dodd-frank filled that void. similarly o.f.r. works to support consumers by conducting critical research on our financial system and whether our regulatory systems are working. of course if we don't invite the person who is the head of the office to testify in front of the financial services committee, how would we know? dodd-frank ensured that important regulators like fsoc and o.f.r. have the independence they need to protect consumers outside the political turmoil of congress. my house democratic colleagues are serious about reining in our nation's largest financial institutions. while my colleagues on the other side of the aisle are playing little games at the expense of american consirmse. i refuse to stand idly by to allow dodd-frank be gutted. if the bill got to his desk, president obama wouldn't sign it. nevertheless, congressional republicans continue to waste taxpayers' time and money with this legislation that would peel back dodd-frank and hurt american consumers. house republicans need to focus our nation's most pres

when dodd-frank -- after dodd-frank we've seen free checking at banks cut in half. since other financial laws of the obama administration have been passed, we've seen 15% fewer credit card offerings. and on average many of them have increased by 2 per -- by two percentage points in cost, hurting working americans who need access to credit. for purposes of the debate today, mr. speaker, what is undeniable is that we are losing a community financial institution a day in america. as we lose those financial institutions, we are also losing the hopes and dreams and financial security of millions of our fellow countrymen. particularly those who live in rural areas. like huge portions of the fifth district of texas that i have the honor of representing in congress. i keep on hearing the ranking member talk about a quote-unquote deal, something from the last congress. last time i read my constitution, there's nothing to say that because one congress acted on a matter, another congress can't act on a matter. and indeed, i'm not sure we had any more urgent -- i'm not sure we

to show dodd-frank to shellfish and fish as dodd-frank to show a situation that supposed to have a situationor is imminent the sec could be working on, other areas where you put one of a special is the use of xp rl. it sorely makes it easier for investors to locate good investments, diamond in the rough and easier for start a new businesses is if they have a good store to get it out and let investors know where they can make a good investment. and in your testimony you describe it as the hub of information within the commission. so can you talk a little bit about why structured data like xbrl is useful to the investor and useful to the sec and exactly what does the implementation of it stand now with the sec? >> yes. we have an office of structured disclosure inside, the purpose of the office is to advise where and what and how data should be structured. when there's a new rule, a revised form, these folks evaluate what can be captured and what's the best tactical way for it to be captured, which xbrl is one good possibility. at the example of what that does for us, the xbrl come is when of

purse's nomination based on her views about dodd frank. it is dangerous to put anyone in a commissioner position, someone who will have to implement and enforce the law, who seems to be adamantly opposed to the financial reforms that congress put in place in the 2008 financial crisis. we saw what happened the last time we deregulated the industry. the price chart -- the price tag was a norm us. -- was enormous. we cannot go back there. not now, not ever. >> let's vote. those in favor, say i've. -- say aye. the nomination is agreed to. >> i want to be recorded as no. >> center of new york, no. >> same. >> i am from massachusetts. we feel strongly about this. she is probably a red sox fan. >> eat your heart out. you cannot do that. >> you are either no on all of them or yes on all of them. no on all of them. >> we might need a recorded vote. if that is what people want. do you want to do it on the fcc? we will postpone the vote and go to the regular order. mr. cordray, welcome to the committee. you have seen this before. .e welcome you i wil

you say dodd-frank isn't working.is why not? what about it isn't working?>> the basic problem with dodd-frank is that it created the appearance of congress doing something without that appearance being backed up by reality. what the dodd-frank act did mostly was direct various regulators at the federal reserve, the fcc, the cfcc to draft regulations that were supposed to rein in the banks, but dodd-frank itself doesn't impose many hard and fast rules, and what's happened in all the years since is that the financial industry through lobbying, campaign contribution, behind-the-scene actions hasas been very effective at stymieing regulators from doing anything that really crimps their style and reins them in. >> yang: well, the banks say they are being reined in. the banks say their profits are down, that dodd-frank has changed the way they do business, they're holding more capital, they say. they're being more closely regulated. there are things they can't do. and they say that's cutting into their profits, they say. what do you say to that? >> well, it's tru

