dodd-frank is extremely important. and we should be about the business of implementing these reforms. so that we can protect our consumers. i am taken back and i'm surprised that many of our members who are here advocating for the rich lenders, for the people who caused the problem in the first place, can go back home and look their consumers in the eye and tell them they're really working for them. they're really working to make sure that they can own a home. they don't really know and i don't think that many of those are going back and saying, well let me tell you what i said today. i made sure that there was no cap on fees. and that the lenders can charge whatever they want working with the affiliating companies and this cap of 3% that of the come up with in dodd-frank reform doesn't make good sense. they should be able to charge you whatever they want to charge you. i don't think that we have members who have here on this floor today that have advocating that we get rid of these caps and that we allow these lenders

we will continue to slice away at dodd-frank. we will continue to do what those who can't repeal it in full would do in part and that is eliminate the protections for consume evers. i yield back. -- for consumers. i yield back. the speaker pro tempore: the gentleman yields back. the gentlelady from california reserves this egentleman from tennessee. >> we reserve. the speaker pro tempore: the gentlelady from california. ms. waters: mr. chairman and members, before the next members rise to speak on this bill i would just like to remind everybody that you know this amount of interest rate that they will be getting on these loans should this bill pass is 10% above the prime rate and from 14% it could go up to maybe 18%. there's no member of congress who would pay that kind of interest rate on a home loan or a manufactured housing or anything else but we're asking the most vulnerable in our society that are targeted to pay this kind of interest rate in the interest of getting credit. i yield to the gentleman from maryland, mr. sarban

sold by the way the job i see is to defend dodd/frank. so demented that successful attack that they consider over regulation away. this is a battle that will go one over the next year or two. there are few things that were not done with dodd/frank. we haven't figured out what to do with fannie mae or freddie mac we sort of nationalize them. they are still in the state of purgatory. we need to figure that out. we have not fixed the rating agencies but i rattle off guilty parties but i left out the rating agencies that left out the horrific securities with the aaa ratings. but they were not. that problem has not been fixed. there is work there. a huge problem was the horrible mortgages that was granted. as they start to creep back we have to supervise the banks better than dodd/frank. it has the leverage to so we did have all this debt the banks were too leveraged it all looks much better now than it did. the other job it was still part of the work ahead we did not do it with the tsunami of foreclosures. when the housing bubble burst in so

this isn't dodd-frank this is something after dodd-frank.a lot of people think the market should do whatever it wants to do. there are those who think reasonable thoughtful regulation and limitation provides a more steady economic forum. that deinterstate an ongoing debate. >> is the lob jig on behalf of those that don't want the provision that she's talking about the regulation she's talking about. >> it's almost always on behalf of somebody who don't want. >> right. >> when it comes to spending i want to say i have never, i've been in politics now as a conman, mayor, city councilman i've never had anyone walk into my office and say cut my program. cut the program i'm interested in. they always say cut other programs but mine is different. mine is the most important one and, therefore should never be cut. the day i get someone come in and say cut my program i think i'll be talking to someone who understands the broad base we have to deal with. >> we'll go maine, helen, democratic caller. >> hi. good morning. representative c-span had a repr

director dodd. >> for the record do you have a federal nonprofit status. >> yes. we maintain we are at our corporate filing both state and federal. >> your 990 filings okay stand but there's no future questions any public comment on this item. >> yeah. the question of reserves came up for blue shield now i'm wondering how does that related to compensation for choses do the executive compensation go up or the letters while they went adopt this is something i want to know and a lot of other people want to know. >> thank you for your comment. >> other public comment? >> thank you members sitting next to me had a letter noifs her many of her efficiency might not be eligible there's a contract negotiation there is a lot of treatment and with specialists and very concerned i want to know which health plan will they receive a letter and which health plan is the negotiations going on and is that for members offering them specialities or physicians will be available. >> thank you that was not directed at blue shield i'll ask director dodd. >> our members are required to su

