as dodd frank set up in 2010 after the crisis.at always happens after a crisis is there repeat political reaction. they might do some things that are good and some things that are excessive and not so good. as they were trying to put dodd frank together, they could not agree on fannie and freddie. dodd frank did not address fannie and freddie. that is why we still have the conservatorship and how to reform fannie and freddie today. host: what is the next thing we are going to see on the trump administration plan? will we see something out of treasury, the white house, congress? guest: i think you will see more work between the treasury and the federal housing finance agency. or threel be in two ways. first of all, better capital standards. that is in the regulator. that is purely within their jurisdiction. then redoing the deal, redoing the bailout deal, which was a deal between the treasury and the federal housing finance agency. they will think about revising that. the third thing is they will think about doing -- they are think

covered audit standards and be dodd-frank compliant if you want u.s.think about this also all the money that's going through the msci indices into china for all the fiduciaries that invest military and government pensions into chinese equities, maybe the u.s. money should also adhere to the same standards. they shouldn't invest in companies that don't comply with u.s. securities laws i know that sounds crazy, carl, but i actually think that's where we should be today >> kyle, you know, the chinese companies have been placed inside the predominant indexes you have all these pension funds on auto pilot. it seems like there's multiple stages to any process of unwinding this in fact, if they haven't to this point decided that these companies should be compliant by your standards, what's now the impetus to do that >> well, let's see in the u.s. there are 188 chinese listed companies that have a collective market cap of $2 trillion. by 2021 if msci implements everything they say they're going to implement, u.s. investors will have over a trillion dollars inv

can find a bipartisan answer for this, because many times, i find the a ocrats take it just like dodd frank. either they want to break it up or make it a utility. but you get no innovation then again you also have no protection for your privacy. ma'am., >> do you think impeachment can actually work towards the goop .o.p. and the president's advantage, and, do you want to on impeachment and -- > every vote on the floor has failed. >> no one would want to see for personal gain except for nadler. this is not something to play w. america is too important to play a political game like this. i think the american public expect to us go to congress. a lot of problems to solve but the entire time and why nadler ran for this position because he very best ld be the at impeachment. public doesn't want it. the only person continuing to chairman.is their i again make the point, if you watch the way he handles the from the most basic committee, if he was a chairman within the republican congress him for have removed his inability to move the proper way. a >> yes, sir. shared with you about what he would s

dodd frank was the most comprehensive financial reform since the 1930's. the affordable care act was the theest expansion of entitlement state since 1965. that is not trivial. things get done, but it is hard and it is supposed to be. mark: you relate a very startling statistic. 72% of thet in 1964, american people had faith in government, trust in government to do the right thing most of the time. 20%.number has declined to you mentioned earlier that it is lower, 17%. why have we seen such a slide? lower?our faith george: because government has undertaken projects it does not know how to do, it has decided that it can regulate behavior from the light bulbs we use to the water that flows through our showerheads. through how we choose our schools. and people are not happy with the results. -- the american people would like government to deliver the mail, defend their shores, fix the roads and get out of the way. government does none of those things, including getting out of the way. mark: do you believe in american essentialism? george: in this sense. i do n

quality transparency act, a bill i am proud to co-sponsor, will restore a critical provision of dodd-frank requiring mortgage critical report such details about their borrowing, including credit scores, racial and ethnic breakdowns, and other data. madam speaker, i yield back the balance of my time. it $3.2 billion. the speaker pro tempore: the gentleman's time has expired. the chair recognizes the gentleman from new york, mr. suozzi, for five minutes. thank you, madam speaker. i rise today to speak about immigration in america. my father was born in italy and came to the united states as a young boy. i'm the first generation american, and i don't like the hateful and divisive rhetoric being used about immigrants today. i'm appalled the way my country is treating children and the families of immigrants. my dad came to america in the early 1920's. he was the first of his neighborhood to graduate from college. during world war ii he served as a navigator on a b-24, awarded the distinguished flying cross with three oak leaf clusters. he returned home and graduated from harvard law school on t

many times i find democrats take it like a dodd-frank. either they want to break it up or they want to make it a utility. then you get no innovation but then, again, you also have no protection for your privacy. yes, minneapolis. reporter: do you guys think that impeachment could work towards president's nd the advantage? especially you guys, do you want andee a vote on impeachment should democrats -- mr. mccarthy: we had a number of votes on the floor and they all failed. obody would want to see impeachment for a personal political gain outside of chairman nadler and a few of him committee. this is not something to play with. america is too important to play political game like this. i think the american people expect us to go to congress. e got a lot of problems to solve. we should work on them. but the entire time -- and the nadler ran for this position is because he said he would be the very best at impeachment. there is no reason to move forward for this. the american people doesn't want it. only person that continues to drive it is

