i did want to share some news with you on dodd-frank. it's obviously a very big law, so i won't be able to cover the full waterfront. but we did want to talk about a few areas and provisions that are sort of topical and ones that i think are very important. one obviously is too big to fail -- ending too big to fail. this is certainly my signature issue when congress was to returning dodd-frank. you know, i went to the crisis having to do things i didn't want to do in terms of dealing out and supporting institutions i thought it been quite poorly managed. we just didn't have the tools they need to turn the crisis with the information to do with the situation in any other way. a big part of the problem with the resolution authority only applied to ensure banks. so much of this is occurring outside of ensure banks. i think one of the lessons -- the historical lessons of this crisis is after the s&l debacle in the banking crisis in the early 90s, congress really tighten up in regulating insured banks, as they should have. a guy pc in stronge

dodd/frank. >> dodd/frank obviously is a disaster. sarbanes-oxley which was done by the republicans, it cost $1 trillion, too. let's repeal that, too. >> i'm shocked the house republicans haven't repealed dodd/frank. ought to do it now and repeal sarbanes-oxley now. >> dodd/frank, come on, who needs it? 2008 wasn't so bad sarbanes-oxley, we don't need that either, we're good. republican front-runner, himself, mitt romney proposed repealing dodd/frank and proposed modifying those post-enron rules, the sarbanes-oxley act. president obama and democrats are trying to make this next election season, the president's re-election effort about the republican position on wall street. mr. obama hammering home in almost every speech now the republican position, the republican plan is to hand the keys back to wall street and let them start driving the country again. >> their plan says we need to go back to the good old days before the financial crisis when wall street wrote its own rules. their plan says, let's go back and let wall street do exact

i did want to share some news with you on dodd-frank. it's obviously a very big law, so i won't be able to cover the full waterfront. but we did want to talk about a few areas and provisions that are sort of topical and ones that i think are very important. one obviously is too big to fail -- ending too big to fail. this is certainly my signature issue when congress was to returning dodd-frank. you know, i went to the crisis having to do things i didn't want to do in terms of dealing out and supporting institutions i thought it been quite poorly managed. we just didn't have the tools they need to turn the crisis with the information to do with the situation in any other way. a big part of the problem with the resolution authority only applied to ensure banks. so much of this is occurring outside of ensure banks. i think one of the lessons -- the historical lessons of this crisis is after the s&l debacle in the banking crisis in the early 90s, congress really tighten up in regulating insured banks, as they should have. a guy pc in stronge

i did want to share some news with you on dodd-frank.it's obviously a very big law, so i won't be able to cover the full waterfront. but we did want to talk about a few areas and provisions that are sort of topical and ones that i think are very important. one obviously is too big to fail -- ending too big to fail. this is certainly my signature issue when congress was to returning dodd-frank. you know, i went to the crisis having to do things i didn't want to do in terms of dealing out and supporting institutions i thought it been quite poorly managed. we just didn't have the tools they need to turn the crisis with the information to do with the situation in any other way. a big part of the problem with the resolution authority only applied to ensure banks. so much of this is occurring outside of ensure banks. i think one of the lessons -- the historical lessons of this crisis is after the s&l debacle in the banking crisis in the early 90s, congress really tighten up in regulating insured banks, as they should have. a guy pc in stronger

and so deregulation has not brought us a whole lot and in terms was dodd-frank bill. voleker proposed a 10-page rule. but the lobbyist. >> surprise. >> it is a rule. >> okay, mark. >> that always happens when you proposed new regulatory systems like dodd-frank which is 200,000 pages of regulations and it becomes 10,000. >> the issue is not rule it is shortage of enforcement and ben bernanke said of dodd-frank. we can't figure it out. it is way too complicated the impact. the president's own job council said rules are a problem. and looking at the red tape that small businesses have to contend with. look at 1099 rule to report good and services for small businesses of $600 and up. the city of milwaukee. you have to get a license to go out of business in milwaukee. day care in massachusetts your children have to brush their teeth after lunch. it is red tape that is strangling business and hurting job growth. >> i go back to the small businesses and they know best what is hurting their ability to grow and hire. >> i will not argue the fact that regulations have a larger

