dodd-frank, the supporters told us it would lift the economy. it hasn't.nstead we have the single most weakest most tepid recovery we've had. the economy is not working for working americans. so that's one of the reasons you have banks small lending at about a 20-year low. you have entrepreneurship, the creation of new business, at about a generational low. and much of that has to do with the sheer weight and volume, complexity, cost, uncertainty of the dodd-frank bill on our capital markets. i-can't have capitalism without capital. so number one to answer your question i think the timing is good to go to the american people and say, hey, we tried the democrats' way. we tried this thing called dodd-frank. and is the economy working for you? most americans are going to say no the economy is not working for us. second, i think it is important to tell the american people what your plans are. speaker ryan has challenged us to be a party to tell the american people if you would entrust us here is the bill we would have. our bill is simple. economic growth for a

if you read the dodd frank legislation, you realize it did not publish that could test did not accomplish that. that's you realize it did not accomplish that. elizabeth warren, democrats on our own committee realize dodd d the does not en potential bailout for the big banks. how can you prevent the next crisis being bailed out by taxpayers? say, banks, make sure you have enough equity capital in the ,ault so when things go wrong you can turn over here and know that you have enough capital available to stay afloat. that's what we do. raise the requirement for what they have to have sitting on the sidelines. host: let's listen to what elizabeth warren had to say about what the republicans are proposing. [video clip] >> he and his fellow republicans think the poor wall street banks have suffered too much under the new rule and there is -- it is time for them to return to the good old days before the 2000 and crisis when these banks could run wild. i only have five minutes today, but let's look at the many problems with the wet kiss for the wall street banks. the first is the congressman's bi

the congressman has a major reform package for dodd frank in the wind. we will talk about that with him and more. with our two guests. donna and pete. as we get started, mr. chairman. yesterday the financial services spending package was do to make its way to the house floor preempted by the democrats sit in on gun legislation. what is the next stop for that piece of legislation? >> i expect that to be up on one of the most available legislative days and includes provisions that are supported to make some of the washington --eaucracy more accountable putting the consumer financial protection bureau on budget. subject to the powers of purse from congress to make sure they have a bipartisan commission to set of one director. there are some good provisions in the bill and i expect it to be up in short order over the next few legislative days. >> as we are taping this program thursday morning, house democrats are still on the floor of the house of representatives. what is your view of the action they have been taking? >> personally i think it is a little dis

it is an equity finance market-based dodd-frank offramp because all the promises of dodd frank did nottrue, six years into it. and too big would to fail, and it did not, they said it would make our economy more stable and it didn't. freeed to unleash enterprise because this economy is not working for working people. >> the critics are going to say, what incentive what a financial and touche and have to bolster its capital in order to get rid of some of these regulations? what was the incentive be on their end? >> i don't plan to be the federal regulator in the board room. they have to decide for themselves. some may be happy with the status quo. i don't care to paint with a broad brush, but there is a washington, wall street axis. someone to rely upon the in order for there to be a bailout fund which is in dodd-frank. designationscity important. ofyour bill would get rid city designations. how would that prevent too big to fail? >> we would get the federal government out of the business of designating firms too big to fail which becomes a self filling prophecy and under dodd-frank, the

again, it is an equity finance .arket based dodd frank offramp all the promises of dodd frank didn'tx years into it. they said it would lift the economy, it didn't. they said it would an end to too big to fail, it didn't. there is an emerging consensus that we need to go in a new direction and we need to unleash free enterprise. because this economy is not working for working people. -- critics will ask, what incentive do they have to bolster capital in order to get rid of some of these regulations? why would a bank do that? what the incentive the? >> right now they do have regulators in the boardroom. some may be very happy with the status quo. i don't care to paint with a broad brush, but there is a washington wall street access. someone to rely upon the taxpayers in order for there to be a bailout fund in dodd frank. ofe see the designations systemically important financial institutions -- >> but i want to talk about -- your bill, sir, would get rid of the designation. how would that prevent to fail? >> number one, we would get them out of too big to fail and the prophecy of it. s

