[applause] >> president trump's wants to quote-unquote to a number on dodd-frank. mr. president, if you're listening, house republicans stand ready to do just that. [applause] we will replace onerous government fiat with market discipline. we will replace bailouts with bankruptcy for large, complex financial institutions. we will replace mindnumbing complexity with simplicity, and most importantly, we're going to throw you a deregulatory life preserver to save our community banks. [applause] >> we will hold both washington and wall street accountable, and by doing so we will unleash capital formation from sea to shining sea so the economy then can move yet again for the betterment of all of our citizens. in a phrase, though the economic opportunity for all, and bank bailouts for none. the case for dodd-frank was based on the false narrative that deregulation and wall street bankers agreed single-handedly caused the financial meltdown. that case has long been exploited. regulation actually increased by almost 20% in the years leading up to the crisis but i suspect i don

the regulatory relief will be better capitalized under dodd frank. they failed a substantial government assistance under our approach they will need a far more stringent 10% ratio. it's important to know the financial choice act doesn't force anything to raise the capital whetheallows the opporta different regime one that replaces the regulatory complexity in which the investors stand in the place of taxpayers the next time a too big to fail term collapses. so in the regime only if it makes them more competitive and let them serve their customers better at lower cost. it's establishing the time to be found in section 165 on dodd frank will apply to the qualified banking organizations. they review them from the board room and land and invest freely. the key part of the plan is to end too big to fail once and for all. [applause] it creates a subchapter. the authority approach to winding down the bankrupt institution gives a handful of bureaucrats vast amounts of arbitrary discretion and the certainty of law and precedent and must be repealed. when it c

i don't know anyone who would agree with dodd-frank. k, and i agree that some of the things put in there after the fact should not have been put in, so i don't agree with all of it, but it is what it is. unfortunately because dodd-frank, it is what it is. i have to deal with it. and that is the law of the land. the only thing dodd-frank did is it is not a legislation that has been passed. it basically says make the system better, do what you have to do to do it. so the regulators have a huge amount of authority to interpret these rules. the system is better, dodd-frank is partially responsible, but dodd-frank you know was passed 100% democrat, 0% republicans. and none of us can possibly say you can't make things better. one day, people, rational people should sit down and say what parts work, what parts don't work, what parts should we change? a lot of good work was done and a lot of flaws need to be fixed. [applause] david: you were quoted before the brexit vote that saying you would have to move people out of london. jamie: what happen

maria: what would you like to see changed in dodd-frank?en: i would start with small to medium sized institutions. the goal of dodd-frank was to reduce the risk of the large institutions and the smallest institutions were hit by as collateral damage from some of those changes. that's clearly an area to look at. a number of regulators including outgoing fed governor talked about problems with the local rule that's intended to prevent banks from doing pro pry terribly lending. there are problems with that rule. maybe there are ways to make the stress testing of banks during a particularly tough period is important. and maybe they can make that less onerous for banks. a lot of ways and small rules and regulations can be modified to reduce the costs. maria: "wall street week" will be right back. >> announcer: white house chaos causing chaos in our markets. former fed chair ok, let's call his agent. i'm coming over right now. the newly advanced gle can see in your blind spot. [ dinosaur roars ] onboard cameras and radar can detect danger all aro

why is that significant when we discuss dodd-frank?the dodd-frank is not 100% implemented. terry: 80% implemented. scc sidehe same on the . when the president got elected, i believe that was a deregulation in and of itself. we probably won't see a lot of the implementation left from dodd-frank guide what is left there will probably be about it. it will not roll back. i think the regulators will rewrite some of the laws, the rules, which goes to the way congress interpreted it. when congress votes on legislation, the rule writers have to interpret what congress is. some say the last administration misinterpreted what dodd-frank was all about. this administration will try to revisit some of these rules. scarlet: what about the vulnerable? --volker rule? excludede volcker rule certain products. when you can market make in cash treasuries but can't make in the futures contracts, it makes no sense to me. i'm not a fan of the volcker rule the way it is written today, it needs to be modified or dispelled. i think the chairman has put a compre

