laura cassidy is the vice president of retirement of fiddlity and joins us to talk about that.ou for joining us tonight. >> thank you for having me. >> i am 21 and i am opening it for a person und the age of 18 and they have to provide their own earned incwhe. a roth ira? i'm curious. >> well, one of the great benefits of a roth is that you can withdraw the contributions at any tim s tax-frce they went in after tax. so for a lot of people,ou know, putting money away in a roth seems at age 15, it seems like retirement is so far away they can u it for, you know, qualified educational expenses or their first-time p hochase and you know, in later years, but it's a great way to gethat habit going of saving for retirement and putting some of your ened income away. >> you say it's really a teachi moment and tha the parent can contribute, certainly, but it's the time that you should takeour child and teach them about compounding and really a life lesson in money. >> right. exactly. it's a great opportunity, say, you know, talk about how much should you earn this week. how much should y

gerard cassidy on this important day in new york city. please stay with us. is bloomberg. ♪ mberg. ♪ e.t. phone home tomorrow. finally, new york trade the first thing i'm going to do is i will have the beverage of my choice in new york. the best thing in america is immigration at jfk. it is wonderful to come back. jfk. we will be with you tomorrow morning. we are going to look at china. the china equity markets are up. it speaks to the instability of their tri-lemma. david riley looking at the financial aspects of it. charles dumas has spent a life looking at trilemma as well. book on china today, what would be the lead? thehave president xi with economy who says it is a third revolution. is it? charles: no. i think the chinese have taken them off the stage effectively. remainedh rate has reasonably high. they accelerated for the official numbers they published yesterday. 6% rate remains close to after we do our calculation. they are shifting away from the successive rate of investment and saving toward consumer spending, services, and high-tech. it seems to

i think the fact that senator cassidy posted a hearing on the topic of paid family leave is a major step. for the first time in major history, a republican president put paid family leave a location into his budget. in both budgets. the fact that it was mentioned in both the joint address to congress and this years in state of the union indicates that this is a priority for the administration. i think we see lawmakers on both sides of the aisle responding. is going to be hard? absolutely. if it was easy it would have been done 25 years ago. it is going to be hard. i am realistic about the timeframe and one of the things i lead every conversation i have with lawmakers is do not shut down the conversation as it is gaining momentum. reach out. there are different policies proposed. a bipartisan solution. i am happy to sit here and talk about the merits of paid leave and read as a country, we need to do that. for lawmakers, this is an opportunity to move off the talking points. engaged in discrete conversations to see if there is a way for compromise. i do believe we are in the middle of a p

we will talk with gerard cassidy, head of rbc capital markets. this is bloomberg. ♪ >> this is bloomberg daybreak. a jury in st. louis has ordered johnson and john sent to pay $4.7 billion to a woman who claims their products caused her to have a very cancer. the company says it will appeal. and walmart is considering a credit card in its business. bloomberg has learned that the world's largest retailer may move it partnership to capital one. negotiations are still going on and private label credit cards have been a business for those that want to monetize a card -- a consumer's loyalty to a store brand. fidel on a hot streak. moved ---strategy gaining 8.8%. the gains led by equity, commodities and fixed-income strategies. citadel has $30 million in assets under management. jpmorgan shares rising in free-market off of the highs of the session. the quarter looks fantastic. investment banking fees were up, equity trading revenue is up, loan growth is up the what about the next six months? joining us is jurrien timmer. the earnings presentation does

trish: cassidy, may open, is a woman? >> it's a she.sh: she may open her own restaurant one day. >> absolutely. >> if you're an electrician, you may have your own business or a plumber. these are important parts of our country. it is important out heat for people with creativity and work ethic. i applaud what you guys are doing, thank you so much. >> thank you. trish: turns out not just republican lawmakers who are being attacked for supporting president trump. our own judge jeanine was invited as a guest on a show called "the view," yesterday. guess what happened to her? she got shouted down, completely, utterly, disrespected. she was a class act through all of it. but they actually kicked her off the show, all because she defended our president's policies. we've got the shocking video. i need to show you this next. - hi folks, i'm matt mccoy. for people as experienced as you and me, careful driving just comes naturally. all that experience should be worth something, and it is with the aarp auto insurance program from the hartford. swi

