tv Public Affairs Events CSPAN November 15, 2016 12:00am-2:01am EST
i spent time covering what was usually called the hud scandal. uncovering misdeeds that had gone on years before and people went to jail. the other interesting thing about covering housing and urban development is that it taught mi once again something i had suspected which is whatever you bring from your background to time iob will always inform you. i lived in buffalo new york in short time in public housing growing up. in living in the projects was not an enjoyable experience but years later when i was covering people who were living in publis housing or trying to make and send me i got who they were, i understood what the situationth was in the way that other reporters didn't get. every every experience i had in my life informed me by the time it got to journalism. i worked at the washington postd
for seven years. then i left and work for the new york times. the new york times is the best newspaper in the country, the world perhaps. i cover congress in my second presidential campaign which was bill clinton. i started started covering him in early 1991. may i mean flying on really tiny planes with him around the you try, maybe two other reporters, you get to know people really well that way especially when he hit turbulence. we would land places and i would watch him and i did not think he had a chance to win. he was a small-town governor from arkansas. i met him a couple couple of times andle thought he was pleasant but i could not imagine he would win. it was a wide-open race. he had a chance on the democratic side to stand out. i would say is his campaign rea gather forth i was one of the t reporters who realize who's going to win. i couldn't really see it.
the other part is you not know bill clinton had a habit for getting into trouble. no matter what happened there was always an old scandal that will come back and haunt them. just as he was hitting smooth sailing somebody would come out and say 20 years ago i made a bad land deal with them or i had it an affair with him. something was always waiting where he smoked marijuana but he didn't inhale. after a while you you began to think what is this gonna go sliding a crash and burn but he never day. was the most resilient candidate i recovery. he always popped up just like that doll in the box. he never stayed down. that made him compelling,o the w exhausting. when he got elected president i followed him into the white house which was nonparallel experience. s you get to sit on the front row of history, asked the questions
you want to ask him a challenge if you want to the people who are in power. it was not lost on me, once again there are not a lot of people who looked at like me who are doing this. i brought that to my past. is very important i was was representing not just myself but other people that my mother and father were proud of me but they're also conscious and theyt had trained me in a way that i be in this situation and not be afraid to ask the president a question and make him answer it. that was very exciting.ss." when ice working for the new york times out occasionally do television. i would i would be on meet the press, i would explain my experience covering bill clinton. after had done that for a while i started doing a show called washington week on friday night as a panelist. i would show up and i would empty my notebook. all the things i've not been able to get into the newspaper i would talk about.
after i've done this tim russert made me a dare or an offer i couldn't refuse and suggest that i come work in television full-time.is is my my first response is i don't like television. this is my my perfect job. i get to do to be on the side. and he dared me. he dared me. in the end, i began to realize one of the things about my career and life is that with someone gives you a chance to do something brand-new something that scares you and is a new chance how can you say no. what i do not do is burn york ti bridges. i said to the new york times i want to try this but i may need to come back in case i failed. they were baffled by the fact that i would leave the new york times to work in television. on the other hand i think they got that i needed to try something and i couldn't turn down the opportunity to try something new. once i started thinking about television other networks came out and offered me a chance
for a job. it became clear to me that i needed to do this. when i went to television it was a big leap to go from being in the corner and writing in a notebook to being in front of a camera learning how to make yourself up and will close to war and understand that that's often what they see. they may not hear word you say but they'll see your earrings in your clothing. after while you figure out a way to do your job how to tell your story with pictures and not exclusively with words. how to compress all of then make information, how to make the story the most compelling you can make it. still try to be serious journalist which can be a challenge if you watch a lot of journalism on television these days. i was lucky at embassy they sent a reporter to me, were still friends today he taught me television. he's.
he's a producer who worked for years. tommy had a talk on television and write for television and report in some ways for television.in i didn't spend as much time looking for the telling details to flesh out a story that got c lost. i work for nbc and covered another campaign. this is the 1996 campaign which was a lot of fun traveling the country. this time not. this time that with the candidate but covering issues and being able to pick and choose where i would go. w i cover congress the impeachment of bill clinton seem to be poetic, it was a fascinating time. somewhere in there i'm still doing washington week. pbs approach me and said our current moderators leaving would you like to, be moderator at washington week and i said i
like my like my job and i'm perfectly fine i'm not interested. and then they conspired with the folks at the newshour to come to me and say if you work for pbs you can work part-time for washington week in part-time for the newshour at which point once again this was an offer i cannot refuse. is not only going to work for the newshour which was a fascinating place to work because we do in-depth television journalism that doesn't get done anywhere else. but i also get to invite all the smart reporters i knew to sit around the table talk about what happened and pick their brains for the best and most interesting behind the scene wod information. if i could do this job i'd have reporter saying the president said to me or when i went in here whatever it is they could bring behind the scene things. the combination of the two jobs was the best experience ever for me.hour" wh
when i get to work in the morning when i leave here they will come to me it's a here's your assignment today. yesterday they said we want to do assignment about iraqi reconstruction of the new shakeup and the leaders of iraq. usually this means is something i don't know thing about but we get a stack of research by the end of the day you have to be an expert. during the war it was something everyone knew about. we followed it every day we knew what was going on. in a storyry s like this more ordinarily you're getting something brand-new every day. figuring out a way to not look stupid on television but also for people at home who arere coming to for the full story. that's what i do not. i work at the news are monday, tuesday,ng wednesday, and that i work for o washington week and when i'm not doing that i come to talk to people like you. i will stop nos take your questions.
