. >> the dodd-frank bill was supposed to solve too big to fail and yet assets that the ten largest u.s. banks are up. they have grown by 28% by more than $11 trillion since the crisis. how come dodd-frank has not been implemented? it's only halfway there and is not enough to reign in the banks? >> i think there's been a lot of tremendous industry lobbying against it. that's one of the fall outs of the bail out. we propped everybody up. there was no accountability. we need more leadership. we need more political support to get the rules done. >> yet, we're seeing enormous numbers in terms of the cost. what about the expense? jpmorgan paying another $4 billion for the second half of the year to comply with the rules. >> i think the enforcement actions are justified against jpmorgan chase. i don't think they're unusual in some of the things they're done. i'd like to see more of these types of actions brought against other institutions where you have similar problems. on the other hand some of the regulatory activity, it's not clear to me how much benefit but the stress test has been helpf

the aisles that we forget there were big businesses big banks that caused the difficulties, the dodd-frank bill that was supposed to take place. why hasn't washington pointed a finger to any of the major lending institutions and saying you did wrong, you cost these people their livelihoods? >> i think dodd-frank went a bit of a way to restraining what banks can do in the future. lot of concern they didn't go enough. but banks certainly didn't like it, the president did get that passed. >> they're not pointing a finger at those institutions, they are pointing a finger across the aisle. easy to do rather than pointing finger at the institutions. >> yes that's true. >> as i indicated a while ago, we are following multiple stories, the story that's unfolding in washington, d.c. that is still the scene there liven as there is a plethora of -- a small army of ambulances and police vehicles outside the washington navy yard in southwest washington, d.c. because 8:20 this morning, a gunman or gunmen walked into the complex and opened fire. our mike viqueira has been on the scene. mike bring us up to dat

. >> the dodd-frank bill was supposed to solve too big to fail and reform the financial industry, yet the ten largest u.s. banks are up, they've grown, what, 28% to more than $11 trillion since the crisis. i guess two-part question, how come dodd-frank has not been implemented? it's only halfway there, and is dodd-frank not enough to rein in the banks? >> well, i think there's been a lot of tremendous industry lobbying against it. that's frankly one of the fallouts of the bailouts, we propped everybody out, kept them going, no accountability, so that's been a problem, but we need more leadership, frankly, more political support from the president and the congress to get these rules done. >> and yet we're seeing enormous numbers in terms of the cost. what about the expense? jpmorgan paying another $4 billion the second half of this year to comply with the rules. >> that's really the lion's share of the fines there. i think all these enforcement actions are justified against jpmorgan chase, but i don't think they are unusual in some of the things they are doing. frankly, i'd like to see

. >> they have been capitalized and congress passed the dodd frank bill, when you talk about derivatives, you know they're trying to to protect against those big bets that caused all the problems. is the regulation that's in place now not enough? >> well, it's important for people to know what while the law, financial law was passed a little over three years ago, it's largely not implemented yet. that's because wall street is on a war against financial regulation. they have purchased virtually every lawyer, lobbyist, pr spinner trade front group as they can with their unlimited resources and they have frustrated the implementation of effective financial reform. there have been some very good moves by some of the agencies, the fdic has done a terrific job, the ctic should be singled out for doing a great job. fed has a lot way to go treasury has a long way to go. things are better there's no question there's better regulation in place right now but if you look at the implementation of the law as a baseball game we're probably own in the fifth inning and it will be a while before new regul

would have made a significant difference if we had it, which is the liquidation authority the dodd frank bill gave to the fdic in collaboration with the fed. the fdic with other agencies has the ability to wind down a failing financial firm in a way that minimizes the direct impact on the financial market and on the economy. i don't want to overstate the case. there's a lot of more work to be done. the united states has set the course internationally. other countries and international bodies are setting up standards for resolution regimes which are very select those in the united states making the better cooperation across borders. we are still some distance from being fully geared up to work with foreign counterparts to successfully wind down and international, multinational financial firm. we made progress in that direction, but we need to do more, i think. there is more to be done on derivatives, although there has been a lot done to make the trading derivatives safer. it is going to be probably sometime before all of this stuff that has been undertaken, all of these measures are fully imp

