that is important to dodd-frank and related rules. reporter: it also means how you define a small bag. what you said recently is that size is irrelevant. how do you find the kinds of banks that would be granted this kind of waiver? mr. hoenig: we think of it as a traditional bank. londongage primarily in -- in lending and deposit taking. bank that does not engage in trading, does not involve yourself heavily in derivatives, although you can still do for an exchange and some interest rate swaps. if you do not have more than, like, a $3 billion in net derivatives on your books, then you are eligible. come under the regulatory relief if you hold 10% of tangible capital assets. we defined this and we looked and found that 90% of commercial banks would meet this criteria, at least the first three. and two thirds would make the last, in terms of capital requirement. and the remaining one third of those banks could meet this with 200 basis points, at least 8%. which is it a hard myrtle -- which isn't a hard hurdle to meet. ratio.ld have a le

we put dodd frank in place. 10 banks too big to fail became five banks too big to fail. would you be an advocate of raking up citigroup? theseling away all of regulations in which only the big can survive. i would do what is necessary to help community banks grow and be strengthened. the next thing i would do is make sure that families and family owned businesses are getting a line of credit. they are not getting a line of credit today. in mainstreet america all across this country, you see small businesses not able to get the capital they need to grow. fiorina speaking at the iowa state fair today. live coverage at 11:00 here on c-span. the issue is economic populism. our guest is teddy downey. here is mark in virginia. caller: good morning. i think we are over complicating this issue. i'm just sitting here listening and overall, we kind of missed the real issue. the first caller had it right. the issue is greed on one end. but then the other issue is the electorate. choice is spend our dollars where we want to spend the dollars, and wherever we see or feel that there i

democrats passed dodd-frank. dodd-frank caused 10 wall street banks too big to fail, have become five, more bigger, powerful wall street banks and thousands of community banks have gone out of business. we need to repeal dodd-frank like we need to repeal obamacare and get about what we should have been doing years ago. reform freddie may and freddie mac. the government should not be in the mortgage business. the agencies that regulate the mortgage system should be competent. the regulators that are supposed to be minding the banking system are watching pornography and earning the same pay. this is not rocket science. it just never seems to happen. mr. heath: senator graham had some sobering words about perhaps iraq syria, troop commitment. i think americans -- i can't even begin to characterize what it is like to watch the beheadings and torture and what isis is doing to captives. we know about lone wolf terrorism. chattanooga, tennessee, and so forth. fort dix. do the american people have the stomach to go to wa

running point on six titles of dodd/frank but that drafter that we got from the secretary of treasury was first and foremost, preserving the system and reformers like us did not want to. [laughter] we need to stop from what happening again because that is the unfinished business. >> exactly. that is important for business. small or medium-sized enterprises with capital to start with the flow of money years after the prices down more than 20%. then take the homeowners. to with capital and manage risk to come up with financial products. wages go up and down with lots of risk what they do? we're not focused on managing risk george has been raging fishing for fools to find food they could prey of the most to extract the most money out of. >> then shift to investors. >> and eventually a other taxpayers. >>. >> even in the united states here in new york state said there was the product that worked with low interest rates with a teaser rates no balloon payments. they manage their way through the crisis but the public wasn't trying to pray another's that worked. other countries have mortgages

rory: i think there has been a massive vacuum caused by 2008 and the dodd-frank.isk is always worrisome in lending. you never know how you are doing 4 years out of 5. when gdp is low, everybody pays the loans back. you feel like you're a genius. unemployment rises, and all those unsecured loans get up. you get all the bad news for 5 years packed into one. by the way, i really like your idea. one challenge of alternative lending, you simply don't know how good these businesses are until you see a downturn. emily: how do you respond to that? >> this is exactly why we founded the company and created it the way that we get. alternative lending industry is ripe with all these new data players. we are taking unproven approaches, based off of hundreds of years of track record of community banking, cosigning, micro-finance lending. as soon as you involve other people together on a financial product, you get amazing performance on of the loan. i think there is a much longer debate to be had. we will definitely keep our eye on this. vouch, thank you so much. rory, thank you

