to you is the chairman of the financial -- of fsoc, is the framework of basel in conflict with dodd frankk? >> i don't think it's a question of conflict. i think the question is do banks of all size pose the same risk and require the same exact treatment, the answer is no. and we have been very careful in designing rules to try and distinguish different levels of treatment for different firms of different size. that doesn't mean we have it perfect. there certainly is an openness to looking at issues there. but i have to say that the debate recently has taken on a kind of odd character. there's been discussion of exempting banks of $500 billion or less. do you know how many banks there are between $500 billion and the biggest banks? there's six banks. the largest financial institutions in the country in the world. so we have to be careful not to ask questions as if a $2 billion bank is like a $50 billion bank or a $50 billion bank is like a $500 billion bank. i would be happy to have this conversation. we are open to ideas of how to tier treatment appropriately. >> i guess that leads me in

that is why we created the financial stability oversight council as part of dodd frank.ect of our financial system command it serves as an advanced warning system to identify and address systemic risk posed by large complex companies, products, and activities before they threaten the economy. the council has insured for the 1st time that our financial regulators are working collaboratively to identify and respond to emerging threats to financial stability's. with the announcement outlining enhanced engagement opportunities for public input they have double their efforts to engage with the industry and congress in a transparent. in this 2015 annual report the f sock knitters substantial progress to protect americans from another crisis and indeed if taken important steps to prevent if discovering oversight gaps in our financial system by designating complex interconnected and reforming key markets like asset-backed securities and money market mutual funds. however, five years after dodd frank became law's mouth was in college earning fighting the battles of the past. the

and you know is this in conflict with dodd-frank? >> you know, the question is do the banks of all sizes pose the same risk and require the treatment. the answer is no. we have been careful in designing the rules to try to distinguish different levels of treatment for different firms of different size. there is certainly an openness to looking at issues there. and i have to say that the debate recently has taken on a kind of odd type of character. exempting banks of $500 billion or less. you know, do you know how many banks there are. and we have to be careful not to ask questions. and we have open ideas of how to work this out. >> one of the things is that when this was past it was passed and agreed manner. and this gives you latitude to establish this end you know if i go back and look you say that you have all not formally looked into it. he reasoned that there are processes where there can be a formal process where this could go through that process and recommend this to change that. i'm a little confused. >> i think that if you

what is your position on dodd frank? those on the left say that dodd frank wasn't strong enough.hose on the right say that dodd frank is bad for the economy. your position as chief economist and senior vice president of national association of realtors, what is your position on dodd frank? guest: well, the intent of dodd frank is to ensure that we don't have another financial market crisis which almost in the recent crisis led to the complete collapse in the global financial system. so we want to assure that doesn't happen through regulations. now, aside from all the regulation part, i think there is one area where people can agree where there could be some modification in the dodd frank to improve the housing market, improve the broad u.s. economy. this is related to dodd frank regulation on the local and community banks. because small and local community banks are about 10,000 across the country. if you -- few make great profit or few go under it's no big deal. this is free enterprise part of the market system. they are not a source of systemic risk. the reason why i mention th

today frank is dodd frank is killing the come mup community banks. >> he's against dodd frank regulations street, but he is saying we need more regulation on wall street? >> i can't, sorry. [ laughter ] >> oops. >> you said it governor. our next rodeo act, senator cruz is a proud hunter so is campaigner is holding a contest for one lucky donor to come along hunting with him. there is just one little twist, the winner may have to undergo a background check first. the this is for the same ted cruz who helped lead the effort to defeat a bill that would have expanded background checks nationwide. i can smell the irony from here. i looks like the ted cruz and rick perry need to lasso in the hypocrisy. did these two cowboys think we would ignore the texemss they made? nice try but we got you. ♪ ♪ ♪ at chase, we celebrate small businesses every day through programs like mission main street grants. last years' grant recipients are achieving amazing things. carving a name for myself and creating local jobs. creating more programs for these little bookworms. bringing a taste of louisiana to the wor

