hi, everyone. welcome to "on the money." i'm becky quick. protect ing consumers and preeventing collapse. five years after a landmark financial re form act, are we better off is? are your medical records at risk? big data. doctors and decisions on privacy. the cost of benefits of health care's move to modernize. >> i would rather have the bad guy see my kol nos co pi than get my credit card. >> there is a new way to deal with money worries. and a 3 oh 0-year-old financial decision. how making guitar strings is a craft, a business and a way of life. >> what we do today my grandfather wouldn't recognize. >> "on the money" starts now. >> announcer: this is "on the money." your money, your life, your

future. now becky quick. >> it was almost unimaginable, major inste city tuitions up tumbling like dominoes. unemployment skyrocketing. the financial collapse of 2008. this week harks the 5th anniversary of the dodd frank financial rereform act built to keep it from happening again. are consumerers safer and better off after the landmark legislation? that's the cover story this week. >> because of of the law the american people will never again be asked to foot the bill for wall street's mistakes. >> five years ago this week president obama signed the dodd frank act. that's a law designed to increase regulation on banks and securities trading to prevent another financial melt down like the crisis of 2008. one of the main provisions, the government could break up banks considered too big to fail. and the rule which prohibiting banks from owner, investing or sponsoring hedge funds or oh private equity funds for profit. the law created the consumer

financial protection bureau but it faces criticism from both sides. >> let me say this to anyone who is listening. i agree with you. dodd frank isn't perfect. it should have broken you into pieces. >> i hesitate to agree with elizabeth warren on anything. but i think there is a growing consensus that dodd frank didn't end too big to fail and too small to matter. >> critics point out five years later bank assets have grown 30% with the five largest financial institutions controlling 50% of the assets. barney frank is the co-author of the dodd frank act. the former democratic congressman if massachusetts is the author of frank, a life in politics from the great society to same-sex marriage. thanks for joining us today. >> welcome. >> so you tell me. is dodd frank working? do you think the average american is better off today? >> in that regard, absolutely.

first of all, the single beggest cause of the terrible crisis we had was that mortgages were being granted to people who shouldn't have gotten the mortgages and couldn't repay them. this is bad for them, bad for everybody on the block, bad for the financial institutions and for the economy. one of the things the bill did, over the objection by the way of people like congressman henserling who said we were interfering with free market. we made unenforceable mortgages of the type that caused the problem. the subprime mornls granted to people who didn't have income, had terms that almost guaranteeded failurer. they can't be made thim. that's almost a consumer protection and a protection for the subpoena. -- >> system what about too big to fail? it seems we have not improved that. the big banks have gotten bigger. >> well, you have two different issues. we have clearly improved it. let me give you an example.

the failure that touched off the crisis, one was lehman brothers and two was aig. yes, there are always going to be in america financial institutions that are too big so if they fail we can ignore it. anybody who thinks the answer to the too big to fail is to break up the institutions is talking about an undoable task. you are talking about breaking them into ten parts. what we say this the bill is this. it would be aig. if aig came and said we can't pay our debts, the first thing that would happen is they would be taken over. they fail. that's the thing the law does. if you can't pay your debts and you are so big that this is going to cause a problem you fail. we take you over. you are dissolved. we'll put people in there to run it. we will take every pen question we can from your coffers to pay some of the debts, enough to keep it from spiralling out of control. if if it fails, it goes out of

business. that's the difference the law makes. >> let's talk politics. donald trump is the leading presidential candidatement what do you make of it as a democrat? >> my first response is glee. i like to see the other side getting messed up. it's tempered. he's become popular based on a meanensment based on a nastiness towards other people, the other. i think the republicans is have two problems with donald trump. first of all, i sympathize with jeb bush, scott walker, my old friend and colleague john kasich. people i disagree with but who are thoughtful people. having to be in a debate with donald trump is like trying to recite shakespeare when the three stooges are part of the task. it's not just the distraction. i think republicans should be worried as to what it is about

trump's angry semi coherent message that appeals to so many voters. >> some of the tone is reflected in washington. i know you have been out of congress for years but things are more fractured than ever. what needs to happen to get both sides of the aisle to work together? >> i think the problem isser more on the republican side and particularly the tea party group. i can't do anything about it. i don't vote in their primaries but i hope republicans of the bob dole, george w. bush type would reassert control are of the republican party because as long as you have the significant tea party wing you have the inability to govern. >> plenty of people would push back and say it's both sides of the aisle. that there are extremes on the right and left. and there seems to be less middle ground than there was before. >> i understand that. that's the easy answer. that avoids judgment. it reminds me of the teacher

with who when she came back and there was trouble, punished everybody. in 2007-8 the democrats controlled congress. george bush was president. that's not that long ago. came and said we have problems. you have to do these things that are unpopular like the t.a.r.p. and the democrats did it. it is more one-sided. i would ask you to compare the way democrats helped george bush and a crisis he faced and the partisan resistance. >> crisis may be keyment it's easier to get things done in a crisis. >> it's easier if you have people who want to get things done . >> congressman frank, thank you for your time. always a pleasure talking to you. >> you're welcome. now a look at what's making news as we head into a new week "on the money." a mega merger in health care. health insurance company anthem will be buying cigna in a deal worth more than $54 billion. the combined company would serve 53 million customers. the deal is still subject to federal approval.

