we hate dodd-frank, we hate dodd-frank, we hate the consumer financial protection bow row. we don't believe dodd-fank should have created the reforms they did. just forget about the fact that there was a subprime meltdown in 2008. that this country went into a recession almost a depression. throw all of that out the window. forget about what was happening when the big banks failed and we bailed them all out. forget about reforms, oh, how much we hate dodd-frank. we just blame dodd-frank for everything. please. i think that as credible legislators we're beyond the point of wrapping up everything that we don't like and accusing dodd-frank reforms for causing problems to everything and everybody including the community banks. . the fact of the matter is if we went to strengthen, preserve, and make sure community banks are available to our communities, we won't take on public policy that would put them at risk, with having more debt than they can take care of. and we won't put them at risk of being bought up and these merges taking place. i reserve the balance of my time. the s

prior to the enactment of dodd-frank, lenders were able to earn tremendous profits through lucrative kickbacks paid by their affiliates. the real estate procedures act prohibits getting a fee kickback or thing of value in exchange for a referral of business related to a real estate settlement service, but this kickback prohibition that's not applied to affiliated companies of lenders, like a title insurance firm, to avail themselves of this kickback loophole some lenders have bought or created businesses to enable them to profit directly from the relationship. so dodd-frank established the responsible underwriting practice of requiring lenders to verify borrower's ability to repay when they originate a loan. dodd-frank also enabled lenders to obtain some legal protections when making residential mortgages if those loans are considered a qualified mortgage or q.m. to be considered q.m., a loan must have terms and conditions that are understandable to borrowers and not contain predatory features considered to be unfair or deceptive. q.m. loans, for example, can't be interest-only loans

what they really meant was here is our opportunity to water down dodd/frank. we are going to have regulatory coherence with the europeans and therefore all of these restrictions that we hated, we have an international basis for getting rid of. the democrats responded, caught on to that and said there is no way you're going to dilute dodd/frank because t-tip is in limbo, we'll wait to see how that develops, but i think it's an important process to examine as you use the trade and financial services. very quickly on brexit. i know you talked about it before. there are some interesting financial services issue, and the only thing i would mention very quickly is that just today the commission released, and i haven't seen these notices, but notices to the fnchl services stakeholders highlighting the implications of brexit in the following areas. financial instruments, banking and payment serves, post-trade financial services, asset management, credit rating insurance agency, insurance, reinsurance and statutory audits. all of that beginning today from the european

the democrats responded and said there is no way you are going to dilute dodd frank because t tip is in limbo, we will wait to see how that develops but i think it's an important process to examine as you look at the trade and financial services. today is my five minutes? okay. very quickly on brexit, i know you talked about it before there are some interesting financial services issued in the only thing i would mention very quickly is that just today the commission we least, and i haven't seen these notices, but notices to the financial services stakeholders, highlighting the implications of brexit in the following areas, financial instruments, banking and payment services, post rate financial services, asset management, pet and rating agencies, insurance, reinsurance and statutory audits. all of that available beginning today at the european commission which will allow stakeholders to comment on the effects of brexit. i think those are five creative agreements in five minutes. with that i turned it over. >> i've learned a lot. thank you for having me as well. aside from being the l

it serves as a steppingstone especially from the dodd frank destabilizing issue. and know that i'm committed to working with this agenda with you and the trumpet administration with long-term prosperity for a great nation. >> you previously testified before the ways and means committee so to have an aircraft sale license on the nuclear deal? i am encouraged with your efforts to take a hard line on that behavior is strength that creates a reporting requirement in the effort to increase congressional oversight to provide transparency for the american people. can you provide updates for aircraft sales to iran? and they should know if iran is also using that under the jp see a way for terrorist activity? be with the members of congress should know. and considering the licenses. >> we have heard so many great stories over the last several weeks how the tax bill bringing business back to the united states. yesterday the united nations conference reported the tax bill with repatriation of $2 trillion. can you speak to that effect in new investments on the u.s. economy an

