does that increase that dodd-frank could be repealed?it increases the odds. >> i think there is a lot of fixes that have to be made. you recall when he was creating it was about taxpayers behind housing. what they gave us was derivative trading among other problems love. [ laughter ] >> there are a lot of these issues that anyone in the public they need reform. you have to fix a lot of these problems that went unaddressed while they spent 2300 pages pursuing their liberal social policies. >> all these congressman think they have legacies and glass eagle, two congressmen lasted for 50 years, dodd-frank is not going to last for 50 years. it will be taken apart piece by piece. >> paul: and it was signed by bill clinton. when we come back. with the approval rating in the single digits, members of congress are battling accusations of insider trading accusations of insider trading but are the charges fair? [ men grunting ] [ male announcer ] great things can come out of sat. ♪ so don't let odor stop you. gillette odor shield. turns odor into f

since the passage of dodd-frank, you have testified numerous times against changes in dodd-frank andt into europe any times to lobby their regularly. in fact according to your written testimony you will be meeting with foreign regulators on thursday. chairman gensler, in all candor, don't you think if you had spent less time protecting your political turf, your regulatory turf and more time protecting customers and overseeing firms like mf global, it's less likely that mf global would be where they are today and the customers money would not be missing? >> senator, i think it is about protecting the american public is what the cftc does every day. prior to dodd-frank and after dodd-frank, it's about ensuring that and users and their customers get the benefit of these markets, lock and a price into what they do well. we are an agency that relies heavily on self-regulatory organizations. we are only 10% larger than we were in the 1990s. >> making you larger does not make you better does it? >> not necessarily. we agreed on that. we have to be more efficient with technology, use the col

does that increase that dodd-frank could be repealed?reases the odds. >> i think there is a lot of fixes that have to be made. you recall when he was creating it was about taxpayers behind housing. what they gave us was derivative trading among other problems love. [ laughter ] >> there are a lot of these issues that anyone in the public they need reform. you have to fix a lot of these problems that went unaddressed while they spent 2300 pages pursuing their liberal social policies. >> all these congressman think they have legacies and glass eagle, two congressmen lasted for 50 years, dodd-frank is not going to last for 50 years. it will be taken apart piece by piece. >> paul: and it was signed by bill clinton. when we come back. with the approval rating in the single digits, members of congress are battling accusations of insider trading but are the charges fair? there is a debate ahead. otter so you really get a good sear and it locks in the juices. surf & turf -- you n't go wrong [ male announcer ] don't miss red lobster's surf & turf

the stated goal of dodd frank was to make sure that the financial collapse of two thousand and eight could not happen again and while the bill did impose regulations requiring largest banks to be able to survive the thirteen percent unemployment rate another twenty one percent drop in home values and if the two percent loss in stock markets did not address the concept of too big to fail leaving the banks larger than ever but if the federal reserve had not kept quiet about the seven point seven trillion dollars in loans totaling half the u.s. economy we might have seen how unsound the banks really work so when dodd frank has been stronger than it is today well tim davis said congress did not want to know the truth they were sucking the cash cow system and barely came had time to come up for a berth for said dodd frank should have been more harsh these bankers need to be sharing a cell with bernie made off now to lawyers said it would have made and it wouldn't have made any difference the majority of congress serves the big banks will putting on a kooky show for the citizens it was int

it is what cftc does every day prior to dodd-frank and after dodd-frank. it is about ensuring users and customers get the benefit of these markets to market a price and do what they do well. we are an agency that relies heavily on self-regulatory organizations. we are 10% larger than we were in the 1990s. >> that doesn't make you better. >> absolutely. we agree on that. we need to be more efficient. technology better. use the collaborative process with other regulators here and around the globe and enter memorandums of understanding having mutual recognition with those international regulators. we are a small regulator that has to leverage off of the self-regulatory organizations and other regulators. i think that hard-working staff at the cftc is there. as chairman i take responsibility for those things that do well and those things that do poorly. i do take responsibility in this job seriously. >> do you believe that the cftc has failed the american people as far as mf global is concerned? >> i am not participating in the matter but let me answer general