in terms of the big things with dodd-frank, there is a lot of things. a couple things worth emphasizing on is if there was, a huge correction and a major bank went under, it is likely the fdic would have powers to take over and wind down and investment bank the same it does for an fdic insured bank. it is controversial, but it was deemed necessary after the lehman brothers collapsed. that is one thing that could have come into play if there was a big correction. another thing is that the federal reserve now has extra powers to mandate capital requirements. it is the source of a lot of debates. it says that banks have to be insured. more broadly. and also against liquidity or financial panics. that has madeing -- i do not think the stock market would have thrown off wall street, but that is one thing we would have looked at. host: this is a major stress test, or at least decent sized of the past two weeks. does it show there are places where dodd-frank has overreached or was unnecessary? not think so. most of the places dodd-frank has reached is not rela

we need to repeal or replace dodd frank. >> speaking of dodd frank, who better to talk to about what and larry kudlow who join me now. welcome to you both. what was your reaction to marco rubio's claiming legislation is destroying the economy and the debate last night more broadly? >> is that for me? >> yes, sir. >> it's interesting. republicans are playing bait and switch. they have been very defensive of the right of the large banks to engage in razzle-dazzle derivatives without a backup by aig. they talk about the small banks. but when they had one chance to legislate, to amend the bill, they don't do small banks. they amended the part that had to do with whether or not a bank can do swaps in the bank or has to put them outside. in other words, they talk about the small banks. in fact, legislation to a great extent, to the extent that it differentiate is in favor of the small banks. so as i said, they talk about the small banks. but their legislation is overwhelming for the larger banks. i was struck that when mr. rubio mentioned that. they talk about obama care. i think they under

, it is eviscerating small businesses. 40% of the small business have been wiped out since dodd-frank has passe fair for all businesses. liz: marco rubio just got more time with us. richard goodstein, as a democrat, that's a solid answer, a few problematic issues. number one, you can alter dodd-frank to make sure that perhaps smaller banks are eliminated from the onerous regulations, instead of getting rid of the whole thing, who do you think won from a business person's perspective? >> are you know, i don't think there were any winners. look, i actually want the republican party -- i want the republican party to be competitive, i think we had great times in the 90s when bill clinton was president and the republicans controlling congress, we had balanced budgets and so forth. if you look at autopsy the republican party did three years ago, it was dealing with latinos, they're hurting themselves. deal with women, hurting themselves. youth, same thing, and you don't have carly fiorina mentioning jobs, certainly income inequality didn't come up at all. middle class? forget it. i think in

the relation of the dodd-frank law that is more than five years old. the eeocomparison of total pay package to a median worker. that is what made this drag on. all of the employees that an international company. today, we got more in height into that. it could be very easy, something you do with the calculator. but it is very complex. so what we learn today is companies with a lot of discretion, they have some modeling to do it and they will take 5% of their work horse. they could exclude those from calculating that. betty: who could be exposed here? >> this is what has caused a lot of the controversy. liberty, $140 million. in 1983. so there has been this big what can you actually tell about it? you covered hillary clinton speech and she spoke about this very subject. >> some people say the timing is very curious. the focus continues to be on executive pay and how high it is. what is the argument against revealing this kind of data? >> what can we ascertain? what will it be telling us about it? also because the dodd-frank, shareholders have a bigger s

we need to repeal and replace dodd/frank, make america fair again for all businesses. rica fr again for all do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take, even eye drops. if your breathing suddenly worsens, your throat or tongue swells, you get hives, vision changes or eye pain or problems passing urine, stop taking spiriva respimat and call your doctor right away. side effects include sore throat, cough, dry mouth and sinus infection. nothing can reverse copd. spiriva helps me breathe better. to learn about spiriva respimat slow-moving mist, ask your doctor or visit spirivarespimat.com can a a subconscious. m