thank you we are moving towards the fifth anniversary of the passage of the dodd-frank bill and many of us are here during those turbulent and troublesome times and days and we know that great care was taken in dealing with this creation of this act and we think that we have made a significant amount of progress and i think that you will agree with us as well that we have made tremendous progress. and regulators have moved to regulation and when you think about dodd-frank as a whole what do you think is the most significant thing left undone, what do you think and what would you want to see right now completed so that we can have the full strength of them at work preventing these drafts. >> you know -com,-com ma that is a great question, there are pieces that need to be completed and that's really not what you're asking. you're asking what is the area. and i would have to say that the gse reform is something that we have to be a part of. i'm not optimistic that that is going to happen legislatively. but it's widely engage so much in bipartisan discussion to try to work through this.

and right now, dodd-frank is not working.need to do is we repeal the provisions of dodd-frank that designate banks too big to fail. we need to repeal what is known as orderly liquidation authority, the taxpayer-funded bailout fund. we need a specialized chapter in the bankruptcy code to deal with our large complex financial institutions. and frankly what we always needed is greater capital. we need more prudent levels of leverage. but we don't snead complex rules that can be gamed like basal rules that are gamed in the past. liz: you know, congressman, as i do, the banks can game anything. they find ways to make money. nothing wrong with that we don't want to bail them out again. turn what we can do to help the economy. you're looking at trade deal here. free trade is an important thing here at important business here at fox business we feel can be a very important thing. what do you feel about the trade deal and must it go through? >> i hope it will go through soon. there are very few things that i think republicans and demo

i like dodd-frank point.rband. >> more in a different way. >> i'd like us to start with the core question of, do we think that regulation in the financial markets is in the public interest. we have been operating as though we do not believe that for 20 years. we have been unwinding all the things that were put in place. >> stated as facts. don't you like it when he states it as fact. >> this is not my life. i haven't seen deregulation. my ten years at the sec. >> we're not regulating anything any more. we need more regulations on everything. >> dodd frank is 2,300 pages and single party piece of regulation and 100 rule making to the mandates. we're about halfway down. >> speak to the wall street journal piece. which is there has been a number of major deadlock positions over the last couple of years. there's an issue about conflicts with mary jo white and her husband getting involved on other sides as a lawyer. there's this letter that elizabeth warren put out earlier this week attacking the agency and mary j

when you think about dodd frank as a whole. what do you think is the most significant thing left undone? what would you want to see right now completed so that we would have the full strength of dodd frank at work preventing another collapse? >> that's a very good question. there's pieces that need to be completed, and that's not really what you're asking. you're asking, what is the area that we haven't addressed. i'd have to say gse reform is the area we haven't addressed. it would be a good thing if we would -- i'm not sitting here today optimistic that that he is going to happen legislatively, it's why we engage so much in the senate in the bipartisan discussion to try to work through an approach to gse reform reform. you mentioned gse reform. there are a lot of courses. doing a great job of -- at least some of the work he's doing some of the housing needs we have in the trust fund. one of the things that i -- you may be able to help me with -- what do we do to enable private money to move back into the market market. >> loo

maria: so you're going to try to repeal dodd-frank?i would try to repeal -- you know, i believe in looking at, there may be some regulations in dodd-frank that actually work, but the bulk of dodd-frank is nothing more than a burden requiring the hiring of lawyers, accountants and the costs that are just-- and doing nothing to stop too big to fail from occurring again. maria: i spoke with one of your opponents last hour about the trans pacific partnership and here is what governor huckabee's take. >> and obama's secret deal that passed, it's obamacare, and it turned out to be a disaster. i don't know why we would trust president obama to sell us a secondhand subaru than as a trade agreement that earns m are supposed to just trust him. he's basically on the side of elizabeth warren. he doesn't like the tpp, where do you stand on the issue? >> i'm a big believer that we have to have trade agreements. i was very actively involved with the free trade agreement in the '90s on the agricultural side when i was ag commissioner in the state of t