>> i want to dodd-frank legislation to go away.hey said it would end too big to fail but codified it into law and then puts taxpayer bail-out behind it. they said it would stabilize our financial system but big banks are bigger, the small banks are fewer. they said it would help the consumer but instead since dodd-frank, we have seen free checking cut in half, bank fees go up. rates of bank increase, many working people find it far more difficult and expensive to get a mortgage. bottom line is dodd-frank has failed. we want bank bail-outs for none. it's a system that says that if a bank would put together what is known as a 10% simple leverage ratio, have a very strong capital, more capital required than dodd-frank, they they essentially can have a dodd-frank offspring, privately finance insurance policy against failure. so we would replace complexity with simplicity, we would replace bailouts with bankruptcy and we would replace federal micro management with market discipline in a word, maria, we would let freedom free, a lot of e

when it came to glass-steagall or his interest in that, you mentioned dodd frank. capitol hill, jeb hensarling is considering repeal that.o essentially what happened if those things were repealed? hat is wall street's expectation? guest: i mean, very basic terms, ou have got a republican president and you have republicans controlling both chambers of congress. potential to make major reform, not just in financial legislation, but board.the the question is what will follow. 2008 was a galvanizing pivotal. the election crisis was pivotal in the election that year and that l for the stimulus followed and been pivotal in the dissatisfaction ever since. there are ties to the housing arket, consumer protection, consumer protection and financial protection bureau and aftershock, litical potentially in terms of mid-term, certainly in terms of election.residential when you are retooling wall street reform, there are considerations, well, three. ne, how do they affect consumers. the other two, big ones porpolitician, how do they markets e economy and and how do they affect l

roll back dodd-frank.ulia: great to chat with you. if we are having a tiered system with the likes of jpmorgan. david: we will see how all of this evolves. still ahead, a rare and exclusive interview with the millionaire hedge fund manager of sit. this is bloomberg. since dell. ♪ marketshis is bloomberg david:, i'm julie chatterley. time for the bloomberg business flash and a look at the biggest stories in the news right now. ups, the package delivery service would ask retailers to pay for part of the cost for surplus workers when retailers failed to ship the planned number of packages. it's part of a broader negotiation overpricing during the busiest time of year. the money manager that oversees almost half $1 trillion, peter prowse has been fired. as ceo. will take over they just said it was time to put new leadership in place at the company. space expiration technology, plans to make space travel more affordable is evolving. arocket blast off during classified payload for the u.s. military and landed on

david: are you in favor of repealing dodd-frank?im james: that is a terrifying thought because what will replace it? the world doesn't want the large banks to be unregulated. david: you have been a ceo for seven years. that is pretty long. james: what are you telling me? [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪ david: i don't consider myself a journalist. and nobody else would consider myself a journalist. i began to take on the life of being an interviewer even though i have a day job running a private equity firm. how do you define leadership? what is it that makes somebody tick? james, thank you very much for doing this. james: honored to be here. david: you have an accent compared to me. maybe in australia, you don't have an accent. you have an australian accent. i assume that is because you grew up in australia. james: it is. and it is also a measure of me being tone deaf that 30 years, i have not been able to get rid

he made a pledge to repeal and replace dodd frank. the firsttrump: in 100 days i have taken action to rollback burdensome regulations that undermine community banks, especially dodd frank. it's out of control. not only for community banks but for banks period. >> u.s. markets responding to that news as well as others coming from the commerce department. personal income rose less than expected. tech companies among the best performers on all three in this season, nasdaq hitting an all-time high. over a third of a percent. the final week of preparations before the u.s. at its most historic course race. there is ascene labor turmoil. fear that the trump administration's crackdown on -- and forackdown many of its workers. >> these are some of the most famous stables in the u.s.. churchill downs in kentucky preparing for the annual kentucky derby. been growing that they will be chronically understaffed due to the immigration policy of the trump administration. >> we have a huge labor force and most of them are immigrant workers. we have a

i thought dodd-frank took care of that in 2010.ing it didn't and how will your bill do it differently? >> what's kind of interesting, paul, is since dodd-frank was enacted the big banks are bigger and the small banks are fewer and economic growth still lags so, no, it didn't take care of too big to fail. this is the huge difference between the two parties and the two pieces of legislation, under dodd-frank they actually codified too big to fail into law and the federal government as you well know has the ability to designate too big to fail firms known as siffi and back that up with a taxpayer bail-out system. under the financial choice act we replaced taxpayer bail-out with a new sub chapter of the bankruptcy code for large complex financial institutions and we prohibit any ability for the taxpayer to bail out these funds and so we are counting upon market discipline and frankly high levels of private capital to replace involuntary high levels of taxpayer capital. the amount of capital that's required under the financial choice ac

