are protected by dodd-frank's anti-retaliation provisions. by clarifying that dodd-frank's anti-retaliation provisions also apply to internal wristle -- whistleblowers, this addresses the supreme court's interpretations and aligns dodd-frank's protections with other major whistleblower laws. i want to thank congressman green and congressman high zen fwa for this important legislation which i support. i urge my colleagues to join me in supporting h r. 2515. i reserve the balance of my time. the speaker pro tempore: the gentleman from kentucky reserves the balance of his time. the gentlewoman from california is recognized. ms. waters: i yield two mr. greene, the chame of the subcommittee on oversight and investigations and the sponsor of h.r. 2515, as much time as he may consume. the speaker pro tempore: the gentleman is recognized. mr. green: thank you, mr. speaker. mr. speaker, i am honored to present this legislation, but i'm more honored to acknowledge something that is exceedingly important they feel chairwoman of the committee, the honora

the democrat's proposal was dodd-frank. they want to break them up or make them utilities. two things happen. it does nothing to protect privacy and it takes away innovation. i watched the chair of the financial services introduce a bill to deny libra to even go forward before they had a hearing. that's the difference between democrats and republicans. i believe in innovation. i also believe we should have a hearing on it and maybe put frameworks around it. but what i'm most concerned about is privacy. to me, our privacy when it's online, if there's something offering you something for free on the internet, you're not the client, you're the product. your product is you and your information they are selling to a third party. i read a new york times editorial this week. a friend of mine in silicon valley raise this issue. what if the postal service offered mail for free? you could mail your letters for free but the government got to read your letters, that it would be ok because we would find out you would want to go on a vacation and send you advertisements and if your kids

not even the southern district here in new york has prosecuted anyone on the dodd-frank laws. of touch elizabeth warren is on our u.s. economy. >> harris: oh, my gosh, leslie, what's wrong? did you see that side i? [laughter] >> leslie: in 2003 elizabeth warren said that the subprime mortgage lending would lead to an economic crisis and everyone thought she was nuts. she was crazy, except five years later in 2008 she was right. it happened. the reason i'm saying that is some of what she's saying may sound crazy because the economy sounds good. there are some economists out there who says we could have a recession next year. some say we are definitely looking for a slow down. she might end up being right. she was before. >> david: let's take that one more step. at the time of the economy is strong and we need to do more, and americans are ultimately feeling like they are not getting a fair shake, is it a fair shake to the millions of americans who pay their student debt to say to an entire generation of other students, "you don't have to parent anymore?" >> melissa: i've covere

the democrat's proposal was dodd-frank. what it did, it took away a lot of community banks opportunities. when i look at how they're dealing with tech companies, they want to either break them up or make them utilities. two things happen. it does nothing to protect privacy and it takes away innovation. i watched the chair of the financial services introduce a bill to deny lib rah to even go forward -- libra to even go forward before they had a hearing. that's the difference between democrats and republicans. i believe in innovation. i also believe we should have a hearing on it and maybe put frameworks around it. but what i'm most concerned about is privacy. to me, our privacy private something for free online, you are not the client, you are the product. your information they are selling to a third party. i read a new york times editorial this week. had this discussion with a friend, he said what if the postal service offered mail for free? if you could mail your letters for free, but when you mail them, the government got

financial seks sector the joke was the dodd-frank was the eugene scalia full employment bill.ttacking workers and working people. and essentially being a hitman for corporations and corporate power. that's his career. and with this pick trump gets a twofer. he gets to appoint someone if there is successful. i do hope there is democratic opposition. but he will appoint one trying to ee visser eight the department of labor and killing regulations that protect workers. but also the other part of the twofer this is red meat to the base. by the base i mean evangelicals who still rever his father. >> yes. >> and right corporations and employers who benefit fpgsly. >> the donor class, loves this. and you know it also occurred to me senator this is not, you know, donald trump is pseudo generous in many ways. but he was a possible department of labor secretary in any administration. this is what the republican party looks like, right. >> well, i think when you really look at all this what you see is the republican party that really is against most of the people in the country. and they

