right now, president obama says he is asking the justice department to look into arizona's new immigration law and whether or not it violates civil rights. >> we continue to act at a federal level. we will continue to see misguided efforts opening up around the country. >> the president spoke at a rose garden ceremony for 24 members of the armed services.

this as arizona's governor is expected shortly to sign what could be the toughest immigration law in the nation. jonathan altar on the politics. and negotiations reach a critical stage on reforming the nation's banking system. the latest with house financial services chairman, barney frank. plus, sarah palin speaks out after testifying at the trial of a former college student accused of hacking into her e-mails during the presidential campaign. >> i don't think an illegal action like this is a prank when you consider how impacting it was on a presidential election. >> good day, i'm andrea mitchell in washington. it won't be an easy weekend for top negotiators. they're trying to hammer out a deal for financial reform by

monday. they're going to go to the floor with or without republican support. some of the issues still in play, amendments to cap the size of banks. joining us now, congressman barney frank, chairman of the house financial services committee. chairman frank, you must feel pretty good that your side has worked it out, but there are still issues to be worked out. looking at the senate debate, what do you think are the most contention problems between the house and senate? >> i have to say these bills are closer than major bills usually are. certainly, if you look at this in comparison with the health care issue. this goes back not just to president obama, but if people will go back to the speech that george bush's secretary of the treasury, hank paulson made in march of '08, you will see what we're trying to do here.

the bills are very close. one we will insist on the house in independence for the consumer financial protection agency. we simply have -- it doesn't work when people whose main job is bank regulation and the safety and soundness of banks then get consumer protection as an afterthought. another one where some of the republicans objected, the idea that you should not be allowed to make large numbers of loans to people and then sell off the entire right to be repaid. we want you to retain risk. if you want to get insurance, you have to keep the risk. if people were allowed to sell off the loan and have no responsibility, they will lend in appropriately. there is the issue that the republicans tried to say is the bailout bill, which is the phonest issue i've seen in a long time. >> that's saying something. >> it is.

>> you've seen a lot of phony things in your time up there. >> and this is about triply phony. it says any money involved comes not from taxpayers, but the financial institutions. more importantly, none of the money involved in these bills can be spent until the institution is dead. in fact, we specifically repealed the power that the federal reserve got in the '30s to bail out aig. we made that illegal, impossible. what we have here and my republican friends, they found death panels where they weren't in the health care bill. none of the money involved is going to be taxpayer money nor privately funded money be spent except funeral expenses to put an institution out of business. >> what tim geithner said yesterday is that this is actually putting them out of

business, it's their funeral. does that mean that the executives like, as in general motors would be out, the management would change and no golder p een parachutes, no bon? >> yes. this happens -- the model we're using here and one of the main advocates, sheila bair, the head of the fdic, she's the funeral director for failed banks and she's had the best experience. we have followed her, when a banks fails, you put it out of business. the point is that you don't just stop, you want somebody to wind it down. you have debts that are there not to the bank itself, but to make sure that other people aren't hurt. that's what this money goes for.

as i said, there is one other issue that's very important where i'm prepared to send something to the senate on the question of reigning in derivatives. we did a pretty good job in the house. didn't go as far as we should have. we've seen how much trouble they can be. making them be open and traded and if the senate bill the tougher, i'll try to get my cloegs to go along. >> do you think blanche lincoln and the committee went too far? >> in one case, they didn't go far enough. i think they give too much of an exception in one area. i think the way it's worded, there are smaller financial institutions that have a legitimate need to hedge that may be undually restricted. smaller banks that are hedging not to make money as a profit center, but to control interest rate risk and that one i'm ready

to look at. but in terms of further sweeping people into the requirement to be traded, then i'm for that. >> what about brown's amendment which would cap the size of banks? is that something you would favor? >> no, first of all, banks are capped now at 10% of total deposits. that's been an important cap. the argument that if bank size gets weakened by the example of cana canada. you would think canada would have been hit by the turmoil of the u.s. canada has -- >> it wasn't at all. >> they have had a stable bank system and they have far more bank concentration than we do. there are fewer canadian banks and are larger. what we do when the bill passes