mark: how does this tie into dodd-frank?is was part of dodd-frank in order to shine some more gap. on the growing wage while which quite a is a lot for any kind of law. it has taken a long time to try .o figure out betty: are they significant enough to lower the ceo worker to pay ratio. >> they can recruit extra workers and it could move the needle. is it going to be worth it in terms of a potentially worse public image? one of the other things that can lower the bar is the official status of workers. how does that skew the ratio? outsourcef companies much of their operations. and if those workers aren't included, is this a representative ratio? betty: thank you for joining us on this. mark: you can see the story on bloomberg terminal. betty: i'm signing off now. mark: you'll be back for the 3:00 hour. ago,story a couple weeks where you say, ways to sneak out of the office? betty: i used some of those. we will talkup, about why a falling brazilian currency is helping discount the high-end luxury markets. ♪ ♪ ♪ ♪ get excited

former: to the chairman's point, what higher capital requirements replace dodd-frank? to replace dodd-frank is good. have been a lot of capital calls, higher capital requirements. i think capital is always good. sometimes you can have too much because for every dollar of capital, we have nine dollars less lending. tom: frank keating, thank you so much from washington this morning. our twitter question today on walmart, walmart and amazon, who treat their employees better? ♪ tom: good morning, everyone. "bloomberg surveillance." let's get the top headlines with vonnie quinn. second-quarter's results falling short of estimates, the stock fell 3.1% in premarket trading. profits per share were four cents fewer than analysts forecast. the company you blames pharmaceutical headwinds and wages for workers. meanwhile, home depot shares are up. it reported a 9% increase in banking quarter profits. -- areloans are in encouraging homeowners to spend on improvement. chinese economy is making headlines again. this is the worst day for china stocks and three weeks. it was down more t

appropriations bill, where we have first about penetrated -- first of all penetrated the myth of dodd frankwice already through legislation there. i believe we have two avenues to run on. we will see where happens. we are open for business with the democrats. they're back channel is going. there is no formal negotiation yet, but it is early. it's a long time for this session. victoria: some people say it is getting late. congress will now be out of session next week. you will be all gone until september 7. that leaves you with not a lot of time to sell some big issues including government funding your legislation, highway funding, you have the vote on the iran nuclear deal. do you really think all of that including your legislation, then meeting the be accomplished in that timeframe? sen. shelby: it is a timely question that you are asking. we will come back when after labor day, a week after labor day, and based on my history until christmas, there will be starts and stops dealing with funding. the democrats, as you know, they want more money for their programs. a lot of us would like more

. >> think about dodd frank. maria, here's a case where we are regulating the big banks and frankly we need to. what they really need to do is to have reserve requirements against the risk taking so that, if in fact, they go down the american taxpayers don't pick it up. those regulations are beginning to choke the medium, as you know, and community banks which are the life blood for small businesses and small businesses are the economic engine. when you over regulate you begin to kill investment risk taking and you begin to kill jobs. this is not that complicated. we know what the formula is. this is a formula we've applied in ohio where we've been able to go from 8 billion in the mole to 2 billion surplus and growth of jobs. >> in terms of regulations, would you roll back dodd-frank? you would change dodd-frank? >> there's no question about it. you do not want to kill the small banks and medium sized banks but in addition, you know, the big banks need to reserve against risks. these hedging devices, the cdos, th

what does the market look like in a post dodd-frank world?oint gary volatility may -- that volatility may point to a new normal. seth merrin may know a thing or two. good morning. i wants to get to that question but first, i'm looking at the way futures are trading this morning. the market ended up 619 points yesterday. has a floor been put in under stock prices? seth: so many macro events can change on a dime as we have seen in china with the recent intervention. this is a stock picker's market. what we saw in terms of the market structure, in terms of the new normal, we have this massive amount of money that has come into etf's and they are all concentrated on primarily the same stocks so when people start panicking and selling, you are selling the same stocks which exacerbates the markets. our members are 800 of the largest asset managers in the world. they sat out when the market was down 1000 points. they said, -- erik: that 25 minute window on monday. seth: the and then they started coming in and what we see, in our market, there has to