that is the main thing, by the way, kevin, that dodd-frank fixed.olcker rule has the added benefit of trying to, and i'm not sure it is excessive for -- it is successful, in separating the investment from the commercial bank. we have seen some a times in the last several years, where banks would encourage their own customers, saying, get into this new product we have. ,nce that fund was populated with their own investors, the bank took the opposite position. psych. i want to take care of that stuff. bloomberg has reported them, hundreds of million dollars in fines. i think enough is enough. which close the door on that one and protect investors. it is about protecting investors, from my perspective. vonnie: it is not situation. you have several senators agree with gary combs on glass-steagall. i'm not -- bart: and the president has also called for, vonnie. your positionange very slightly, but let's pull a powerful screen of the cruise -- bloomberg cruise and what they are putting up on this. there may not be enough public senators on the statutes an

>> in the dodd-frank bill there is the volcker rule.that is something undiscussion right now. we have it in our bill. that is a sticking point for some folks. we'll see where it goes in the senate. connell: that has to be worked out. congressman, thank you, thanks for explaining all of it to us. obviously we'll follow up on this. liz as you know spent weekend in omaha. she was there for the berkshire hathaway annual meeting. she interviewed some of the richest minds, warren buffett, bill gates, charlie monger on the show. she talked to brooks running ceo. and informed us that mr. buffett still, god bless him, uses a flip phone. come on. watch all the exclusive video clips and interviews on lizclaman.com, check that out. lizclaman.com. closing bell, seven or eight minutes away now as we continue. the dow is down 51. looks like we're kind of settled into that range. we'll track it here for the last few minutes of trading. "guardians of the galaxy" 2 meantime, second film, that marvel franchise, debuted last weekend at number one. raking i

you talk about dodd-frank being too narrow. how would you describe the larger and with finance -- larger aim with finance? >> with financial services, we are looking at everything. not just dodd-frank. we look at every single thing that impacts it. we have had hundreds of people come in. we reached out to big banks, small banks, finance companies. all different areas of the economy that impact credit. we are determined to make sure that we have proper regulations. we don't have overlapping regulation and priority. thanks and insurance companies no what they can do. >> what would you think of a more sweeping law that dealt with all of this? adapting dodd-frank or starting again. >> when we come up with the first report in june, there will be certain recommendations we are making that can be done at the regulatory agency. there are certain things that can be done by executive order and certain things that will require legislation. there is a lot we can do with looking at rewriting legislation. >> on infrastructure, you have this

it will cover issues from tax reform, the rollback of dodd-frank and china's role as currency manipulator. mark: we will be watching to see if steven mnuchin addresses the latest from administration -- latest trump administration. we will bring good in his testimony as it begins. vonnie: that is him taking his seat right there. open statements set to begin in a few moments. first, the markets fell off in the u.s. yesterday. bloombergs julie hyman is here to bring us up-to-date. julie: it is moderating to some extent and that isn't unusual. we looked at the last 10 times ofsaw stocks fall 1%, eight the 10 times, stocks are covered and closed higher the following day. the stock market in the u.s. lost half $1 trillion in yesterday's session but is looking next today. a lot of focused today isn't just on the big picture and washington it continues to be on retail. there was a sigh of relief at the result of walmart, with the benefiting from their online sales strategy after the acquisition of jet.com. the measure of their goods sold online rose 69% in the first quarter and they saw u.s. comp

maria: what would you like to see changed in dodd-frank? ben: i would start with small to medium sized institutions. the goal of dodd-frank was to reduce the risk of the large institutions and the smallest institutions were hit by as collateral damage from some of those changes. that's clearly an area to look at. a number of regulators including outgoing fed governor talked about problems with the local rule that's intended to prevent banks from doing pro pry terribly lending. there are problems with that rule. maybe there are ways to make the stress testing of banks during a particularly tough period is important. and maybe they can make that less onerous for banks. a lot of ways and small rules and regulations can be modified to reduce the costs. maria: "wall street week" will be right back. >> announcer: white house chaos causing chaos in our markets. markets. former fed chair ♪rock guitar ♪yeah ♪(rock music) ♪you can't do this, you can't deny ♪they feed us lines, but i won't act♪ ♪and all good things will come to pass♪ ♪but the truth is