those that are struggling to just get by, that are smothered by regulation, they're targeted by dodd-frankar you. you are not forgotten. your time is coming. the american people, they see this rigged game, where the insiders get rich, the middle class pays the tab. there's something wrong when the dow is near record highs and businesses on main street can't even get a loan. since when did capitalism involve the elimination of risk for the biggest banks? >> [applause] rick perry: capitalism is not corporatism. it is not a guarantee of reward without risk. it's not about wall street at the expense of main street. the reason i'm running for president is i know for certain our country's best days lie ahead. there is nothing wrong in america today that a change of leadership will not make happen. >> [cheering] [applause] rick perry: we're just a few good decisions away from unleashing economic growth and reviving the american dream. we need to fix a tax code that's riddled with loopholes that send jobs overseas and punishes success. we've got the highest corporate tax rate in the western world.

you have the volcker will, dodd-frank and community bank strapping by 41%. bond market and when the fed raises rate, when they do, what happens? sandra: there is a big debate going on about what will happen when you get the first interest rate hike. standard thinking that would be good for the bank. some argue that it's not necessarily the case. probably relate to a lot of volatility. before you head out the door, let's get a look at your wednesday forecast with fox meteorologist maria molina. what are we looking at? reporter: but cannot storm struck the day today and also went to the midwest. we could see some large hail and damaging winds and isolated tornadoes throughout the day today. for tomorrow, similar areas dealing with similar condition. the portions of the northeast will keep an eye on those things as far as the weather goes. lesser portions of the rockies have a lot of tropical moisture. a hurricane named barbara across the eastern pacific ocean. we are but cannot a lot of the moisture now moving into portions of the western u.s. and because of t

we'll hear from the man behind dodd frank, former financial services chair barney frank will join us op-ed and much more. that does it for us on "the closing bell." thank you so much, guys, this afternoon. really appreciate it. "fast money" is coming up now in just a few seconds with melissa lee and the gang. melissa, what's on tap? >> we've been tracking the move in tesla today down 2% off the news of the shareholder meeting, sell the news sort of event. today we've got a tesla competitor privately held and the car, get this costs more than half a million dollars. >> melissa, if i'm right i remember we teased this earlier. is it renovo. is there any coincidence that rhymes with le noefo? >> i'll have to ask the guy. i don't think he wanted to name his car after a chinese appliance maker slash -- >> what -- is it a chinese company? >> no, no. it's a u.s. company. it's got enfunding. it's based in california. >> just wondering. >> super high end. if you think tesla's expensive, this one's in another league. >> can't wait to find out more. straight over to you guys. >> thanks a lot, ke

businesses on main street and struggling to get by and smothered by regulation and targeted by dodd- frank. i hear you. you are not forgotten. your time is coming. the american people so this game where the insiders get rich and middle-class pays the tab. something wrong with dow at record highs and businesses on main street can't get a loan. when did capitalism involve elimination of big banks and regulations struggle our community banks? (applause) capitalism is not a guarantee of reward without risk. it is not about wall street at the expense of main street. the reason i am running for president i know for certain, our country's best days lie ahead. there is nothing wrong in america today that a change in leadership will not make happen. (applause) we're just a few good decisions away from unleashing economic growth and reviving the american deem. we need to fix a tax code that is riddled with loop holes and sends jobs overseas and punishes success. we have the highest corporate tax rate in the world. it is time to reduce it and bring the jobs home and working families. by the time the

senator dodd and congressman frank will write more rules to make sure it never happens again.e. and wrote. hundreds of pages. they say this will create a new financial system. >> one that is innovative, creative, competitive and far less prone to panic and c >> why >> why is dodd/frank a good >> >> well, consumer protection. an agency that is dedicated to make sure that financial products like mortgages, credit cards have simple contract that's are easy to understand, transparency is a good thing. >> is dodd/frank simple? did you read it? >> absolutely. >> did you understand this? this whole thing? you understand these? >> yes, i stayed up and read that thing. and let me tell you, running a bank is complicated. >> but banks already had to follow these thousands of pages of complex rules even before dod if you if you wantveÑk to open a bank you've got to obey all these regul economi economist richard ron is a former bank regulator. >> again, i think most people had trouble remembering the ten commandments let alone 10,000 pages of something. >> ron used to work in the cayman is

