the chairman's dodd/frank repeal bill which received bipartisan opposition in the committee last week would provide a so-called off-ramp for dod/frank capital liquidity requirements. it would replace those safeguards with an insufficient leverage ratio that fails to contain the guardrails in other proposals. for example, while the chairman has attempted to conflate this bill with proposals from people like fdic, vice chair thomas hoenig, the chairman's proposal doesn't include the same limits on derivatives activity in order to receive regulatory relief. so, mr. secretary, my question is, can you discuss how replacing more complex risk rates along with other dodd/frank measures might make sense for community banks engaged in traditional banking activities but is wholly insufficient when it comes to global megabanks? >> congressman, that's a very good question. i mean, we i think should be looking for ways to simplify reporting where appropriate for small banks that don't engage in a lot of risky activities. we have to always be aware that even small banks are in the business of making

i support this bill the president signed, the dodd frank bill.re has been too much restraint on small business lending. every year that i have had the and we wereve growing together in unemployment was going down. in comes from people increased more percentagewise the further you went down the income train. every year we were the top five country in the world with new and small businesses. we are not in the top 10. i will oversimplify predict your run a bank and it cost you as much -- but if you are running a bank and it cost you as much to open a bakery as it does to process a $51 loan, you would not make as many -- $51 million loan, you would not make as many lines. tillery has explained this. here's how i will signify the rules. .ere is how i will cut taxes if young people who own college debt and can qualify for loans can get the loan, we will suspend other debt repayment for the first three years they are running their business. [applause] you get the idea. that has only person told you what she's going to do. , nobody elsee seems to want th

i support this bill the president signed, the dodd frank bill that keeps main street from wrecking walltreet. but there has been too much restraint on small business lending. every year that i have had the honor to serve and we were growing together and unemployment was going down. incomes from people increased more percentagewise the further you went down the income train. every year we were the top five country in the world with new and small businesses.

and i would argue that this massive dodd-frank bill was passed in a time of fear, where people were concerned about the future of our country and the future of their family, and a 2,300 page bill was passed before the dust had insetledded and we had a full analogies whats caused the crisis. we were told by our friends across the aisle, who i would e argue opened-under their cabinets, the file cabinets and dumped in every wish bag issue that they had for probably decade. but they made a promise to the american people that when they passed that bill they would be ending too big to fail because people were concerned not just about the economy but the fact the tax pair -- their money was going to bail out large financial institutions. do you agree now, almost a decade on, that we have ended too big to fail? >> well, think we have taken very significant steps -- >> , no. that's not my question. we were promised that we would end too big to fail. wasn't here. they would end too big to fail. so i think the american people have a right to know what you think, had we ended too big to fail, yes or no?

i support this bill the president signed, the dodd frank bill. there has been too much restraint on small business lending. every year that i have had the honor to serve and we were growing together in unemployment was going down. in comes from people increased more percentagewise the further you went down the income train. every year we were the top five country in the world with new and small businesses. we are not in the top 10. i will oversimplify predict your run a bank and it cost you as much -- but if you are running a bank and it cost you as much to open a bakery as it does to process a $51 loan, you would not make as many -- $51 million loan, you would not make as many lines. hillary has explained this. here's how i will signify the -- simplify these rules here is how i will cut taxes. if young people who own college debt and can't qualify for loans can get the loan, we will suspend other debt repayment for the first three years they are running their business. [applause] you get the idea. she's the only person that has told you what she

dodd frank. >> what are you talk about, bill, dodd thank came under his administration. >> barney frank and chris dodd. >> that was legislation that yes, obama signed into law. >> okay. let's go go to the voter registration thing which is a total myth, eboni. you have a situation where which is a voter i.d. card will be sent delivered handed to you with a bag of m&ms is now saying that's oppressive. you can't ask for that when voting. how insane is this. >> the fourth circuit and the united states supreme court many of those members would disagree with you that's a myth. they think with surgical precision they said it targets disproportionately targets black people. >> not pinheaded judges. >> pinheaded judges? come on, bill. >> do you believe, ebonik. williams, do you believe that asking for i.d. at polling place is oppressive and expresses voting? yes or no? >> yes, i think it can be overly burdensome, bill, i will tell you why i know that. >> just having an i.d.? >> because the things that you have to go through to get an i.d. not unreasonable request on its face. >> the states will come and g

