in july of 2010 president barack obama signed the dodd-frank act. it had more than 840 pages in length. obama congressional authors left parts of bank regulation unfinished brick to complete dodd-frank lawmakers directed the comptroller's office the federal reserve and other bank regulatory agencies to prepare nearly 400 detailed rules. rulemaking was not the stuff of newspaper headlines and lead stories on tv news. pick lance topics like appropriate measures of the banks capitol adequacy was the leadership of this consumer financial protection bureau would never enlist and hold a large idea and yet the dodd-frank act foster passion for the bank crisis of 2008 and job losses and home foreclosures that i would remain vital topics for lott years and illicit painful memories for millions of americans that extended into the next decade. all of a sudden the process of dodd-frank rulemaking opened another pretending for regulators and lawmakers to restrain bank or speculation arguing for more bank lending and offering community bankers a hand up against a

dodd frank presented them with a common enemy. here is something we both agreed with. the dodd frank act fostered poverty and the mindnumbing regulation had capital on the sidelines every president starting with ford made similar points about the federal government countless rules and suppose it connection to slower growth. and then to advance the career on the identical argument in opposition to the federal government and rules of the automatic workings enjoyed a monthly history and political maneuvering. in the latest iteration, hensarling brought fresh skills to the formidable tasks to eliminate the volcker rule and the dodd frank act. december 2016 he filed the financial choice act that had sovereign consumers conducting business with financial supermarkets that would at last operate with fewer institutional constraints but in truth the proposed legislation included risk weighted assets that only those that would understand naturally he aimed to eliminate the voelker rule to increase congressional oversight of the federal reserve, the comptroller and cfpb that were

and such a mechanism was incorporated in dodd frank. still, congress assessed that the preferred form of resolution, is through bankruptcy. and it required that the largest firms submit living wills that describe how they could be resolved under bankruptcy. it requires banking firms to change their organization and structure if such firms are necessary to facilitate resolution. the federal reserve has taken these congressional mandates seriously, and worked with the largest banking organizations on their resolution plans. working with the industry, the federal deposit insurance corporation, have thought through how an orderly liquidation of a systemic firm could be accomplished, under bankruptcy, or using orderly liquidation authority. but the orderly liquidation authority is difficult, given the complexity of systemic banking firms and their global reach. it requires incredible coordination across countries. and it is also untried and unproven. moreover, congress has periodically threatened to repeal orderly liquidation in favor of a p

the stock market turned and then we did dodd frank. my question to you with respect to dodd frank, would you say the overall system and goldman/sachss became part of this system during that period of time is safer and more sound than it was before 2008? >> yes, i agree that the styx is safer and more sound than it was in 2008. >> mr. sharf? >> yes. >> mr. o'hanley? >> yes, it's safer. >> the system is more safe and more sound. and the key point you pointed out. everyone at this tabling is in it. in 2007 everyone at this table was not in it. >> yes, it's traumatically safer and sounder. >> it's not even close. >> without a doubt? >>. >> one thing, mr. dimon. i met with several of you. hopefully this isn't proprietary information, or i'll just ask it, and you can say it, how much money is processed through chase on a damely basis. worldwide? >> about 8 trillion. >> and mr. core bat? >> probably somewhere about 5 trillion. >> mr. gorman, you're note really in the intermediation business. >> we're not in that business. >> mr. moynihan? >>

we see from the democrats is complaints about dodd frank not recognizing that dodd-frank actually gavevileged position in our economy, that dodd-frank eliminated over 2000 community banks, and those that are small-sized either are no longer here, or they had to consolidate in order to survive this regulatory environment. kevin: i'm is meant patrick mchenry, currently in a recess, the hearing -- congressman patrick mchenry, currently in a recess, the hearing, the star power here, congressman maxine waters, alexandria ocasio-cortez, and the headline risk that represents to wall street, investors and shareholders, is this just political theater, or is there any ability for there to be any concrete developments out of this hearing? rep. mchenry: well, that remains to be seen. goal is no, this is all about washington, d.c. trying to get in on the action. a opening statement, this was hearing in search of a headline. so far, it is still searching for that headline. terms of bipartisan areas, are you confident at all that there may be some developments or whether it is cyber regulations? thin