is house, it gives the regulators the ability to require either a breaking up of the financial institution by type or reducing it in size, so yes, there may be cases where you need to reduce the size, but i don't think in the abstract that's reasonable. we have limits already there on the growth, but i don't think it's been the size of the bank per se that was the cause of the problem. >> and do you think maybe we've just finally figured out why the s.e.c. missed the whole maddow thing where we now have an internal report that says they found some of the people at the s.e.c. on pornography sites for thousands and thousands of hours, sometimes as much as eight hours a day? >> i think that is the factor, but how do people get there? the culture of the s.e.c., and here, you have to get political

in the voter's sense. the republican philosophy was one that said, do not regulate. let the market do it better. we had a hearing earlier this week on the lehman brothers issue where the s.e.c. was found by the bankruptcy examiner to have been clearly deficient in 2006 and 2007 and the examiner said the s.e.c. didn't do its job. my republican colleagues said yeah, but we don't need the change the regulation. that was a conscious policy preference by the people that empowered, namely to defer to the market in almost every instance and underregulate. >> thank you very much. enjoy your weekend while the senate fights over financial services. thanks a lot. >> thank you. and coming up, president obama weighs into the immigration flight flaring up in arizona. plus, democrats in jeopardy of losing the democratic senate seat. when will the white house come

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first health care, then financial reform, now immigration. president obama says it points to the need for washington to stop avoiding the issue. >> our failure to act responsibly at the federal level will only open the door to irresponsibility by others and that includes, for example, the recent efforts in arizona. >> but anthony's governor says the president is to blame. she said she has asked for more national guard troops and has

been ignored each time. she has asked for state troops to secure the border and may sign the bill giving police new powers. >> arizona is being overrun by illegal immigration, terrorizing the citizens of arizona. did i want to take these actions? no, the federal government has the authority to take responsibility and we can no longer do nothing. >> jonathan alter is senior editor for "newsweek." first of all, arizona's not just doing something. they are going farther than any state has ever gone. let's talk at this arizona bill which she may sign as soon as an hour from now. >> this is draconian legislation, andrea. basically, what it says is to every police officer, you have the right, without a warrant, to, if you feel you have cause,

to go into the home of anybody who might look like they're an illegal immigrant. remember, close to 38% of the people who live in arizona are hispanic. the overwhelming majority are illegal citizens of the united states or legal residents. they will now have their lives turned upside down for no other reason than the color of their skin. they will not have the protection of requiring a warrant to have their home searched. police can ask them for papers if they want to. so, is there a big problem with illegal immigration? absolutely. is this the solution? doesn't look that way. >> and people can be stopped in their cars just if their skin is of a darker complexion. it can be anyone at all. just in this way, what sounds to most people is racial profiling.

>> it is racial profiling. it's codified, legalized by this legislation. >> but even if the president, the president just today said he wants the justice department to look into the legality of it and it could go through the courts. we expect that will happen, but if this is signed into law, it will take effect. and the politics of this is what seems to be driving it. governor brewer, took her position after janet napolitano stepped up to the cabinet, so she's never run for a full election. she has to try to win a primary. there's a tough primary out there and most people from out there say she cannot win the republican primary if she does not sign this law. >> and john mccain believes he cannot win for the senate if he does not support the law, which he now does. he's done a 180-degree turn on this for political reasons to

try to save his skin. he's running against a radio talk show host, j.d. hayworth in arizona. a former member of congress who lost. so, they are enflaming passions there and mccain, who was extraordinarily responsible, showed real leadership on this issue to try to come to some sort of comprehensive immigration reform, has now decided he's going to pander on this issue. he's going to throw aside 30 years of his reasonable positions on immigration. it's not only wrong, it's totally unworkable. if you turn every police officer into an immigration agent, it's -- they won't be able to stop crime in other parts of the state. >> let's play a little bit of john mccain and you can see the conversion. >> the state of arizona is