if you read the dodd frank legislation, you realize it did not publish that could test did not accomplisht. that's you realize it did not accomplish that. elizabeth warren, democrats on our own committee realize dodd d the does not en potential bailout for the big banks. how can you prevent the next crisis being bailed out by taxpayers? say, banks, make sure you have enough equity capital in the ,ault so when things go wrong you can turn over here and know that you have enough capital available to stay afloat. that's what we do. raise the requirement for what they have to have sitting on the sidelines. host: let's listen to what elizabeth warren had to say about what the republicans are proposing. [video clip] >> he and his fellow republicans think the poor wall street banks have suffered too much under the new rule and there is -- it is time for them to return to the good old days before the 2000 and crisis when these banks could run wild. i only have five minutes today, but let's look at the many problems with the wet kiss for the wall street banks. the first is the congressman's big to

these banks have known this is coming since dodd frank was passed in 2010. that is six years ago. they have been. they have been submitting living wills since 2013. there is no provision of the law for all of the extensions that you have given them so far. if any of these banks failed the credibility test on the fifth try they need to face some real consequences. otherwise why would they ever make changes if there are no consequences. >> will there will be consequences. >> well i very much hope so. when he found that these five things submitting living wills that were not credible, you said quite explicitly that each of these banks remain too big to fail and that if any one of them crash they would risk taking down the whole economy unless they got a government bailout. the entire goal of the liminal processes to push the biggest banks to fix this fundamental problem. i am glad that the fed finally determined that some of these living wills were not credible. it is not going to mean anything if you're not willing to use the tools that congress gave you to force these banks to redu

>> i think the reforms under dodd-frank have been enormously important in strengthening our financial system. i say that collectively. our financial system is much stronger and resilient, certainly in part because of the acts undertaken by dodd-frank. i would not want to see those reforms repealed. >> they are self-evident with stronger more stable financial system, this reform in the opening statement. and outstanding, to finish the rules, and it is behind other agencies implement rules and similar areas. and significantly more progress than sec. and with far fewer resources than you have and the department of labor. and finalize fiduciary rules while the sec produces a study called for by the wall street reform act and neither of those cases was the process perfect nor our final rules perfect but both agencies adapted along the way and moved forward. why is the sec slower than those agencies? what is not working? >> what the sec was given between the dodd-frank act and jobs act plus all our discretionary responsibilities, we have undergone the last few years with regulatory activity

dodd-frank explicitly mandated that the s.e.c. and the municipal securities rule making board protects municipal entities. and yet despite the widely acknowledged problems on the island, neither the s.e.c. nor the msrb has held one hearing. commission meeting initiative weren't giving any particular attention to puerto rico. at least to my knowledge. broker dealers and underwriters all subject to the regulations that operated in puerto rico, have they done so free of conflicts of interest, whether they package and sold bonds worthy of the savings of hard working investors and whether they've acted in the best interests of the port recab government and people. how will the s.e.c. pursue this element of their crisis? >> i couldn't agree more with the state of that crisis and what our government collectively in my view needs to do to address that in a positive way. but in terms of the s.e.c.'s jurisdiction there, we have actually -- closely attended with respect to investments in various funds with bonds that may be at risk in terms

if it is donald trump, i hope to work with him and replace dodd-frank with the "financial choice act.ou tomorrow. ?c+sv >> i am mark crumpton. you are watching bloomberg west. president obama plans to formally endorse hillary clinton as early as this week. that is according to a person familiar with the president's plans. the timing of the endorsement has not been set, but the president is speaking at a democratic fundraiser wednesday in new york city. a democratic congressman has written an open letter to donald trump, calling him a racist. telling him where to place his proposed border wall. trump's attacks on the mexican-american federal judge in the trump diversity lawsuit despicable. premier metvice with the u.s. trade representative today. is the round of the u.s. and china's strategic dialogue. annual day one of the two-day summit in beijing. spain's olympic committee says 2000 bottles of insect repellent will be available to the athletes

dodd/frank explicitly mandated that the sext s.e.c. and the municipalities board protects municipal entities. yet despite the problems on the island, neither the s.e.c. nor the msrb has held one hearing. commission meeting, niinitiativ or any particular attention to puerto rico's debt crisis at least not to my knowledge. so what i want to know is -- all of whom subject to the s.e.c. and msrb regulations have done so free of conflict of interest, whether they packaged and sold bonds worthy of the savings of hardworking investors and most importantly whether they've acted in the best interests of the puerto rican government and people. how will the s.e.c. pursue this element of their crisis? >> well, i mean, i couldn't, you know, agree more with obviously the state of that crisis and what -- what our government collectively in my view needs to do to address that in a positive way. but in terms of the s.e.c.'s jurisdiction there, i mean, we have actually -- i mean, very closely attended with respect to investments in various funds with bo

