where do we stand with dodd frank? how much is done? >> excluding the housing reform and many of the consumer financial protection bureau issues we are halfway -- almost to the halfway point on implementing this. 20% has not been introduced yet. we've seen in our analysis at bloomberg government really it has to do with financial stability issues. if you ask me what that means, that means looking at the rule, looking at areas where the providing cushions and safeguards for banks through capitol requirements and a few of the other requirements that are meant to provide safeguards. >> peter: one of the big ticket items is the mortgage reform. the housing crisis started this in the first place. what is coming in the area of mortgage reform. everyone is talking about a qualified residential mortgage. what is that? why should we care? >> dodd frank says banks to set standards in the primary market and the secondary market, where banks take all the mortgages, pool them together, and sell to investors. what it means for people looking to buy h

the big picture i'm tom arbonne coming up in this half hour senator susan collins support of the dodd frank act in two thousand and eight but now she's introduced legislation that would destroy it why are lawmakers in washington trying to block financial regulators from doing their job of policing our out of control finance industry and despite republicans arguing the voter and election fraud are rampant across america it seems like they're the only ones getting caught are those caught is in florida and there is some good some very interesting new developments in this case and for the second day teachers in chicago took to the picket lines to protest the city's treatment of them and in particular of the city's public school children but this is more than just a strike about workers' rights and better wages it's a few it's a battle for the future of our nation i'll tell you why and i still eat it. in the best the rest of the news lawmakers in washington are trying to prevent the financial regulation of wall street yet again while the finance industry continues to mount legal challenges again

i would say you asked the previous guest for a grade on dodd-frank.t think you can give it more than a c-minus right now. frankly, one of the big things you want to achieve with legislation like this is to improve the trust that households have in the banking system. that hasn't happened. gallup surveys show that americans, only 20% of americans trust the banking system right now. that's down from where we were in 2008 and 2009. >> mort, the trust issue is something that we sort of talked about earlier in the show. you were speaking to it vis a vis the financial, wall street and the white house but certainly there is a narrative out there that you can't trust the guys that are managing your money, the country's money. i want to go back to what you were saying before about the problems, the relationship, the frostiness between those in the political class and those in the financial services sector and really specifically the president and the problem that you say he has with business. >> i don't think there's any question about that. you couldn't go to

. >> let me ask you about dodd/frank. the s.e.c.ed with writing the dodd/frank financial regulations. huge regulation. 2,300 pages. it has taken so long to get these rules actually impleme implemented. do you have the stats needed to actually do this? and handle much more than before? >> well, we're working very hard on dodd/frank. as you know, the s.e.c. was handed an enormous amount of new responsibility under dodd/frank with more than 90, some say 100 new rules to promulgate and we made tremendous progress. we laid the groundwork for the regulatory regime for the over the counter derivatives market, the market at the core of the financial crisis. we intuited a new whistleblower program that's enabling us to do a better job of bringing securities law cases faster and broader and more effectively. we registered hedge funds for the first time. now we receive systemic risk information. we put in place new corporate governance provisions like say on pay that gives share holders more of a voice in the stock they own. an enormous amount

dodd/frank?is that the regulatory mechanisms do not -- haven't been capable of reining in the risk of financial institutions. and we've had financial failures in the past. we will have financial institutions. >> but why is that? is it too complicated for the regulators? >> i mean, there's many reasons. and if we want to take about five minutes here, i could explain it. >> andrew will cut you off. >> and the problem, no, but the problem with all of this, it is complex. these aren't sound bites. and that's why if you really want to know how i think we should -- the problem of regulation and what needs to be solved, we can talk about that, it takes about five minutes. >> i think we should spend the five minutes on it. >> but the point is this, is that ineffective regulations and regulators are worse than no regulations at all because it gives people a sense of confidence that they don't have to be individually vigilant because someone is watching and then you have these blow-ups. it's better to say