dodd frank did not include them in that particularly worries me. the concern of corporate lending and it is an example where and that the financial crisis i don't think it is the same scale as subprime lending before the crisis. but i do consider it that could make the next recession worse whenever that occurs. and to be something that regulators could address. >> thank you for being here and taking this question. so with dodd frank and as a result a lot of the money going to the swiss bank and a lot of american cities so in your if you had to think about regulations as it pertains to real estate? >> i'm not sure exactly what you refer to that pertains to. >> specifically is a fact with the background checks for others in the financial markets are not included. and in the united states. from what i would consider laundering. >>. >> i haven't thought deeply about what those rules are with those rules in the real estate area in terms of what they need to do. and of those abuses taking place. perhaps that would help with that boom and bust. >> thank y

pete: a specific one, could you please comment on the status of implementation 1071 of the dodd frank act, collection of data for small business lending? dir. kraninger: yes, i noted the symposia series in terms of the way we are going to deal with challenging issues and i have talked to financial institutions, even the consumer advocates, and those inside the bureau about the challenges of taking on that particular mandatory rulemaking. i'm a little concerned about the impact on small business lending to begin with by the question of that data, but it is something congress directed the bureau to do, so we are definitely looking at what the next step may be to explore that issue. pete: you addressed this, but the idea of a look back at syndicate rules that happened to previously in the market space, is there room for that under your purview? dir. kraninger: there are over 1750 issues related to rulemaking and many were how we reviewed the inherited rules, how we do the assessments come all those things. it is certainly my intention to lay that out in a more rigorous way in the coming

many of these changes aligned with dodd-frank. third we create administrate forward model to focus on stability, transparency and fairness. to clean up countrywide we amassed 50,000 teammates who helped 20 two million customers through modifications -- two million customers through modifications. we also settled many lawsuits. that was largely done by 2015. to simplify the company, we closed down 0 operating units and other activities much we also shrank our balance sheets. we had $100 billion in capital, $300 billion in liquidity. during these fixes, we also increased our core landing. today we have outstanding 30% more loans to consumers, small businesses and middle market companies. we also recommitted to our purpose. to serve our clients, to help make their financial lives better. we do that through responsible growth. it has four tenants. first we have to grow. second, we have to be customer focused. that's led to all-time high service scores in our company. we ended overdraft at the point of sale for debit card transactions

dodd frank this is an example of where i just find it ridiculous for quite totally understand i love finance. it is essential to an economy like ours but quite understand the benefits but i have a new appreciation with this book how it is our privilege dodd frank you know how much red tape there is. so the legislation that was enacted senator dodd and representative frank in response to the meltdown. they put a lot in there because typically congress will pass financial service legislation unless they are stepping over her dead bodies but the crisis was so bad they were so they did a lot of things like they should have done earlier like regulate this had to put those templates that we decided in the thirties recordkeeping all they did was put those on the books they should've done that a long time ago it was ridiculous. i am not saying please expand it for regulation sake let's have a bunch of rules. nobody did. but they also create the level playing field that only the government can provide. i will give you an example of this legislation passed when it comes to mortgages. so it say

ultimately congress and the dodd frank act created cfpb to be singularly focused on consumer protection in the market for financial product and services. indeed, congress clearly articulate it the purpose and objective of the cfpb. in summary the states so implement and force federal consumer financial loss consistently for the purpose of ensuring all consumers have access to markets for consumer financial products and services in those markets are transparent, and competitive. congress gave significant power in tools to the director to carry out that mission. those tools include education, regulation, supervision and enforcement. each of those served as an important component in the bureau in. as director i believe the best application of these tools is to focus on prevention of harm to consumers. i will talk about each of these tools in turn and how we use them going forward to present prevent consumer harm. after that i will briefly address the challenge of measuring success in preventing harm as well as our commitment to transparent productive discourse. our first tool is education

