talked about threats posed by china: the national debt, changes made to the dodd-frank log and term limit congress. this is about 10 minutes. ♪ [inaudible conversations] >> thank you. thank you is such an honor for me to be here again this year. i just want to thank ralph and his family for everything they've done in my home state of georgia and around our country and indeed the world. i heard there were a few georgia hat right? [cheers and applause] folks today, president trump's agenda is working. last year, he said the job one was going into the economy and we were in regulation, energy and taxes. this year we passed the dodd-frank reform bill that freesp capital for small banks and local communities and they will have an earth shattering impact on local communities. all of this is free enough from $6 trillion of capital back into our economy. i'm just a business guy, but i can tell you this agenda is working. 3.5 million new jobs have been created since president trump took office at 870 regulations reverse. consumer and ceo confidence is at a 20 year high and proud to stand here befo

he talked about the national debt, changes to the dodd frank financial regulation law, and term limits for members of congress. this is just over 10 minutes. ♪ sen. david perdue: thank you. thank you. it is such an honor for me to be here again this year at the faith and freedom coalition. i want to thank ralph and his family for everything they've done it with and freedom does in my state of georgia and and around the world. i heard there were a few georgia folks today, is that right? folks, today, president trump's agenda is working. last year, he said that job one was going to the economy we worked on regulation, energy and taxes. this year we just passed the dodd frank bill that frees up capital for our small banks and local communities and it will have an earth-shattering impact on local communities. all of this is freeing up from $6 trillion of capital back into our economy. i'm just a business guy but i can tell you this agenda is working. new jobs have been created since million new-- 3.5 jobs have been created since president trump took office and 870 regulations have been rev

we put into dodd/frank a provision, the frank and sherman amendment that would eliminate the system where the issuer selects the rate -- the bond rating agency. we don't let the home team select the umpire, especially if the umpire makes a million dollars a game so i would hope -- the sec found a loophole in that requirement, issued a report and decided not to do it. that was your predecessor's mistake. i hope you will take a look at this and use the power you have to end the issuer selects operator system. >> time of the gentleman has expired. the chair now recognizes the gentleman from kentucky, mr. bar, chairman of our monetary policy and trade subcommittee. >> thank you, mr. chairman. chairman clayton, good to see you again, thanks for being with us. some publicly traded firms, especially early stage bio firms and equity exchanges have expressed concern about the absence of a disclosure requirement for those who bet against the company by taking a large short position in that company's stock. they point out that there is a regulatory gap between long and short sellers since there are

i would be interested, of course there's a and dodd-frank that councils the sec in favor of a regimefor short positions. i'm wondering if you are the commission has of you on this issue, and how would you approach that issue is asked to do so? >> i don't have a definitive view on a particular rule as we sit at it today or not it will. i think you framed it very well. if you don't mind i will try and give you my perspective. i'll frame it as a look it, which is there are valid points in those arguments of people who say the able to go short and doing so as a fundamental view on the company adds liquidity, and to discipline him as price transparency to the market. great. i agree. there are people who say there are people use shortselling not because of a fundamentally different view of the price of the company, not to bring, not liquidity but to take advantage of trading opportunities that cause the companies quoted value to depart from what it otherwise might be. to the extent we can get at that type of behavior if it exists, i don't know to the extent to which it exists but if it exi

obama era regulations, tax reform, go down the list with the reforms that we have passed signing dodd frank forms into law taking pressure off of small business and lenders to make more credit available, and we will keep right on going because we think staying focused on the progrowth agenda will continue to heal positive results and benefits. >> coming back from a weekend in wyoming people are confident and optis about their with the unemployment rate with consumer confidence at the 18 year high with the average family wake up for one -- in the morning wit hope and feeling there will be a job and an opportunity somewhere people have more money in their pockets with the tax cuts and the wages have gone up so right now we have a strong and healthy growing economy by cutting taxes and regulations and mandates to make it harder. now they have the opportunity that comes from the tax cuts in the regulatory relief and then we focus on families and prosperity and their paychecks. >> like a lot of my colleagues i had media events all over the state lasteek talking about the economy, specifically ab

