the dodd-frank act also required the gao to conduct a study of the asc. in its report issued last january, the gao made three recommendations. first, gao recommended that the asc clarify definitions used to categorize states' compliance with title 11. in response, the asc has clarified the definitions which are now incorporated into all appropriate documents. the asc also drafted revised policy statements that have been approved for publication in the federal register to solicit public comment. the revisions including new findings and definitions to further address this gao recommendation. second, gao recommended the asc develop specific policy for monitoring appraisal requirements developed by the federal financial institutions regulators. finally, gao recommended that the asc develop specific policies for determining whether the foundation's grant activities are related to title 11. staff is drafting policies for asc approval to address these last two recommendations. other asc priorities include fulfilling the authority and responsibilities conferred b

where is all of this found in dodd-frank? >> well, in dodd-frank in section 2 # 72d.y laid out the authority of the agency. for the cftc, there's not a particular provision. we had many, many commenters say can you help interpret the words, what's it mean to have a direct and significant effect on commerce and activity in the united states? i'm roughly paraphrasing, but that's what 772d is. that's what we are trying to interpret. >> what if this u.s. person disagrees it is a u.s. person based on this interpretive guidance that you met as no course of law? what happens then? >> well, we're trying to -- there's the statute that's clear black letter words helping give guidance and put it out to notice and comment. we'll take public comment and i think benefit from consultation with the public before we finalize such a guidance. >> well, if we have letters from five international regulatory agencies saying thanks, but no thanks, we are not a u.s. person, does this still make the u.s. vulnerable to retaliatory regulation or regulatory arbitrage? >> if somebody's not a u.s.

when they pass they did not know what was going into dodd frank. host: talk about some of the criticism that has come down on mr. dodd and mr. frank since the two years. guest: where do i begin. well, senator dodd was a long-time member of the senate banking committee. he was part of the group that did push for to try to deregulate wall street and free up capital. in hindsight whether that was a good idea or not remains to be seen. it's not for me to answer. congressman frank has come under severe criticism by republicans who argue that when there was an opportunity to curb fannie and freddie, he was among the companies most ardent champions. it's a little bit unfair. only because it wasn't just democrats who were supporting fannie and freddie. it was also the republicans and it was also the bush administration, the clinton administration. yes, there were folks who had concerns but the truth of the matter is no one in this town really had enough juice to curb fannie and freddie. that's just is the bottom line. whether democrat or republican. no one

the dodd-frank act were the first significant changes since it was enacted back in 1989. so there has been -- but the dodd-frank act did install quite a few significant changes that we've talked about earlier in terms of the subcommittee's hearing -- >> you think they are actually being carried out effectively? >> yes. we are in the process of na enacting the different provisions that the changes, the amendments to title 11 that were part of the dodd-frank act and we have already made changes in terms of, for example, the subcommittee did not have the authority other than to comment on, but we had no authority during the compliance review process to look at the funding and staffing of a state program. dodd-frank gave the subcommittee the authority to do that as part of our compliance review process. >> my time has ended. the gentle lady -- thank you so much. we'll have more questions for you and i thank you for the testimony today, because maybe it's just my imagination, but i have only met two appraisers. i've had appraisers, more than two homes appraised. i remember mee

nar did not support the dodd-frank language that regulates on two different tracks. exempting some from state registration aggravated the problems. nar believes that all should be registered with state regulatory agencies. limitations of standard form, reporting format, lagging market information, privacy concerns, the funding structure of appraisal programs and a declining number of appraisers. nar is the only real estate trade association able to speak with authority on appraisals andiand alternative valuation products. appraisals are certainly the gold standard for mortgage origination but there is a role for broker price opinions, comparative market analysis and automated valuation models. through our subsidiary, realnra able to provide tools to assist in determining credible home values. thank you for holding this hearing to examine an issue which is paramount to restoring confidence in the u.s. housing market. we are dedicated to the idea that homeown ownership matters. our efforts are directed at ensuring that the dream of home ownership is available to the ne

nar did not support the dodd-frank language that regulates amcs on two different tracks. we believe exempting some amcs from state registration has aggravated the problems. nar believes that all amcs should be registered with state regulatory agencies. additional appraisal challenges include limitations of the current standard forms, reporting format, lagging market information, discrepancies in market definitions, privacy concerns, the funding structure of appraisal programs, and a declining number of appraisers. nar is the only real estate trade association able to speak with authority on appraisals and alternative valuation products. we have long been proactive in ensuring credible valuation of real property for our industry and embracing all-encompassing approach. appraisals are certainly the gold standard for mortgage origination but there is a role for broker price opinions, comparative market analyses and automated valuation models. through our subsidiary, realtors property resource and our valuation committee, nar is able to provide comprehensive data sets and too