it was a dismal week for the stocks, mostly on disappointing earnings news. the markets had their worst day in two weeks on tuesday and continued to decline later in the week. if you're selling a house, good news. if you're looking to buy, maybe not. existing home sales hit the highest level increasing 3.2%. that's a rate of five and a half million giuntas. that's the biggest level since 2007. for those of us who are big dr. seuss fans a time to cheer over here. a long lost book called what pet should i get. it was discovered two years ago and was written this the 19s or '60s by the late thee gore geisel. we are "on the money." hacker rs don't have a hip cat tick oath. with more doctor tos putting medical records on the cloud is your privacy in danger sthr. and a different kind of therapy. how a seat on the couch could i prove your attitude about money. take a look at how the stock market end ed the week.

after years of political wrangling the supreme court ruling in support of obamacare provides certainty in the affordable care act. what comes next? innovation in the way you get your health care? jonathan bush is ceo of athena health which proare sides recordkeeping and medical billing for 65 million doctors. thanks for being here. we have some certainty. the affordable care act is ear to stay. >> the biggest government on oh stackle to business is political uncertainty. play any game but tell us what the rules are, stop moving them around and we'll invest. that's in place. >> what do you think of the rules? >> i wouldn't is have done it, but it's done.

game on. employers have are the opportunity to be somewhat creative. third party insurances don't have a lot of flxability oh be creative and they are merging into oblivion which is fine. they weren't that useful before obamacare. they were useful in the early a 1990s when they were health management organizations and managed price, cost and networked aggressively. they have merged out of the game. they are going the way of the do-do bird and the new entities are emerge. >> do we get to a single payer system. >> obamacare rhymes with the structure in the uk you can find identical analogs in the uk. i was just there like holy [ bleep ], that's exactly what they were doing. out's not written that we are going to be nationized. the cards are mostly in favor of a nus renaissance coming and now you are starting to see the popping up of new, more innovative ways to digital ly deliver health that are more exciting. >> like what? >> athena health is the most

sensational, romantic -- >> explain why as a consumerer this is good. what happened. >> athena is connecting doctors to patients digitally. it's amazing is. >> this is one of the, oh, my gosh. i can't believe we haven't been doing it for years? >> we were doing our hair and we can't coordinate complicated head call visits online. >> or make sure the doctor has the records from your other docker tor. >> we connect doctors to each other. amazing. in 2015. you carry a kd-rom. our companies don't even give us computers with cd-rom slots anymore. connecting doctors to each other is beginning. connecting doctors to payment for results. we get paid for input, not output. every else it is the result. and connecting doctors to new innovation. >> why has this industry been slow to change? is it that a lot of doctor offices were small practices where you didn't have an i.t. guy. >> you have isolated hospitals, doctor's offices with a data center run by guys who couldn't

get jobs with real i.t. companies, using off the shelf software we stopped using in the rest of sot. you have good blocks like the hippocratic oath, protecting privacy, being cautious with experiments. but it's happening anyway. >> i agree with you it's long over d. i can't believe docker tors haven't been able to do this or hospitals haven't been able to do this. when you talk about putting medical records on clubhouse-based systemser or in places that could be hacked because it seems we err about a hack every day >> hack a week. >> that's a big deal when you don't necessarily have the topnotch i.t. guys that have come to fix these places. how do i feel safe? >> first of all, obviously out's a big deal. we have to protect privacy. we have made the trade elsewhere. i would rather have the bad guy see my colonoscopy than get my credit card number. my equities are online. >> what concerns me is if somebody hacks my credit card it's the bank's problem.

if somebody hacks my medical records and it's something that means i have a tougher time. i i know the insurance rules changed but what about my children's medical records? >> there is no question. the way it's emerging. the commercial sector doing this, health care providers will be accountable for protecting privacy. we'll work on finding the right edge between making sure it's accessible and safe enoughment you can make it safe and useless to people. we don't want that. it's a real deal. we know how to do it now. we have done it in other sectors. >> where are we in five years? what's the system? >> done. there is a health care internet. in five years, the lion's share of roo are teen health care will be happening, will be managed. the crap work will be managed online. i'm shoor of it. >> jonathan, thanks for joining us. >> it's a real treat. >> next we are on the money. stressed about finances? a new way to the tackle baggage about money. would you believe a financial therapist? and how eight generations of

instrument string makers are

are you stressed about money? you are not alone. almost three-quarters of americans experience financial stress at least some of the time. nearly a quarter of us complain of extreme financial stress according to the american psychological association. but our senior personal finance correspondent sharon epperson is here to tell us about a new way the to help with your money,

your future. >> hey, becky. so many of us are stressed out and the american psychological association says money is the number one source of stress in our lives. what can you do about it? perhaps you should get on a couch. amanda claiman is among a new breed of therapists addressing one of the most taboo subjects -- money. she has a master's degree in social work and focuses on financial wellness. she calls herself a financial therapist. >> money is a very emotional art of our lives. if we think about it, money touch it is most intimate aspects of who we are, what we do, how we choose to spend our time. >> reporter: a relatively new practice there is though official certification or accred indication but the national financial therapy association formalized the mission bringing together more than 200 mental health and financial professionals. by comparison the financial planning associations has over 17,000 members.