some have described the banking environment as size equals survival and as it relates to dodd frank that has clearly been the case where we have fewer small financial institutions because of regulatory burden, can you describe the cause of that regulatory burden? >> i think it is quite significant and i think you know we worked with this committee and with the senate last year on reforms to dodd frank to make sure community banks and regional banks can compete fairly. i think it is important we have a robust regional bank and community banks system and that we don't end up with just a small number of banks in the country. it is a greater competition. >> absolutely. >> what role do financial institutions play in enforcing sanctions? >> u.s. financial institutions are critical in enforcing our sanctions. >> so it is an enormous benefit for us having financial institutions to international trade? >> absolutely. the u.s. reserve currency is very important and there are many benefits we have from that and that is one of the reasons why our sanctions are such powerful national security tools.

and the derivatives market and creates a council to monitor economic risk. >> the other big part of dodd-frankr financial protection bureau. >> it's a big victory for elizabeth warren. >> the bill signing was a big moment for the obama administration. it seems obvious elizabeth warren would be front and center. we placed her in the front row. who will run this new agency. for many the answer is obvious. >> >> there were a lot of people highly engaged after the financial crisis in how the government was going to respond. a lot of those people saw elizabeth warren as their champion. >> the petition drivers out there to make sure she becomes head of the agency. >> there was a problem in washington. she was so controversial and had so much opposition from republicans and democrats and democrats told obama she would not be confirmed. >> the white house felt this contentious senate confirmation process could drag on for months and wanted to start building the new agency now. >> the president only offers her a temporary job setting up the agency. >> she will have direct access to me and to secretary

withinhe dodd frank act, five years of the effective date of the significant rule, the cfpb must submit a report assessing the effectiveness of the role -- rule in meeting the purposes and objectives of title 10 and goals as stated by the bureau. i believe compass had foresight and requiring the cfpb to determine whether our rules are working in the real-world. early in my tenure, the cfpb issued assessment reports addressing mortgage servicing and atr q amaral's. in the more such efforts pipeline and we have been discussing the best way to approach these assessments, even in the initial development of a rule. it is important that baseline information, when comparing data after the rule takes effect, to understand whether the rules are protecting consumers and to evaluate cost and benefits. the bureau welcomes comments on our assessments to support stakeholder input over the effectiveness of our rules. i take seriously our responsibility under the law to reduce unwanted regulatory burden and to consider the impact of rule making unregulated entities and consumers. the cfpb must acknowle

dodd frank imposed a massive new regulatory regime. the last document i read put the new number of regulations around 400. so certainly growing your compliance department. size of some bank survives, even thrive. somethings cannot bear the cost so they consolidated. others close the door. in fact, we have over 2000 banks that are not here since precrisis. at the time, that did not seem to be a big concern for some of my friends on the other side of the aisle. perhaps we are here today to talk about the u.s. banking sector. i can tell you this, the economy has grown. as we know, bank profitability and big revenue tends to track gdp growth. that is been the case. and so, they are up to. banks hold more capital than precrisis. that is positive. the labor market is strong, that too is positive. the u.s. added, 200,000 jobs in march in the new york times recognized a return to solid growth. so why are we here? i fear my colleagues on the other side of the aisle are here to attack our economic system. attack the nature of our market. i fear

romaine: i assume they all think dodd-frank for that.ridhar: they genuinely seem to express gratitude for dodd-frank. i don't know if you want to believe them no. caroline: how the times have changed. a quick look at what lyft has been doing. it has been falling today. they will be giving us their first quarter results on may 7. lyft falling yet further. romaine: let's take a look at bed bath & beyond. the shares rising after hours. eps, well above the $1.85 that the average analyst estimates. this is bloomberg. ♪ romaine: we want to recap the earnings on bed bath & beyond. the real news here is that the company gave earnings guidance for the full year that was well above analyst estimates and also announced some changes to its board instead the transformation process of its stores has been accelerated. remember, there was a lot of activist pressure on this company. you are seeing the shares move up after hours. joe: it is time for smart charts with abigail doolittle. i understand you are dissecting this year's rally. abigail: joining me