secretary's section 342 of the dodd-frank act mandate that each on a direct here is to -- for the u.streasury that would be you. on the impact of the policies and regulations of the agency and minority-owned and women-owned businesses and under section 342g2 of the dodd-frank act it defines you as the agency administrator. does that help refresh your memory? >> i'm going to have to follow-up with my staff on that. >> so that means you don't know who that person is and you have not met but the person? i just need a yes or no. >> i don't know who the person is off the top of my head and i want to confirm with my staff. >> so that would make you in violation of the direct law. i don't want to belabor this but mr. secretary want to let you know this is not only important to me, this is something that is mandated and required and we talk about enacting policies that allow people to succeed and prosper it is my belief that we have to -- dodd-frank because there've been people like you and others who have not the proponents so thus we put it in the law. this is something that i passed every

. >> reporter: and that's where senator dodd's bill comes in. >> any garage door sold in the state of california whether new construction or replacement, would be required to have a battery back up. >> reporter: the back up battery included in these $200 models online would kick-in when the power fails. >> there's a lot of elderly folks that are unable to leave their homes and it's just another measure of preparedness for a disaster event and/or even when it's raining and the power goes out and you need to leave your house. >> reporter: senator dodd hopes to have the bill signed into law this year. in napa, kate larson, abc7 news. >> tonight pay pal co-founder peter thiel is not making any new friends in the east bay. >> and so it's amazing we have this incredible tech thing going on in silicon valley and if you go east, just to the east bay across the bay bridge or the dunbar ton bridge, you're in this basically failing, this failing state that, you know, in the next recession probably will go broke. >> those remarks were at stanford's hoover speaker institute last night. he criticiz

senator bill dodd of napa is trying to make sure more californians with drive out of their garage when the next disaster strikes. >> i saw in my own neighborhood some real issues with garage doors and people with trouble getting out. >> when the power goes out and your clicker doesn't work, most people have to manually open their garage doors. >> i'm 5'7", i have high heel boots on. it's still really high for me. >> somehow you have to push the door open. it's very heavy. i'm using all my strength to try and get it open. i still don't quite have it all the way open. >> that's where senator dodd's bill comes in. >> any garage door sold in the state of california, whether new construction or replacement, would be required to have a battery backup. >> the battery included in the $200 models online would kick in with the power failed. >> there's a lot of elderly folks unable to leave their homes. it's just another measure of preparedness for a disaster event and/or when it's raining and the power goes out and you need to leave your house. >> the senator hopes to sign it into law this year.

. >> reporter: and that's where senator dodd's bill comes in. >> any garage door sold in the state of california whether new construction or replacement, would be required to have a battery back up. >> reporter: the back up battery included in these $200 models online would kick-in when the power fails. >> there's a lot of elderly folks that are unable to leave their homes and it's just another measure of preparedness for a disaster event and/or even when it's raining and the power goes out and you need to leave your house. >> reporter: senator dodd hopes to have the bill signed into law this year. in napa, kate larson, abc7 news. >> tonight pay pal co-founder peter thiel is not making any new friends in the east bay. >> and so it's amazing we have this incredible tech thing going on in silicon valley and if you go east, just to the east bay across the bay bridge or the dunbar ton bridge, you're in this basically failing, this failing state that, you know, in the next recession probably will go broke. >> those remarks were at stanford's hoover speaker institute last night. he criticiz

plan to defend their title we head to the borders —— and we head to the borders and speak to peter doddsng up in the next few minutes, but let's head back to the bbc sport centre and the rest of the day's news with nick marshall—mccormack. thanks, 0lly. let's start with that fantastic fightback from cameron norrie on the marbella clay this afternoon. to level great britain's davis cup tie with spain, at one apiece. no andy murray, no carl edmund. ——kyle. after liam broady lost the opening singles rubber, norrie looked like he was heading the same way. but a gutsy performance saw him win the last three sets to beat roberto bautista—agut. patrick gearey was watching. liam brodie, facing and manuel used to both surfaces. co mforta ble to both surfaces. comfortable in the shade of a palm trees. but he was never allowed to fully retreat to a hammock, the competition on occasion inspiring him to levels far above what was expected. he broke, but then folded with one set at stake, and so again in the third. the match placed agonisingly out of his reach. this was simply too much of a stretch. str

