bangs in focus of this hour, ahead of the fed stress test results. it comes as the agency faces new threats. food prices up shipping prices soaring, and california pizza kitchen is caught in the middle the ceo talks with us. and energy still the hottest sector so far this year. there is still time to buy more say some of the experts. we're awaiting president biden, who is set to speak on the infrastructure deal that was just announced about an hour or so ago "power lunch" starts right now

stick with us. all right. let's check the markets, shall we you see it in the green 1% for the dow. s&p 500 and nasdaq hitting intraday highs infrastructure spiking after they came out to the white house driveway to say they agreed to a deal we'll take a closer look at the names on the moved in a few minutes. the deal is much smaller than originally proposed, but a deal is a deal. eli lilly hitting an all-time high it's down, as you see there in today's session about 5.3% kelly? >> thank you the federal reserve is set to announce the results of the

banks stress test. a major threat looms for the sector, the right of fintech paypal's market rivals behemoths. and paypal and square have outperformed many of the banks we have join by two who will duke it out here lisa ellis, i know you're a big believer in fincheck here. >> absolutely. i used to be a big skeptic, but over the last couple years i've gotten religion that digital banks have a value proposition for consumers, particularly consumers that bank with regional or smaller banks that don't have a mobile app, they

might not have good online capables they like that the digit at banks can layer in other services, marketing-related services, so they can actually do a lot of what their bank does and add more lifestyle services around that. >> and, charlie, i would rager wager a guess if the banking were to defend themselves, it will have to do with zelle let's take a pause and go to the president who is speaking about the infrastructure deal. >> i'm supposed to be getting on a helicopter to head to north carolina, which i will be doing right after this the vice president and i want to lay out what we just settled

with our friends on the bipartisan group as we've said before, there's nothing our nation can't do when we decide to do it together, as one nation today is the latest example of that truth in my view. i'm pleased to report that a bipartisan group of senators, five democrats, five republicans, part of a larger group, have come together and forged an agreement that will create millions of american jobs and modernize our american infrastructure to compete with the rest of the world and into the 21st century i want to thank them for working together and bringing their ideas and concerns to me as well as the vice president. as well as the jobs cabinets i thought everybody was on this

side [ laughter ] secretary mondo and secretary walsh. i also want to thank senator shelly caputo for her earlier work we didn't reach an agreement, about you she tried her best, and i'm sure it helped to produce the final agreement we have investment in jobs and infrastructure have often had bipartisan support in the past as a matter of fact, when i first got to the united states senate -- it's been a long time since our country could strike a major bipartisan deal on infrastructure, which is so badly needed investments we'll be making as a result of this deal are long overdue. they'll put americans to work in good paying jobs, repairing our

roads and bridges. they'll deliver high-speed internet to every american home, bringing down the price that people pay now for service, and they'll close the american digital divide, as has been driven home by every mother and father with a child at home during the covid crisis. that is, thank god, abating, and kids not being ability to be in school actual put plumbers and pipefitters to work and replace the nation's led water pipes, so every child can turn on a faucet at home and school and drink clean water. there have been communities that have been disproportionately affected we'll be building transmission lines, upgrading the power grid to be more energy efficient,

resilient and to be able to sustain extreme weather and the climb crisis it also builds our natural infrastructure, or coastlines and levees to be more resilient as well. american workers will be installing electric vehicle charging stations. the agreement represents the largest investment in public transit in american history, and i might add, that the largest investment in rail, the am track. you all know i have affection for amtrak it will provide folks with good pays jobs that could be outsourced, the kind of jobs that supply a middle-class life with a bit of breathing room for american families. my dad used to saying is just being ability to take that extra

breath sincerely, thing about all those people who can't take a breath they have no margin for error. we'll do it all without raising a cent from earners below $400,000 no gas tax, no fee on electric vehicles we're going to make sure that everybody in america is napin a position to do what needs to be done we're in a race with china they're not waiting. they've investing tens of billions across the board. i just came back from europe to meet with the g7, as well as nato, the eu, and mr. putin, all separately there's massive investment going on among the autocrats