blew it back in twine and 2010 a lot more prosecutions, these banks should have been nationalized, dodd/frank didn't go far enough. i would look forward to see if that makes it to her questioning. >> and do you think it's relevant at all, jimmy, she was 19 at the time of the crisis >> well, i think she would say that her generation has felt the impact of that crisis with a, you know, a very slow recovery if you came -- listen, there's nothing worse for your long-term earnings potential than coming out of college into a very bad economy. yeah, you could say there are plenty of people who are still feeling the impact, you know, from the financial crisis and the great recession. >> yeah. bill, to that point, key things you're looking for this afternoon as we get more questions from lawmakers >> well, i mean, jimmy is absolutely right i mean, you know, aoc has proven to be able to ask the exact right question when everybody sort of counts her out representative katie porter i would expect to be looking to score some points, maybe to disrupt the jamie dimons of the world from his per he much

demands however he's unapologetic on his part if he's going to carry on the reforms he also saida dodd he believed in elected officials and he believed in their legitimacy of people in charge to carry out those reforms so yes he acknowledges the demands that he's carrying carrying on as he was doing for two years to you know we've seen these these images here of the protests will the overs that he's making tonight will they be enough to send the yellow best protesters home for good well the problem with a man and i cry is that he's very good at such speeches he's very good at making promises and that's why he was elected that's why sixty percent of the french people actually. voted for him but now his popularity rate is at thirty percent because people do not trust him anymore and he acknowledged single parents people with disability people living in reuben a areas also pension as he said he would do something for pensions with that be enough he has been completely deaf to those demands for two years and he's running he's looking ahead full twenty twenty twenty two for he was the secon

we have ceo pay ratio included in dodd-frank. that was the origin of the material today. look these companies have to make a profit. to make a profit, they have to serve customers effectively. that takes shareholders, employees and management all working together for the benefit of those customers and to produce a return for shareholders. so i believe it was overstated in the hearing today. all these companies live in very competitive market for personnel in the cities where they are located. they have to have competitive compensation. i believe they do, work at that every single day. connell: congressman hill, as you good to have you on the show. >> appreciate it. melissa: uber looking close to going public but the valuation may be lower than expected. let's go to gerri willis on the floor of the new york stock exchange. what happened with this one, gerry? reporter: there is a negative feedback loop going on, melissa and let me describe this to you. basically what happened, lyft came out as you below and trading where it is expected to be, below its offer. look at lyft's

they constructed this system because of their creation under dodd-frank, of partisan democrat changeon. that has now been in place for nearly ten years, so the big have gotten bigger and the small have either consolidated or fallen apart. today we have fewer banks, fewer bank choices, as a result of regulatory -- the regulatory environment. we have tried to lift that burden a little bit so we have more competition, more consumer choices, but i think what we see here is a great deal of misunderstanding about who put in place dodd-frank and a run by liberals and progressives now to try to undo what they have supported and now they are trying to pass on radical plans. connell: real quick, unfortunately we are just about out of time at the top of the hour, is there one thing you want to see changed, that you are personally advocating for in banking? >> i think we need more competition, more consumer choices. and more access so that smartphones can be a more ready part of our banking ecosystem. connell: fair enough. thank you for keeping that answer short. apologize for having to wrap it