passed dodd-frank. dodd-frank caused 10 wall street banks too big to fail, have become five, more bigger, powerful wall street banks and thousands of community banks have gone out of business. we need to repeal dodd-frank like we need to repeal obamacare and get about what we should have been doing years ago. reform freddie may and freddie mac. the government should not be in the mortgage business. theagencies that regulate mortgage system should be competent. the regulators that are supposed to be minding the banking system andwatching pornography earning the same pay. this is not rocket science. it just never seems to happen. mr. heath: senator graham had some sobering words about perhaps iraq, syria, troop commitment. i think americans -- i can't even begin to characterize what it is like to watch the beheadings and torture and what isis is doing to captives. we know about lone wolf terrorism. chattanooga, tennessee, and so forth. fort dix. do the american people have the if ith to go to war, even is

the hope is some of the dodd-frank regulation has limited -- made them safer. to have ass likely financial crisis. at some of those worries are still out there, given that they are still large. host: darren, can you make it quick? caller: i will. how you doing. i wanted to touch on china and reverse engineering of american products. and piracy. whenever there is a bootleg ofie in the states, a lot times, that movie has chinese writing at the bottom, indicating that they bought -- that they recorded the movie and are selling it over here. i think that is a big problem that is overlooked. i know you are an expert on china relations. hope that you would say something good about where are we going with china. can the overall stealing of american technology. i think it is under looked. we cannot be competitive if they are stealing our technology. been an issue. people do talk about it. the u.s. and china have an interesting relationship because it has been a profitable trade relationship on both sides. you talk aboute has been an issue the u.s. government has pressu

fromint at everything tighter regulations, dodd-frank, to dealer inventories. citigroup is taking a very different look at the issue, saying that thin liquidity has more to do with low interest rates and the herd mentality among investors. also the dominance of some very big investors in the market. here to explain all of this is dorothy and lisa. -- and tracy. tracy, give us a rundown of what citigroup is saying. tracy: i think your intro is exactly right. we hear about illiquidity liquidity in the bond markets again.d over there is a lot of disagreement as to what causes that, but a lot of people tend to cite new regulation and the dealer inventory issue. citi has a slightly different angle. we have had all of these low interest rates in qe -- and qe interest -- and herded investors into the same position. is it is not just the banking regulation issue. it's not just an inventory issue. this is about something much much wider in the market. betty: but the lower interest rates, heard mentality, it wide? they are all looking for the same interest rates? tracy:

let's look at what happened with dodd frank. what happened with dodd-frank?the agencies that started the housing bubble, fannie mae and freddie mac are still in place. we put dodd-frank in place. ten banks too big to fail became five banks became too big to feel. i would people away all the regulations where only the big can survive. the first is to help community banks grow, be strengthened. the next thing i would do is make sure that families and family-owned businesses and small businesses are getting a line of credit. they are not getting a line of credit today. you see in main street america, all across this country, small businesses not able to get the capital they need to grow. >> carly fee yiorina speaking ae iowa state affair today. live coverage at 11:00 eastern on c-span. the issue is economic populism as a campaign them. our guest is teddy downey. here is mark in north virginia on the independents line. >> caller: good morning. look, i think we're overcomplicating this issue. i'm just sitting here decisionin listening. overall we miss the issue. t

dodd-frank, they wrote that. many people in the treasury department thing only four senators understood that the system led for wall street had the ability to do it. they felt like they had the ability to do it. part of the reason they were so aggressive at writing dodd-frank is they realized they didn't have time to let it get bogged down. >> host: to what extent did they have a plan to get health care through and how much did they have to adapt? >> mr. todd: i call it the butterfly effect. tom daschle not getting confirmed as the health and human service secretary was the butterfly. former senate majority leader. he was going to be in charge of the office on the policy. >> host: what is the significance on the west wing? >> mr. todd: you have access to the president and chief of staff in a way that -- has that. ask secretary clinton if she had more influence in secretary of state? any secretary of state living now says the national security advisor gets to be the last word. you can pull somebody aside. you are