dodd frank. >> what are you talk about, bill, dodd thank came under his administration. >> barney frank and chrisislation that yes, obama signed into law. >> okay. let's go go to the voter registration thing which is a total myth, eboni. you have a situation where which is a voter i.d. card will be sent delivered handed to you with a bag of m&ms is now saying that's oppressive. you can't ask for that when voting. how insane is this. >> the fourth circuit and the united states supreme court many of those members would disagree with you that's a myth. they think with surgical precision they said it targets disproportionately targets black people. >> not pinheaded judges. >> pinheaded judges? come on, bill. >> do you believe, ebonik. williams, do you believe that asking for i.d. at polling place is oppressive and expresses voting? yes or no? >> yes, i think it can be overly burdensome, bill, i will tell you why i know that. >> just having an i.d.? >> because the things that you have to go through to get an i.d. not unreasonable request on its face. >> the states will come and give it to you. >> list

across the country and many of the families that we represent and i would argue that this massive dodd frank bill was passed in a time of fear where people were concerned about the future of our country and the future of their family and 2,300 page bill was passed before the dust even settled and we have a full analysis of what caused the crisis and we were told by our friends across the aisle that i would argue opened up their cabinets, their file cabinets and dumped in every wish bag issue that they had for probably a decade but they made a promise to the american people that when they passed that bill they would be ending too big to fail because people were concerned not just about the economy but the fact that the taxpayer, their money was going to bailout large financial institutions. do you agree now almost a decade on they ended too big to fail. >> we have taken very significant steps toward -- >> that's not a question. we were promised that we would end too big to fail. i wasn't here, that they would end too big to fail. i think the american people have a right to know what you think. hav

across the country and many of the families that we represent and i would argue that this massive dodd frank bill was passed in a time of fear where people were concerned about the future of our country and the future of their family and 2,300 page bill was passed before the dust even settled and we have a full analysis of what caused the crisis and we were told by our friends across the aisle that i would argue opened up their cabinets, their file cabinets and dumped in every wish bag issue that they had for probably a decade but they made a promise to the american people that when they passed that bill they would be ending too big to fail because people were concerned not just about the economy but the fact that the taxpayer, their money was going to bailout large financial institutions. do you agree now almost a decade on they ended too big to fail. >> we have taken very significant steps toward -- >> that's not a question. we were promised that we would end too big to fail. i wasn't here, that they would end too big to fail. i think the american people have a right to know what you think. hav

i support this bill the president signed, the dodd frank main streeteeps from wrecking wall street, but there has been too much restraint on small business lending. every year that i have had the honor to serve and we were growing together in unemployment was going down. incomes from people increased more percentagewise the further you went down the income train. every year, we were the top five country in the world with new and small businesses. we are not in the top 10. i will over semper fi, but if you were running a bank, and it cost you as much to open a n organic bakery down the street as it does to process a $51 million loan, you would not make as many lines. hillary has explained this. here's how i will signify the rules. here is how i will cut taxes. if young people who owe college debt and can't qualify for loans can get the loan, we will suspend other debt repayment for the first three years they are running their business. [applause] you get the idea. i mean, she's the only person that has told you what she's going to do. everybody else -- and there are lots of independent a

