we thanked them when they stood and did the right thing on the dodd-frank vote.them when they do the right things on issues and we want to be consistent on that. >> all right. tim phillips, president for americans for prosperity. thank you so much for joining us. >> sure. >>> now we turn to social media which continues to add uncertainty to elections as bad actors use facebook to manipulate public opinion. facebook just announced that they have purged more than 30 accounts accusing them of coordinated, inauthentic behavior aimed at misleading facebook users and swaying the midterm elections. this comes after facebook had the worst day in stock market history as share price plunged almost 20% losing $120 billion in value and then on tuesday, the trump administration finally admitted that russian interference through facebook and other means did play a role in 2016. here's vice president pence speaking at a cybersecurity conference in new york. >> while other nations certainly possess the capability, the fact is russia meddled in our 2016 elections. that is the una

dodd-frank, nobody read or understands it. you will read law review articles trying to explain paragraphs of it. there's a place for it in a need in certaininstances but it should be as limited as this mentally, physically and emotionally possible . >> thank you. >> by the way, i'm going to sign books after this for anyone that bought a book or wants to. i'm happy to sign whatever you have afterwords. >> i'd like to address the millennial's. >> me too. [laughter] >> the most profound moment for me in listening to you, related to the era. you were from a working-class or what was called working-class. working people. when you could see there was another possibility, you didn't envy, you see you could create that ath. - - when i'm trying to say, millennial's understand that story. if there is a way that you could help the millennial's, i'd like to hear what you're wife said because it sound like she understands it the way that millennial's would understand. >> i've been addressing the y af, the young americans - - i've addressed

and part of the reforms in dodd frank were to create a student someone to look over to be an advocate for student bars and over the last few years they have done that sets for them and has done that rohit chopra when he was in the role has done it but now we have seen in this scathing letter that his resignation letter we have seen him say look they're not doing it anymore and you know this is a concern in general with p.b. about looking out for the interest. more in the financial sector as opposed to a consumer's but let me ask you i mean with regard to student loans specifically what is the. mint thinks was so wrong what are the policies and practices at c.f.p. be they were problematic leading to his resignation well there are a few things i mean mick mulvaney isn't a dumb man he knows that he can't just shut off the lights of the c.f.p. so what he's doing is trying to roll things back piece by piece put on the brakes delay and deter when he can so they've done a few things piece by piece to do that so for example they've taken the student loan office and they have put it into a new

stood up and was stood up after the financial crash the great recession and part of the reforms in dodd frank were to create a student someone to look over to be an advocate for student bars and over the last few years they have done that said fred and has done that rohit chopra when he was in the role has done it but now we have seen in this scathing letter that his resignation letter we have seen him say look they're not doing it anymore and you know this is a concern in general with p.b. about looking out for the interest of you know more in the financial sector as opposed to consumers but let me ask you i mean with regard to student loans specifically what is the. buds meant thinks it was so wrong what are the policies and practices at c.f.p. be they were problematic leading to his resignation well there are a few things i mean mick mulvaney isn't a dumb man he knows that he can't just shut off the lights of the c.f.p. so what he's doing is trying to roll things back piece by piece put on the brakes delay and deter when he can so they've done a few things piece by piece to do that so for

i first spoke at netroots one week after president obama signed dodd frank and the consumer financial protection bureau into law. and that is a victory that would not have happened without a lot of early netroots folks. so thank you for that. [applause] sen. warren: those of you around back then will remember what an uphill fight it was. for over a year, wall street spent more than $1 million a day lobbying against this agency. they called in every favor, they pulled every string, hired every lobbyist they could find, trying to stop us. but we beat them. we beat them. we did. since then, the cfpd has gotten $12 billion back for 29 million americans who got cheated by big banks and other powerful corporations. [applause] sen. warren: and there is a lesson in that. we did not make that progress just because a professor had a good idea. we made it because we built a broad coalition of people whose lives were directly affected by these issues. a broad coalition of students, veterans, seniors and working men and women across country. -- this country. we made it because we had a movement th

