it's going to have to play ball and help us secure the border have a heckuva time. >> congressman katko have a great week and thanks for joining us but i elizabeth metallic to watch "the evening edit" ray thank you so much and catch me tonight on it got felled at 11:00 p.m. eastern time tune in. it was off the hook hilarious show. have a good weekend. ♪ ♪ ♪ ♪ ♪ from the fox cities in new york city this is. amy: wall street. spit happy weekend everybody. thanks for joining me. i am maria bartiromo pared back lash from business, u.s. chamber of commerce slamming the president and his administration for taking matters into their own hands, resorting to using a growing list of executive orders for the chamber ceo is here joining me next. we've got a huge a week ahead

the highly anticipated federal reserve rate decision and our first look at the second quarter gdp in the week ahead. the head of merrill lynch wealth management of what he is telling clients right now. plus their big major national security questions after a chinese company purchased hundreds of acres of farmland in north dakota. just on the road for u.s. air force base congressman mike gallagher on what should be done now. and the new developments in the investigation biden, the charges the president's son it could be facing. but first this weekend president biden is pushing through his climate change agenda. bypassing congress in issuing executive orders on climate change. chamber of commerce ceo suzanne clark is sounding the alarm on government overreach. she joins me right now. he president is promising he'll push through this agenda regardless of joe manchin pushing back on it. he wants executive orders on climate change. he says that the climate

emergency. what is the effect on business? >> well, as you have been saying the idea we need the sec and other government agencies to get outside of their zone and enter new regulatory arenas is ridiculous. we have climate agencies we have environmental agencies the scc needs to do its job to regulate markets, to protect investors. and this exempts regular trey overreach and sec and other agencies is the wrong type of government approach at the wrong time. such security exchange every agency is pushing the climate change agenda made that comes with its own cost. when you hang from business today? what kind of impact do they feel for this? ask if you look at just the scc climate disclosures the estimates are there could be twice the paperwork member how

up in arms are born about that? yet i don't think were hearing enough about the real cost of these rules and without any benefit. what's going to mitigate climate is going to be technology, innovation free enterprise capitalism let's not pretend these things are binary. we can produce domestic energy and mitigate climate. it's going to take private capitol to do it. maria: the idea you look at the impact that was a nightmare in here we are looking at a second package that's having a real impact. what are they going to do as a result? if they are facing higher costs they're going to pass that on to consumers, right? the money has got to come from somewhere. so overall your talk about impact the broader economy in terms of slowing things down. and then you add onto that higher taxes. >> without the proven benefit, right? we are not proving this is going to solve anything. it is just a lot of rhetoric. and so going back to the sec, we

have had an agency dedicated to materiality. the idea disclosures are material to think about the sustainability of an investment in a company. all this and you have an agency go rogue and decide it's going to look at things it's not an expert in. require companies to spend a lot of money disclosing things investors are not even going to be able to weed through it. it really makes no sense particular in this economic environment. maria: we had steve moore on this program last weekend particular health report showing most of biden's economic team has zero business experience. maybe they do not even understand the impact on business, what you think? >> well, it's why the chamber of commerce talked to them, to the administration comments of congress, to policymakers all day every day for their things demonstration could be doing right now to help american businesses. to help american families counteract inflation in these higher prices. until focusing the administration on only things they can do as part of our job.

maria: what can they do? >> one thing is they can reduce tariffs. tariffs are costing american families $1200 a year. >> new service small business owners it shows 47% almost half say they are at risk of closing by the fall. add to the list of concerns report by senator rand paul. if the democrats are able to push through their proposed tax increases, more than 8 million small business would be hit. suzanne, what are your thoughts here in terms of small business coming under fire since the beginning of this pandemic? and still under pressure because of policy? >> is such an important point. we talked to small businesses all day every day. chambers of commerce across the country. we hear that the same things you are reporting on. let's hear it with the worker shortage. they can't find enough workers, they're reducing their hours of collies and beaches shops and restaurants are not able to be

fully open they just don't have the workers. they are worried about tax increases. we are spending a lot of time pulling in key states in everything policymakers this is the wrong time. >> some of these companies are facing an unprecedented spike in crime. i know the chamber is calling shoplifting a national crisis now. you are asking congress to take action is organized retail theft. what needs to be done? and how do we address this? >> you know, i don't know about you but i like my morning coffee. we met national coffee chain say they are closing more than a dozen stores across the country because of this issue. including one in d.c. i go to all the time. national retail federation said this is up 50% in five years. when you congress and administration to focus on calling this what it is. prosecuting these crimes. looking at rules online to find

these organized criminals stop their ability to sell the stolen goods online for quick suzanne thank you very much for being with us this weekend. it's great to see you. >> of traders are betting the federal reserve will hike interest rates a full percentage point next week with inflation this high will they do it? and eight sieg is to react, stay with us. or whatever this is. but the things that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. we believe that your investments should work harder for the future you imagine. and that's where our strategic investing approach can help. t. rowe price. invest with confidence. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria.