. >> there was a joke that you see commissioners and staff that the dodd frank regulation that reeled sector after they crashed the economy, the joke was that dodd frank was the full employment bill. he spent his entire career attacking workers and working people and being a hit man for corporations and corporate power. that's his entire career. trump gets a two for. he gets to appoint someone and i hope there will be democratic opposition to this. who will try to eviscerate the department of labor. try to kill all regulations that protect workers. the other part is, this is red meat to his base. that means evangelicals who revere his father and corporations and employers who will benefit financially. >> the bodonor class loves this. donald trump is -- scalia was a possible department of labor secretary in any republican administration. this is just what the republican party looks like, right? >> i think when you look at all of this, what you see is a republican party that really is against most of the people in the country. they try to do these shiny objects over here and here, but w

there are certain superpowerful laws the false claims act, securities exchange, dodd frank. these are really really good. then you have some that aren't so good. it's as simple as that. so the process is you got to find out what your rights are under the ball that covers you. and then try to find the best one. host: it's the new whistleblowers handbook it was there an old one? chest coat the first one came out in 2010, 2011. outuest: the first one came in 2010, 2011. the really best whistleblowing out there is totally different. it's the opposite of the stereotypes. it's working with the government. it's being confidential. being anonymous. being key sources of correction. bank fraud. tax fraud. fraud in contracting. fraud and bribery. and partnering what we come to see as really good and honest government investigators. and clobbering these large corporations that are engaged in wrongdoing. you picked ar why bank of microphones as the picture on the cover. guest: that was the first one has that. it was the whistleblower going to the press. a large public disclosure would st

on the ninth anniversary of the passage of dodd frank, it's time that we take stock of the protection about landmark legislation which provided -- of the landmark legislation that prevents another financial crisis. and many of these protections the administration and my republican colleagues have hosen to strip away. even if piecemeal we must reanimate those protections established under dodd frank or we'll again face the kind of dire consequences that fell on the shoulders of american families in 2008. "broke" in book 2012. that was seven years ago. the college affordability crisis is not new to this country and it's not new to this congress. the cry sess has been going on for years and while students are untable finish their education because of the financial burdens and lack of student support, while thousands face bankruptcy because of the high cost of college, congress has done nothing. and in the seven months that i have been here, congress has done nothing. how much longer will we wait to address the student loan crisis? because the students who are buried under debt, many from

. >>> let's bring in the man behind dodd/frank. rank is here of course our guest host this morning is kevin o'leary both are cnbc contributors and barney, thank you for joining us today. >> you're welcome. >> what do you think when you hear about the move afoot to regulate technology. does it concern you? >> i was there when we did the first regulation, people forget this in the late mid '90s, i was a ranking democrat that's when we adopted the rules for the internet at the time and specifically absolved them from liability for things they carried and instead said if someone claims that they have carried something that infringes on their property rights, they have to take it down i say that because our frame at that point was intellectual property the regulation we did do in the '90s, i don't remember privacy being an issue or -- but that issue was protecting intellectual property rights which i think we did well. >> 19 -- >> yeah, what the bill said is if you're a holder of intellectual property and it's violated you have to notify

title 8 of dodd frank had two systemic provisions. one is as companies -- payment infrastructures are clearinghouses. there was actually a third one, activities. it depends on the size that this would get to, and even if it was 10% of their user base, if it only had small balances, i think congress rightly made sure that they couldn't just designate anybody systemic. if the balances were really small, it might be a little challenges for those to be designated systemic. i think the balances were large, i think yes. i think on the payment infrastructure side, is it a systemic importantly clear payment system? if it was 10% and embedded in the world that way, i think it is quite likely that they would be able to do it. but it would depend on facts and circumstances. >> let me ask this question because i don't know given that when we were asking the questions whether they were talk about a security or commodity, you know, that's a question, and who would then be the regulator, who would be the appropriate regulatory authority? would you s

much of scalia's legal work has been aimed at stopping the dodd-frank financial regulations enacted after the 2008 financial collapse. last week, alex acosta resigned as labor secretary amid an uproar over in extremely lenient plea deal he granted to the wealthy serial child sex abuser jeffrey epstein in 2008, when acosta was a u.s. attorney in florida. meanwhile, a federal judge in new york has denied bail to jeffrey epstein, declaring him a danger to the community and a significant flight risk. u.s. district judge richard berman pointed to a raid by investigators on epstein's mansion earlier this month that found piles of cash, stashes of diamonds, and an expired passport with epstein's photo next to someone else's name. listed under a saudi arabian address. iran is denying president trump's claim that the u.s. military shot down an iranian drone in n the strait of hormuz. the competing claims came as the trump admiministration d demandd iriran immediatetely release a l tanknker seized inin the gulf by iran's revolutiononary guard. iranian state media said the foign ship was carrying a

