william dodd. he became friendly with many members of hitler's ss and until berlin began to change and became aware of jewish persecution. this is about 50 minutes. >> this is terrific to be back in chicago. it always is. especially on an actual nice day. i was here, i was here last week. it was 45 degrees. it was strange. i have to tell you that this makes me tremendously, tremendously nostalgic for the days when nobody came to my talks. [laughter] and i always like to tell this story about my very first book event which took place when i was living in baltimore. it was just after i had published a book called, the naked consumer. [laughter] exactly, exactly. it is a book that nobody bought. nobody read. one guy read it and reviewed the book and hated it because he was the target of the book. he was, this book was about, by the way how corporations spy on individual consumers. very apt today perhaps. so i did get a call though when i was living in baltimore to go up to lancaster, pennsylvania, to

it would repeal the part of dodd-frank dealing with that issue. in my mind, that is a mainstream issue. i know hundreds of jobs, if not thousands, in virginia's fifth district and across the comments -- across the commonwealth and in this country that have been created by the capital formation provided by private equity i was wondering, chairmanship your -- chairman shapiro, if you could articulate any benefits to requiring advisers to private equity to register with the sec and what could possibly be the benefits of the quarterly and sometimes monthly evaluation reports. with its strapped resources, what to the sec do to improve what private equity is done for the economy, especially at a time when our economy is failing and private equity has proved again and again to be able to create jobs at a time when we are losing jobs. let's talk about the benefits first and then we will talk about the cost. what possible benefits can you see? >> i am familiar with the bill that would basically exempt private equity. i think that is an interesting .pproach

so i talked about for the sample how dodd was given secret drafts of the future nazi laws. these were not laws yet they were things coming and one that shot in the literal translation of the document be in the law for the killing of the unhittable and another for shuttering of what was. i also talk about the many loves including the affair with a very interesting character who i think encapsulates the complexity of the nuance of the period. this was a very complex period. this guy was rudolph, the first chief of the thin brand new agency. the first chief of the gestapo. he held the job for all of one year when he was replaced by the awful characters and his violent playing high-pitched voice provision he already presided over this and had caused the and president of thousands of communists and social democrats in the party of the era who had presided over an agency that had tortured hundreds of these people and a likely murdered even in the early phase scores and yet the diplomatic community, dhaka in particular, faulted him as a good guy. he had a lot of integrity as the t

he needs to stand up and say we're going to repeal obama- care. ( applause ) we're going to repeal dodd frank. ( applause ) and we're going to stop the epa from going forward with any of the regulations they've got. >> woodruff: but perry and romney are also drawing a bead on each other. ahead of wednesday's candidate debate in california, perry is going after romney's record of job creation while governor of massachusetts. >> there is no one going to be sitting on that stage who has the record of job creation that i have. there's going to be some that are going to get up and say, well, i've created jobs. that's true. you know, there is one in particular particular that's created jobs all over the world. but while he was the governor of massachusetts he didn't create very many jobs.

product but what are you going to do you know not clamp down on the banks already people say that dodd frank doesn't go far enough at all and yeah we pay the price as customers i don't understand why warren but they can't pay for our five dollar fee instead of just investing in bank of america put that money towards us warren or you know i actually saw a great twitter exchange today and this isn't the guy being tweeted because the president had sent out a tweet saying we really need your five dollars because the reason deadline is coming. for the presidential presidential candidate and someone just tweeted back ask b. of a because you know they just got five dollars from from a lot of people out there but there was a small little battles i guess that you know we the consumers are going to be losing here at home but it is really important to continue looking at the bigger picture even though these weekly jobless claims. i still say that you know the chances of a possible double dip recession are not just going to based on these things so much for joining us tonight thank you. now still