acting and doing what they feel they need to do in light of the fact that the federal government is not fulfilling its responsibility to secure our borders. it's the people whose homes and property are being violated. it's the drive-by, the drivers of cars with illegals in it causing accidents on the freeway. >> intentionally? that's a new one. >> that is a new one. the pressure on the white house now from the caucus in congress is to do something. but now, you've got a lot of pushback and we'll talk more about this later in the program, where the people who have been pushing for climate change now see that immigration reform may become the new, hot issue and they're concerned this bill they're introducing, that that

might be eclipsed by the push on immigration reform because of challenges like this arizona law. >> it may be. those are the two big issues that after financial regulatory reform is completed will be on the plate for the congress to look at. they're both monster issues. you also have a lot of pressure from the other side, from his f panics and others who want reform. greater numbers than say the tea party advocates. tens of thousands, even hundreds of thousands of folks going into the streets pushing for immigration reform. it's a big political plus for the administration if they can get it through and secure that vote. the politics here are very sbre intense, but very, very flammable and the politicians are getting afraid that they're going to get singed by this if they're not careful.

>> thank you very much. we want to bring in the president and ceo of the hispanic civil rights organization. she say this bill will throw the door wide open to racial profiling. the fact that under this law, assuming that governor brewer signs it, people can be, their homes can be approached. people can come in and search with no pretext of suspicious. homes, cars, whatever. >> that's right. this is one of the reasons we believe should she sign the law, it will be unconstitutional. there's just no filter other than subjectivity left to law enforcement alone and for us, this really preempts the federal role that should be present in regulating immigration laws. and it is a stark calling for leadership from congress and the white house and i want to commend the president for today

commenting that he believes that this is a very misguided bill. it is, and that it is undermines all the fairness that we would hope would be embedded in our constitution. >> what do you do in terms of all these competing priorities in the white house? john kerry, lindsey graham and joe lieberman saying, wait a second, you can't start working on immigration. we can't walk and chew gum at the same time. it seems like the politics of this are that they're going to be told you're making a choice. it's either immigration reform or climate change. >> well, it's not that we're starting all over or starting anything. this has been an ongoing priority for the country for several years now and in fact, president obama, at our conference two years ago, when he was a candidate, said this would be a priority in his administration. obviously, a lot of other events have intervened, but it still

remains a priority. it should have bipartisan support. there's no question this bill will have ramifications, not just on immigrants, but on the latino population and other minority communities. this is the fastest growing segment of the electoral community in this country. there will be economic ramifications, political ramifications. it calls for comprehensive immigration reform to be done with a sense of urgency, so to the members in congress, i would say that there is a new reason, but not several other reasons notwithstanding, to continue to work on comprehensive immigration reform. laws like arizona could be replicated and a patch work quilt is not the kind of laws that will be sustained in this country. >> are you going to try to, if she signs it, are you going to

go to court? >> we are working with many other organizations. this will be taken to court. >> very good to see you again. thank you. and coming up, politico's alex burns on why dick durbin is asking the white house for help. and americans dial the three candidates vying to be prime minister in great britain, held their second debate last night. >> david, you're a risk to the economy. nick's a risk to our security. >> i just think they're trying to frighten me, the other parties, because they don't want britain to stand up for itself in europe. ♪ ♪ [ bell rings ] ♪ [ male announcer ] at&t.

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but they've got a lot of problems over that senate seat. >> they do. republicans landed a huge recruiting coo when they brought mark kirk into the race. the democrats have ended up with their second choice, the state treasurer. the president seems reluctant to get involved in the race. my colleagues report today that senator durbin went to the white house to ask for more support and he is taking a hands-off attitude at the moment. >> why is that? that illinois politics are just so toxic especially with the blago trial out and now we hear he may be subpoenaing dick durbin? this is throwing up a lot of dust because some won't take place especially with the president, but the president and white house just want to stay as far away from illinois politics as they can. >> that doesn't help.

the democratic candidate in question, he has problems of his own that are leaving some democrats to speculate that he may not stay in the race to the end. he is closely tied to his family, the broadway bank, that may fail by the end of this month, which is been a source of damaging stories to his campaign throughout the race and it's less than two months since he won the nomination. >> alex burns, thank you very much. and coming up, sarah palin, what she had to say today about former college student charged with hacking into her personal e-mails. plus, will the push for immigration reform jeopardize action on climate change? after using rogaine for a while, i went to my stylist and she said hair was growing back... i was like, yes, this works... [ male announcer ] only rogaine is proven to regrow hair in 85% of guys. puhh puhh puhh putt and that's it. [ male announcer ] stop losing. start gaining.