though i think the problem i mean there are a multitude of problems that dodd frank and this is just one of them and it's unfortunate that it passed and i think that now they're saying wow we made a mistake passing this and i do you know humans are saying that democrats are all in favor of you know what i expect the consumers and i'm focused on israel i was protecting badgers i think even democrats i see problems with thought frankly i mean why can't can you point to why me i don't really have a major actually on the major actor in dodd frank is this crazy consumerism or fun to work i can grow this bureau protect consumers which is going to as soon as the first director is confirmed it spins out of its incubator state at treasury and then is then moved to the fed which you were citing before when it's at the fed it's virtually immune from crew aggression all unpresidential oversight is not true to see if he is is a creature of congress it's a product we just of household it walk on but even without this. congress but even without this bureau established i'm sad frank place a lot of a

that is what happened to dodd-frank. all these great ideas that came out in the beginning and by the time the lobbyists got done there was literally nothing left at all. it gotten eaten away in last-minute discussions and that is a classic example of how the public doesn't really see how real work gets done. all those things you saw on c-span and arguments on the floor of the house and it disappeared in the middle of the night in those committee discussions which is really sad. >> we had a point in time where they did pass. it is again very fast for now but when they did pass in 1933 they did create a somewhat more stable banking system/economic environment. so again the solutions exist. problem is getting them to happen. [inaudible] >> before that we had one other thing to talk about. thank you to the 10 that museum. we are grateful for going oprah winfrey but one person under their seats has two person membership for that. [applause] >> thank you so much. for such a spirited -- and great questions. spirited discussion.

that they were creating tarp, and they kept it secret from congress when congress was doing the dodd frank financial reform law. >> jon: and that concludes this installment of, how the [bleep] is it that martha stewart went to jail? we'll be right back. we'll be right back. journey across america, i've learned that when you ask someone in texas if they want "big" savings on car insurance, it's a bit like asking if they want a big hat... ...'scuse me... ...or a big steak... ...or big hair... i think we have our answer. geico. fifteen minutes could save you fifteen percent or more on car insurance. >> jon: just so you know the real professor butterscotch is alive. i didn't really squeeze her so hard she turned into a glass siamese cat. anyway, if you have been following the republican presidential primary you notice that the default republican nominee mitt romney spends little or no time doing interviews on the tv where the other candidates are working the sunday news show circuit like a politician running for president. why no one on ones for romney? because he's running a classic political

that they were creating tarp, and they kept it secret from congress when congress was doing the dodd frank financial reform law. >> jon: and that concludes this installment of, how the [bleep] is it that martha stewart went to jail? we'll be right back. (c >> jon: just so you know the real professor butterscotch is alive. i didn't really squeeze her so hard she turned into a glass siamese cat. anyway, if you have been following the republican presidential primary you notice that the default republican nominee mitt romney spends little or no time doing interviews on the tv where the other candidates are working the sunday news show circuit like a politician running for president. why no one on ones for romney? because he's running a classic political gambit call kd the marlin money ster strategy. romney appears only in debate surrounded by money sters. aka the other republican presidential candidates. and instantly voters think that pretty one seems normal. but on tuesday night romney decided to ditch the money sters and sit down one-on-one with fox news brett baier who for no apparent reas

we should be talking about strengthening dodd-frank, not weakening its. the refinement of firm bankruptcy's over a three-year bankruptcies a- -- over a three-year period is not something that should be repeated. wall street, not content to sully its own reputation, is now violated the supreme law, which is protection of customer funds. the futures industry helps farmers and manufacturing companies and a host of other companies mitigate risks so they can go on growing and making things that make this company -- this country run. we need to get to the bottom of what happened to restore the confidence that has been greatly shaken. we cannot let one countries succeed in undermining an industry that has operated safely -- that one company succeed in undermining an industry that has operated safely for decades. do we blame the police officer in the day after our house it's broken into? of course we do not -- the day after our house gets broken into? of course we do not. if these members had their way, the commission would get even less funds than they do now. t