a little something called dodd-frank. arney frank and senator chris dodd. it turns two years old this weekend. i shouldn't call it little. the mammoth bill is more than 2,300 pages long. dwarfing previous financial reform. born out of the financial crisis, this was an honest attempt to restore the public's trust in the financial system. now polling suggests that americans are in favor of the law. recent survey found voters support dodd-frank by a 53-point margin. not 53%. 53% more support dodd-frank than oppose it. that is a lot of support for a lot of legislation. has any of this made you any safer? the nation's largest banks -- you know the ones that were too big to fail -- they're even bigger now. they're still making the same risky bets that got us in trouble four years ago. that is something that the dodd-frank volcker rule was supposed to prevent. it is in here. named for former fed chairman paul volcker. the idea is simple -- federally insured banks shouldn't invest their own money to make a profit. but the rule isn

of dodd-frank. for instance, i continue to be concerned about what sort of reach the regulations will have on the agricultural cooperatives especially given that agriculture cooperatives were by no means responsible for the events that led to the financial crisis in the first place. our commodity markets are vital for the farmers' businesses economy had rest of confidence in our system and if farmers have utilized the trading system for decades to help manage risk. the confidence of the farmers, investors and other market participants have shaken first and f global and now while we are here today to discuss the development of the regulations, we have to also make sure that the regulations that we already have in place are being enforced. i know some people will always try to get around regulations for both msm global and the situations cause me concern is perhaps not everything is being done to ensure proper oversight of the brokerage firms. leading in from my first question and has been widely repo

of dodd- frank will be. would you also agree that from a positive standpoint it would be impossible to determine what the impacts of dodd-frank would be? >> agreed, and that is why i do not attempt to quantify what the numbers would be. we have recent evidence of what the status quo looks like, but whether dodd-frank is a perfect answer for that -- >> had you ever operated a small business or a bank? >> no, sir. >> i will go -- but you are a professor. if i came to your office before your semester started and i threw 2300 pages in front of you and said he now had to teach based on this 2300 pages, that would bring some uncertainty to you, would it not? , it depends. is 848 pages, and if i had to teach it tomorrow, but if he told me i needed to teach in the spring, that would be doable. >> you would have to understand what was in it, spend time and energy -- >> i would look at the table of contents and seed which provisions i've wanted to teach. >> i am talking about how you teach and how you interact and mov

is that a fair to say, that dodd franks is hurting the economy? >> we hear it. i hear the same thing that you do. but i have to say, it depends who you talk to. you talk to the u.s. treasury they say bank lending is up 15% since crisis began. that's want evidence that there's a problem there. you talk to other people, macro economists, and they don't really get the dodd frank. they talk about the overall economy, and europe. a lot of people say banks would lend to people, but only to people who don't need money with really great credit. so they're very risk averse. >> i think it's fair to say this is a lolt lot of regulatory clogs, and giving people jobs writing rules. hard to judge that. >> susie: and more rules to come. the one thing that people at home want to know is has the way of dog business in the banks and the financial institutions khiefrjed? as the culture changed? what is the attitude toward taking risk? has that changed? what's your sense? what are you hearing? has the culture changed? >> that's a great question. here's what i was told today. banks

where is chris dodd and barney frank today? guest: he is very proud of dodd- frank. he says there are some provisions he wishes he would have pushed harder for. there are others he said lawmakers got it wrong and that regulators need to -- he has since left the senate and is working for -- it is the motion picture association i believe. he is a champion of his lot. the administration still supports it and they are still very sensitive to criticisms of dodd-frank in terms of whether it restricts access or whether it creates uncertainty or even whether it is tough enough. there are sensitive to that. they are ardent champions of the law. host: are you talking about criticisms of whether it is tough enough. she wrote in a column this past week and says that the end of that column -- bob is on the democratic line. caller: i would like the gentleman to address my question or my statement about banks going back to banking. let them do it in long-term capital gains. the day trading is a heyday with banks. it is an absolute -- if i were a banker i would be having a heyday, t