enforcement network, they want to guard against financial crimes and fsoc, fsoc was created under dodd-franknd includes a myriad of alphabets. federal reserve, fct, national credit union administration office of control of currency, treasury department and consumer financial protection board. what is your thoughts here? mnuchin not a fan of bitcoin, saying it is too volatile and the value is out of thin air, where it goes from here? >> charles a couple things, by the way that is a whole alphabet soup of agencies, right? charles: it is. >> it is important to see that he said fsoc, the financial stability oversight council, has a working group comprised of fincen, ftc, cftc and so forth. he think this is working group will have the oversight he believes of facebook's cryptocurrency and other digital assets that may engage in illicit activity. one thing he mentioned that he advised the american people to make sure you use a legitimate entity. he warned against using cryptocurrencies for illicit activities. that these are things interesting to note. biggest thing i saw, why the sudden press conf

that's really like a dodd frank world what they wanted to happen.'m concerned about the privacy but also the competitiveness. google was found guilty by the ftc in 2012 not allowing new companies to rise and have a fair competition. those are things we should look at and have legislation that's universal across this country and not have europe drive it. america should drive this. this is where innovation is created. make sure we're protecting people's privacy. maria: europe is a lot more aggressive than the u.s. has been. you make a good point. there's another side of this, that's the censoring of conservative conversation? i spoke with the president last week. he's worried about this particularly going into the next election that the social media company wills choose a side and put their finger on the scale. listen to my conversation with the president this week. >> twitter is terrible what you do. they don't let you get the word -- i have so many people come to me sir i can't join you on twitter. i see what's happening 100%. maria: would you rathe

in dodd-frank we established the cfpb to serve as a financial regulator focused specifically on the best interest of consumers. do you believe that the cfpb currently has authority over the libra organization and the facebook libra wallet? -- dod you not conclude you think cfpb has jurisdiction? engaged in conversation with all agencies including cfpb. >> why did you not include compliance with cfpb in your prepared testimony? because we are currently engaged with all of these agencies and i wanted to share where we were right now at this point in time with the knowledge we have at this time. we will have a more complete outreach by the time we are ready for launch. >> clarification. i understand that you are absolutely opposed to the oversight and that you don't --nk they should be allowed >> i am not opposed to any regulation and we have had conversations with their sock -- >> we will move on to the next version. the gentleman from missouri. >> thank you. you made a statement a while ago that the current system is not working. because i think the current system is working, it is not wo

competition for mastercard and visa and for people who are blocked out of debit cards because of the dodd franktends to be low income and maybe this is an alternative. >> i agree. therefore it is admirable but however, unlike the name libra it's not free. the way it works is they take your money and go by treasuries and other instruments and then they keep the interest on it. you get nothing. it's a like a checking money checking account with no money or no toaster is not free to consumers and i don't think it's ever going to be free from regulators. the way it set up is it will be a regulators haven. paul: well, okay, so - i guess the bottom of the question will be do you think regulators will let it happen? we know already that central banks are not going to let it become an alternative currency because they want the monopoly over currencies. but the question is will the regulators allow this to be an alternative payment system for people? >> that's a big question. what is it. it looks like time deposit and looks like a checking account but it's also your buying into a fund and might be an ex

in oct transactions and congress clearly sought to provide relief for end users as a result of dodd/frank this proposal, i fear, threatens to undermine congressional intent and would deter from engaging in risk management activities i suspect you're aware of these concerns, and i hope we'll see them addressed just noting from my perspective again, as a member of congress from 3rd district of oklahoma, the food we produce, the energy we provide, those resources need those kind of risk management tools because of the sheer capital intensive nature of the businesses so, focus, mr. chairman. i know you will. i appreciate you very much >> thank you that last one, i think you're probably aware is out for comment after a lot of work. >> progress, mr. chair i like that. yield back, madam chair. >> thank you the gentle woman from texas, ms. garcia, is recognized for five minutes. >> thank you, madam chair, and thank you, chairman powell, for your endurance we're almost at the end of the tunnel it looks like and i just wanted to focus a little bit on the income inequality gap we've been talking abo

the tax bill, the dodd frank -- andnd recent releasing some regulations makes us more competitive thanld. david: fed policy will affect the dollar and how strong it is against other currencies. there are reports the presidents would really like to weaken the dollar. does that make sense to you? in these companies that iran, they were multinationals, so we had to watch fx, foreign exchange and interest rates around the world. any sitting president would love to have low interest rates to spurn lowgrowth -- to growth. we have 7.5 million job openings because of the heat of this economy. sooner or later you're going to get some labor inflation pressures. so far it hasn't been out of the norm, i don't think, but we are watching that here as well. david: sooner or later was the interesting phrase you used. why later? jay powell was asked about this repeatedly and said i don't know what happened to the phillips curve. we are not getting wage inflation despite the employment level. sen. perdue: i think part of that is you are rebounding from a decade of low performance in the economy. we had