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maria: welcome back or take a look ended the week after were up better than expected corporate results. bracing for next week bigwigs federal reserve decision the gdp another court of economic contraction will be the definition of a technical recession fit of the white house is trying to change that right now getting ahead of the report join me write out merrill lynch wealth management president andy sieg. any it's great to see you thanks for being here.

i want to look ahead with you, not only do at the federal reserve day meeting tuesday and wednesday we haven't gdp which we will know if we are in a recession or not. we also have major tech he look at an apple or microsoft it does speak to not just the broad economic backdrop but also the supply chain, china et cetera. how would you assess the current story today, knowing if spend a lot of time with clients. >> i think the best place to start is with consumers. one of the things we continue to see his strength in terms of consumer activity year-over-year. look at all the money that most of the pipes of bank of america's the cross 67 million u.s. households. that number's up a little over 10% year on year. we address for inflation households it comes down a bit from there. it is still clearly assigned to consumer it remains a stronger. he sought in the markets this week a relief rally's earnings

early in her earnings season results have come out relatively strong. take a step back this is a very unusual environment i think post a pandemic we have been seeing a pendulum swing far and wide. markets have been down beat sentiment very low. we are pretty encouraged by what we see in the consumer with regard to how companies are performing. maria: were silken double digit declined today nasdaq 23% year to date. in the last three weeks you got about a 10% rally paid. >> one of our leading research analysts said people have been so bearish they are becoming bullish essentially. sentiment is this a bad that tends to be a contrarian indicator. that is a driver of that relief rally. to take a step back and think more broadly. the first half have thrown the worst market in 50 years at clients. we are certainly not in the

worst economic environment in the last 50 years. and in many different ways the u.s. economy remains a pillar in the world economy and investors attend to look medium and long-term. and when you do so there's reasons to be bullish around the future of the u.s. economy. maria: if you are looking at the long term are there areas you believe investors should be in regardless of what happens next week? do you think will get 75 basis points from the fed and news we are in recession? does it matter? >> we do think will get 75 basis points it next week. with regard to whether it matters we are in a recession to think the markets at this point have assumed a mild recession. i don't think it's particularly consequential at the data point shows next week. i think again the market is anticipating we are moving

toward recession. i think if you take a step back the first question, which is a great one where to put money over time? as i said we love the story of the u.s. economy in the u.s. equity market. we advised clients to broadly diversified in a way that's keeping with their medium and long-term goals. increasingly we want to ensure it is as broad as possible. we have clients that much more focused on adding alternative investments to their portfolios, real asset for example should inflation be more persistent there is some upside. and across a bank of america or wealth management business our clients owning's of alternative investments are up 36% year on year. this is a place where money has been moving. again we think it's the right move for investors. generate really great advice new anti- good to see a thank you very much for what we can back

present by casting doubt on nancy pelosi's trip to taiwan. the message could be sending to china for turning the heat up on hunter. we may soon know if the will face congress. and congressman gallagher on all of this next

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maria: welcome back. try to enter only backyard. a chinese company called the fu fung group recently purchased 300 acres of farmland in north dakota. very close to u.s. air force base raising concern judgment right now wisconsin congressman u.s. marine intelligence officer michael gallagher. congressman is great to see you. thanks so much for being here. what are your thoughts on this power grab, that the landgrab i

chinese company close to it air force base? are there concerns, real worry about surveillance from communist china? x there are massive concerns. a few years ago we revised and modernized the committee on foreign investment in the united states specifically because of these concerns. tried to give the process the authority to take take a look at transactions like this would have a potential foreign power or company controlled by the communist party buying up real estate near military assets or we think that is worth some scrutiny. this particular case re- ignites those concerns. we do not want a company that is effectively at the >> and call of the chinese communist party are former adversary to have that leverage here in the united states. it raises a question, where did it go wrong? where do we not have sufficient authority to start to take a look at things like this?

maria: it's down then praise anything to do now? when he went to do about it? >> certainly in congress tried to do an investigation going to look at a deal is probably ways we could reverse it if we stay clear and present danger to u.s. national security. going forward and think have to learn the right lessons. it was allowed to happen if it was a mistake we need to bolster the process. we need take another look at that legislation. we figure out where it went wrong. more broadly we need to recognize with the chinese communist party is doing. they are seeking to have economic leverage across the world to coerce us into doing their bidding. a lot of times you seen over recent years people in the private sector in corporate america unwilling to criticize the chinese communist party because they do not want to use access to that market. they do not with the see the ccp leverage the weapon against them. that is the type of warfare we are in right now.

