what about changing dodd-frank? well, as our leader pointed out, a "wall street journal" article today says that they are on target to cut by 100 billion dollars the amount of capital in the six largest banks that they are required to hold. and allow that money to go to shareholders and management. but what does that mean? it won't have an immediate effect. the next effect will be in the economic downturn when those banks have $100 billion less in cushion and yet those loaning money to the giant banks, they are not taking a higher rate of return. they don't think there is a greater risk because they believe that in the next economic downturn, without the 100 billion dollars in capital cushion, those banks can't meet their responsibilities and pay their debt, they will be bailed out again by the federal overnment. so it won't have an immediate effect. but it will have a real effect on americans and the social contract that holds us ogether. as for the fiduciary rule, as our ranking member pointed out, that is going t

does dodd-frank, or his revisiting dodd-frank come have any bearing on it?bank side. i think i was part of the volcker rule, in fact. in thecaps on how much nation's deposit system you can have. repealing those will not really help to break up the big banks. it is the other way around. there is a little contradiction there. morning repeated the same thing, we haven't solved too big to fail. too bignot solved available we will get rid of all the rules that tried to fix too big to fail. it is not clear. some of suggested glass-steagall will come back. that will be very interesting. that would be more radical than what dodd-frank has done. as they got rid of dodd-frank and brought back glass-steagall, wow. oliver: the 21st century version of a glass-steagall. yalman: yalman: which was the volcker rule yalman:. he said it was the 21st century version of glass-steagall by separating trading from the banks. i don't know what they are going to do. but the rhetoric about breaking up big banks don't really fit in with all the other stuff. scarlet: thank you so much,

dodds had a big bunch of keys with him.to this type of classroom, for want of a better word. i went in, in front of him, and i remember turning around and looking at roger dodds with his big bunch of keys, locking the door. and that was horrifying. in 1981, a raft of allegations were made against roger dodds. the council launched an enquiry. richard rowe, a colleague, gave evidence. he told officials that he had been repeatedly sexually assaulted by his manager over 18 months. the investigation led to sheffield city council simply moving dodds to another post. thisjob, while based in the department, it regularly took him out to schools. and once i found that out, i was horrified. the newjob gave dodds unregulated and unsupervised access to schools. a decade later, in 1993, kenny dale, another council employee, was assaulted by roger dodds. kenny complained. the council acted. unbelievably, it gave dodds early retirement with an enhanced pension. the council are so responsible. they allowed it to happen. everyone knew. every

the reforms in dodd-frank. and thank god, when we wrote the tarp bill am a that they largely did not vote for, that they would have to tax -- pay the tax payer back. of wall street, even when we are making the suggestion that we could -- should contain ceo pay, the secretary said if we contain their pay, they will not accept the bailouts. imagine that. subsequent to that, after the bailouts, fortunately, we had theected the taxpayer in bailout. they took the biggest bonuses that they had ever received before and since. i do not know what it is they would -- they want. how much more money they need. i think they want immortality. the names on buildings. we have to put a stop to this. neck and people have to know. this is not political. this is economic. this is our country, our economy. making pointst politically, it is about changing the behavior of the republicans in congress or at least letting the public know this is what they believe, hold them accountable for your mortgage, your pension, your children's ed

trump said about dodd-frank. >> we expect to be cutting a lot out of dodd-frank because, frankly, i have so many people, friends of mine that have nice businesses that can't borrow money, they just can't get any money because the banks just won't let them borrow because they're dealing with rules and regulations and dodd-frank so we'll be talking about that in terms of the banking industry. >> and as we've established, bank stocks like the news rallied today. the best performing sector in the s&p. >> joining us now fred lane, founder and managing partner at lane generational of raymond jaynes. terry haines as well, head of political analysis and manager of evercore isi. gentleman, what do the executive orders actually accomplish and can you see, are they commensurate with the rises that we saw in the stock today or was this largely symbolic? >> i don't think it's symbolic. i think it's all part of a larger fabric. the larger fabric is this is a president, by the way, who was inaugurated two weeks ago, let's remember, pretty amazing. he's going 120 miles an hour. he's addressing a lot of