maria: what would you like to see changed in dodd-frank?uld start with small to medium sized institutions. the goal of dodd-frank was to reduce the risk of the large institutions and the smallest institutns were hit by as collateral damage from some of those changes. that's clearly an area to look at. a number of regulators including outgoing fed governor talked about problems with the local rule that's intended to prevent banks from doing pro pry terribly lending. there are problems with that rule. maybe there are ways to make the stress testing of banks during a particularly tough period is important. and maybe they can make that less onerous for banks. a lot of ways and small rules and regulations can be modified to reduce the costs. maria: "wall street week" will be right back. >> announcer: white house chaos causing chaos in our markets. former fed chair before i had the shooting, burning of diabetic nerve pain these feet... kicked off a lot of high school games... ...built a life for my family... ...and liked to help others in need. b

i don't think dodd-frank was perfect.t has protected consumers, and it made sure people who are giving this financial advice has your best at heart. liz: democratic outgoing party chair john. he used vulgarities, giving the finger to president trump. let's watch. >> now all together. (bleep) donald trump. liz: all right. we've seen use of vulgarities by the democrats. is that the best they can do? what do you think? >> it's interesting danielle agrees with the protection thing and no matter what we would agree. but when was the last time you heard a democrat talk about that? you don't. the only thing you ever hear are the democrats talking about russian conspiracy theories and how they hate donald trump. what they should be doing is two things. one is looking in the mirror and saying to their voters who gave their time and energy and money to support them and number two, it's looking for a dignified credible candidate for the next election. liz: danielle, is this a proud moment for the democrats? using vulgarities like th

>> it could. >> do you think dodd-frank has eliminated that risk? >> again i made the comment that it's very fact specific as opposed to being hypothetical. >> those financial institutions that i reference have more capital capital with that help them? >> i believe right now the large financial institutions actually have plenty of capital. >> but if they had more would make them safer. >> moore is obviously always better than less but if moore is stopping them from lending that's concerning. >> my question is not meant to suggest my thinking about this. i honestly need your opinion. what do you think about glass-steagall? >> last stegall? we do not support a separation of things. we think that would have a very significant problem on the financial markets, on the economy and on liquidity and we think that there is proper things that potential he we could look at around regulation but we do not support a separation of banks and investment banks. >> why has our productivity gone so low in your opinion? >> i think that's a complicated question. >> you'

no one asked about dodd-frank. that was all him.ng at packaging these possibilities together. some reform ort bank up -- breakup. what does it all mean? what is he really going to do? we need to see the details. i would wait to hear from gary cohn and the top staff. it's a real question both in terms of messaging and politics of getting this anywhere if you decided to pursue it. david: we are waiting for the details on tax reform, health care, infrastructure. to add one more thing to the agenda? margaret: if it were part of some sort of grand bargain. this has the potential to do some partnering with some democrats across the aisle. are we talking about bernie sanders analyst warned? sure. -- is that what he is trying to do? it was under president will clinton that it was repealed. there is so much interesting political messaging in this across the aisle as well as what he's trying to work out within his own party. there are questions about the economy, what impact us will have. it is provocative and interesting. it's not clear wher

i know certain people refer to this as a review of dodd-frank. that's one of the things we're looking at put it's much broader than that. in looking at the core principles. we have met with over 16 different groups, many of them having 50 to 100 people. we've had community banks, we've had small and medium-sized banks. we have reached out to each one of the regulators and had working groups with each one of the independent regulators to make sure we have input from them. and we will be issuing a series of reports, the first one coming out shortly which will be on banking and i will say, one of the big focuses will make sure that as we have different regulators, we have proper coordination between them, and this is something i've also been working on at fsoc where i take my responsibility as chair very seriously. senator crapo: thank you very much. senator brown. senator brown: at your nomination hearing on january 19, and as a member of the finance committee i was there. you stated that one west, the bank you were affiliated with, d not engage in