in the dodd-frank act that congress passed, it expanded the whistleblower program at the s.e.c. to provide individual protections from retaliation if they came forward to the commission, and made them eligible for monetary awards if their information led to enforcement action. likewise, under my bill, individuals would be eligible for a reward program upon the successful completion of a disciplinary action. whistleblowers would be incentivized to come forward when they suspect violations of the sarbanes-oxley act, the rules of the pcaob, and the s.e.c., and other rules, laws and professional standards governing audits of public companies. importantly, these whistleblowers would also be protected against retaliation from their employees. in july, this house overwhelmingly passed the whistleblower protection reform act by a vote of 410-12. this bill uses the very same whistleblower protections that the house passed in that piece of legislation. this legislation would implement a key recommendation of that project on the government oversight board, made in a recent report, and i wo

skpaem pl, with corporate as a bank, you have large inventories of inventories f much has changed dodd/franks don't change and finally exit strategy. we hear it from yra harris that makes people quite trigger-happy. jon fortt, back to you. >> thank you. >>> still to come, apple's iphones are now on sale, but can they stop the unit sale skid we'll debate that next [ applause ] thank you. it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. i love you! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ when didwhen i needed ton? jumpstart sales. build attendance for an event. help people find their way. fastsigns designed new directional signage. ...and got them back on track. get started at fastsigns.com. >>> we've got a full weekend of iphone sales with new phones, but can apple pick up sales in china and elsewhere? with us from one market, guys, good morning. pierre, you know i love a bold call and you are rarely short on those. $155, that's a call that apple is going to drop 29% from where it is right now. and i won

dodd-frank was the most comprehensive financial reform since the 1930's. the affordable care act was the largest expansion of the entitlement state since 1965. that's not trivial. things do get done in washington. but it's hard. and it's supposed to be. >> you relate a startling statistic in this book. you said in 1964, 72% of the american people had faith in government, trust in government, to do the right thing most of the time. that number has declined precipitously to 20% in the book. you mentioned earlier it's even lower, 17%. why have we seen -- george: 17%. >> why have we seen such a precipitous slide? why is our faith and trust in government so bad? george: because government has, a, undertaken a great many projects it does not know how to do. it has decided that it can regulate behavior from the light bulbs we use to the water that flows through our shower heads. through the -- how we choose our schools. and people are not happy with the results. government has, you know, american people would like government to deliver the mail, defend the shores

strengthening the democratic party is a priority, warren is also on a mission to fight efforts to weaken dodd-frankt for before she was a senator. >> how could it be that this congress is saying, i know what let's do, let's make it easier for big banks to cheat american families. >> her most personal fight continues to be over the future of the agency she helped create. >> this is what drove elizabeth warren into the political arena in the first place. she cares deeply about the bureau. >> good morning, director mulvaney. >> in 2016, trump tacks mick mulvaney, now the acting white house chief of staff, and a long-time critic of the bureau, to run it. >> despite what you might have read, i'm pretty sure i'm not the devil. all the stuff you have read about me i encourage you to take with a grain of salt, except the part about me keeping elizabeth warren up at night. she sends me about one letter at week complaining about something that i'm doing. >> warren, who has publicly sparred with mulvaney, blasts him during an appearance before the senate banking committee. >> but in 2012, you voted in favor o

much of scalia's legal work has been aimed at stopping the dodd-frank financial regulations enacted d after the 2008 financl collapse. in west papua, at least 32 people -- many of them student demonstrators -- were killed earlier this week in a brutal crackdown on anti-racism protests. indodonesian security forcrces reportedly opened fire on a group protestining students at a university in jayapura, killing four. 28 more were killed in a separate uprising sparked by a teacher's racial slurs. the teacher reportedly called a high school student a "monkey." the violence follows last month's escalating demonstrations calling for papapuan independence, which wee also met by bloody repression fromom the indonesian army. this is edison waromi, one of the leaders of west papua, speaking at the democracy now! studio here in new york on thursday. -- dying will continue every day. amy: and in mexico city, thousands of protesters marched thursday demanding justice for 43 student teachers who disappeared five years ago after they were abducted from the ayotzinapa rural teachers' college in 2014. t