um, that is the key failing in dodd-frank. another failing, i think, is that it has left hundreds of rules to be made by regulators, and so, therefore, providing a second, um, manipulation possibility for the industry. so they got their first chance when they were talking about the legislation, writing the legislation, they got their first chance to manipulate, now they can manipulate the regulators, two bites of the apple. >> is it any better than nothing? >> i think there are parts of it that are fine, but i think that a 3,000-page law, okay? glass-steagall was 32 pages. 3,000 pages is, you know, it's way overdone and not, um, not effective on the crucial issue of too big to fail. >> yeah. and not to, not to take much longer on that, i think, i agree with gretchen. you know, why couldn't you have just added one paragraph that, essentially, said any institution that has to rely on extraordinary government asset purchases, debt guarantees or more than 60 days at the window will have its senior management and officers removed a

it would repeal the part of dodd-frank dealing with that issue. in my mind, that is a mainstream issue. i know hundreds of jobs, if not thousands, in virginia's fifth district and across the comments -- across the commonwealth and in this country that have been created by the capital formation provided by private equity i was wondering, chairmanship your -- chairman shapiro, if you could articulate any benefits to requiring advisers to private equity to register with the sec and what could possibly be the benefits of the quarterly and sometimes monthly evaluation reports. with its strapped resources, what to the sec do to improve what private equity is done for the economy, especially at a time when our economy is failing and private equity has proved again and again to be able to create jobs at a time when we are losing jobs. let's talk about the benefits first and then we will talk about the cost. what possible benefits can you see? >> i am familiar with the bill that would basically exempt private equity. i think that is an interesting .pproach

. >> and dodd-frank is squeezing them to death. yes, that is. and you don't exit proprietary trading and say that goldman sachs is going to make the same money. and banks and geldman sacks and morgan stanley are going to get hammered because of dodd-franks and the banks make money when the u.s. economy improves and-- >> let me finish the point i'm making. the earnings are down for a variety of reason. you said one, another is that the housing market isn't coming back. >> how about the economy? >> and that's the biggest worry of all. >> where bank of america-- >> it's not the economy not coming back, it's the economy getting precipitously worse. aen that's one and those home loans going. >> i don't think that's true. i don't think you can produce evidence saying the economy is getting precipitously worse. >> i said it's the worry that it will. >> i said it's the worry that it will. >> the worry, i'm sorry. >> and persistently worse. >> you can predict that-- >> i think you're cavalier. >> i'm a customer, not an investor, but a customer and find i

if the president said things like dodd-frank maybe even made some reference to obamacare. let's get real about what is clogging the marketplace and keeping small business from investing and hiring. it is simple, it isn't recreating the wheel. we need to recognize and listen to what we are hearing from the business community. >> greta: it is a little distressing. the issue of the tax code, december of last year the simpson bowles commission came out with a proposal they said there was 3300 earmarks in the tax code. they wanted to redo it. they didn't get enough votes on the committee. that didn't stop the white house or congress they could have picked it up and runny way. nobody does. there's no appetite. i have this report i didn't put together the gao put together which lists billions and billions of dollars of waste that senator coburn commissioned that has been out since large march. if you want money go get the waste it is simple that has not been done. tonight the president says he has this big plan and lays it out but says we have to wait for his more ambitious defic

the dodd-frank bill as well. -- my goal will be to fully repealed the dodd-frank bill as well. here is something we can do immediately to turn the economy around. there is $1.20 trillion in earnings that are overseas that american companies have already earned. we have the second highest corporate tax rate in the world. why not have the repatriation tax -- when you take money earned overseas that you have to pay tax on overseas -- when it comes into the united states to have to pay an extra tax. why not have a 0% repatriation tax. you will immediately bring $1.20 trillion in money that taxpayers do not pay tax or interest on and you would have that money wash across the american economy, not through government fingers, but through the people who aren't in the most efficient and effective way you -- who earned it in the most efficient and effective way you could. legalize american energy production. if we legalize american energy production, we would create 1.4 million high-paying jobs. why wouldn't you? the benef