thank you again, chairman cassidy and ranking member brown, for holding this hearing today. i look forward to working with you on the important issue of paid leave. helping families is an issue we can all agree on, and i hope we can have a productive dialogue on how congress could best help them. thank you very much. >> thank you, senator ernst. senator gillibrand? >> thank you, mr. chairman. thank you, ranking member brown, for hold iing this hearing. i want to recognize my colleague senator ernst tr her leadership and interest in this bill and this debate that we're having about how to produce a real paid leave plan. . here's the truth. at some point, every person here is going to have a situation where you have to take some time off from your work o to meet and care for a family member. it might be a medical emergency, maybe your spouse is diagnosed d with cancer or maybe you suddenly need to take care of an ageing parent or someone diagnosed with alzheimer's. maybe you're starting a new family or just had a baby like your constituent jessica. whatever the case is, no wor

scarlet: think is so much, gerard cassidy. calling for recovery in those bank stocks.ommand, elon musk cannot -- coming up, elon musk cannot convince the skeptics. even though they have pulled off a production feet. at. what happened? this is bloomberg. ♪ scarlet: "what'd you miss?" tesla succeeded in hitting its target of producing 5000 model 3's a week, but we should because for television is grading concern as the shares close lower on the day come off by 2.3%. here with more is our bloomberg tech reporter, dana hull. joe: start with the numbers they released today, the investors originally liked them and to the fact that i guess they had the 5000 number, thanks to a late cycle rush, and upped their target, but then the stock fell. so put it all together, what is the current number telling us about the capacity relative to the expectations and goals investors have. dana: i think the news was digested yesterday when we got an internal memo from elon musk, congratulate everybody that congratulate everybody. the fact -- musk, congratulating everybody. i think investors

john gallagher, bill cassidy, the journal of commerce. alan cut top, science and enterprise, joseph morton, omaha world herald and former board member at the club. and the st. louis post dispatch and bloomberg. give them a round of applause. there is no one name i did not mention that i will get to in a second. i would like to acknowledge staff and additional members of the headliners team who made this possible today, betsy fisher martin, lisa matthews is here with us, lloyd russo, tamara hidden, press club staff, lindsay underwood, executive director bill mccarron, thank you very much. i would like to thank the kitchen staff who blessed us with very good food and cookies. they are delicious and tropical. that is a fun thing. for our broadcast audiences watching on c-span and elsewhere please be aware in the audience today are members of the general public so any applause or reaction is not necessarily from the working press today. now our lead guest. this week nearly 155 years ago union pacific railroad laid its first rails to the outsk

bill cassidy. joseph morton. please give them a round of applause. [ applause ] i'd like to acknowledge the staff and additional members of the headliners team who made this possible today. betsy fisher martin, lisa matthews who is here with us. t tamera hinton and executive director bill mckaren. thank you very much. i'd also like to thank you our kitchen staff who blessed us with very good food and themed cookies that are topical. for our broadcast audiences watches on c-span and elsewhere by live stream. be aware in the audience are members of the general public. any applause or reaction you hear not necessarily from the working press today. this week nearly 155 years ago union pacific laid its first rails. union pacific has evolved into a polling giant. at the head is our guest today, lance fritz. while trade wars and automation were not a thing, it affected how union pacific and competitors operated today. it could hurt 14 million of the workers who jobs depends on canada and mexico including those who helpe

hn, bill cassidy, journal of commerce, alan, science and enterprise, joseph morton, omaha world herald and former member, chuck, st. louis post dispatch and martin from bloomberg. please give them a round of applause. [applause] >> here's one name i didn't mention here. i would like to acknowledge the staff and additional members of the headliners' team who made it ssible, betsy, lisa, lori, . mara, lindsay, andy and bill thank you very much. [applause] >> i would like to thank our kitchen staff who bless us with very good food and the cookies are very delicious and topical. for our broadcast audiences watching on c-span and elsewhere by live stream, be aware in the audience today are members of the general public and any applause or reaction you hear is not from the working press today. now our lead guest. this week nearly 155 years ago, union pacific railroad laid its first rails reaching the outskirts of omaha and incorporated in 1862 through an act of congress signed by president lincoln. union pacific has evolved into a freight hauling giant that is a link connecting global supply