one of the things that made the original volcker rule for the law was passed in dodd frank and then these five regulatory agencies including the fed c c o c c c f.t.c. my agency they all had to do it at the same time and we did it i think it was on december twelfth december twelfth ok it was snowing that day i remember it was all over t.v. because nobody else came into work the federal government closed and it actually didn't really snow that day but they closed the government anyway the bottom line is that it took these five different financial regulators to all do it is that going to be the case with this new proposal is they're doing it in a staggered fashion as you mentioned the federal reserve did it last wednesday the f.d.i.c did that next day your agency did it this morning as. they secured the securities and exchange commission is scheduled to do it tomorrow i should say the control of the currency also did it last wednesday those are the five ok and what should we be looking for if people want to comment for example on this whether or not they agree with you and i are in sync on

one of the things that made the original volcker rule for the law was passed in dodd frank and then these five regulatory agencies including the fed c c o c c c f.t.c. my agency they all had to do it at the same time and we did it i think it was on december twelfth december twelfth ok it was snowing that day i remember it was all over t.v. because nobody else came into work the federal government closed and it actually didn't really snow that day but they closed the government anyway the bottom line is that it took these five different financial regulators to all do it is that going to be the case with this new proposal is they're doing it in a staggered fashion as you mentioned the federal reserve did it last wednesday the f.d.i.c did that the next day your agency did it this morning as the securities securities and exchange commission is scheduled to do it tomorrow i should say that control of the currency also did it last wednesday those are the five ok and what should we be looking for if people want to comment for example on this whether or not they agree with you and i are in sync o

this year we just past the dodd frank bill that frees up capital for our small banks and local communitiesnd it will have an earth shattering impact on local communities. all of this is rena from $6 trillion of capital back into our economy. i'm just a business guy but i can tell you this agenda is working. we have to million new jobs have been created since president trump took office and 870 regulations have been reversed consumer and co confidence is at 820 year high and i'm proud to stand before you today and tell you that because of a bipartisan bill be passed in the senate 1550 people have been fired at the va for not taking care of our veterans. [cheering and applause] another statistic that i'm proud of and this affects lives is that today african-american unemployment is at the lowest level it's been in the united states history. [applause] and probably most important of all, i think, is when the great recession hit us back in 2008 and 2009 millions of people lost their jobs and lost hope and today because of president trumps agenda 900,000 people have found work regained self-con

we reformed dodd-frank legislation freeing up banks and credit unions to better serve their communities by giving small businesses access to credit they need in order to start that business and grow. and we've rolled back overly burdensome regulations and confirmed 39 judicial nominees, including a supreme court justice and 21 circuit court judges. as senator mcconnell likes to remind us, these judges will serve long after this presidt's tm of office and aps our time evenn the senate. this spring we kept a solemn commitment we've made to our veterans by making sure they have access to the health care choices they need and which we have solemnly committed to provide. none of this would have been possible without leader mcconnell's deftly navigating around the stop science and roadblocks that naturally o. cur in a place like the senate. refusing to yield along to way to unprecedented levels of partisan obstruction. we must not forget that senator mcconnell is a leader that n only -- not only of our conference but he's -- also serves pre-merrell on behalf of the people of kentucky. he does

of frank -- dodd frank. i am wondering if you are the commission has a view on this issue, and how would you approach that issue. have a definitive view on a particular rule. well.k you framed it very to try to give you my , there are valid points in this argument. people who say being able to go short and doing so as a fundamental view on the company adds liquidity, discipline, price transparency to the market. i agree. there are people who say there are people who use shortselling not because of a fundamentally different view of the price of liquidity,, not for but to take advantage of trading opportunities that cause the company's value to depart. get at thatt we can type of behavior if it exists, i don't know the extent to which affecting but without liquidity and the discipline, that is how you should look at the problem in my view. >> it is a balancing act. i appreciate your thoughts. in your last appearance before you talked about the importance of reducing the reporting requirements for public compan

