dodd frank, but the truth is that the industry lobbying is a central reason for these delays. as i've said before, dls a death by a thousand cuts approach undermining financial reform. which includes pushing bills to undermine dodd frank right here in congress, lobbying our agencies to weaken the rules and suing our regulators when they don't like the rules. and many of my republican colleagues here in the house are come plis it in this effort. so i wanted to employ the regulators here today to resist the pressure they face to weaken the rules and get their work done and finish their rule making. otherwise we may sit here a year from now wishing that we would have acted just a bit faster to prevent the next financial blowup. >> next, the chairman of the subcommittee on capital markets, for one minute. and i think the chair. the recent trading loss at jpmorgan is obviously regrettable and our banking supervisors in charge of supervising institutions should be examined themselves and asked what happened. i'm still surprised about the hemming and hauing that we have heard by my colleagues on the other side of the aisle, when a private business losses money, when the institutions we're in is losing

bill jones, executive intelligence review. the debacle with the goldman sachs showed that the measures of the frank-dodd bill will not be sufficient to stave off a new bubble. now is the time to, again, begin discussing the glass steagall re-installing glass steagall to prevent a hyperinflationary blowout. there were 70 sponsors to that in the house. there must also be motion in the senate. this week is very important, as you know. there's pressure on germany to start to reinflate the european economy. geithner is also discussing according to reports and giving support to that which could lead to a hyperinflationary bubble, more funny money in the system and glass steagall could stop that if congress has the will and the courage to do that against the sabotage of the white house. i think their -- the view of the american public to the congress will increase rapidly as this thing moves forward. this is the time to begin doing something on that. >> it's an important issue, but it's not about turkey. >> let me just say very quickly, dodd frank is intended, with all due respect, that america was never too big to fail. no one believes

. >> there's a large legislative package that will go into effect called the dodd-frank bill.t's to avoid some of the issues that happened with financial institutions in '08 and '09. the volcker rule prevents them from trading proprietary funds. it's deposits in the banks. the banks could trade this money to increase their revenues. the volcker rule is going to stop that. it's good for bank customers, the consumer and the economy. the measures are going to protect us from a down fall like in '08 that came from mishandling trades, taking too much risk with this money. who is it good for? or i'm sorry, who is it bad for? the banks because they draw a lot of revenue from this. now, they have to generate revenue in other areas that could be bad for the bank customers if they raise fees to make up for the lost revenue. >> we are still talking about facebook. >> yes. >> never ending saga. the u.s. securities and exchange commission probed facebook before they went public. what do you know about what they were looking for? >> it's a matter of disclosure. they were making a lot of rev

now just for the count, 699 days since the financial reform bill called dodd/frank was signed into law know actual wlee what should be in the 848 pages of the bill. there are still a lot of blanks. lobbyists are still fighting. there are unanswered questions, like things that got jpmorgan in trouble, derivatives. the financial tools that are supposed to hedge risk, but did not succeed in the financial crisis. they were responsible for the crisis the country had. according to a monthly report by the law firm davis polk, only half the rules that would regulate derivatives in the dodd/frank bill have been finalized. that means regulators didn't know the rules, they didn't have the authority to look into jpmorgan's trade book. jpmorgan, the biggest bank is a lot more bigger and complicated than before. its assets are 49% bigger than before the financial crisis thanks to washington and regulators who pushed jamie dimon to buy washington mutual and bear stearns to save the system. the founder and ceo of paul mitchell is with us. great to see you, paul. this is amazing, 700 days after dodd/fr

the money didn't seem to influence the votes on the dodd frank bill.ommittee's biggest recipient schumer voted for it. for his part diamond promises the bank is conducting a full review of what went wrong with the bad trades and revamping how it handles risk the lessons learned here will be applied for the baungs. >> thank you very much diane. appreciate it. >> the time is 46 after the hour. the bible of threats to national security, well that is what one group is claiming. they now want the holy book removed from military bases. >> you worry that your dog loves you more than your wife does? is that normal or not. dr. keith ablow is here as you can see. >>> not saying anything about being nuts, but it's time to check in with steve doocy to see what's coming up on fox a"fox & friends"." >> coming up on "fox & friends" now the president of the united states not only says republicans stuck him with a tab for big steak dinner and martinis. you know who he is blaming for the bad deacon mbsh economy? berlin. race car driver will stop in here. you go to a gra