one of the underlying questions is can democracies compete with autocracies in the 21st century? and this is a big move forward we have to move and move fast. this signals that we can function, deliver and do significant things these investments represent the kind of effort that throughout our history has literally transformed america and propelled us into the future the transcontinental railroad, the interstate highway system, the investments we made together that only our government was positioned to make now we're poised in a new chaps of that american tradition neither side got everything they wanted that's what it means to compromise and it reflects something important. it reflects consensus, the heart

of democracy requires consensus. it's time that a true bipartisan effort, breaking the ice that too often has kept us frozen in place, prevented us from solving the real problem facing the american people. this deal means millions of good pays jobs, and fewer burdens felt at the kitchen table and across the country for safer and healthier communities. it also signals to ourselves and to the world that american democracy can deliver. because of that, it represents an important step forward for our country. i want to be clear about something else today is a huge day for one half of my economic agenda, the american jobs plan it delivers clean transportation, clear and clean water, universal broadband, clean power infrastructure, and environmental resilience these areas invests two thirds of the resources that i proposed

in my american jobs plan two thirds of what i called for out there. but i'm getting to work with congress right away on the other half of my agenda as well, the american family plan, to finish the job on child care, education, a caring economy, clean energy tax and cuts, clean energy and tax cuts for american families and much more for me our investment on fill inextricably are intertwined both make us better off and stronger the case for these investments is clear economists, left, right and center, independent wall street forecasters, they all say these kinds of public investments mean more jobs, more jobs, more workers participating, higher productivity, and higher growth for our economy over the long run. both need to get done. i'm going to work closely with speaker pelosi and leader schumer to make sure that both

move through the legislative process promptly and in tandem let me emphasize that, and in tandem we kneel physical infrastructure, but also the human infrastructure as well they are part of my overall plan what we agreed on today is what we could agree on, the physical infrastructure there was no great on the rest we'll have to do that through the budget process we need a fair tax system to pay for it all i'm not going to reste until bot get to my desk there were some in my party who discouraged me from reaching an agreement, that we should go bigger and go alone. to them, i say this -- i have already shown in my young presidency that i'm prepared to do whatever needs to get done to move the country forward that's what i did with the american rescue plan let me say this -- where we

can't find prone ground, that's what i will seek to do the reason why, broader support have the strongest prospects for passage. working together when we can allows us to make a bipartisan process whenever possible without foreclosing the right and the necessity of moving forward on a major -- majority base, when we were -- so-called reconciliation process and for the deal being announced today, there's plenty of work ahead to bring this home it's going to require hard work and collaboration. the committee chairs and the ranks members will play a major part there are going to be disagreement to resolve, the m more compromises to be forged

along the way, but this group of senators and all the american people can be proud today. we have reaffirmed once again we are the united states of america. there's not a single thing beyond our capacity that we aren't able to do when we do it together a lot of people, especially in the press, doubt that anything unifying is possible it's hard, but it's necessary and it can be done i want to thank you all. god bless you, and now i'll take a few questions before the helicopters leaves without me. >> reporter: mr. president what assurances do you have that you have sufficient democratic support both in the senate and house to vote on this deal and on the reconciliation package. >> you always ask me those things nobody knows for certain -- it's your job, but you know it's not a reasonable question. i'm not being critical my idea of telling you now that i know every senator, how they're going to vote, i don't know that.

i do know that among the roughly 20 bipartisan group of senators and congress -- i met with only ten here today, but that group, that we had an agreement when is the last time, if you asked me whether or not i could get passenger rail service for $66 billion, the largest investment ever since amtrak came by. i asked for nine and i got 66. talk about public transit, 49 billion for public transit when i raised that before, somebody looked at me like, where have you been, biden you've been in china too much or something. i had been in china.