were other things that they could have done to help mom and pop investors some things that that dodd frank imposed upon banks that really will make make especially fixed income investors much worse off in the next downturn i don't think that they needed to open the door for banks to hedge their portfolios because all you need to do to do is open the door a teeny bit and wall street will jump and make it into a chasm and that's my only concern really about what the the language that was introduced this week it's not that banks are allowed in words to put to to trade their own books but again the new verbiage allows them to paint hedging anyway there any any way they want so i think as far as wall street is concerned they're back in business i could agree with you more boy you would be a good regulator you'd be a great federal reserve governor danielle de martino big money strong author of fed up thank you daniel. japan's softbank is playing to make a big investment in the future of driverless cars it was announced on yesterday that softbank vision fund will invest two point two five billion

we just passed dodd frank. we just got $700 billion for the military. that was a big one. the military is going to be stronger, bigger than before. hopefully we will not have to use it very much. the fact that we have it so strong probably means we will not have to use it as much. i want to thank the people that helped us. december 22, which does not quite fit in, december 22, we signed the biggest tax cuts in the history of our country. that is a big one. [applause] we got $1.6 billion we have already started the wall on the southern border. the wall is started. $1.6 billion, so important. you also have to recognize some of the people that worked so hard to make all of this happened. johnny isakson. where is johnny? boy, has he been working -- have you worked with jerry moran? where is jerry? [applause] good job. bill cassidy. john bozeman. dean heller. tom cotton. all here. tom tillis. lindsey graham. i see lindsay sitting over there, good job. todd young. joni ernst. i did you a good favor for the farmers yesterday, right? we love the farmers. i'm glad it worked out. jo

we passed dodd-frank, right to try. we just got $700 billion for our military. [ applause ] that's a big one. we needed to get that. military's going to be stronger, bigger, better than it ever was before. hopefully we won't have to use it very much, but the fcthaweha probably won't have to use it as much. i want to thank all of the great people in the audience who helped us so much. on december 22n which doesn't quite fit into the january 1st date, but on december 22nd, we signed the biggest tax cuts in the history of our country. that's a big one. and we got $1.6 billion. we've already started the wall on the southern border. $1.6 billion, so important. i also have to recognize some of the people that have worked so hard to make all of this happen. johnny isaacson. where is johnny? have you worked with jerry moran and the whole group -- you and jerry. where's jerry? hi, jerry. good job. bill cassidy, dean heller, tom cotton, all here. tom tillis, lindsey graham. i see lindsey sitting right up there. hi, lindse good jo

i really like the financials primarily because of the repeal of dodd-frank. sitting in excess reserves at the federal reserve. and now with the repeal of dodd dodd-frank, that money's going to work into the economy. liz: this is interesting. on a day like today where you are looking at a very, very frightening moment earlier today -- although it's less frightening now because the dow is down 295 -- guys like mark and tom are doing something completely different from our traders. let me flip right back now to ira. and, ira, when you hear tom and you hear mark say this, talk to our viewers right now, many of them are business people, they've got big portfolios, medium, small portfolios. >> well, here's the thing, when you have a big portfolio, it's hard to step out of harm's way. small portfolios you can imagine. we've seen this over and over. but both are right. the economy's in good shape. this is the rhetoric, this is the trade war. how long it lasts, we've all got our fingers crossed that it doesn't go too far, but nobody's blinking, and that scares everybo