they got the asset level at which dodd-frank relies taken very low. supposed tove be 50 million. it was just a low amount. and so we've lost 1600 community banks and all we've donee is mae tank of america, market and the economy causes much stronger than they were. the economy is like a balloon. you push. you question someplace it will pop out someplace else. the problem with government regulations as this government is very bad at anticipating what is will pop out. if it conducts you need to stop in if it's straightforward you should do something to stop it. otherwise you are to leave the system alone. nobody read it. nobody understands it. you will read blog review articles trying to understand paragraphs of it. the government regulation, there's a place for it, and need for it, but it should be as limited as mentally and emotionally and physically possible. >> by the way, i'm going toe sn books for anybody who bought a book already or wants to buy a book. i'm happy to sign whatever you have afterwards. >> thank you. i would like to address the millennial's. me, too. [laughter]

financial institutions, you don't want people running the muck but we have laws and the problem with dodd-frank was that it was put in place to keep big banks under control. it wasn't put in place to kill little banks, what it did the compliance costs are so high, the major banks lobbied for this, they got the -- the asset level at which dodd-frank applies taken very low, it's supposed 50 million, it was allow amount. billion. and so we've lost 1600 community banks and all we've done is make bank of america, morgan stanley, all we have done is make banks stronger than they were. regulations, the economy is like a balloon, you push in some place and pop out some place else. the problem with government regulations is government is very bad at anticipating where things are going to pop out so if there's conduct you need to stop and it's fairly freight forward you should do something to stop it otherwise you have to leave system alone. nobody read it, nobody reads u nobody understands it, the thing is this thick. government regulation, there's a place for it, there's a need for it in certain instan

that and a couple other reasons, dodd frank, dynamics, may make out, if i can win come a would be pretty -- a pretty big honor to serve. a different way to defend the constitution than i ever thought i would get a chance to do. we put together a campaign where the manufacturing companies, we did not have a full marketing department. but we had a marketing firm. a young lady, probably 15, 20 years younger than me. good at connecting with all the ways to do media and everything. she came on to help do the marketing piece. she is not a republican, she has never worked on a political campaign care we didn't like we were launching a product. only the uncomfortable part was i was the product. [laughter] host: did you have to have an fda sticker on your back or anything? [laughter] rep. davidson: plenty of rules though. having an engaged in politics, i remember your race, getting phone calls with people saying you were the guy we needed to get behind. see boehner and so much of the washington establishment mobilize against you, i guy who had not been a politic -- been in politics for a wild, th

the law of, unless and until the trump administration gets rid of dodd-frank, dodd-frank makes it difficultdo, let's call them naked bailouts. neil: right. >> where you give money to companies to let them live. dodd-frank requires basically if you do bailouts you can only pay for funeral expenses. you can't pay the hospital bill. neil: you're right. i know that is the argument but i can't help but we're in the middle after free fall in the market, i remember the financial issues torpedoing bear stearns -- >> that was scary. neil: that was the capital shrinking fast. no matter what cash you have on hand, it will not compensate for cash you're losing hand over fist on wall street, right? >> i agree with that, but kind of the question is, should you allow -- let's say somebody gets in big trouble and it spreads to a bunch of other firms and threatening to bring down the whole system the way that it did at the end of 2008. neil: yeah. >> the question of should you give money to a firm, let that firm live to, see another day, or should you give money to somebody else to buy that firm and break i

slow banks can't lend out all the money that's available with all the rules and regulations from dodd frank so it's going to be slow going for a while people are going to have to start buying homes that have already been lived in and the new host housing starts will slow down unless there's a custom home and they're going to be getting their own financing before we go let me ask you this question we know that the federal reserve is poised to raise interest rates you know but the bets are like ninety percent they're going to raise in september is now the time homebuyer i should you know go ahead and strike while the iron is not too hot. right everybody says the shyest wait until next year maybe inventory will be better yeah but it's going to cost you more so my expectation what i've figured out in the market is that every time the fed talks just say that there's going to be a quarter of a percent hit to the interest rates so that house is now going to cost you maybe six percent next year in interest where right now it's hovering around the four point seven five five percent so you would get