>> we are working hard on dodd frank. as you know, the s.e.c.d an enormous amount of new responsibility under dodd frank with more than 90, sometimes more than 100 new rules to promulgate and we have made tremendous progress. we have laid the ground work with the regulatory regime and the derivatives market. $600 trillion market at the core of the financial crisis. we have instituted a new whistle-blower program enabling us to do a better job of bringing you security cases faster, broader and more effectively. we have registered hedge funds for the first time and received systemic risk information. we have put in place new corporate governance provisions say on pay that gives shareholders more of a voice in the governments of the companies whose stock they own. an enormous amount of progress has been made. is there more to do? absolutely. we are working hard to do that. we can always use more resources to do the job more quickly. >> some of the issues is the fact it is so fast, the trading them technology as been implemented to an extent that pe

dodd-frank has the tools. the question is whether the regulators use the tools?at dodd-frank requires which we did not have before, require all large financial institutions to submit living will plans, with the fdic and fed that shows how they can be broken up if they are trouble. >>neil: but it is a moot point if you are in the middle of a meltdown, the value is down. >>guest: if everyone is in trouble no one is responsible. there were outliers in the crisis that should have been restructured like city, and the others needed support, some of them. dodd-frank requires the institutions now to identify in advance what their credit exposures are so whoever needs to be identified to the regulators if i go down how many other institutions will take the losses. what other institutions if they go down impose losses to me? they are supposed to identify those and reduce them now. i am not sure that is happening. that is what should happen. >>neil: you tell people who is faith in our financial system right now, it could be misplaced? >>guest: i am saying they need to make

there is a candidate for president who is argued that we should repeal the dodd frank act. so i do think there ask enormous rising that we could go back to the way that we were now if we don't stick with the path of reform. so it in incumbent, i think n this election and in the course of the regulatory environment, for every american to pay attention to the risk that we slip back to the way things were before. it was enormously costly to the country. it cost millions of americans their jobs. it shuttered american businesses. it really crushed the economy and we just can't afford it as a country to go back to that. >> well, the federal government still owns major positions in a lot of firms. we're not done yet so we will continue this conversation. gentlemen, thanks. >> thank you. >> thank you. online, we have a reader's guide to the bailout, featuring economics correspondent paul solman's reporting on the subject from the outset in 2008. you can find that on his "making sense" page. >> woodruff: and to the analysis of brooks and marcus. that's "new york times" columnist dav

prior to the passage of dodd-frank, nondealer advisors to municipal governments were unregulated. these unregulated parties were involved in a number of municipal market scandals that ultimately defrauded taxpayers. section 975 brings municipal financial advisors, agents and g.i.c. brokers under federal securities law. it is a goal that has -- is not partisan. unfortunately in 2010 the s. e.c. released a proposed rule making related to section 975 that created massive confusion in a municipal market regarding how section 975 would be applied in the real world. h.r. 2827 seeks to clarify section 975, to provide certainty to the market so, that the rules can be implemented and taxpayers can benefit from the protection it brings. this bill takes a fundamentally different approach from the s.e.c. of the definition of municipal advisors. it makes municipal advisor an exclusionary definition rather than trying to outline and define certain transactions which end up being very vegas -- vague and overly broad. and it doesn't unnecessarily sweep in the universe of other professionals or im

you think dodd-frank is here to stay. >> i think he would like to repeal it, but i think dodd-frank is here to stay. at least many parts of it. you may have incremental changes but look, the horse is out of the barn on many of these regulations, the rule writing process is moving forward. i think you might see some changes if romney wins but a full repeal would be very difficult to get through congress. >> the horse is out of the born and bolting to the hills. >>> unfortunately, while d.c. continues to be all talk and few answers, our national debt continues to swell. in fact, folks, as of today, uncle sam sr. hashas spent all year's official tax revenues. that means we've officially run out of your taxpayer money an every dime we spend today to the end of the year goes right on our nation's credit card. yep, it's borrowed. duquesne university's anthony davies crunched the numbers for us. he says the government will borrow roughly $10 billion a day for the remaining $110 left in the year. yet they can lecture us on how to manage our finances. >> maybe we can send a hat around the newsr

i think dodd frank is not a perfect law, but it the gave the government and my old agency additional have in 2008 to resolve to close and put through our bankruptcy-like process any large financial institution. just not an insured baj. most of the institutions getting in trouble were either not insured banks or larger banking organization of which the insured baj was a part. this limitation on authority was an impedement to have morrow bust resolution process. we have those powers now, but they need to be used and the regulators need to use them and the leadership of our government needs to say too big it to fail is over. if this happens again, bailouts are not a new paradigm and won't happen anymore. i don't hear that a lot from either candidate in this election i'm sorry to say. >> yeah. >> sheila, that's the common complaint about dodd-frank, it was watered down so much. when you look back at the process that led to the enact of dodd-frank, who are the people and what are the forces in particular to blame for that not being what it should be? >> i think as i say in my book, i thin