if the president said things like dodd-frank maybe even made some reference to obamacare. let's get real about what is clogging the marketplace and keeping small business from investing and hiring. it is simple, it isn't recreating the wheel. we need to recognize and listen to what we are hearing from the business community. >> greta: it is a little distressing. the issue of the tax code, december of last year the simpson bowles commission came out with a proposal they said there was 3300 earmarks in the tax code. they wanted to redo it. they didn't get enough votes on the committee. that didn't stop the white house or congress they could have picked it up and runny way. nobody does. there's no appetite. i have this report i didn't put together the gao put together which lists billions and billions of dollars of waste that senator coburn commissioned that has been out since large march. if you want money go get the waste it is simple that has not been done. tonight the president says he has this big plan and lays it out but says we have to wait for his more ambitious defic

dodd/frank.rently corrupt and killing small banks, killing snaul business, killing the housing industry. not a single house republican voted for it in the first round. it would be easy for them to repeal, set the stage for a huge fight over the very nature of highly centralized bureaucratic government. secondly we need to replace the environmental protections agency with a environmental solutions agency. even obama has vetoed one of their rules, it should tell you how bad the agency has become. third, you ought to repeal sarbanes/oxley which cripples start whereupons and gains no particular advantage to the country. fourth, you need a 21st century food and drug administration whose job is to go into the laboratory to help the scientist get the product to the market as fast as possible so we dominate the world health market, the biggest market in the world. on tax policy, you ought to say no tax increase in 2013, period. go to zero capitals gains so hundreds of billions of dollars pour into the co

we all know that the consumer financial protection bureau was a key component of the dodd-frank act and it is time to put a director in place so that the bureau can fulfill its important mission. i appreciate you coming today and i certainly do appreciate your family being here with you. for too long, americans have fallen victim to financial abuses at the hands of auditory lenders that operate with impunity outside of consumer finance laws and away from the regulatory oversight. payday lenders took advantage of people in north carolina for many years until after considerable legislation and litigation we put a stop to the practice. i am optimistic that with a confirmed director in place at the cfpb, we can start to reign in those predatory lenders in the parts of the country where they continue to prey on american families, outside the regulatory environment. offices within the bureau have already embarked on important work and once again it is time to put a director in place to support these offices. the office of servicemembers affairs for example was set up within the bureau to ensu

dodd/frank is way too complicated. way too complicated.ople on wall street have it be in their self-interest not to make stupid mistakes. not to make imprudent decisions. honestly, it used to be more or less when they were private partnerships and their own capital was on the line. they weren't rewarded for taking risks with other people's money. >> why is this, i feel i -- >> the simple solution. >> i feel like i've lost my mind. rob, they did this forever. the banks -- it was, you know, or jonathan, it was lehman brothers. and i mean whether you like it or not it was a bunch of guys got together and say, hey, i think we work together with this pile of money. we can make it into more money but i tell you what, don't do anything stupid because i don't want to lose my money. and they took that out of the system, jonathan. it just seems nuts. >> well, william, i have a question for you. and i've been struggling with this. if the s.e.c. and wall street are too close together and you have, you know, people who are supposed to be policing the i

the fact that despite these gigantic profits the banks really aren't trouble but it's not because of dodd frank it's because of continued bad policies that dodd frank didn't fix it's because our banks are still sitting on god knows how much in toxic assets because the shady trading practices haven't ended and as we watch europe on the brink of collapse we don't even know how vulnerable our own banks may be so a bailout may now be coming again to europe all the problems you know they go on fixed and we touched upon this subject during our show on friday with author no reprints. rather than taking a look at how these banks are really operating and what assets are really there what potential frauds have been caused by what things are truly valued at and being realistic about a situation they did the same thing here they let banks continue to remain big to get bigger to to keep bad assets to continue to manufacture bad assets without looking at the problem pretending that throwing all of this money deflating the dollar was somehow going to be helpful and they have decided that it was even tho

