters that are are not happy about the t.p.p. about provision
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for tribunal for investors harmed by various legislation. i wonder if you comment about that because that's a focus in the union have been taking. >> within cyber, the issue of sign cybercrime and exposure is something that is on every leader. i met yesterday with a group of senior financial industry executives. you couldn't have assembled a group like that ten years to have an intelligent discussion on the issue. we're all of the risk and exposure and the need to be more effective. present taken action administratively and worked to enact legislation. we're working with aggressively to stay ahead of what is a constantly evolving and morphing
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risk. i don't think it is a problem that will go away quickly. every time we succeed in shutting down one avenue, there are other new attacks that require the kind of coordinated effort that is what it takes to be effective. domestically we need to have the kind of flow of information between government industry that is seemless because you to be able to pat rn of what attacks are in order to get behind them an stop them. internationally we increasingly need to be also in a position to do that kind of sharing. it's hard to share information that you don't yet have fidelity of confidence in. and it's evolving so we have conversations as a g7 about how to increase the sharing of resources. what i can say is that it is a day doesn't go by when we're not attentive to what can we do to do better, to be effective at
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stopping attacks we see and preventing attacks in the future? i think that -- the stigma that comes with being attacked have to go away because one with of the risks of having a stigma attached that you did something wrong if you were attacked is it makes you less reluctant to be public an share -- >> more reluctant to share and that means that others are going to be more exposed it a similar attack. as attacks happen, we have to roll up our sleeves. get to work get behind them, and remain vigilant to do better. [inaudible] >> tribunal how corporations make subtle dispute with governments. >> on that question of the investor state dispute resolution process, you know, we have seen this as a way to make sure that other countries can't do things that are unfair in the
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way that they deal with trying to address competition. we have never lost a case and something that we have a very strong record buzz our processes are very strong. and can withstand scrutiny. we're sensitive to the concern that has raised and do not see s a way for companies to go behind legitimate policy an undermine government interests whether it be about prudential regulatory matters or health and safety. we continue to work with through the process of negotiating to try to clarify that and frankly an area that we immediate to remain attuned to where there are nuance changes that can both protect against unfair practices but not provide a means for doing what it was not intended to be. i think in the debate over tpp there have been some
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inaccuracies in terms of how the mechanism has been described in terms of both what it is and how it's been used. and what the intentions are -- and i -- i think that we will continue to work to try and create greater comfort with where we are and where we need to be. >> thank you very much mr. secretary. and thank you all of you. if i can ask you to sit in your seat so secretary can get out because he has another appointment an my colleagues here would appreciate it if there's a coffee cup or piece of paper at your feet and put it in the garbage can and thank you -- [inaudible] [applause] [laughter] thank you.
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you can watch secretary lew's remarks on our website c-span.org later today. for his upcoming trip president obama making stops in hawaii also mid-way island before he heads off to china from september 2 ndz to the 9th. now in addition president planned talks with chinese president g and make president obama first u.s. president to visit the southeast asian nation. and president will attend a pair of regional conferences and also meet with lay ocean president an number of other leaders. to the white house coverage continues today with hillary clinton taking -- talking to american legend convention live on c-span starting at noon eastern today.
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coming up tonight, donald trump will outline his plans to curtail illegal immigration and giveing speech in phoenix, arizona tonight. just hours ahead of that speech he'll be meeting with mexican president enrique, to talk about immigration and u.s.-mexico relations. mr. trump speech will be live on c-span starting at 9 p.m. eastern, we will also open our phonelines for your reaction to that speech. >>plan rides and presidential transparency a story available onis line at ny times.com and gym joining us from new york. thank you very much for being with us. >> thanks for having me. >> for those in the media some alarming parallels between access that we're get or not from clinton and trump campaigns, what did you learn? >> i think the thing that i found most surprising i've been doing this a while is that neither candidate is having the
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press on his or her airplane. and this especially surprise me with mrs. clinton because she's run aring traditional campaign and trump is flying his own plane. but either way this is robbing the public of glimpse of candidate what it takes and more importantly because some people say we don't care. it is color an staged which i don't necessarily agree with. it is symbolic to roach to the press which can be sort of controlling. and mr. trump has been at least far more excessive in terms of interacting an kind of the own of the column a little more mrs. clinton in this case. >> do you think this is a precursor to what we can expect in a trump or clinton white house? >> absolutely and again i would say that this signals signals from missing trump's example or
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even more i think alarming. mr. trump what is done some frankly i think horrible things in terms of keeping media blacklist, and talking about making to reporters but you know what's happening inside his campaign and you see him and understand what had he's thinking and he can follow this thinking we see it. and clinton case she's very, veryrd gad and, in fact, e-mail server that we've all been so following -- and about how u you know sensitive national security documents are handled, it would start with a attempt to take certain e-mails in the end turn up thousands of them out of the searchable public records so that to me is the more important or certainly as important aspect of the e-mail scandal that feeds into the same thing. >> one of the analogies in your piece the campaign by republican nominee barry gold water is that a fair comparison?