i'm glad senator sanders is now joining in talking about dodd/frank, because dodd/frank sets forth the aprop that needs to be taken. i will appoint regulators tough enough and ready enough to break up any bank that fails the test in dodd/frank. if they're a grave risk or if they fail the other, which is the living wills, which is what you're referring to, is inadequate. let's look at what is at stake here. we can never let wall street wreck main street again. i have been standing up continuously and saying we have the law, we've got to execute under it. i would stand up immediately to break up any financial institution but i go further because i want the law to extend to those that are the shadow banking industry, the big insurance companies, the hedge funds, something i have been arguing for for a long time. >> thank you, secretary. senator sanders, you were recently asked what you would replace the big wall street banking with if you could break them up, you said, quote, that's their decision. why would you trust the banks to restructure themselves -- >> first, dana -- >> when you sa

dodd frank prescribes that. mr.ordray: we have never brought any action against a single auto dealer. sen. shelby: you have the authority or indirect auto lenders? mr. cordray: not only the authority, but we deal the responsibility. sen. shelby: you recently approved an enforcement action using the theory of the spirit -- theory of disparate impact. you argued that the lender's policies created a significant impact, your words, resulting in disparities on race, national origin, and potentially other prohibited races. i presume you presumed the disparate impact vendor because the lender has no idea whether the borrower longs to a protected class. unlike mortgage lending, data collection, auto lending is not. it is my understanding that the lender cannot discriminate on the basis of race because the borrower's race is unknown. my understanding is that you determined, the agencies, determined certain racial groups were being charged a higher rate on loans. hence the disparate impact. the bad act was the lender's policy

are what dodd frank does. are you print happy with dodd frank in that regard and you think it's sufficient to maintain these banks order so they will not cause the kind of class speemac.think it went way too far with the amount of regulations and rules, 12000 pages, for new rules, even alan joined with me and others on providing relief on auto loans. we tried to do the same, some of us on mortgage loans. on exempting or at least raising the asset level of small banks to have relief under dodd frank. dodd frank has hurt services to the people who need it very most. so what we see through stress testing is the vulnerability of a system that yes we can precisely address, again, it is this administration that has driven up the small lenders. >> so from what i gather you like some of dodd frank and you want to do all the things you described in dodd frank does do, you think it just is too much. so your for less regulation of the bank, am i getting it wrong. >> less regulation under dodd frank, absolutely, yes. >> s

i believe the legal challenges will lead to many parts of dodd frank.t is what happens when a 23 heard heard page bill is forced through congress without sufficient process and before they were fully understood. they did not wait for them to be completed or report to be released before they passed dodd frank. while the committee held a number of hearings, i can assure you that the thousands of pages were drafted well before we had a single hearing. we often hear about the importance of data and data-driven decision making at the errorings. i would like to highlight my concerns about the striking lack of data and data-driven decision making that produce the law we know as dodd frank. it strikes me that this committee approve this massive piece of legislation without deposing a single market participant. they didn't submit from a single person or institution. now we are starting to see the results of this uninformed effort. there is growing concern that despite the bouro's mission, the rules and regulations restrict access to credit and increased cost and

jessica: assembly member bill dodd represents napa. he's now proposing new seismic legislation in sacramento, prompted by our reporting. bill: that, frankly, was the impetus for our bill idea because we were--i don't think the word is outraged, but we were very concerned. jessica: dodd's bill would, for the first time, require school districts to inspect the contents of classrooms, inspect school equipment, and fix seismic hazards. bill: once this inspection is done, then they would be required to report it. and then the law will make sure that they're done and compliant with the law. and now no longer guidelines, but requirements. jessica: and this would be every school in the state? bill: every school in the state. jessica: superintendents would be charged with certifying school contents as safe. darren drake: obviously, it comes with a price tag. jessica: darren drake is the fire marshal in napa, and one of the first people we talked to after the napa quake. he backs the legislation. darren: school districts all have to look at that

dodd frank prescribes that. in mr. cordray: we have never brought any action against a single auto dealer. sen. shelby: you have the authority or indirect auto lenders? mr. cordray: not only the authority, but we deal the responsibility. sen. shelby: you recently approved an enforcement action using the theory of the spirit -- theory of disparate impact. you argued that the lender's policies created a significant impact, your words, resulting in disparities on race, national origin, and potentially other prohibited races. i presume you presumed the disparate impact vendor because the lender has no idea whether the borrower longs to a protected class. unlike mortgage lending, data when collection, auto lending is not. an it is my understanding that the lender cannot discriminate on the basis of race because the borrower's race is unknown. my understanding is that you determined, the agencies, determined certain racial groups were being charged a higher rate on loans. in hence the disparate impact. the bad act was the le