dodd-frank explicitly mandate sthad the s.e.c. and the municipal securities rulemaking board protects entities. and yet despite the widely acknowledged problems on the island neither the s.e.c. nor the msrb has held one hearing. commission meeting initiative or given any particular attention to puerto rico's debt crisis. at least not to my knowledge. so what i want to know is whether municipal advisers, underwriters, and broker dealers, all of whom are subject to the regulations that operated in puerto rico, have done so free of conflict of interest, whether they package and sold bonds worthy of the savings of hardworking investors, and most importantly whether they have acted in the best interests of the parrot reeken government and people -- puerto rican people. how will they pursue this element of the crisis? >> i couldn't agree more with the state of that crisis and what -- and what our government collectively in my view needs to do to address that in a positive way. but in terms of the s.e.c.'s jurisdiction there, i think we

dodd-frank, the supporters told us it would lift the economy. it hasn't.ad we have the single most weakest most tepid recovery we've had. the economy is not working for working americans. so that's one of the reasons you have banks small lending at about a 20-year low. you have entrepreneurship, the creation of new business, at about a generational low. and much of that has to do with the sheer weight and volume, complexity, cost, uncertainty of the dodd-frank bill on our capital markets. you can't have capitalism without capital. so number one to answer your question i think the timing is good to go to the american people and say, hey, we tried the democrats' way. we tried this thing called dodd-frank. and is the economy working for you? most americans are going to say no the economy is not working for us. second, i think it is important to tell the american people what your plans are. speaker ryan has challenged us to be a party to tell the american people if you would entrust us here is the bill we would have. our bill is simple. economic growth for all

the cost of compliance with dodd-frank.id, if there is someone there that you know that's been in your town for decade that can say i know you are a good person, i will help you get this loan. those bangs are being gobbled up by bank of america and citibank. and dodd-frank is making it harder for people with tough credit to get a loan at all. >> community banks are decreasing in number and asset value. you need them as a presence in the community. you want the problems solved at a local level. that's not happening because all the banking is moving out of these community. >> it's one of the reasons why dodd-frank is bad, bad news on top of that quick payday loan scam as elizabeth warren calls it. nice to see you. a breath of fresh air. coming up i'll reorient my entire life based on suggest america, they don't call it travel season for nothing. ♪ should i stay or should i go? ♪ this summer at choice hotels the more you go the better. now get a free $50 gift card for staying just 2 times. so go. book now at choicehotels.com.

he unveiled a new proposal to overturn dodd-frank today.s what he said when he's asked whether he talked to donald trump about the overhaul. >> listen, there's a lot of things donald trump has said and done. that i don't agree with. one thing i do agree with is that dodd-frank has failed. it has failed miserably. it has to be replaced and we need to promote economic growth. i know he's interested doing that. my crystal ball is fuzzy who will be our next president. if it's donald trump i hope to be able to work with him and actually sow dodd-frank replaced with the financial choice act. mark: thanks for watching. we'll see you tomorrow. it is tuesday the seventh of june. this is trending business. rishaad: let's have a look at what we're watching for you. the asian markets up for a third day. janet yellen saying that the

dodd or frank never read this book. >> i got to tellture, was the worst of times that led to dodd-frank, you should understand that, and we needed to do something about what was going on there. >> is that a useful thing, 25 times that many pages. >> when you are talking about the financial services industry and armies of lawyers, i would think dodd-frank might not be long enough. >> do you know bernanke could not refinance his home. >> bernanke had a very big home and working on a government salary. i think it was okay. john: chris, you worked five years for senator chuck schumer. >> almost six. john: almost six. >> [booing] >> i'm getting booed by people who waited in line to get tickets to see me. john: he holds a press conference just about every weekend, he figures he gets more air time on the weekends and proposes banning something. he's proposed banning bitcoins, energy drinks, assault weapons. high-frequency stock trading, caffeine drinks, powdered alcohol because somebody brought it on the airplane. >> one of the best senators new york is lucky to have him. john: he's the reason