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>> i mean here's a candidate famously, famously fought with the press, and you know, made them sort of talking point he had them on plane and liked it. i think if you go back. i did this over the weekend breathe coverage of the campaigns and you knew what these candidates were, what the atmosphere around them was like and key points in the campaign, and mrs. clinton case this is a historic run. she's the first woman nominee of democratic party and we don't know what vibe was around had her from first hand accounts from reporters wednesday she is loses in gn an any other challenge that's come along. so i think it -- it robs the story of important human details. >> this is about openness and accessibility so november 1963, app reporter onboard air force one when vice president lyndon johnson sworn in after assassination of john kennedy
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and more recently when air force one became what you called a flying bunker as president george bush traveled from florida to various parts of the country before returning to washington, d.c. abc ann compton and others onboard during that historic event. so what is your take away in all of this? >> you know some people take an issue with me that was air force one. but again you have two historic candidacies an just can be moments when you want the press to be there. you don't want to rely on aids and family in these moments not just -- but they have loyalties in some cases in terms of aids, they have loyalties but also paid. you want some object narrator but a sad thing press can't be objective anymore. i think that's actually false and i think that what people would learn if they, you know, talk to more reporters which you know, obviously, not easy to do. but is that reporters really do care and want to get the story right especially when they're in an observational mode.
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>> so we're going to reach out to trump or clinton campaigns what do they tell you? >> well, the trump campaign did communicate with me, but they did not have anything to say about the plane. which probably let reporters on a plane. but clinton campaign has told reporters that it will help them on the plane after labor day. very late for this process an by historical standards and otherwise they don't provide a why. they say you know, she does a lot of interviews because context of this column is she hasn't den a press conference in you know some nine months. she does u interviews she's out there enough. maybe some people could agree with her but historical standards not out there as much as any other presidential candidate before her. >> as you know this is a story that -- we in the media talk about. but do you sense that the public cares about this and if not, should they?
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>> i think probably don't, an they see it as some carping from reporters an i think some cases they say good riddance. but i think what they will find is that they're going to miss us when we're gone, right that it's not about us. it's about information we get. and you want to know that your presidential candidate at least i think you should want to know they're being transparent that the democracy is working that the lubricant that is transparency is -- is in goods supply, and so whether you care about us is beside the point but u fade to fair it out. >> why do you think that trump and clinton campaigns both have been so ready to make them available to the press? >> one is in trump's mr. trumple's case his airplane is partly has been his own home for years.
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he's having a private space and saying get a bigger plane and have a traditional plane. better late than never. mrs. clinton's case i think that there's been a -- arms length relationship with the press for some time. and while that's always been the case when she ran eight years ago she had reporters on her plane and much more interaction so i think she's just kind of gotten hunkered in and see some strategic benefit here that she, you know, helps her run against mr. trump when he's out there so much. got to let him flail around because he does that sometimes but that said public right to know should not be second to political impairty and candidate and might apply more you wonder what happens if she wins the white house. >> as you write in your piece this is about something much bigger than eyewitness about thes and plane rides. the column by jim "new york
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times" available online at ny times.com. thank you very much for being with us. we appreciate it. >> thank you so much. with the house and senate returning from their summer break next week, on thursday at 8 p.m. eastern we'll preview four key issues facing congress this fall. federal funding to combat the zika virus. >> women in america today want to make sure that they have the ability to not get pregnant. why? because mosquitoes ravage pregnant women. >> but today they turned down the very money that they argued for last may. and they decided to gamble with the lives of children like this. >> the annual defense policy and programs bill -- >> all of these votes are very vital to the future of this nation. and a time of turmoil and a time of the greatest number of refugees since the end of world war ii. gun violence legislation and criminal justice reform --
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>> every member of this body, every republican and every democrat wants to see less gun violence. >> we must continue to work the work of nonviolence and demand an end to senseless killing everywhere. and a the resolution for congress to impeach irs commissioner john. >> house resolution 828 with john commissioner of the internal revenue service for high crimes in misdemeanors. >> will review the expected congressional debate with susan for the washington examiner joins thursday night at 8 eastern on c-span for congress this fall. booktv recently visited capitol hill to ask members of congress when they're reading this summer. >> well, i just started this morning a phenomenal book called the age of discovery which talks about the renaissance.