dodd/frank means while. they declared war on this, but i want people to understand what they are fighting. >> first it creates an independent consumer bureau, which elizabeth warren helped with. up to that bill, if you had a complaint against the bank, the regulator always decided it, and the bank won. we set up an independent consumer -- we made illegal the kind of loans -- we want to help responsible home ownership. we outlawed those. we did -- well, derivatives, we had this whole business with these obscure and arcane derivatives, the aig got in trouble. we regulated them for the first time. you now cannot go in and do that. we had problems with cities that went into these deals that wound up getting taken, and we've now said if you're going to be an adviser to a city, you have a fiduciary responsibility, you have to take that city's interests into account, not your own financial interests. >> so let me sku summarize my way. if i were to draw this graph, which i just did it, because i wanted to be clear o

. >> rose: that goes much further than what we have now with dodd frank? >> because we have allowed for trading accounts. >> rose: would you have preferred to go further like seeing gehl did? >> i would prefer to go where we went, but if they are going to complain that that is too complicated and make it simpler, we can make it simpler, by prohibiting everything. >> rose: but by becoming more complex doesn't it become? how weighted down? >> i think you accommodate these things after long. they will get used to it and it will be okay a lot of this is definition, and they have got a lot of rules, for instance, a lot of proposals for recordkeeping, now, that is outside of the rules, recordkeeping, that's the thing you want comment on, is there a better way of doing this? a simpler way of doing this. >> but the idea you have to keep records of the tding you are doing, it can't be negated. >> rose: will consumers and the economy be safer because of dodd prank? the financial reform enacted since barack obama became president. >> yes, my answ is unambiguously yes

but he directs his bank and his people to raise money and he's very mad about dodd frank and doesn'tthe general direction of the economy and i told you this before, i think that wall street with 70-30 to obama last time and this time at least split if romney gets in there or might see a little more. >> neil: ben stein, what do you think? is that going to happen? >> i think romney has made himself the darling of wall street. he is a wall street guy. and i don't see any reason why wall street should like obama? i mean, obama is a likeable, pleasant guy, but he is's come down hard on wall street every chance he can. wall street should realize who their friends are, obama is not one of them. i'm not sure they deserve any friends, but certainly, mr. obama is not their friends. >> neil: i want to disagree with ben to this regard, he he might bad-mouth them, but as far as financial reform he's covered their heinies and more friendly than the rhetoric would suggest. >> i completely agree with you. >> neil: really? let me change that (laughter) >> okay, go ahead. what did he was it continue t

that's the bill known as dodd-frank. the committee chaired by barney frank for the entire time that dodd frank was under discussion. i opposed that. i knew how bad it was going to be because what it's done is it's attacked credit for businesses. it dried that up, but it's also made it almost impo impossible r people to get a housing loan. part of that problem, like you said, is when people's houses go underwater, in other words, they owe more than what it's worth. then the banks don't want to refinance. that's dodd frank at work. we have president obama to thank for this very bad law. we need to let the free market work and if the free market can work, this thing will right its own ship. remember, we're two years into a recovery, and we're continuing to rack up 1.3 billion in debt every year. trust me. this will turn around very, very quickly. it will make people's head swim how quickly we can turn this around if we send a signal that we're going to bring some sanity and normal see back into the economy. >> we don't have