have america costumer and i just can't believe it i'm not here is angry as i have no doubt it is so dodd frank financial reform was passed and so this put a limit on the amount that the banks can charge when you when you swipe your debit card but of course what the banks have to do as in tell you we're going to experience such drastic losses here is that we're going to have to make the consumer start paying more so you can forget about free checking for each i think is something that slowly becoming a thing of the past and now bank of america has said that they're going to charge five dollars a month just for having a debit card i think this is ludicrous why all this and you know why it won't end because of the way our system is that companies one hundred percent if regulations come down the pipeline they can pass them on to customers which is what all these banks were crying about when dodd frank was going through and when it was passed and it is a by product but what are you going to do you know not clamp down on the banks already people say that god doesn't go far enough at all and ye

the dodd-frank built ignored all the derivatives. we also had -- the dodd-frank bill ignored all the prederivatives. all these regulations should have been looked that. he should pursue the regulations we already have. guest: that was one of my points. regulators walked off the field and did not enforce the regulations we had in place. it was not fair to blame secretary geithner for the kind of irresponsible behavior that took place on wall street at the height of -- the financial activity. with respect to education, the thing that i focus on is access to higher education. there two statistics that plague me. we have fallen from first to sixth in the world in the number of high school graduates that go onto college. that number does not argue for a favorable future with respect to our ability to compete in a global marketplace. that is one of the reasons i have been as focused on maintaining the pell grants and a strong level to assist students. the president has also been concerned about the telegratellt maximum -- pell grant maximu

think we can really get there. >> one more question. >> i think one thing we can't forget is that dodd-frank has changed a lot of the situation. i think it is a calamity, frankly, for the marketplace. with regulators trying to limit the time limits that the statute set, vague directions to them. the huge missed opportunity, like the chairman was saying, to actually reorganize. and the s.e.c. is one aspect of that. the financial oversight council we're ascribing to bureaucrats sitting around a table that they can peer into the future and prick the bubbles before they happen because ultimately it is always one person's bubble is another person's livelihood. that was the problem with the housing crisis and the build-up there and the 2000's. and we have s.r.o.'s that really are no longer, and we have lost the s and that has changed things significantly. to the point we will be able to monitor things in real time. we have to say, is that the best way to monitor things. the sec has subpoena power. it has ability to, and it should be working closely with market participants to get this information

the dodd-frank implementation and a large financial institutions. as you know, treasury is part of the financial stability oversight council. many other regulations that were enacted in dodd-frank -- the responsibility for drafting them is with independent regulatory agencies. in some instances, the treasury does play a coordinating role. as a member of the oversight council, the treasury does have a role in the consultation and some of the decisions that are specific to the financial stability oversight council which relate to the large institutions that you were referring to. taking the structure of the dodd-frank legislation into account, there is certainly going to be a role from my office in advising -- if confirmed bj i would be advising the secretary on these issues -- if confirmed -- i would be advising the secretary on these issues. just to add a couple of points to that -- i think the intent of the dodd-frank legislation was to make sure that these large institutions do not any longer pose the same risks that they did that led to the 2008

my goal will be to also fully repealed dodd-frank as well.applause] we have some free trade agreements out there that need to get past. here is something else that we do immediately to turn the car -- the economy around. there is $1.2 trillion in earnings overseas that american companies have already earned. we have the second highest corporate tax rate in the world. one that have that tax -- it is called a repatriation tax, would you take money overseas, you have already paid tax on it overseas. when it comes into the united states right now, you have to pay an extra tax on it in the united states. why not have a 0% repatriation tax and immediately bring $1.2 trillion wash across the american economy, not through government, but the people who earn did in the most effective way it possibly could. to that. it will work. and beyond that, we also have the great gift of american energy. i say legalize american energy production. [applause] if we legalize american energy production, we're told that we would create $one. fear -- 1.4 million high-p

dodd this is a shot of the incident described what we are watching i am or along the exit this is the their right of of the coliseum this is the coliseum and this is where all the action is taking place this car is being surrounded on the van they have all guns on this man we have not been able to talk to an official yet para sending a public officiainforman official to talk to us about 10 minutes ago that tactical team came in as soon as they are geared they will approaches the span >> as far as you understand there has been no i activity inside that and >> as far as i know of there has not this is only an observation we have not been able to talk to any officers or all while this exit was going through and now they shut this exit down and they're asking the media to stand back one >> looks like the backup windows of this band are missing or they shot out. >> george what he learned and >> they use a non olivos shot guns to shoot out the windows of the van to give officers all look inside currently into this situation is being handled as a standoff there are suspects still inside the