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topping the headlines right now, a suspected terrorist is expected to plead guilty in

federal court this afternoon. officials say that ahmedzay was part of zazi's plot to bomb subways. he is facing multiple charges. in iraq, 56 people were killed today as more than a dozen bombs went off in baghdad. eight more people were killed in bombs in western iraq. the attacks came less than a week after iraqi security forces killed the top two leaders in iraq. residents from texas to iowa are today bracing for possible tornado outbreaks. it is the second straight day of violent weather across the central states including hail, damaging winds and heavy rains. and white house spokesperson robert gibbs says that the oil regular disaster is not giving the president second thoughts about the safety of offshore oil drilling. this of course questions raised

after the new decision on oil dripping he took only a week ago. meanwhile today in a courtroom in knoxville, tennessee, sarah palin took the stand to testify against the college student accused of hacking into her e-mail account during the 2008 presidential election. >> just a sad state of affairs that we are to be here to teach somebody it's wrong to do such a thing. >> the defendant faces 50 years in jail. quite a sentence, but you would not know it from the way he talked about palin's daughter on thursday. >> what did you think about bristol? >> not my type. >> unbelievable. kerry standers is in knoxville, tennessee. i don't think he's taking this seriously enough. >> reporter: i don't think so and if the jury is following the instructions of the judge, they're not watching tv and didn't see that.

that comment did not help him. >> they're not sequestered. >> reporter: the whole idea is that he is saying this is just a college prank. i didn't do anything. he used public information, things he got from reading the newspapers, found on the internet, to try to figure out what sarah palin's password was on her yahoo! account and he figured it out. he got in there and changed the e-mail and then took some of the information and posted it on some websites that you have heard of, wiki leaks, but the pictures got out. it was interesting when sarah palin was sitting in the box today. they asked her, how did you find out about this. she said, i'm sitting in michigan on the campaign trail, i look over at the monitor, television program is on and i'm seeing like those are my e-mails

and she's looking at the screen shots on tv. just as she's looking at that, somebody from the secret service says to her, governor palin, we have a problem. she's like, yeah, i can see. >> unbelieve testimony. i got to tell you, if i were on that jury, if you were on that jury, there would be no question of guilty or innocence. the only question is the matter of the sentence. >> typically, something like this would be maybe a year sentence. but the prosecution is going at this hard. clearly, they have a high-profile case, a message to send about violating people's privacy, using the internet to hack into people's accounts. wiretapping, fraud, all of that. that all gets wrapped up into this. 50-year sentence maybe on the table.

we'll see whether it gets delivered if the jury runs with the verdict. >> we shouldn't prejudge, but thanks. i saw you interviewed the former prosecutor in florida about this and he pointed out this seems like the prosecutors are really grand standing a little bit. trying to prove a point. thank you. despite months of negotiations, the three leading senators on climate change are worried their bill might not be called for a vote this year. democratic leader rs pushing immigration to the top of the agenda. the house passed its version last summer, so why is the priority shifting? let's bring in our democratic strategist and patrick buchanan. pat, this is a big issue with you, has been forever. but at this stage, with so much work on climate change, do you

think it's the right move? >> no, i don't think it's the right move for the president. my guess is that the caucus demanded he do this. they saved him on health care. i think the public demanded it. i think it's a terrible mistake. i don't think it's going to go anywhere to push the democrats. there are 12 to 20 million illegal aliens and 15 million unemployed in the united states. they're holding 8 million jobs and frankly, those 12 to 20 million become eligible for health care, which would break the bank of its health care bill. i think he's grand standing on this and does not expect action. >> i would say illegal immigrants, because i don't think they're from outer space, but aliens is not a term i personally use. >> let me challenge the premise of your question.

