all my regulars are down there the fdic we have forms down there business roundtable. aba. fsrt and we obviously go see -- get involved in legislation and stuff like that. being the chair of the business roundtable, obviously i'm doing more of that the reason i'm doing that is the brt, which is 200 large companies, huge positive force in society, it could be a huge positive force for good policy around tax, immigration, infrastructure, trade, work skills initiatives so the ceos want to get those things done, too. and they're very important because it's good for all of america. that's why because it will create jobs. because it will create more middle wages and wage growth that's why it's important that businesses get involved in doing the right thing. >> i want to read you something about yourself, if you're jamie dimon, you always had access, tim pawlenty, ceo of the financial services roundtable. he said the difference is he wants it, he wants to play a role in policy more broadly than just representing his company. is that true and if so, what changed for you? >> look, i

no different than federal reserve, fdic. >> consumer protection bureau was created in 2010 as part ofon designed to rein in wall street. the bureau was the idea of elizabeth warren, harvard protepr professor hoped a single agency regulating all consumer lending would prevent the practices that led to the great recession of 2008. >> we cover banks. we cover auto lenders. we cover mortgage lenders. nobody was singularly focused on that before the crisis. it was a gap, blind spot. it cost this country terribly. >> in less than six years, he turned the fledgling agency into a regulatory powerhouse. rewriting lending regulations and bringing enforcement actions against some of the biggest financial institutions in the country. including wells fargo, citibang, and bank of america. still, some members of congress say, he has way too much power. >> we have now one unelected. one unaccountable individual who essentially gets to determine what mortgages we have, credit card we have, bank lens we get. >> jeb hensorling, republican from texas chairman of the house financial committee. >> in a dem

shery: for more on the implications, sheila bair is the chairman of the fdic and a staunch republican who has been critical of president trump's policies. us your assessment of what you of heard so far and what you think of this tax plan. sheila: there are not that many details yet and i have only gotten to skim it. we need to transition to a territorial tax. our tax code gives corporations affirmative incentives to go overseas so getting that money back, creating better incentives to invest and create jobs here is probably good. on the pass through, i am overseas so gettingtroubled by f the pass-through rate to 25%. it suggests they will try to limit that to small businesses and i hope that is the case, because the richest people in the universe like the people who run private equity funds and hedge funds typically organize somselves as pass-throughs they gain it through tiered interest on the private equity side. kicking them down to 25% when a lot of them should be paying the top right now makes no sense. when you talk about benefiting the wealthy, that does not just include wage e

. >> i'm not sure of more regional specifics, but the fdic is really the one that has traditionally done study around under banked numbers in the us. what one suggestion i could make is that there is several cities that have come together, cities for financial empowerment which have coordinated their approach to financial inclusion, so the main organization is actually based in new york city. i think it's cochaired by someone in new york city and then the san francisco treasurer as well. so common that organization should have some statistics on the more regional level or at least the ventral level, so you might be able to plug in their. >> one more last question and then we will wrap it up. >> hello. on judy cochran and i really appreciate what camille had to say about addressing the ultra- poor. around the world, those who are the poorest of the poor often speak of minority which that are not even recognized by former financial institutions and i wonder to what extent is this report take language into account with regard to inclusion >> i may-- not sure the best way to answer that, but

it's fdic insured money. that's why the feds are in here. we're live at nats park, derrick ward, news 4. >> it will be good to see that video. thanks, derrick. >> we are getting an updated look at the prince george's county woman missing for nearly two weeks. this is a more current picture of ashanti billie it is her driver's license photo. erika gonzalez is in our newsroom with the latest on this development. erika? >> hey, jim, clothing was found yesterday by people searching for ashanti billie and they turned those pieces over to police. detectives have not said if the items are in fact connected to ashanti's disappearance. search crews were combing the areas where the 19-year-old's cell phone and her car were discovered. the cell phone turned up in a dumpster. the same day that she went missing, september 18th. her car, that was found several days later in a norfolk neighborhood. billie is from prince george's county, but moved to norfolk in august to attend culinary school. ashanti's parents have not returned to prince george's county.