congress spoke in the dodd-frank act and they spoke loudly on this issue of arbitration agreements and consumer finance contracts. what congress said, this is the law of the land, is those arbitration agreements were harmful inmost mortgage contracts and would be banned flat-out inmost residential mortgage contracts. they also said congress said in the statute as to the rest of consumer finance, we are going to task this new agency, our agency, with the job of studying this problem carefully and reporting to congress about it. based on resul results of that , to consider whether policy interventions are awarded consistent with the study, take a broad latitude, consistent with the public interest to protect consumers. our first job, and a good job, was to conduct a study of arbitration clauses in consumer finance contracts. we undertook that seriously. it took us a couple of years to do that study. we assembled and brought in data that no one had a chance to look at before about arbitration matters, about court cases, about every manner in which different dispute may be result in the co

dodd. >>in your presentation you mentioned the migration piece is the migration pieceto keep the individuals taxes down? >>what i'm suggesting is rate relativity's are rate ratio or rate alignment was used or could be used to address migration. i do not make a comment one way or another. i was saying there is a lot of volatility in the hmo population so they didn't change with the exception of increasing the people in the city plan and i will point out that 46% of those people do not have a choice because they live outside of the service area. >>that migration issue still impacts how we set rates, right? >>when a family moves out and changes the population does it change the rates from one area to another. >>are there any other questions? commissioner sass. >>you said there's 417 individuals and the r +2and then there's 417 in the r +1 i'm assuming the disabled person might be the retiree himself it may not be the dependence and so one. that person is subsidized anyway with their health ben

>> the goals behind dodd frank are absolutely the right goals. can't have as much activity going on outside a regulatory environment. the amount of leverage that existed in the system was too great. the particular pieces of dodd frank, some of them and how they've been implemented, i stand as somebody -- i'll watch and see. i think what really makes sense is to step back a couple years from now and take a really hard look and ask what's working and what's not. each of the individual pieces can easily be justified. i think the question of the overall impact of all of the regulation and i'll include finra regulation in that, is something we need to step back and look at. >> a lot of this is focused on the stock market, the last couple of years trying to figure out what to do there and meanwhile, thousand pound gorilla is the bond market of the investors are not only involved in it but new generation products to get exposure. how concerned are you about the complexities and the on securities there? >> it's a great question. it's an area i'm very foc

no one has figured out how to solve t dodd frank hasn't done it. we see it in europe with the contingent conversion debt. those contingent conversion securities haven't added to stability. they've added to instability and uncertainty. we need to be honest about that. >> do you think the system really would be more secure if you broke up the banks and gave the fed and u.s. economy three or more new investment banks that they would have to hold capital against and would still have inherent risk in the business model but not cushioned by other business units? would that be the ideal outcome for you for the economy? >> we haven't decided what the ideal structure looks like. what i'm saying it and we in minneapolis are saying, a bunch of these transformational solutions were taken off the table in 2010. they are too bold coming out of the crisis. now is the time to reflect on the last seven or eight years. what have we learned and what progress has been made? breaking up banks and one of the options we looked add yet, profess area johnson m.i.t. talked

i believe that the future legal challenges will lead to the invalidation of many parts of dodd-frank. that is what happens when a 2300 page bill is forced through congress without sufficient process and before the lessons of the financial crisis were fully understood he congress did not even wait for the financial crisis in inquiring the commission's work to be completed and a report to be released before past dodd-frank and created a cfpb. while the committee held a number of hearings in the lead-up to the passage of dodd-frank, i can assure you that the thousands of pages of text were being drafted or are a drafted well before we ever had a single hearing. we often hear about the importance of data and data-driven decision-making. i would like to highlight once again my concerns about the striking lack of data and data-driven decision-making that produced the love we now know is dodd-frank. it still strikes me as stunning that this committee approved this massive piece of legislation without deposing a single market participant. the committee didn't subpoena a single document from a

dodd frank does do you think it does a little too much. you're for less regulation of the banks. am i getting it wrong? >> less regulation under dodd frank yes. no question. how do you break up? how does government inject itself into a private institution and break it up? >> how did we break up the telephone companies. that's within my reckoning within my lifetime. i'm sure people remember there used to be just ma bell and now there's dozens of providers, including your cable company. you can get telephone service from your internet company right now. it's not that difficult. we've done it over and over again stretching back to the sherman act. i'm pretty sure if there's one thing government mastered it's how to do this and do it right. we had a rule until recently that said you had to separate investment banking from other banking. that rule is out the window. all we have to do is restore that rule and that's a big step of eliminating the problem of too big to fail. >> let's move on to the next question now. social security. gloria hartne