this helps a lot by the amendment to dodd-frank. since they put a floor under the amount of capital, it delays a lot of the concern is that i have. they have standards for the largest institutions. dodd-frank calls for a stress test. the former provision approach will be implemented next year. at the beginning of this year is starting a gang, we will be running stress tests on the institutions as part of our annual capital review. i think there is a lot going on in dodd-frank. we are making progress. i want to remind everybody of the centrality. >> please be seated. >> the change the regulatory lending. they have a whistleblower program. they have the authority of a credit rating agency. in the month since it passes, we have made six of the gatt process. of the more than 90 provisions, we have adopted rules for over 3/4 of them. as i have noted, our efforts are informed by substantial efforts. commissioners and staff have participated in working group meetings, conducted seven public tables, dealt with hundreds of interesting groups

this is the dodd-frank wall street reform consumer protection act. 2019 pages.pposed to protect us while allowing lending. will it? go back to our ceo's banker bob allen and bob whalen who prospered by borrowing money . these are not mean people who do does this protect us? >> no. it was supposed to be a systemic risk of too big to fail. no, it didn't touch that and only people they're slapping down. the bankers are on main street and not the ones that caused the problem. stop systemic risk too big to fail and protect the consumer. as you read that. it is not accomplishing that either. law of unintended consequences. >> what is scary about this bill, if you want to control the economy control the allocation of credit. that determines what gets built. what i think the administration is is stages. they want to control them in the back room and if it goes wrong blame the bankers. >> slap the kid in the back seat. the one that is quiet rather than the one that is raising cane. >> they don't know legal or not. >> i think you ceo's have done a lousy job. here's one mo

this is the dodd-frank wall street reform consumer protection act. 2019 pages.lowing lending. will it? go back to our ceo's banker bob allen and bob whalen who prospered by borrowing money . these are not mean people who do does this protect us? >> no. it was supposed to be a systemic risk of too big to fail. no, it didn't touch that and only people they're slapping down. the bankers are on main street and not the ones that caused the problem. stop systemic risk too big to fail and protect the consumer. as you read that. it is not accomplishing that either. law of unintended consequences. >> what is scary about this bill, if you want to control the economy control the allocation of credit. that determines what gets built. what i think the administration is is stages. they want to control them in the back room and if it goes wrong blame the bankers. >> slap the kid in the back seat. the one that is quiet rather than the one that is raising cane. >> they don't know legal or not. >> i think you ceo's have done a lousy job. here's one more sample. talk about regulat

that's why i think we should tread very cautiously before rolling back dodd-frank's protections. given what happened here, we should probably be talking about strengthening dodd-frank, not weakening it. three big financial firm bankruptcies over a three year period is not atrack record that -- a track record that should be extended. in the 2008 crisis, futures markets continued to function smoothly. when lehman failed, their regulated commodity accounts were transferred to other mother chapters with no disruption. wall street not content to selling its own reputation, violate the supreme law, which is protection of customer funds. the futures industry helps farmers, manufacturers, energy companies, and other industries mitigate risk so that can go about growing, producing, generating, and making the things that make this country run. we need to get to the bottom of what happened with mf global as quickly as possible in order to restore the confidence greatly shaken as the chairman indicated. we can want let one company succeed in underminding an industry that operated safely for

i'm trying to understand, on the one year anniversary of dodd-frank, on july 20th you conducted a series of meeting with the cftc. >> i had two conference calls on those days. >> i have you down according to the records, you had a meeting at 1 p.m. on the phone with mr. gensler, at 2:15 you had a meeting with ms. summers on the phone and at 3:30 the third with the commissioner, mr. childers. can you describe the toib -- topics of those calls? >> to my recollection, i was on the phone with chairman gensler at 1 and commissioner chilton at the time that you brought forward. and, again, as we have suggested in both written and in my response to questions, primary subject of that conversation were repos between the broker dealer and the scm. >> three separate meetings according to cftc with three separate commissioners that you participated in. did you have any separate calls or conversations with mr. gensler when you took the job at mf global to the present time? other than what you've indicated? >> to the best of my recollection, you have my calls, my meetings. >> okay. >> outlined. >> you