we passed a dodd frank reform bill. it will have an earth shattering impact on local communities.ll of this is freeing up some $6 trillion of capital back into our economy. this agenda is working. million newhalf jobs have been created since president trump took office. consumer and ceo confidence is at a 20 year high and i am proud to stand here before you today and tell you because of a bipartisan bill we passed, people have been fired at the ba for nottaking -- v.a. taking care of our veterans. another statistic i am proud of is that african-american unemployment is at the lowest level it has been in u.s. history. [applause] >> probably most important of all is that when the great recession hit us in 2008 and 2009, people lost their jobs and hope. agenda, 9000e people have found work, regain self-confidence and we joined the workforce. there is no question that we have turned the tide. would have ever believed we would have a presidential candidate who had the gall? after all the socialism makes airmen failed, who would believe that we would have a presidential candidate talkin

congress approves sweeping overhauls of the dodd-frank act.test from washington about what this means for banks, big and small. the dog versus the u.s. opens a criminal probe into whether traders are manipulating the price of bitcoin and other currencies.

were other things that they could have done to help mom and pop investors some things that that dodd frank imposed upon banks that really will make make especially fixed income investors much worse off in the next downturn i don't think that they needed to open the door for banks to hedge their portfolios because all you need to do to do is open the door a teeny bit and wall street will jump and make it into a chasm and that's my only concern really about what the the language that was introduced this week it's not that banks are allowed in words to put to trade their own books but again the new verbiage allows them to paint hedging any way there any any way they want so i think as far as wall street is concerned they're back in business i could agree with you more boy you would be a good regulator you'd be a great federal reserve governor danielle de martino both the founder of money strong author of thank you daniel. japan's softbank is planning to make a big investment in the future of driverless cars it was announced on yesterday that softbank vision fund will invest two point two five

speaker, prior to dodd-frank, the fdic did not have market-moving information on high-profile industries. stress test requirements, therefore, meant that the fdic had to create new policies and new procedures to help protect the information. according to the fdic's principal duty inspector general in 2016, the agency is, quote, not there yet, closed quote, and it may not be prepared to safeguard the information. sadly, between 2015 and 2016, the fdic experienced many data breaches that involved employees leaving the company. one such incident occurred in 2015 in which a departing employee downloaded sensitive stress test data onto a thumb drive. these leaks are deeply troubling, and overall they're unacceptable. this information could be obtained by individuals to either invest or to divest in particular stocks which obviously can be quite damaging to bank investors and to the capital markets. the unauthorized disclosure of information that can significantly alter the stock market is an extremely punishable offense. by increasing penalties on employees of these agencies, it proves, frank

happen very quickly one of the things that made the original volcker rule for the law was passed in dodd frank and then these five regulatory agencies including the fed c c o c c c f.t.c. my agency they all had. do it at the same time and we did it i think it was on december twelfth december twelfth ok it was snowing that day i remember it was all over t.v. because nobody else came into work the federal government closed and it actually didn't really snow that day but they closed the government anyway the bottom line is that it took these five different financial regulators to all do it is that going to be the case with this new proposal is they're doing it in a staggered fashion as you mentioned the federal reserve did it last wednesday the f.b.i. seated at the next day your agency did it this morning as the security and the securities and exchange commission is scheduled to do it tomorrow i should say that control of the currency also did it last wednesday those are the five ok and what should we be looking for if people want to comment for example on this whether or not they agree with you

were other things that they could have done to help mom and pop investors some things that that dodd frank imposed upon banks that really will make make especially fixed income investors much worse off in the next downturn i don't think that they needed to open the door for banks to hedge their portfolios because all you need to do to do is open the door a teeny bit and wall street will jump in and make it into a chasm and that's my only concern really about what the the language that was introduced this week it's not that banks are allowed in words to put to trade their own books but again the new verbiage allows them to paint hedging any way there any any way they want so i think as far as wall street is concerned they're back in business i could agree with you more boy you would be a good regulator you'd be a great federal reserve governor daniele de martino both the founder of money strong author of thank you daniel. japan's softbank is playing to make a big investment in the future of driverless cars it was announced on yesterday that softbank vision fund will invest two point two fiv