dodd >> but dull 60 area fairfield tevere said one man and looking for another where the murder and robberyhappen wednesday night they returned, to find a 21 year-old son unconscious in his bedroom he had been killed in he was dead in the bedrooms they arrested can of coke frankland and they are looking for her son macaulay bomb macaulay is considered armed and dangerous >> copper wire and upper antioch church is costing more money the church has been hidden for times since july the latest was last night by a hundred yards of copper wire was stolen they also sold seven air conditioning from this church and also alleged your landscaping was stolen >> santa cruz police are looking for people dragging an officer with the truck they were pulled over driving with a us suspicious vehicle police believe these new their vehicle was located but they were not found witnesses said a car came by and pick both of them they're trying to beef up their police department again when in millbrae the second option will lead san mateo county officers take over millbrae they have slimmed down their police force

i love this one -- chris dodd, the guy who is part of dodd-frank the financial reregulation bill that was necessary because the stuff blew up. jackson, the secretary of the housing and urban development. this is the best -- daniel h. mud, the guy who grew up having to deal with that famous saying your name is mud. his name was mud. he's the chairman and ceo of fannie mae. this is what we libertarians need to watch out for. the unholy alliance of government and corporations. now, to draw the contrast though -- i don't want to leave you with the idea that all corporations are bad and all bankers are bad because anglo is. the hero is a fellow named john alison, the former chairman and ceo of bb and t, one of the top dozen banks in the united states ranked by asset size. they are absolutely dominant throughout the 13 southern states of the united states. out here, you won't see a branch; but if you are in mississippi, tennessee, or washington, d.c., you certainly will. alison built that company on utterly different principles than ang lo built countrywide. countrywide blew up in the finan

. >> reporter: just outside of austin, more than 450 homes have been reduce dodd cinders. 500 families have been forced out of her homes. monica lost her home. >> i'm sitting and praying, hoping to god, because i don't know right now. >> reporter: in louisiana, the biggest problem is flooding. new orleans is still bailing out from tropical storm lee. the storm surge has most of nearby lafitte under water. >> it's very alarming how quick the water comes in now. >> reporter: lee has spawned at least 20 tornadoes, including one just outside of atlanta. the storm system expected to move northeast in the coming days. carrying the risk of more damage and flooding. kurt gregory, nbc news. >>> elsewhere, the president is putting the pressure on republicans returning to capitol hill this week. in a labor day speech yesterday, president obama previewed the economic proposal he'll present to congress on thursday, which he says will challenge republicans to put the country's economic needs over party politics. nbc's tracie potts joins us from washington with more. >> reporter: getting this done is

dodd we have a moister train moving into the bay area at this point a looks like a will be draining more like sunday we made still have some monday and tuesday we will break down what we will see for the weekend. >> 651 is the time right now 49ers are showing off their new stadium would it is years away from completion this isn't new to one-and-a-half million a preview center it was designed to show the fans and press active season ticket holders of what you will get it will be the menus and the shrines to the team's pretty years when >> the san francisco giants tried to end and now high note to there was an in the park home-run and the giants or 17-0 he slides into a home and with his in the park home run. and they a's also had a 7-0 victory. one >> time right now six at 50 2:00 a.m. we're following a shooting and oakland at a motorcycle club when one person was killed and police are investing dating to sexual sark's in st. mary's college also it is as bare the air day will be back with those stories. so i got this new job last week, but their health insurance doesn't cover my kid's ped