dodds had a big bunch of keys with him.e of classroom, for want of a better word. i went in, in front of him, and i remember turning around and looking at roger dodds with his big bunch of keys, locking the door. and that was horrifying. in 1981 a raft of allegations were made against roger dodds. the council launched an enquiry. richard rowe, a colleague, gave evidence. he told officials that he had been repeatedly sexually assaulted by his manager over 18 months. the investigation led to sheffield city council simply moving dodds to another post. thisjob, whilst based in the department, it regularly took him out to schools. and once i found that out, i was horrified. the newjob gave dodds unregulated and unsupervised access to schools. a decade later, in 1993, kenny dale, another council employee, was assaulted by roger dodds. kenny complained. the council acted. unbelievably, it gave dodds early retirement with an enhanced pension. the council are so responsible. they allowed it to happen. everyone knew. everyone in the

sign ino set to order to review dodd-frank.just breaking that the white house is said to be readying an announcement on like eads f-35. -- lockheed's f-35. that is all coming up. this is bloomberg. ♪ mark: live from london, i mark barton. vonnie: i am vonnie quinn in new york and this is the european close on "bloomberg markets." we are waiting on big news shortly with present donald trump set to sign a sweeping review of dodd-frank. here's the president with his ceo council. >> we expect to be cutting out a lot out of dodd-frank because frankly i have so many friends of mine who have nice businesses that can't borrow money. they can't get any money because the banks just won't let them borrow because of over regulations in dodd-frank. this particular topic, we also heard from gary cohn from goldman sachs. he told us what parts of the law they are looking at specifically. >> we are going to attack all aspects of dodd-frank. we also care about liquid transparent and orderly markets. vonnie: joining us now is senior writer for th

in fact, our banks have thrived since we passed dodd-frank. those big banks and community banks are making the daily record profits. mr. chairman, i would like to submit the most recent quarterly report from the fdic to show that banks of all sizes are more profitable than ever, as well as this "wall street journal" article from november entitled " u.s. banks report record profits in the third quarter." may i do that? mr. chair: with a doubt. sen. warren: thank you. place to stop in another financial crisis, we need to start with facts, real facts, not alternative facts that the administration has become known for. the facts show that donald trump is wrong and his chief economic advisor is wrong about every major reason that they have given to tear up dodd-frank. commercial and consumer lending is robust. bank profits are at record levels, and our banks are blowing away the global competitors. why go after banking regulations? the president and the team of goldman sachs anchors that he has been in charge of the that the usankers put in charge

this is not undoing of dodd-frank. this is an executive order that the president is expected to sign here any moment. this is very tailored in nature. what it does is direct treasury secretary and those dealing with regulations throughout agencies to look at dodd-frank within the next 120 days, come back to the president with the report on seeing that necessarily they don't feel should be in there on issues surrounding dodd-frank specially on issues with regulation. this has been a theme here from the president, from the administration over the last couple of weeks trying to deal with regulations and pair them back. we heard the president say he thinks as many as 75% of regulations all across the government could be rolled back but this one order will deal with regulations and dodd frank. there was also another memorandum that we are expecting the president to put out at some point here in the next few minutes dealing with the fiduciary role that would have been rolled out by the department of labor dealing with client

nobody better to tell me about dodd-frank.ct to be cutting a lot out of dodd-frank because, frankly, as so many people that have nice businesses that just cannot borrow money because the banks won't let them borrow because of the rules and regulations and dodd-frank. we will be talking about that in terms of banking. introduce i want to somebody i've known for a long time that is done a fantastic job. we are thinking of having these meetings -- i think we will start making them on a monthly basis, going to a quarterly basis. want -- we of the biggest, brightest in the world. we are manufacturers represented worldwide -- we have manufacturers represented worldwide. these are the biggest in the best minds in this country. i really appreciate you being here. steve, say a few words. and would like to start out thank everybody for being here. is inrpose of this group for general discussion, which is ok, but the real purpose is to get things done. to advise the government in areas where we can do things a americans, for all .nd bott