here as one of the complaints of the republicans when we created we when it was created as part of dodd frank and mr obama put. elizabeth warren and the other people in charge now and thank you so much really appreciate spending time with us always great thank you for having me. and with the world cup fever going on around the globe how much is it take to host the enormous event we're joined by our sports correspondent steve steve this is pretty amazing i mean anybody with a television knows that this is going on in russia but it's a huge organizing thing and it's got to cost a lot of money to host it how much it costs a lot i mean you know in a tournament where the trophy itself is worth twenty million dollars you know the numbers are off the charts here and if you look in back to the ninety's when italy hosted in one thousand nine hundred the numbers of really grown exponentially in the cost of the host country from one thousand nine hundred to about twenty ten you know it was between four and five billion and then in twenty fourteen it rose with brazil of course at around nearly twelve bil

the wall street reform and consumer protection act of two thousand and ten more commonly known as dodd frank five do. financial regulatory agencies devised the final regulations based upon the law specifically the volcker rule made it unlawful for banks to speculate using their house accounts that is it made it illegal to use investors or bank money for purely speculative purposes they could still speculate but only as a legitimate business head the reason being big bank speculation on things like mortgages related to credit default swaps those c.d.'s were part and parcel to the economic calamity and lead to a big bank bailout using taxpayer money to the tune of seven hundred billion dollars well now the fed is proposing to scale back the volcker rule some like me who had a hand in writing and voting for the original volcker rule are extremely concerned that if adopted the new fed weakening rule will once again open the big banks floodgates to increase an unbridled speculation but that's just my take here whether this is another person who worked on the original volcker rule and has been fol

>> we are thanking her for rolling back dodd-frank. that was good piece of legislation.about policies, republicans get it wrong sometimes, we hold them accountable when they do, when democrats get it wrong, we hold them accountable, it is important to say thank you when a politician does the right thing and this was a key moment -- we would have not gotten legislation without democrats. stuart: isn't it important for free market conservative type people to enhance the prospects of the republican party in the senate, the bigger majority they get, the more likely that you will get free-market policies getting through the senate and that's going to be very important for the next couple of years, by thanking heidi heitkemp, by thanking her, you are, in fact, promoting her, you're helping her and you are helping somebody who is very vulnerable to republican takeover. >> we have also held her accountable, stuart, with significant media bias in her state holding her accountable for voting against the tax cuts and tax reforms, that was earlier this year, we've done that, we've d

when president obama came in and had that $800 billion in stimulus spending, enacted dodd-frank, enacted obamacare, the economist in the obama administrationst forecast that n 2011, gdp growth, gross domestic product in this country, our economic growth would come up 3.8%, and in 2012 and 2013 it will go up over 4%. that was a rational cancellation because in the prior ten recessions, during the early years of recovery averaged about 4.3% gdp growth. now, 1% gdp growth is a ton of money. it's a ton of money for taxes and attentive jobs and is more than it sounds when you talk about 2.5-three, 3.5. president obama never had one year of 3% gdp growth. not one full calendar year. he averaged 2.1% postrecession rather than the 4.3% average, and its last year in office, gdp growth averaged 1.5%. those are very, very bad numbers. when president trump was elected, even before he took office, if you look, go on the web, there's a website for the national federation of independent businesses. they do a monthly optimism index measuring optimism amongst small businesses. you can go to the chamber f

dodd-frank, the tax bill. the supreme court.e dynamics there with a superb young jiefort, gorsuch. and at the superior court level he's putting in extraordinary judges. lou: a third of the way through his first term and mitch mcconnell in the senate, the majority leader and chuck schumer the minority leader and the dems and deep state conspired to stop every other thing he needs to do. he has a huge number of appointments that need to be confirmed. he's fighting his own party and the fountain of the money, k street, and u.s. multi-nationals on wall street, and they are not going to pay for the trump revolution. ed: there are 25 senators up on the democratic side. 10 or 12 in the states he carried will change the dynamics dramatically. lou: stocks moved lower, the dow jones industrials down 52 points. vol on the big board picking. you. consumer spending rising 2.% in april. that's the biggest gain in five months. up next, a heartwarming scene at the white house that for some reason the main real left wing national media didn't sh