then you get dodd-frank. it is the reason we have such a crisis that has been the slowest recovery from the mid-1960s by a wide margin. what has happened that has made such a different. it didn't happen this time. the reason i think it's dodd-frank. we have spent a lot of time trying to blame the private sector for what happened here. creating a lot of uncertainty for a time forcing them to reduce risk-taking. all of those things that cause our economy to grow much more slowly than it really went after recession. the problem if we actually get the financial crisis we would've said wait a minute, we have to reform of the government was doing. if we understood the government had caused underwriting standards to decline as the book points out, but change the governments policies. they ignore the government completely focused entirely on regulating more stringently the private sector and that i think is the reason why we have the act. one of my purposes with the book is to show it is actually a legitimate. it was

you're a republican. >> yes, sir. >> you're not a big fan of dodd-frank. >> i do not like dodd-frank. do the banks. >> yeah. charlie: is there any chance that the genie can be put back into the bottle? we're four or five years into it. >> right. charlie: most of it -- half of it has been implemented. right? >> at the sec it's only about half. charlie: every banker i know, ceo would love it to be replaced with something more manageable so they don't to have comply with so many rules. really that have nothing to do with the financial crisis, by the way. >> right. charlie: what do you say? >> there's always political change in washington. i think we should take a hard look at whether the whole statute should be eliminated. you know, the narratives that underlie dodd-frank, wall street greed regulatory failures, of course, some of that in the crisis. but it wasn't the cause of the crisis. we know it was failed federal housing policy. charlie: super low interest rates. >> monetary policy. these things cause the bubble. we've never had a searching inquiry to the actual causes. charlie: so l

speaker i know that my friends in the majority don't like the dodd-frank financial reform law. they have made countless attempts to overturn the commonsense provisions contained in the law that protect consumers and work to prevent another financial crisis, but i don't think anybody in this house should want to set the stage for another financial crisis and i have serious concerns about the process being used by the majority to repeal dodd-frank. . my friend the ranking member member, ms. waters, has worked on legislation to make technical corrections to dodd-frank and other bipartisan updates. just yesterday, this house passed several pieces of legislation from the financial services committee with overwhelming support from both sides of the aisle. but the two bills that we are considering today fall far short of that goal. mr. speaker, after the passage of a clean homeland security bill and the s.g.r. fix, i had hoped that bipartisan cooperation in legislating would be contagious. i was wrong. today, the republicans are back to their old ways of bringing up my way or the high

as for sorting out the regulations of dodd-frank some clever bureaucrat wink, wink can figure that out. david: let's talk about stocks americans have been burned several times in the past ten years. first in the dot com crash and of course, in the late 2000s. so do you think that americans are spooked for good on the stock market? is it a terrible mistake they're staying out of the stock market? >> well, first of all most americans don't have money to invest. david: that's a good point. >> majority of americans are living paycheck to paycheck with a small minority of appreciable amounts to put in the stock market. those who do should put it in the stock market. warren buffett has the ultimate genius thing to say you should be partners with people who own great businesses. if you were to buy the dow 30 or the s&p 500 or mr. buffett's wonderful company, berkshire hathaway, you are essentially make yourself a business partner with some of the smartest most capable people in the world. why anyone would not do that? i don't know. why buy rental property if you can buy part of berkshire hath