we could have a good deal of simplify kaig around dodd-frank.iz: it seems like college students should look into simplify casings dodd-frank. it's a bear of a law. 2,300 pages. donald trump has already started to try and trim where he is aloud. there is one area -- where he is allowed. public companies that extract natural oil and gas from having to disclose annual reports and paiments whed andpayments when s with foreign governments. that's a small percentage. what else would you remove from dodd-frank to help the market and help stock. >> well, i think again a lot of the apparatus on stress testing is geared more toward the larger banks. we expand the net too broadly on who should be stress tested. i think simplifying liquidity rules would be helpful. the ability of a bank to access funding in times of stress. during the crisis it was a function of the market perception they were insolvent. so prioritizing capital and simplifying some of these areas i think would make sense. i don't agree with everything in jeb's plan because i think on what w

in the long-term, to overhaul dodd frank they need congress.is a food fight that will take months and months as it did in 2010 when dodd-frank was approved initially. even though democrats controlled a lot of the process back at the time, i remember covering it, and it was a very tough battle right down to the last minute. i remember barney frank holding court until well after midnight and the final night of the negotiation sessions on dodd-frank. this is something, if they take it on, it will be a big piece of action. >> no treasury secretary yet, no department of labor secretary yet. gary cohn, is he the most powerful economic member of trump's administration, and cohn has been meeting with jamie dimon. >> absolutely. gary cohn former number two at goldman sachs, now deeply involved in the administration on a day-to-day operating level this terms of economic policy. he is right now the most influential voice. they don't have a lot of the other people in place. even steven mnuchin when he comes in, assuming he was approved by the senate, that'

administration focuses on the dodd-frank law.stration can get a lot done with or without the support of congress. >> we can do quite a bit of what we need to do. we are to work with congress. withet this morning committee members to talk about what we can do with the house. it wants to be very active and helpful with us. are going to engage the house, we're going to engage the senate. they're equally interested in performing some of the regulatory processes, as well. we can do quite a bit without them, but the more help we get from congress, the better off we will all be in making the job creation vehicle more effective. not just and financial services, we are talking about regulation in every different industry group. when the auto manufacturers were in here, they were talking about the epa, when the manufacturers were in here they were talking much different regulatory groups. we are going to need help from the senate and we're going to get some help from the white house. >> there is a wide panoply of regulations. let's be spec

president trump called dodd frank a disaster and said he would dismantle it. he issued an executive order on financial regulation. he put steve mnuchin and gary cohen, who have a combined 42 years at goldman sachs in charge of rewriting the rules to benefit the banks. you have looked at the data for the economy and financial markets. i want to follow up on senator brown's questions and get your take on some of the administrations main reasons for calling it a disaster. he said he hoped to "cut a lot out of dodd frank" because "friends of mine with nice businesses can't borrow money." i'm aware of the small business survey you sited earlier, since dodd frank was enacted in 2010? >> well, cni lending at this point has grown and it exceeds after declining, it exceeds the 2008 peak. the same is true for total loans held by commercial banks, since the end of 2010, total cni loans outstanding have grown over 75%. in the most recent period for which we have data were the recent 12 month period, cni loans grew over 7% and small cni loans, which are usually sort of sma

in thes a development dodd frank act. blamed dodd-frank for keeping loan origination's down.cted, act was lending is now at a high. financial sector got a bump on the news. now, the dodd-frank action is front and center for the markets news with thethe brokerage index up. >> we caught up with the former goldman sachs ceo. they talked about the affect it had on the banks. bankswant to get the working again and get them in the lending business. .t has stopped lending head ofng us now is the asset allocation. let's start our conversation review this and they heard that the argument was -- up a has picked functioning banking system and it is up significantly and there crisisnse of financial decadegoes back half a and we are talking about taking regulations off and there are with unraveling of legislation. hasnow that dodd-frank stymied markets and the answer review anda proper large banks were made safer and aboute to be careful attempts to take the regulatory stance. >> the public perception is that the banks are the epicenters of marketing and, from a andpective, we had a rally