different bills we passed like the dodd frank bill where it's our attempt to try to clean up the conflict minerals. but. the reality is just as i mentioned before you know when we try and crew bring our solutions i do have solutions that often just don't match with with the reality of the grown so so we're often left with a problem that's bigger than it was with where it started and it will certainly have the problem again going back to the economic situation we have these minerals that are very valuable and they're being utilized by us every day it's actually right to say that we know that the various minerals that we're talking about they end up in our appliances or electronics. you know diamonds and gold obviously have value so says she we are playing in. so the conflict without being aware of plants that conflict yeah i mean that's true and i think a hot topic is you know we can use the electronics like colton is is largely mined in the congo and that's inside of our cell phones so i think we. we often look at end user responsibility how involved are we can can is buying a and i phone

you know, i first spoke at netroots one week after president obama had had signed dodd-frank and theonsumer financial protection bureau into law and that is a victory that would not have happened without a lot of early netroots folks. so thank you for that. [applause] >> now, those of you who were around back then will remember what an uphill fight it was. for more than a year, wall street spent more than a million dollars a day lobbying against this agency. they called in every favor, they pulled every string, they hired every lobbyist that they could find trying to stop us. but we beat them. we beat them, we did. and since then, the cfpb has gotten $12 billion back for 29 million americans who got cheated by big banks and other powerful corporations. yeah. [applaus [applause] >> and there's a lesson in that. we didn't make that progress because a professor had a good idea. we made it because we built a broad coalition of people whose lives were directly affected by these issues, a broad coalition of students and veterans and seniors and working men and women across this country. an

make it is important to have regulation that we already have laws something like dodd frank put in place but the compliance costs arele so high because the major banks lobbied for this the asset level is very low it is supposed to be 50 million it was just a little amount. so we lost 1600 community banks and just need the bank ofalne america and those much stronger. the economy is like a balloon you push it in some places will pop out someplace else. they are always bad to anticipate where that will pop out. that is straightforward do something to stop it otherwise leave the system alone. nobody reads that or understand that. when then to understand those paragraphs. the government regulation there is a place for it. it should be as limited but as much ase possible. >> i would like to address the millennial - me to. [laughter] the most profound moment for me it was the era when you were from a working-class working people and you could there was another possibility, you saw you could create that path and it was marvelous. your wife said in this book you had history it was not but it was

the analysis of the dodd frank. when is it not enough.ated to dial bank -- dialback some of it. it didn't actually get created in the week of knowing how much was available from the fed. so we didn't enter the subsidy idea. they would have to create living wills. the emergency like the crisis happens. we need to have more set aside. in the different types of ways. has been created and so forth. it was an act in 1933. in the height of the great depression. by the government as well as by the bankers to separate the deposits and loans of people. all of the trading in speculative type of transactions. therefore when there was an emergency. it could it be that collateral for the requirement. both the democrats and the republicans in the 2016 election. but it has not been pushed and it's kind of its data back from it. there is an act called hr 790 in congress that's been going on the has about 70 or 80 signatures on it. also a similar act going on in the senate. that is championed to do the same thing and a bipartisan on a bipartisan basis. it

doesn't mean we will support heidi heitkamp, you may work with her on an issue like we did with dodd-frankd reform that helped north dakota's. we want to say thank you. that is controversial in washington because you can't say anything nice about someone if you disagree with them on other issues. >> but you know the republican national committee and others are saying if you sit on the sidelines and don't pick democrat or republican you are going to keep the status quo and the rnc chair wrote this memo, part of the reason we invite you to respond, the caught network said they would no longer support only republicans for office and will support candidates that fit their agenda even if they are democrats. some forgo the commitment when they decide business interests are more important than those of the country or party. what do you say that they are putting business interests before their country? >> we always take a stand against any corporate welfare or subsidies and advocated for a level playing field. even when the tech support package, the mortar adjustment tax would have been a huge imp