-- check dodd -- chucjkk dodd? he needs a glass of water. is clear. nine out of the 10 hottest years ever were in the past decade. luther: now i'm not a scientist, but i know how to count to 10. president obama: rising seas violent storms. luther: mosquitos, sweaty people on the train stanking it up, it's just nasty. president obama: look at what is happening right now. the pentagon says it is a national security risk. instead of doing anything about it, we have elected officials throwing snowballs in the senate. it is crazy. what about our kids? what kind of stupid, shortsighted irresponsible -- luther: hey! [applause]

dodd frank isn't perfect. it should have broken you into pieces. >> that was senator elizabeth warren speaking on the senate floor december 12th. since then, if you have been wondering what happens when a sitting u.s. senator says something like that about one of the most powerful u.s. corporations in the country on the floor of the senate, if you're wondering what the equal and opposite reaction to something like that is, router reported big wall street banks are so upset with warren's call for them to be broken up that some discussed holding campaign donations to senate democrats. plural. not just her. she's saying banks are using their power and influence over washington in ways that are bad for average people. washington should put a stop to it. you expect the banks will be mad about that so she acts, they react. but it's not just a conversation between these two actors. it's not like ping-pong or tennis where two people are hitting the ball back and forth. it's more like a nuclear reaction like where atom

. >> item 10 director's report director dodd i'll be quick and we still have 78 vacant positions but things are moving the 0931 operation manager will close monday and finally candidates that took a while to get them into the public testimony the research assist is in the test process wellness interviews is underway a few false starts the finance and contracts we've gotten good candidates and the emerge position we're still recruiting for terms of operation we continue to meet all our goals and are well below the industry standard our in house visits have increased we're downstairs from retirement it makes it easier to stop by and our visitors are longer so the wait times may increase we're limited by space in terms of how many people to handle contaminate i want to thank the board for their continued delegation and trying to help us utilize the emerge payroll system to input data 24/7 maybe 7 days a week they've added wednesday to us so we're not completely down that half day on wednesday that is down on thursday i want to - in our deck you'll find a slide that document we're in ful

. >> we have a number do you have that katherine director dodd's. >> no, i think we did it in january maybe the county though; right? and i remember you saying that was going down i recall but. >> you don't have the figures. >> i don't have a rate card. >> okay. it is approximately $280 are existing programs based on us taking the risk for the $171 premium for 2016 is it sufficient for the board. >> yes. that's on here. >> we take the risk that can impact us with that those are my comments i'm going to turn it over to my colleague. >> good afternoon good afternoon. >> nicole with the united health care thank you for your time. >> are you our account executive. >> i work closely with heather and manage the medicare. >> i wanted to remember you were. >> do you have the presentation madam clerk is pulling it up we've been asked to present the rates for the 2014 to the scenario that was mentioned and also talk about the plan design we've quoted as well. >> and i want to as we begin this. >> yes. >> in the appendix i'm reading changed i have distance glasses and computer glasses and readin

the framework of dodd-frank is here to stay.rik: every bank ceo will tell you at least the ones who run system and clean important banks they will say i don't like it but it has made the system sector safer and sounde? is that not make it a success? aaron: to some degree. you have to walk the right line. leading to the financial crisis we had growth based on an unstable financial system, the collapse of which was for millions of americans and trillions of dollars of lost wealth. it was stable financial system is the one with no lending and that is absolutely -- stephanie: we have to leave it there. you think those makers think it has been effective or do they learn their lesson? erik: we have to think about it. we will be back in two minutes on market makers. ♪ >> coming up we are celebrating here on bloomberg. the pulitzer prize and who won it in a minute. stephanie: mary j. blige goes multimedia. night and watch a documentary about how she made her latest album. ♪ announcer: live from bloomberg headquarters in new york. this i

there were a few things and financial reform that were not done in dodd-frank. we haven't figured out what to do with fannie mae and freddie mac, the housing businesses. we didn't nationalize companies but we sort of nationalize fannie mae and freddie mac. they were half government anyway and they are still in that state of purgatory. we need to figure that out. we haven't talked about that. i rattled off at the beginning a bunch of guilty parties. i left out the rating each of these, which left a lot of these complicated and largely horrific securities with triple-a ratings, which means safe enough to recommend to grandma. they weren't and that problem has not been fixed. there was work there. a huge problem were talking about earlier was so horrible mortgages that were granted. that's a lot better now although you could start seeing crummy mortgages starting to creep back as the memory fades. we have to watch that. we have to supervise the government is to supervise the banks better than i had before in dodd-frank mandates that. the whole system has to leverag