the banks also do not like dodd-frank.n the end, the taxpayers do not want to be bailing out the banks and they want some of the riskiest -- the riskier behavior on the investment front. and they want to know that you have the money to back it up. it will probably reduce competitiveness, but i do not think taxpayers will mourn that reality. >> everybody wants to be too big to fail. thank you for joining us. in one more financial note, which probably could not come at a worse time for the white house, bankamerica has announced plans to enact 30,000 jobs, around 10% of its work force. it is an effort to cut its bill by $5 billion a year by the start of 2014. the firm's share prices have roughly halved since the beginning of january. now to nairobi, where a fuel pipe exploded in a densely populated slum with deadly consequences. at least 120 were killed and dozens are still being treated in hospital. witnesses say the death toll was so high because people gathered around the leaking pipeline to siphon off fuel and then explod

whether it is dodd-frank or whether it is the epa. and lower those corporate tax rates. lower those personal tax rates. then we put our plan to make america energy independent and that is the way you get america working again. [ applause ] >> bret: congressman paul? >> government destroys jobs, the market creates jobs. the government isn't going to be expected to create the jobs they have to change environment. you can't do that unless you understand where depressions, recessions come from, you can do that unless you know where the budgets come from. i've been arguing this 20 years warning about -- until we understand we can solve the problem. you have to deal with the federal remember is of system. you have to deal with free markets and you have to deal with the tax program and the regulatory system. then you can get your jobs because the people will create the jobs not the government. [ cheering and applause ] >> >> bret: waiting for the applause. speaker gingrich? >> 32 years ago we were in the same place. we had a failing presiden

i think we overreached with the dodd frank bill. no question we needed to do some things but we've actually really hurt lending. >> stop there for a second. my issue with the dodd frank bill and banking. i look at 2,200 pages, whatever the thing is. it's clear a banking system functions well when there are capital requirements. whether in switzerland, asia, south america, usaustralia or america. banking capital with a capital requirement function because of retained risk. banking system without capital requirements as we have in our swaps market, where the derivatives trade in a dark market, no collateral that undermine everything we do, how do i end up with a 2,200 page bill and do the same on trade or tax or anything that doesn't have a single one page that might fix it? >> why didn't we fix fannie mae and freddie mac? >> yes, right. >> same thing. because, i said it before. congress doesn't know what it's doing, because it won't do the hard work of oversight. we pass laws in response to emotional gut reactions but never think it

and what we try to do in large part with the dodd/frank bill is make sure we fix those dshs. >> but the it did not put the $600 trillion swaps market on an exchange, which is only way you can get the visibility to see what's basically online gaming and what is actually end users. and there was an explicit decision by the treasury department and by a series of senators to block the provision that would put the swaps market on an exchange, which is really central to the entire banking system. >> well, i think what the dodd/frank bill did is, it put a position into law. and now what we're waiting for is the treasury and others to come up with the rules and regulations. and i think that that has to happen, and i think that we've got more transparency in the market than we've ever had before. that, you know, we're trying to make sure that we don't have too big to fail, that we can -- >> i know that those are the words -- those are the words, the banks are bigger than they've ever been and the swaps market is still in the dark. so i appreciate the sentiment and i believe your personal intenti

banks there also do not like dodd-frank. they want to in the very least separate out some of the riskier behavior on the investment banking front. and the second thing is, they want more money. if you are making a bed, they want to know that you have the money to -- making a bet, they want to know that you have the money to back it up. i do not think taxpayers will more in that reality. >> everybody wants to be too big to fail. thank you for joining us. in one more quick financial know, which probably could not come at a worse time for the white house, bank of america has planned to cut about 30,000 jobs, about 10% of its work force. it is part they plan to cut its bills by $5 billion a year by the start of 2014. their shares have roughly halved by the beginning -- since the beginning of january. now to nairobi, where a fuel pipe exploded in a densely populated slum with deadly consequences. at least 120 were killed and dozens are still being treated for severe burns in hospitals. it the death toll was so high because people