the dodd-frank reforms had bipartisan support. they have done some good things and this congress. saying to them, to both parties, is we are raising the bar. if we are ever going to put this country on the trajectory to long-term economic and broader prosperity, we have got to do that. we have done that. we are looking for candidates out there. we have a few for example, marsha blackburn in tennessee, we think she is a champion on these issues. we're talking about. there are significant challenges. through theus policies are you say you are a policy organization. that is kind of dumb, isn't it? are people going -- what does that leave you -- leave you, trade and immigration? tim: the omnibus bill that they did in the spring, it is terrible. it is exactly what folks were hoping to see change about washington, d c both parties have failed on that. david: is anybody taking that seriously? about deficitk hawks. i don't think you can find one in washington. tim: people who say bipartisanship in d.c. is dead, whenever you put a bloated budget bill that funds pork and corporate cronyism,

we did support heidi heitkamp for doing the right thing on dodd-frank reform in which is important.provides access to credit through community banks, so she did the right thing. really overall, that shocked washington. how can you say something positive about someone whom you disagree with on so many other issues? our focus is how do we bring unity around the issues where we do agree to drive progress? david: one of the issues the issues, froms charles koch, is trade. are there candidates saying things you do support on the subject of trade? guest: absolutely, but overall we haven't seen enough leadership to support free trade. in fact, that is why we are pushing congress to stand firm. talk to the american people about the benefits of free trade. protectionism hurts us. when we close our self off to the rest of the world, it hurts us. these tariffs are actually , looking at as $12 billion bailout. it is not a bailout for farmers that's is it is a policy a bailout for bad policy -- a bailout for that policy. shery: and of course, all of these issues come from president trump's own p

been stolen, different types of activities committed by banks in the year since 2010 created what dodd-frank act didn't do is separate banks for bringing something back glass-steagall act 1933 in height of the great depression designed by the government as well as by the bank torz separate the deposits loans of people companies from all the securities creation speculative type of activity so our deposits loans wouldn't be collateral for all the other stuff therefore when there was an emergency, it couldn't be collateral for requirement of extra in that margin has not done dwoevent part the glass-steagall act, was on a platform democrats and republicans, in 2016 election. but it has not been pushed republicans -- back from it democrats also dialed back, there was bill hr790, in congress 0, or 80s signatures that asked to reinstate glass-steagall act a similar act in the summer if that championed to do same thing on a bipartisan basis but has not been done yet that is kind of what happened. >> thank you so much for excellent presentation, i just want to -- go back quick, to your -- some of the

where we've done that, again, very issue specific, not electoral focused but issue specific is on dodd-frank regulationory reform. if you like at hedi heitkamp and we believe that it's important to say thank you when that happens. paul: right, but let's talk about that north dakota race because kevin kramer, the republican that you criticized him, charles koch has on trade and spending, on the other hand, he voted for tax reform that hedi heitkamp opposed. how do you balance interest when you make up your mind on who to oppose? kramer has been on the right side and so does heitkemp. >> and so for he, -- for heidi heitkemp we ran ads to support, she didn't, reran ads holding her accountable for not supporting tax reform and we see that across the board and that's what we are going to have to do issue by issue, doesn't mean that we will short hedi heitkemp, what we are looking at them neither one elevate and meet the standards of what it takes to be a champion and a leader and so hopefully by elevating what is required for candidates to get our support and changing those incentives we will see

the country, south, north, white, black, poor, rich, and got the affordable care act passed, got dodd-frankassed. her historical accomplishments in terms of her ability to get stuff done is without parallel. >> is leadership -- that sounds like a yes to me. i will let you come to that another time. is leadership -- congressman, is democratic leadership in the house too old and too white? >> well, poppy, look, having said that i am a huge admirer of nancy pelosi's operational ability, the fact that our top three leaders are in their late 70s -- i don't care who those leaders are -- that's a problem. it's a problem because, of course, we are at a moment in time where young people are involved as they never have been before. these are the parkland students getting young people involved. i don't care how good you are, there's a generational gap. again, you can ask me for an answer for what happens four months from now. very clearly, soon, the democratic party is going to need to get some faces and some people who can speak to people in their 40s to people in their 20s. no doubt about it. >> but