on dodd frank, what changes have been implemented do you believe makes your firm safer than they were before the financial crisis top hits. >> double the capital, cut the leverage by 75% and put in place a living will orderly resolution and pass the annual stress test and fundamentally change the organization where we now operate precrisis we had risk limits in the low hundreds >> i'll submit several charts, too, for the record, about how much has been invested in our country and loans to small businesses and, of course, businesses of all sizes and many in my district, which i'm grateful for and has really led to a lot of growth i thank you very much for being here today >> thank you >> thank you very much >> the gentleman from ohio, mr. davidson, is recognized for five minutes. >> thank you, madam chairwoman witnesses, thank you very much for your testimony here today and for the quality work you've done to strengthen our financial systems. i want to focus on technology, particularly certain sectors with the incredible power of modern computing in the internet, we're entering into a

i want to ask a little bit about the effect that you feel most as a result of dodd-frank. i had a long discussion with the head of the risk council for one of you. described the first meeting, when you had to come up with your orderly liquidation plan, living will. the first reaction was, i cannot believe we have this many thousands of business units. one of the main results was, in fact, that you have simplifies your org chart significantly. is that something that you would agree was the effect of this, that you looked at the complexity of your business model? things like the stress test, orderly liquidation? reasons,whole host of whether it was the liquidation, you can get capital two ways. you can get it and retain it, or you can get rid of things. that was another reason we did it. all of that was good for the industry and our company. many of us said that in our testimony. i agree with you. the aftermath of the lessons learned, shrugging the companies, making them more precise. mr. solomon, i believe it was your institution that became famous for the policy that had t

but someone who was publicly opposed to the bailouts that had happened under dodd/frank, i was not in congress at the time but dealing with the echo effects today, the -- i was fre frustrated to see that and having to explain to constituents why that had gone on, and i've had a chance to express to a couple personally you cannot count on this congressman to ever allow that to happen again or to vote for a situation like that again. part of the action here in what we are trying to do to make sure it never happens again on anybody's watch. i do have one main line of questioning in this. i would like to have all of you answer very quickly it can be yes or no or briefly. are you properly capitalized, properly sized and stable so that you can survive without hardworking taxpayers americans' dollars having to be put back into the system and having a taxpayer on the hook. so, mr. corbat, are you properly sized, capitalized, and stable. >> we are properly sized. we are scaled to serve our clients. >> okay, great. mr. dimon. >> yes. >> mr. gorman. >> absolutely. yes. >> yes, we are. >> scharf.

dodd circle of people who really made it into the american foreign policy they've changed the american position on china why do you think to get them merican officialdom so long to actually take a stance on that and to finally consider the consequences they cannot make consequences of the political or geopolitical illusion when it's in the brain or right american and chinese economies are so closely intertwined one level with talk of both conflicts from the united states and china at another level everybody understands that a really really serious conflict between those two nations would be extremely damaging for the entire world so there are sparring with the same does not have to be a conflict there my point is that and i think pillsbury makes it also in his book that the united states could have been more reserved in terms of a transfer in technology in terms of trading with china and i think you're also making the same point in one of your articles you actually called the nixon deal with china the biggest strategic mistake in the foreign policy in living memory that's quite substan

administration and people around the administration like michael pillsbury of the hudson institute and dodd circle of people who really made it into the american foreign policy they changed the american position on china why do you think it to get them merican officialdom so long to actually take a stance on that and you finally consider the consequences they cannot make consequences of the political or geopolitical illusion waits and no brainer right american and chinese economies are so closely intertwined one level with talk of both conflicts in the united states and china at another level everybody understands that a really really serious conflict between those two nations would be extremely damaging for the entire world so they're aspiring they demand does not have to be a conflict my point is that and i think pillsbury makes it also in his book that the united states could have been more reserved in terms of a transfer in technology in terms of trading with china and i think you're also making the same point in one of your articles you actually called the nixon deal with china the big