. >>> next on c-span 3, a house financial services subcommittee on how the dodd-frank act affects the appraisal process. at 5:00 eastern, the senate foreign relations committee hears testimony from business leaders on the law of the sea treaty, that defines the laws and responsibilities of nations in international waters. >>> i want to tell you about a couple of events coming up tomorrow on our companion network, c-span. see the congressional gold medal ceremony honoring the montford point marines who were stationed at montford point camp in north carolina. at 8:00 p.m. eastern, we talk about the beginnings, controversies, and changing means of the statue of liberty at an event hosted by the museum of jewish heritage. >>> this weekend, head to the state capitol named in honor of thomas jefferson with book tv. saturday at noon eastern, literary life with book tv on c-span 2. former senator and missouri first lady on family life inside the governor's mansion, from her book "if walls could talk." also, a provisions list from ancient times to the university of missouri special collections

. >> susie: happy anniversary dodd-frank. that landmark reform of the nation's financial system celebrates its two-year anniversary tomorrow. since president obama signed the dodd-frank act, the legislation has grown to over 8,800 pages of rules and regulations. but there are still many more rules required by the law that have yet to be written. still, many industry watchers think we're now better prepared to handle a financial crisis. >> banks have built capital, they've rebuilt capital. they're stronger hopefully. they're risk management practices are improved, it's a stronger system. >> susie: our washington bureau chief darren gersh reported on the ups and downs of passing the dodd-frank bill and he joins us now. so, darren, do you agree with that news, that the financial system is better off, better prepared, stronger through all of this? >> well, i think part of it is the key word. hopefully. >> yes, to a degree it is stronger. the honest answer is, we're not going to know for sure if the tools work until we have anothe

dodd-frank required g.a.o. to audit the emergency financial assistance provided during the financial crisis. the act also opens discount window operations and open market operations to audit so g.a.o. can assess the operational integrity, collateral policies, fairness, use of third-party contractors. and dodd-frank requires the federal reserve to release information regarding borrowers and counterparties participating in discount lending programs and open market operations. mr. speaker, as a conferee who helped craft the final dodd-frank legislation, i supported all of these provisions. i believe other areas of the federal reserve's operations are also right for audit. during the committee's consideration of this legislation, i offered an amendment that would require g.a.o. to perform an audit of the independent foreclosure re views. 14 mortgage servicers have been required to establish a process under which borrowers can request an independent review of their loan histories. but at the end of may, only 200,000

where do you think we stand with dodd-frank?, i think that the financial crisis was not caused by overregulation. we had deregulation in huge areas of the economy that were not regulated at all so it has put new rules in place to help prevent another crisis, and to help build a solid foundation for future economic growth, since we've passed dodd-frank and financial reform, we've created 3.8 million new jobs. lending is up 15%, and the consumers are protected. just yesterday or the day before yesterday, the cfpb had a settlement with a major credit card issuer that restored losses to consumers, paid fines, we know that our banks are better capitalized now. they have more than $421 billion than they had before in their coffers. the regulators have new tools to implement and to go after threats as we're seeing with the new libor tragedy and scandal that the cftc is reacting to it. >> you could throw out a lot of different numbers but can you give a real assessment of where things stand and any potential problems you see with dodd-f

the next item we have to recognize is dodd-frank reform has not yet fully been implemented. we're working on presumption that it will happen but once implemented we anticipate that the improvement to the entire process will be accelerated immensely. the good faith estimate and settlement form mortgage disclosures do not disclose that the appraisal fee paid by the consumer is actually two pieces. one piece is what goes to the amc. the remainder goes to the appraiser. the homeowner, the property owner, should really know which part goes to which because they think that when we go out there, they say we paid you $500 for this appraisal. and when they find out that the appraiser is only getting $300 of it, the homeowner feels deceived wondering what goes on with the process. one other factor that's been a bone of contention for appraisers for years is eliminating and reducing the de minimis. currently it means that properties with a price value less than $250,000 for residential properties and $1 million for commercial properties do not necessarily need a typical appraisal and o

that is all in dodd-frank. and so for people to say, "i'm a market-oriented person," but not want the market to punish mismanaged institutions, that -- again that's orwellian. that's just upside-down. that's not a market. you have to suffer the consequences of your mistake if you have a market. >> i think we're at some kind of dysfunctional crisis here. a gallup survey done last year reported that americans' trust in banks is down to an all-time low of 18 percent. and a recent pew research survey reports only 22% of americans have faith in the government in other words to do this. people don't trust the financial industry, and they don't trust the government to do the right thing in regulating the industry. i mean, isn't that a recipe for paralysis and eventual decay? >> it is. it saddens me greatly. i don't blame them for being cynical. i really don't. i fought for five years, made a lot of enemies. but i did what i thought was right. and we did make a difference in a number of areas, not as much as i would ha