>> can you tell me your name. >> did you ever ask plane or tell us when you didn't like what you're doing. >> i often experience a time i didn't like what i was doing. my experiences i just put my head down and keep doing it ands trying to light get something i like. the fact is, every career, every life journey is a series of ups and downs. you just have to tough it out sometimes. you have to decide it is this your ultimate goal, is it worth it to to keep pushing through. if it's not you should probably switch jobs and think about something
else switch jobs and think about something else to do. most of the time experience has been for having a bad time or angry about something or not being appreciated if you just tough it out it will pay off in the long run. you have to know what it is you want to w accomplish and do. the downside comes with the business. that's just with supposed to be. >> is a journalist, what you think is most important contribution you have made to society, the the country, or the world. >> the most country important contribution i have may? that stuff. one of the things that journalist to is they step back. we are observers. idt activists. not people's am going to change the world even though at the heart we are idealist and we think there's a certain truth that were trying to get to the bottom of. we know what things are are wrong and we want to expose that. when you do that well you feel like doing something for the world. pro
i don't get up in the morning is a today i'm going to change the world. that happens in many different ways. the best way to change the world over time is to provide more information to make sure people actually know what it is that's going on around them. to make it interesting for them to want to know and to not get caught up in the distraction. and i mean you know as well as i do that oj and chandra leavy and winona ryder or whatever the courtroom story of the days is not really changing the world, l these might be fun little stories to watch but in the large schema things are not important except for instance, the o.j. simpson verdict in itself is a murder mystery i did not not find it a very compelling story.di after the verdict came up as a social lesson as to how america acted along sit racial lines of very interesting. even though i have i have no problem with
people who do what i call the other stories all the time because you know what whatever draws viewers and it's important that they're paying attention to something happening now. i'm happy that i don't have to do that at pbs. and i get to talk about stuff with greater impact and more lasting and important ways.nviron because of that i think that's what you bring to the environment even if we are not personally changing the world. >> my name is brittany.a le as a journalist who providess information do you think you are a leader? >> i think i am a leader in that the truth of journalism is that we have a lot more power to decide what it is people need to know then we admit. that is, the big decisionsnstan, really about news, people say for instance that journalist
bring biased or something. i'm not can i write a story that says this is the way you should believe. but the stories we choose to see cover the stories we choose not to cover send a priority. if you get the paper every day and you see no stories about public schools, the omission not to cover that story is as important has a decision to make a big. story about a school. this i think journalists journalists have a lot of leadership responsibility because they have tough decisions. they can set the agenda.tentiont the new york times makes other news organizations go crazy. n they pay very close attention to what their decisions are. conne so there's a connection there.er that's the leadership, settingni the agenda and setting the tone
which i think journalists has to take seriously. >> my name is teddy. in in some countries journals who criticize the government base fines and imprisonment.assignme however felt an assignment put you in danger? >> know because fortunately i work in the united states of america. i'm serious about that. my sister works sister works as a foreign service officer in columbia. journalist every team lady hunted down, murdered for writing stories which make certain different competing hactions, government and otherwise which expose them. the same thing has happened in haiti. the same thing happened around the world and throughout the continent where journalists were doing the same job that i l routinely do everyday but their lives in danger. that's true danger. danger. it's not the same thing if i feel unsafe standing on a street
corner, that's not real danger.s the idea that someone will hunt you down for what you do for living that's dangerous. that doesn't doesn't happen in this country. it does happen around the world and it's something which remains a huge challenge and something that we can't be unsympathetic to. personally unfortunate to be able to practice journalism and a place where the constitution protects what i do. but that is not the same far from the same in countries around the world.ay, i don't feel on safe not in way. i should say however that during the last war when reporters were embedded with units in iraq, two of the reporters who died were colleagues, former colleagues colleagues of mine. michael kelly and i worked together at the new york times, dave and i worked at nbc news. they were incredible journalists and they clearly put themselves in the line of danger to bring
home a story very effectively in our homes, living rooms, magazines and newspapers in a way that i that i would not have had access to. cover michael kelly who covered the gulf war 1991 felt he had to go back to cover this one to see the other side. these men in many ways give their lives in order to bring this information. they put themselves in harm's way left young children behind. i honored the journalists whoki take that risk. journ >> i want to know what can i do know is a writer to become a wonderful journalist like you? >> ou sucking up are you sean? i just say, i think there's a ingredient to be a good journalist's is curiosity. never run out of questions toer ask. you have to write at every opportunity whether it's for the school paper, book reports,
fiction or writing poetry. working with words and how words can tell a story.al something that keeps track of your life. you will never never regret putting it down on paper. everything you write should lead to more questions that you want answered. if you have curiosity you will always end up with an amazing story. there's no such thing as a better stupid question.io my experience the one question didn't ask because those too embarrassed is the one that haunts me later. i think to myself this is the one piece of information i wish i had. always ask even if they think you're going to be stupid if you do. those of of the bare-bones of becoming a journalist. lec hello. since since you spoke in many lectures have you ever felt like you had to hold back on any thoughts or feelings because ofs your audience? >> yes.
have i have ever held back on thoughts and feelings. here's the thing, i don't thinkk it's my job as a journalist to tell you what i think of most thing. my opinion should not matter. i'm here to be a disseminate or of information. not to tell you what my opinion is. there theren are journalists who are opinion journalist right column sir appear on television and theirl definition is to be opinionated and tell you i don't like theue. president or -- that's not my job. it's to filter out as much as i think other than my professional ability to make a judgment about what's important and what's not. you will never know if i'mla successful when you're watching on television what i actually think about an issue. you might see me roll my eyes on washington week about aiot. particularly absurd statement someone made but you'll never hear me say that guys an idiot. that is not my job.