, innovative approaches to the veterans administration taking care of veterans, revegetation of dodd-frank. if you like america right of center it is hard to find a better year and a half than the one we are in the process of going through. we don't have this opportunity very often. only 20 years out of the last hundred where republicans have had the house, senate and presidency. i don't think we wasted a minute of this opportunity the american people gave us in 2016 to move america in a different direction. shannon: someone to clean repeal of obamacare, people frustrated nothing seems to get through when it comes to immigration. a number of measures you put up or shut down, they couldn't get to 60 or any kind around them, they are frustrated, people calling a change to the legislative filibuster. do you foresee a time you would be willing to take that to 51 votes and you think democrats would do it if they have vote 51? >> the answer is no and no. i wouldn't do it if they wouldn't do it, that would fundamentally alter the senate in a way that our party would not like in the long-term. we

, i suggest you vote yes to dodd/frank.my is not the financial crisis, it's are we driving investment into places like upstate new york, into the places into pennsylvania, ohio, into rural america. or are we continuing to draw resources out? and as we draw resources out, we create more alienation, more fear, more frustration. and that's really where we need to drive our policy conversations. >> dylan, thank you so much. come back, money party. you look good. you're looking great. by the way, let me just say to this camera, to the people of upstate new york, money party, dylan ratigan, he is your general macarthur. he shall return. >> and i really appreciate your insights of what it was like to be out there working on a grassroots level, trying to launch a political campaign. we appreciate your serving and committing yourself to it and we hope you try again. >> do it again. second time, easy for you to say, buddy. >> no, actually, he's been there. thank you, dylan. so before we go, we want to take, now, to remember the shoot

congress approves sweeping overhauls of the dodd frank act.e latest from washington about what this means for banks, big and small. the u.s. opens a criminal probe into whether's traders are manipulating the price of cryptocurrency. markets:o "bloomberg rules and returns." this is the show where we delve into the r

dodd/frank and we did prison reform and the nda. that was just last week. >> are you going to do an amnesty? >> no. we're going to protect our borders. because we know and you know so well, this idea of the current system right now is broken. you've got to be able to, one, build a wall. and you have to catch and release. we have to have a system based upon merit if we want the country to grow. >> laura: does john cox have a hope in california? >> yes. we have a lot of hope. remember, this is a state that brought us ronald reagan. john cox will come through. >> laura: army people are -- >> john cox will come through. but there is another reason to be hopeful. the democrats when they took the majority, they raised the gasoline tax 12 cents. we have an initiative to repeal that. >> we got to bring hope back to the people of california especially republicans. thank you for joining us. we'll be right back. when i tra. for leisure. so i go national, where i can choose any available upgrade in the aisle - without starting any conversations

see the president signed into economic growth and regulatory relief act, which does a number on dodd-frankld be erased by a global trade war. in fact, i saw a report from barclays that said the tariffs imposed upon the eu and those on 90 basis could lose points off of gdp, which is what many economists believe the tax relief gave us in the first place. the president will be meeting with global counterparts as well as the administration says they are considering withdrawing from nafta. is that the right strategy? rep. hensarling: absolutely not. not only as a member of congress, but as a texan, i can tell you in texas, we are dependent upon nafta. the bottom line is, for every one job of -- that might be associated with producing aluminum or steel, there are probably a dozen if not 20 jobs that fabricate that steel. i've heard from two different steel firms in texas, one that fabricates it into shelving, others into metal buildings, and they are both concerned about the pricing of their product now. also, unfortunately, what the administration has done, they have thrown a huge wet blanket o