to consider the republican plan to roll back the dodd-frank financial reform law. the bill impose counter sanctions on those who commit fraud and bailouts of big banks. trump says that russian interference with the u.s. election is probably unlikely. he spoke to russia's international news at work -- news network. he has been criticized for his praise of russian president vladimir putin. investors are warning that the samsung galaxy note smartphone should not be charged in airports. -- airplanes. it should not be put in checked luggage. global news powered by 2600 journalists. this is bloomberg. michael, francine. francine: i'm cautious by nature. if you have one of those phones, go to the shop and ask what you want to do with it. don't bring it on the airplane or keep it in your luggage. let's talk about china. factory deflation has improved a little bit. it is a little bit better than what economists had forecast. steven major is still with us. we will get an update on the china data on the ground. overall, there was a clear problem of deflationary pressures around the wo

years many of us have worked in a bipartisan effort to eliminate the renltration required by dodd-frank but this bill -- registration required by dodd-frank but this bill does not do that. it simply updates the investment advisors act. instead, this legislation is a pragmatic and bipartisan approach to addressing some of the concerns within the investment advisors act. no matter your views on dodd-frank, the investment advisors modernization act represents the view that congress should continually look for bipartisan, commonsense solutions to update and streamline its laws in order to encourage economic growth and job creation. i ask my colleagues on both sides of the aisle to support h.r. 5424, the investment advisors modernization act. thank you, mr. speaker, and i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentlelady from california is recognized. ms. waters: thank you very much, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentlelady is recognized. ms. waters: mr. chairman, we stand here today after an extraordinary

dodd frank financial reform law prevent another great recession. just yesterday the house inancial services committee reported out a highly partisan bill to kill dodd frank. we have had an army of lobbyists p here since it passed to do the same. so, these proposals and many others we consider here are just bill that have taken up mostly to make a political election year. at the same time we failed it take up legislation to address cost of cketing education or our crumbling instructor. responsibility of every member of congress to violence e gun pidemic, the zika epidemic, to fix them with legislation and stop our country from being the only industrial country in the that allows that type of bloodshed. that is why i hope away move forward with one particular idea today. hear about cardenas.by tony i'm proud to a co-sponsor with joe crowley and norma torres. everyroposal will require moment of silence carried out on the floor of the house related involving gun violence is followed by many earings on the subject of the tragedy within 10 legislative days. the newspaper in my district has already endorsed this writing for anyre's this reason congression

dodd-frank financial reform law which would help prevent another great recession. in fact, just yesterday the house financial services committee reported out a highly partisan bill to kill dodd-frank. we have had an army of lobbyists up here to do that very thing. so these proposals and many others that we consider here are just one house bill taken up mostly to make a political statement in an election year. at the same time we failed to take up legislation to address the skyrocketing cost of education on our crumbling infrastructure. it is the responsibility of every member of congress to discuss the gun violence epidemic, the zika epidemic, to fix with legislation, to stop our country from being the only industrial country in the world that allows that type of blood shed with guns. that is why i hope we move forward with one particular idea we will hear about today. rules change proposed by my friend tony card neds i am proud to be an original cosponser, along with representative crowelly and torres. this straightforward proposal will require that every moment of silence on the floor of the house related to a tragedy on gun violence is followed by a committee he

at the dodd frank financial reform law which would help americans and prevent another great recession. in fact, just yesterday, the house financial services committee reported a highly partisan bill dodd frank. these proposals and many others are just one house bill taken up to make a political statement in an election year. at the same time, we fail to take up legislation to address the skyrocketing cost of education. it's the responsibility of every member of congress to discuss the gun violence epidemic, the , to stop our country from being the only industrial country in the world -- withows that type of guns. that's why i am hoping that we will move forward with one piece of legislation today. straightforward proposal will require that every moment on the floor of the house related to a tragedy involving gun violence is followed by a committee hearing on the subject of the tragedy within 10 legislative days. the editorial board in my district has already endorsed this vote. there is no reason for any congressional representative to say no. but this will not solve the epidemic, but it is a way to start a conversation and examination of gun violence. it has been so sadly lackin