. >> i feel like it was the right thing to do and what chris and i did in the dodd frank bill. >> i feelolutely. >> brought up constantly. >> especially for 230eks who voted against them and come into the senate since. the membership was folks who came in afterwards or a large percentage of them. now any time anyone is running for reelection, they know that that vote still comes up. >> how much of the $700 billion is used some. >> in banks, about 270 billion $. >> how much was taken some. >> every last dime of it. >> is that the irony? >> t.a.r.p. worked. >> the scars are still felt because after 9/11 we had war resolutions and the house and the senate. t.a.r.p. went down and to this day the country is divided about what should have been done. >> there was not that fear. >> it split apart. >> it's a good point. >> we talk more about this and live to switzerland and get the latest on the negotiations over syria's chemical weapons and republicans are struggling with the economic disconnect between policies and values and the president is struggling on his stewardship of the e coknow 3450e.

the dodd frank bill, most rules are mired in a car meyer.he real work gets done in the regulatory agency that has to administer hundreds of different rules and the lobbyists are keeping it going as it went. >> new tools are put in place to assure the failure of large interconnected firms no longer puts the system at risk, this according to the white house. >> true, however the large interconnected firms are now larger and more interconnected than ever and there are pure of them. if j.p. morgan chase were to get in trouble and look like it was going to clams, does anybody believe the federal government wouldn't do whatever it took to prop that bank up? i don't know that personally. as a result, j.p. morgan chase is operating with an explicit government backdrop for everything it does. that gives the executives that win when they make big bets that go well, because the stock price goes up, they cash in options, they can do that. knowing if things don't turn out so well, the taxpayer picks up the bill. >> if i am among the tens of thousands of

they passed through the dodd-frank bill and things that made them enormously unpopular. certainly trying to do a little better job they may have done in the past. the public reacts as if they are not there half the time and i think that is true. dagen: why do we keep you like them? >> you can get a ouija board and not figure that out. the lobbyist control a great extent of what congress does. dagen: speaking of washington, we had that report earlier about larry summers. he has to make it to the approval process. how important do you think that is in the next six months about how the market reacts? >> the world liens on monetary policy has been so great as of late. they lean on the bed to try to control inflation, to try to control the economic policy and they cannot do it. the economy is just sitting there like a pressure cooker. sooner or later, inflation will get out. whether it is larry summers -- listen, they might as well get dominique strauss kahn over year and let him run it. spew forth those our options? i will not say anything about their views on women or make

barney frank had this to say about the dodd/frank bill when asked if senator elizabeth warren was rightery much admire senator warren, but she is wrong if she thinks that too big to fail isn't going -- this is what the bill specifically said. by the way, this is bipartisan, as this whole motion has been, because secretary paulson is the one who suggested the approach. so the power of federal government to step in out and those institutions out of business. >> we seem to have a fundamental disagreement, even on the left, as to whether or not we have the protections in place we need to prevent toot economic implosion brought on by the financial sector. >> you're never going to know until you get there. i don't think there's someone who can seriously say, that there's an industry, that too big to fail has been solved. i don't think the changes have -- >> but soledad, what industry, what industry of such import would we say, well, we're knreay sure whether or not we've got it under control. and this is why sherrod brown and david vitter have come together and said, look, we have a bill that

and the concept of the dodd/frank bill is to replace it with something.f that bill right now. >> yeah, no, i don't disagree. i just think replacing it is not the way to go. and i think derivatives largely would self-regulate. there's just a couple of linchpins in there that we didn't have correctly. you know, you have to have some type of audit trail for the products. i think that was the significant issue and i think the other issue is that the implied versus explicit branding of gses where everybody from larry summers to mr. clinton, alan greenspan, they were highly aware of that. anybody alive in the '80s that monitored the mortgage market was highly aware of the special hands that were being dealt to the gses and to plead ignorance or think regulation got off skew is just not correct. they were proactively driving this train down the wrong track even though the wrong track didn't have any speed limits on it either. >> barney frank had answers on all that. said the private sector absolutely drove the -- what happened with fannie and freddie. they were

tool that we didn't have in 2008 which made have made, i think, a significant difference the dodd-frank bill gave to the fdic in collaboration with the fed. under the authority the fdic with the other agencies have an ability to wind down a failing financial firm in a way that minimizes the direct impact on the financial market and on the economy. i should say i don't want to overstate the case. i think there's more work to be done in the case of resolution, regime, for example. the united has set the course internationally. other countries in international body like the fsb are setting up standards for resolution regime. which are very similar to those in the united states. which is going to make for better cooperation across borders. but we're still some distance from being fully geared up to work with foreign counter parts to successfully wind down an international multinational financial firm. that's -- we made progress in that direction. we need to do more, i think. i think there's more to be done. there's more to be done on derivative. it's going to be probably some time before all of