too big to fail is still, but dodd-frank, that could be, but their bottom line has been helped. >>reporter: i don't think they like the image. >>neil: what changed? what changed? >>reporter: ground zero of the change when he used "fat cats," on "60 minutes," after scott brown won the kennedy seat in massachusetts and he ramped up the warfare rhetorics and they are related to that rhetoric and the focus is not good for anyone, particularly for them. >>neil: charles gasparino, thank you, you are the best. and massachusetts congressman says that for the president, it could be a badge of honor. congressman, you thing all of the veterans are losing this crowd? ing some, he will lose this and gain others, wall street, unfortunately or unfortunately is not all of america but a portion of america, that happen to be more wealthy than the average american and that group in general has attended to be republican. >>neil: but the group in general went overwhelmingly for president obama. so, obviously something has changed, mr. obama it was the rhetoric, or, maybe, something more lasting. wha

that is my first problem with dodd-frank. my second two problems with dodd-frank -- dodd and frank.is not complicated. [applause] they were the same to did not do their jobs the first time. now they want to write legislation the second time. we have to repeal that, abolish dodd-frank. we have to abolish all these regulations that this administration is pushing down the throats of american businesses. with all these crises, let me give you some good gains. -- some good news. we can fix them, folks. time does not permit for me to go through my solutions for every one of them, so let me use my remaining time to illustrate how i approach the problems. let's start with foreign-policy. my foreign-policy philosophy is an extension of the reagan philosophy. [applause] my philosophy is peace through strength and clarity. we must clarify who are friends are, clarify who our enemies are, and stop giving money to our enemies. [applause] as we clarify who our friends are, tell the rest of the that' who are our friends we are born to stand by so they will note not to mess with our friends, led th

>> are you talking about repealing obama care. >> dodd frank. >> dodd frank and that's the bill i call the jobs and housing destruction act. that's what is happening right now. the problem with dodd the frank is that it drives costs up for the consumer, costs up to get loans for purchasing a house, loans from a bank. it drives up the cost of loans for business person, for their business. we just saw recently that bank of america was increasing their debit card fee by $5 every month. that's infuriating americans. we'll see the same with atm fees because when the federal government intervenes and has the banking, the insurance and the bank holding companies now become behold on the the federal reserve and the sec, rather than being able to compete against each other, that means the costs will go up for the consumer, not go down. i want life to be better for the average american. and it would be better if we would repeal dodd frank. >> we have news on bank of america later in the program on that atm fee. i want to ask you about something, congresswoman. you have been consistent on social

. >> do we need dodd/frank? i will get rid of it if i'm president of the united states. >> we ought to come back and repeal the dodd/frank bill that's killing the health care industry. >> dodd/frank is strangling the small community banks across america. it needs to be repealed. >> we cannot go forward with dodd/frank. >> well, welcome back to "hardball." that was the latest web ad from the democratic national committee and it plays almost directly on the anger that we've seen over the past couple of weeks, of the people occupying wall street, those protesters out there. well, today "u.s. news & world report" reports says this news ad is the beginning of a concerted effort between the obama campaign and state parties to link presidential candidates to wall street, make them the bad guys. my question is, can president obama get ahead of this movement and lead it? does he want to? let's start with that "want to." dana milbank is a columnist at "the washington post." dee dee myers is a model, no, she's been on a lo

ahead of dodd-frank. but you're right, that without foundation which didn't solve all our problems, dodd-frank did not go further and let this fundamental challenge of fixing the housing financial system. that's still ahead of us. what are we trying to do. want to set up a framework where private capital, private investors, the private system plays the more dominant role in housing finance once again, and that we gradually phased and the governments role to a more limited, more targeted, more sensible role. for that to happen, we need to have a clear set of rules in place across the securitization markets, clarity on the amount of capital you have told against a mortgage loan if you're a private institution and we need to gradually wind down the exceptional measures, exceptional expansion of fannie and freddie and the fha rules that happened in the crisis as private and capital withdrew. as we lay out a comprehensive set of options, proposals, objectives last february, we are in the process of designing l