dodd-frank? did i hear you say something like that? mrs. maloney: as you know, madam ranking member, there is a bill before the financial services committee which would completely roll back dodd-frank. i was clarifying that these rollbacks have nothing to do with dodd-frank. these are protections that have been on the books since we recovered from the great depression, but apparently that is on the agenda or so i have been told. why i am not in charge. the chairman knows the schedule but i was told that will be before the committee next week. the chair: the gentleman from texas is recognized. . the chair: the gentleman is recognized for two minutes. mr. lauder milk: there was a time -- we're a time when american people are forced to comply with crushing regulations that crush business growth and strip americans of their livelihood. we must take steps to reduce the red tape in the private sector. earlier this year, the american action forum reported that the dodd-frank act is costing americans and consumers more now than any time since it was enacted. what obamacare has done to the cost of health care, dodd-frank has done to our financial sector

in part, he did say down to dodd frank, though it is not a bill, he agrees with in full, asked whetherext president should repeal it and start again, the answer to that, though, was no. >> did he have q&a. i'm curious what the reaction was to him saying the fed should move sooner rather than later. >> there wasn't immediate q&a, but i think it is not a point that is unique to him, of course, the bank ceos will be helpful to them if they get a hike. this was pretty explicit on the week before we get a fed meeting. so that view very pointed. but clearly we know that the banks won't see rate hikes anytime soon. >> all right. well, thanks. good to have you with us. >>> stocks giving a big part of their gains up, but the dow still up triple digits. long, cold winter. it has been summer. why are we using winter metaphors here? no matter. value players have been, don't know, in the wilderness for nearly eight years and counting to be exact. >> it is a rolling stones song. been a cold, cold summer -- cold summer and then winter. and john snow. i don't know. >> let's talk to our next guest who

bill. john: what is the head of jpmorgan say? >> we talked to an investors about dodd-frankt would create a bigger moat around jp morgan's business. john: big-company say protects us, we can handle it. >> they sure lobbied a lot to get rid of it and got it its absolute and true. all the major banks are part of trade associations which everyday are pounding down the door of congress asking them -- john: the consumer protection might get crushed. >> the vast majority of dodd-frank rules. john: there are a lot of rules that don't apply to the little guy that exempted. >> i think in certain cases yes. community banks are often smaller so they don't do the kinds of complicated financial transactions of the larger banks do so we don't need rules about them trading crazy derivatives if they don't trade crazy derivatives. john: think about the unintended consequences. in france there are twice as many businesses with 49 employees as with 50. what this says is to expand. >> i think france is one example but in the united states people want to have safeguards. just like you don't want

dodd-frank, including the consumer financial protection bureau. republicans in both the house and the senate are moving forward bills to try to leash up the watchdog and pull at its teeth so there won't be another wells fargo. when i say won't be another wells fargo, i don't mean there won't be giant banks cheating people. that will continue to happen. there just won't be a consumer financial protection bureau to call them out. that's what this is, the republicans and the giant wall street banks want. for me, that's a big part of what this election is about. is about fighting back against that and saying we cannot run this country just for those at the top 37. we cannot run it just for wall street. we have to run it for all of us. and the wells fargo example, you're exactly right. that's it in a microkos m. >> you could write a book about the efforts to kill off this thing. it's functioning and working is a miracle. senator elizabeth warren, thank you for your time. >> you bet. it's so good to be here. >>> there's one defining moment this weekend where the gop officially became the party of trump. what that was, ahead. >>> did i know anything abou

governor powell and bernanke can live with dodd-frank restrictions but they have taken the position to other restrictions. republicans for and the democrats against. the bill has passed the house. the federal reserve can only loan to nonbanks if at least nine of the two voted in the affirmative. all regulators of the potential borrower which would include the sec or the cfpb would have to certify that the borrower was not insolvent. chair yellen said at the time that the provisions were lending to banks, this has been incorporated. now, these attacks on the fed's loan are not recent. my book recounts for any opposition to a court federal bank whether lending to commercial or bang borrowers over the first and second national banks. andrew jackson vetoed the national bank in 1831. it's this debate or federal bank institution that took us so long to create the fed in 1913. the debate still goes on. all right. so the second part of the fight against contagion were guaranties, in october 2008, fbi used authorities for transaction accounts, key to payment system and increased insurance limits on other accounts from a hundred thousand to 250,000. while dodd-frank