david: this was in the original dodd-frank.eos would have to provide in their proxy statements a ratio between their salaries and what a median estimate of a worker in that company is making. over the last two or three years, commissioners and their staffs have been working on what this rule is going to spell out. it is surprisingly tricky. scarlet: i remember elementary school math class and a median was straightforward. alix: but can't they leave some of the numbers out? david: they will be able to take a 5% of their workforce. you have a big multinational company, it will have part-time workers, seasonal workers, workers working overseas it in different offices and compliance will be different. now sounds like, with this rule, they will be able to divine in their own way to find a median. rule?t: so why have this it is certainly inflammatory and it shows the income inequality between the highest office in the front line worker. but how useful is it really when everyone knows that there is income inequality? david: a lot of p

the keystone pipeline or when citibank wants to blast a hole in doubt frank, the republicans -- dodd frank, the republicans move faster than lightning. but when it comes to helping families, the republicans refused to move. we are here to make this country work for hard-working americans. and if the republicans won't move, then we need to move them out of the way. thank you. mr. schumer: questions? >> should the irs commissioner design -- resign? mr. schumer: i have not seen evidence that he should resign myself. >> [indiscernible] ms. stabenow: i would not be prepared to say that at this point. i haverren: i have set -- not seen any evidence. >> are democrats planning on voting -- [indiscernible] mr. schumer: no. in fact, we'll offer the republicans an agreement to a certain number of amendments, all relevant to the veil, and move -- bill, and move forward on the bill. the ted cruz's and others in the world who want amendments on the bill and what let it move forward. >> [indiscernible] what do you think is the democratic tax agenda? mr. schumer: this is not a complete list. >> [indiscern

part of the dodd frank act.equire public companies to disclose the ratio of how much their ceos get paid relative to everybody else at the company. david is here to talk about it. let's remind everybody, i tried to summarize it, what is on the table? block.an 800 plus page 800-plus page law. the rule would take the sea ceo's rule would take the topensation and compare that part-time, full-time, people working abroad. erik: it means a lot to companies. david: you look at while you might have this rule. a lot of people were angry at how much people heading these companies make. if you look at that ratio -- stephanie: life is expensive in colorado. david: you look at how the ratio has changed in the last 30 years. 46-1,n ceo and worker, now 341-1. the afl-cio, the union that has gotten almost 300,000 letters sent to the sec. that is why this has taken so long. erik: what ultimately does congress hope to achieve? it is congress that passed dodd-frank and the sec charged with executing the order. david: the sec went

if you doubt that, look at dodd frank. what is the result of dodd frank? 10 wall st banks, who helped write that bill by the way, have become even bigger, more powerful wall street banks and thousands of community banks have gone out of business. what happened to obamacare? what do you see happening right now? health insurance companies are getting bigger. drug companies are getting bigger. meanwhile, small hospitals are going out of business. the only way to curb the power of the big, powerful, wealthy and the well-connected is to simplify. if you have a three page tax code that anybody can read and fill out, you do not need to hire mountains of accountants, lawyers, and lobbyists to figure it out. [applause] yes, ma'am. in the pink and white striped shirt. the question is -- how do i feel about the planned parenthood videos? i am pro-life. [cheers and applause] i believe that science is proving us write every day. -- right every day. you don't have to be pro-life to understand the hideous nature of what is going on here. this is about the moral character

it has been a massive vacuum created by dodd-frank, some of it is justifiable and some is not.y lending business, you don't know how you are doing for years out of five because when gdp is nice, and people pay loans back, you think that you are a genius. but then unemployment rises and all those unsecured loans go up, and get all that bad news. i really like this idea, but one of the challenges for alternative lending right now is simply do not know how good these businesses are until you see downturn. emily: i agree with that. >> this is why we founded the company the way that we did. the alternative lending industry is absolutely right, with all these new data players taking these approaches, but couch -- vouch is based on micro-finance lending, as soon as you get people together in a financial product, you get amazing performance of the loan. emily: look, i think there is no longer debate to be had here, but we will leave it there. we will keep our eyes on this. thank you so much. thank you for sharing your opinions. thank you all for watching. it is friday, have a great wee