dodd here. did you want to say something? >> catherine.. health services. i am so pleased that this formal city and county body is recognizing scots service. scott stands out in my memory as having been around politics for a long time as someone who works with all sides to make sure they get things done for the people of san francisco and for the employees and retirees. i could always count on his advice, his honesty, and on him working with the other members of the board. i'm just grateful he is being acknowledged for his years of service, and i hope we can count on him serving on other important boards and commissions in the city and county. thank you. [applause] >> i am going to add one thing, that the best thing i did was to hire her. [laughter] president chiu: i know that supervisor chu has another commendation, which she is rushing here to present. >> thank you. i would like to invite someone from the recreation and parks department. as a district four supervisor, i have had such pleasure to work with terry. terry has been with the recreation and park

nrasamme seki decide dodd cotengen dasc i aatrn o reveal dedicated pattern after polishing. prices range from about $230, to $560, depending on the size. sale this maker's latest eye-catching design is his dragon scale brand. he is also planning a mount fuji motif at the request of foreign customers. >> translator: i think branding is the most important thing in any craft business. customers will buy brand products, even when their currency is weak. they know the brand guarantees quality. >> reporter: anoth company trying t overcome the strong yen is targeting the aging population worldwide with a novelty product. these nail clippers have a magnifying glass to help cut your nails safely. the company sells the clippers at duty-freeps japan. sales are growing. the clippers are inexpensive, about $12. tourists from china, taiwan and south korea are learning about them by word of mouth. >> translator: these clippers are really good for the elderly and they should last long. >> even japanese end, very high, the price, i think the price is very good, good price to buy this one. >>

that is the committee responsible for crafting the dodd-franc legislation -- dodd- ranfrank legislationthe ranking member is barney frank of massachusetts. [inaudible conversations] [inaudible] >> thank you. witnesses on the first panel are the of ma willry sh -- honorable mary shapiro who was not there during madoff. and mr. saumya. partner and managing director of boston consulting group. i welcome our witnesses. do we have two others/ ? we will have two other -- we will have michael shanahan, a senior partner managing for the questions and answers, but not for opening statement. and to assist you with the -- and then shanderarshka hura, whatever. managing director of the boston consulting group. at this time, chairman shapiro, you are recognized for your opening statement which you don't have to limit to five minutes if you wish. get yourself in as much trouble as you need. i am kidding. [laughter] >> that is very good advice, mr. chairman. thank you chairman, ranking member, members of the committee. >> we are having trouble with our mics. pull that closer to you. >> thank you for t

they want clarification in the rules, for example there is a lot of regulation still being written, dodd frank has 400 rules, only 60 have been put in place. and they want more clarity and stability around the notion of what it's going to cost them to run their businesses. they are looking at the health care legislation, for example, and trying to determine just exactly how much that is going to cost them in terms of running their business. >> tom: but what's the difference between clearing up those uncertain tees and doing a way with some of those entirely? there are those that would like to do away with health care reform and those that would just say tell us what the rules are. there's a big difference there, isn't there? >> yes. i think it's more to do with clarity, tom. when you look at the health care situation, we recently did a web cast for our clients and we got some feedback from them that said 79% thought their health care costs were going to increase. they were particularly concerned about the tax on the cadillac plans that will come in in 2018. but overall their biggest conc

dodd dot had there been danger in the van will what motorists to be in harm's way and >> we are reporting that the nemesis is now open if you guys his stand her alongside the road and investigate the back up will be longer been >> will be telling of the vehicle from this location where been clearing the scene as soon as possible motors' need to pay attention to where they're driving with and put focus on the primary task george's now saying give yourself an extra half hour. [ cow mooing ] ♪ [ female announcer ] there's no need to produce foods yourself to be sure they're 100% natural. ♪ now there's open nature foods from safeway. no preservatives, no artificial anything. all within budget. a wide choice of natural foods that meet your high standards. ♪ open nature. only at safeway. the world needs more energy. where's it going to come from? ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world. enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional f