electric buses, electric infrastructures, i asked for 15, i got 7 1/2. these are significant down payments on things we finally got after skillful negotiation on the part of my cabinet and my team, led reply mr. richetti so when you ask me what guarantee you have i don't have any guarantee what i do have is a pretty good read over the years of how the congress and the senate works. the why the that we're not going forward because somebody doesn't get every single thing they want, with nothing in here that's, quote, bad for the environment, bad for the economy, bad for many transportation issen likely. i can't guarantee it you know that. >> reporter: mr. president talk more about your interactions

with republicans specifically? you had they have given my their word, and that's good enough for me the skeptics in your own party, what is the conversations that you had recently with the republicans that gives you that. and secondly, you said you would have more to say about the situation in south beach >> at the end i will answer the south beach question, but i want to coherence here. number one, i worked with a lot of these people who are in the room i know them. everybody knows, and you guys know when certainly senators tell you something, they mean it the singed greatest currency you have it your word, keeping your word mitt romney has never broken his word to me the senators from alaska, the senators from new hampshire, from maine, they have never broken a word. they're friends. the people i was with today are

people that i trust. i don't agree with them on a lot of things, but i trust them when they say this is a deal, we'll stick to the deal. just like i doubt you'll find anyone who says they don't trust me, on these issues, this is a deal we'll stick with. there's other things in the environment i want to get done i think we should have the $300 billion tax credit for dealing with the environment it would be a giant tax cut for corporations, but also a giant move toward weatherizing every building in american so when i said we agree, i'm not going to go back and renegotiate the amtrak piece, but i many a going to fined for trying to get $300 billion more for tax credits for the environment.

yes, ma'am sdpl. >> reporter: my question, i know they are families looking at this and wonder when the help is coming we talked about -- can you say anything more about that and what is the signal for future deals there's still voting rights, policing reform, what does this tell you what have you learned in talking to republicans about what will happen in the future >> three essay questions the first one related to. >> the timeline -- >> and you want people are waiting for relief. >> yes. >> i got them $1.9 trillion relief so far. they're going to be getting checks in the mail that are consequential this week for child care a lot has happened lr, number one. number two, i'm going to fight like heck for the rest of what

has to be done, like for education, for example my proposal in the family plan was early education and a free community college. it will not be with rep help, i'll have to do it through reconciliation to get it done. that's number one. i think based on my being out on the street and 3the polls data, think people trust me to be fighting to get what they need with regard to the issue of what about voting rights? voting rights is maybe the most consequential thing -- i'm going to be going around the country, spending time making the case to the american people that this isn't about showing identification that this is who i am when i vote this isn't just about whether or not you can provide water for someone standing in line while

they're waiting to vote. this is about who gets to judge whether your vote counted after it's been cast think about it you want to now it would be officials who were 30i7bd and elected, bound by an oath that they would uphold certain requirements to make sure the vote was honest and fair these guys are trying to do now, in rough approximation, is say that if we don't like the way the vote turned out, we're going to say the vote didn't count we're going to recount that's never happened before it's wrong who in god's name, as my mother would say, died and left them boss your vote has to count there's ancillary parts that i strongly support

i strongly support the idea -- if i had my way, there would be no private contributions to see who gets elected, how much money you raise. if i had my way, every election day would be a day off, because people who work certain shifts can't make it to elections i would make it automatic registration when you turn 18. it's a worthy fight, but it's much more profound than that it's about saying that the legislature in georgia could decide, if it's a republican legislature, you know, on reflection, we don't think that election was fair. we're going to vote to say it didn't count it's just simply wrong up. it's wrong in my view, it borders on being immoral. this is the sacred right to vote as john lewis set, it is the,

the, the most important right you have i'm going to makeit across the country, and as best i can, to see it changed. >> reporter: when you say you want both of these measures to proceed in tandem, did you receive any assurances that that would happen how do you anticipate -- >> if they don't come, i'm not signing it it's real simple i expect that, in the coming months this summer before the figure cal year is over, that we will have voted on this bill, as well as voted on the resolution. that's when -- if only one comes to me, i'm -- then i'm not

signing it it's on tandem >> do you support nancy pelosi's stated plan to hold the bipartisan deal until it -- do you support that sequencing on her part >> reporter: mr. president -- >> reporter: by moving forward with this two-track system, are you putting the bipartisan bill in jeopardy? >> sure. look the bipartisan bill from the very beginning was understood there would about to be a second part i'm not just signing the bipartisan bill and forgetting about the rest i proposed a significant legislation in three parts all three parts are equally important. by the way, my party -- everybody tells me where my party is my party is divided. well, my party is divided. my party is divided, but my party is also rational if they can't get every single