we put dodd frank in place. 10 banks too big to fail became five banks too big to fail.ould you be an advocate of raking up citigroup? theseling away all of regulations in which only the big can survive. i would do what is necessary to help community banks grow and be strengthened. the next thing i would do is make sure that families and family owned businesses are getting a line of credit. they are not getting a line of credit today. in mainstreet america all across this country, you see small businesses not able to get the capital they need to grow. fiorina speaking at the iowa state fair today. live coverage at 11:00 here on c-span. the issue is economic populism. our guest is teddy downey. here is mark in virginia. caller: good morning. i think we are over complicating this issue. i'm just sitting here listening and overall, we kind of missed the real issue. the first caller had it right. the issue is greed on one end. but then the other issue is the electorate. choice is spend our dollars where we want to spend the dollars, and wherever we see or feel that there is

there's a difference between more regulation is what dodd-frank did and dodd-frank drove community banks out of business. we have lost huge numbers of community banks. i used to be on a small bank board back in texas and i know what these regulations are doing. i think it makes sense for us to have these big banks. you realize that the sixth largest banks in the country have 61% of the mortgages now. it's a stunning number. we're seeing freddie and fannie mae back in the business of having small down payments to get a loan. it's a stunning direction we're going in this country again and it's because of washington and washington's policies that are causing this. let me address this federal reserve. the federal reserve didn't miss my spleen either in that remark. i said that they had done things that were absolutely hurtful when it came to our economy. the federal reserve, washington, d.c. and wall street for that matter i laid out a clear way for us to get this country back on track. those banks need to have more cushion so that there can never be one of these too big to fail issues again

he said he wants to change dodd frank. repeal dodd frank.ill play well with wall street and investors, right? >> yes. i'll be interested to see whether it improves his financial take, his campaign fundraising. he's done pretty well. >> right. >> he's not in the same ballpark as jeb bush, for example. >> larry, good to have you on the program this morning. thanks so much. >> thanks, maria. >> we'll see you soon. larry sabato there. president obama looking at the iran nuclear deal as the crowning achievement of his foreign policy legacy. will the flood gates of democratic opposition open up. two top democrats said they will not vote on it. we live in a world of mobile technology, but it is not the device that is mobile, it is you. you're down with crestor. yes! when diet and exercise aren't enough, adding crestor lowers bad cholesterol up to 55%. crestor is not for people with liver disease, or women who are nursing, pregnant, or may become pregnant. tell your doctor all medicines you take. call your doctor if you have muscle pain or weakness,

juan: what specifically was the provision of the dodd frank act that was a question here?ld you give a little more detail on that? >> sure. the provision is much broader than the phrase that was challenged here, which is just founde of the phrase "not to be conflict-free" which the companies did not want to use in their disclosures. to be clear, it is not an issue of labeling on a product, it is a phrase that appears in a file made in the securities and exchange commission. the companies did not object to the rest of the law, which really is much broader. the heart of that wall requires companies to engage in due diligence to ensure that their supply chains in the minerals their purchasing is not funding the terrible conflict in the democratic republic of congo. so the rest of the law still stands, and company still have to perform those kinds of to diligence measures. the phrase "not found to be conflict-free" was to ensure companies have the right processes in place. it is really shameful that rather than focusing their energies on that, copies of instead chosen to bring

democrats to control the timetable in the legislation on health care, you know put it this way dodd-frank, they worked on frank. part of it is because many people in the treasury department don't think there were only four senators who understood that the regulatory system for wall street have the ability to do if they felt like they had to do it at part of the reason why they were so aggressive that writing dodd-frank as they realized they couldn't let it get logged down in congress. >> host: to what extent did they have a plan to get health care through and how do they have to adapt as they ran into more and more problems? >> guest: they had a political plan and i think a very good one. i call it the butterfly effect. tom daschle not getting confirmed as health and human services secretary was the butterfly effect of health care reform. he's the former senate majority leader. an unprecedented cabinet post that had a cap -- office in the west wing and be in charge and that office of health care policy. >> host: what's the significance of an office in the west wing? >> guest: for a cabine