the regulators and impressing on them that by the end of this year the major components of the dodd-frank billhave to be completed including the volcker rule. i think when we are done we will have accomplished the most st in 75 years and of the you know unfortunately or fortunately we won't know with 100% clarity unless and until there -- whether we have done enough. i believe that we have taken the steps that we need to take in enacting a law that says we have taken -- we are in the process of implementing that law. as i have said when we are done we have to take stock. the world as it exists at the end of this year in the beginning of this year and then each or after that each month after that really on an ongoing basis is the financial system the same as it was or has it changed plex is an evolving? do we have the visibility? do we have the supervision? .. maybe it's still controversial. when all said and done. will it lose money? >> already turn the corner on the bank investments. so, you know, i must say that it is a hugely important accomplishment. when was it was enacted people were say

have done things supposed to prevent another banking collapse like passion the dodd frank act, an omnibus regulation bill supposed to prevent wall street from becoming too big to fail. and that really has been kind of the major effort that has happened there, were of course, the bailouts at the time, tarp bailout and there was the quantitative easing stimulus by the fed which is also a result of the crisis at that time. >> things we said he would do to prevent this we haven't done yet. >> yes, a lot. you can look at today frank very specifically, hundreds of rules one dodd frank left undone, passed in a hurry in 2009 in a very emotional time and it was essentially a very long to do, list, 900 page to-do list, almost all left undone, good things we have done, create the consumer financial protection bureau and also create the council of 14 regulators that meet about once a month. only supposed to meet once a quarter and talk about what's going on in regulation and issues you are facing. there are two things that came out of it. it is called the vol he canner rule, supposed to be one of the lynch pips of h

products from being sold, that idea became the cfpb, which was included as part of the dodd/frank historical reform billite hysterical unrelenting opposition from republicans, and big banks who hate it and continue to hate it. but against the odds, the cfpb now exists, it employs 1,300 people, has one of the sleekest, most user-friendly websites in all of government and is doing pretty incredible work. just last week, regulators announced that jpmorgan chase, who had billed customers for identity theft protection and fraud protection services, they never received, would have to refund those customers to the tune of $309 million. you can understand why the big banks and their defenders in congress want to kill this agency. they even blocked a vote to confirm the proposed head of the cfpb, for two years, for no reason, other than they objected to their very existence. but since the they managed to get their man approved, and since the idea of the cfpb is wildly popular, the only way for the banks and republicans to kill it now is by stealth. and that means trying to starve it of funds. luckily, the author

the regulators and impressing on them that by the end of this year, the major components of the dodd-frank bill have to be completed, including the volcker rule. and i think that when we're done, we will have accomplished the most significant reform of the financial system in 75 years and, you know, unfortunately, or for natalie we won't know with 100% clarity unless and until there's a financial crisis whether we've done enough. i believe that we've taken the steps that we need to take in enacting a law that says too big to fail is over. we're in the process of taking the necessary steps to implement that law. as i said on a number of occasions when we're done we have to take stock and we have to look at the world as it exists the end of this year, the beginning of next year, then each year after that, each month after that, really on an on going basis and saying, is the financial system the same as it was? has it changed? is it evolving? do we have the visibility into it? do we have the supervision? do we have the right regulatory structure? one of props that happened between the 1930s and th

have made, i think, a significant difference if we had had it which is the orderly liquidation bill dodd/frank gave to the fed. under the authority liquidation, the fdic, with other agencies, has the ability to wind down a failing financial firm in a way that minimizes the direct impact on the financial markets and on the economy. now, i should say, i don't want to overstate the case. i think there's a lot more work to be done. in the case of resolution regimes, for example, the united states has set the course internationally. other countries and international bodies like the fsb are setting up standards for resolution regimes similar to those in the united states, which is going to make for better cooperation across borders. we're still some distance from being fully geared up to work with foreign counterparts to successfully wind down an international, multinational firm. we made progress in that direction but we need to do more. so, i think there's more to be done. there's more to be done on derivatives although a lot has been done to make them more transparent and trading of derivatives s