point of order, mr nigel dodds. thank you, mr speaker. only proposition that has ever had a majority in this house is the brady amendment. that is a fact. whatever members may think, whatever they may say, that is the proposition that has had a majority in this house that could allow the withdrawal agreement to go through. and as chancellor merkel visits the irish prime minister this thursday, can i say that there is still an opportunity for the prime minister and the government to prosecute the issue which has bedevilled her withdrawal agreement throughout, the backstop. and that if still needs to be addressed. if it is addressed, then we can be in business. point of order, caroline lucas. looking at these figures, i would like to reinforce the comments from the right honourable member for twickenham. i regret what the honourable member for grantham had to do, but if you were to link to his proposal the opportunity to have a public vote, we would have a huge majority in this house. the idea that we would avoid doing that for fear of the

it led to is working with both senators dodd and congressman break to craft what became the consumer financial bureau in those terms. a lot of opportunity to hear from people as we go through those challenge and as words sitting with the lawmakers to craft some protection that will help everyone as we move forward. >> thank you for coming and offering your expertise. a lot to think about from the speech. i believe there is a high degree of interest given that it's a relatively new agency. we have a new director to learn about where we may be going in the years and months ahead. what jumped out to you the most is the most significant thing that the director has said both in terms of what may be that is most significant and was the biggest departure for how things are. >> to me, the most important thing is she is looking forward. was the future, where is the agency going to go from here. i've worked closely with people at the agency through a director and acting director. i think that each had their strengths, each had their weaknesses. the benefit frankly for director cranor juror of

its position at the same time many of his regulatory views were about to become law and the landmark dodd frank legislation which bart helped to write. but also brought a unique mix of inside an outsider perspective washington savvy and personal principle to his work in washington and we must also mention his enormous intelligence which he skillfully applied to enormous and complex financial instruments and systems bloomberg c n.b.c. and the financial times were among the business outlets that reported on his passing and recounted his impressive career in their report national public radio noted one aspect of barge persona that we hear in the office knew well his love of rock music n.p.r. also told us something we didn't know before part played piano want to band called shades at the age of thirteen they reportedly wore sunglasses at all of their concert concerts had the name and most of those performances took place in the chilton family home park of course peppered his. terry's in speeches to financial audiences with allusions to his favorite songs and artists tom petty a young boy who

we put dodd-frank regulations on .ome of the community banks david: that is really helpful, congressman time. i appreciate it. --x: still was a sunset, still with us on set, binky chan dha of deutsche bank. guest: i am long and overweight financials. the way i would put it is, number one, it is by far and away the cheapest sector in the .&p, and number two, our rates we've hade first time a scare in the economic recovery, and my baseline view is that's what it was, growth scare. we should turn back up. alix: do you have to have a steeper curve? do you have to have higher rates for that conviction? guest: for banks, no. theuld argue that it is rate that matters, not the yield curve. i would argue take some of the k-sensitive s, and there is a very clear relationship with the level of rates rather than the yield curve. take the other end of the spectrum, take the financials, and the relationship is really much more with the level of yield rather than the slope of the yield curve. it is sort of the market price rather than the margin. keep in mind, the financials do a lot of things tied to

at the challenges and problems evident after the downturn that led to us working with both senators dodd and congressman franks to craft what became the consumer financial protection bureau and the cfpb in those terms. we had a lot of opportunity to hear from people and sitting with the lawmakers to begin crafting some protection that would help everyone as we move forward. >> thank you so much for coming and offering your expertise. obviously, a lot to think about from the speech. i think there's a high degree of interest giving this will be a real thetively new agency. we have a new director, a lot to learn about where we may be going in the years and months ahead. what jumps out to you the most as the most significant thing that director said in terms of what may be the most significant and the biggest departure from things previously? >> to me, the most important thing is that she's looking forward. what's the future? where is the agency going to go from here? i have worked very closely with people at the agency through a director and an acting director. and i think that each had the

in this reality not accepting cash payment is systematically excluding segments of the people who dodd no meet age requirements for credit cards. this legislation say its a as a city, we must remain vigilant ensuring economy is inclusionary and accessible to everyone. the purpose of this article to ensure all city residents including those who lack access to other forms payment are able to participate in the city's economic life by paying cash for many goods and services. this legislation -- when i took this, supervisor, brown, i started reading article about it. two years ago in the "wall street journal." i start doing some research and i found that in 1978 the state of massachusetts banned businesses from not accepting cash. 1978. just three weeks ago, i was happy to see and also dismayed to see that the city of philadelphia beat us to the punch. the city of brotherly love said how can we be the city of brotherly love. that statement is exactly what this legislation is about. it's about equity, it's not about creating a new surcharge on business. it's not about punishing business. su