people may not think about it , thisly, but dodd frank regulation put in place to keep " from ever fail happening again, it has driven small community banks out of business in droves. since the great depression, we have not seen the loss of small community banks. what driveanks are the ability for agriculture producers and mom and pop businesses to receive financial support. a lot of focus has to be on the overregulation, over taxation, that comes out of washington dc. to free the american entrepreneur, whether they are a farmer or small mom and pop business. whether they are a big american company. we overtax, over regulate. ithink you can actually do in a relatively speedy way, ask tiousishes way -- expedi way. in texas, we have had sweeping for healthh allows care opportunities and the access for health care to explode in texas over the last decade. so we can do this, but it is a matter of having someone who has the experience. that is why i tell people this "show me, do not tell me" election. in texas, whether it is electing supreme court justices or putting regulations into place t

my concern about dodd frank, and again, let's preface everything, i'm a retired guy now.ia: yeah. >> i would think it's taken liquidity out of the market and you know, i don't know if you talked to james gorman or larry fink or whom you should talk to, but i think that's a real issue. maria: and larry fink has been very vocal about it and jamie dimon, writing an op-ed that liquidity has suffered as a result of the regulatory environment. okay. which candidate has the best plan to get things moving again in this economy? a couple of months ago you were on with neil cavuto and talked positively about hillary. let's listen to this. >> do you have a candidate? >> i'm a flexible person, it's not by party, i voted for president obama in the first election not in the second, i supported mitt romney. i'll be supporting secretary clinton. >> so you still stand by her, all of these problems notwithstanding. >> everybody has problems. maria: everybody has problems and it does seem that her problems are getting worse with this e-mail scandal. you don't think it's going to impact. wha

when you look at the dodd-frank stress test, they ranked number one of all companies. that's going to help you sleep well at night. this is a company that's raising the dividend, buying back 8.5% of the shares. we think they'll do the same next year. it's almost exclusively u.s. revenue, its benefits from higher disposable income. >> let's talk about cvs corps, target of 64 over the next 12 to 18 months. >> yeah. the space of media has been really beaten up. i think cbs has gotten beaten up a little too much compared to some of the rivals. i doesn't have the kind of exposures they have. it does have ad exposure. they have what everybody wants -- content. if you're worried about the slimming down of cable bundles, cbs is going to be there. and they also have football, they have the super bowl this year. they have a lot of content that people want. they're buying a lot of stock. they raised their dividend 25% at 14 times earnings. >> and one of the best executives running it in less moonves. let's go to kinder morgan. >> yeah, the baby out with the bath water, we know wh

>> it was mandated by dodd frank. it compares the amount that a ceo makes eachier to the median pay of a worker at the company. the companies will have to start disclosing this in the fiscal year that begins january 1st 2017. >> what's the point? >> critics say there's no point prox opponents say it is a valuable tool for investors whether to approve or reject a pay package. they anticipate it can be used to help narrow the gap between ceo wages and average workers' wages. how? we'll expect to see some boycotts of products where the company has a high ceo pay ratio and in certain states like rhode island. advocates are already arguing that they not do business with company that have a high ratio. >> what's the argument against this particular rule? >> the critics say it is expensive for company to do every year. it is useless. it won't impact pay at all. it. were it toaler the pay ratio and it is not intellectual honest. you include seasonal and part time workers' pay but you don't annualize it. so it is not really ap

dodd frank gave them a mandate to adopt lots of new rules for the financial sector. in a lot of ways, they have taken that and run with it. so whoever is the next president, whether or not they appoint people with that same mindset and of that same disposition to those posts to continue that agenda, or whether they appoint someone who thinks it is time to take a break from those rules, roll some of them back. someone who is sympathetic to the argument that governor pawlenty and members of his trade group make about new regulation hurting economic growth and constraining their ability to lend, that is a hard issue. not everyone feels the same way about it. so i think it absolutely matters. what will be interesting in the campaign is whether or not you see candidates like governor perry, senator sanders, or others, take positions the box -- that box them in for when and if they become president. governor perry with the policy proposal he put out, he hedged his bets. he did not go out and endorse a new glass-steagall where he wants to break up the big bang. he says we s