thousands of pages of new rules in the form of the dodd/frank wall street reform and consumer protection act. the bill proposed 398 new rules for banks, credit card companies and other financial institutions. but more than three years later, only w40% of those proposals hae gone into effect. and not a single senior executive from any wall street bank faced criminal charges. sure, there have been billions paid in fines, a new consumer watchdog, higher requirements on the banks. >> a lot of incentives that were baked into our system going into 2008 unfortunately still there. so i think we're still in a very dangerous place. >> reporter: five years after panic took hold, is your money any safer? we're going to answer that question. ken rogoff. five years ago this week lehman failed. about six weeks or two months before that collapse, ken predicted a major american investment bank would fail. he saw it coming. this week's "time" cover story, how wall street won five years after the crash. it could happen all over again. let's talk about the crisis ha happened here. it appears to be a crisis that was waste

nail opposition dodd/frank, the most sweeping financial reform since the great depression, prompting the president to say this. >> the american people will never again be asked to foot the billr wall street's mistakes. >> but after three years since dodd/frank, there's still a pretty long to-do list. only 40% of the rules in the bill have been implemented, and more than 60% of their deadlines have been missed. in an eye-opening speech today, senator elizabeth warren, who made her political career off of seeing the financial crisis coming and holding the banks accountable in its wake, says she fails to understand how this state of affairs is tolerable. >> since when does congress set deadlines, watch regulators miss most of them, and then take that failure to meet the deadlines as a reason for congress not to act? i thought that if the regulators failed, it was time for congress to step in. that's what oversight means. and it's certainly a principle that would have served our country well prior to the last crisis. what i want to know is how much longer should congress wait for regulators to fix this problem? do we wait another three months, another three years, until the next

dodd/frank? the democratic party forged alliance in the bill clinton years, wall street alliance, became a huge sourcegn cash, political cover for democrats. not mondale dukakis liberals, business community likes us, wall street likes us. clearly president obama got re-elected last year despite fierce opposition financial and political and vocal opposition from wall street. the democratic party is partly moving away from it, not entirely, plenty out there that have that clintonian relationship with wall street. i'm curious how it evolves over the next several years. >> quickly, a question who is going to take over the fed. the president under pressure not to pick larry summers. yet it sounds like he's very much still in the running. >> he is. the president is a big fan. a lot of the president's economic team are big fans. they have worked closely together. i think there's a lot of reasons to not go with the summers. at the end of the day those guys know him well, respect him enormously and he's the guy they want in there in their hearts, whether or not that's who they go with. >> bros. >> special issu

dodd-frank. it's all pro business, pro oil. about the only major piece missing from the bill is a ban of late-term abortions and some lawmakers whoppose abortion were arguing just that. into a bidding war we see instead of compromise, their radicalizing. scott perry is a republican from pennsylvania. congressman, this is really difficult to figure out, but what do you think the speaker of the house is doing here? he says he doesn't want the government to shut down next tuesday, yet he's playing to people on the hard right of your party who's saying you can't go with just keeping the government open. you have to make a demand like killing a law of the land which is the affordable care act. i've never heard of the congress holding up the government saying they will not continue to exist unless we kill a law of the land. it's never been done that i've ever heard of. what do you think? >> come on, chris. you're a student of history. this has been done on many occasions. >> name the first time or last time. when's it ever happened to kill a law? >> the debt ceiling has come up since 1962. 1963, to be exact. >> i know all about that. >

dodd-frank financial renorm. goodness me, i wonder is there anything left? >> i didn't see mentioned a birther billo attach. >> right, i'm sure they're just about to add that. right to our panel, msnbc contributor joy reid who is the managing editor of the grio.com and dana millbank of "the washington post." dana, your commentary on this experience, this has been exceptional and republicans appear to think it is literally christmas come early. they're making a list, checking it twice. i wonder if they're going to make hillary clinton wear an elf costume and feast on roast eric holder. >> i think that's just the beginning. they haven't put benghazi in there. >> that's a -- that's good. >> they have not tried to off big bird ainge i see nothing about sending all msnbc hosts to get mowed so i think we have a long way to go and this is really smart politics. you really want to try to jeopardize the full faith and credit of the united states. >> joy, the only chestnuts roasting on an open fire would be appear to be ted cruz's at the -- >> he pissed off -- >> what did you say? >> oh, i'm sorry. at the en