dodd frank. i just don't want to got it. good amendments totally against getting it. that's pretty much the only bills. gentleman y too big to fail. i agree we should do more on it. that's why i offered the bill to bring back that. that's why i offered hr 888 that the community bank supports. all my colleagues are welcome to join in that bill. and that's why i joined my colleague on the other side mister garrett if you're not paying attention when gear and i can agree on hr 2625 it ton let directly relates to the ability to bail out banks. all of my colleagues are welcome to join that bill as well. it doesn't kill you it just squeezes a little harder. m there are bills that are out there to do more. i have to do is read them andha join us. if gear and i can do it you can find a way to do it. don't get you set used to mean garrett working together but that's a different issue. don' let's assume for the sake of discussion that we have a large bank one you're keeping a very close eye on an over the last five years has had 16 enforcement actions against them including one from the fed. let's assume the ban

dodd-frank was passed, the most fierce lobbying was not done by the banks. it was done by the auto dealers. why? because they wanted a provision in the bill that made it illegal for the out of manufacturers to require the auto dealers to arbitrate disputes. it's one of the few odd carveouts and dodd-frank. the auto dealers had a point, and we need to force congress to take a hard look at arbitration, mandatory arbitration. the only way we can get it is if we come up with a number of stories that drive home just how unfair, undemocratic and essentially how perverse that process is. the other thing we need to do is we need to win the battle in the courts, and this is where you're going to hear from paul bland and people from public citizen litigation group early on. we've been fighting his battles in the court. but the court is the up for grabs. justice scalia's seat remains vacant justice ginsburg is easy. justice kennedy is the. justice breyer is 78. the next president will remake the supreme court in all likelihood. most of the decisions that i've been fretting about have been fight for decisions. one vote can make an important decision

activity hand under dodd-frank, the american public will be in a position where the taxpayer would have to bail them out again in the future. the solution at hand, our committee passed a billut a week or so again called the choice act which would once and for all take the american taxpayer off the hook for fiascoes in mismanagement like we had here at wells fargo. >> i would like to ask about the train crash in hoboken, new jersey. my son worked for me this summer and he took that train every single morning. what are your thoughts on this? it will be a situation where one side of the solution will be more money. but also how about an effectiveness and accountability? what are your thoughts in general. >> accountability and transparency, that's one of the mantras i have in my committee i'm trying to get in the financial sector. and it is a disaster. you knew people who are on the line, your family members with i know people as well. it comes through fifth congressional district. so we all know people who take the train. i was annoyed with so many political pundits, before we even know what the facts are jumping the gun saying it was a faulty this or that that would be solve

dodd frank restrictions. they said they could live with these restrictions on november 15 last year they passed an act largely along party lines. the bill has not been enacted into law. federal reserve can only lend two nonbanks if all regulators of the potential borrower which would include the sec or the cf pb would have to certify that the borrower was not insolvent. chair yell and said the time that these provisions would end federal reserve lending to nonbanks. this has now been incorporated into the house financial reform. these attacks on the feds role of lender of last resort are not recent. my book were counts how opposition to court federal bank whether lending to commercial or bank borrowers goes back to the early controversies over the first and second national bank. andrew jackson vetoed the renewal of the second national bank in 1832. it is this debate over federal bank institutions that took us so long to create the fed in 1913. the debate still goes on. all right, so the second part of the fight against contagion were guarantees. they used the authority to remove authority for transaction accounts. increased insurance li