we pass dodd frank. right to try. we got $700 billion for our military. that's a big one. we needed to get that. military will be stronger, bigger, better than it ever was before. hopefully we won't have to use it very much. the fact we have it so strong means we probably won't have to use it as much. i want to thank all the great people in the audience that helped us so much. on december 22nd, which doesn't quite fit into the january first date but on december 22nd, we signed the biggest tax cuts in the history of our country. that's a big one. we got $1.6 billion we've already started the wall on the southern border. the wall has started. $1.6 billion. so important. i also have to recognize some of the people that have worked so hard to make all of this happen and johnny isaacson. where is johnny? has johnny been working. have you worked with jerry moran and the whole group. where's's jerry? good job. will cassidy, dean heller, tom cotton all here. lindsey graham. good job. todd young. todd, thank you. where's's joni? we love the farmers. i'm glad it worked out. steve da

talked about threats posed by china: the national debt, changes made to the dodd-frank log and term limitongress. this is about 10 minutes. ♪ [inaudible

congress approves sweeping overhauls of the dodd-frank act.st from washington about what this means for banks, big and small. the u.s. opens a criminal probe into whether traders are manipulating the price of bitcoin and other currencies. welcome to "bloomberg markets: rules and returns." this is the show where we delve into the regulatory challenges for markets around the globe. let's get a roundup of this week's news. >> the uk's financial conduct authority plans to examine whether new rules about whether asset managers have to pay for --. >> we

the obama near and tax reform and new innovative of the taking care of veterans, revisitation of dodd-frank don't have this opportunity very often. there's been only 20 years of the last 100 where the republicans had the house, the senate and the presidency. i don't think we've wasted an -- a minute to move america in a different direction. >> shannon: some want to make clean repeal of obama care or large chunks. people are frustrated nothing seems to get through with immigration. a number of different measures you put up all shut down. they couldn't get to 60 or get to any coalescence around them. they're frustrated and have you people calling for a change to the legislative filibuster. do you foresee a time when you would be willing to take that down to 51 votes and do you think the democrats would do it if they end up with 51? >> the answer is no and no. i wouldn't do it and they wouldn't do it. that would fundamentally alter the senate in a way that i think our party would not like in the long term. remember, i just said, we only rarely control all three branches of government. but for

this year, we put a dodd-frank bell, a bipartisan bill and freed up a couple trillion bill -- dollarsthe ministers and his fruit 6 million -- $3 trillion. this economy is moving. the rest of the world is paying attention. nato has doubled their investment in terms of military spending. we are headed in the right direction. i hope that we can focus on the priorities right now within this trade him a ticket equal access. it is not right when alibaba can do cloud computing in the u.s. and google can't do cloud computing and china. this is what this is about. we produce -- reduced local poverty, while poverty in the united states remains flat. that is not right. this is moving to change that. i appreciate the fact that you call attention to what is happening with the economy. there are two things. the tax bills and the regulations. not been set around this table, and i am surprised, the biggest a compass group from your administration is what you have done what the military. succeeded a president who had a policy who said you can't do anything with the military unless you do it with nonde

of the federal reserve releasing the first stress test report on the banking industry since the dodd-frank role back. fox business's jennifer schoenberger is live in d.c. with latest. >> hi, david, results from the federal reserve stress tests 35 the largest u.s. banks could continue lending to households and businesses during a severe recession, with plenty of capital to absorb losses on loans. the fed stress tests were mandated after financial crisis for banks with assets of $100 billion or more. they examine how banks would perform during a humidity call severe recession to prevent bank failures in a crisis. this year the severe scenario tougher than in years past envisions unemployment spiking to 10%, gdp contracting by 7 1/2%. the stock market plunging by 65% and home prices falling by 30%. under that scenario all 35 banks in aggregate would stand to lose nearly $580 billion, yet after covering losses, banks would still have capital left over equal to 7.9% of total assets weighted by risk that is well above the 4 1/2% that the fed requires. now the hardest hit area under the hypotheti