. >> thank you, bill but the interesting thing is that portions of dodd/frank have not been enacted.ey maclaine carlos santana and herbie hancock and opera singer martina >>> here's a question for you. if you have two sons playing for different team who do you root for? the man needs to decide this weekend. jim nance is here to talk about sunday's matchup between eli and peyton. >>> and you might not think of the pope as being a trend setter, but pope francis is changing the rules. we'll see what a difference he's bringing to the vatican next. no matter how busy your morning you can always do something better for yourself. and better is so easy with benefiber. fiber that's taste-free, grit-free and dissolves completely. so you can feel free to add it to anything. and feel better about doing it. better it with benefiber. ♪ ♪ ♪ ♪ ♪ ♪ [ female announcer ] one day it will hit you. by replacing one sugared beverage a day with a bottle of nestle pure life water you can cut 50,000 calories a year from his diet. choose the crisp, clean taste of america's #1 bottled water. nestle pure life. j

dodd frank. to my right is the honorable bill thomas, who served in congress until 2007. was the chair of the house ways and means committee. and for purposes here today, he was the vice-chairman of of the financial crisis inquiry commission. to my left is a member of the fcic who i have known for many years, headed the cbo for quarter years, was john mccain's economic adviser, and was on the council of economic advisers. a guy who, for whatever reason, when he calls me up to do this always say yes. >> there may be people who do not know what cbo means. it is the congressional budget office. barney and i have one thing in common, if nothing else, we were frustrated over and over again by the congressional budget office on our plans based on what we thought they cost and what they told us, given their statutory power, it costs. >> always cost too much and never raised enough revenue. >> no, we knew that. they just didn't say yes. [laughter] i, for the record, loved working as the director of the cbo, but i was also 6'4" then and had a full head of hair. let's begin. we are

dodd frank. to my right is the honorable bill thomas, who served in congress until 2007. he was the chair of the house ways and means committee. and for purposes here today, he was the vice-chairman of of the financial crisis inquiry commission. to my left is a member of the fcic who i have known for many years, headed the cbo for 4 years, was john mccain's economic adviser, and was on the council of economic advisers. a guy who, for whatever reason, when he calls me up to do this stuff, i always say yes. >> there may be people who do not know what cbo means. it is the congressional budget office. barney and i have one thing in common, if nothing else, we were frustrated over and over again by the congressional budget office on our plans based on what we thought they cost and what they told us, given their statutory power, it costs. >> always cost too much and never raised enough revenue. >> no, we knew that. [laughter] they just didn't say yes. >> i, for the record, loved working as the director of the cbo, but i was also 6'4" then and had a full head of hair. let's begi

bill had an array of conservative goodies. one-year delay of owe many about ma care. approval of the pipeline, expedite tax reform, rolling back some provisions in the dodd/frank law. it didn't get support among the house republican conference. we were supposed top vote on that sometime today, maybe even yesterday. sort of to allow house leadership to show, look, the health care issue, we can litigate that fight in the debt ceiling battle where they believe leverage is better for them. house leadership did not appear to have enough votes to pass it with republican votes alone. a lot of conservatives i talked to said there are goodies in here but we need more spending cuts. that's what the debt ceiling is about. >> ed, as far as the congress, has congress ever held the white house hostage with regard to the debt ceiling before? >> no. the president is correct in pointing that out that, you know, normally, through history, as this has had to happen, they have always raised it. sometimes there has been some back and forth. remember back in the day when he was a senator, then senator obama raised concern about the debt ceiling. this idea put forth that congressional re

dodd/frank because of this. it's desperate gambit. republicans don't have a vote for debt limit increase with this laundry list attached to it. that's why house leadership floated the plan. they never actually put out a bill. they didn't think they could get to 218 even with this insane list of demands. >> this is insane. the only thing not in there and we'll see it again is deport president obama. that's not on the list yet and i guess we should be thankful. luke russert, thank you very much. >>> midnight is not only the witching hour for government shutdown, marks a rollout for obama care. we'll preview crucial and busy october 1st when the white house's jennifer palmieri joins us next on "now." my customers can shop around-- see who does good work and compare costs. it doesn't usually work that way with health care. but with unitedhealthcare, i get information on quality rated doctors, treatment options and estimates for how much i'll pay. that helps me, and my guys, make better decisions. i don't like guesses with my business, and definitely not with our health. innovations that work for you. that's health in numbers. unitedhealthcare. cheryl burke is cha-cha-ing in depend silhouette briefs for charit