>> it could. >> decent dodd-frank has limited that risk -- do you think dodd-frank has eliminated that risk? -- if those financial institutions had more capital would help them -- would help them? -- would it help them? >> more is always better than less but if morris stopping them from lending that is concerning. >> my question is not meant to suggest my thinking about this. what do you think about glass-steagall question mark >> -- glass-steagall? >> we do not support. -- a very significant problem on the financial markets and think there are things we could look at around regulation, but we do not support a separation of banks and investment takes. >> why is productivity growth so low in our economy in your opinion? complicatedhat is a question. >> just give me the cliff's notes version. >> it a commendation of regulatory issues. a combination of job-training , tax issues. i think it is a love of issues leading to productivity. >> if we could increase from 1% to 2%, wages would go up, right question mark >> that's right and we would create huge growth in gdp. >> once again this is t

dodd frank requires a level of stress testing. it doesn't talk about frequency or assumptions. it's really about the decision making that occurs at the regulatory agencies and there might be some new rule making that might be required it's no legislative. so all in all it's quite doable in supporting the economic growth. >> heather from an insurance perspective, what's on that wish list of the issues that the treasury should be putting in the report? >> i mean, potentially it's not that long. but i would start with, you know, certainly relearning -- reorienting the fsoc which is something that treasury mnuchin can certainly can do as the chair of the fsoc towards an activities based approach to systemic risk and utilizing the primary regulators to effectuate any changes that need to occur. this is certainly not unprecedented because this is actually how the previous administration chose to deal with the asset management industry, was exactly that same way. so a line just takes out as the better approach. but also in the context of the international discussions, stay at the tabl

been working on dodd-frank legislation. all of these things at the same time and now we sequence when we bring the bill through congress. the when there is concern in white house about the ability to muster republican votes. we have talked for this before. democrats often seem more united legislatively to get things through. you have said it's the will of the house but you're not the house speaker who cracks the whip like nancy pelosi did or some other previous house speaker's to get votes across te finish line. you saw how tough health care was. are you going to get tax reform through? >> i like the process because it's more collaborative. we invite more people to participate in the processes have just -- obamacare was a bill written in harry reid's office on christmas eve of 2009. that's hardly the process i get you good policy. this did take more time but we included so many other members of congress from all different backgrounds to participate in fashioning this legislation and it made it all stronger because of it. i'

there will be no changes to dodd/frank.d/frank is interpreted, the fed has given a lot of leeway. and, you know, dodd/frank was interpreted extremely strictly. there's really nothing that would stop the fed from interpreting it somewhat more liberally. for better or worse. i just think that's what's going to happen. >> mr. eisman, you talked about the leverage, probably the highest in '08. at that point some of these brampgs traded two and a half, three times priced oat- >> i was short them all. >> what was the right price in the environment that you're talking about now? >> the basic formula is, let's say you have a 15% r.o.e. you'll be valued at something like 1.5 plus ten times tangible book value. just get back to citigroup again, 8% r.o.e., 90% of tangible book. if it goes where i think, it could be -- give me a different bank, i'll give you different math. but directionally it's all the same. >> in terms of the operational leverage, the institutions, they're lean, mean. but who in that group is the most attractive to

rob: democrats are loaded to change anything dodd-frank related.nything dodd-frank related. the bill is not going to go anywhere in the senate. you talked about reconciliation of it. aere's a chance that in second round they may be nibbling around the edges as it requires only 51 votes, but that be very limited. seen a newhave appointment of a new chairman, we've seen them talk about changing the rules of the oversight council. what does the white house think of this legislation in particular and of its approach? rob: we haven't heard directly from the right -- the white house and endorsement. what you got instead was president trump directing the treasury department to review financial regulations under this set of core principles that they laid out, including mail outs and making regulations effectively tailored, using cost and if it analysis when making rules. we will see reports from treasury from that. we have heard that they will be looking at legislative fixes around community banking. while you haven't heard a full endorsement from the whit

when dodd/frank came in they could not make those loans and it did impact them., what we do with the guarantee loan programs, is to make a lot more of those loans available. so, you know, we're seeing an increase in our loan portfolio, businesses are growing, we -- ooins about 56,000 people we counselled last year and it was amazing. we're happy. it was a million we counselled all across the country. >> thank you so much. >> thank you. >> enjoy the tour. i want you to look at this. some other god news, markets just opened -- good news, markets opened and up 40 points almost this morning. six minutes into the trading ta. we saw the slight dip yesterday off financials when president trump implied he might look to break up the banks and you had a recovery and now things are chugging on. we're going to take break. next, any minute now, the ceo of united oscar munoz is slated to testify in front of congress after last month's violent removal of a passenger and we are -- hope you're not going to have to look at this again. look at this. two passengers on a flight from