we deal with much of the issues dealing with dodd frank. the majority of the legislation is bipartisan. reforming dodd frank to fix it in areas we can agree with. the chairman was in manhattan. he was laying out the proposal for further reform of dodd frank to get the economy back on track. host: the latest

they're dying of dodd-frank.u're going to get anything done on dodd-frank is if donald trump is the president of the united states. that's your only hope. >> well, absolutely. i'm not naÏve about this. i mean the two most important things we can do for the economy today is have fundamental tax reform and repeal dodd-frank. so what we want to do on dodd-frank is we want to replace mind-numbing government control complexity with capital. it's a lot more capital for a whole lot less regulation. and we're going to replace dodd-frank's taxpayer funded bailout system with a new chapter in the bankruptcy code. you can't have capitalism on the way up and socialism on the way down, which is what dodd-frank. stuart: what did she obviously you explained this to mr. trump. was he receptive with what you had to say? >> well, again, i won't go in the blow by blow, but i'm characterize and say, yes, he well received the message. my crystal ball is a little fuzzy on who will be our next president but should he be our next presid

dodd-frank established the cfpb. can you tell me which of richard cordray's decisions must be submitted to you for your approval? >> so we don't approve decisions. the cfpb has to consult with is in the course of drawing up proposals. and i believe that they have done so when we have tried to provide feedback and useful input. >> how often does richard cordray's consult with you personally? >> i have not consulted with him personally. >> do you review and approve the bureau's budget? >> no, we don't approve their budget. >> can you by law? >> i believe the answer is no. >> i'm told that the cfpb gets its funding simply by sending a letter each quarter requesting in most cases excess of $100 million. do you know if that's accurate? >> i don't know the details of their budget, but we follow the law in -- >> you personally don't review the requests? >> i don't think so. no. no -- >> wouldn't you want to as the head of the federal reserve since they're created under your purview? >> well, congress set up a system in whic

so we are unveiling a new plan because dodd-frank has not worked. they said that it would lift the economy, it hasn't lifted the economy. we're still limping along at 2% economic growth. we had a nonexistent jobs report. wages are stagnant. savings have failed. they said that it would fix too big to fail, instead it enshrined too big to fail. >> the congressman says the financial choice act would repeal the rule which bans banks from making speculative bet ford their own account. it would prevent a body of regulators from designated nonbanks as being systemically important. and it would give banks the option of holding high levels of capital. though it has little chance of passing congress this year, it could influence the presidential debate. >>> looking for the next company that will disrupt the status quo? cnbc is out with the list of the world's most innovative private companies changing the economy and overall business landscape. some of the names you probably know. but others you may not. so here are the top five. number five, 23 and me. a gen

these banks have known this was coming since dodd-frank was passed in 2010. that is six years ago, and they been sunbathing linton wells since 2013. there is no provision in the law for all of the extensions that you have given them so far. if any of these banks fail the credibility test on their fifth trod, they need to face some real consequences. otherwise why would they ever make changes if there are no consequences? >> there will be consequences. >> i very much hope so. when you found that these five banks submitting living wills were not credible, you were saying quite explicitly that each of these banks remains too big to fail and that if anyone of them crashed they would risk taking down the whole economy and less makeup to cover bailout. the entire goal of the linton wells process is to push the biggest bank to fix the fundamental problem. and i'm glad that the fed finally, finally determined that some of these living wills were not credible. is not leaving anything if you're not willing to use the tools that congress gave you to force these banks to

they raised taxes, put in obamacare, they put in dodd-frank which is killing it and monetary policiesnterest rates really, really low what they have done is discouraged anyone from lending mortgage money in the housing market. that's why it's so far below historical average, there is no recovery in housing. low interest rates are just as bad as high interest rates. the right interest rates are the market-driven rates where supply equals demands. that's not what it allowed to happen. dagen: art, if you look at tax plan, it complicates our tax code even more and raises taxes for wealth % americans, on top of that she wants to expand medicare, which is something that president obama talked about expanding social security, what would the economy look like if these policies were pushed through? >> yeah, let me just -- if i can just a little correction, dagen, she wants to raise tax rates on the rich. you will not collect more money from those people. there will be no taxes because they know how to get around them. every time we raised tax rates on the rich, we have seen revenues gdp fall a