and so is dodd-frank not bad enough? now we add this second circuit opinion to allow lower credit individuals that cut credit opportunity in half? i don't think so. i don't think so. it's not up for the unelected to make such decisions. we cannot continue to allow, mr. speaker, washington red tape and the second circuit to cut off credit opportunities for hardworking americans. as the bill says, we must preserve and protect consumers' access to credit, so i urge every member to support this very important bipartisan bill, and i reserve the balance of my time. the speaker pro tempore: the gentlewoman from california is recognized. ms. waters: thank you very much. i yield myself such time as i may consume. mr. speaker, i rise today in opposition to h.r. 3299, the so-called protecting consumers access to credit act of 2017. there's a good reason over 200 civil rights consumer faith-based housing, labor, and veterans advocacy organizations oppose this bill. the type of credit that this bill helps consumers access is the kind

are you familiar with section 342 of dodd-frank? >> yes ma'am. that, the office of minority and women inclusion, can you tell me in your short time, which i recognize, but you also have almost a half decade of being chairman of that board. tell me what you are proud about under your leadership? >> i would be glad to. first, as i mentioned, i've been involved in now my seventh reserve bank presidential search. and i think another case we have been able to expand the universe of diverse candidates and select diverse candidates. i'm proud of that. do a good job,ks by the way. chair yellen at the board started a group of us to meet regularly and try to advance diversity and inclusion agendas. umwe person? clark. saying the entity has done something, i want to hear how we can do more. because it is a still not at bragging rights, in my opinion. we have a lot of people in the audience today in green t-shirts, who represent many of the people who i represent in the third congressional district , many of them women, many of them women of color who also a

>> bullishness on bank stocks does not rely on dodd-frank getting repealed it's hanging around.not happening, but if you can make it a lot more efficient to implement, that would be a win-win. >> better shot for them to just erode that a little bit than throw it out >> i think that's the wrong term make it more transparent, simple and efficient to implement >> real quick question we talk about we don't look at banks with price of earnings, price to book, right the one issue i have with jpmorgan is aren't we getting close to that two times book so is it getting to a level where there are better names rather than jpmorgan >> if you're looking at one year, we have a three-year target for jpmorgan stock of $160 we have 50% earnings growth for jpmorgan citigroup is is still our top group. we expect 70% eps growth for citigroup over the next three years. >> thanks for being here thanks for the props as well david and goliath. ahead on the halftime report, the buffett blitz. the billionaire talking to cnbc about wells fargo, g te,he airlines we'll debate all of them in two minutes. run

why stop at dodd frank?hat have seen an impact from the rollback in regs. there are other industries that haven't seen anything. let's talk telecom and media. time warner and at&t are fighting the decision to block the $85 million merger. the trial is scheduled for next month for a judge to decide whether the deal would raise prices. wheeze your take on this, with your previous experience in the wireless communication industry. >> i can't imagine why the justice department has filed suit. this is a vertical merger. the justice department in the last 40 years has not taken real issue with a vertical merger. in 2011 comcast acquired nbc universal. what are they doing? >> do you argue with if contention that thi would raise prices for consumers? >> this is a very competitive marketplace. i don't think that this will raise prices one bit. the agreements that were put in place when comcast acquired nbc universal were behavioral in nature. the justice department can go back and say well, these aren't working, we n