that doesn't mean i don't secretly somewhere deep downs w believe things. you're just not to hear from gwen, the journalists. i don't think i don't think it's what i should do. >> i would like to know, did you ever have trouble speaking in public? >> i bennett talker for long time. they had to shut me up actually. the interesting thing is i don't have trouble speaking in public now, when i get nervous is wheno used to get nervous when i felt like anything could go wrong, something was out of my control five string something live on television and things could go wrong i feel nervous in my throat would start to close up. or when i have an importantn't e point to make and i can't find the words that makes me nervousr be in in front of a camera doesn't make me nervous. been in front of crowds doesn't make me nervous in general.
after while growing up in a house where we debated things around the table, where we wouled were games and would debate that we come home ont, holidays and debate whatever the issue of the day was. if you didn't learn how to talk and defend yourself you can be run over.nd as a result that's how i learned how to present myself and not be nervous. >> if you're to retire from journalism what type of job would you consider? liv >> that's a great question because i have lived a career that i've never thought that far ahead. i think i would like tont teach. you will hear that a lot from journalists. one one of the things we do, we think were doing what we tell the story is teaching, sharing information. making the world a better placew by letting people know more.
that's what you do in a classroom. i don't know if i would want to do it full-time. the beauty of being a writer as you can do it anywhere. it's a portable profession. i love the idea of writing bookg or writing something in my cottage and teaching and not just doing one thing between several things. i can't imagine never not writing. writing about things that matter not just about me. >> how do you prepare yourself for an interview? angela is my cousin's name so give you an honest answer. i prepare myself by readingri everything i can get my hands on. i read every story written about someone, and and i read everything they have written. i read tried to think of anhe example.
that's the best way to tell. during the war or right after the war after everyone was deciding what was gonna happen in iraq now that saddam had fallen. someone wanted to find a story about the rise of the shiite muslim movement in iraq. i knew nothing about it. i didn't i didn't know the history of itad and during that day i read everything i could. i three books at my desk but all you need to know about his mom. i had colleagues who works for thn news hour web been to iran andhi did a lot of them work and some information. i immersed myselfe as much as possible. but once you immerse yourself we try to have experts come on the prograr who will question and ask about the set situation. you try to know enough so you cannot look stupid but also know
enough to illuminate and pull out from the people. we preinterview all of our people's we have a general idea general idea of what they have to say. we select guess based on theireo pre-interviews so if one person thinks and issues wrong or right we want to make sure someone is in the middle we want to have all the points represented. if i'm interviewing an author for a book which is one of my favorite things, i read the book and as i read the book i'm underlining, outlining, the best part is that when you read a book by necessity you get inside the story and then to have questions and asked the author who wrote the book is exciting. it also gives you an excuse to read books i might mean to get to. there's a pulitzer prize winning
book which was gonna sit on my night table but because i was going to interview the author i knew i had to read it. i read it so closely so intently that by the time i got to the interview i was telling him things in the book he did not remember writing. that was fun because i was able to ask questions and are more than what the book told me. so immersing yourself in the subject matter and once again no dumb question, not been a free task. >> my name is danny. [inaudible]hich o >> as a journalist which one do i think you upset if any. >> i will work for ben bradley. he actually hired hired me at the washington post indirectly.i i nothing but incredible
admiration for him. he not only stewarded the newspaper during the criticalt reputation making time during nn watergate but he was one of those newsmen was very direct, very crusty and was always walk into the newsroom barking atsman people. but he was impeccably smart and, good about what he does.he could he gets it. he has the instincts, he, he could look rounded newsroom and see who had it, who didn't and who could get it. i found him fascinating to be around. if i could grow up to be a ben bradley that would be okay by me. there's other journalist. and journalist and black publications broke incredible barriers for people of color, this is the sort of thing where there are so few of us were not been allowed into majority whito newsrooms that they decided we will do our own newspapers and make sure stories get told.
that was just as important. >> did you ever think you would succeed in being a journalist?ow >> i never thought i would fail, did i think i would be be doingd what i'm doing now?pleased no. i'm surprised that what doing now and pleased. >> but i never thought i would fail, but if i spent my entire career as a newspaper reporter i would've been perfectly content with that. so in that one up as wonderful position of having accomplished more than i set out to which is a great position to be in. i try to remind myself of that a lot especially when i'm having a bad day. >> hello did i like to ask who was the inspiration for as a evy
mentor to. >> every place i work and foundd a different set of people to inspire me. partly because because newsrooms are the places where someone is always doing something you would like to aspire to. when when it comes down to it the people who inspired me, my parents made it anear i was going to succeed. i never question that. in the end, my parents, by m setting setting the standards high for me, my brothers and my sister made it clear that this would not be accepted if youantd failed, also my parents are immigrants and they came here from the west indies and chosewh to be americans and they did what i thought was courageous by uprooting themselves, i had that example in the home. i also have
the example of leadership in the home. my father is a father is a minister like congregations and every time we lived in. he was a leader of people everywhere he went in addition, my father somehow did not tell my sister me that girls were different, in other words we were taught that we could achieve as much as our brothers and it was expected of us as well. so i think it begins at home the kind of leadership idea of what you can accomplish and what you can follow through on. even though i could give you the names of all kinds of mentors in public life and people i t consider who i admire, and theve end it's people shake me and my aspirations had to be in my own home.lse hav >> anybody else with a question?