charlie: are you talking about dodd-frank? sen. mcconnell: dodd-frank is part of it.ie: regulations from various agencies? fcc, younnell: epa, name the agency. there is a steady stream of people in my office every week. there is a new rule from the labor department called the fiduciary rule. just one after another. what it does is it creates a scoliosis on the system. your system is clogged up. that is why we have this tepid growth rate. rate isr participation back to what it was in the 1970's under jimmy carter. charlie: i argue with you a little on the fact that we need to create more demand in the economy so consumers want to spend more. i believe if consumers are spending more, businesses would be investing more because there was demand. therefore, they would be willing , if they saw the demand, to expand. that is the central economic argument. sen. mcconnell: you and i can argue economics. what i'm telling you is that, in my opinion, the people who create jobs, uniformly, across the country -- charlie: feel like they are not creating them because of regulations -

i think the you are aware that this committee is talking about a reformed to dodd frank. i know you are aware that any banks can win about the cost of compliance. and what that does for them to make loans that would be good loans that they can usually make but now they can't because of the impact on the economy, economic growth, job creation. do you oppose the idea that if you have a high leverage ratio hold the capital you can get out of the relations that come from the fed and other regulators? hon. yellen: i do think that for community banks it would worthwhile to put in place a simplified capital regime. the details, i'm not certain of them, but we're looking at this as well. >> do you agree that there's a relationship? hon. yellen: for community banks, yes. >> safer, less risk in the economy. hon. yellen: for community banks, i think a simplified -- me >> the answer is no? for larger banks? systemicallyfor important banks, the answer is no. >> the time of the gentleman has expired. now the gentleman from illinois. >> i have a quick questions for the record. earlier y

there are still 20 mandatory dodd/frank rules from 2010 that the s.e.c. companies to disclose their political contributions. but instead of moving forward on issues intended to help investors, you've actually headed in the opposite direction. since your first year in office, you've dedicated significant s.e.c. time and resources to a project you invented and called the disclosure effectiveness initiative. according to a 2013 speech you gave, your big idea behind this project is that the s.e.c. might be requiring companies to disclose too much information, causing investors to suffer from something you call information overload. now, i'm all for eliminating redundant disclosures or improving the ways that information is presented, but honestly, i have never heard of the concept of information overload in the context of investing in stocks. i've never heard of the idea that investors actually want less information than they're getting. so, i have a pretty simple question. the s.e.c. is an investor protection agency. so when you launched your project, what e

i know under dodd-frank that larger institutions are supposed to present living wills. you're supposed to ensure that they can be resolved in bankruptcy. we are hopefully going through the final and duration in the next several months. i was confused and that governor powell recently mentioned that if the fed keeps raising capital levels, these institutions will own their own downsides or become less complex. i'm just confused by that. , if theseeral reserve institutions cannot be resolved in bankruptcy, going to do what section 165 of dodd-frank tells them to do or are you going to relies on raising capital to cause the banks to do them themselves? janet yellen: we are insisting that the firm's address in some cases deficiencies and other foundshortcomings we have in living wills and the last submission. there is a timetable for doing that. if the firms fail to address the deficiencies or if later on by the summer of 2017 they fail to address the shortcomings, we have identified and we find them deficient. dodd-frank does say that the fdic and the fed can impose higher

she wants to build on obamacare, build on dodd-frank. >> it's hard for her.he's ten points behind when it comes to a matchup on trump on managing the economy. she's prop.sing another third term of baum, i think it's one of her major weaknesses if donald has the wit to attack it. >> we are going to take a short break and get into the one thing to watch for the week ahead on "sunday morning futures." ♪ the sun'll come out tomorrow... ♪ for people with heart failure, tomorrow is not a given. but entresto is a medicine that helps make more tomorrows possible. ♪ tomorrow, tomorrow... ♪ i love ya, tomorrow in the largest heart failure study ever. entresto helped more people stay alive and out of the hospital than a leading heart failure medicine. women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects are angioedema, low blood pressure... ...kidney problems, or h