what is your view on dodd/frank? >> the biggest of that, and we have been quite open, all of our businesses correlate with growth. we it buys companies that make acquisitions and want to sell divisions. -- we advise companies that make acquisitions of want to sell divisions. we finance transactions. there are fewer transactions to finance. we manage money in the asset management business aware of the value of what we do and the fees we take and are better and there's more opportunity and people are confident. you cannot find a part of the cycle where all of those volumes and all of those activities would be lower. to me that is the cyclical part. that is what we are living through. it was not that long ago. we have record years as recently as 2009. we are not waiting. of course we are not waiting. there are certain things that it is not very good for us to over react to. things that are more secular, which might include regulation we have to react to. cycles can be severe and it can last a long time. if you get kille

k co-ceo wall we are robb will join us. >>> still ahead on "squawk box" the dodd-frank regulation lawill a work in progress. we'll talk to one of the architects, former senator chris dodd, at 8:30 a.m. eastern. keep watching "squawk box" on cnbc. first in business worldwidele. sven's home security gets the most rewards of any small business credit card! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesses deserve the most rewards! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? here's your invoice. choose control. introducing gold choice. the freedom you can only get from hertz to keep the car you reserved or simply choose another. and it's free. ya know, for whoever you are that day. it's just another way you'll be traveling at the speed of hertz. >>> whole foods

let me ask you about dodd-frank. not serve a fan of dodd-frank.ith paul ryan, i would like your reaction to what he said yesterday, listen to this. >> would you like to repeal dodd-frank, it's amazing to me half of the rules are still being written. >> yes, of course, i never voted for it in the first place, i would like to replace it with a betser regulatory system that does not put the government in the way of adding more moral hazards in the marketplace. >> when you look back as far as putting this act together, are there things that you can look at within dodd-frank and say we could have done this differently? >> please respond. >> that's a different than what you and ryan said. first as to the rules, were much more than halfway through, some are very close. when the republicans took over the house, they cut the funding for two of the most important agencies that got new responsibilities. before we passed it there was no regulation of derivatives of any kind. we gave the two agencies, and i wish there was only one, but it's politically impossi

also troubling is the council's view of dodd-frank. its report describes at length all of the new dodd-frank rules but fails to mention their enormous cost to the economy. nowhere does the report mention that these rules will require americans to spend more than 24 million hours and billions of dollars every year to comply with them. if the council wanted to understand why unemployment is high and mortgage lending is constrained, an examination of dodd-frank would have been a good place to start. more fundamentally the council's report overlooks the serious structural flaws in our regulatory system which dodd-frank only made worse. for all of the president's talk about the need to reform wall street, dodd-frank is merely strengthened the advantage that large financial institutions possess in our financial system. first, dodd-frank imposes huge compliance costs on banks, confering a competitive advantage on the large financial institutions that can more easily bear that burden. as a result the banking system has and will become more con

caller: the dodd-frank and in the has not done anything to protect consumers. -- the dodd-frank amendment has not done anything to protect consumers. the young lady was talking about food with credit cards. if the economy is in such turmoil and you have to use a credit card to pay for food, that is not a good economy. as a real-estate broker for 20 years, i know in new york our economy is in the tank. the dodd-frank amendment has not helped us of balkh. -- helped us at all. guest: that is true. legislation cannot change the economy. it can help us in terms of the with our lives are impacted by taking care of excesses, regulating the institutions that were we are -- that we are involved with on a daily basis. host: 10 you explain the role of the consumer financial protection bureau in simple terms? guest: it goes out and takes an issue. it will be studying mortgage lending. it will look at the way when you buy a house, what kind of document to get. it will simplify the piece of paper you get when you are settling on your house so you understand the fees you are being charged. it does thing

when they passed, they did not know what was in dodd-frank. host: talk about some of the criticism that has come down on mr. dodd and mr. frank in the two years since this has gone into effect. >> where can i begin? senator dodd was a longtime member of the banking committee. he was part of the group that did push for deregulation of wall street and free it of capital. in hindsight, whether that was a good thing or not remains to be seen. it is not for me to answer. congressman frank has come under severe criticism by republicans who argue that, when there was an operation -- opportunity to curb fannie and freddie, he was among the most ardent champions. it is a little bit unfair, only because it was not just democrats supporting fannie and freddie. it was also the republicans, also the bush administration, the clinton administration. there were concerns, but the truth of the matter is that nobody in this town really had enough juice to curb fannie and freddie. that is the bottom line. democrat or republican, nobody had the authority -- nobody