a senate panel will take of changes in a dodd-frank a lot. -- law. said regulations would be looked at. and the federal reserve will be considered. nationwide protest remaining raises for low-wage workers were peaceful. mcdonald's locked its doors to stop a crowd from pouring in. the three-year-old fight for $15 is gotten together by a union. target has agreed to pay millions of dollars for a target breach. the breach exposed payment -- personal data of tunes of millions. -- tens of millions of dollars. those your top headlines this morning. coming gobbled -- we will be speaking to our reporter. the three companies gearing up to trade including etsy including the site for vintage goods. -- coming up, we will speak to our reporter. ♪ betty: welcome back to "in the loop." i am betty liu. scarlet fu looking at some of the action ahead of the opening bell. we had economic numbers. i know you're looking at some of the big banks. scarlet: we have to look at the banks. goldman sachs moving higher in their pre-market. not a big move even as it poses a big st

host: does dodd frank deal with that? guest: no.d a hundred problems on the table and we couldn't do with them all right away. this is a little bit of a separate issue. this didn't have much to do with the crashed record. so we were trying to deal with that. this has really come to life after the dodd frank bill was passed. there are some problems we had in relation to the high volumes trade. host: sort by to those who don't know what high-frequency training is. and doesn't need regulating? guest: i don't know that it needs regulating yet. i think it is investigation to determine whether it needs regulation. there is usually a computer with some very smart people who have thrown some algorithms in the computer to trade right now read the second. and it literally happens in a blink. and it is all well and good, as long as it is being done in a legitimate way. but there are some allegations of information that they're based on his information they were not entitled to get. host: what about the factor of people buying to look like the

, and then there's a host of other regulations beyond dodd-frank that the fed is imposing op banks, andre are banking liabilities as well. back in 2014, and it might be just as bad this year, u.s. and european banks paid nearly $65 billion in penalties and fines. that's a 40% increase from 2013. that might be an obstacle to banking as well. >> sure. that is for the banks and for what they did during the financial crisis, allegedly during the financial crisis. but i think in ge's case, they were not really subject to any of those kinds of problems, but they were subject to bank-like regulation as a systemically important financial institution, and the management of ge must have said we're not going to be able to make any money in this business if the fed is going to regulate us. david: yeah. finally, a question about where all those companies -- there are a lot of small and mid-sized companies that went to ge capital more loan, sometimes just for payrolls. where do those companies go now for those loans? >> that is a big problem. that is the, i think, one of the problems in our economy r

david: that's true. >> dodd-frank was designed to stop problems that existed before.he previous guest said before, derisked banks some. they're not involved behaviors. the risks haven't gone away, but moved them to the shadow banking system where problems may exist if the future. he is right about that. one final thing, taxes regulations settlements, made banks less profitable and had ironic effect for harder for people to get who really need it. david: good point. sec powered by dodd-frank, and through the sec they will create a uniform standard for banks. e theone si fit a ing li obacar thadoest ncessily wo in our system. >> in fact that's right. what you wind up is with a situation where you have ton of efforts on parts of banks complying with regulations or more likely finding a way to get around regulations that are still technically legal and less effort than should be put toward minimizing risk and making good decisions. david: moving on to politics which we like here as well. senator rand paul appeared on megyn kelly's show last night and took a little heat. t

what the left will say it is its dodd-frank come and we can't touch a dodd-frank because that was designed to protect the little person and to put that big banks in their place. honestly there is no perfect law or legislation. anything can be improved and there were instances where one would want to improve dodd-frank to make it work better, but yet someone the extreme left would say we are not touching it, it's a sacrosanct. very analogous to what the situation on the right was with his amnesty question when you did with kids who didn't break the law themselves. so those are two examples i think i'm short-term slogans which many any advocacy community put out of their as a line not to be crossed but forging into and what is beneficial to everybody on the immigration side, to say we're a country large come country immigrants on the dodd-frank financial services side say we had the most successful, deep, sophisticated capital market in the world which helps to fuel the growth in our economy spent want to ask you one question about immigration reform. when you launch a primary some people in