>> are you talking about repealing obama care. >> dodd frank. >> dodd frank and that's the bill i call the jobs and housing destruction act. that's what is happening right now. the problem with dodd the frank is that it drives costs up for the consumer, costs up to get loans for purchasing a house, loans from a bank. it drives up the cost of loans for business person, for their business. we just saw recently that bank of america was increasing their debit card fee by $5 every month. that's infuriating americans. we'll see the same with atm fees because when the federal government intervenes and has the banking, the insurance and the bank holding companies now become behold on the the federal reserve and the sec, rather than being able to compete against each other, that means the costs will go up for the consumer, not go down. i want life to be better for the average american. and it would be better if we would repeal dodd frank. >> we have news on bank of america later in the program on that atm fee. i want to ask you about something, congresswoman. you have been consistent on social

ahead of dodd-frank.but you are right, but with that foundation which didn't solve all of our problems, dodd-frank did not go further and layout this fundamental challenge of fixing the system and that is still ahead of us. so what are we trying to do? we want to set up a framework where private capital, private investors, the private system plays the more dominant role in housing finance once again and that we gradually phased down the governments role to a more limited, more targeted more sensible role. for that to happen, we need to have a clear set of rules in place across the securitization markets, clarity on the amount of capital if you are a private institution and we need to gradually wind down the exceptional measures come exceptional expansion of fannie and freddie and the fha's rule that happen in a crisis as private capital withdrew. as we lay out a set of options, proposals objectives last february, we are in the process of designing legislative proposals to present to congress. academic exp

dodd frank does to financial services what obama care does to health. is, if you repeal it, you help small banks, small businesses, home owners, you begin to bring back up the price of home ownership so people have their investments back. a no single step would start the economy more rapidly than repealing the dodd frank bill so my goal would be to-- even before i'm sworn in to work with the new congress to get things done so i could start signing on the first day. >> mike: a lot of people would agree the dodd frank bill has been absurd and it's punished good banks because of a handful of really big banks that misbehaved and that's got to be a good thing and i've got to run on. this is another issue you've talked about is bringing the courts back under the constitution. i want you to talk to me about what you mean by that. >> well, again, the paper we just published which is at newt.org and i outlined yesterday at the voters value summit, or the value voters summit, rather, the house and president have a right to correct the supreme court when they're w

although we did pass dodd-frank. >> in just over two weeks the dodd-frank law will be a year old, and we're not really any closer to fully implementing it. >> the stuff that would have addressed the fraud, too big to fail, derivatives, from almost all of those measures were either rejected outright or watered down to near meaningless. >> an estimated 400 regulations to be written, just 38 are complete. >> jon: and those 38 were the easy ones -- no spitting, don't take your [bleeped] out before 5:00. you know what, if the people who were supposed to fix our financial system had actually done it, the people who have no idea how to solve these problems wouldn't be getting [bleeped] for not offering solutions. while we all fight, the real victims, as always, continue to suffer. >> i was in boston this weekend, and they had "occupy boston." there were 1,000 people. >> you were protesting? >> i was just driving by. i was trying to get to supper, and 1,000 people were between me and a steak dinner. >> jon: steve doocy reacting to the revolution. let me [cheering and applause] >> jon: welcome

no single step would start the economy than repeal the dodd frank. i would orchestra and work with the new congress to get things done so i could sign them on the first day. >> i think most people think that the dod frank bill punished the good banks because of a handful of big banks that misbehaved and that is a good thing. i have to run on this, this is an issue that you talked about. bringing the courts back under the constitution. i want you to talk to me about what you mean by that. >> there is a paper we published. newt.organd i out lined the value voters summit. the congress and the president have every right to correct the supreme court when it is wrong. the supreme court's only supreme in the judicial branch. it is not supreme over the president and congress. there is a number of step to take. there is a judge in san antonio who issued a ruling that opportunities couldn't pray on the graduation or say the word prayer and invocation and couldn't ask the audience to stand or mention god and this judge said if they do, he will lock up the super