there existed from dodd-frank, existed from some of the stress test, but the big banks are not seeinges, the tax --orm helps, but all those julia: you got to separate the two different types of branches. >> and it goes to a point i made last time well sat here together, but everyone was sitting here assuming in the market that we were going to end up seeing a very different shaped yield curve where net interest margins -- margins were going to expand and we were going to see that type of recovery. that was the overall market perspective. it's only more recently been dashed. i've been concerned that even if we did have a steepening curve, we wouldn't see the net interest margin improvements in a gone to the is we bottom of the barrel in almost every single asset class. so the question was where with the loan demand come from as we started seeing problem loans rise in a bad economy. now we got the risk of problem loans rising if the economy softens if we get an inverted curve and again, you're still going to have a hard time generating new growth. >> but hanks were conditioning themselv

president trump, they are trying to roll bank a lot of banking regulations including dodd-frank.an for the stress test? guest: they have done certain things that show some of the rollbacks but, for example, congress passed a law with bipartisan support. not just republican. they increased the threshold for banks to be considered systemically important. took three banks from the stress test including colors and zions.merzbank and zions. they are clearly not going away from the stress test. but, some things are being changed a little. things a little easier. especially midsized banks are not under as much scrutiny. julia: deregulation is vital for those banks. right to have you with us. thank you for breaking that down. let us go to mark crumpton. trump says he is considering meeting with the russian president next month. bloomberg has learned possible dates include july 11, below the nato summit in brussels, or after july 13 when president trump visits britain. the secretary-general says there is no guarantee the transatlantic alliance will surprise. nato has been shaken by presid

if you look we passed dodd-frank. right to try. we just got $700 billion for the military.applause] that is a big one. we needed to get that. the military will be stronger, bigger, better than it was before. hopefully we won't have to use it very much. but the fact we have it so strong means we probably won't have to use it as much. i want to thank all the great people in the audience that helped us so much. on december 22, which doesn't quite fit into the january 1 date, but on december 22 we signed the biggest tax cuts in the history of our country. that is a big one. [applause] we got $1.6 billion we have already started the wall on the southern border. the wag started. $1 -- the wall is started. $1.6 billion. that is so important. i have to recognize some of the people that worked so hard to make all of this happen. johnny isaacson. where is johnny? has johnny been working. [applause] have you worked with jerry moran and the whole group? you and jerry. where is jerry? hi, jerry. [applause] good job. bill cassidy. tom cotton. dean keller. all here. tom tillis. lindsey gr

senatokamp, who is in an election this year, we thanked her for her work she to roll back sections of dodd-frank, which was harming community banks and loaning to small businesses some we're not an appendage of any pol party. we've made that clear. we're not going to be. we're going to thank demubrats or rcans when they do the right thing, and frankly, we're going to hold them accountable when we think they're going the wrong thing. 's the best way to do it. that's the process we're going to follow. ism w active wilthe organization be in the mid-term? >> we have said we're going to be very active across the board. that includes at the state level el. the federal lev but we will be active, and we want to look at every individual candidate as just that, an individual candidate. we try not to lk at party and other things like that. we look at who are genuinely putting forward policies, championing pocies that will help improve people's lives. >> yang: owscourse, the ne within the last week about david koch stepping back from both his businesses and his political activities for health reason, will t

this year we put a dodd frank bill and freed up a couple of trillions of dollars and this administration freed up $6 trillion to go back in the economy. this is real jobs. 3 1/2 million new jobs regulations averted. this economy is moving the rest of the world is paying attention. nato doubled investment. we have a free trade agreement with korea we are headed in the right direction. i hope that we can focus on a priorities right now within the trade equation for equal access. it is not right when alibaba can do cloud computing in the u.s. and google can't in china. that's what this is all about. we have reduced local poverty by two thirds in the last 40 years and poverty in the united states remained flat. that is not right and this is moving to change that. >> yes jim? >> i appreciate the fact that you call attention to what's really happening now with the economy. two things tax bill and the regulation you know, killing people with regulations but what's not said around this table and i'm surprised the biggest accomplishment of your administration is what you've done with the military