while there are distinct differences between financial planning and financial therapy they aren't mutually exclusive. >> traditionally psychotherapists have been maybe a little bit loathe to deal with patient financial issues. personal finance professionals sometimes shy away from the emotional discussions that really can drive financial behaviors. >> i personally work with people who would be considered working for, but also people who make a lot of money. >> financial therapy isn't generally covered by insurance. someone in need of financial help may find the cost out of reach. others may wonder if it's worth it. >> most people don't need a financial therapist. we all make mistakes with our money. that's going to happen. it's par for the course. yes, we all have certain dysfunctions built into how we interact with money that are predominantly based on life experience s, our upbringing. >> some people needer more hoegs fall help. >> i help them understand that they are not just messy or bad at money.

there is something happening here that they can better understand and better work through. >> claiman said she never offers investment advice like other financial therapists she works in conjunction with investment advisers, tax professionals and financial planners to help clients. the bottom line is if you want to know what services financial therapists offer and what qualifies them to do so you need to ask a lot of questions. >> is there maybe signs that would tell you you're a good candidate for financial therapy? >> if you avoid money, you don't want to deal with it, you have a problem with it. enabling people to have money when you're not going to have any yourself, it can happen with adult children. they're not learning responsibility and you're under water. another thing that seems odd is if you are overly frugal or don't think you deserve to be wealthy. that's a problem people have that maybe is have modification al issues you have to deal with and financial issues to work through.

>> up next "on the money." a look at the news for the week ahead. to strings attached. how the small family business grew to be a multi-million dollar business with a word wide und.

for more on our show and guests go to our website otnb.com. and follow us on twitter. here are the stories that may

impact your money this week. twitter and facebook are reporting earnings. so are energy giants chevron and exxon mobile. on monday the durable goods report for june comes out. on tuesday, it's the case schiilerer home price index for may and the closely watched two-day meeting by the federal reserves open market committee gets under way. we'll see if there is word about an interest rate hike. on thursday the first read of the gross domestic product for the second quarter is releaseded. on thursday it marks the 50th anniversary of the signing of the bill creating medicare and medicaid. it's not uncommon to the see family business fizzle out after a generation or two. we discovered a family that's kept the tradition going for centuries. kate rogers hasser more on the sweet sound of success. >> hi, becky. the company is making their italian ancestors proudment take a look. that's the sound of a 300-year-old family trade being kept alive. it began in italy in 1680 in

sali. jim dadario isser continuing the tradition in farming dale, new york. >> that little town was famous for string makers. still to this day there are four family businesses that came out of that town that are still making strings. >> jim's grandfather charles brought the tradition to america when world war 1 is embargoes disrupted his string i porting business. jim's father joined the business this the 1930s. jim was just a teenager when he decided he, too, wanted in. >> once i fell in love with playing the guitar and being in a band at 13, 14 years old, i suddenly became kind of the string tester and product development guy at a very early, young age from my dad. >> reporter: the family business has come a long way since 1680. we are in a 110,000 square foot facility where the manufacturers 700,000 strings a day. >> what we do today my grandfather wouldn't recognize. >> reporter: the facility is

constantly updateded. last year today invested almost $10 million in new technology which enables the company to make 95% of its products in america. >> these are the most sophisticated machines we have sthrks he employs 1200 people and projects $175 million in sales this year. global exports make up half the business. >> we have had people like pat methany and john mclaughlin. now we have keith urban, length any kravitz, joe satriani. >> the company transitioned from just strings to drum heads, reads and other music accessories. >> how do they decide succession planning? >> they are protective. jim is proud. they have gotten to the fourth generation in america. it is not common. they have about nine family members still working in the business. every year they get everyone in the family that has a stake together to talk it out.

that has 40 fan the members in it. he thinks between all of the people they can find someone with the chops to pass it on. >> they are doing something right. it's 150 years older than our country. kudos to them. >> they are doing something right. >> that's the show for todayment i'm becky quick. thanks for joining us. next week a new start-up shopping site that want withes to go head to head with amazon. sounds crazy but the gentleman has had experience in the past. how to save money and make a profit. each week keep it here. we are "on the money." see you next weekend.

>> was cheating involved in the blake miranda split? well it depend on who you ask. welcome to "access hollywood", the weekend editio edition. i'm liz. blake shelton and miranda divorce brings with it a whole lot of questions. and we break it all down including which of these country stars could sing the old hank williams classic, your cheating heart. >> i wish they would put me like, you know, if caught with, you know, blow up doll. >> that would be hot. >>reporter: blake joking with us in 2013 about being a tabloid target as new twist he and miranda divorce come to light. it's turning into a he said s