and you know is this in conflict with dodd-frank? >> you know, the question is do the banks of all sizes pose the same risk and require the treatment. the answer is no. we have been careful in designing the rules to try to distinguish different levels of treatment for different firms of different size. there is certainly an openness to looking at issues there. and i have to say that the debate recently has taken on a kind of odd type of character. exempting banks of $500 billion or less. you know, do you know how many banks there are. and we have to be careful not to ask questions. and we have open ideas of how to work this out. >> one of the things is that when this was past it was passed and agreed manner. and this gives you latitude to establish this end you know if i go back and look you say that you have all not formally looked into it. he reasoned that there are processes where there can be a formal process where this could go through that process and recommend this to change that. i'm a little confused. >> i think that if you

now, i should emphasize that dodd/frank changed our 13.3 authority. and said that the federal reserve may not in the future crisis intervene to attempt to address the issues of a particular company. at the same time it gave the government a set of new tools that it could use in a situation like the aig situation or lehman to try to resolve such a situation that poses systemic risks in an orderly way. i just say at this point, the federal reserve under dodd/frank can continue. if necessary in some future crisis to engage in broad-based programs the programs we had in effect in 2008 to provide support. for the issuance of asset backed securities that enabled loans to small businesses and to students and a credit throughout the economy or to support the issuance of commercial paper. . at this point, i believe we are working with the department of justice to decide on next steps. >> madame chair, so much discussion about rising rates, seems to focus on the potential negatives. i'm wondering if you talk a little bit about some possible unintended benefits

would expect that if they need somebody who would help them understand a little bit more about dodd-frankave somebody on the board that can help them with that. olivia: right? here you go, you've got the co-author. but it is all just a little bit the size of banks and financial institutions that have been most hamstrung by all --the new regulations pimm: but having said that, is there any comment of the general idea of horny frank, who i don't think they are going to give an award for from the banking industry, that he is joining the board of a bank? there are many other companies that he could join the board of. olivia: there are, and there are many other companies that he could join the board of. he says that he is very supportive of financial institutions. will all right, we certainly watched signature bank. thanks very much, we will see you in a few moments. thanks very much. all right, coming up on the "bloomberg market day," we need some more market insight, so here is julie hyman. notablet is a pretty day, the dow is having its best three-day rally since march, and the nasdaq is tr

tracy: the weird thing now is there is talk about dodd-frank in general.cretary yesterday saying -- matt: this is precisely -- olivia: this is precisely the side bank -- the size bank dodd-frank is most difficult. olivia: it is a smart higher. re. i want to get to julie hyman. julie: watching earning reports. a lot of disappointment surrounding the numbers for oracle. the company in the premarket had been falling sharply and that is after earnings and sales missed estimates because the currency affect was more onerous than analysts anticipated. the company is seeing sagging sales to new and existing customers as people are moving to making that transition to the cloud. oracle is seeing higher expenses than anticipated. shares have been trading lower. olivia: down 7.5% and falling as we speak. julie: take a look at rite aid. those shares have been falling after earnings. the company coming out with earnings that missed analyst estimates saying that it's prescription softness that was a problem during the quarter and that may continue for the remainder of th

and i get very wary when i see this congress chipping away at dodd-frank, the provisions of dodd-frank that get us back to what got us into this mess to begin with. i think we can do a lot better. i urge my colleagues to vote no on the rule and vote no on the underlying bill. with that i yield back the balance of my time. the speaker pro tempore: the gentleman from massachusetts yields back. the gentleman from washington is recognized. mr. new house: thank you, mr. speaker. -- mr. newhouse: thank you mr. speaker. i appreciate that. i appreciate the good discussion here today over the past hour people on both sides of the aisle making good comments and points. as relates to the last comment from mr. mcgovern that talked about chipping away at dodd-frank. everything we do around here is fine-tuning it's improving what has been passed in past congresses. has been legislation, laws on the books that need improvement. i see that as what we are doing here today. i appreciate very much the comments. although we may have some differences, i believe that this rule and the underlying bill are ve