thing they want but all in the bill before them is good, will they vote no i don't think so. >> reporter: mr. president, 48 hours ago it seemed like this deal was in a rough place. what changed the dynamics you saw? and would you be willing to see an increase -- >> whether it's included in either bill is not relevant. it depends on what the leadership of the house and senate thinking how they should proceed. number one number two, i didn't have that bleak view you all have. you said 48 hours it didn't lookic good. it looked good to me 48 hours ago. it looked good to our team 48 hours ago, 72 hours before, too. you guys know me too well. i'm going to drive you crazy the next four years. i'm going to tell you the truth as i see it. i know the senate and the house

better than most of you know it. my whole life that's what i've done it doesn't mean i'll turn out to be right all the time, but i'm not going to negotiate with the press while i'm negotiating in privately with my colleagues, and these are really tough decisions. i don't in any way dismiss what senator murphy says about the environment. i don't dismiss it at all. just to remind you, i wrote the bill on the environment. why would i not be for it? the question is how much can we get done the bottom line is, when all is said and done, does what you agree to preclude forever getting the things you want? well, i'm not for that i'm not going to vote for one of those deals. secondly, do you get all of what you wanted and you come back and fight another day?

i've been president of about 150 days i think i've done fairly well so far. not because of me, but because of the way the system works. it's not -- i know that doesn't answer any of your questions about, can you tell me when? how are you going to do it i just feel that the best way to get a senator or congress person, who supports the essence of what is already there, but says i don't have enough of what's there of other things, the best way to get that message across is go to the constituents and say here assist what's on the table. so you campaign -- the campaign

doesn't stop what doesn't stop is the saying i'm the last example -- remember in 2018, everything said the democrats are going to lose i went into over 60 congressional districts. i didn't go after the individual i went to -- and said it's really important here's why i think you should do it that's why, if i were you, i would take a look at what charlie smith and harry smith

says guess what we won 40-some seats it's not just convincing this particular congress person it's making a rational case, if you can, in their communities why this is important to get done i think the fact that i didn't get everything now at this moment -- for example, a lot of our housing pieces didn't get passed we're coming back at it, though. we're going to make the case if i make the case in the public at large, the the problem is i disappoint you, because i can't always answer your questions and negotiate with you before i negotiate with my colleagues but i think the public understands and they're seeing

proof what's happening projections from wall street to the fid is that it will continue to grow. we're going to increase more, and guess what remember you're asking me -- i'm not being critical legitimate questions are being asked. guess what, employers can't find workers. i said, yeah, pay them more. this sunday employees -- employees bargaining chip now. what's happening they're going to have to compete and start paying hard-working people a decent wage by the way, talk about inflation, the overwhelming consensus is it will pop up a bit and then go back down. no one is talking about this great, great deal if it turns

out what we've done so far is a mistake, it's going to show. the economy won't grow like it was before people will be out of work like it was bush. unemployment will continue to climb. if that happens, my policies didn't make a lot of sense i'm counting on it not i've got to get to the helicopters. >> reporter: we asked you about florida. >> i apologize thank you. i have spoken with -- we're going to step away from president biden's remarks to the press after conclusion of what appears to be a nascent infrastructure deal between the white house, senate and house

update let's go to eylan mui to get soe of the details it was a very interesting glimpse, what is the size of the package? how much of the spending is new, over how long will the money be spent? >> well, you're exactly right. the president made it very clear that this is a compromise, but he said the compromise is the heart of democracy so what exactly are those good things?