environmental groups what, he did in both saving the financial institutions, but signing that dodd-frank bill so that there would be higher capital requirements and these kinds of melt downs won't happen in the future. also the budget he's offered, if passed, would reduce the deficit and the national debt five, ten years from now, much more than anything that his opponent and his opponents party has offer it. if we get that out, i think he'll be fine and he'll be re-elected. >> romney keeps talking about his experience at bain capital by producing jobs. do you think he can produce jobs that the president can't? >> i think it will affect some people who relate well to businessmen. and i think he had a good business career. there's a lot of controversy about that, but if you go in and you try to save a failing company. and you and i have friends here who invest in companies, you can invest in a company, run up the debt, loot it, sell all the assets and force all the people to lose their retirement and fire them. or you can go into a company, have cut backs, try to make it more productive with t

the healthcare and dodd frank bill. all of those were important agenda items for him to deal with in his first two years in office. he recognized that entitlements is something to be dealt with. >> chris: you may not leak the romney plan but at least he has a plan on entitlements, the president does. >> if you want to say a plan that would viscerate medicare and turn into a private pro-am in which seniors pay 25% of the costs today to paying 68% of the costs is a better plan than a commitment to to something then fine you can say that. >> chris: than no plan at all. >> president obama recognizes the problems of entitlement. >> chris: the ryan plan changed and now a compromise with a democratic senator ron widen which allows people to stay in medicare. >> i don't really understand how that works because if you allow people to stay in medicare and they say what have you accomplished? you haven't cut the medicare expenses. i think it is a little bit of a trojan horse, that plan. >> chris: this week, after spending taxpayer

the stimulus bill and healthcare bill and dodd frank regular laces are part of what styling the economy today. >> chris: the economy is is going to be in trouble the next five months if he is elected the next 7 or 8 months before he steps into office, does he think that the house republicans should pass some of the obama jobs act a what about early action to take away what is being called tax mageddon. >> governor romney budget any thinks we need stronger presidential leadership. all president obama does seemingly is campaign and go to fundraisers. has he done anything at all to try to bring members of congress together to try to avoid this? >> chris: would he support early action. >> i think he would wait to see what they came up with. he supports leadership which is vacant right now and absent and that is what is contributing to the stagnant economy. >> chris: the president says that the romney plan to fix the economy is the president bush 43 plan on steroids. tell me specifically where does romney differ from bush on economic policy? >> a couple of ways? one, i think there is a clear

other people on the other side say, well, you're not really, because you tried to gut the dodd-frank bill before it even became law. >> you can go back to adam smith who wrote the great book of economics in the 18th century. and one of the pieces is that markets work best when information is either free or it's very low cost. right now the information in these markets is heavily weighted toward the wall street firms. >> charlie: meaning what? >> well, it means when you come together to buy or sell these derivative products, interest rate swaps and -- wall street has the advantage. you can't turn to the new york stock exchange or turn and open up "the new york times" and see here's where it's priced, or see on the internet, as well as what you can in what we call the futures market or the securities market. so why don't we bring those great reforms of the 1930s to this vast marketplace called swaps. if they bring some of that, buyers and sellers have to compete in the marketplace. yes, it may well be that five or six or ten big firms here in the u.s. earn a little less money on these, but

environmental groups, what he did in saving both the financial institutions but signing that dodd/frank bill so there'd be higher capital requirements and this kind of meltdown would not occur again in the future. those things need to be explained and the american people -- also, that is, the budget he's offered, if passed, would reduce the deficit and the national debt five, ten years from now, much more than anything his opponent and his opponent's party has offered, if we get that out, i think he'll be just fine. i think he'll be re-elected. >> governor romney keeps talking about his experience at bain capital as the producer of jobs and that he had 25 years in the private sector. it seems to play with a certain group. but do you think that really will affect people in thinking that he can produce jobs, that the president can't? >> i think it will affect some people who relate well to businessmen. and i think he had a good business career. there's a lot of controversy about that, but if you go in and you try to save a failing company. and you and i have friends here who invest in companie