[laughter] senator cassidy. >> thank you for being here. let me start off with a specific drug and then we will build from that into a line of questioning. in the past we have spoken of a drug that was released in 2001 which used to be probably a couple thousand dollars a year and now i am told that it costs $8800 a year in canada and it costs $144,000 here in the united states. as you and i both know the way that the catastrophic coverage works is that once someone moves into the catastrophic portion the beneficiary is responsible for 5% of the list price, not that that price. i have a former patient and i'm only former because i'm no longer practicing but she is paying 5% of $144,000 for a drug which is been released since 2001. now, my staff tells me that the company that owns a struggle is extended the ability and the patent protection from if you will, with agreement for the generic in competition. senator stabenow asks will be about this and you responded that we need competition. i would say what we do about this? it's been available

cassidy: there are three reasons. first is the paid outcome. i'm a doctor.nfant andned about maternal health. infant mortality is higher in the united states than in other developed countries. if a new mother takes paid leave, the admittance rates for her and her infant decreased by 50%. second, helping families manage work and home responsibilities, particularly for lower income workers, the pew study reports among an individual taking individual or family lead, only 38% with families making less than $30,000 do not receive any pay. for families with higher income, 74% receive paid leave thirdly, creating an incentive to stay in the workforce. a product of labor productivity with an aging population, it is essential our workforce remains strong. a 2012 study found that women who work more hours per week for child earth and take paid leave afterwards are 93% more likely to be working nine months postpartum compared to a woman who does not take leave. another study found that work mothers who took paid leave for 10% to 12% higher than before paid leave was in

that is why i worked with my colleague from louisiana, senator cassidy, to introduce the high school codes act earlier this year. our legislation created a new federal grant program to help high schools throughout the country establish or expand coding education programs for their students. with 90% of parents who want their children to study computer science, we should be giving more opportunities. parents in cities and suburbs and rural communities all should have access to these computer science programs. and as i mentioned in my state, the demand for computer science and coding programs is clear. washington has more than 16,000 good-paying job openings in computer science right now. still, only 31% of our state's schools offer computer science courses for the high school level between 2016 and 2017. so what's standing in our way? well, in many cases it's the cost of developing a computer science curriculum and getting a program up and running in their high school. and that's exactly the problem our legislation tries to solve. by giving local communities the resources they need to

cassidy: mr. president, my motion to instruct conferees to h.r. 5895 is a simple six-month extension of the national flood insurance program currently set to expire july 31, 2018, in about two weeks. the same time line in this motion was passed by the senate a few weeks ago by unanimous consent during consideration of the farm bill. the national flood insurance program ensures -- insures programs in every state, insuring $1.12 trillion in assets s if the nfip is not extended, people will not be able to renew or purchase new flood insurance policies and more people would be without flood insurance during peak hurricane season. given the -- this is so kind of to the moment because given the series of emergency supplemental appropriations bills the senate has passed, and expiration of the nfip puts the u.s. taxpayer in the very vulnerable position of funding more uninsured losses in emergency supplemental appropriations legislation. now, i thank senators crapo and brown for their work in providing a

. >> thank you, senator cassidy. senator white house? >> thank you chairman. thank you for your visit to my office. the irs has a history of by-gone days as having been used as a political weapon. we have a president who apparently is regularly demanding loyalty of folks who are appointed. we witnessed the administration leaning on both independent regulators and on agencies of government, like doj, that are supposed to be independent, to try to impose their will. that combination of factors raises the question of how, a, have you made any loyalty pledge or been asked to make any loyalty pledge? >> no. >> no you have not? >> no on both counts. >> no on both counts? and along the spectrum of yielding to political pressure, when it's brought to bear on you, versus being staunchly independent, as commissioner, where do you expect you would fall along that spectrum? >> i would hope that the members of this committee and the american taxpayers see me as staunchly independent or more so. >> one of the problems we talked about in my office is the problem of shell cor

i think the fact senate finance hosted a hearing, senator cassidy, on the topic of paid family leave in and of itself is a major step. the fact for the first time in history the president, a republican president, put paid family leave and allocation into his budget, in both budgets, the first and this most recent one in the fact it was mentioned in both the joint address to congress and this year's state of the union. indicates that this is a priority for the administration. i think we say lawmakers in both sets of doubt responded. so is it going to be hard? absolutely. if it was easy would it been done 25 years ago. it is going to be hard and i am realistic about the timeframe and i'm realistic about the difficulty but one of the things that i lead every conversation i have with lawmakers are carless of whether the republicans or democrats is don't shut down the conversation as it is gaining momentum. continue to talk about it, reach out because while there are many different policies proposed, we need a bipartisan solution if this is actually going to be signed into law. i'm happy

the dow component posting better than expected earnings joining us on the squawk "newsline," gerard cassidyld ascribe anything to the numbers themselves, but the stock is off a little bit, gerard and this is after a big beat on the bottom line, much better than expected results in the strongest first half return on equities in nine years so anything to the slight down trend in the stock today it's off a couple dollars. gerard >> joe, i think you summed it up well the stock has performed decently up until today, but what's interesting is i think it was an overcrowded long after jp morgan reported on friday their capital markets numbers were very strong s citi's were good, bank america's were good. so i think people were expecting good numbers, big numbers as you described, but it was overcrowded long which i think is why it might be trading down a little bit right now >> i thought revenue was actually above expectations. this says total revenue rose to 8.4 billion below a fact set consensus of 8.7 billion do you have the revenue number as below expectation >> no, not at all. in fact, looking