how big was the hole that this wall street amendment blew in dodd-frank? well, congressman elijah cummings and i spent a year looking into it. the fdic now estimates that the repeal allows a few big banks to put taxpayers on the hook for risky swaps to the tune of nearly $10 trillion. and who's gobbling down most of this $10 trillion risk? three huge banks: citigroup, j.p. morgan chase, and bank of america. three banks, nearly $10 trillion of risk. now, these banks will happily suck down the profits when their high-stakes bets work out and they will just as happily turn to the taxpayers to bail them out if there is a problem. all of this because wall street lobbyists persuaded congress to do just one little favor for them. meanwhile, last year, the commodity futures trading commission final lished a rule that it was required to write under dodd-frank. the rule was about margin, the amount of money that financial institutions have to put up when they enter into a derivatives contract. essentially, the cftc rule was about making sure that financial instituti

frank, how can you make dodd frank perhaps more progressive?ell, you to change congress first. amy: i want to clarify something, torie osborn. had you ever been for bernie sanders? >> i was magnetized. the way it works for me in a campaign, it is true in 2008, i was for john edwards, actually, poverty in the world was my issues. i was in for hillary and then i became a strong obama supporter. i quit my job and city hall and join the bernie -- he obama campaign as a first-time -- full-time super volunteer for two months. this time, hillary declared last april, and i listened -- i was checking her out and i was actually pleased to see she talked about wall street, she talked about big pharma, she talked about health care reform, universal health care. she talked about free tuition or making tuition more accessible. i thought, wow, she's really hitting the economic issues. bernie entered the race i thought, well, i have known him leftyny years all of my friends are for him, i'm going to be for burning. there was less there than met the eye for me.

i'm glad that senator sanders is now joining in talking about dodd/frank, because dodd/frank sets forth. i believe, and i will appoint regulators who are tough enough and ready enough to break up any bank that fails the tests under dodd/frank. there are two sections there, and if they fail, either one, that there is systemic risk, a grave risk to our economy, or if they fail the other, that their living wills, which is what you're referring to, are inadequate. let's look at what's at stake here. we can never let wall street wreck main street again. i spoke out against wall street when i was a senator from new york. i have been standing up and saying continuously, we have the law, we've got to execute under it. so you're right. i will move immediately to break up any financial institution. but i go further, because i want the law to extend to those that are part of the shadow banking industry, the big insurance companies, the hedge funds, something that i have been arguing for now for a long time. >> thank you, senator. senator sanders, you were recently asked to replace the wall street

this i've worked hard to come up with plans that will build on dodd frank. i'm committed to using the tools in dodd frank, as they are described in the legislation, if that arising as a crisis that requires response. so, i was i think a little bit surprised that there didn't seem to be a lot of substance to what he was saying. >> how much more substance does he need, other than i want to break up the banks? we will figure out how. i want to go after isis, i will figure out how to interrogate them. a lot of people say it is about what you want to do. you figure out how later. >> that's not the way i have seen it work over a lot of years and 'a lot of reading of history. i think the presidents that are successful know what they want to do and how to do it and they hit the ground running, able to do every aspect of the job both as president and as commander in chief. but voters can make up their own minds. i've also laid out a plan about defeating isis that i think takes in to account of what we need to do around the world, building coalitions, something i have

use section 121 of the dodd-frank legislation.islation that i've introduced says that the secretary of the treasury will have the authority to investigate and determine which banks pose risks to our economy. >> joining me is barney frank of massachusetts. let me ask you about your -- what is too big to fail mean to you? what is we got to break up the big banks mean in policy terms? >> i'm not sure what break up the big banks mean. there's a contradiction. it's much more reasonable than his kind of rallying. he said we got to break them up. they're too big. it's a key problem. he doesn't say how big is too big. you can't say we're going to break them up so none of them are bigger than they should be if you can't tell me what they should be. the key mistake is this. this problem is not the size of the financial institution, it's the size of the debts they run up. that's what cause the problem in 2008. institutions not the biggest, aig and lehman brothers got more debt than they could pay off. we have approached that in the law in th