dodd/frank was signed in 2010, named after senator chris dodd, representative barney frank, both retiredort of an omnibus bill dealing with the financial industry because it was surprising to people how badly regulated the industry was. this executive order that is signed b the president does not change dodd/frank at all. it's a congressional bill. the president cat chang it. he's basically telling the treasury secretary to talk to the regulatory agencies and find out what they can do to change it. that's what that part is. it's a bit of optics but he did say he was going to roll back dodd/frank and it sounds he's going to get that down. >> i bow to you because you summed that up in a cogent and understandable way. good job. >> thank you. >> i'm going to stay right here. i'm going to keep my job, as you are suggesting. >> try, try and ask for more. never hurts to ask. >> thank you. >>> also happening right now at joint base andrews, president trump just arrived aboard air force one. he will get on that plane and take a trip down to florida to visit his mar-a-lago resort. they have alread

reporter: for dodd-frank, to be clear this is an executive order. dodd-frank is a law. i asked white house press secretary sean spicer if the administration would work with congress to further enact potentially more serious changes involving dodd-frank? here he was. >> dodd-frank has not, has been both a disaster in terms of the impact it has had, but also hasn't achieved the goal. i think we'll continue not just to act through administrative action but through, through working with congress to figure out a legislative. reporter: david, i asked mr. spicer if they are considering, the administration is, a full repeal of dodd-frank. they would not go that far to say the executive order is on this i today. they would be looking down the line to work with congress to do more. david: who knows what will come. anything could happen. blake, thank you very much. steve forbes is back. joining us bart chilton, former commissioner of the commodities future trading commission. if you're wondering who the heck invented dodd-frank, this is a guy created 65 rules in dodd-frank. chilto

and fundo dodd-frank management.e will talk about that, is it a good thing, a bad thing customer we will talk about that. the yen is down a little bit. the bloomberg dollar index trading up by around 1/10 of 1%. it is payroll day. remember the adp report we had earlier in the week. we'll talk about the correlation later. matt shoji the futures. -- showed you the futures. nd yields,e bud beginning to fade a little in reaction to what is coming out firmly from wall street. its figure out what is happening around the world. let's go now to our bloomberg first word. sophie: thanks, guys. the bank of japan offered to buy unlimited amount of onset a fixed rate at a scheduled operation to reassert control over surging yields. the central bank will buy five to 10 year securities from secondary markets. it is offering to buy the 0.110ark 10 year notes at percent. the move comes after an earlier attempt of spending bond purchases failed. residents trump's administration is set to play new sanctions on iran as early as today. a

william: don't forget dodd-frank is a law.t means it can't be eliminated by the stroke of pen or snapping of fingers, which is probably what donald trump likes to do or thinks he can do. it has to be amended or changed by congress. hopefully, if smart about this, they will take a scalpel and take away what they don't like and leave what they do like. soledad: you have said banks actually like some provisions in dodd-frank as well. william: i think they do for a number of reasons. i think they recognize that they had too much leverage in 2006 and they had too much risk in the system. now they are required to have more capital, and i think basically they like that. wall street wants seat belts. wall street wants speed limits. they don't want to be able to drive on the wrong side of the road, with a whiskey bottle and no seatbelts as fast as they want. that's not what they want. they want to make a lot of money for themselves and improve lives of the american people, but they know they need guard rails. this is an opportunity rig

president trump discussed jobs numbers and dodd-frank financial regulations at a white house meeting with business leaders and his economic advisory couple. here's some of the meeting. >> thank you, everybody, for being here this morning. this is a really world class group and i want to thank you and congratulate steve, you have done an amazing job. steve called me up the day after the election, might have been the same night to be honest with you. maybe one minute. and he said i'd like to put together a group, world class heeders that's what he has done so good job, steve. a couple of things happened this morning. 227,000 jobs, great spirit in the country right now. so we're very happy about that. think that it's going to continue big league. we are bringing back jobs and bringing down your taxes and getting read of regulation and exciting times ahead. we're going to be coming up with the tax bill very soon, healthcare bill even sooner, and it's really working out. sophie from the cleveland clinic has been helping with the veterans and we appreciate that. you have been amazing, and

can you talk about dodd frank? >> dodd-frank was the major legislation passed in the wake of the 2008 financial crisis. long.over 1000 pages it has many critics. there are flaws. however, many people, including elizabeth warren, agree it has made the system safer. it is required banks to keep more capital on hand, meaning that a larger cushion in case they encounter some kind of problem. this was a big issue in 2008. it has pushed the banks to stop doing proprietary trading. it is basically a form of gambling, depending on who you ask, with their own money. these are taxpayer backed stopped banks. many people believe banks should be focused on their stated purpose. their purpose in the economy is to take capital that people have to invest and channel it to businesses through loans, through ipos. i mean, they are the engine of the economy. businesses cannot grow without access to capital, which banks are supposed to provide. what we have seen is banks have become more focused on speculative trading to make money. th