tried to seize the healthcare sector of the economy through the affordable care act and through you dodd franksenator dodd and congressman frank tried to consolidate and did consolidate power in washington and did so pretty dramatically with title two liquidation authority. the secretary of the treasury can come in and literally liquidiate and seize a financial institution and the only thing stopping that action from occurring is 24 hours notice and creditors in states like, south carolina, and oklahoma we have investment future be may in the few liquidiated. we he believe that the decisions made in dodd frank violate due process and separation of powers and that is at the heart of our challenge with dodd frank now pending in the d.c. court. >> shannon: i want to give you the last word here on why, south carolina, decided to get involved here as well? >> i agree with what general pruitt said. this is not about protecting the financial industry from another 2008 crisis. this is about centralizing power in the federal government. if you look at the 2300-page law that is the dodd frank act you wi

you possibly claim that when it was a pseudo government agency, fannie and freddie, overseen by dodd adn frankich caused the collapse of the financial system -- dodd and frank, giving loans to people that could never afford to pay them back? guest: i will just say that the idea that fannie and freddie would cause the financial crisis is widely held in some circles. i don't believe it's true. the cause of the financial crisis was the subprime mortgages that were peddled by firms that were not under the supervision of the federal government in any serious way, certainly not fannie and freddie. there were the leading edge of that and we are still paying the price. host: here is the front cover the july and august edition of the washington monthly -- inside is the piece entitled "too important to fail." our guest is the editor-in- chief. now call from barstow, california, karen, an independent. caller: hello. i called because i tried to procs a complaint through the cfpb and i was totally appalled by what took place. i moved from an area that was predominantly wealthy whites to barstow which is mi

three states are joining the fight against dodd frank wall street reform. oklahoma, south carolina, and michigan joined the state national bank of big spring, texas, the 60-plus association, and the competitive enterprise institute to ask the u.s. district court for a full review. all claim dodd-frank threatens taxpayers and state-by-state financial stability through its tough restrictions on pensions and tax dollars. google and facebook are facing off in an ad revenue race. early predictions are that google will take the lead this year, with $2.3 billion in ad revenue. facebook is expected to fall behind at $2.1 billion. those numbers, from emarketer, account for display ads, those ads you see on the sides of websites. google and facebook together are predicted to hold 37% of display ad revenue. by 2014, this means the two will likely beat out microsoft, yahoo and aol. cigarette companies - they were once among the biggest advertisers in the media. no more. the federal trade commission numbers show the trend continues. now they're still spending, but not i

liz: moments ago, courts vacated dodd-frank rules limiting speculation in commodity markets to a bigtory. latest on the decision coming up. david: also a new films out that directly takes on one of liberal hollywood's sacred cows. will the film survive the coming ons slaut? we'll ask hollywood producer peter guber coming up. ♪ [ owner ] i need to expand to meet the needs of my growing business. but how am i going to fund it? and i have to find a way to manage my cash flow better. [ female announcer ] our wells fargo bankers are here to listen, offer guidance and provide you with options tailored to your business. we've loaned more money to small businesses than any other bank for ten years running. so come talk to us to see how we can help. wells fargo. together we'll go far. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggl

slams the criticism politically connected bank is getting special treatment under his signature dodd-frank financial reform law. plus my exclusive sit-down with billionaire executive mort zuckerman. with so many businesses hungering down we discussed what it will take them to come out of their foxholes and how corporate tax reform could be the incentive they're waiting for. >>> a vacuum fit for the gods. possibly my favorite and most bizarre interview since the show has been on the air. i speak to the head pitchman after one million dollar gold vacuum. are you kidding me? the company has not yet sucked up sale but he will explain their new approach to reinvigorate sales. it is always about money melissa: in one of my all-time favorite interviews i went head-to-head with democrat congressman barney frank about federal reserve policy. here is what he said when i asked if he thinks the fed should be doing more to the dp the economy back on track? we have a lot to cover. let's talk about the fed which was the money story. what would you like the fed to do when they meet this month? >> i think