>> good morning my name is jennifer smith and i'm the principal. my question for you is a several part question, i enjoyed this need to speak today you are rather inspirational for you have talked about how you've come from where you are. could. could you tell about your education, experience or attitude. which of those have been most significant in getting to where you are are making choices that you made about your career.'t have >> my instinct is to sale three but that is the end. you can usf your education and he can't take advantage of your experience if you don't have the attitude ofgo succeeding.if you g if you think people are going to mock you, if you think you're not going to be able to break through, if you think you'rery going to fail, you walk in with that attitude people smell that., they smith see it and
they know. it becomes a self-fulfilling prophecy. >> . . i started interviewing people for jobs along the way, people who worked for me, people who are internist, i was always -- even to this day i'm still more impressed with people who come in with an attitude than a transcript because having some -- sometimes some people don't take tests well. and that doesn't show up in their transcript. some people aren't interested in the subject at hand. some people have this incredible personality and this ability to break through and this confidence. and to me, that carries you through a lot of other questions. that carries you through a lot of other questions. it's important to know whats you're doing and to give it in many different ways and not to overreach. it's important to get the correct education and do what you need to do and also assumint you are going to do those things, you need to carry the confidence to accomplish it.
>> [inaudible]ib >> they are perfectly good talkd talkshow host is not good journalists, the question was what i think about talkshow hosts oprah, ricki lake and theo jerry springer. oprah to me is the most reasonable of the three. she accomplishes things and i could go on and on but they are not journalist and this distinction is important because entertainers are not there to bring anything except a laugh or my goodness look at him. but they are dealing with information and doing it in an o important way. you have to separate it out. what i do isn't what ricki lake does.
it's completely different and it's fine.e. there's room for all of that as long as we are also getting the factual information to make whisting chain. >> what are the adventures of being a journalist? >> the advantages are you get to ask any questions you want and by deciding what's important and putting it on page one but if you feel strongly about an issue it's not your place to say it. i know a churn a list that marched in political marches. i don't think they should. people express their opinion about the war and if they are just a straightahead journalist i don't think they should. lim
it's not a limitation for me because i don't feel that is but i want to do.o but i don't -- it doesn't feel like a conflict because it is what i've always wanted to do. >> what was the most important? >> it's hard for me to say what was the most important. you look back and think what was all that about. so it's hard for me to say what was important because the definition is that it's changing and it was a big deal at the time but no longer. but important to me isn'ty. necessarily the biggest type of
the story. important is the ongoing abilito to explain, educate and inform. that can't be suggested down to just one story. it can be an interview i do or the young mother of a child was killed or it could be importantt to talk to the national security adviser. a lot of them are important in ways that are affected more profoundly. sometimes sitting in a coffees shop and talking about tax cuts is more important than talking to the head of the senate finance committee about tax cuts and a more real way. i don't categorize it that wayor because it depends on where youl stand.ce with >> i was wondering who do you hope to influence in your career and how do you plan on influencing them?
spinnaker in influencing my bost to convince the city stories i want to do. i sent out to influence the direct world around me and i think sometime sometimes by telg important stories, you can do that. i have a special interest in politics and i think that voting and being engaged in life is important so the more ways i could find to tell this story the more compelling if they understand why it is just a game and i'm influencing public service and public interest. but as far as setting out to change minds, it's not what i'm about.ntimidat >> i was wondering if you've ever been intimidated by the people you've worked with because they are so influential and well advised on what they are talking about a.y're int
>> it turns out they are intimidated by you, too. it doesn't last long you just find a way to assume that they are intimidated by you and you know as much as they do and the questions are stupid. the best part is you are the one asking the questions. sometimes people ask me what didn't you like to be a politician, knows that it's no fun because you have to answereg the questions. >> have you ever been denied the chance to interview somebodyt that you really wanted to? >> every day. every reporter has a pocket list of all the people they would
like to talk to the truth is, most of them don't want to talk backwards not to their advantage to talk back. every single day the president of the united states has a lists re his office or pressss secretaries office reporters that would love to interview him and they will talk but it doesn't mean you stop asking and it doesn't mean that you take no for an answer but it does mean you pick and choose. this isn't always true but thepr program i work now, my boss is the one who does all the big interviews. if it's the president or the secretary of state or secretary of defense and they come to do an interview at the news hour they will usually talk to the anchorman which is fine. that's when you decide what voices to hear from. so it depends on what your goal is an aim of what you're trying to accomplish but most of the
time it's not very frustrating. >> my name is philip and myycarr question is since you began your career, have you felt that you've somehow improved? >> i hope so, because i wasn't very good at the beginning. - i've improved every day i hope.u the truth is every day there's more to learn otherwise you get bored and tired and wonder what am i doing here. a good day is when i come home saying something i didn't know before and that improves you, or just learning a new technique about how to get information ori meeting someone new is interesting and helpful and will help you with your job or just bringing something into abeen hn conversation. we've been having conversations in our office about how to cover the scandals in "the new york times" involving the reporterrp. who made things up.
when we have these discussions in the meeting everybody gets to contribute and everybody has a different view about it. i have a worldview about it because i worked at the times and everybody else because they cover the media issue is all the time and we get to exchange that so every day that you feel that you've contributed to that the e over the discussion or how we cover what we are covering is a good day.? do we not hav have any more hi.stions? >> [inaudible] >> my name is sonia and i was wondering if it is always worth it to you to be a journalist ons how [inaudible] >> it is worth it to me because people who take the risks, i was talking earlier about my colleague, they do it knowingly and it's worth it to them. p i don't feel that most of what i do put me in harms way and once
again because i'm a journalist ware in this country that i never interact conflict or anyone is trying t to threaten e but it depends on who you are if you are a foreign correspondent in a war zone you are at a greater risk and you take that into account when you decide what you're going to cover. a woman named elizabeth who covered war conflicts and was one of these intrepid was killed last weekend in iraq.ri there are risks that you take that it's an individual decision no news manager send someone into a dangerous situation knowingly without giving them the option. and i've never been in that situation. >> i've been tasked with watching the clock and i need to know if there are any final questions at this time. if not i'm going to ask to make some closing comments.