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da vinci, michael angelo 500 years ago and events in the world that led to major opportunity. and relates that to what's happening now. we live in such an u uncertain environment and globalization, spread of technology, the internet, and two things can happen. we can either screw it up or we can use these events to create hundreds of year of prosperity to financial book that i just started. >> going to take all summer? >> 350 pages i can do that in weeks i'm a rapid reader and of course i'm a writer also i share the writers caucus so i'm writing hopefully my writing will be written. >> you have and booktv has covered you talking about your book. is there a traditional book club you're involved with as well? >> i started congressional writers caucus 25 or 30 members of congress from both sides of the aisle who enjoy writing. and we do work shops.
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we have authors come in to talk to us about their process, creative ritual and refreshing group of members. >> you know, i've said i would attack a little break web and reading classic case where you see the movie and you want to read the book, the martian, and i think andy we're, and i got intrigued by this new netflix thing that the man in the high castle which is an old book 62, award winner used to read fiction when i was a kid and didn't read that one. phillip dick who is now dead. so those were light things i finished up a biography of roger's wonderful one in washington which was a fabulous book. but boy it's long. >> well, a funny thing happened on my way to having time to read
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this summer. speaker ryan asked me to co-chair of the rny so some of the time i plan for reading is consumed by reading republican platform but for fun i'm going to go become to finish a book i started called "seven picture miracles that saved america why they matter and why we should have hope" by chris stewart and son tad he's a fellow member here from utah. and then i want to finish a book i've been -- had on my shelf "how the west won" the neglected story of the triumph of modernity by rodny stark so hoping to get through those two books this summer and maybe some books about my district like the history of the county that i was just given.
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>> i'm looking forward to reading ron alexander hamilton. i'm one of the lucky few who got to see the broadway show really before it became impossible ticket to get, and i tell you it really did wet my appetite to read the book to see how that was transposed into the broadway plays. so during the break going to be a good opportunity for me to sit down and enjoy xangd or hamilton. >> booktv wants to know what you're reading this summer tweet us your answer at booktv or you can post it on our facebook page facebook.com/booktv. >> a look now at the future of u.s. china relations as china attempts to expand military presence in the south china sea a columnist talks about interview and impact of a international tribune and cross
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specific diplomatic efforts. good afternoon. i want to welcome you here to simpson center i'm alan director of the stage program here. and it is my distinct pleasure to introduce as our speaker today professor wong who is going to talk as you know about actually a pair of very important subjects that he's pulling together one is the u.s. prc relationship. which he has -- he's talking about pessimism. and then the question about how this -- impacts on taiwan and whether taiwan can take advantage of disruptions or difficulties in u.s. relations. it's the -- both of these elements in my view were really quite important. important not only to the
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mainland in taiwan but to the united states. sorry, i have a -- alarm going off. this is -- as you know it's been a very difficult time in u.s. relations but we're about to have a summit meeting in beijing. excuse me in hongjo where one hopes but maybe optimistic to hope too much that at least the tone of u.s. prc relations can be brought down a bit from where it has been this the last few months. i think actually right now it's not as bad as it be been. but i don't think fund mentality issues have been resolved either. we know there's also a very difficult situation across the street.
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where the relatively new now 100 day old administration president and the -- government under president have not found a formula for hanting stability in that relationship. a lot of that comes into play these are all important relationships. the goal would be to maintain stability. to have as constructive relationships you know all if you can put it in all three legs of the triangle that's possible. but i think that doctor wong will point out to us that this is not always easy. and will help guide us in thinking about how we might make our way forward. so without further au due let me introduce professor wong -- from taiwan university as i pronounce --
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chong in thailand and we'll go from there. thank you. >> thank you very much for coming this afternoon. and i have old friends here from my interview here. today i'm going to present a topic as you can see from the screen it's about writing pessimism about china and u.s. leadership with subtitle, we are taiwan benefit or not. this is kind of research pocket to possibly based on my own research. also cooperated with taiwan scholar and the university and
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also popularly based on interviews with various expert research rs, former diplomat, practitioners and scholars, that i conducted at least in washington, d.c. so there have i want to thank everyone who talking with me probably have repeated same points elsewhere before talking to me and i especiallyn't to thank for his sharing of his walks with me. also thanks to randolph for assistance and for my stay here at the center. so today, i want to talk about
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the impact of writing pessimism about the final u.s. relationship especially in light of summers -- the china ruling by tribunal. i think this kind of a relationship which is -- currently viewed as a peer rating shall not recoil an immediate aid or harsher approach to china or mistake of many. despite remain u.s. scholar or experts to that policy is required in order to respond china more and more of certain behaviors or actions. instead that policy of

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