. >> look at how they try to fix the past crisis, the very guys that were in charge, dodd and frank, they are put in charge of something they never saw coming. right now this administration has been good to this economy as far as tax cuts, but also, black cloud on the horizon are due to this administration, perhaps this gets work out with china or europe, that is a serious issue in the economy, we can't afford for the trade war to be ratcheted up. david: ken starr fears in mueller report will not be fair and balanced. he will join us to explain that. and more on what we can expect from the report. >> but first 2020 hopeful beto o'rourke coming under fire after a student questioned the lack of money he is giving to charity, we have the tape and wait until you hear beto's excuse, that is next. ♪ limu emu & doug what do all these people have in common, limu? [ paper rustling ] exactly, nothing. they're completely different people, that's why they need customized car insurance from liberty mutual. they'll only pay for what they need! [ gargling ] [ coins hitting the desk ] yes, and they

minority hiring, lending in underserved communities, whether the banking system is safer, how does dodd work. host: here is maxine waters from her opening statement. maxine waters: over the last 10 years, bank of america has paid fines and j.p. morgan chase has fines,3.7 billion in citigroup has paid $19 billion in fines, wells fargo has paid $11.8 billion in fines, goldman sachs has paid $7.7 billion in fines. morgan stanley has paid $5.4 billion in fines but it appears that have treated those finds as simply because of doing business. bring ine mega banks massive profits, since the profits they have collectively made over $780 billion in profits or nearly five times the amount they paid in fines. despite the compliance failures under their watch, no one has made out better than the ceos, one made as much as $30 million per year and another with 486 times the amount a median employee at the bank is paid. it will be profitable for the banks to swindle consumers, investors, small businesses, if no one will hold them accountable. as policymakers, we must evaluate what it would take to rei

dodd-frank says you can contest a designation, so we stuck to our guns and said we will do it respectfullyour reputation was enhanced, and i would encourage if regulators overstep their legal bounds -- and regulators are human. they can make mistakes. you should assert your rights for all your constituents. erik: be bold. guest: yes. erik: it is a delicate balance between the safety and soundness of the financial system and profitability, a return on equity, which you owe your shareholders on the other hand. is this administration doing a better job than the last one? guest: i think this had administration has gotten the pendulum back towards the middle. particularly in banking and shadow banking. .e saw the pendulum swing hard let's over regulate. we can always adjust things later. the problem is you might be out of business before the adjusting if you don't push back, and that was our decision. erik: where do you stand on the debate over interest rates right now? the president and some other people want interest rates to be lower, but low rates are terrible for the insurance industry, no

i recalled a conversation i had with catherine dodd a while back. she mentioned to me another type of needle that once used, it would anthony be -- without predict anybody. >> they are retractable needles. when know retract, they can continue to hold on contain some of the drug. they aren't fully effective for people who ic use spirings. it prevents use of a new syringe each time. they are not useable. we do need -- we've been using this other type. >> supervisor stefani: thank you. >> chair fewer: could you tell me how many syringes are distributed annually? >> in 2018 it was 5.8 million syringes. that seem like a large number. it's important for us to think about when you look at the number of people who inject times the number of syringes they need. it's probably around 11 to 12 million that would meet the need. we're somewhere in there hoping to meet their needs. >> chair fewer: how many syringes do you collect? >> we're at about 62% return and that includes returns through syringe programs, kiosks and cleanup program. we need to improve on that