>> in closing i would like to thank all of the members of comcast and c-span andndoutstand especially our outstanding speaker today. [applause] this has truly been an enlightening educational experience for the students. anytime you are in the neighborhood you are welcome too come visit us. unfortunately for you guys, it is time to proceed with the rest of your instructional day. let's give one more round of applause. [applause]
born in queens new york in 1955. she graduated from simmons college in boston and work up on pbs news hour and as a moderator and managing editor at the washington week for 17 years. she died monday from cancer. she was 61. >> security and exchange commission chair appears before the house financial services committee. live coverage of 10 a.m. eastern on c-span2.
people demand a change i it is e job of the politicians to respond. but it's also of influence and power. it's to understand the drivers of that demand, too. britain, america and across the westerwestern world for years ht with many people behind. let's be clear those forces have had and continue to have an overwhelmingly positive impact on our world.
they've delivered unprecedented levels of wealth and opportunities. they've lifted millions of poverty from around the world and brought nations closer together, broken down barriers and improved consumer choice as they underpinned the rules-based international system that is key to the global prosperity and security which i'm clear we must protect and seek to strengthen. so we can't deny as i know you recognize there've been downsides to the globalization in recent years and in our enthusiasm is the answer to all of our ills we have on occasion overlook the impact on those closer to home whose cds in a
different light. these people often those moderate to low income living in rich countries like our own see thcipajobs being outsourced ands undercut. they see the community is changing and don't remember agreeing to that change. they see the emergence of the new global elite who sometimes seem to play by a different set of rules and whose lives are far removed from their everyday existence. of the tensions and differences between those thathedifferencest are gaining from the globalization and those that feel they are losing out have been exposed evermore through the growth of social media. so if we are to continue to make the case for liberalism and globalization as we must, we have also to face up to and respond to these concerns.
if we believe as i do that liberalism and globalization continue to offer the best future for the world we must deal with it the downside and show that we can make these work for everyone because when you refuse to accept the globalization in its current form if left too many people behind you are not sowing the seeds for its growth but for its brewing. when you fail to see the liberal consensus that has held for decades but fails to maintain the consent of many people, you're not the champion of other al-isam that the enemy of it. when you dismiss the deeply felt concerns of ordinary people weather here at home or abroad, you're not acting to defend your worldview, but to undermine it. and there is no contradiction between embracing globalization and saying it had to be managed
to work for everyone. and even as the global sentiment grows, it's incumbent of those of us in positions of leadership to respond, to make sense of the changing world around us and to shape the new approach that preserves the best of what works and adapt what does not. that is the true mark of leadership not standing inflexibly refusing to change and still fighting the battles of the past but adapting to the moment, involving our thinking of seizing the opportunities ahead. that is the kind of leadership we need today, and i believe that it is the historic and global opportunity to provide it. this country has set the template for others to follow.
we have so often been the pioneer, the outrider that's acted to usher in a new idea or approach and we have that same opportunity today, to show the world that we can be the strongest global advocate for free-market and free-trade because we believe they are the best way to lift people out of poverty but we can also do much more to ensure the prosperity they provide is shared by all. to demonstrate, we can be the strongest global advocate for the businesses and creating jobs, generating wealth and supporting a strong economy and society but we can also recognize where the minority of businesses and business figures appear to game the system that works with a different set of rules.
the social contract between business and society fails and the reputation of the business as a whole was undermined. to show that our departure from the european union is not as some people have wrongly argued britain's stepping back from the world or the example of how the free, flexible ambitious country can step up to a new global role in which alongside the traditional trading block the agile nation states like britain and trade freely with others according to what is in their own best interest. this is a new direction in a new approach to manage the forces of globalization so that they work for all and it's which the government has embarked. for over six centuries, this very banquet has celebrated the
pioneering brilliance of our nation as a global champion of free trade. now as we leave the european union i believe that we can show the way forward again. first, for as long as we are members we will continue to lead the way in pressing for the ambitious trade agenda just as we've done in supporting the recent eu canada deal. second, as we leave the european union, we will also use the strength and size of our economy to lead the way in getting out into the world into doing business with old allies and partners alike. we will use the freedom that comes from negotiating with part or is directly to be flexible and set our own rules and forge new and dynamic trading agreements that work for the whole uk. that's also why in our
negotiations on leaving the european union we are not trying to replicate other countries have or go for an off-the-shelf solution. all of us here tonight know that it's not some choice between hard and soft brexit. it's how the business and government work together to get the best deal, the right deal for britain and businesses working across the continent. but to be the true global champion of free trade in this new modern world, we also need to do something to help those families and communities. the government cannot afford to take a hands-off approach. we have to work to ensure the prosperity delivered by free trade and free markets is shared by all. that's why we are developing a new industrial strategy for
everybody in the country to really benefit from the opportunities for trade brings. there are people with great new businesses and brilliant inventions and every part of the country huge untapped potential for the new modern industrial strategy will back the strength of every area, every universities and the clusters of dynamic businesses, the fast-growing startups so that all parts of the country and of the society see the benefits of growth. it's about the failing industries were picking winners. that is the job of competition and free markets. it will be about getting all of them again by creating the conditions where the winners can emerge and grow across all sectors in all parts of the country and for the benefit of all and i believe this could be
a template for other nations to follow. as i argued my first summit earlier this year, we need every nation developed and developing to ensure the benefits of trade are fairly shared. this will not just be good for them, it will enhance our own prosperity, too and it will be fundamental to maintaining global support for the free trade and open markets that we believe in. so there is a role for the government. the businesses have an important role to play in this future. if you listen to some of my political opponents h you woulde forgiven for thinking this is part of the problem. i am clear that for finding a global economy, business is part of the solution. the economic recovery since the
financial crisis almost a decade ago has shown what business can achieve with a record number of people at work and more businesses than ever and business is also at the forefront of driving social change around the world as i saw firsfirsthand on my visit to ina last week but using technology to teach children to code and specialists whose work could help dramatically reduce the cost involved in screening illnesses in india. so the government diabetes unashamedly pro- business. we will not duck the big decisions which your success depends whether it is high-speed we will ensure confidence and stability in our economy by continuing to touch the deficit
and together with the work of our independent bank of england support new ideas for businesses to create jobs. we will do everything we can to make the uk outside the eu the most attractive place for businesses to invest and grow. already by showing our commitment to the future competitiveness we secured a new deal in the northeast, a groundbreaking agreement with america that wales will not just be the european hub but rather a global hub for maintaining, repairing, overhauling and upgrading vs 35 fighter aircraft and as i said, the industrial strategy we will proactively support the industries of the future as well as those like financial services where we already have a world leading competitive advantage.