then we passed the dodd-frank bill which was supposed to bring this to an end and we're still seeingse kinds of trades. i think it's a little unfair to say that jpmorgan because they made this bad trade that somehow it's going to require a federal bailout. >> no, it isn't. all i'm saying is we're lucky, right? if this is the wake-up call, what if it was 50 times bigger. >> of course. but when you said that he made a trade that he was dead wrong, what about the times he was dead right? jamie dimon actually, until this most recent episode, has actually had a very good record as ceo. >> that is true, but here's the thing. i agree with you about the regulatory regime. we don't need it, it's not doing its job. what we need is a reform of the incentives on wall street. what happened here is people in the cio office of jpmorgan will be rewarded for taking big risks in other people's money. that's how they got their bonuses. until you change the incentive system on wall street, you're not going to reform the way bankers and traders behave. full stop. >> thanks very much to both of you. we ap

nobody knows what's in the dodd/frank bill. nothing clear is breaking up the big banks. nobody knows what's in obamacare. nobody knows -- well, people know about the stimulus because it's harder to get to work because of all the road construction crews. the one thing that has worked tremendously in the president's advantage here is the auto bailout where, you know, you go to a place like lords town where they're running triple shifts and that factory was practically dead three years ago. a lot of auto parts manufacturers are doing extremely well because the auto industry is revived. and mitt romney was against that. so the president still, though, has a major lift. he has to start explaining what he's done. >> senator, if the voters of ohio don't quite know what the president has done, and voters everywhere i think have similar levels of information that they're dealing with. the president was clear today about what he has tried to do that republicans have prevented him from doing. is that as important a message for ohio voters? >> it's very important, lawrence. i think

dodd-frank bill? guest: we have done some. our challenge is the scope of facts out there. on any given day is there are a thousand things we could check. if we were to say, take a day of c-span, you would be looking at hundreds of claims that could be checked over the course of a day. we tried to pick the ones that are most interesting, most provocative, that are being heard by the most people. the ones where you hear them and you wonder, is that true? that is our goal, to satisfy your curiosity when you hear a political claim and wonder if it's true. host: we have about 10 minutes left with bill adair of politifact. it runs through the tampa bay time. the mystery of flight 427, crash investigation from 2000 to. -- 2002. for coverage of congress. john is waiting on the independent line. caller: yes, how are you? a quick question. in the last week or so, the obama administration had talked about the fact they are the most conservative spending presidents in years. the thing that stuck in my brain is this, how can that be true when they have added $5 trillion in deficit in f

host: have you done work on the dodd-frank bill? guest: we have done some.llenge is the scope of facts out there. on any given day is there are a thousand things we could check. if we were to say, take a day of c-span, you would be looking at hundreds of claims that could be checked over the course of a day. we tried to pick the ones that are most interesting, most provocative, that are being heard by the most people. the ones where you hear them and you wonder, is that true? that is our goal, to satisfy your curiosity when you hear a political claim and wonder if it's true. host: we have about 10 minutes left with bill adair of politifact. it runs through the tampa bay time. the mystery of flight 427, crash investigation from 2000 to. that's when it was public spirit and he's the winner of an award for coverage of congress. john is waiting on the independent line. caller: yes, how are you? a quick question. in the last week or so, the obama administration had talked about the fact they are the most conservative spending presidents in years. the thing that s

i think what it pointed out is that dodd-frank, a bill i did not support, was a compassioned response to a structural issue. people will realize it's not going to withstand the test of time like jamie dimon eluded to, and i think hopefully we'll have an opportunity to look at real financial reform, and we really look at the markets and not just an institution. i think that what we have done is you know, drilled down, and a lot of regulators at these institutions, but we have not looked at some of the shadow markets, and i thought it was a very good hearing. >> the only other thing is that what jamie dimon said about now being able to differentiate and acting on behalf of the client. you called it a blip, but you looked at the whole story from what we did and didn't learn from dodd-frank. >> yeah, this is the first time many dived into -- >> do you think most senators understand what proprietary trading is? >> i think they do. we should have had these before we passed a financial regulation bill. jamie was never brought in and asked these questions. we should have done all of this work