the two-year mark of the dodd/frank act.n those two years, a bill 800 pages long has been said it will give birth to 800,000 pages of regulations. even wall street times -- like goldman sachs ceo saying in the "washington post," there's no reason to repeal dodd/frank. so if he's in favor of keeping dodd/fra dodd/frank, some might say why would others, including republicans, be willing to get rid of it. >> keep in mind, chairman issa of the oversight government reform committee sent out 187 letters and asked people -- asked corporations to tell him which regulations they wanted repealed. he sent those 187 letters to chemical companies and various friends of the republicans, but he did not send them to those institutions that protect children and protect veterans and make sure that our air is clean and our water is clean. didn't do that. so i think basically they were targeted towards people that they knew would be sympathetic, people that actually would want these regulations dispensed with so they don't have to worry about p

you had a lot to do with dodd/frank.t libor, though, how concerned are you about potential changes to this rate, the impact that could have? should the average, you know, american tuning in be really concerned about this? >> i think they should be concerned because it's indicative of a larger problem in the financial sector which has been a trend towards pushing the edge of the rules. i think we need to have strong rules of the game and strong enforcement across the financial sector including on problems like rate fixing which is quite undermining trust and confidence in the financial system and may have seriously misled investors in the financial institutions involved in terms of their financial health at the time of the rate fixing. >> it's the sort of thing we dent really need, or investors didn't need it, but we don't need it on top of other things at the moment, spanish bond yields above 7%, the fiscal cliff as well at the moment. you were talking about, you know, we're going to get very worried about europe and whe

we passed the dodd-frank.rent structure than a couple of years ago so i think we need to get the recommendations of what we see on the ground today. i do agree with his objectives. we have to make sure too big to fail does not exist an we don't want to see public at risk because of risk taking by so-called banks that are not traditional business. i think he raises a valid point and need to understand where we are today considering the massive changes that we've made in the financial regulatory environment. >> there are also people that i've been talking to down here and elsewhere saying perhaps we should in addition to dodd-frank bring back a glass-steigel-type legislation. are you favor of that or do you think that horse has left the barn? >> i don't know if we can turn the clock back. banking and investment services are international and we have be to be part of an international community. we have to protect taxpayers and make sure too big to fail does not exist in american banking. >> ty? >> one more quick

we'll also be focusing on dodd-frank later in the program. so, a lot of issues every day here on this program, but we just felt that was something that's important, and because of your opinion, we think it's a good question. so thanks for the call from st. louis. thanks for your feedback. maryland is on the phone from monroe, louisiana. good morning to you. welcome to the program. caller: thanks very much. my comment as a member of the medical society is that, you know, unfortunately we have a kind of a morbid curiosity for social icons and people placed in areas of authority where we're curious and we want to know more than we really should. but from the aspect of medicine, many of these mental disorders are just as the previous lady stated, they're just other positions. and if we have a lot more compassion and try to understand them better, i think that it would lead to a greater compassion and maybe acceptance in general. a lot of these things can be overcome simply by nutritionally based changes. it's been proven that a lot of disorders a

could we see a rise in lawsuits by individual cities and then it's also been two years now since dodd frank was passed but only thirty percent of the rules required have gone into effect and a former i.m.f. economist has written a pretty harsh word letter about the funds tainted leadership saying that he was ashamed to work there so let's get started on our financial check up. so here to break it all down with me is lauren lyster host of the capital account here on our t.v. lauren what do you say. we don't know which banks exactly it is yet right there are just reports out there that some of the banks that are involved in this probe over the library scandal are trying to put pressure on so they can get a group settlement kind of like what we saw with with the mortgage fraud settlement right to resell the five largest banks twenty five million dollars billion don't think you and but it still is that kind of a cop out it's. about i really hope this doesn't happen because for people who for years have been saying why hasn't there been more of a backlash against wall street over the fraud the m

also troubling is the council's view of dodd-frank. is report describes all of the new dodd-frank rules but fails to mention the enormous cost to the economy. nowhere does the report mentioned that these rules will require americans to spend more than $24 million -- 24 million hours and billions of power -- dollars every year to comply with them. excuse me. if the council wanted to understand why unemployment is high, then mortgage lending is constrained. an examination of dodd-frank would have been a good place to start. more fundamentally, the council's report overlooks the serious structural flaws in our regulatory system which dodd-frank only made worse. for all of the presidents talk about the need to reform wall street, dodd-frank is merely strengthening the advantage that large financial institutions possess in our financial system. first dodd-frank imposes huge compliance costs on bank, conferring a competitive advantage over large financial institutions that can more easily bear that burden. as a result, the banking system has