b, when you were at the fdic what rules were there when a company knew it had some danger about sellingtock? >> of the it really does raise -- if they didn't know about it it raises questions about what their internal controls were to provide notification to senior management of a breach of that size. either way they don't look good. i think they should give back untoward profits they got by selling them, if we are going to talk about compensation as well. no, banks are not perfect. i think cyber security is one area where bank regulators and banks they have recognized for decades this is a big issue. bank have highly sensitive information. it's in their interests to coop it confidential. you would have to have controls around notification, multiple lines of defense, an external auditor, a third party exert come in and validate controls. you would have to immediately notify your regulator, the federal, or the fcc. there are controls. it's hard for me to see how something this sloppy could happen at a bank. very difficult to protect against a cyber security threat. i give equifax that. b

they're called receiver banks that came into buy a failing bank that was forced out of business by the fdic and dodd frank regulations that are overburdensome, but you will also talk to small banks and you say how many people does it take to oversee all of the regulation says now that you have to abide by and it's enormous the amount of individuals and they've had to hire just to try to comply with rules and regulations that were meant to impact large banks and why have large banks gotten bigger and non-banks -- >> we have an argument here, gentleman, because we've still not answered the question and done away with it. what reason -- what do you have or what sensibility do you have that they are not going to do what they did before and wreak havoc on this country and put us into gigantic recession and people lost their homes all over this country and none of them were punished for a minute. >> obviously, if you're going to take it away, you have something --? it's been fully vetted through the financial services committee and i know the chairman sat right here at this table and i'm sure you

my concerns have only grown given the disclosed cyber breaches at the fdic, the irs, the opm, your commission and other agencies. i've mentioned many times in hearings that consumer financial protection bureau and its massive data collection that i'm very concerned about. in addition, the sec itself has come under scrutiny in recent gao reports for its own security controls over its key financial systems and information. the sec and other agencies monitor, regulate and enforce the data safeguards in place at regulated entities. given the amount of data that they collect, as well as the roles they play as the stewards of our markets, the sec and other government agencies must be held to a higher standard when it comes to cyber readiness. a couple questions about the current cyber-attack that you are dealing with. can you give us any more information about the defect in the software that caused this attack or is this not the time to discuss that? >> i do not have any more information about the type of defect that led to the intrusion. there is an ongoing investigation. we've got the office of i

. >> is this sort of like the fdic where all the utility companies contribute a fee to support this oroes this work >> well, edison electric, umbrella for the e elect rick yults in the united states oversees this process and put in place tools we use in other words to match up needs with the number of resources sent out in terms of the actual dollars, we will continue to pay our employees. we'll make sure that we cover all the costs and the resources necessary. and then when all the accounting is done, we'll send a bill to the receiving utilities and then they'll pay us back for them. >> so as a customer, i wouldn't necessarily see this on my utility bill, for example. >> no. no in fact, you will not see it on your utility bill. >> how many times a year does this mutual assistance process call upon people is it a nationwide thing how many times a year do you hear from them >> yeah, well, there's regional mutual assistance groups on a regional basis, we share crews on a pretty regular basis. i'll give you an example, in march we had a tropical storm hit the state of michigan. pretty cat

fdic 2015 study showed that 25% of the people in this country are either unbanked or underbanked. how do we solve that problem? how do those folks have access to credit? the cfpb is not trying to regulate, they're trying to destroy small dollar lending market. with that, mr. chairman, i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from minnesota is recognized. mr. ellison: let's be clear. to get a payday loan you have to have a bank account and a job. we're not talking about the unbanked. we're talking about people who run into a short-term financial crisis, they go to a payday lender but the amount of the fees that are so high that they've got to borrow money to pay the money back and end up getting in a cycle of six to 10 loans that they have to continue to take out which drains money from their finances. they lose bank accounts because of payday loans. , 're saying, let the cfpb allow the regulatory process, the rule making process to go forward. let's not chop it off. let's not stop it. let's see what we can find out. like people in my distr