like so many regulations imposed y the 2010 dodd-frank law, the capital requirements place a one size fits all solution on banks regardless of their capitalization. their various lines of business and the customers they serve. the current standard requires banks to look back and hold operational risk. in plain english, this is to hedge against the risk of a product discontinued years ago. this is not an effective way to determine capital requirements or in the real risk these standards are meant to protect consumers from. this is hurting consumers. by making credit less available in the marketplace and it hurts the small and medium-sized hometown banks that our communities rely. my constituents on long island, and hard-working american families, the consequences of these misguided regulations are more costly loans and less available mortgages. these are the financial products that help small business owners help expand or hire or help families buy a home. this reforms operational risk requirements so they can focus on a bank's activities and line of business. this legislation keeps so

the supreme court ruled today -frank act of the dodd that protects whistleblowers only applies to peopleort asked to the securities and exchange commission. ask only to their company's management do not qualify. 14 people were killed today when a double-decker bus went off i - ahway and plunged - highway and plunged down a cliff in peru. the cause. a bill has been presented today to enforce tougher immigration. aimed at the expulsion of people who don't qualify for a silent. it provides better conditions for those who want to stay in france, such as job training. advocates are criticizing the proposal as unfair for asylum-seekers. i am mark crumpton. this is bloomberg. david: president trump is meeting with trade union officials at the white house this hour. we welcome kevin cirilli, our chief washington correspondent. trump is big on supporting organized labor. kevin: they are supporters of the workers. some of the top leaders in the country are gathered at the white house right now, including cio,leader of the afl- teamsters, workers of america, orkers --elw steel workers of america. i

prior to dodd-frank it would have been easy to qualify, but no more. another potential american home buyer denied credit was of this regulatory burden. and madam speaker, that's what many of us on both sides of the aisle are trying to remedy today. at this time, madam chair, i'm pleased to yield two minutes to the gentlelady from arizona, ms. sinema, sponsor of title iii of the act of fostering innovation. the speaker pro tempore: the gentlelady is recognized for two minutes. ms. sinema: i rise in support of h.r. 3978, a package of commonsense solutions, each pass with support of both parties. thank you to congressman hill of arkansas for his leadership in moving the package forward. one of these solutions is h.l. 1635, the fostering innovation act, legislation we introduced to help arizona biopharmaceutical companies make life-saving breakthroughs. business expenses always involve tradeoffs. when arizona businesses spend money on costly regulations that provide little public benefit, less to invest in job creation for arizona families. that's why i in

vastly expanded by dodd frank. this responsibility is clearly not designed to be independent of congress and must be made subject to appropriations, as are our prudential regulators. additionally, formal rule making must not be eschewed for de facto rule making. all formal rulemaking must be subject to rigorous analysis. in closing, regardless of the exigencies of 2008, monetary policy is not and can never be a substitute for sound fiscal policy. chairman powell, we look forward to a prudent path to normalization where interest rates are once again market-based and credit is allocated to its most efficient use. i now yield four minutes to the ranking member for an opening statement. >> thank you, mr. chairman. and welcome, chairman powell. i look forward to your testimony today on monetary policy. i am concerned that the hard-earned economic recovery, which came as a result of policies and reforms put in place by president obama and democrats in congress and the federal reserve will be undermined by the reckless po

that has been made so challenging since the passage of the dodd-frank act almost eight years ago. i was coming to washington yesterday and i was read inthe weekend business section and there was a story there about richard griffin from crawford arkansas who owned a community bank there for decades, $30 million bank and he said with his 13 employees he just couldn't comply with the level of regulatory burden following dodd-frank that was so geared to our biggest financial institutions, our most complex financial institutions. companies like those head quarterered up in new york and he felt compelled to leave that business, the local board of directors and turn it over to an out-of-state company. and crawford, arkansas is a good town and deserves a good banking presence, home to georgia pacific and all of their activities there. so these bills, mr. speaker, are as i say bipartisan and they are needed across this country. and let me just touch on a few of them. the ones that i think provide the most benefit to community bankers and businesses and customers of those local banks are fi