running completely independent and if you think about the legislation that's been passed recently, dodd franknd obamacare being first and foremost they legislated a law that gave power to the administrative state. that's an issue. in this case, tom made a good point. there have been periods of time, like the '90s, for example, where if you had an '80s mentality you would have been tightening but allen greenspan thought there was a mentality going on so he let it go i think you're onto something, just easing now in response to low inflation, which has nothing to do be monetary policy, labor market slack or lack thereof, does risk, you know, more leverage loan issue. while i don't think there's a near term risk, the longer term risks are significant. and the fact of the matter is, the market didn't sell off because of the last rate hike. it didn't. it sold off because the combination of the fed ecb bought $2 million worth of bonds in 2017, zero in 2018. it had more to do with the ecb and boj than the fed. >> how do you know >> ecb cut their purchases in many half on october1st, fed met the caps

dodd-frank can be thanked for that. tom: and jamie dimon.u always have to do if you follow this industry, i don't see anything within the banking system that is worrisome in terms of risk. i really doubt there will be at the end of the cycle, whenever it happens, any kind of mass loss issue. it is a different industry in psychology. the largest banks have been moving out of lending. tom: the commercial aspect. robert: look at their capital ratios now, much higher than they used to be. for lendingooking opportunities, -- you don't run a bank like that if you are looking for lending opportunities. you are looking for fee opportunities. francine: there are questions whether deutsche bank will meet their target and whether they need to raise capital. how well this and? -- end? seen for all of that sector, all of wall street, solid double-digit trendline growth. it was substantial. it is no longer. goldman sachs is a good example of ingesting for that -- adjusting for that. the bankers trust combination with deutsche's pushed them further into th

in dodd-frank we established the cfpb to serve as the financial regulator focused specifically on theest interests of consumers. do you believe that the cfpb currently has authority over both the libra organization and the facebook libra wallet? and why did you not conclude -- well, do you think the cfpb has jurisdiction? >> we're engaged in conversation with the cfpb, and this is not for me to decide who has appropriate oversight. >> so why didn't you include, did not include compliance with cfpb in your prepared testimony? >> congressman, this is because we're currently engaged with all of these agencies, and i wanted to share where we were right now at this point in time with the knowledge we have at this time. but we will have a more complete outreach by the time we are ready for launch because we're going to take the time to get this right. >> clarification. i understand that you're absolutely opposed to fsoc oversight and that you don't think they should be allowed to designate you as a sifi, is that right? >> chairwoman, i'm not opposed to any regulation, and we have had conver

congress with dodd-frank added the $50 billion layer for increased regulation.homas: we changed that with the crapo bill last year so we will see 80 or so banks with 50 billion, you will see consolidation and aperiodic bigger bank like suntrust and bb&t. tom: thomas michaud with us. it is a busy bank day, including a troubled wells fargo. there chief executive officer in the 4:00 our, their -- hour, their path forward. this is bloomberg. ♪ ♪ >> finally, i just want to say to you -- nejra: happening now and strasburg, members of the european parliament debating ursula or lan's pitch to become ecb president. how did her pitch go down? maria: she is fighting hard to lock her nomination, but the vote be very tight. it is a secret vote so that may make things easy. the issue is not so much her track record. she did not run in the european elections and we were told for weeks and months, the next head would beat somebody elected through the european -- would be somebody elected through the european elections. she was nominated by emmanuel macron and the truth is, any

congress clearly sought to provide relief for end-users as a part of dodd-frank. this proposal i fear threatens to undermined congressional intent and would deter end-users from engaging in risk management activities. i suspect you're aware of these concerns and i hope we will see them addressed, just noting from my perspective again, as a member of congress from the third district of oklahoma, the food we produce, the energy we provide, those resources need these kind of risk management tools because of the sheer capital intensive nature of the businesses. so focus, mr. chairman. i know you will. i appreciate you very much. >> thank you. that last one i think you're probably aware is out for comment after a lot of work. >> progress, mr. chair. i like that. yield back, madam chair. >> thank you. the gentlewoman from texas, ms. garcia, is recognized for five minutes. >> thank you, madam chair, and thank you chairman powell for your endurance. we're almost at the end of the tunnel it looks like. i just wanted to focus a little bit on the widening in being inequality

we passed a tax bill that makes us more competitive and passed a dodd-frank bill that frees up a lotle banks >> how much is self inflicted in some way the u.s.-china trade war we have a potential trade war with europe. france is attacking u.s. tech companies. we have a tariff tip with india. some of it is our own doing. no >> well, let's look at what the big picture is telling us. the big picture is president trump is trying to create a level playing field. why is that important? we have to grow our exports. we only eggs port about $15 being offing a products into china, that's ridiculous that's less than australia what the president is trying to do long term will benefit this economy dramatically we know that we've got to grow exports. we got opportunities to do that. i applaud the president for the first time in the last 40 years standing up, telling the world what we need to do to create a level playing field. >> the fed chair listed yesterday one potential headwind, the debt ceiling >> that is something are you very in tune w. so how much of a headwind could that be for the u.s.