prior to dodd-frank and after dodd-frank. it is about insuring that uses and their customers get the benefit of these markets, locked in a price, and do what they do well. we rely on self regulatory organizations. we are only 10% larger than we were in the 1990's. >> making the larger does not make it better, it does it? >> we agree on that. we have to be more efficient. use the collaborative project with other urbanization, having mutual recognition -- with other organizations, have the mutual recognition. the hard-working staff is there and i do take responsibilities for those things that do well and those things that do poorly. i do take responsibility and this job seriously. >> do you believe the cftc has failed the american people as far as mf global is concerned? >> let me answer it more generally. >> answer it specifically. >> when our legal system says to segregate funds, it means to said it funds. customers need to be able to rely on that -- it means to segregate fund. customers need to be able to rely on that every

the dodd-frank was a very tough vote. the vote yesterday was fairly close. it comes down to republican gains in the recent election. host: what was senator brown's argument for supporting him? guest: his argument was the fundamental issue. he believes consumers should be protected and they should get the opportunity to begin their work. if it is worth noting he is running in a tough reelection campaign against a woman who is largely credited with coming up with the idea. host: roy, republican of line, good morning. caller: part of what president obama said in his conference yesterday was the reason why he needs this nominee. if it is because others were not doing their job. that pretty much says it is right there. if the sec, the gao, these different agencies are not doing their job, let's just get another agency in there. they will not be doing their job either. they will be under-funded. it just goes on and on and on. i think the sec, the government accounting office, ought to be held for criminal charges for not representing the public. host: we will leav

we already had this debate during the consideration of dodd-frank last year. there were attempts to weaken the cfpb and those attempts were defeated. now the people who lost that debate are taking a second crack at consumers and trying to bring down this bureau. only this time instead of debating on the senate floor, they're hijacking the advice and consent function of the senate. is that really a precedent that we want to set? i don't believe that's what the founders of this great nation conceived when they gave this function to the snavmen senate. i urge my colleagues instead to consider this nominee on his merits. rich cordray has demonstrated that he is looking out for middle-class families. he's looking out for homeowners who have been scammed by mortgage servicers. he's looking out for pensioners who have lost their pensions at the hand of wall street recklessness. he has been endorsed by former republican u.s. senator and current ohio attorney general mike dewine. he is exactly -- exactly -- the type of person we need at the helm of this critical bureau

>> reporter: first of all this was created under the dodd-frank legislation, after the financial collapseicans have opposed it ever since then, saying it is overly restrictive as the legislation in general. in particular they opposed the creation of this consumer financial protection bureau and the way it's structured. what they're insisting on in the senate and the reason why most republicans with two proment nent exceptions voted against moving on to this debate on the confirmation of richard cordray, of course the former attorney general of ohio, now the bureau but they want to elevate him to the top post here but republicans say the structure needs to have tighter oversight by congress, can't be automatically funded through the federal reserve, needs to go through the normal appropriations process, they're basically opposed to the tight restrictions and we've seen the dodd-frank legislation come under attack on the republican campaign trail from newt gingrich, mitt romney, and others. the vote 53-45, one interesting note here, scott brown of mass mass joining lisa murkowski of alaska

would you agree that simply bringing back that wall, which is something dodd/frank didn't do, but would address a lot of what you're talking about? >> it would go a long way to making sure that taxpayers aren't on the hook for what are basically trading speculations, which are what these banks have been doing. i think glass-steagall served a purpose and it was something that when it came apart, you saw the system starting to get much less -- much more out of control, and it needs to be brought back in some form. i don't think the volcker rule itself is sufficient. although it's -- will at least limit the ability of firms to just trade with taxpayer dollars. >> and even paul volcker, krystal, is saying the volcker rule is too complicated -- they turned a rule into 300 pages of incomprehensible regulations that will keep lawyers for the banks occupied for years. but krystal, ask your question. >> yeah. i want to thank you first, michael, for being out there and putting your voice out there, which i think is really powerful. and i wanted to ask you about something that is quite timely. con