>> there's a whole array of issues, whether the understanding of dodd/frank is accurate, and the sort of metaquestion, i think, do you feel the senator is add quatly briefed, studied, ready on the essential policy issue of his campaign? >> first of all, chris, it's a tempest in a teapot. what the senator said in response to a question about the fed's authority, not the authority of the president, the fed's authority to break up the big banks is he did not know. i can understand that. the fed's authority is ambiguous under various statutes. then when it came to the president's authority, senator sanders was very specific and accurate and said, well, the president can through the treasury secretary convene a group of regulators. it is called the financial stability oversight board. and they can determine whether a bank is too risky. and he in terms of -- in terms of glass steagall, i mean, senator sanders has said throughout this campaign that glass steagall needs to be resurrected. he cannot abide the fact that senator clinton does not want to resurrect glass steagall because although

next to the health care bill, the dodd-frank bill. maria: we've got the details coming up.e know they are high cars, but wow, this one on fire, how this car went up in flames in the auto show. economists are looking for 205,000 for jobs with unemployment rate holding steady. sharp decline in japan. it was mostly lower across asia. 3 and a half percent. european markets taking the cue from asia, cac quarante lower. take a look. dow industrials pulling back from a gains yesterday. turning back to campaign trail. fox news releasing first ever polls, here are some of the highlights in the polls. ted cruz leading among primary voters. donald trump behind cruz with 32% and john kasich coming in at 19%. ted cruz has huge lead among white evangelicals leading donald trump by 20%. dagen, interesting to see that conservatives and evan gals pushing cruz. dagen: if he can keep the momentum. he needs to do well. the way the delegates are allocated in wisconsin, trump could still pick up enough to give him momentum going forward given lead in delegate count. when he loses contest, that h

dodd-frank hazard service to the people who need it the very mo most.nd so what we see through stress testing is the vulnerability, then yes, we can precisely address. but again it is this administration that has driven out the small interest. >> moderator: from what i gather, you like some of dodd-frank an that you want to o all the things you describe the dodd-frank does do, you just think it does little to much. so you're far less regulation? am i getting it wrong? jolly: absolutely, yes. >> moderator: so you're for breaking them up and your foremost -- track of how does government inject itself into a private institution and break it up? grayson: how did we break up the telephone company? that's within my lifetime. i'm sure people remember they used to be just ma bell and now there are dozens of different providers and cell phone services including her cable company. you can get cell phone service on the internet company right now. it's not that difficult. we done over and over again stretch all the way back to the sherman act in the 1890s. i'm pret

one of the last major planks of the dodd frank act.n bonus practices that rewarded risk-taking would strike hardest, key employees at companies with more than $250 billion in assets. the cheating scandal at mitsubishi now cost them 40% of market value in three days. it could get worse. investigators are doing searches at the offices, nissan looking at how it could have affected the cars made by mitsubishi. advisory board meeting later to discuss the financial impact of their emissions cheating scandal, coming a day after the company said to compensate customers and a deal that will cost at least $10 billion. diedr-songwriter prince in minnesota at age 57. there was no reported cause. first broke the news, claiming that he had been treated for a drug overdose days before his death. global news each day and every day, powered by 2400 journalists in more than 150 views bureau, you can find more stories on the bloomberg terminal. go to top go. anna: thank you very much. with a news update their policy what is happening in the life markets

section, paul barrett looks at dodd-frank and how it is being eroded.ng to erode it through the court system. ellen: first republicans try to -- tried to eroded in the legislature, and that did not litigationhere was to try to water it down or change it. david: we talked to the reporter about his piece on dodd-frank. >> i think the people who are trying to make a substantive point instead of merely symbolic gestures are looking consistently to the courts where they have had some success. in contrast to congress, where there has not been any success in knocking back dodd-frank. reporter: what have they had success with? reporter: most recently, a federal district court in washington reversed a very important decision by the financial stability oversight council. david: explain what that is first. oforter: that is a council sort of the powerful financial regulators in washington, and they have designated the oversight council, they designated it as a systemically important institution, fort sobanks that are so dig and interconnected, that their failure co