across the sectors in the geographical areas to spread the wealth and prosperity but in return its right to play the part in ensuring that we build a country that works for everyone. the british business that is often on the frontline front lir engagement with the world and whose actions often project our values in the world is seen not just to do business but to do that business in the right way. i know many of you in the room recognized this responsibility, but others voiced their suspicion of what they see as a groveling antibusiness agenda. i don't agree. it's become so passionate in business as i say this asking business to work with government to play its part is profoundly pro-business because it is fundamental to retaining faith
in the free market and again specifically many of you in this room tonight can lead the way in the world. the great history of the companies stance on the fundamental principle that business is not just there to benefit business itself but also to advance the common good. since the 12th century can't delivery companies not only promoted trade and business, but also training and skills, research and innovation. they lead by example developing the corporate government that has ever been. my word is my bond. they continue to take a lead in broad challenge apple program
skipping over 48 million pounds to the charitable causes last year alone. how different from that small minority who believe they could operate by a different set of rules and recklessly damaged the entire business community in the process. together we can form a modern version of the responsible approach to business that has been championed for generations and we can subvert the power of business to create jobs and prosperity. ..
defeat the scourged of stage to send to estonia of eastern europe or nigeria in the fight against bowe go from -- both from and pioneering the way of slavery were ever it is found. time and again it is british leadership hard and soft power at the forefront of of the greatest challenges of our time. i sit here confident and facing the challenges once again britain can lead but together we can have a new
approach to the globalization and not just some of the assistance but all of them but by meeting this national moment to unite a country that works for everyone and to seize this great global opportunity of our time to provide the leadership to ensure the of prosperity of your businesses than the success of our country, and the future of the world for our children. and lettuce deuce of together. [applause]
>> welcome to consumer credit is an american arrearage really grateful that you are here and also to duke university for working with us on this event. we believe this is an important moment of consumer law in america because of the federal level it has been up and running since 2010 returning $5 billion back to consumers in no aggressively pursuing regulation we have all seen one -- wells fargo that continues to change the consumer credit landscape.
some things that continue to do either merge of access and opportunity with at racism that is in the credit system for years and years. so we think it is a critical moment to critically evaluate what role evaluation and should play. that is the goal of the symposium today. to believe that it is this group of speakers from policy centers with a host of different types people with a wide variety of backgrounds so i am
extremely grateful for the involvement so with that we will start with the of first panel. >> to be moderating the first panel with then opportunity to say thank-you to be here today. but also the idea for the symposium and in the driving force. and to get everyone involved. >> the first panel is about consumer credit and consumer financial protection bureau with the creation of cfpb the most important moment in consumer credit and to
discuss the breadth of the powers with consumer complaints from the university of utah and to talk about regulation in the inner-city of texas and then to focus on one regulatory power and then i will stop talked-about those in particular. >> i'll also convey my thanks for organizing these symposium and also for hosting us.