roger dodds has been sentenced today to 16 years in prison.ld about the allegations against dodds back in 1981 but didn't inform the police. years later, following further allegations, they allowed him to take early retirement with an enhanced pension. michael buchanan has the story. 1980, olympic gold for server code. celebrating in his parent was my front room, a sexual predator. at this very time, roger dodds was abusing young men at sheffield city council. today, the court heard, he used his friendship with sebastian coe till you're a boy to sheffield and abuse him. after escaping justice for decades, the 81—year—old was this afternoon sentenced to 16 yea rs was this afternoon sentenced to 16 years in prison. in the 1970s, used to work here, giving grants to sheffield students. he used the job to sexually assault some of the teenage applicants. decades later, his victims are speaking out. tragedy, his left hand started to feel its way towards myjeans pocket. —— gradually. feel its way towards myjeans pocket. -- gradually. this man was assa

we wouldn't have needed dodd-frank. >> sir, dodd-frank didn't bail those companies out, the bailout did. dodd-frank and the rule were put into place to protect people out there. the vocal rule is stopping banks from proprietary trading. how is that going to help mom and pop on the street that lost their business or their home? >> it's obvious they didn't take the big banks out. they were the overregulations that came in to address the situation. i want to get back to that. i want to realll of dodd-franknd all that president trump can do with regulations as quickly as he can, i hope he calls congress to step up the pace and repeal all of dodd-frank to go back to the free enterprise system. the thing i especially don't like about dodd-frank, three government entities decide whether an invesment bank goes into receivership. that means the banks have to be in the capitol lobbying or competition will lobby them out. it's too much government involved. >> i want to turn to israel. your guy who said no in the past to a two-state solution, if the president is telling israel, no new settlements,

coming up, an interview with gary: and rolling back parts of dodd-frank.bloomberg. ♪ >> president trump and two executive actions, one to order a review of dodd-frank rules and acted after the 2008 financial crisis. the second halted a fiduciary one that requires advisers retirement accounts to work in the best interests of their clients. iran will impose restrictions on in. individuals and entities retaliation for the sanctions imposed by the u.s. today. iran released a statement on its foreign ministry website saying to ron will respond in kind to the latest treasury sanctions and plans to release a list of u.s. companies it says supports regional terrorist groups. the french president says there is no doubt an attack outside of one of the world's most famous museums was terrorism. the soldier outside opened fire on an attacker armed with a machete. the attacker was wounded and arrested. he is described as a 29 your egyptian citizen. u.k., two judges have thrown out a brexit lawsuit that attempted to force a parliamentary vote on whether britain should s

the unintended consequences of dodd frank has overly burdened community and regional banks. they wrote the law so that the thresholds were at $10 billion and $50 billion. all the things that you mentioned. what do you do when they fail? we need to take $10 billion and move to it $50ball. take the $50 billion and move it up. >> could it really be pushed through fairly easily. >> on that note, thank you very much. >> hasbro toys, a strong demand for dolls based off the movie frozen i know what its easy bake oven products has easily topped estimates. 12% to 57 cents a share and look what shares did today. up 14% to $94.31. the luxury jeweller tiffany. its chief executive has stepped down from his role following the disappointment with recent performance. tiffany said the chairman will take over as the interim ceo. the consumer company newell brands caused sales more than doubling but the results still missed wall street expectations. the owner of yankee candle and elmer glue understabrands said raise the price. and the meat producer tyson foods topped expectations. it posted be