headline here big banks hide a risk transforming collateral for trade yes from next year we have the dodd frank rules coming in and that means that traders need to back their bets with u.s. treasury bonds or other top rated holdings so the problem is that the u.s. treasury bond market is ten point eight trillion dollars while the derivatives market is six hundred forty eight trillion dollars right right right right this is the collateral transformation scheme that's put forward by geithner and others is similar to the trans substantiation scheme that occurred oh i don't know five or six hundred years ago in the catholic church where they turned actually wafers into the bone of christ so you're taking basically something that is in a nerd object like an old toaster or a weed whacker or maybe some coloring books from tim geithner's grade school and you're saying this is collateral to back trillions of dollars worth of derivatives . well yes and all of these derivative trades are happening now by a clearing houses like the chicago mercantile exchange now that's where they're monitoring it and maki

far and certainly afterwards they used the financial crisis as an excuse to overregulated with dodd-frank, et cetera. >> we are interviewing you year of freedom fest in los vegas. do you find a lot of opposition to the idea? to some of the ideas in the book including the flat tax? >> i think that that is what this event is about. it's about three people and free markets and people understand what is in this book and that is the whole idea that you best serve the needs of people by the free enterprise. that's what it's about and what these people understand. the understand the entrepreneurial business. the understand the fact the you create jobs not through government but through innovation. innovation has created the most jobs. it does the government and with the automobile? know. >> elizabeth ames, what is it like to write a book with steve forbes? >> is a great learning experience and in a way it was sort of like a higher education. >> customized better. >> one of the themes we have been talking with here through the best of all about is the amoral as of capitalism. is there a moral com

, quote, "exception and modification authority under section 105a and dodd-frank section 1032a."ction 1032a does not have this, and i'm sure you know this, contain the exception and modification language that appears in section 105a and f. do you believe that there is an exception in modification authority in section 1032a? >> it's a very good question, senator, and it's one that some of our lawyers have poured over, and there's lawyers outside who poured over it as well, and we do have exception authority under several different provisions of the statutes we administration -- >> no, the question was do you have it under section 1032 # a? >> including 1032a. >> yes, and where is it in 1032a? >> in 1032a -- >> i want my staff here to be listening to this. >> that's fine. 1032, a, reading from the statute as i go says that the bureau -- the title of the section is disclose sures, and it's stating that the bureau may prescribe rules to ensure the features of consumer financial products or services initially and over its term are fully andr actively disclosed to consumers in a mapper

the federal reserve making its first data dumped on discount window rending under dodd-frank.edson joining us with details. what does it show? rich: a financial crisis no longer in freefall or no longer a full-blown crisis. fox went to court and last year won the right to detail emergency discount loans showing tens of billions of dollars in overnight lending to european banks. the dodd-frank losses the federal reserve has to provide that information and for the first time under the law it has covering the discount window in the third quarter of 2010 a fed official says the activity was mostly normal and the largest loan $70 million to a bank in maine. there were a few smaller banks with eight figure loans. fed official says when these banks requested these loans they knew the information would later become public but nothing like the tens of billions in overnight lending that we had seen a few years earlier. cheryl: a powerful group of regulators are set to make major decisions this afternoon. what are we expecting? >> we expect financial stability oversight council, top fina

because of dodd-frank and all the capital rules it is more difficult to hold those in inventories and in the past and the main culprit of the financial crisis was the underwriting of mortgage-backed securities and exotic types of mortgage-backed securities. [talking over each other] charlie: collateral debt obligations and you underwrite them and you hold them on your books until buyers buy them. guess what happened to. a capt. deriding them until 2006 and nearly 2,007 not seeing a the mortgage crisis developed the way it did and hedge funds went under and mortgage crisis hit like you never saw before. all those terms were stuck with massive amounts of inventory on the balance sheet and when they got marked down guess what you had? 2008 financial crisis. what we are talking here is a firm that right now because of dodd-frank you can't do that anymore that is part of this no matter how treacherous it is. bracing for layoffs. they haven't decided yet. they are studying a massive restructuring. at least that is what they tell clients and people tell me. my guess is there will be big layo