both are critical issues. i don't see that or hear reports that indicate that to me. in arizona, there's a piece of legislation that i think most will find unconstitutional. from what i understand today, plans are on track for senators kerry, graham and lieberman to release their vision and bill for climate change on monday and i don't think you have to have one or the other. the president is not afraid to say these are issues i said i was going to address and we're going to address them. we can walk and chew gum at the same time. i will say this on immigration. i grew up in south texas. this is something i've been around my whole life and i have deep respect for the consistency for which pat has addressed this issue, but this is not an issue we can continue to ignore. we came very close to addressing

this recently and we shouldn't ignore it. we can in fact move kerry, graham, lieberman forward and address what we need to do on immigration. >> let me take with -- mention illegal aliens. somebody breaks into your home is not an illegal guest. he's an intruder. these folks have broken into the united states. there are police officers being killed in arizona by these folks driving cars. one police officer says he has 64 live chases. these are individuals killing citizens out there. hold it, you spoke for a long time. this represents the beliefs and conviction of the people of arizona. i talked to a state senator. he said 60% of the hispanic citizens in arizona agreed with it. they are not only killing folks, they are taking jobs from american citizens when

unemployment among hispanics and african-americans is far higher. >> this is so emotional. i think as a country, we're kind of exhausted of emotions from the health care debate. the worst thing that we can do going into this conversation, because it's an issue that must be addressed for our future, our economy, for health care, for a variety of reasons, is exaggerations and generalizations have got to come to an end. if we see happen in immigration what happened in health care, that's dangerous. there are american citizens driving drunk and killing people, too. there are also innocent people who have fled persecution. >> is that an argument for the president of the united states not enforcing the laws of the united states? these folks with here illegally. the president started off by cracking down on these businessmen who hire illegal aliens for five or six bucks an

hour. when they left, american citizens took the jobs. enforce the law, secure the border. this issue has hit arizona the way in 1992 and it's starting to hit southern california. >> he sounds like pat buchanan now, but used to sound like john mccain. >> john mccain sounds like a guy running scared in a primary right now as opposed to the thoughtful leader he has been. >> john mccain sounds like the people he's supposed to represent now. the people of arizona, the people of california, the people of america. it had to support a bush, clinton, obama and mccain and it was defeated. that tells you where the heart and value of americans are, which is secure your border, send the illegals back. >> see, i think we have to address the fact that the 12 million people pat talks about are real life people. and i want to enforce the laws

and i want us to have a policy that deals with things realistically. we can talk about extreme positions, but we're not going to rent a bunch of schoolbuses and bring them across the border. we have to have a comprehensive policy that addresses this. >> remove the jobs magnet and they will go home. >> this is a conversation which will continue. thank you very much. we'll be talking about illegal immigrants on this program for many weeks to come. if not months. and coming up, "time" magazine's nancy gibbs on the 50th anniversary of the birth control pill. and msnbc is now on sirius xm satellite radio. on channel 90, x m channel 120. so heading to the doctor

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50 years ago, the fda approved the birth control pill and changed the lives of american women. the latest issue of "time" looks at the medical breakthrough. nancy gibbs wrote the cover story. nancy, great to see you. i'm very interested in the paradox of the pill because we talk about the sexual revolution, the '60s, but the pill had a much more targeted effect. >> the thing that surprised me the most is how many misconceptions we have about the pill. because it was approved in 1960 and the next thing you know it's sex and the single girl in the summer of love, it's being blamed for the sexual revolution, which completely misses the fact that through the decade, the pill was for married women. the idea that somehow it was the

reason that we had these changes in sexual behavior, there isn't any evidence for that and yet it is so lodged in our cultural imagination. >> what about the medical impact of the pill and the fact that women's health -- i mean, we're still going through a roller coaster. different conclusions about the impact of hormone replacement therapy and the pill where women's studies are lacking way behind men's studies. >> in the early years when the dosages were much higher, the side effects were very severe and i think that's one reason why over time, women were very skeptical about had it been tested enough, was it really safe. just last month, the largest study of the pill ever was released. it followed 46,000 women over the last 40 years and actually

found that women who take the pill live longer than those who don't. they are less likely to die prematurely from cancer, heart disease and diseases that women really worry about. there has always been an enormous amount of confusion around the safety and it's nice there has finally been this very, very large study that should give women some peace of mind about its safety. >> now, for the first ten years or so as you've been reporting and as you report in your story, it was only married women who doctors would prescribe this for. how did that begin to change during the '70s? >> women i talked to in college in the 1960s say everyone tried to look for a work around, borrow a friend's engagement ring. one college, if you brought a note from your minister saying you were about to get married, you could get the pill.