they just suffered horribly under dodd-frank. liz: yes. stuart: you roll back dodd-frank. -- ashley: regional banks are the fuel for small businesses. stuart: okay. now, i think we've discussed this ad nauseum but it is never enough. ashley: never enough. stuart: when we have a stock market rally going on. i want to thank charles. i want to thanks tammy. terrific performance in the politics and economy. who is next? i will tell you who is next. ken paxton, the attorney general of the state of texas. sir, i want to talk to you about building the wall. i think it was general -- i believe it was general kelly yesterday, homeland security, who said, we could get this thing built in two years. you're on the border. you're from texas. you're the attorney general there. are we going to do it? >> you know what? sound like a good plan to me. we have been waiting for decades to get something done. now to have general kelly on the border we'll get it done in two years. it is exciting to texance. it protects us. saves the state money. we're excited about it. stuart: can you protect th

roger dodds has been sentenced to 16 years.cil has been sentenced to 16 years in prison having admitted four counts of indecent assault. these are historical cases and involve the use of his victims in council offices for over two decades. he also was pleading guilty to indecent assault ona pleading guilty to indecent assault on a young boy. he is now aged 81 and he worked for sheffield city council for and he worked for sheffield city councilfor some 40 and he worked for sheffield city council for some 40 years. in the 19705 council for some 40 years. in the 1970s who was responsible for providing grants to colleges and university students and used his position to abuse teenagers and if forced teenagers to undergo section lacks. let's get the background of this. 1980, olympic gold for seven cove. celebrating in his parents front room a sexual predator. at this time roger dodds was secretly abusing young men at sheffield city council. just this has today finally caught up today with the 81—year—old. in the 1970s he used to work

and the relief on their faces when dodds was sentenced.wed no emotion at all and in fa ct, showed no emotion at all and in fact, thejudge said showed no emotion at all and in fact, the judge said that he showed no emotion at all and in fact, thejudge said that he had made a point of noticing that dodds had showed no remorse either. the victims have told us how happy they are with the length of sentence that has been imposed. sheffield city council had representatives in court as well to hear what happened today and they spoke to us a short time ago. jayne ludlow miss from the council. we are deeply sorry that he committed these offences while working at the council. we are glad to see that finally, such cases of historic abuse are coming before the courts. justice is being done and victims are having their voices heard. despite the fact that this happened more than a quarter of a century ago, we have accepted responsible at a and would never seek to defend the indefensible. roger dodds is 81 years old and will be beginning a very long pris

so, we are going to attack all aspects of dodd-frank.e volcker rule, we also care , transparent,quid and orderly market. the united states has a huge competitive advantage. we want to preserve that competitive advantage. we are going to be looking at the volcker role as well. what we are trying to do is free up capital. all of the banks in this country have been hugely burdened by enormous regulatory costs. tracy: that was former goldman oo, turned economic council member gary cohn. this talk about how deregulatory push is likely to affect the markets. john paul, let's stay with a dodd-frank story for a second. we have seen investors sour little bit on trump trades, the idea he was going to be able to introduce fiscal stimulus and promote business interests by rolling back regulation. now that we have this executive order that came out on friday, are we going to see those animal spirits and optimism return? >> great question. i know he likes to think he cannot work with congress to push his agenda through. in some of the cases, that's tr

with dodd-frank, democrats enacted strong consumer financial protection. with the retirement savings rule, also then as -- also known as the fiduciary rule, we protected our seniors and strengthened the middle class and their investments. democrats will continue to fight for jobs, wages and retirement security of hard-working families across america. last night was the super bowl. if we had a scorecard we would say overturn dodd-frank and score one for wall street. overturn fiduciary rule, score one for wall street. eliminate the consumer protection bureau, score one for wall street. the list goes on and on. they want -- they and the republicans in congress who have said they're going to move to overturn dodd-frank are going to take us right back to where we were that night when the chairman of the fed said if we don't act immediately -- and when we took the bill to the floor to act immediately, republicans by and large voted against it. because they said, we don't believe in intervention. that's why we didn't intervene to prevent this from happening ith r

he has blamed dodd-frank from keeping loan origination down, but loans have risen 75% since dodd-frankas an active, and lending is at a 70-year high. the s&p financial sector got a trump bumper friday on the news. netanyahu meets theresa may later today. later this week, he will be at the white house. this start to talk about discussion between benjamin netanyahu and theresa may. what will benjamin netanyahu focus on? >> i think prime minister notnyahu said he is necessary targeting the deal, criticals been quite of the deal in the past, and i think the idea that there is a come outand to strongly from the start of the trump administration, and the cohesion we seem to be seeing with the u.k. on that front. this is a big year, reelection year in may, what happens with the latest trump or rhetoric in terms of how that plays into the cards for some of the hardliners there? >> what we have been seeing in the hartline and conservative press is a strong coming out of the opposition to rouhani as a moderate politician, a strengthening of the rhetoric they have been having for years, which is