pulling out all the stops in hopes that the federal reserve are re-examine a little-known part of dodd-frankules that came post-financial crisis. it's called the gsib surcharge. this is a rule that requires banks to hold capital proportionate to their size. but is this good for a market faced specifically right now with so much volatility? charlie gasparino broke that news this morning -- >> and look at moynihan, my producer, who came up with the -- because her name is moynihan and it's same name as brian moynihan of bofa, we were able to get this story. that's all i can tell you. we got an errant e-mail, and that's how we got this story. [laughter] the e-mail laid out the effort by the big banks -- i'm not kidding you. it's a true story -- laid out an effort by the big banks as it's going on through a lobby called the financial forum, essentially, to get rid of this major post-financial crisis regulation. it's called the gsib surcharge. globally systemic investment banking surcharge. that's what it stands for. it's a big thing. it basically is a capital buffer for all the big banks just in

the doesn't mean we support heidi hide camp, we may work with her on an issue like we did with dodd frankd helped north dakota's, we want to say thank you. you can't say anything nice about someone if you disagree with them on other issues. >> ed: james you know the republican national committee says if you sit on the sidelines and don't pick the democrat or the republican with your vast resources you're going to keep the status quo. the rnc chairman wrote this memo, this week the koch network announced they will no longer support only republicans running for office and moving forward they will support candidates that fit their agenda even if they're democrats. this is unacceptable. it's pretty heavy charge they say you're putting the koch brothers are putting their business interest above their country. >> any corporate welfare and subsidies, we've advocated for a level playing field, even when the tax reform had a border tax that would have had a huge impact on american consumers but made koch industries more than a billion dollars a year, we spent millions of dollars defeating that pol

two years of obama's presidency he passed a $1 trillion stimulus, he passed obamacare, he passed dodd-frankhe partially -- trump comes in, and that's with a democratic house and senate and trump comes in and does conservative things. this is the way it's supposed to be. what's different is mueller. what's different is the russia probe. what's different is the tweets, the fact that vit the vit rÈal. >> thank you, guys. >>> and infowars host alex jones wants a judge to dismiss a lawsuit filed against him by sandy hook families, but those families say they have been harassed and tormented for years. so what is jones' defense? unbelievable is next. let's take a look at some numbers: 4 out of 5 people who have a stroke, their first symptom... is a stroke. 80 percent of all strokes and heart disease? preventable. and 149 dollars is all it takes to get screened and help take control of your health. we're life line screening... and if you're over 50... call this number, to schedule an appointment... for five painless screenings that go beyond regular check-ups. we use ultrasound technology to liter

happen over time where you start eliminating the explicit benefits and part of that is created in dodd-franktially of cotification which is now clear that before the crisis instead of protecting the bank and depositors where too big to fail banks -- paul: every single politician, at least every democrat politician says too big to fail is over. >> it's not over. paul: they'll be another big bailout of citigroup? >> you look at the history and once the federal safety net comes in, they ran into trouble in 1920, got federal assistance in 1930's, got in trouble in late 70's with lending to latin american countries, real estate crisis, you know, 2008 was not the first real estate crisis, i think once something changes we are going to have to grid our teeth and watch the awful bailouts again. paul: we need you writing editorials on the financial system again. >> yes, sir. paul: we have to take one more paul: we have to take one more back, whenhow do you win its and at business? stay at la quinta. where we're changing with stylish make-overs. then at your next meeting, set your seat height to its m

been critical of both republicans and democrats that remove the transparency requirements through dodd frankrotect the working class families. these are things that i think are critical to insuring that we feel we have a seat at the table. look this is a new generation, new era. this is time for a new approach to public service that is so different than what we've had. i -- it's very important to know, i have absolute respected the leadership of leader nancy pelosi. you should know that i have been so supportive of a number of things she's done to not only elevate women -- >> but you think it's time for a new voice. >> it is, it is. there's nothing wrong -- by saying there's a new voice doesn't mean that i don't support the work she's done. what i'm telling you -- >> i hear that but let me play what she said over the weekend defending yourself. your calls for new leadership are similar to what some republicans including the president are saying, it's helpful to them, they are saying keep nancy pelosi in power and leadership because that hurts the democrats which helps us. here's how pelosi d