charlie you bemoan the same wing with dodd-frank. >> there is a bit of hypocrisy on former chairman volcker's part he was part of the apparatus that created a massive regulatory structure kept the banks huge went that structure. neil: and left out fannie and freddie. >> i think he is write in what he says are there will be another crisis, it will be worse when it does happen with more risk in too few banks, but he is reason why we have this. >> i 1 wouldn't go that far. neil: let him answer. >> would you let me finish. let me finish. >> i am not wrong. >> you are wrong. >> i know what was happening in there. he was put in there add window dressing -- let me finish. he is my hero he did sleigh -- sla y inflation, he stood up to banks and wall street, and he was the put on this committee without really -- i think he is right, that banks are more concentrate, they were dodd-frank was supposed to make it less concentrate give community banks more power but they are less power. cause frankdodd-frank is doing opposite. >> you're 100% wrong on volcker's role. >> i wanted this out -- i wanted this ou

what the left will say is it's dodd-frank. and we can't touch dodd-frank because that was designed to protect the little person. and to put the big banks in their place. honestly issue there's no perfect law or legislation. anything can be improved, and there was instances where one would want to improve dodd-frank to make it work better, but yet some on the extreme left would say, we're not touching it. sacrosanct. very analogous to right and this amnesty question involving kids who didn't break the law. so the short-term slogan which many in the advocacy community put out there as a line not to be crossed, but thwarting in the end what is beneficial to everybody on the immigration side to say we're a country of laws and immigrants on the dodd frank finance services side say we had the most successful deep, sophies 'til tick indicate capital markets in the world which helped fuel the growth in our economy. >> host: i want to ask you one more question about immigration reform. when you lost your primary some people in my busin

before dodd-frank, would you have disbanded? jack: no.27 years of enormous growth, great people and businesses. jeff built it more than i did. 40% last year. this was a great -- and just guess what, he chose the right time. these assets in steve schwarzman's hands. there are other great leasing businesses. they are going to get good prices for these deals and be able to buy back stock. create the same eps by buying back stock. have a concentrated -- they will be back doing other things. ge is the only company left in the dow jones. when i got the job for my predecessor i inherited utah international. that was ge and mining. 21%. charlie: looking at ge today, no itit was, the house that tech built. they are going back now, for some of the reasons we said, to the core business. jack: going back to what jack built. the engine business. the number one health care business. the number one railroad business. the first acquisition we made in 2000 in the oil and gas business which he has done a great job of building up. where are we going back to

what the left will say is it's dodd-frank. we can't touch dodd-frank because that was designed to protect the little person. and to put the big banks in their place. well, honestly there is no perfect law or legislation. anything can be improved. and there was instances where one would want to improve dodd-frank to make it work better but yet some on the extreme left would say, we are not touching it. is a crow santh. -- sacrosanct. when you're dealing with kids that didn't break the law themselves. those are two examples i think of short-term slogans which many in the advocacy community put out there as a line not to be crossed, but thwarting in the end what's -- what benefits everybodier, on the immigration side to say we are a contry of laws and immigrants, on the dodd-frank financial services side we have the most successful deep sophisticated capital markets in the world which helps fuel the growth in our economy. shira: one more question about immigration reform. when you lost your pry marery, some people in my business,