the court has vacated the dodd frank rule amending speculation in the commodity market. a free market. before we get to charlie, i want to get to nicole. nicole: i want to take a close look at bank of america today. this is a huge settlement. this is after the whole merril lynch merger. bank of america agreeing to pay $2.3 billion. this is a huge settlement. bank of america took this merger and the question is whether or not executives had the key fax. whether they misled the shareholders. this is the largest settlement ever of its kind in a merger type situation. we are down 1.6% for bank of america. for the whole merger, this was a $32 stock. $8.83 a share today. you have to love these trading voice. i love when it's guys are running around trying to get their orders in. liz: let's get to charlie gasparino. before he was that merrill lynch, he was at the new york stock exchange. charlie: he is now at cit. he was maybe using that as a way to get back to the game. he has been ostracized from major wall street firms since as little as half with his office. he spent 1.22 m

. >> they vowed to challenge the constitutionality of the dodd frank format.ine electoral votes are solidly in favor of mitt romney and its campaign according to karl rove's latest map. and several members of the south carolina delegation, decided to get together and hold a rally, they were republican members and they wanted to get folks riled up about the upcoming election and at this rally, south carolina attorney general alan wilson says he's going to challenge dodd-frank in court, a two-year-old bill designed to bring transparency it the financial system and going to do it soon. the direct quote from the rally is this, ladies and gentlemen, in the next couple of days you're going to be hearing something south carolina is involved in, i volunteer you to do something, i volunteer the state of south carolina to challenge dodd-frank in the courts of the united states. south carolina, we are going to challenge that law, we're going to take the battle back to washington d.c. because community banks on main street shouldn't be choked to death so that big banks on

dodd-frank it was horrible bill . that is what will happen were you surprised. >> it is heart breaking. they invented the phrase . and the we used to make fun of the uyo and now with have the chevy volt. but i am worried about the capitalism and free market. >> switzerland and singapore and negare land and sweden? >> sig pore always you can slightly ignore them. i wouldn't be too scared about it. four european union countries are ahead of america. remember the euro wrone and quike frankly it is a you are doing better here than in europe. >> we are glad you are here. >> we do have a fis dal cliff. >> we have to do something now. wayne is right. we have the most incept congress in history. they passed po're 54 of those. they are getting nothing done and putting out horrible legislation . you have tech companies moving to china because of their we have to do it better from ground up. >> uncertainty. we are talking about a distrust. are we getting pending cut they are not hiring workers. >> that is a problem for the stock

host: what did dodd-frank say about prepaid cards and checking accounts? guest: that there would be a consumer financial protection bureau. and the legislation that could apply to the products would be transferred to about the cfpb for oversight. host: the house will be in for a quick pro-forma session moments away from now. and then president obama's speech to the u.n. general assembly following that. first another phone call. democratic caller from new york, manuel. caller: i wanted to know if the direct express card is immune from garnishment? guest: he should probably contact social security and on that. we have not looked into that. host: are there any fees similar -- when it comes to banks, prepaid cards, if the government wants to garnish wages, are they allowed to go to banks to do that? guest: we have not looked at that issue. host: we have 30 seconds left for a minute to keep talking about this before the house comes into the pro-forma session. we talk a little about

. >> dodd frank he did credit card reform. straight from dodd frank.ring capital gains to 23.8%. >> cenk: i don't any of that. >> is are don't know that he's going to be grand bargaining into first of all, he said, i'm going to take the bush tax cuts away. while president what did he do? he kept the bush tax cuts. oh the republicans they heard me. you're the president. >> look what he's doing right now. he's able to run on that. >> cenk: he's able to run--in no. >> cenk: and the republicans can kick his ass. >> you know mitt romney. if you're a progressive you know mitt romney is going to extend those bushes tax cuts. >> cenk: no, no, you're going to his ace in the hole. i'm running dependence a bunch of maniacs. as white wing as i am and how little change i've brought you you got to vote for me. >> he brought the affordable care act the don't ask/don't tell reform. james bird matthew shepherd hate crime reform. >> cenk: the banks can take the same risks as before. there is no limit. they can still have as much derivatives as they like, as much leverag