there will be a lot of debate about dodd-frank but when you think about what went on that weekend, wedidn't have the tools for a global investment bank to go under. contain i don't know was rampant. cheryl: it was frightening time. >> we couldn't bring up aig in the room. there was no regulator for aig. cheryl: the morass that became aig in the hank greenberg era. we'll talk about it next month on fox business. >> thank you for having me on. great to see you. cheryl: we've got the closing bell ringing. we have seven minutes to go. remember infrastructure week, it may not be a priority in the u.s. but different story around the world. 10 billion-dollar closer has an idea how to build your portfolio that is coming up on "countdown." ♪ i get it all the time. "have you lost weight?" of course i have- ever since i started renting from national. because national lets me lose the wait at the counter... ...and choose any car in the aisle. and i don't wait when i return, thanks to drop & go. at national, i can lose the wait...and keep it off. looking good, patrick. i know. (vo) go national. go

i have made very powerful rich enemies because i've been highly instrumental in passing dodd frank, affordable falsehoods because they in republicans in washington have nothing to run on. she's trying to deal with the problem you just mentioned now by saying i'm not the problem, republicans are looking for somebody as a pinata, her audience is a audience of 200 something, the members of the democratic caucus sitting in those seats. she hopes it's more than 2018. the question will be, where do these questions come down if the democrats do take the house? this is going to be a public vote on the house floor, members will have -- these candidates who said they will vote against her, who is the speaker of the house? she's had a very difficult time getting that 218 number to become speaker, already there are those opposed to her, narrow majority for the democrats, hard to overcome. >> some of that is because of republican criticism, they want to be safe politically but some is generational change. they look at her and say it's time for younger leadership. let's move on to 2020 for a second. highway

more on dodd-frank repeal.oming out about small business leaders, many of them are minorities, so there's a lot of good news, erin. >> angela? >> i think i got stuck at gina saying that american presidents have done a great deal for people of color like ending slavery? i think i'm stuck in 1865 now. like i can't believe that's -- >> this is a republican president. >> that's great, but you missed the mark. for you to have to say that we don't necessarily need diversity in this white house. >> that's not what i said. that is not what i said. >> let me tell you what i heard, i don't think you hardly understand. >> you're going to keep talking over me. my black life matters and so does my voice. listen to what i'm saying to you. what you said was deeply offensive. what i am telling you is you can't say, at least you shouldn't feel comfortable saying it in 2018 that this white house not having diversity can be akin to presidents who didn't have any black people on their staff, but for slavery, freeing slaves. that's

now with the relaxation of dodd/frank, we anticipate that some of the small builders would be able toloans and start building i see more home construction down the line. >> hopefully, they can get back into the market quickly. why aren't sellers selling why are there so few homes on the market >> the sellers have been staying in their home typically about ten years according to our data. the more normal condition would be about seven or eight years. people are staying in their home for longer period. i think it's part of the coming out of the housing recession the other part is that a cat and mouse game they do want to sell but they cannot find the right home they're just staying in their home for a little longer it's like musical chairs they don't see an empty seat so saying why should i stand up and let someone else take my seat. if we have the homebuilders, empty seats coming on to the market, that will relieve a lot of friction currently in the housing. >>> lawrence, thank you nice and early from chicago lawrence, we appreciate it have a great day thank you. >> thank you >>> still

administration going forward as to whether or not they are willing to use the huge discretion provided by dodd-frankthe estimations for the regulation, and really the suspect -- substance since 2009. >> some people would argue that they should have simply set all right, collapse and we will rebuild something afterwards but that could have been potentially catastrophic and set us back for decades. now that we are not in a financial crisis and are not heading for an imminent recession come what ought to -- but people are you doing to be better? >> speaking as a historian, the only moment in which america has gone through a transformation is mainly adam out here 1933. four years of recession and massive unemployment at a huge ine of banking crisis hit new york, which opens the door to fdr. we didn't get there, and essentially, a result in a pretend -- potential gray zone makes the reform without the fundamental energy necessary to drive us into something more radical. >> we were talking earlier about whether there was any visionary out of the financial crisis. has anyone come up to a greater solution,