a lot of states lowered the age of maturity. young women had more rights. this is where i think the impact of the pill is so important. it was at that time with the passage of title 9, the falling of barriers to education and employme employment, the pill allowed women to plan with more certainty, the choices they made. to start graduate school without the thought that an unintended pregnancy might derail them. it made it harder for employers not to hire women. by allowing more certainty in family planning, made it easier for women to take advantage of the new opportunities arriving at that time. >> it's a fascinating read. thanks so much. very good to see you again. >> you, too. what political story will be

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and what political story will be making headlines in the next 24 hours? nbc's capitol hill correspondent kelly o'donnell and nbc's luke russert both joining us now. thanks to both of you. kelly, first to you. you've been following every twist and turn of financial services. they're going to have a cloture vote to try to get it on the floor monday afternoon, negotiations, barney frank was on earlier from the house perspective and says the two bills are a lot closer than the health care bills were. if the senate does get this through he thinks they can reach agreement on a compromise. >> democrats feel pretty good about where they are right now because they've got a plan a and a plan b. if the monday vote does not go their way they can criticize republicans for not being against wall street sufficiently and then they can go right back, top aides say they'll be working on negotiating it through. they've got a political play there. there is a lot of agreement on a

big chunk of financial reform. details are always where they get hung up and they're still negotiating so democrats may pull off some bipartisan deal even if it is a little painful to start off. >> might be a little ugly. luke russert, a lot else going on. on monday on the hill you've got the climate rollout from kerry, lieberman, and lindsay graham. >> absolutely. >> you also have action from lieberman and collins on their fort hood subpoenas of eric holder. >> reporter: going to be some interesting hearings regarding that, andrea and it will be interesting to see really the nuts and bolts of this legislation. it's going to be a bill that's going to be heavily scrutinized for the next few months. it's going to be interesting to see the financial aspect, the tax rates and how much it costs. you are sure to hear a lot about it from both sides after it's rolled out. another thing which could be seen in the house from chris van holland and senator schumer from new york is this legislation that would deal with the recent supreme court ruling of citizens united that upset a lot of folks

where corporations were allowed to give almost unlimited amounts to certain candidates. you could see legislation regarding that coming out next week, at least the nuts and bolts of that, and how much it would be regulated from here on out. there's talk of making corporations have to say this ad was brought to you by verizon, by budweiser. it's going to be interesting to see that. >> that's going to be fun and of course also a big issue for supreme court nominees whenever -- probably the week after next is when we think the white house is coming to closure on that. speaking of the white house, this tweet just in from bill burton, 44, of course the deputy press secretary. the first stop in north carolina. we see them now arriving for a weekend getaway. barbecue at 12 bones. ribs look ridiculously good. we'll report later. so eat your heart out, luke russert. you're stuck there in new york, not anywhere near 12 bones. >> i would take a north carolina barbecue more than any of these fancy organic dishes in midtown

new york. i hope president obama is enjoying that north carolina barbecue, really the best in the south. being an expert on good american beef. that's some good stuff. >> i knew you would. >> absolutely. and the fact that he's in a swing state vacationing is totally random right? >> totally random. not like the clinton years when dick morris would go out and poll should he go hiking in wyoming or camping out or where he wanted to go which was to the vineyard? >> yes. >> thank you. have a great weekend. >> thank you. i know richard shelby and harry reid won't be at the barbecue. they're too busy. >> thank you. take it easy. >> that does it for this edition of "andrea mitchell reports." we'll see you back here on monday. remember to follow the show online and on twitter at mitchell reports. you're watching msnbc. ♪ because you're tasty with toasty whole grain. [ crunch ] wheat thins. toasted. whole grain. crunch.

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