dodd frank doesn't require omwi. you have the office of small disadvantaged business utilization, which seeks to accomplish many of the same goals but pretty unfair question to ask you who the director is of an entity that obviously doesn't exist within hud, so my apologies on behalf of -- >> thank you for clarifying that. >> my colleague. in my district i talk to potential homeowners and the realtors and lenders who serve them, and one thing hear over and over again is how otherwise credit worthy hardworking families can't get into a new home because they aren't liquid enough to make that big down payment, even though they can otherwise afford to pay a mortgage. that is why the fha loan is so essential to long island families looking to purchase a new home that will help them build their own version of the american dream and most importantly help them stay on long island. these are middle class people with good jobs and good credit scores but maybe they aren't liquid enough to put up a large down payment in a region

my concern is the answers that i'm hearing from washington are really what i heard during dodd-frankmplistic. break the companies up they do nothing to protect my privacy or create a regulator that make them a utility that take away all innovation when you think about it, and i leave in that editorial something that tom siebold and i were talking about what if the postal service allowed you to mail for free but they could read your letters and send you advertise am. that is how g mail was created google says they no longer read your emails but they allowed third parties to do it people don't understand where their privacy is going when i'm on facebook, i'm not the customer, i'm the product. facebook is free because they sell your data to make money now they want to get into the business and they're not bitcoin in this libra. they're not decentralized. what i'm really looking for in this hearing is how and when will libra actually become decentralized. and companies have to pay $10 million to get into this libra and there's only a few select? so a small business couldn't get in so the

congress clearly sought to provide relief for end users as a part of dodd-frank. i fear this threatens to undermine congressional intent. i suspect you are aware of these concerns. i hope that we will see them addressed. just noting from my perspective as a member of congress from third district of oklahoma, the food we produce, the energy we provide, those resources need these kind of risk management tools because of the sheer capital intensive nature of the businesses. focus, mr. chairman. i know you will. i appreciate you very much. >> thank you. that last one i think you are aware is out for comment. after a lot of work. >> progress, mr. chair. i like that. yield back. >> thank you. the gentlewoman from mexico is recognized. >> thank you. thank you, chairman powell for your endurancendurance. we are almost at the end of the item. i just want to focus a little bit on the income inequality gap we have been talking about. i wanted to follow up on your answers to mr. lawson. we have seen the gains accruing. can you expand on the risks that such inequality would in

in dodd frank, we established a financial regulator, focused specifically on the best interest of consumers. do you believe that there is current authority over both the libra organization and the facebook libra wallet? why did you not conclude that? do you believe in that jurisdiction? >> we are engaged in conversation with all of these agencies. it is not for me to decide who has appropriate oversight. >> why did you include or not include complaints in your prepared testimony? >> cumbersome, it is because we are currently engaged with all of these agencies. we will have more complete outreach by the time we are ready for lunch. we are looking to take the time to get this right. >> verification. i understand that you are absolutely opposed to oversight, you don't think they should be allowed to designate you. >> i am not opposed to any regulation. we have had conversations. >> thank you very much, we will move on. the next speaker will be recognized for five minutes. >> marcus, thank you. he made a statement while ago, that the current system is not working. that concerns me. i think the

regulatory work, energy, taxes and dodd frank have kick started this economy creating six million new jobs. the economy is growing about twice the rate as it did on the prior administration. so the economy is growing. second, root out redundant spending. third, fix the funding process. fourth, save social security and medicare. and lastly, we've got to finally address the underlying drivers of our health care costs. thanks to president trump's leadership, we already have the first part covered. unemployment is the lowest it's been in 50 years. our energy potential has been unleashed. the tax cuts and jobs act has brought new investment to our country. i want to highlight against the driver here -- and i'm going to show a chart just as i close, mr. president. mandatory spending is the number one problem we have with our debt crisis. the bottom line here is discretionary spending. the vertical dotted line is today, 2019. you can see over the last decade or so the discretionary spending has been relatively flat. we've had some increase in the green line here is total mandatory spending o