in to kick things off to take a step back 10 years ago to think about where we have come over the past decade with 2006 reword going to be the crash of the sub prior mortgage market that spread through derivatives and the great recession approximately you have different estimates but there was 7.3 million americans lost their homes to foreclosure nearly $11 trillion of household wealth vanished that is a profound consequences best and among those is the national suicide rate increased 13% and with the
food and security from the average 11.four soda notion that consumer finance is boring business is mistaken. consumer financial-services are dangerous so children go hungry in people died that is why they created the consumer financial protection merrill so that is accurate for those who are viewing at home who just finished five years that was
on leave from university to step down so all of my remarks should be taken with the grain of salt but none of this material is confidential or private to suggested by the cfpb anyway for the is based on publicly available information. so in particular the creation of cfpb the dodd/frank created eight new prohibition and that is what my remarks will focus on today. in particular this adduces standard added to the longstanding prohibition of deceptive acts or practices
that our illegal that they know for many generations with the federal banking regulators to force elections based on those violations but with the dodd/frank that was greeted with polarized views among commentators and with many scholars around of a country but the new abuse and standard was the most exciting development of consumer protection since the 1960's. but also the political or
ideological divide but they said the abuse of standard is dangerous especially given the cfpb uses of over enforcement. with those banking attorneys to provide clarity because say flexible standard no personal protection to consumers. that measured up to the hope said the fears as an overview just a couple of quick remarks with looking
at the four years of the enforcement with those descriptive statistics been looking to the future with those enumerated with the truth did lending act the fair debt collection practices act but today focuses directly off the cfpb prohibition of the abusive backs or practices and prohibits all of these things to a cabinet those individuals. >> so with that abusive
prohibition act with the consumer to understand the product or service to take unreasonable advantage of a lack of understanding of of material conditions the ability to protect the interest to select or use a product or service and just to act in the interest of the consumer. this is what the statute says is illegal. what have they done with that? and those that range from 2012 through 2015 in the
with those enforcement actions and then to show that characterization for the was awarded the law-enforcement employee. make that entire amount of relief that / employees. and then to go back now into those penalties but this is an refund that just for except to me $10 million per employee. >> so what type of products? of largest is the mortgage
market that constituted 38% at 2.$9 billion of consumer relief that was the second most prevalent and 6. $7 billion and then with uh credit-card cases there were 21 of a four year period as part of the of doc it and those that focus on debt relief even though it is the second-largest market into focus on the student
loans but some markets didn't receive any so this chart shows the enumerated cases of the statutes you will notice the total consumer relief with the pitchers demanding but that sounds like a lot of money but given up uh taw billion dollars in with the deceptive trade practices and with those deceptive trade practices with those
total amount of consumer relieve. the large bulk of the restitution refund and with those abusive practices only 1% of the total relief of the consumer that was awarded so they tend to be small cases. in this is some surprising given the level of controversy involved this is the of list of the cases involved the takeaway point
to bring the enforcement cases that they are required to show unreasonable advantage taking of the consumer. >> so some notable findings 73 of the cases while only 14 had the abusive practice over the same time period. only 1% or did that pled abusive but the bureau did not accuse any banks of abusive practices now that change recently with wells fargo was accused of abusive practices with the creation of bank accounts and debit card accounts without consumers' knowledge or consent that was the first
time in the history where a bank was accused iraq in the abusive way. after reading all of the cases they have alleged with the deceptive after practice. to look as a derivative of the same types of plans of deception so the takeaway point the fear of the optimism so those have proven to be misplaced. for those that is seems to me a key question is with the dog for a restriction is that the jurisprudence of
the unreasonable and vintage taking. in this not from establishing a federal use realignment. but at the same time it is prohibiting any unreasonable advantage taking. to inhabited by the fact with fat user relive it with consumer finance to prevent unreasonable taking with the use relive it. if it wants to have of abusiveness of jurisprudence and passed to come to limits with these three limited said is not. with enhanced disclosures
even a when the consumer understands the terms of the deal that means something more than deception saw as we look to the feature to have a crash in the economy to have a meaningful consumer protection. [applause] >> thanks to those who organizes and inviting me. sell the paper that i finished after she passed
with the of voluntary compliance. with direct enforcement. of course, not doing anything unconscionable. and with the fear of that publicity. and those to be followed by the legislature. but the second insight it was divided into two types. to rwanda is the direct transaction cost so generally though over the of better. but there is also in direct transaction cost which is
the cost of compliance because the practice that is now illegal was making money so for example, credit cards and then with the 2.five for issuers to consumers. new york consumer protection of that indirect cost the game is their loss in the most likely a to comply everybody was happy to comply with those. and then remedy.
asa of this criteria most obvious supervision is focused laser light directly on point the entire supervision process from other legal violations. the bureau whole life cycle depends on predicting the risk of legal violation slip prioritizing is us companies by the risk of legal violation. said they would not get supervene issued nearly as often. so with that constraint given the also incentive
rises the company's to have more favorable supervision. second the features of at bureau process of consumer protection the first is the focus on compliance management system a term so prevalent and has its own abbreviation. it is designed to promote compliance in the shadow of a enforcement one. the bureau set up the expectation that they must prevent violations without the direct involvement. and also to expect the compliance over the top with senior management in the
large institutions to have a key component of the entire division. also those that were required for the independent auditing one of their compliance. so they can convince companies to do this to maximize the resources. companies that have so supervision to offload the work onto the. but second this supervision is very thorough. to document extensively to risk those training materials the notices said
recommendations and matters require attention to set a tie line to the cfpb is the top level private enforcement with what laws were involved in the financial penalties. is with that consent decrees in to leverage of publicity so private enforcement. there is not that many credit reporting agencies but does still they go to
on violation that uh companies cannot count on warnings. so overall the supervisor reactivity is is described as statutory command that they harnessed to be a law-abiding. so a few aides of consumer protection one is the ire regulatory capturer and there has been a revolving door. of cost dial president administration there is
always a danger for supervision because that is confidential we could not evade which use simultaneously but in a confidentiality that is a key part of a process. to hurt competition and with the of voluntary compliance without confidentiality they are more likely to hide problems but they want them to explain and show their problems and how they are fixing them. also reserves publicity as the enforcement threat.
for but the consumer activist don't know what is happening. so the main way the bureau is addressing it so far is by compliance practices for the future administration. for that fascinating blend of these transparency but they describe the bureau's findings and the degrade -- to the degree of that requires. and that's rising to the level of public enforcement and without compromising confidentiality.