i guess we should thank dodd-frank that it's buttressed the financial system and we should hold on a for a bumpy ride. i hope your term is successful and i look forward to your testimony. >> today, we welcome the testimony of the honorable jerome h. powell. this is the first time that chairman powell has appeared before this committee. it will not be the last time he appears before this committee. chairman powell took office as chairman of the board of governors of the federal reserve system on february 5th, 2018, for a four-year term. he has previously served as a member of the board of governors and took office on may 25, twifl. 2012. mr. powell also serves as chairman of the federal open market committee. prior to his appointment to the board, chairman powell was a visiting scholar at the bipartisan center as well as a partner of the carlisle group. he has served as an assistant secretary and undersecretary of treasury under president george h.w. bush. prior to joining the administration, he worked as an attorney and an investment banker in new york. chairman powell received an a.

senator dodd hopes to have the bill signed into law this year. >>> california school chief says schoolsre 2010 will be tested for lead in their water by july of next year. high levels of lead turned up in schools in san francisco and oakland. even at low levels, lead can cause booe behavioral problems and learning disabilities. the governor required testing in older schools last year. >>> something is happening in a restored california river not seen in decades. fresno bee reports that -- biologists began catching the juvenile fish in november and december. it was the first time in 60 years cha nook successfully in the san wa queen. one of the mos endangered rivers. >>> we're wearing red for a cause today. today is national wear red day to raise awareness for women's heart health. as part of the go red for women campaign, heart disease is the leading cause of death for women in the u.s. the good news is that 80% of cardiac events may be prevented with lifestyle changes, like healthy diet, exercise, limiting alcohol. post your red today. we want to see it. use the #abc 7 now. you can sha

in terms of the trickle down effect of overregulation that came out of dodd-frank the best practices that are being employed that may not have been on paper, but are implied and they're feeling those real impacts. so i know mr. laudermilk brought up with you in terms of tail tailoring some of the rules and regulations, to be able to meet the size can you give us ab idea of what you see as the real tailoring and when we can expect that the take place, to be able to open those doors of opportunity for rural america? >> in the regulatory space, first of all, we're mindful a number of small banks in rural and non urban areas has declined sharply and we don't see that as a good trend and don't want to want it worse. there are bigger forces at work there as people move to the cities as it relates to our regulation, i think we've just recently here, we've dramatically reduced the scope and burden of the call report we've made exam frequency longer so you have a longer gaps between, between exams i think we tried hard to find ways to simplify the capital requirements because you just don't n

not least of which was overregulation of the financial sector by the dodd-frank act and the previous administration. some would argue there is also a trend to underregulate during good economic times, like we are living in now. some say that the regulate relief legislation that we passed out of the financial services committee will lead to abuses by big banks and other financial institutions and cause another financial crisis. but these bills will not cause the government to underregulate banks and credit unions. they will simply implement smart regulation. in other words, these bills do not gut or eliminate regulation. they right size regulation and make it more efficient. back in 1996 congress did a good thing by passing the economic growth and regulate paperwork reduction act, or as egrepa. t, it requires regulate agencies to go back once a decade and review their regulations to identify those that may be outdated, unnecessary or overly burdensome. and then they are to send a report to congress. it also requires the agencies to eliminate regulation ifs they determine they are inap

they raised taxes and cut the mill friday and triped ed to pa cap and trade and gave us dodd frank andcare nightmare. they thought they could borrow and spend and bail their way back to a growing america. in the past few years, democrats have only fallen further to the left. their platform as we all know can be summed up in one word, resist. resist our plcys, resist our president and resist the results that you and i and our entire movement have fought so hard to achieve. so it's up to us to stand up to them and stand up for the american people and the progress that we've made. [ applause ] but the other side is motivated. they are mobilized. so today to the men and women of this conservative movement i want to admonish you, let this be the day that we as a movement decided to deliver another victory for the american people in 2018. i mean, we threw out the playbook in 2016 and we're going to throw it out in 2018. if all of us do all that we can from this day forward, i know we'll continue to achieve historic victories for our movement and for america. the choices that we make in the d