dodd-frank says you can contest a designation. we stuck to our guns and we did so respectfully. our reputation was enhanced. i would encourage other ceos, if regulators overstep their legal -- legal bounds -- then you should go forward and a certain you're right for your shareholders, customers, employees, for all of your constituents. vonnie: that was erik schatzker with steven kandarian. financep, canada's minister will join us live. we are talking all things trade and brexit related. that is next. this is bloomberg. ♪ with i'm mark crumpton bloomberg first word news. president trump says the 2020 census will be meaningless if it does not include a citizenship question. the administration moved to add the question to the census but it has faced opposition from democrats who are gay it would make immigrants less likely to respond to the constitutionally mandated tally, and render it less accurate. in a tweet today, the president said a census without the question would be a waste of billions of dollars it cost to put it together. the administration is preparing for what it says

chief the human resources, daniel, melissa dodd and miyoung li. and chief financial officer and our budget manager jennifer schuster and annalist, cali wang. we'll hear from mr. edelman and followed by a presentation by our co chairs on the committee's work during the year. commissioners should have received a copy of the audit prepared and as well as a printed copy of the presentation. i'll pass the microphone to mr. edelman. >> thank you, very much. good evening, commissioners. my name is nathan edelman, i'm the financial auditor for the directs. what you have in front of you is two opinions. i want to just direct your attention to one page of the report in particular. actually, if you look at the two reports, the report labeled independent ought t auditor repe last page of that report lists out specifically the scope, the methodology and results of the procedures that we did. i'm not going to go into all the details. i met with the q.t.a. committee and citizens oversight committee and we did go over the report in much more detail. the scope is

she organized support campaigns for the dodd/frank act to reign in the predator system, now she is ator of her local women march, she was featured in glamour magazine. glamour magazine, y'all, for her organizing work around the fight to repeal the aca. she has organized airport protests against the muslim ban, organized her city to achieve sanctuary city status and most recently she organized for the fight for 15 and paid family leave. rachel, we are happy to have. >> you thank you, rachel. you said you were in glamour magazine you touched your hair, something i really can't do. i don't know if i have any chance of being in glamour. >> you're missing out. >> i save a lot of money on product, though. >> true. thank you for being here today. >> thank you for having me. >> i wanted to let you know that i am very much looking forward to the 2020 elections. >> yes. >> and beyond. >> yes. beyond is really important. >> yeah, there are some big beautiful progressive ideas being put forth from green new deal which addresses income equality while addressing climate change. that's something i

they profile us to understanding when we are going to dodd drant on.ct what we are going to buy next and do next so that they can sell that to an advertiser. how about doing that offer us as a community if all these things add up and you know someone historically hateful online and it might now rise to violence or insight violence. doesn't that -- can't you use those same al lori themes rather than wait for the world to say that was a problem, wasn't it? he killed the two people at that event. ainsley: do you know for sure they are not doing that? >> we are not seeing the results. we are not seeing the results of it. look at new zealand, if they are using it and they could use this guy in new zealand or, i mean, we could go to historically through a number of cases where people have gone outright in advance of their hateful, criminal activity and said i'm going to do this. i'm going to do this horrible thing. well, have they just used that algorithm to flag that in advance, perhaps local police at that time could have intercepted. i'm just asking. it's

but your point is that, yeah, they are too big because dodd/frank made them too big. >> right i mean, -- they were different executives, but same sort of representational set of banks -- testifying before the committee in the midst of the financial crisis ten years later, what's going on what's the nature of this hearing today? what is the legislative purpose? i think that's a head-scratcher. our markets are strong our institutions are strong. we've got headwinds globally the imf report of reducing global growth is problematic the question of brexit, the issues of chinese debt, these things are significant but the real significant question today is the nature of dodd/frank these institutions are bigger because dodd/frank required them to be bigger, and we have fewer banks now than we did precrisis, driven largely by regulation so it's a result of their policies they put in place, the democrat party agenda, that is the full culmination of this hearing today by which they're going to beat these companies up for complying with the law that the democrat party got through the house and the