let me start with some of the thoughts expressed on dodd- frank. i think the dilemma that we are heading toward, we have put in place with dodd-frank and enormously complex piece of legislation. i did not support it. now, the rules are coming out and it is just a massive amount of injection of new systems, new rules, new requirements for the financial system. at a banking hearing some months ago, a concern was expressed by senator johnson and others, actually, and the whole issue was how it is this going to be harmonized internationally? deputy secretary wall and said we are working closely with our g-20 partners to make sure we get our regimen networks worldwide so we don't have new opportunities for arbitrage. we are concerned about you end up with his u.s. system and then our capital flees because why deal with this if you can find less resistance in singapore or a g-20 country? soon after that, i am reading an article and i probably will butcher his last name but michael grenier of the european union said this. we don't support the same approac

of 1.8 trillion dollars every year in compliance with regulations does not even include dodd-frank.es not even include obamacare. that is one thing you need to know. i will not rest until i could also collect 13 more like-minded senators to go with me to washington, d.c. so we have a 16-seat filibuster- proof senate so we can appeal obamacare. you have to have 16 senators. i am an extremely hard-working woman, and nancy pelosi mainly one of her top targets to beat, and i decided she would not be in, so i raise more money than any member of congress in the history of congress with an average donation of $45. it was a movement. that is the movement i want to take to the white house as well. we do not need to have special interest money. there are enough of us that we can do this thing. do not worry about barack obama having $1 billion. he is going to need $12 billion, and that is still not enough to get him elected, because i go all around the country, and people have made their mind up. barack obama and will be a one- term president. i did not take it for granted. i do not take it li

and then one thing about the regulatory, obviously this is a big issue the dodd-frank and your previous answer. i wrote you a letter and you responded to it, and i appreciate that about what type of regular lacelations after the president's executive order one and two asking you to weed out all regulations and streamline, and your disappoint will seek ideas on council members on concrete ways in which they can use the council to improve coordination. i write these kind of letters,, too, but you're really saying you haven't done very much. >> i don't think you're completely right but you're right, we have not done a lot. but well-motivated stuff, protection things, what we generally don't do is go back and look at those when we do the new things to clean up the things don't meet their objectist in the past and it's very important that we do that because we're trying to get a smarter system, and not just pile up on the muck. >> i think my time is up, soimplet >> mortgage disclosure, credit card disclosure. >> in your letter. >> i'd be happy to write you about in the bank secrecy act where

let me start with some of the thoughts expressed on dodd- frank.hink the dilemma that we are heading toward, we have put in place with dodd-frank and enormously complex piece of legislation. i did not support it. now, the rules are coming out and it is just a massive amount of injection of new systems, new rules, new requirements for the financial system. at a banking hearing some months ago, a concern was expressed by senator johnson and others, actually, and the whole issue was how it is this going to be harmonized internationally? deputy secretary wall and said we are working closely with our g-20 partners to make sure we get our regimen networks worldwide so we don't have new opportunities for arbitrage. we are concerned about you end up with his u.s. system and then our capital flees because why deal with this if you can find less resistance in singapore or a g-20 country? soon after that, i am reading an article and i probably will butcher his last name but michael grenier of the european union said this. we don't support the same approach. h

thank you dodd-frank and chris dodd for putting that in place. the government thinks it is doing a wonderful thing when it squeezes on one side. but then the squeeze comes out on another side. that is why the regulatory burden is killing job creation. more than anything else, is the regulatory burden killing job creation. the $1.8 trillion every year in compliance with regulations does not even include dodd-frank or obamacare. that is one thing you need to know. i will not rest as nominee until i can elect 13 more like-minded u.s. senators to go with me to washington so that we have a 60- seat filibuster proof senate to repeal obamacare. you have to have 60 senators to get rid of it. [applause] i am going to elect them. i am a hard-working woman. in my last election, nancy pelosi made me one of her top targets to defeat. i decided just for spite that she would not win. i raised more money for my reelection than any member of congress in the history of congress. i did it with an average donation of $45. it was a movement and a voice that we sent t