he talks about efforts to replace the dodd frank financial regulation law. he also shares his thoughts on how the federal reserve is currently operating. watch the interview tomorrow at 10:00 a.m. and 6:00 p.m. eastern on c-span. >> you realize of the not only love to do, i think it could be different from the kind of books that have been written in the past and a way in which to rethink and reevaluate who this person was, what his real significance was, what his virtues really were that made adored andthe most add you related figures in american history, but what were his flaws and the things that made him, in many ways, unpleasant and hated by millions of people? q&a, arthurght on herman takes a look at the life and career of u.s. army general douglas macarthur in his book "douglas macarthur: american warrior." >> he saw the future more clearly than he saw the present. whether it was the rise of china , the split between china and the soviet union, which he foresaw, but also the fate of american domestic politics. >> sunday night at 8:00 eastern on c-span

as you know dodd-frank requires giant financial institutions to submit living wills. documents that describe how these giants can be liquidated in an orderly and rapid way. in bankruptcy without either bring down the economy or requiring a taxpayer bailout. a few months ago the fed and the fdic jointly determined that the living will submitted by five the biggest banks in the country were not credible. must resolve the problems identified in their living wills by october 1. that's 14 weeks from now. do that,nks fail to the fed and the fdic have the power to reduce the risks posed by these giant banks by for example raising higher capital standards or stricter leverage ratios. these changes are critically important to avoiding another 2008 crisis. but the banks are unlikely to make them unless they believe that the fed and the fdic are serious about enforcing dodd-frank. i know by law, you must consider increasing capital and higher leverage ratios. what i want today is to ask, can you commit that if any of these giant banks failed to resolve the problems in their livi

she wants to build on obamacare, build on dodd-frank. >> it's hard for her.ten points behind when it comes to a matchup on trump on managing the economy. she's prop.sing another third term of baum, i think it's one of her major weaknesses if donald has the wit to attack it. >> we are going to take a short break and get into the one thing to watch for the week ahead on "sunday morning futures." when they thought they should westart saving for retirement.le then we asked some older people when they actually did start saving. this gap between when we should start saving and when we actually do is one of the reasons why too many of us aren't prepared for retirement. just start as early as you can. it's going to pay off in the future. if we all start saving a little more today, we'll all be better prepared tomorrow. prudential. bring your challenges. ...one of many pieces in my i havlife.hma... so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily b

i know that under section 155 of dodd frank, the larger institutions are supposed to present living wills and you all are supposed to ensure that they can be resolved in bankruptcy. i was confused in that the governor recently mentioned that if the fed keeps raising capital level these institutions will downsize or become less complex and i'm confused on that. if the federal reserve institutions cannot be resolved in bankruptcy, are they going to do what section 165 of dodd frank gives them and tells them to do or you can rely on raising capital to have the banks do it themselves? >> we are suggesting that the firms at risk and another places in the living wills in the last submission and there's a timetable for doing that. if the firms failed to address the decision or if later on by the summer of 2017 they failed to address the shortcomings we've identified and then we find them deficient, dodd frank does say that the f dic and the fed can impose higher capital requirements that are ultimately structural changes and we aren't insisting that the firms at risk are cave carefully identifie

they would like to repeal dodd-frank and return our country to the casino capitalism that caused so much ruin for families and communities across our country. they are trying to politicize and undermine the federal reserve despite key actions it has taken to help the recovery. congress rated its reserves and reduced dividend payments in order to pay for a transportation bill. many of my colleagues are trying to insert congress into monetary policy decisions. this committee has yet to hold a hearing on the two nominees to the board of governors of the federal reserve. bad legislative ideas continue to multiply. the presumptive nominee of the republican party is a factory of bad ideas. moody's analytics released a report that states that if adopted, his economic puzzles with leave our economy "significantly weaker." he suggested he replace the current fed chair based on imagined partisan political considerations. that is a bad idea. you might argue someone is failing to pursue the right course and monetary policy but partisan labels should never be part of that discourse. the presumptive n

out on top of that, obamacare and dodd-frank.e had control of the legislative process for two years, and the american people tooiled actually and decided , as a result of being seized by buyers remorse, decided to change the government. the clinton experience, same thing after two years. charlie: some will argue, and i wonder how you think about this, the country, sort of likes it if the president is in one party and the congress is in the other party. sen. mcconnell: it is funny. americans complain not enough is being done, but then they turn around and frequently elect a divided government. we have had divided government more often than not since world war ii. there is very much the feeling that maybe they do not want either side to get everything they want. your going to have an interesting election in which both of the nominees for president are quite unpopular. i think it will be a lot of tickets floating this year whether you vote for trump or , clinton. people will want to make an independent judgment about their senate ca