who wrote dodd-frank to make sure they understood how the rules are going to affect them? a companies interact with a government. so the truth is if we want less crony capitalism we need a simple the government can reduce its power. the only what to level the playing field is to simplify. [applause] -- the only way. >> the 70,000 page tax code by the way our tax code is now 70,000 pages long. so if you're wealthy and well-connected and powerful then you can hire people to help you get through that. not i that so many business owners, to me just in the last week and say, my account to me they can't finish my taxes on time, they don't understand the taxes anymore and no one at the irs will answer the question. that's a problem, ladies and gentlemen, a huge problem. >> the irs says oh we need more money come we don't have enough money. remember, they stopped taking calls from people called him for help on their taxes. it seems like every government agency, whenever there got any problem, the va as another example, amtrak and other example, not our fault. we just need more mon

>> dodd frank is killing the community banks over regulation. and that sense.re needs to be some wisdom. my home state one of the things that we were successful with fighting that balance between protecting the citizens allowing freedom for folks to grow to be able to get loans to be able to do the things that really matter. got to give them the freedom. >> dickerson: get your reaction, hillary clinton attack can directly listen to what she said then i'll get your reaction. >> here in texas former governor rick perry sign add law that federal court said was actually written with the purpose of discriminating against minority voters. he applauded when voting rights act was gutted and said the loss of protection were outdated and unnecessary. >> dickerson: your reaction. hillary clinton said, there aren't a whole host of cases of voter fraud this is something you're just trumping up, your reaction? >> i think that the people of the state of texas overwhelmingly support voter identification and that's what this is really about. hillary clinton believes that all wi

i think when dodd frank was passed it was done so in a hurry.section 115 they said what you can establish gives you the latitude to establish a different trigger or trigger mechanisms if you chose to. and i think if i go back to look at your conversation you said you had not formally looked into it. you mentioned you had informally looked into it but there is a process where there could be a formal process where the f-stock could go -- the treasury could go through that process and recommend changes. >> there could be a formal process. but if you look there are a number of regulators looking at the issue to see what they can do with it reg lor tory flexibility and there is a question of raising it to the level of a formal review. i will give you an example of the kind of issue we looked at. the frequency of examining this. the frequency should be different for a smaller institution and larger. the fact it isn't a former review doesn't mean people are not answering the questions. if you look within the regulatory bodies they are looking into that

maybe they do argue that dodd-frank is perfect.i don't think it's perfect. it does need light touches. with that, i yield back. the chair: i thank the chairman and urge adoption of the amendment as well as support of the underlying bill and yield back the balance of my time. the chair: the gentleman yields back. the question occurs on the amendment offered by the gentlewoman from wisconsin. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. the amendment is agreed to. it is now in order to consider amendment number 5 printed in house report 114-136. for what purpose does the gentlewoman from indiana seek recognition? mrs. walorski: i have an amendment made in order by the rule. the chair: the clerk will reminority rule. the clerk: amendment number five printed in house report 114-136 offered by mrs. walorski of indiana. the chair: the gentlewoman from indiana and a member opposed each will control five minutes. mrs. walorski: i'd like to thank congressman goodlatte and chairman kohn na way for

. >> an interesting debate could be had about what the effect of dodd-frank will be.id he break up the biggest banks? he did not. did he pass a bill they like? he did. it is possible she gets in a place she doesn't do as far as the democratic party wants but she does something that moves the ball forward as i think president obama support woerz say dodd-frank is? it's possible. >> if elizabeth warren wanted the issues to be -- >> you're not going to break up the big banks. >> that's not coming down the path. i'm not sure that's where the middle of the country is. not sure that's where the middle of the country s. >> if elizabeth warren wanted the issues pushed she should have ran. bernie sanders will push it. few others. >> to mika's larger point whether or not this can be uld off authentically by hillary clinton, it's thoordhard to go in a big speech and attack hedge funds and pull out statistics about the top 25 hedge funneled managers make more money than all the kindergarten teachers combined this economy can't just be for billionaires and then go to a hedge funne