officials say dodds was abducted after traveling to syria in 2012.he "washington post" quoted fbi officials as saying he was taken after crossing into syria from turkey. >>> and paris police say they have arrested a key suspect in the november 13 terror attacks. the man was the last identified fugitive in the paris bombings and he is believed to have been the driver. abrini was arrested in belgium. officials also believe he is the man in the hat seen leaving the brussels airport after the explosions there. abrini was on europe's "most wanted" list. >>> pope francis has just published a statement on family life in a groundbreaking church document called the joy of love. cbs' seth doane reports from rome. >> reporter: it's the pope's guide to love, sex and marriage. >> this is not a manual of answers to all of the great problems. it's, rather, an honest attempt to raise all the great questions that families are facing today. >> reporter: francis said, who am i to judge, when asked about homosexuals. but he judged same-sex marriage in this paper. it say

hillary clinton was a strong supporter of dodd-frank. it may not have been everything we wanted it to be, but wall street wanted to defeat dodd-frank. she had taken money as a senator and yet she went ahead and did what was right to support dodd-frank and get it passed. you can take contributions. you don't make deals with the devil. you say to people, you give me money, i'll listen to you. i will not necessarily do what you want. i did that in 36 years as a public official. hillary clinton has done that. barack obama has done that. and as to the trade deals, i assume that joe biden and secretary kerry also made a deal with the devil on trade, because they supported those same trade deals. >> well, tad, are they all guilty of deals with the devil? everybody supports the trade pack with the far east. you don't by the way take money from super pacs, but you allow them to help you. you're talking to the greatest mayor in the history of philadelphia. what are you making from the point here? that he wasn't -- >> listen -- >> your guy is using

among or things, this responded to the dodd-frank wall street reform and consumer protection act that called for examination of how to improve the bankruptcy code in this area. last congress, after three hearings, the judiciary committee favorably reported the financial institution bankruptcy act, legislation that improved the bankruptcy code to better facilitate a resolution of a financial firm. that legislation was the culmination of a bipartisan process that solicited and incorporated the views of a wide range of leading experts and relevant regulators. the bill ultimately passed the house by a voice vote under suspension of the rules. this congress, representative rot reintroduced the financial institution bankruptcy act, h.r. 2947. following that, there was a hearing conducted on the bill. this hearing witnesses all supported the legislation while providing recommendations for further refinements for the bill. those recommendations were incorporated and the judiciary committee approved the legislation by unanimous vote of 25-0. the bill under consideration today is the product of

here's what she told cnn. >> i'm clear as to whether he understood how dodd/frank worked.e posing risks to our economy. i think i and many other people were surprised because that has been the centerpiece of his campaign. >> now talking, wolf, to the sanders campaign, it's clear they realize bernie sanders was not as sharp as he should have been. one top aide saying he's definitely informed. so was this an issue of him being very exhausted, keeping up a grueling campaign schedule or not liking the tone of the questions from this ed board. it's really unclear at this point. >> brianna keilar reporting for us. >>> let's get back to our political experts. david axelrod, should hillary clinton be going on the attack against bernie sanders right now? >>. >> i think there's real risk to it. i understand her frustrations. she has this persistent challenge. she's in the position of front-runner, even as this guy is firing at her every day. and she wants to fire back. but i would remind her that both she and bernie sanders have very high favorables among democrats. democrats like b

there are attacks all the time happening right now in the senate on dodd frank for instance that have to be beaten back. >> last week and of all places the agricultural committee. it's where we regulate derivatives, the republicans have tried to create this huge koch brothers loophole where farmers need to hedge risks, but the republicans want to make the farmers exception turn into the koch brothers exception on the oil industry into billions of dollars. the republicans because they're so controlled by a few mega donors are always going do their bidding and there's always a koch brothers loophole when regulatory issues, my position on banking and agricultural are the places to fight back and i will continue that. i expect republicans because of the fuel of their party is their interests groups we've got to be ready and continue to fight regardless of when hillary clinton i believe will be president and when she is president. >>> still to come the first criminal charges to come out of the flint water crisis, but the attorney general says they're only the beginning. we'll look at that

i've been saying for many months that it is not enough to just have dodd-frank on the books.oes much further and independent experts who have analyzed say as the top to bottom effort to try to reign in the risks in the economy. i've given a lot of thought to this. i've worked hard to come up with plans that will build on dod fraj. i'm committed to using the tools in dodd-frank as they are described in the legislation if that arises as a crisis that requires response. so i was i think a little bit, you know, surprised that there didn't seem to be a lot of substance to what he was saying. >> how much more substance does he need other than i want to break up the banks, we'll figure out how. i want to go after isis, i'll figure ow out when i interrogate them. >> [ laughter ] >> but a lot of people would say it is about what you want to do. you will figure out how later. >> yeah well that is not the way i've seen it work over a lot of years and a lot of reading of history. i think the presidents who are successful know what they want to do and they know how to do it. and they hit