and the combination of dodd-frank and obamacare... >> rose: so you'd do away with dodd-frank immediately. >> there are parts... look, our financial services... >> rose: we need some regulations >> of course and some. >> rose: but you want to get on the plane knowing someby... >> of course. and financial services. there are things that have to be done. you have to tell some of these lending institution what is the capital requirements are for various classes of assets. >> rose: and they're rise rising the capital requirements and that's okay with you? >> category by category. >> rose: so that's a regulation that you're saying... >> of course you have to have regulation in a free society. but you need it modernized, updated, not burdensome and its objective is not only to protect us from the bad guys and the bad actors-- important as that is-- it's also to encourage the success of the good guys. you want them to be... you want them to be productive. you want our industries to lead the world. and unfortunately with a dodd-frank over 2,000 page bill new regulations and hundreds of thousands

chairwoman who said it in a hearing about dodd frank and implementation saying if we don't have more resources we're not going to be able to enforce this effect of lee we've seen people say that it's not being funded because republicans don't really want dodd frank to be enforced so there's all sorts of issues and not even to mention the fact that many say that the f.c.c. doesn't force regulations evenly that it may have forced them if you're a small fry that doesn't matter politically a small firm but if you're goldman sachs they're not going to go after you they're hugely politically powerful and that's you know exactly we saw with this recent case against citi group it was citigroup of the f.c.c. were coming to we're coming to an agreement here and the federal judge just threw it out because they didn't even have to admit or deny any wrongdoing they were getting away with that we've seen that also report on how the i.c.c. how the policy where unless a full blown investigation was launched they got to just throw away the paper trail so that there never was a trail created you could

rolling out a lot of people actually say that it's not even that new this is what happened with dodd frank this is what's supposed to go into effect and they still are really giving enough detail. well the reality is these rules are actually pretty reasonable and that's why you saw the financials rallying yesterday after they were announced. there are the same rules that pretty much every global bank is going to have to follow at this point it's not betting against the banks and a lot of this in a in about europe to this is confidence investors see confidence when banks maintain a high capital requirement particularly when you're potentially heading into another recession so i actually think these rules are really positive they weren't some direct form of imposing too much regulation on the banks i actually think this was a good step forward and it's at least something to bring confidence back into the financial sector at a time when when that's still weak and honestly u.s. banks fundamentals are pretty pretty solid right now so you know you see leverage every day that think it's so contra

[applause] two, repeal the dodd-frank bill immediately. the steps raises more jobs. everyone of the steps liberate small banks, moves it in the right direction and again i do think you need some health reform right after you appeal obamacare. i think we need to reform some financial services right after re-repeal dodd-frank at this big government centralized bureaucratic system is guaranteed to be corrupt and is guaranteed to be wrong and it is crippling the american economy. now a couple more steps. we need to replace the environmental protection agency with a brand-new -- [applause] we need a brand-new solutions agency and when i say replace i mean i would not transfer anybody from the current agency. this is an institution which has grown so radical, so lacking in common sense and so dedicated to crippling american business and dictating the local communities that it needs to be replaced by a commonsense, practical organization that takes into account economics and that focuses on innovation and developing new and better approaches that

considered an abusive practice, they can find em $1 million a day going back to the passage of dodd-frankre than $400 million in fines. the fact that the fines can be so large makes them abusive and on reasonae punishment. there is not a criminal situation but that is one good reason for the republicans t take a stand that they did it. for two y years, democrats controlled things in town. they passed the health care bill without t reconciliation. >> fair enough. i have to talk abobout reasonable punishment. is it unfair that thiseek the congressional sffers wereired for things they rodwrote on their personal twitter account?t? they were bragging about how muchhe jack daniel'l's they were consuming while working the capitol. and ey were criticizing thehe congressmen tt they worked for. should private twitter accounts the groundnds for firing? >> of course it is grounds for firing. it i blatant insubordination. >> they got anthonweiner. ii think this is pretty fair. they did the one thing youou are not supposed to do -- make the congressman look bad. >> "i hope you do not mind i i am watchi