dodd/frank was passed, the most foors lobbying was not done by the banks. it was done by the auto dealers. why? because they wanted a provision in the bill that made it illegal for the auto manufacturers to require the auto dealers to arbitrate disputes. one of the few odd carve-outs in dodd/frank. well, the auto dealers had a point. and we need to -- we need to force congress to take a hard look at arbitration, mandatory arbitration. the only way we're going to do that is if we come up with a number of stories that drive home just how unfair, undemocratic, and essentially how perverse that process is. the other thing that we need to do is we need to win the battle in the courts. this is where you're going to hear from paul bland and people from public citizen litigation group early on. we have been fighting these battles in the court, but the court is now up for grabs. justice scalia's seat remains vacant. justice ginsburg is 83. justice kennedy is 80. justi justi justice breyer is 78. the next president will remake the supreme court, in all likelihood. most of the decisions i have been fretting about have been 5-4 decisions. one vote c

business has accomplished, we have voted on countless bills to repeal the affordable care act, undermine financial protections put in place by dodd-frank and weaken environmental protections and we are back on the floor this week to deregulate wall street, take away critical investor protections and make it easier for those who break the law to get away without paying a financial price. today's rule provides for the consideration of a bill that eliminates public interest protections, creates needless litigation and delay and imposes draconian penalties on federal officials. it is a misinformed response to a nonexistent problem and just one nor corporate give-away by this republican congress. and remember, it's going nowhere. this is the leadership that is a reoccurring nightmare. while spending time on efforts that are sound bites for my friends on the other side of the aisle to use on the campaign trail, this republican congress has repeatedly ignored the calls of our constituents to act on issues they care about, issues that impact our communities, our neighborhoods and our families. house republicans continue to obstruct meaningful

as you know the dodd/frank act has provided discretion to adjust rules based on valuations of bank risks. i cannot count the number of republican deregulatory billst have passed the house floor, which were not serious enough to even be considered in the republican controlled senate. however, i know that i as well as other democrats on this committee have worked very constructively with you to identify areas of improvement and use your discretion to tailor regulations when necessary. governor tru low's announcement regarding reforms to the stress testing process are recent example of that cooperation. and i think you just said in your testimony that you were taking a look at banks with less than $250 billion in assets and you were considering some changes provided they were not involved in a lot of trading and international trading in particular. would you tell us what that is all about again? >> yes. there are two portions to the stress testing program for the institutions over $50 billion. one is a quantitative stress test to see what the impact in the severely adverse scenario would be on the firm's capital position. and we expect to continue s

the bill does not as some of us have falsely argued, allow private equity firms to escape regulation by any stretch. most private equity firms have embraced the changes implemented under dodd-frank. they have compliance teams to make sure they are operating properly under the new scheme. in any form they did not represent a systemic risk. but to protect investors many of them agree with the sensible regulations that have been imposed with the exception of those that we're seeking to remove that are redundant and create overhead. when you create overhead for private equity firms, that results in less investment in our main street businesses. if they have to divert funds to comply with unnecessary regulations for the sake of regulations, that's not much less money, that many less jobs in your mainstream business located in your district. the substitute amendment makes positive changes to the legislation. addresses many of the concerns raised about the bill. i and many of my colleagues plan to support its passage. and also take this occasion to make sure that our colleagues are aware of the contributions of this particular model of ownership to our main street businesses. it has be

you can buy -- [laughter] other parts of dodd frank could turn out to be counterproductive but it was important that we address the issues and have a stimulus bill to try to get us back on track. i think in terms of wall street today, i get the impression that you're sort of right. there's a negative attitude toward wall street. i noticed that. including, i might add, in the "new york times," with all due respect. but i do think we need -- no modern economy can function effectively without what is in some fair measure a market based financial system. and that, i think, is something that we need to recognize in our legislate -- our legislation and our regulation. but we also have to deal with the kinds of problems that 2008 manifested. so i think we need ta balance an i think the pendulum politically has shifted toward a nonbalanced view of trying to deal with what is actually a complicated question, which is how you have an effective market based system and not have the kind of issues that arose in 2008. david: david bradlee, one of our hosts here, a master interviewer, gave me an idea before we came on stage. imagine that you're graduating from