invented decide they are not serious. and then to keep the compliance going with uh companies themselves within these organizations. but i will then died a positive note there is some hopeful signs that the statutory structure is like eight to continue to lead them the current commitment to supervision at least during the ninth half style presidential elections which is what we had before. [applause]
[inaudible conversations] >> o large nonprofit organization and the main goal is research that is relevant to public policy. i will talk about a specific example. thises and in an area where the foray into rulemaking with the system and the capacity there. and to talk about a pending rule, if you are not familiar they are small loans to be $375 on average
to the market towards regulatory reform ended is the affordable payment in their others in double touch on them. but to talk today talk about the facts of the research we will talk about the impending rule tuesday the analysis of the shortcomings and the effects that it will have and with those consequences than there are 12 million so contrary to
conventional wisdom so to get a checking account and we also have in come. also people who get paid daily loans are not at the bottom of the spectrum and those that equates $15 an hour. in those consumers they are not young people into uh credit system they sighted people nephews credit and curtailing output typical of the applicant has a fight goes for 517 that means they
will not qualify for any and other types of mainstream credit and one thing wirth noting by a large is people living paycheck to paycheck seven out of 10 times the reason they get it is they are trying to pay a bill. like mortgage or a credit card payment rent or utility is. it is rather seldom somebody gets the payday loan exclusively because the car broke down or the unexpected medical expense rally is their lives are difficult financially and then come volatility is an interesting
area and almost tafts of u.s. households would characterize this as follows title so their income is coming up great then 25% that is astounding. there are a lot of people in did you are the wage earner working yet affect three sometimes your schedule is unpredictable property hours this week then it goes back and forth. and that varies accordingly. and that means from time to time. so it all have more than two months upper down over the
course of the year. if you make $30,000 a year that in $1,250. did that is more than $300 up for down. in how they get the selfhood when they need three or $400 just to pay a bill so credit can help lead the credit can only be helpful that they are not helping most people. with the pain loan comes due
in they take so holding now requires the bayreuth bark or to come in. the typical loan when it is to win two weeks takes up 36% of the paycheck before taxes. in it would be hard to make the ends meet with the high cost of loan and then the bar word goes back and then they pay a fee to pay the rent or the mortgage. this is only made possible because what they termed the leverage payment mechanism that is the ability to reach into the checking account to
leverage payment mechanism. it will cover any lender but don't free god is impossible to read but i just want to impress upon you is generally you are the wonder of choice of how to comply. the way that it is laid out is the short term loans but the top row is the core and it cfpb says you have to do very pay analysis that you are violating their condition that the borrower can pay the loan but that bottom row is the number of
to follow the core process to follow way the product looks or the way it is made available. hooking at the upper right hand section with the covered installment loan. so before i a explain how that works is the impact to strongly encourage the datum already becoming installment loan markets through the private lending and that does not eliminate the high-cost those eight puerto rico loans are here tuesday. the rule discourages that cost alternative to making it difficult.
here it is what i mean of the high cost installment loan of those states that were having those lines of credit but the dark reinstates is that the lenders are starting to use for protection and the light cream states is where they don't operate today except arkansas and maryland they were restrictive and now they have gone in there. so i am sure it on time i will skim through this but the bureau has some shortcomings are did not have to leverage our fat mechanism they're very focused on that process of evaluating and the leverage
payment mechanism is inherently dangerous it is the only reason that credit can flow. the lender needs that mechanism to ensure they will be paid by to have access is dangerous to a consumer living paycheck to paycheck. the ability to repay requires the lender and then and if housing does not show up food and the formula is pretty simple after those
expenses are left with those debt obligations to subtract those expenses that is the payment you can take her quarter halftime to go through this but it shows for a typical applicant the beer estimates $689 of remaining in, before they pay off their credit-card or other living expenses so after they paid the of mortgage and covered all transportation and needs needs, that is the range we can play with. and not just the average delicate those available estimates of the 90th percentile but of but to have $1,611.7 come.
so that ranges far too wide to be effective with access average data. so the point is widespread harm follows will stay on the market. they liked the standards the largest red the monthly payments are 300 - - debated 1250 on the back. here is an example of a loan popping up on the opposite end of the spectrum but with the ability to be paid easily. so with those shortcomings
it is difficult to enforce because there are no clear standards and those that will continue using the loans. i am short on time i will mention the flip side where they tried to back the bad guys but it makes it difficult for those lower-cost lenders. they don't want to get into this market because there is a lot of regulatory risk where payday lenders have a high appetite of risk. i will just mention these quickly as it once again some discussion on this hopefully but at the end of the day unless the bureau strengthens its rules they can be or to let those cost of loans and to save money but the consumer benefit because of this rule that
makes it difficult the cost to the lenders is difficult for the bureau to justify the rulemaking of what will be very aggressive challenges that cost-benefit analysis will be difficult for an improving abuse and stopping abuse. [applause] >> thanks again for coming so about one year ago are writing at my law school i took the picture it says the
exact same thing in spanish i pass set out to my students sometimes in the office when they talk about consumer protection and consumer credit at that time cfpb had a complaint function where we can smith's in those under under the regulatory structure and in the course of submitting to write about the problem that they're having that is sent directly to the company. so my project in the paper i put together for the symposium focuses on the narrative flair in conjunction that it got me thinking about of place of writing a narrative to levant's consumer protection
so i want to talk about the tell your story feature how that fits into the database but context, some neck up, plays the lessons but to hear consumers or each other. so they really were like you to submit your complete so if you go to this segment a complaint website to basically a come up with this front-page is it says tell your story although it is less prominent and directs people to the complaint database and they want to read what other
consumers have set about their experience but otherwise they can take alone to have a problem then have a form to check some boxes but they all include a large space so the consumers can top -- put him what they have and to think this is where i get my data, and also where consumers would go. >> but it will allow others to work and let us know what is going on. also to help improve the financial marketplace. . .