no one cares about dodd-frank regulation right now. neil: i agree, but the liberals in the party who feel any ties she has to the banking industry, and i agree with you, i don't think they're onerous or embarrassing they're going to make it a big deal far more than republicans. >> financial services are critical to the country. she's going to have relationships with them, and have relationships with them as well. neil: you are an adviser you are a golfing buddy of the president. do you think that she has to step very carefully here that she can't look like she's too close to these guys at least now as she's pursuing the nomination is. >> i don't, i don't think she needs to be pushed far left at all. i don't think that's where the country is. neil: you think someone else comes into the race. >> no one that will worry her. >> i think she's going to have to prove her vision and prove herself. neil: can you only prove yourself if you have people to prove it. >> listen we all hope there are good people running in the primary. whether it's m

frank. >> even after dodd frank. it's not a fix. >> especially after dodd frank. >> that's right, rick. >> really appreciate it. >> amen. >> a lot more questions than answers right now. hopefully there's more to come. >> 45 minutes to go into the close here. keeping an eye on markets, the dow is down about 80 points this hour, the s&p down by a couple. the nasdaq trying to stay positive having a good job of doing so. it is up 0.5% bill. differentiation for sure. >> busy lineup of heavy hitters heading your way over the next couple hours. ken fisher will be here to tout money-making strategies to defy wall street's herd mentality. >>> also coming up the head of td ameritrade the largest online brokerage in the u.s., giving us his take on online investors and if they're jumping back into the market. >>> plus, bp's ceo bob dudley sits down one day after the oil spill. the worst offshore environmental disaster to hit the u.s. you don't want to miss that interview with mr. dudley all coming up here on "closing bell." stay

it used to be held at tammy dodd's house, but it grew so big that they hold it at tammy graham's former at a cocktail party. the new yorker has a party. lots of post parties after this dinner. this dinner has become the centerpiece of an entire washington political celebrity weekend. if you have any comments about this type of activity, and there are a lot of comments being made on our facebook page, you can join us or like us on facebook facebook.com/cspan. you can follow us at cspan. see some of the actors being tweeted out. you can also use the hashtag #whcd and see some of the comments and photos being put out by other people. this is c-span's live coverage. the program itself should begin in five or 10 minutes or so. is 8:48 p.m. eastern time. the white house correspondents association dinner for this year , the speaking program will begin at about 9:30 p.m. eastern time. we will place more interviews, show you more behind-the-scenes stuff, and watch the whole process live. it is 9:30-ish. when the speaking portion begins, we will be live as well.

it would amend the dodd-frank act to create a small business advisory board to advise the cfpb. this bill would also codify two other advisory committees created by the credit union advisory council and the community bank advisory council. under h.r. 1195, each board or council would advise the cfpb regarding concerns of established -- the concerns of its established membership. the director of the cfpb would be required to appoint at least 15 but not more than 20 members to each board or council. this bill is publicly supported by the following organizations, the credit union national association, the national association of federal credit unions the texas land title association, the american land title association, the u.s. chamber of commerce, the independent community banks of america. mr. chairman this is truly a commonsense and bipartisan bill. last congress an identical piece of legislation passed the house by a voice vote. this congress h.r. 1195 passed out of the committee by a vote of 53-5. the ranking member, who is with us today, has voted for this bill two times. ye

-- chucjkk dodd? he needs a glass of water. [laughter] president obama: the science is clear. nine out of the 10 hottest years ever were in the past decade. luther: now i'm not a scientist, but i know how to count to 10. president obama: rising seas violent storms. luther: mosquitos, sweaty people on the train stanking it up, it's just nasty. president obama: look at what is happening right now. the pentagon says it is a national security risk. instead of doing anything about it, we have elected officials throwing snowballs in the senate. it is crazy. what about our kids? what kind of stupid, shortsighted irresponsible -- luther: hey! [applause] president obama: what? luther: all the respects there you don't need an anger translator. you need counseling. [laughter] i'm out of here. i'm not trying to get in all of this. [applause] luther: [indiscernible] president obama: luther my anger translator. [applause] now that i have that off my chest -- [laughter] investigative journalism explanatory journalism journalism that exposes corruption injustice, and gives voice to the differ