she was instrumental in passing big things like the affordable care act, dodd-frank, the stimulus.ng. >> ed: what is new is that we know that republicans do not like her, but democrats do not like her either. >> she is also a realist, she went out there and said do whatever you need to do to win. so whoever has the democrats on the trail, do not want to support her. that is their prerogative. we can have a discussion about who the democratic speaker of the house will be over the next 75 days. our priority is going to be making sure that a democratic speaker. >> ed: the president has his own political problems, alex, we can talk about those bright up it seems like talk of impeachment and nancy pelosi being speaker, it might bring up the republican base a little bit. >> nancy pelosi is right that she has a big following. they are all republican operatives around the country who are rooting for her to not lead. >> ed: i want to meet the leader. >> the more that we are talking about nancy pelosi, the more that the candidates across the country, the democratic candidates are trying to d

dollar had become pretty extreme in terms of bullishness and if you looked at dodd-frank option flowshas been pretty pronounced positioning for non-dollar currencies. we have at speculative long dollar, so the sentiment has been pretty strong. i wouldn't be surprised if there is more to this move. it depends in the short-term on what type of flow of information we get the next few days but there is scope there, just from positioning and extreme sentiment for the dollar to correct more. the dollar has done well since april, but context is everything when talking about fx performance. --en how performance important president trump is, since the day of the presidential election, the dollar is down. it is down between 1% and 2%. not much, but down. we have had six rate hikes, the eurozone-u.s. spread moving in the favor of the dollar by 180 basis points, the trade tariffs, and the largest tax cutting legislation through congress since the 1980's. are some underlying factors, i think, that is curtailing enthusiasm for the dollar but yes, given the levels we got to in april of this year, we

because the compliance costs were so high and the major banks , they got the asset level as which dodd frank applies taken very low, it ended up being 10 million and it was just a lowamount from his billion . so we've lost 1600 community banks and all we've done is make bank of america, all we've done is make those banks much stronger than they were so regulation, the economy is like a balloon. you push in some places it's going to pop up somewhere else and the problem with government regulations and government is bad at anticipating where things are going to pop out so if there's conduct you need to stop it's fairly straightforward, you should do something to stop it. otherwise you want to leave the system alone nobody reads it, nobody understands it . you're going to lead read law review articles so government regulation, there is a place for it. there isa need for it in certain instances but it should be as limited as mentally, emotionally and physically possible . i'm going to sign books after this for anybody who bought a book already wants to buy a book, i'm happy to sign whatever you

and attorney general to implement dodd-frank. and having that will go into effect as planned, to work on the long-term will of 45 days or more. really long answer but a short summary of that, one of the biggest determines to financial security has the domino affect, before you have the privilege of asking should i spend or should i save? these products prevent you from arriving at that question. you are constantly behind and threatened. >> a follow-up in that, your testimony, you mention the organization's affiliation with self-help credit unions, can we describe what that is and what services it provides and how widespread it is? >> a policy affiliate based in durham is primarily a cdf i geared toward low income rule, female-headed access to credit, $6 billion to nonprofits, small businesses, and serve retail branches, consumers in 5 or 6 states including wisconsin, north carolina, florida, california, and was really started in the 80s, a response to lack of lending to african-americans in the durham area and the legacy was real

. >> i heard there was legislation that had been put through concerning dodd frank.fically how it benefited small banks. can you comment about that? guest: there was a bill passed by the house and senate that took the smaller regional community banks and exempted them from the more expensive and difficult regulations under dodd frank. there are some stress tests that are expensive. the compliance was so onerous those banks were essentially just hiring people to comply. both sides came to the realization this is one they had overstepped. it wasn't a big change but it did exempt a targeted set of banks from those regulations. probably a step in the right direction. host: there was a story from late july, the administration exhibiting -- can you explain what the proposal is? guest: everyone drink some coffee. the idea was to administratively index capital gains tax for inflation. forbuy some land, sell 150,000. it might have been $10,000 worth of inflation. get rid of the stuff, increase on your ability to consume and live well. now comes the hard part. do they have the