the george mason report also said that dodd-frank law is disproportionately burdensome to small banks and creates a market expectation that says firms are too big to fail. a columnist wrote that the number of small banks has dropped dramatically over the years. this has been driven by regulatory burdens that make it harder and expensive for small banks to survive. i have been told by several east tennessee bankers that unfortunately their fastest growing departments have been their regulatory compliance sections. the more any business or industry comes under federal regulation, the more it ends up being dominated by extremely big business. now to update what i wrote in 2014. according to the congressional research service, 1,744 banks have ceased to exist since the passage of dodd-frank. many of those have been forced to merge with the bigger bank because they simply were not able to keep up with all the rules, regulation, and red tape of dodd-frank and the resulting compliance costs. even worse, 203 small banks have failed, been forced out of business by big government with a resulti

and he said it will be part of our legislation to revise dodd-frank.t was a great deal of progress. stuart: a very simple move that would help the very hard-pressed community and local banks in the united states. that would really help. you should have seen the response we've got when we first put you on the air with that particular bill that you're talking about now. there was a very strong positive response to what you had to say. >> that's because your viewers have common sense. i mean, it's just a matter of common sense. stuart: how to win yourself some more air time. you're golden, sir. >> i have a good haircut too, better haircut. [laughter] stuart: senator, you want a work requirement for medicaid recipients, that's another outstanding feature of what you stand for in the senate, explain that, please. >> i introduced a bill this week, it's real simple, if you want to get free medical care from taxpayer or medicaid and you're getting it and anales between 18 and 55 and not disabled and don't have any children, you have to go to work, you to look

we will pass substantial dodd frank reforms.i'm conis vinced under the leadership of senator kra poe. and so some of the things you alluded to are going to happen. what i fear most, just an observation, again, you've answered most questions by your presentation, is that i will say, let me just guy digress for a inspected under reagan, no doubt the '86 law one is we all look at and certainly admire the economy that took place under reagan. >> i will say the national debt doubled and we never got things under control. the national debt doubled and we became the mantor for republicans became, unfortunately, deficits don't matter anymore. and so somehow or another, with your leadership and coming into caucus meetings and all that we've got to figure out a way to not just do the sugar side of this but to do the spinach side and i'm going to tell you right now i see no evidence whatsoever, no evidence of us being willing to deal with the spinach side of the equation. so i think we're in a hell of a mess right now, hell of a mess, and

look at dodd frank. >> there are things within dodd-frank that should be looked at. the details limitation on how they run their businesses, i don't think those ideas have proved out in a terribly effective way. sow i think we should relax and balance some of that regulation. there is also a shadow bank system that we don't do a good job of regulating. we have a streamline process for substantial infrastructure investments. new airports and highways. bridges. they would create jobs, and we certainly could val intli streamline. there is a bridge outside my office 300 feet long. they have been repairing it for five years. in china they would repair a bridge like that in five days. maria: larry summers great to see you. did you know 90% of couples disagree on mattress firmness? enter sleep number... she likes the bed soft. he's more hardcore. you can both adjust the bed for the best sleep of your life. save $700 on the temperature balancing i8 bed. go to sleepnumber.com for a store near you. ♪ here comes the fun with sea-doo. ♪ ♪ sea-doo has the most affordable watercra

frank. -- especially dodd frank. >> it regulates the banking sector with the outgoing so far as to forcetutions to separate their activities. it includes a consumer protection element, with the creation of the consumer protection bureau. trump has been a critic of financial regulations in the wake of the great recession, saying they cycle economic growth. genie: to wrap up our business news, a french treat has returned to french ownership area -- ownership. hashe camera flavored sweet great popularity. two years ago, the company that made the suites -- made them went to the u.s., but as of today, it has come back into french ownership. their challenge now will be to fight increasing competition haribo.rible -- from we need a taste test to compare them. they always have had little jokes. if you want to learn french. you get some literature with your business. thank you for watching france 24. i will be back in a few minutes with more headlines and the review. ♪ >> daniel ortega was a popular commander from the beginning. >> announcer: this is a production of china central television amere