he wants to repeal dodd/frank. but here's the overlap between hillary clinton and donald trump.onald trump also wants to allow medicare to negotiate with pharmaceutical companies. donald trump also favors more infrastructure spending on a large scale. in addition to higher defense spending. which is what leads to the final contrast between the two. donald trump, by all estimations, both on the spending side and tax cut side, his tax cut is enormous. would it exacerbate deficits by quite a lot. $10 trillion over the next ten years. >> $10 trillion. wow. in terms of infrastructure spending as well as negotiation of drug prices, both sides want it. both candidates want it. does that mean in your estimation that those things have the most likelihood of getting through? even if it's a divided congress? >> they ought to. but this is where trump's divergence from the republicans in congress, particularly in the house, makes it difficult to anticipate passage of that kind of a priority. house republicans remain opposed to higher spending, almost across the board. and remember, we had a

these banks have known this is coming since dodd/frank was passed in 2010. that is six years ago. and they have been submitting living wills since 2013. there is no provision in the law for all of the extension s ths you have given them so far. if any of these banks fail the credibility test on their fifth try, they need to face some real consequences, otherwise, why would they ever make changes if there are no consequences? >> well, there will be consequences. >> well, i very much hope so. you know, when you found that these five banks had submitted living wills that were not credib credible, you were saying that each of the banks remains too big to fail, and if any one of them crashed they would risk taking down the whole economy unless they got a government bailout, and the entire goal of the living wills process is to push the biggest banks to fix this fundamental problem. i am glad that the fed finally, finally determined that some of these living wills were not credible, but it is not going to mean anything if you are not willing to use the tools that congress gave you to fo

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regulations but dodd/frank itself would you consider any of these policies to be a head wind? >> i would say productivity growth and growth of the economy's to supply goods and services is pretty meager and we really are not sure of the cause but that one pointed is a global phenomenon that we are seeing in many parts of the world. >> boc other countries imposing regulations. >> gamble to be the same i don't think we have a very good handle on it. >> i am concerned talking about the headwind really were not diagnosing the full scope has to look at the performance of this economy economy, it is sputtering and constituents i have talked to were small businesses that do not have access we have to take a comprehensive look at what those are. i yield back. >> you will now recognize the last member from texas for five minutes. >> thanks for being here and in the small-business owner and have been 44 years i appreciate your testimony. in july wheat chat about the institution so what should i tell community bankers and credit unions that feel that they are targeted with official colla

and then you add it on top of that, obamacare and dodd-frank. so he had control of the legislative process for two years. the american people recoiled, actually. d decided to as a result of being seized with buyers remorse to change the government. bill clinton experienced the same thing after two years. >> rose: some will argue and i'm wondering how you feel about this, that the country sort of likes it if the president is in one party and the congress is in the other country. >> yeah, you know. it's funny, americans complain because not enough is being donement but then they turn around and frequently elect divided government. in fact, we've had divided government more often than not since world war ii. and i think there is very muched feeling that maybe they don't want either side to get everything they want. and you're going to have be a interesting election this year where both of the nominees for president are quite unpopular. i think there will be a lot of tickets floating this year. a lot of feeling whether you end up voting for trump or

dodd frank and the affordable care act, we've had 72 straight months of private-sector job growth, 14 million new private sector jobs. [applause] sen. brown: gas prices are at a historic low. more than 600,000 ohioans have health insurance now, many of them for the first time in their lives. [applause] brown: and, as we saw in the video, jim, now marriage equality is the law of the land. god bless america. and don't forget the auto industry. republicans told us to live the auto industry go bankrupt. republicans called it un-american. as ted strickland said, some republicans called it a lousy deal. a current republican presidential candidate, the one that is 0-22 in states, happens to be from ohio, he said this is throwing good money after bad. we rescued the auto industry this past year. 17 million new cars sold in the united states. i would add, connie and i and will drove down 71 today in our jeep cherokee, made in toledo, and our other car in the driveway in cleveland is a chevy cruz made in youngstown. i speak from personal experience when i tell you, you can't drive a better car