his name son the dodd-frank bill. he serve third down 2 years on capitol hill. he was a member of the chair financial committee. larry kudlow is with us. i think folks on this debate particularly, all i have to do is strike a match because i think the gasoline is there and ready to lift off. congressman frank, how do you feel about these new proposed regulations? their sweep, scope, what they do. are they the right medicine for a problem that demands a cure? >> i think there is a problem that demands a cure. we did require this. we should be very clear. there is separate from the level. and we were very creative when we did the bill. it wasn't up to us, the government, to tell people how much to pay people. we did have say on pay. we do think the shareholders should have to vote on it. people can pay as much as they want. what the general sense was, warren buffett is one of the ones that argued this and others, the incentive structure is wrong. the way it worked, if people made a bet and it paid off in short term, they made their money and if it turned sour late

i'm going to make sure what dodd-frank doesn't hurt you, or that, or that. you heard many things it could be. another one was guns. when they say when hillary clinton said ht of guns were committing murders are coming from vermont, reality is that they pushed around and she fell. bernie sanders is the most likable of any candidate running for president. i disagree with everything he has to say but the most likable. it's a shame the books are cooked on her behalf. >> we're courting him at this table, saying bernie, come hither. >> he's comfortable in his skin, able to be conversational. so people want to listen to him. then, he's got a great accent. >> it's like he's been old forever. so it's okay when he's yelling. >> he seems like a candidate yelling and coming into his own skin and be comfortable being that guy. and also, talked about did he have ability to take gloves off and hit her? he has hit clinton over wall street and didn't miss a moment tonight to mock her tough talk against big banks. >> that behaviors of the banks when i was a senator. i called

david: paul barrett looks at dodd frank. they are trying to erode it through the court system.t republicans tried to erode it in the legislature. that really did not work. there are all kinds of litigation to try to water it down or change it. david: we talked to the reporter on dodd-frank. >> the people who are trying to make a substantive point instead of merely symbolic gestures are looking consistently to the courts where they have had some success. carol: what have they had success on? >> most recently and quite significantly, a federal district court in washington reversed a very important decision by the financial stability oversight council. david: explain what that is first. >> that is a council of 10 treasury secretaries. the most powerful financial regulators in washington and they had designated -- metlife, the oversight council had designated metlife as a financial institution. this is a system that is so big, their failure could bring down the system. aig is one of these. prudential is one of these, and so forth. the federal judge said that the council had been ar

use section 12 1 of the dodd frank legislation. prefer this, pass by legislation and with my legislation, the legislation i've introduced says that the secretary of the treasury will have the authority to investigate and determine which banks pose systemic risk to our economy. ie, if they're too big to fail, they could bring down a significant part of the economy and then within a period of time, the secretary can break them up. three out of the four largest banks in this country today, are bigger because they were too big to fail. that's point number one. point number two is that when you have six financial institutions that have assets about 58% of the gdp of this country, they issue two-thirds of the credit cards and one-third of the mortgages and don't you think that's a hell of a lot? >> no one will let them go under. >> i don't disagree. the great papers question, what does it look like? >> after they've broken it, that's their decision to reconfigure how to do it. on this one, i guess i'm conservative. and i believe in old f

to keep putting the pressure on the senate to make sure there are no compromises and weakening of doddthat because one of the issues in this campaign has been what threats a new democratic president might face in terms of consolidating some of the accomplishments of the obama administration. there are attacks all the time happening right now in the senate on dodd frank for instan instance that have to be beaten back. >> last week and of all places the agricultural committee. it's where we regulate derivatives, the republicans have tried to create this huge koch brothers loophole where farmers need to hedge risks, but the republicans want to make the farmers exception turn into the koch brothers exception on the oil independenceustry into bill dollars. the republicans because they're so controlled by a few mega donors are always going do their bidding and there's always a koch brothers loophole when regulatory issues, my position on banking and agricultural are the places to fight back and i will continue that. i expect republicans because of the fuel of their party is their interests g