look at dodd frank. >> there are things within dodd-frank that should be looked at.of the details limitation on how they run their businesses, i don't think those ideas have proved out in a terribly effective way. sow i think we should relax and balance some of that regulation. there is also a shadow bank system that we don't do a good job of regulating. we have a streamline process for substantial infrastructure investments. new airports and highways. bridges. they would create jobs, and we certainly could val intli streamline. there is a bridge outside my office 300 feet long. they have been repairing it for five years. in china they would repair a bridge like that in five days. maria: larry summers great to maria: larry summers great to seliberty mutual stood with me when this guy got a flat tire in the middle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad says our insurance doesn't have that. don't worry - i know what a lug wrench is, dad. is this a lug

look at dodd frank. >> there are things within dodd-frank that should be looked at. of the details limitation on how they run their businesses, i don't think those ideas have proved out in a terribly effective way. sow i think we should relax and balance some of that regulation. there is also a shadow bank system that we don't do a good job of regulating. we have a streamline process for substantial infrastructure investments. new airports and highways. bridges. they would create jobs, and we certainly could val intli streamline. there is a bridge outside my office 300 feet long. they have been repairing it for five years. in china they would repair a bridge like that in five days. maria: larry summers great to see you. over 400 medications can cause a dry mouth. that's why there's biotene. biotene can provide soothing dry mouth relief. and it keeps your mouth refreshed too. remember while your medication is doing you good, a dry mouth isn't. biotene, for people who suffer from dry mouth symptoms. hey ron! they're finally taking down that schwab billboard. oh, not so

look at dodd frank. >> there are things within dodd-frank that should be looked at.think those ideas have proved out in a terribly effective way. sow i think we should relax and balance some of that regulation. there is also a shadow bank system that we don't do a good job of regulating. we have a streamline process for substantial infrastructure investments. new airports and highways. bridges. they would create jobs, and we certainly could val intli streamline. there is a bridge outside my office 300 feet long. they have been repairing it for five years. in china they would repair a bridge like that in five days. maria: larry summers great to maria: larry summers great to see you. i'm ambitious. i will not hide it. we will not hide it. we embrace ambition. women are made to be ambitious. i will dream big... big, without hesitation. we will take risks, not live in fear. we will rise together, rise above the negativity. no longer will ambition in a woman be seen as a negative. be persistent, don't apologize. never give up on your goals and dreams. we will model ambiti

david: do you think the country is better off for having dodd-frank?stem is completely recovered. part of that is dodd-frank. david: you would never consider running for office, have you? >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way.

mnuchin: in financial services, we are not just looking at dodd-frank.looking at every single thing impacting, and we have had hundreds of people come in. we have reached out to big banks, small banks, finance companies, all different types of areas of the economy that impact credit. we are determined to make sure we have proper regulations of that we don't put taxpayers at risk, but we also don't have overlapping regulation. we have clarity so banks and insurance companies know what they can do. which you think of a more sweeping law that dealt with all of this? perhaps starting again in some ways? mr. mnuchin: when we come out with a report, and the first part will be in june, there will be certain recommendations we are making that commit done at the regulatory agencies. there are certain things that can be done by executive order, and there are certain things that will require legislation come up but there is a lot we without rewriting legislation, and that's one of the things we are focused on. john: infrastructure, we talked about that, huge plans,

we're going to discuss that with the co-author of the dodd-frank wall street reform, former congressmanney frank will be joining us after the break. right now, though, as we head to a break take a look at the u.s. equity futures. futures have been higher all morning long. we have two dow components that have reported both pfizer and merck and when i last looked both of those stocks were trading higher. looks like dow futures are indicated up by 16.5 points. s&p futures up by close to 2. the nasdaq up by 7.5 after closing at a record level yesterday. stick around. "squawk box" will be right back. >>> good morning on this tuesday morning, welcome back to "squawk box" right here on cnbc. we're live at the nasdaq marketsite in times square. sot some stories front and center. morgan stanley the latest wall street firm to announce it is lowering commissions. it is capping commissions for brokers at 2.5% of a trade's value for stocks, etfs and annuities. greece has now reached a deal with its lenders on a variety of reforms that will unlock new cash to repay upcoming debt obligations. that new