the decision narrows the sec's interpretation of the 2010 financial overhaul nope as dodd/frank. the ruling was unanimous. >>> time now for upgrades and down gradesar in thet session today. rejenneron downgraded fm hold to buy. this sirm sites them not iguodala longer providing guidance for the macular treatment. the price target lowered to $356. shares fell nearly 2% to $317 1 $317.51. match group was downgraded at jp morgan. they call it fairly valued and sees fewal cts ahead. the price target is unchand at 2 a share. shares well to just under $42 a share. palo alto upgraded by susquehanna. the price target lift there had to $195 a share. the stock rose 1% to $164.40. >>> still ahead, would breaking up big tech be good for shareholders? >>> china is set to overtake the u.s. as the biggest nuclear energy nation. a new report puts china on track to more than triple its nuclear energy capacity over the next 20 years. china's push into nlear power comes as that country puts an emphasis on clean energy. the u.s. has bee global leader in nuclear power since the 1960s. >>> dish networ

and kim kearney are making a house call, treating this woman for pneumonia in her live room with her doddn innovative program. instead of staying in the hospital, patients are sent to their homes for treatment following an e.r. treatment. one goal, control costs without sacrificing quality. at first she was skeptical. >> you're old school. you're sick, you go to the hospital. you stay there. you don't go home. you don't have the doctor come to the house anymore. >> reporter: there are daily visits and remote monitoring from a skin patch. >> it monitors all my vital signs directly to the doctor. >> for example, this patient's heart rate, 76, breathing 30, has taken 20 steps. >> reporter: they have the same quality of care as those in the hospital and at about half the cost. doctors ordered far fewer blood tests and scans. >> by moving people to their home, we're automatically able to customize what they need and t tailor it to them and that's where we see some of the cost savings. >> reporter: home patients walk ten times faster at home than at the hospital. >> we believe because patients

i guess we should thank dodd/frank and we should hold on for a bumpy ride. i hope your term is successful and i look forward to your testimony and i yield back. >> time of the general lady has expired. today we welcome the testimony of jerome powell. this is the first time he appeared before this committee and will not be the last time he appeared. as the federal reserve system on february 5th 2018 for a four-year term and severed as the board of governors, 2012. mr. powell serves a the chairman of the federal open market committee. prior to his appointment to the board, chairman powell was a visiting scholar at the bipartisan policy center and a partner of the carlisle group. as a secretary and undersecretary under george bush. he worked as an attorney and investment banker in new york. he received an ab in politics in princeton and a law degree from georgetown where he was the editor in chief at the george down law journal. his statement will be made part of the record and welcome and you are recognized to give an oral presentation of your testimony. >> th

us dodd frank and the disaster of obama care, and they and they taxes, literally thought we could taxrow and bail our way back a prosperous america. we get up every day still, republican great leadership in the house and senate, trying to undo the democrats did the last time they controlled the congress. our country in the wrong direction. we have made incredible progress. and we're not going back. [applause] >> we've got to keep the momentum going forward. got to recognize that this year, we've got a great story to tell, but we all have got to ownership in it an go out and tell that story. where t, of course, is you come in. men and women who lead the republican party at every level. want to encourage you gratitude, heart of to keep fighting. eep fighting for the policies and principles we hold dear. e hope tonight and throughout this week that you leave inspired for all that we've accomplished but we also hope motivated to go back all eet with the people in your counties and meet the people in every community and them that blueprint for american success that the president described.

they gave us dodd frank and the disastrous policies of obamacare.emember their decision to hollow out our military, and their belief that we could borrow and spend our way to a recovering economy. remember all that? and higher taxes along the way. you have worked every day with this administration to undo the damage they did the meantime they were in control. we have made incredible progress, but we need to finish thei remember their job. i encourage everyone of you in the days ahead to go tell the story to your constituents in the district in your state. go tell the story of what we have been able to accomplish, not for our party, but for the american people, you will continue to deliver the results that will result in a america more secure, an america more prosperous. i will say as i close, president trump and i will be with you every step of the way. he will be here tomorrow night. i expect you will hear the same from him. we believe in these republican majorities. we have worked shoulder to shoulder with these great leaders and everyone of you t