a lot of this competition is playing out not just in the military domain but the economic and financial domain. maria: it feels like joe biden tiptoes on the cdp every day. look, i do not understand how this could happen. it wouldn't happen in china, that i can tell you for sure. they had deemed certain off-limits to foreigners but they will not allow informant to buy anything near any air force base that is for sure. and how china issued a warning to house speaker nancy pelosi after pelosi reportedly outlined her plan visit taiwan next month. that ccp says it will take resolute and forceful measures if she goes to taiwan. and then you've got president biden sang the u.s. military thanks he potential trip is not a good idea right now. what is he doing playing right into what they're saying? why can't nancy pelosi go to taiwan? >> apparently the coercion is work on the president of the united states this is in contradiction to the purpose of

the taiwan travel act which sets u.s. policy as explicitly promoting interaction between high-level officials and taiwanese officials. americans are allowed to travel to taiwan. there's no reason why the speaker of the house should not be allowed to travel to taiwan paired left of the secretary of the defense's in secretary of the nine states to note her to go they fear provoking china. fear is what governs all of their foreign policy instincts. that is why they're so slow to provide assistance to the ukrainians. it's why they're slow for china. they are pretty afraid of provoking. in this instance and the real estate instance, reciprocity should govern our relationship. as you said the chinese do not allow americans to buy property near their military bases. then we should not allow them to do the same here in america. if they're not going to let our officials travel to certain countries we should not let their officials travel here to the united states. reciprocity, a level playing field is what we should insist upon. we should not allow the chinese communist party to intimidate us

into submission. maria: i think it's outrageous. i know you put your self on the line of fighting for this country. and we are on the front lines of in terms of intelligence for this country. you did that to protect our freedom and a little liberty in america. now we have to worry our commander-in-chief might be compromised? he so he is just tiptoeing around china? a source tells fox news a federal investigation into hunter biden has reached a critical stage as officials look at the possible charges for the charges could include tax charges, former lobbying as well as making false statements in connection with the purchase of a firearm. any news here? what are you expecting in is this the reason joe biden's tiptoeing around the cdp? >> is obvious to me hunter biden is the ultimate swamp creature. clearly he profited off his father's position as vice president, his father's influence and axis. i do not know yet based on the

evidence whether he went a foul of any laws. but if this type of swamp and profiteering isn't illegal, it should be. this has to be a priority for a republican-controlled house come january of next year to investigate this. it's not just the fact he may have violated the law. its effect on hunter biden laptop story came out we had 50 former high level intelligent officials come out and say nothing to see here. this is a russian disinformation. it turns out that was bogus. the laptop is real. we are learning more and more about it every day. sent letters to these official thing preserve that records were going to subpoena them we have control of the house. we need to make sure people are not using their position as a high level official to spread disinformation. that is the irony. invoking this idea of combating disinformation they were spreading bad information. and influencing the last election that is inappropriate

at best. and potentially worse than that. we have to get to the bottom of this. we cannot allow this type of corruption to go forward. maria: you make a great big point bring up the spies who lie at 50. right before the election. all assist in the ccc playbook? by landon aaron air force base in america and around the world. corrupt officials were willing to take money so you can sway the weight they suggest a rule on china policy, isn't on the ccp playbook? >> is what they call elite captured the essential element of the broader effort what xi jinping calls the magic weapon united front. will we also see their companies which are again controlled by the party will pay former members of congress to lobby on their behalf. i had a bill that would have banned the federal government

from using chinese drones but they have a high price at libert firm was hired by the chinese to go on capitol hill to kill the bill. in fact co-opting a law enforcement to go to offices of members of congress in order to kill the bill. there weapon icing against us. they are using it in order to advance their interest for that something we need to wake up too. stick congress and work and make a spotlight on this we appreciate roberson this. don't go anywhere, we will have more after this. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.

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spent welcome back for another big program of the works for next week and remix you tune into wall street every friday night at 7:00 p.m. eastern right here on foxbusiness. i will see over and fox news channel this sunday, "sunday morning futures" is live in the fox news channel. exclusive interviews this weekend with congressman, kevin mccarthy former housing and urban development secretary

doctor ben carson on president biden's condition. plus start smart every weekend right foxbusiness could start your day with us for mornings with maria at six -- 9:00 a.m. eastern foxbusiness we hope you start your day every morning with us right here. that will do for us right now here on wall street breed thank you so much for joining me. have a great rest of the weekend i will see you again next time. ♪ ♪ ♪ ♪ ♪ ♪ ♪ >> hello, this week on the wall street journal at large is late july the mercury is soaring. who knew? the bite administration insisted the claimant emergency. it's their own policies helped create the energy crisis of the world now. more accusations are generally six investigation donald trump was behind an attempt to subvert the constitution. welk it was in the form