the dodd-frank bill passed early this year was a bipartisan effort that will help small town banks and i believe the same level of bipartisanship is absolutely needed to get legislation done to solve some of these problems for these men and women who put their lives on the line every day. mercedes: thank you. we've talked about preventing terrorism. we've talked about the gang and ms-13 scenarios, the criminal aliens. one other issue, the mission is so broad, it's counternarcotics. commissioner, can you walk out through what a counterdrug mission looks like at c.b.p.? >> sure. we've all seen the crisis in our communities, the opioid crisis but also in many state, the methamphetamine crisis. we have seen huge increases in our seizures on the border, three vectors. through our ports of entry, lawful crossings, hidden among the hundreds of millions of vehicles that come through every year. the fedex and u.p.s. and international mail. coming direct among e-commerce shipments, we're all buying online and those packages have grown five-fold in five years. 600 million packages a year with sma

the integrity of the state that arerate caps there, teh dodd-frank act allows attorney generals to admit certain parts of this law to fill in the gap and allow work to go on as planned to continue this rule. bi -- biggest the detriments to financial security. it siphoned off savings before you even have the privilege of asking, should i spend or save? these products prevent you from ever arriving at that question. as kind of a follow-up on that, you mentioned your organization's affiliation with self-help credit unions? can you describe what that is and what services this provides? this is a policy affiliated self-helpaffiliate credit organization based in durham. access toamilies credit. we have provided $6 billion to nonprofits and small businesses. this has gone on in about five or six states, including with -- wisconsin, florida, and california. the 80'st unions in had a legacy of redlining with african-americans in the region. our ceo started the credit union in response to that. we are grateful for the policy into theing input perspective of what products work and the threat to fin

its structure has changed over time congress and dodd-frank has told the fed not to do things it hade crisis, particularly with regard to the discount window. we can put guardrails around central banks. and the other part to remember is central banks tend to travel in packs maybe jay powell toning down the statement, talking more clearly will wean them away from forward guidance >> vincent, we have to leave it there. it is a fascinating discussion i would like to have you back, dig deeper into those issues thank you for joining me carl, back to you. >> thank you. >>> when we come back, fit bit stock fading after initial pop on earnings. we talk to the ceo james park exclusively on "squawk alley." back in a minute >>> with the dow down 170, time for etf spotlight. bob pisani looking at flows in general in the first half. >> hello, sarah. etf flows at the half were strong, but not like 2017. 148 billion flowed in the first half of the year, respectable 4% increase far cry from last year we had roughly 240 in the first six months lower inflows are due to the major hiccup u.s. equity is

i first spoke at netroots one week after president obama signed dodd frank and the consumer financial protection bureau into law. and that is a victory that would not have happened without a lot of early netroots folks. so thank you for that. those of you around back then will remember what an uphill fight it was. for over a year, wall street spent more than $1 million a day lobbying against this agency. favor, theyin every pulled every strength, every lobbyist trying to stop us. but we beat them. we beat them. pd has gottenhe cf $12 billion back for 29 million americans who got cheated by big banks and other powerful corporations. and there is a lesson in that. we did not make that progress just because a professor had a good idea. we did that because we held a broad coalition of people whose lives were directly affected by these issues. a broad coalition of students, veterans, seniors and working men and women across country. we made it because we had a movement that was willing to fight uphill for working people. we were willing to do that. ever since that celebration eight years a

happen over time where you start eliminating the explicit benefits and part of that is created in dodd-frankentially of cotification which is now clear that before the crisis instead of protecting the bank and depositors where too big to fail banks -- paul: every single politician, at least every democrat politician says too big to fail is over. >> it's not over. paul: they'll be another big bailout of citigroup? >> you look at the history and once the federal safety net comes in, they ran into trouble in 1920, got federal assistance in 1930's, got in trouble in late 70's with lending to latin american countries, real estate crisis, you know, 2008 was not the first real estate crisis, i think once something changes we are going to have to grid our teeth and watch the awful bailouts again. paul: we need you writing editorials on the financial system again. >> yes, sir. paul: we have to take one more back, when we come back hits and misses of the week for just $59... ancestrydna can open you to a world of new cultures to explore. with two times more detail than any other dna test... you can ge