those that are struggling to just get by that are smothered by regulation they are targeted by dodd frank, i hear you. you're not forgotten. your time is coming. the american people they see this red gain where the insiders get rich the middle class pays the tab. there's something wrong when the dow is near record highs and businesses on main street aren't. since when did capitalism involve the elimination of risk for the biggest banks while regulation strangle our community banks? [ applause ] capitalism is not corporatism, it is not a guarantee of reward without risk. it's not about wall street at the expense of main street. the reason i'm running for president is i know for certain our country's best days lie ahead. there is nothing wrong in america today than a change of leadership will not make happen. [ applause ] we're just a few good decisions away from unleashing economic growth and reviving the american dream. we need to fix a tax code that's riddled with loopholes, that sends jobs overseas and punishes success. we've got the highest corporate tax rate in the western world. it's

numbers of community banks -- this is a free dodd-frank problem. trend. frank: it is accelerating. the acceleration is the result obviously of a soft economy, obviously borrowing is not as endemic as it was, and obviously it is much more difficult for young people particularly to buy a house. and you have a situation where the cost of compliance are really oppressive. there is a little bank in marblehead ohio that had an examination about, oh four months ago. the ceo of the bank called me. he has 12 employees and 14 fed people came to his bank for two weeks will stop how do you conduct any business when you have that? tom: i have a number of e-mails, governor keating, you were a governor of one of our great states you are an award-winning author of children's books. all people want to know from you as the head of the ada is jamie dimon is going to lay off 20,000, brian moynihan is going to lay off x number of thousands. what is going to happen to the other banks? they do not make the headlines, do that? frank: what i'm focused on between the committ

we will repeal dodd-frank which is killing the small banks that loan money to small business. [applause] senator rubio: we will lower the tax rate on small businesses so they can compete with the big businesses. and we will put a cap on regulations which are crowding out innovation and making us uncompetitive in the global economy. regulations are particularly problematic for a small business who cannot hire an army of lobbyists and lawyers to help navigate big government. and last but not least, we will repeal and replace obamacare before it repeals and replaces more small business. [applause] senator rubio: today, we are on path to lead the next generation -- leave the next generation with a staggering amount of debt. yesterday's ideas make this problem even worse in the years to come. but if i am blessed with the opportunity to be president, we will make it our priority to fix this. through the only way it will work, a combination of economic growth and spending reform, we will balance our budget and we will save social security and medicare so those programs exist for futu

now, i should emphasize that dodd-frank changed our 13-3 authority and said that the federal reserve may not in the future crisis intervene to attempt to address the issues of a particular company. at the same time, it gave the government a set of new tools that it could use in the situation like the aig situation or lehman to try to resolve such a situation that poses systemic risks in an orderly way. i just say at this point, the federal reserve under dodd-frank can continue if necessary in a future crisis to engage in broad-based programs, similar to the program we had in effect, the programs we had in effect in 2008, to provide support for the issuance of asset-backed securities that enabled loans to small businesses and to students and for credit cards and, you know, for credit throughout the economy. or to support the issuance of commercial paper. at this point, i believe we are working with the department of justice to decide on next steps. >> reporter: madam chair, mark hamrick with bankrate.com. so much discussion about rising rates seems to focus on the potential negatives

i was working in dc and working for running.on six titles of dodd frank. they they were the ones on systemic risk, revolution authority, the fed command all tell you i did have that realization that the draft we got from secretary gagner in the treasury was about 1st and foremost preserving the system and of course, reformers like us actually did not want to preserve the system. we wanted to change the system. so there was just a fundamental misdiagnosis of the problem. problem. was it we have to stop what happened from happening again, or is it we want to restore the sense what the financial sector should be. that is the unfinished business. >> exactly. finance is important for business small and medium-sized enterprises need to get capitol to start the flow of money to small and medium-sized enterprises after a crisis was done more than 20 percent. you know they were doing what they were supposed to. and then you take homeowners one of the one of the main things that we say that the banks are supposed to do is allocate capital and manage risk. what does