. >> senator cassidy? >> gentlemen, i enjoyed your testimony, all of you. for the record, some of you mentioned we sold off a portion of it, but we haven't sold yet. we have a way of timing the market by selling high and replenish back low. theoretically i think it's 2023 to take advantage of high market prices. a win for the taxpayer but also to get the higher price now to do the repairs to the infrastructure that madam chair was able to put in. secondly, i want to put out, the companies accelerated and planned for the early 20s because of the five-year depreciation. so midstream is responding to our tax bill and that would be one answer to senator cantwell's problem. the other thing i want to point out is a delay that occurred in the last administration on the construction of the keystone xl pipeline has definitely created a supply constraint. gulf coast refineries use that oil from the canadian tar sands and from the balkan. the last administration put in constraints and now we're complaining about higher gas prices when it was the previous administratio

president, to support my bill and the bill senator bill cassidy, the senior senator from louisiana, senate bill 3128. it will extend the flood insurance program for six months through hurricane season. that's all it does. it just maintains the status quo. it doesn't change anything. it just says the national flood insurance program that we have today is going to be extended for six months to get us through hurricane season while we in the senate and in the house continue to work on a reform bill that would rework the nfip and turn it into a program that looks like somebody designed it on purpose. that's all my bill and bill's bill does. we simply can't afford to let the folks in our at-risk communities down, especially those exposed during hurricane season. and truthfully, they deserve better from us, mr. president. mr. president, for my remaining remarks, i would ask unanimous consent that those remarks appear in a separate place in the record. the presiding officer: without objection. mr. kennedy: mr. president, i'm going to speak very briefly about a friend of mine who's been nominated

cassidy: mr. president, very briefly, this is a simple six-month reauthorization of current law which will allow continued work for a longer term reauthorization. it protects american families and the u.s. taxpayer from the consequences of a lapsed program during peak hurricane season. i urge its adoption. the presiding officer: all time is yielded back. the question is on the motion. is there a sufficient second? there appears to be. the clerk will call the roll. vote: vote: vote: the presiding officer: are there any senators in the chamber wishing to vote or wishing to change their vote? if not, the jayce on the motion -- the yeas on the motion are 95. the nays are 4. the motion is agreed to. there are now two minutes equally divided on the corker motion to instruct. will the senate be in order. will senators clear the well. the senator from tennessee. mr. corker: madam president, i rise to speak in favor of this amendment where congress would have an appropriate role in section 232 of the trade

cassidy: mr. president, last week the house voted overwhelmingly by 356 to 52 to extend the national flood insurance program for four months until november 30, 2018. it is to allow continued efforts of this program to make it more accountable, more affordable and more sustainable. two weeks ago the senate demonstrated almost unanimous support for a six-week extension of the national flood insurance program. now, the nfip, as the flood insurance program is called, ensures properties in every state, over six million homes and businesses, over $1.2 trillion in assets is -- assets. current law is set to expire tomorrow night at 12:00 a.m. in the morning. if it is not extended, people will not be able to renew their flood insurance policies or purchase new ones. that means more will be uninsured during the peak of hurricane season. ha is not accept -- that is not acceptable. according to the nfip, letting this program expire would cost about 1,300 home sales per day. last week the senate tried to pass

further that if the motion is agreed to, senators cass i did and corker -- cassidy and corker each be recognize for a motion to instruct conferees and the senate vote on the motions in the order lists with not further action on the compound motion and there be two minutes of debate between each vote equally divided in the usual form and that l ting disposition of the corker motion, and the appointment of conferees, the senate resume executive session. the presiding officer: without objection. mr. mcconnell: i ask unanimous consent that the senate proceed to the consideration of s. con. res. 41 submitted he recall whyer today. the presiding officer: the clerk will report. the clerk: senate condition current resolution 41 recognizing 100 years of the united states-australian relationship, 100 years of matship. -- mateship. the presiding officer: is there objection to proceeding to the measure? without objection. mr. mcconnell: i ask unanimous consent that the resolution be agreed to, the preamble be agreed to, and the motions to reconsider be considered made and laid upon the table, wit