we expect to be cutting a lot out of dodd-frank.ecause frankly i have so many people, friends of mine, they can't borrow money, can't get any money because the banks won't let them borrow because of rules and regulations and dodd-frank so we'll be talking about that in terms of the banking industry. >> but the white house can't do it alone. >> i was so excited to get to the interview. >> well, for more on that we're joined now by congressman jeb hensarling, republican from texas and chair of the house finances committee. welcome, sir. >> kelly, thank you for having me. >> so it's been a very busy time for you. you are pitching your choice 2.0 act to americans and your fellow legislators. what do you think the odds are that this becomes law at this point? >> i'm not a las vegas bookie so i'm not going to give you odds, but i can tell you we stand ready to work with the trump administration using the president's phrase to do a number on dodd-frank because dodd-frank promised it would lift the economy and instead we have the slowest, w

president trump looking to do a big number on the dodd frank act.mantle part of the plan without help from democrats. elizabeth deked timer. can you tell what the differences between something past via reconciliation and another law? what are the limitations that via regulation? news onh: the big friday was the executive order from president trump directing the treasury to do a review of financial regulation. move thelf does not needle, but it is seen as a first step forward that the administration is taking. they can do it on the promise that donald trump made to make changes on.-frank -- on dodd-frank. to avoido do that is getting democrats to support it. i need 60 votes in the senate, which includes at least a democrats. they can get around that through budget negotiations. reconciliation. that requires a simple majority and is something that as long as all republicans are on board, can move much quicker. process obamacare negotiations are undergoing. scarlet: is that a solution that gets us through the next year? elizabeth: reconciliation is a c

since dodd-frank's been around. so this is also been a huge cost to the banks, which drives up the prices that they have to charge customers. so this is a real win for main street. wall street's rallying but it's a win for main street today. liz: your point's well taken. we have to go but some have argued, oh, the obama administration did create some jobs. these weird compliance jobs having to deal with regulatory bureaucrats vegetative universe out of dc right, jeff? >> it's true. those are the only jobs that have come out of the obama at all are bureaucracy. it grew the bureaucracy. and that's what we're going to roll back. president trump promised to roll back regulation. this is following through on yet another promise, and it's a great day for america as evidence by the stock market. liz: we love having you go on the show. please come back. >> thanks, liz. liz: next up, we have another terror attack in paris. this time at the world famous louvreuseum. it could have ended way worse. more people could have been h

earlier today president trump discussed the dodd frank financial regulations, the economy and generates job numbers at a white house meeting with his economic advisory council. the january job numbers show the economy added 227,000 jobs with a 4.8 percent unemployment rate. here's some of that meeting. >> thank you everybody for being here this morning. >> and i want to thank everybody here, as you all have done an amazing job. steve called me up. the day after the election and it might even save the latest, to be honest. >> if i can have a position, maybe one minute. >>. >> so good job. >> a couple things happened this morning, 227,000 jobs to the country right now. we were very happy about that. i think individually we are bringing back jobs, bringing down your taxes. we will give you a presentation and i think it's going to be something a really exciting time. we are doing this, coming up with tax building issues, healthcare bills even sooner. and it's really working and the clinic has been helping us a lot with the veterans and we appreciate that. we've been amazing. and i think all

comply with the dodd-frank act. and come up with a better role that will not put american public companies at an unfair disadvantage and cost us jobs. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from california is recognized. ms. waters: mr. chair, i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized. ms. waters: h.j.res. 41 would rollback the s.e.c.'s rule that implemented an important congressional mandate in dodd-frank, requiring oil, gas and mining companies to publicly disclose payments made to foreign governments for access to their natural resources. that rule helps fight corruption in the ex trafficive industry -- extracting industry sector, provides vest drble investors with crucial information on the investors and gives citizens greater accountability for their governments for spending that serves the public interest. it also helps to diminish the political instability in resource-rich