$ $266 billion forward -- and new spending plus spending that was already scheduled to happen. over the course of aid years, over a trillion dollars in spending it was also interesting to me, tyler, how much time he spent trying to get hi own part on board. he made it very clear if there was no in tandem the education portion, he said both of those things need to land on his desk and needs to happen by the end of summer. guys >> i think the lesson that i took away, as he spoke to his party was we agreed with the

other side on what we could agree on we agreed to push down the road so this is strictly on what i would describe as physical infrastructure -- plains, trains, roads, bridges but a lot of those so-called human capital investments are punted for now right? >> there's already been today some sort of pushback say this bipartisan deal may not be worth can, because it doesn't go far enough i think it was notable that he raises the stakes by saying, it is evidence that democracy can deliver results. this is about showing that washington can work, and that's

a core tenet of his presidency, something he has now determined to make good on. >> and the whisperer in chief came out again, didn't he? >> a couple times. with the microphone we could hear pretty well. we're going to do the rest of shows in whispers another day. it's going to launch a thousand more tiktok memes inflation is on the menu we'll speak with the ceo of california pizza kitchen later, why the energy sector could be bigger. "power lunch" is back in a moment

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let's bring in dom chu

>> we want to look at the energy sector it's outperformed by a wide margin look at the s&p energy sector. that's how far the energy sectors come and meg any of oil prices. are there still places, still stocks that have room to run take a look. these are the implied -- saying if the analysts are right, here's where the consensus has these stocks devin energy, one of the best

performers up an implied 19% up about 19% as well and as for the majors. that's only because, tyler, kelly, exxon is up almost 55, 56%, that's how far it's come. back over to you. >> thank you very much dom. is now still a good time to buy energy it still has not kept up with the commodity price. why vice president the stocks

kept up. you realize thinks stocks were down needily 90% they simply went through a horrible time can you remember a time when a sector was up so much and so little is discussed about this we just don't have enough read and i think people will chase momentum that really creates the up side. >> and you see -- we just showed it's up 45% year to date i wonder, though, if part of the

explanation is are wary of investing in this sector for esg reasons. could that be part of the reason >> don't forethey benchmashing against the esg so when it's hit hard, it's no big deal, but the pain becomes greater as the price moves higher ic have made that article at the beginling of the year, you know, it won't do well, but it's up 45%, tyler i think the point is the more it goes up, the more it's going to force people that maybe looked away from it to actually realize, gee, it's hurting my performance relative to my benchmark, i better get

it look, there's good yields in these stocks. >> you're getting paid to own them it's a nice parlay there let me ask you this, though. there's a lot of people who may say i missed the run, i shouldn't get in there now what does history tell you about what happens next when a sector gets as hot as energy has been. does it din? does it cool down? does the fever break >> i think the crude gets to 90, 100, i'm not going to be here telling you, tyler, i think you should buy the stocks, but i do thinks that they stocks have lagged, so there's a bit of up side i am a believer, as we just heard the president speak, the economy will run hotter. you hear powell yesterday, the

president, i think there's a lot of emphasis on creating a hotter economy. in that environment you said more inflationary assets so we have tilted our strategies more towards value, and then growth functions have gathered a lot of interest, but a lot of money is sburd into it so i think i am waiting for the time when i think there's a lot more enthusiasm, tyler, when you're talking about energy stocks, a lot more than you have in the last few months. i think that will come as we get closer to triple-digit prices on crude. in that environment, i think these stocks will do very well i don't think it's too late. >> when you expect, it appears i know chevron is one of your choices. you have at one, psx is the ticker symbol. >> how many refiners are we building in the united states

today? none i think eve. last quarter trong vehicle. i think the biden administration is actually good for the oil sector, because it's forcing the oil sector to be more capital efficient. you know, the drill, baby, drill is behind us i think they're performing more efficiently and i think that will cap the opening of splits i think the environment's ripe for this group to continue to outperform the market. >> the energizer bunny, says my friend andrew slemmen. the ceo of california pizza kitchen is with us -- coming up.