how much of a priority is changing dodd frank? is that going to be a priority in the coming weeks?xpect changes here? >> well, i'm very optimistic that we have a bipartisan bill that's moving through the senate. as you know, statutory changes to a law like dude fran dodd frs been a disaster in terms of clogging up our financial markets, we need 60 votes in the senate. we have a modest reform bill that is moving through the senate. we passed a more ambitious bill out of the house. that gives us a lot of optimism that we can provide regulatory relief for community financial institutions. >> maria: it should be coming in the coming weeks. good to see you. we'll be right back. oh, manatees. aka "the sea cow"" oh! there's one. manatees in novelty ts? surprising. what's "come at me bro?" it's something you say to a friend. what's not surprising? how much money matt saved by switching to geico. fifteen minutes could save you fifteen percent or more. >> maria: welcome back. a major retailer taking a stand on assault rifles. lauren simonetti has the details. >> lauren: dick's sporting goods

what words did he use to describe dodd-frank?it was a catastrophe, a disaster, and it has to be repealed but the treasury department is going the opposite direction again. they want to increase the power of the financial stability oversight council, which is the heart of the dodd-frank act. so this is really a very puzzling thing to me it's puzzling to a lot of conservatives. why in an administration that is focused so much on deregulation we have a treasury department that is proposing to either keep regulation or increase it. and you're completely correct about what happened with affordable housing it was the cause of the financial crisis in 2008 >> i saved all the articles in my office. my favorite line was of course mr. barney frank, who said i will continue to roll the dice on freddie and fannie. when there were a few appear they all doubled down. and the final half minute we have here, are senators working on a plan? we only have a few seconds left. >> that is going the other direction? quickly, maybe explain that. >> it lo

i hope the ones particularly for banking are not successful because i thought that was the best of dodd frank this is stomach risk stuff yeah yeah because there were a lot of things that put in that made the banks have to hold more capital that meant that the banks had to match their assets and liabilities better and constrain the way that they do their lending now that of course cuts bank profits and that's why the banks pushed back for years the banks had returns on equity that were double that of the rest of the finance sector and why because they were able to lever up far more than they should have been. david thank you so much david of polish securities and you have a great blog to write thank you thank you for being with us sure appreciate it. we take a quick pause for the promotional cause but hang right here because when we return ashley banks tells us just how a new law will change the vehicles that are driven in germany plus we speak with chris martenson about why russia has become a new leader in holding physical gold and here are the numbers at the closing bell all three maj

they raised taxes, they cut the military, they tried to pass cap and trade, they gave us dodd frank andhe obamacare nightmare. i mean, they thought they could borrow, spend, and bail their way back to a growing america. in the past few years, democrats have only fallen further to the left. their platform, as we all know, can be summed up in one word. resist. resist our policies. resist our president. resist the results that you and i and our entire movement have fought so hard to achieve. so, it is up to us to stand up to them and stand up for the american people and the progress that we have made. [applause] vice president pence: but the other side is motivated. they are mobilized. so, today, to the men and women of this conservative movement, i want to admonish you. let this be the day that we, as a movement, decided to deliver another victory for the american people in 2018. [applause] vice president pence: i mean, we threw out the playbook and 2016 and we are going to throw it out in 2018. if all of us do all we can from this day forward, i know we will continue to achieve historic

bit -- the ease of the dodd. how hotels and casinos are expecting record numbers.be a good to talk about. last hour of trade as we mentioned, a short trading session in hong kong. the story is in the currency market. the dollar is up and the yen. about thevery much japanese yen strengthening. a lot of its rivals will be talking in just a few minutes. 106.