i remember particularly during the dodd-frank reform act negotiations they had a terrible problem trying to find somebody to write the portion of the bill that involved clearing of derivatives because there was dnot a single member who had somebody on staff who was familiar with the issue. so they had -- they were essentially calling up professors asking them to volunteer to help put this legislation together. so this was something that elizabeth warren at least understood, for instance, how subprime mortgages worked, how they were, you know, turned into securities, securitized pool, all those things. so that was impressive. i think sheiv was impressive whn she led the questioning against, you know, for instance, the ceo of jpmorgan chase, jamie dimon. she really understood those iaissues, she understood exactly what happened there. she understood why it was irresponsible and unacceptable for the company not to be aware of an overnight $6 billion loss, for instance, and what kind of a problem that represented for a federal government that was bailing these companies out. so, yeah, i thin

matt: in terms of longer-term fix, mark, do you expect changes to the volcker rule, changes to dodd-frankause that regulation is being blamed, at least in part, for the lack of liquidity? >> it is partly in the background because people are forced to. hold more liquid securities. treasuries are known to be illiquid. because they are holding a higher number of those, that's reducing the amount of cash available. it definitely plays a part but it's not the only factor. a big factor is the size of the u.s. government borrowing. because of their requirement to issue new bonds to finance the deficit, that's forcing more bonds into the market. me ask you about the fed proper and what kind of response we are going to see in markets to the fed rate cut, which is expected come of course, not yet delivered -- expected, of course, not yet delivered. our question of the day, how much can the markets rally on a fed rate cut? seems vanilla. futures on the s&p look pretty punchy. >> the s&p 500 is within 1% of its record high. what we have seen over the past couple of years is that quite often the marke

markets also did that for themselves before the volcker rule and dodd-frank.s either one of those going to change? four days in a row, the fed back in the markets. will they be a consistent player there again, or do you think the volcker rule needs to be further softened or changed so markets can try to take care of that themselves? carl: again, i am no expert on the intricate workings of the financial system. but it seems to me the problem is not about changing rules. th problem would bee, if the fed isn't doing what it is doing, is job to assure liquidity adequate for the financial system to continue operating without breaking, regardless of the strains or demands on the system. that's what it is doing. if it were not doing this, i would be worried. they are doing the right thing by addressing the problem, and they have to come up with a more permanent fix. but for the moment, they are doing what has to be done, and i feel good about that. matt: carl weinberg, chief international economics at high frequency economics. it has been a real pleasure talking with

whether it's dodd-frank, a lot of issues -- >> right >> a very easy example look at how many primaryct that many entities don't make markets and certain securities, i think all these little details and the funds available, excess funds, everything has shrunk a bit. i think that these issues will continue to crop up in a world where part of the business is shrunk, but indeed, if you look at the end users, people that have positions, traders, institutions, in many ways they're more tightly packed and leveraged in their position. so i think these anomalies, although they aren't something we should get super nervous about, i think they're going to happen a little bit more frequently and i think jay powell and company understand that. >> so that's one of the things that's out there, rick, the idea whether or not the fed needs a standing repo facility to provide this liquidity on a regular basis. the other issues, i don't know if you heard jay powell's answer to my question yesterday when i asked him did we shrink the size of the balance sheet too much, reduce excess reserves and he said i

collection in regards to the racial wealth divide such as a representation for section 1071 of the dodd frank act. which requires the cfpb to collect to disclose better data on loans made to minority women own and small businesses. similarly they advocate for the provision of the previously mentioned american housing and economic mobility act and requires banks to be examined with making significant amount of retail loans outside the geographical area and leveling the playing field for financial institutions by requiring nonbanks to be examined under the cra. policy proposals are needed to address the national crisis of racial wealth inequality and we think the house finance subcommittee on diversity and inclusion to discuss these necessary reforms. >> thank you very much. ms. powell you are now recognized for five minutes to give an oral presentation on your testimony. >> chairwoman, ranking member and members of the subcommittee, i am a former associate professor of sociology at harvard university and currently the president of consulting. i appreciate the opportunity to testify about the w

they rolled back dodd-frank regulations. they passed a new law fighting opioid abuse and a criminal justice and prison rehabilitation law. but if you look at the most recent pew survey of the most important policy problems facing america that people care about, though matter what the position is on these issues, it's clear congress is not responding to these issues. emigration, healthcare, climate change, or guns, whatever policy direction we're talking about. another thing i want to focus on briefly which is not a new problem and, in fact, congress is doing better on this dimension but still is a problem for congress and that is congress is not representative of u.s. population when it comes to gender, race and ethnicity and when it comes to class. we know from political science research this representation is linked to substantive representation. not only that, racial minorities, people of color, women who are represented by members of congress who share characteristics within are more likely to be engaged in the process.