regulatory limbo because of white house politics, and it doesn't include greenhouse gas regs for and dodd-frank? regulators have hardly started. regulators pumped out more than 82,000 pages in 2010 and were on pace to eclipse 80,000 this year. this translates into 8.8 billion hours of paperwork, up from 7.4 billion hours in 2000. these aren't just a set of numbers; they translate into real impacts on our economy. e.p.a. estimates that just two of its rules could end 48,000 jobs, raise electricity prices by more than $8.4 billion and these increasing prices, at a time when natural gas is historically cheap, will serve only to decrease american exports, a result that betrays the president's own goals. this isn't a productive use of our regulatory state. the president wants you to believe that his regulations are worth the diminished prosperity. i disagree. economically, regulations act just like taxes, only you won't see them in the budget. we can have sensible protections for public health and safety that don't destroy american jobs and harm u.s. competitiveness. we just need the president's act

should have no more grants given to bloodletting, whereupon christopher dodd of connecticut said, "now wait a minute." he's a catholic. he said, "that means no more crucifixion, "no more st. sebastian with arrows through him, "no more head of john the baptist, not to mention military battles." so that was the end of that amendment. it's a significant segment of our history gone just like that. not to mention-- not to mention our art in all our museums across the land. if you were to provide some advice to a museum director today who wanted to do something somewhat provocative, thought-provoking that generated multiple viewpoints, what would you say in advance to try to have that exhibit occur with a minimum of negative impact, negative publicity, and negative reaction? what can you do in advance? it's pretty easy. you have discussions. you have--you have an educational program, an informational program, and you have interactive-- the possibility of interactive response. what people want when they become outraged about something is an ability to speak freely, if i may speak freely. [chu

. >> and the federal reserve, empowered by the dodd-frank act has reduced that now to approximately 23 cents a transaction. >> reporter: so they're making about half as much money off the merchants as they were before? >> yes, they are. >> reporter: but customers like lawyer bob celestin say don't pass that cost along to them. >> i'm going to have to seriously consider pulling my money out of bank of america and looking for another alternative or bank that won't charge me this ridiculous monthly fee. it's ridiculous. >> reporter: the bank says the economics of offering a debit card have simply changed with the new regulations. but bank of america also has to offset the cost of billions of dollars in bad mortgage loans. >> pelley: anthony, thank you very much. one thing banks are charging less for is mortgages. a report today says the mortgage rate has fallen to 4.01% for a 30-year fixed rate. it's an all-time low. no surprise, refinancing applications shot up 11.2% from the previous week. the federal reserve is holding down interest rates to help struggling homeowners so we asked cynth

i am also the chief author of the bill to repeal dodd-frank.hen i went into the united states congress, i was assigned to the financial services committee. my chairman was barney frank. that has been my time in washington d.c. i saw how he dealt with this financial meltdown. it is not pretty. they have taken all of the elements from government that helped lead to the economic meltdown and they decided to make them law. to institutionalize them. now we are seeing credit seize up. we are seeing it is difficult to get a mortgage and credit a business needs. my goal will be to fully repealed the dodd-frank bill as well. [applause] we have some free trade agreement out there that need to get past. here is something else we can do a immediately. there is $1.20 coleen of earnings that are overseas -- dollars of earnings that are overseas. we have the second highest corporate tax rate in the world. why not have a repatriation tax when you take money earned overseas, you have already paid tax on it overseas, when it comes into the united states you have

my goal will be to fully repealed the dodd-frank bill as well.applause] we have some free trade agreement out there that need to get past. here is something else we can do a immediately. there is $1.20 coleen of earnings that are overseas -- dollars of earnings that are overseas. we have the second highest corporate tax rate in the world. why not have a repatriation tax when you take money earned overseas, you have already paid tax on it overseas, when it comes into the united states you have to pay an extra tax -- why not have a 0% repriation tax? you would bring a $1.20 trillion worth of money that taxpayers do not pay tax on and you would have that money washed across the american economy, not through government, but through the people who earned it in the most effective way you could. do that, it will work. beyond that, we also have the great gift american energy. i say legalize american energy production. [applause] if we legalize american energy production we are told we would create 1.4 million high-paying jobs. why would you not? the bene