are you saying that dodd-frank imposes regulations on the small community banks that serve rural america. >> yes indeed. >> i'm surprised by that. they're going out of business because they can't comply. >> yes. >> or they consolidate and then when the bank they consolidate with says that's not a profitable branch anymore, we're going to close it. i want to talk about fundamentals. markets are down. a couple bad days in the market. is this in coordination with lack of fundamentals in the economy? do we have problems in the economy with growth or wages or jobs that are being reflected in a down market? >> no, the fundamentals are quite strong. >> how so? what's the disconnect between a market coming down and fundamentals being strong? >> i think you've seen a normal market correction although large, and i think again, there's just a disconnect in the short-term. markets move in both directions. >> strong fundamentals actually bring down a market a little bit recorrect just because you might be concerned about inflation, might be concerned about raising interest rates. could that be a conc

are you familiar with section 342 of dodd-frank? >> yes, ma'am, i am. >> okay. with that, the office of minority and women inclusion in your short time which i's, but you also have half decade of being chairman of that board. tell me what your proud about under your leadership. >> as i mentioned, i'm now involved in my 7th reserve bank presidential search. in every case we've been able to expand the universe of diverse candidates and, and select diverse candidates. i'm proud of that. i think the reserve banks do a good job, by the way? i think at the board, chair yellen started a group of, group of us meet regularly to try to advance diversity and inclusion agendas at the board? i would -- >> who is your person. >> sheila clark. >> and do you think you can increase your numbers as chairman yellen had worked on, rising them? while it was a fair job under her and i asked her a question, she admitted it could be better. while the entity has done something, i want to hear how we can do more. it is still not ating brags rights in my opinion. so i want you to think ab

into place in two thousand eight still muddying the waters all the way here ten years later chris dodd switched over to tax free for mom what kind of impact do you think will say now that trump and the g.o.p. have passed their latest version of it. well we're seeing some i think some very positive developments with companies deciding to give some of that cash in bonuses to their employees that's going to come straight into the economy i've long been a critic that if you want to do emergency cash infusions go ahead and do it money for main street at least then it gets to the places it should money for wall street not a fan of that wall street fritters that stuff away so that's on the positive side i will take the other side of the estimates where they say maybe a trillion dollars in new debts will result i'm going to say that numbers at least off by a factor of fifty percent maybe more it could be two trillion could be three trillion because actually the way they calculated that number first you can disagree with that under any circumstance but they also assumed no recessions are going

do you support any changes in the dodd-frank legislation?ge banks and industry are trying to say, let's get this thing back into the middle. liquidity, capital, stress testing, resolution regimes. all of those things are very important. we don't want them touched. what is not well understood in isrican society is the fdic a government guarantee for deposits but it gets filled up by the banking system. the large banks have a high interest in getting the regime right. 9.5 percent capital doesn't sound like 100 basis point of 1%. a hundred $60 million more loans than 9.5% versus 10.5%. >> you are not trying to change it. ?hat about the volcker rule> >> i don't think it does what we are after. the amount of work that goes in to proving you can do with proprietary trading is overworked. regulators are trying to fix it. it is hard to figure it out. the bear-sterns, the people that got in trouble can't go on. that is good. about the banks it self -- talk about the banks. the four major banks, jpmorgan is the largest. you are the second-most profita

all this comes as a bipartisan group of lawmakers on capitol hill is momoving to gut provisis of the dodd-frank financial reform bill enacted after the 2008 financial crisis. the bill forces banks and credit unions to disclose to the government detailed information about who they lend to. the ranking democrat on of -- the ranking democrat on the senate banking committee, senator sherrod brown of ohio, has cited reveal's reporting as a reason for congress to put the breaks on this effort. amy: well, for more, we're joined now by two guests. in san francisco, california , we are joined by aaron glantz, senior reporter at reveal from the center for investigative reporting. his new investigation is headlined, "kept out: how banks block people of color from homeownership." and joining us from the capital of pennsylvania, from harrisburg, democratic state senator vincent hughes of pepennsylvania, who serves as te democratic chairman of the senate appropriations committee. thank you both for joining us. aaron, if you would start out by laying out what your investigation found and what exactly redlinin