obligations, i would 90% of the memberes didn't know what those were, i remember particularly during the dodd-frank reform act negotiations, they had a terrible problem trying to find somebody who write the portion of the bill that involved clearing of derivatives because there was not a single men who had somebody on staff at that time was familiar with the issue so they are calling up professors and asking them to volunteer to help put this legislation together. this was something that elizabeth warren at least in other words hour subprime pourings worked, howl they were turned into security, pooled, and so that was impressive. she was impressive when she led the requesting bet ceo of jb morgan chase, diamond. she understand what happened, he understood why it was a responsible and unacceptable for the company not to be aware of an overnight $6 billion loss, for instance, and what that -- what kind of problem that represented for a federal government that was bailing these companies out. so, yeah, i think that was something that really spoke tremendously in her favor and that's probably one of th

the quantitative tightening that it did and all the other things that are going on with the post dodd-frankontrol the funds rate. >> i have a question steve, can you name one president since world war ii that said rates should be higher one. >> no. >> of course you can't they all want lower rates because they think it enhances the economy which they think enhappens their political standing this is natural. the fact that the president acts in a different way, stick to the message. the message is simple. >> so, ken, let me get this right. >> by the way, i don't think rates should go down. >> i want to start the first argument of the morning with ken before andrew does. >> i'm out of shape. >> do you think it's appropriate for the president to call the chairman a bonehead and enemy? that's okay, it doesn't matter how he's saying, just what he's saying -- no, no, answer the question. >> i'm going to. can i answer it my own way >> i don't know. >> do you want to give me an answer, i'll read it >> all right. >> i'm not going to comment on the way the president behaves or what he says or what he d

also have the new dodd-frank regulations which require banks to keep a certain amount of what's availableis. the fet doesn't know what the right level of reserves is in the system of the brave new world and nobody knows what the right level of regulations are for the bank so when you think about ways, how do we fix this is the fed going to need to keep coming in or can we adjust regulations. are there things we can do so i don't have to say at 8:31 every morning and tell people, you have to worry about this or you don't have to worry about this when it comes to the repo options. >> i don't think the fed wants you talking about this at 8:31 in the morning they have to put in place a couple of permanent solutions. they could grow their balance sheet as they've talked about doing, either by buying bills or other types of treasuries. the other is what the fmoc has been looking at is putting in place a standing repo facility it would be available for the primary dealers or banks to take advantage of like you saw with today's operation, when it's there and you know it's available at all times,

.egulators can also be bribed i recall after dodd frank, they had all kinds of regulations on thingsnd jp morgan or chase or somebody was doing all these applications and bad deals and corrupting right under the regulators' noses. areovernment employees regulating anything. host: would you say no regulations overall or does it depend on who does the regulating? caller: regulators are only as good as the regulators themselves. they have devices, they can be swayed one way or another. it is really the customers who decide our ultimate regulators by not purchasing the product. you cannot regulate things into nothing. you cannot regulate somebody's mind. a company as big as that would have never happened at all, .ould not have -- have existed that is too much of a burden. i think the regulators -- they did not create the companies. why let them try to take it over? host: let's hear from paul in indiana, and advocate for less regulation. hi. caller: hi. how are you doing today? host: fine, thank you. you are on. caller: thinking, i said less registration it should be more. we don't know w

dodd-frank directed that the consumer financial protection bureau promulgate a rule on mandatory arbitration, while congress overturned that rule in 2017 because it would adversely impact consumers, the obama administration's own study found that the average consumer receives approximately $5,400 through arbitration and only $32 through a class action lawsuit. mr. barr: that means the average customer who prevailed in arbitration received $-- 166 times more than the average class member in class action settlements. the speaker pro tempore: the gentleman's time has expired. mr. barr: mr. speaker, my time is expired. but i would urge opposition to this wrong-headed idea in the united states senate and i yield back. the speaker pro tempore: the chair lays before the house the following personal requests. the clerk: leaves of absence requested for mr. danny k. davis of illinois for today and ms. jackson lee of texas for today. the speaker pro tempore: without objection, the requests are granted. under the speaker's announced policy of january 3, 2019, the gentleman from texas, mr. flores, is rec