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the labor shortage and supply change issues, california pizza kitchen has more than 200 restaurants in eight countries

the ceo joins us now talk a bit about the headwinds we just mentioned. $a lot of headwinds. first we're happy to be open and operating in our dining rooms against pricing you talk about, inflation, everything is in the mix, everybody is trying to do a great job getting up and on their feet our commodity and our inflation is actually pretty stable, but we benefit by having a level menu we're not overdosed in an all-beef issue or all-chicken issue that might be more sensitive now. we've been hearing interest supply chain issues. are there shortages?

if so, in what then let's talk about where we know there are shortages that is in labor and how you are addressing it. >> yeah, shortages for us actually haven't been an issue we have a substitution here or there, but overall for us it's been pretty stable we are thankful of that. >> how about labor you just heard the president whisper "pay them more." >> yeah, i would like the president to sit down with all of us trying to make it. we're over $15 an hours. i have restaurants over that it's great to say that, but it's difficult to make the whole bundle work in the field we're a playing on every restaurant brand are doing what they can to pay employees

what they can and balance out everything we swim through labor is tough in hours now. the amount of money on the ground has changed we traditionally are very low in turnover we may have had a better running start into this challenge than many of the other brands our sales are now up over 100%, so -- >> doubled sales from 2019 >> we're over 100% of our 2019 sales. some of that help was california opening last week on tuesday, effectively opening up our dining room opportunities, but yes, we are very excited about where we are right now there are headwinds, things to deal with, but we're happy to be open and operating, bringing in inoy investigation to the marketplace. put some happy in these

consumers' day. >> by the way, jim, as i electricity to find gluten-free options to make at home these days, getting year -- it's chickpea crusts down better and enter i know you are one of the first national chains to roll out a product like this. let me ask about an ipo. you've been private for about a decade we sees krispy kreme going public coming out of private hands. would california pizza kitchen return to that market as well? >> we have a lot to do, i think to get back into our power spot. we were coming out of covid, the second punch with staffing our numbers are really good. our sales -- we're very pleased with our sales right now dos a lot of efficiencies in labor, in other parts of our p & l.

we're concerned about you're commodities, a i listened to you before our conversation. fuel charges, i wonder how i will accommodate that. but overall, all things for us are on the table we're just trying to take care of customers, making sure they're happy with us, our service, our food, our innovation we're just heads up right now where we need to. >> you've been at the helm for three years. what a three years it's been obviously a bit of a turnaround story, then you hurdle into a pandemic now you're dealing with all these different supply-chain issues i want to ask you once again about what's going on with wages. you mentioned trying to do some technology, but are higher wage costs effectively eroding your profit margin? >> you can't if you don't make

other adjustment there's technology helping us with tickets and screens in the operations and the flows there are other ways to accommodate that, but you do get frankly tired of pushing a benefit and offsetting it with labor. we love our employees. we do all we can do to make sure they stay and are excellent employees. pay is a big piece, but they want a great company to work for. they want management teams that care about them. >> and they want to grow. >> there's a lot involve in that. >> jim thank you very much. my wife has given me chickpeas pasta before it's good, kellie. >> innovation, that's cpk. >> jim, we appreciate it

thank you. you should take "power lunch" out for lunch we'll have more, next. ♪ maybe i didn't love you ♪ ( ♪♪ ) ♪ quite as often as i could have ♪

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knowing the gains are -- peter thiel's roth i.r.a. is -- >> i thought there were annual limits how much you could put in it ain't going to get you to $5 billion. >> tyler, a smart accountant will show you how to get around that peter thiel started with a roth i.r.a., just $1700 now it's over $5 billion how did he do it his investment firm bought shares of the new start uppaypal

for 1/10 of a penny per share. that bought him over 7 million shares under $2,000 that was the cap at the time when ebay bought paypal, all tax free he then used the sheltered cash to buy more stays in palin continue, facebook, lots of others, all grows tax free all of that was valued at over $5 billion if he waits until he turns 60 in 2027, he can withdraw all of that without paying any capital gains or income taxes. >> somebody today could do the same thing, put whatever the limit is, $6,000 in a roth on stock options worth pennies on a company they believe in, right, and do the same thing? >> people say it's a simple fix.

you just can't put a private -- or equity in a private company into a roast i.r.a they have to be public, and that would solve it. >> then what he did is took the paypal profits, sold off some of it, bought other shares, and up they go. >> if this becomes a reason they tax roth i.r.a., that would be terrible for most people thank you for watching "power lunch." "closing bell" starts right now. >> it does indeed. welcome to the new york stock exchange new reports on wall street as the nasdaq and s&p 500 hit new highs. president biden set a deal has been reached to create millions of jobs. more on that in just a moment. bank stocks are