think about the consequence of dodd frank. 10 big banks too big to fail have become five big banks too big to fail. meanwhile, thousands of community banks have been driven out of business. they businesses with their destroying are the businesses that give most people their opportunity. so when you get yourself out of that web of dependence where'd you go? most americans go to a small business. a family-owned business. like the one i started out on. that nine person real estate arm. my husband frank started out as a tow truck driver in a family owned on a body shop in pittsburgh, pennsylvania. it is these family businesses, new businesses, they create two-thirds of businesses in the united states. we are destroying opportunity with the weight of this government just as surely as weird tingling people's lives up in those webs of dependence. every day we open the paper and see yet another story of government and aptitude. it is a strong word but when the tsa fails 96% of the time what else to call it? when the irs in 2015 says, so sorry, we can't answer taxpayer questions because we need

. >> what do you want to do to dodd frank to change this to make that happen?e some requirements about the liquidity and transparency and trading volume and velocity of trading for things that are clear. to make the clearing house safe enough that any defaulting clear member could be liquidated quickly. >> like a stress test? should they be stress tested? >> i'm talking about security by security that goes in the clearing house, there should be some threshold to make sure that if a defaulting clearing member needed to be liquidated that the market provides enough realtime liquidity to liquidate that clearing member. >> you see this as an unintended consequence the way she set up the clearing system under dodd frank. you are clogging up with illiquid derivatives coming down the pipe. how do you solve that? do you expect congress to step in with this one little piece of dodd frank and want to make a change? >> it could be congress. it could also be the various regulators. of which there are several. the cfc is aware of this. other regulators are aware of these is

you are shutting down some core small community bank because they violated some narrow ruling in dodd frankanks? >> well steve, we have a couple of folks from the private sector that are going to be running for president. carly fiorina among them. they are going to rye to apply private sector tactics to government management. is there any chance that could work? >> long-term, no as long as you have politics in government which is inevitable defining performance will eventually be political. the e.p.a. for example, is very efficient at putting out regulations, but at destroying the coal industry in much of america. is that the kind of efficiency you want? the best kind of government is a smaller government doing a handful of things and leave the rest to the private sector. >> so sabrina, back to you. i understand we're all for smaller government i think here but the fact is that there's some people in the private sector who think the government should operate more likely the private sector. is that just a pipe dream? >> i think, unfortunately, i think it is. there simply isn't a bottom line.

another part of dodd-frank, is something called, and i don't want to get too geeky on you, but there i'm jp morgan and you come to me and say, i need to make a complicated transaction, i need to sell a lot of stock. i am your banker, so i have to buy that stock. so i'm not going to just dump it on the market after i buy it and then send the stock down. i'm gonna sell it a little at a time over days, maybe over a month. so what is that? is that proprietary trading or is that acting on behalf of a customer? >> seth: i'm sorry, i'm ibm? >> yeah, you're ibm. >> seth: okay, i gotcha. [ laughter ] >> exactly. exactly. >> seth: i was with you. i was just like, oh, my god, that's so exciting. >> the point is, that there are certain things in dodd-frank, that have dictated behavior for companies. like ge. ge is selling all of ge capital, why? because they don't want to be named systemically important have all of the rules that go along with it. >> seth: but, isn't the reason we have bank new regulations dictated by what happened, buy like what a lot of people like jamie dimon and those banks,

i think what he was saying is dodd-frank isn't the right set of rules and regulations. but, again, the media's impression of one guy's take. we'll have much more after this. ♪ ♪ it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services - all backed by an industry leading broadband network and people committed to helping you grow your business. you get a company that's more than just the sum of it's parts. centurylink. your link to what's next. neil: welcome back, everybody, coast o coast, i'm neil cavuto. another development we're keeping a close eye on today, and it concerns the president, what he was saying in europe today as he heads back from germany for the g7 summit and what he is planning to do later this week could come as soon as today, redefining what is overtime and who qualifies. effectively meaning if you're a salaried worker and you are not getting paid more for working in excess of 40 hou