i would remind you we have sarbanes-oxley and dodd-frank and this event actually happened anyway. so when we look at the regulatory side of monique to see you know if we had a regulator who weren't doing their jobs, exactly what was the reason that some of the regulators were surprised. the other thing is internally when we look in the corporate structure, what we saw was one person had an amount of authority, mr. corzine. he was the chairman of the board, the ceo of the company and according to some people we've interviewed, the traders of this company. and so therefore are there's no really hairier or higher offer than protecting investors and customers at this time to me. so i hope that we will have a very robust hearing today. and we look forward to hopefully finding some of the answers of these unanswered questions. with that kind out yield to the ranking member, mr. capuano. >> thank you, mr. chairman. that mr. chairman, the obvious question is where is the money? their people a better position for more intelligence than to chase that down. but there's an awful lot of questi

this was the argument when they were debating dodd-frank.gning a law into law means nothing, you keep fighting. >> i don't think it is t-ball for the guy in the bully pulpit because this is another four-letter word to most americans. there was a lot of education that went on at the time this horrible piece of legislation, dodd-frank went through. all republicans said we will put this in place but you need to do something on accountability, make it five people, not one single unelected official and allow it to have the appropriations go through congress so there's some voter feedback mechanism. i agree with alex, one this is funded by the fed, you will never know what's going on. >> they lost -- i thought -- i'm trying to remember back to civics class, after both chambers of congress pass it, the president signs it and then the law of the land as you implement what it says. you create this agency and it used to be conservatives used to argue, no matter who was the presidential election, the president gets his pick. my argument is beyond that.

dodd-frank, sarbanes oxley, and the lack of ability to give options and because of the we regulations litigation, the labor laws that we have. no. we started in 1978, 1979 and we did 2349 have -- not have these problems. >>neil: but you had an economy mired in a recession as bad as things get and you got it going. >>guest: yeah, but america wants to help you. america wanted to let you grow. and things everyone not out there. we did not have this antibusiness we attitude that we have today and it is permeated not only in the government but it is starting in our schools, as well, kids are taught that capital im, and i am sorry i used the word, the free enterprise system is bad. it is not bad. it is like you are afraid to use the term. that is why we started the job creators alliance and the reason was that we wanted business people to be able to go out and talk about not only what the federal government is doing to them, but what local governments and state governments and all the regulations they have to go through and i would hope that someone, whoever is going to be president of the

[applause] two, repeal the dodd-frank bill immediately. [applause] three, repeal sarbanes-oxley immediately. every one of these steps creates more jobs. it lib rates small banks, moves in the right direction. i do think you need some health reform right after you repeal obama care. we need to reform some financial services after we repeal dodd-frank but this system is guaranteed to be crument and wrong and it is crippling the american economy. now, a couple more stems. we need to replace the environmental protection agency with a brand-new -- [applause] we need a brand-new environmental solutions agency. i would not transfer anybody from the current agency. this is an institution which has grown so radical, so lacking in common sense and so dedicated to crippling american business and dictating to local communities that it needs to be replaced bay common sense pracks -- practical organization that focuses on innovation and developing new and better approaches and not punishment and dictating to the whole country. i am for a 21st century fo

dollars, up from two--undred- five million for the commodity futures trading commission to implement dodd-frankepublican piders which woold tighten &ptravel to cuba, bar tte energ fluorescent lightbulbs, aaloo ban abortion funding in washington, d-c. a key house ddmocrat saas hii is the nature of the ame.larson says, "i think all of this is theater. let's b honest about this, i mean this is all theattr. this is done, the machinations, the danne of the here." senior admiiistration offfciaas taae &pthh position nothing getssdon until everyttinn gets done. government funding bill, that has invvlved many compromises and could sttll fall apart is a high-risk gamble. on capitollhill, mike emanuel, foo news. 3 tell marylandds lawmakers you want thhm to help reach a deal to avoid a tax hike. head to com and click on the your dot - voicc taa on the leff side of the screen. p a.../ europp .../ ááafteráá... a... craaed... gunmaan.../ goes onn.. a.../ ppree.43-48 sirens up full full the... wail... of sirenn.../ drown out... the scceaming, .../ mobss..// ááasáá they... ran away... fromma christmas pageant..