here to talk about the f soccer and dodd frank and putting some structure back in the market so that we don't have a failed banking system. would you like to comment? >> you talked about the improvement in the economy. the graph illustrated. so does the number of people working every day. i think that the -- there is no doubt that the steps we have taken through wall street reform have made our system safer and we have the economic recovery underway which is why everything is getting better. better. but i don't think we can do is rest comfortably that there is no problem out there to worry about. what will what we will happen is we will get to the down.of a business cycle. we owe it to the american people to make sure we are in a position times get tough that we don't go back. that's exactly what we're doing. >> i doing. >> i completely agree command that's why you need the loan-loss reserve so you can withstand the downturn. we take in the consideration of precautions. if i were my republican friends or would be grasping at this liquidity strong. i want to thank you and the presiden

lisa: pre-dodd-frank, the banks would hold big portfolios of treasuries to offset holdings.rally had a market they would make for those securities that was independent of a direct bet on the directionality of those bonds. that has evaporated as they have curbed riskier assets. that is one reason why they've done this. this has had a big effect on markets. in a treasury market, the most liquid market in the world, traders can't transact. if someone wants to step in and say, i want to buy a huge block of treasuries which i heard people trying to do, they could not do it. erik: inventory was not to be found. stephanie: we're in a world where you need to match buyers with sellers. erik: conversation continues about the bond market. lisa: there's something going on. stephanie: our own we saw bravo it's -- lisa a bravo. erik: opec is meeting and the world is watching saudi arabia. to set the direction for oil. how much do saudi arabia produce? stephanie: we will break down those numbers. ♪ erik: decision time indiana. -- decision time in the vmien na. it is all about saudi arabia.

it seems to me like what you're saying is dodd-frank is tinkering at the margins. >> it's not just dodd-franky to regulators to get this problem fixed and there were some -- as the couple thousand pages but there's broad discretion and heavy reliance on regulators to write the rules to implement it. so they have worked hard at this. but it's 2015. we haven't even finalized higher capital requirements for the largest financial institutions. if there's anything anybody agrees on, these guys were too reliant on big money. >> i want to hear who the bullies are and why. but you said -- we started this interview asking about who you'd support as a leader for this and you haven't heard anything. . you talked about positions people could hold within an administration to take on this problem. is elizabeth warren, what everyone seems to think, too far left on this or are her views representative of someone we need in a position of power? >> i think you need balance in the debate. for too long -- there's too big and there's too big to fail and these large institutions have gotten too big. people are afr

they're targeted by dodd-frank. i hear you. you're not forgotten. your time is coming.ers get rich. the middle class pays the tab. there's something wrong when the dough is near record highs and businesses on main street can't even get a loan. capitalism is not corporatism. it's not a guarantee of reward without risk. it's not about wall street at the expense of main street. there is nothing wrong in america today than a change in leadership will not make happen approximate we're just a few good decisions away from unleashing economic growth. we need to fix the tax code riddled with loopholes and sends jobs oversaes and punishes for success. we have the highest corporate tax rate in the western world. it's time to reduce it. by the time this administration has finished with his experiment they will have added 600,000 pages to the federal register. on my first day of office i will issue an immediate freeze on pending regulations from the obama administration. agencies will have to live under strict budgets. health insurers will have to earn the right to your money. on da

dodd frank is a good example. much, i mean, try to read through dodd frank.l asleep halfway through it. i mean, it's enormous and the pendulum is going much too far. it has to come back to the center. maria: i want to talk about that. we'll talk more with hank greenberg on a day we're expecting a triple-digit selloff on stock prices. stay with us. >> hey, everybody, welcome to another court report. a special wimbledon presentation for fox business network from tennis channel. winning wimbledon guarantees a player a place in history, but for serena williams, she's chasing something even bigger. the world number one captured the first two majors of the year and a win at wimbledon would keep alive her chance for the calendar year grand slam. for the men, novac djokovic is the defending champion and top seed. he has his work cut out for him though. he faces 2012 quarter finalist schreiber. number two seed roger federer is coming off a win and he'll be chasing his 8th career wimbledon title. be sure to tune into the ten channel prime time where we will have the ne