luetkemeyer and i worked together with the fdic to provide clarity to their banks and i think the fdic's financial institutions letter of january, 2015, was a key breakthrough for banks in washington state and others. it simply said for banks worried about customer risk like bank secrecy act and anti-money laundering, which is the main concern, frankly, around marijuana businesses, the fdic does not expect them to avoid entire industries but rather to make the termination on a customer by customer basis. this was assurance that washington banks needed to begin providing banking services to well-regulated, good actor marijuana businesses. so now, a handful of washington banks and credit unions are serving marijuana businesses,ing our state banking regulators is work -- regulator is working closely with the state marijuana regulator. scores of washington marijuana businesses set up bank accounts, we're getting cash out of those businesses and into the financial system where it can be monitored and we draw down the cash stockpile, redeuce the public safety risk i talked about earlier, we ha

michelle how fdic you must loose i made a lot of schmidt in my purse and nobody. was shared what are they going to go wish me good of them for some because you want flaking off them. i'll fight you know with the needle. will make of them tonight listen i want to as it was good come on and close unusable for losing. by late mother's model. must mean give them from all those who are listening to my bottle but i do say. it was a cot i wanted to show. the. joy should be to them on the show. that they want this on my second i was sure. for the next i'm going mccomb. because the. most they go there. at least an emission assessment. on me to make and can buy it all and about i would like. to make him sign the check. i was on the he says i mean husband into the heart. of the matter is that holly. and those. who buy she on a date ahem. the lawn it. could be he she said to him not me. and some high shareef. of them on the sets let me call this time. just want to stay on for. trouble honest i know that it's all settled what about i mean what if the company. on the fox. when

out how fdic you must use i made them but it's made in my person never the. question what are they going to go wish me good of the one for some because you want flaking off of them but how fake you know with the needle. will make of them journalists and i want to because it was good come on and was unusable for losing. my late brother smiling. but the screen beautiful. mortals wireless and i got all of what i do so i knew. it was a lot i wanted to know. joy should be didn't want to shout among. the crew once it's all a mistake and i was sure of. for the next time in mccomb. there goes the. bush vs them i was in it all the. mission going by it all is a. sign which. i was on that he said is i mean has been in the heart. of the matter is that holly kate and those. who buy she on a date ahem plot the lawn it. could be he she struck him not me. how the rules and some high shareef. have them on the sets i mean on the stand. harvey just want to stay on. paid a couple on a sauna that it is also that all about i have the butt of the company. lawyer but on the fox. for

trendy joining us now, former fdic chairman sheila barrett on the crypto currency.. even before the housing mania and the fact that everybody seems to be excised and fixate on something they don't quite understand. >> this is a very volatile asset and, you know, it is a bubble. you never know when it will pop until you see one. people shouldn't put their rent money there and if you're doing it. there is some confusion about bitcoin versus block chain. a lot of people think they're getting exposure. they do not. they are completely separate. including one where on the board they are talking to block chain technology, the method of transferring ownership and tracing ownership among which is used in bitcoin but other asset, so those are two completely different things than i do worry people confuse the intrinsic value of bitcoin with the technology. >> there are many other crypto currency is out there. how do you think regulators have been run the fdic conmen and start handling this for lack of a better word? >> i don't think it's systemic. still a small part of the fi

i guess in my mind what i'm looking at is how the fdic would look at going into a bank and getting -- getting information and data. do you have the same access? >> we don't. >> i think it's pretty important that congress have that data and -- if we're going to get involved in this conversation and be part of the solution, i think that it's really important that we consider getting that data -- how would you suggest that that is accomplished? is that something that needs legislative authority to do? is that something you do administratively? what's the right pathway there? >> i apologize for being too brief in my answering in saying we don't. there's nothing that's that simple. we do collect a lot of data. we could use more data, but additional data not only costs to produce and report, but it costs to analyze and use it appropriately. so i do think that we are probably pushing the limit on what we can collect legally. >> sir, not having access to that data, not analyzing it and not understanding the problem is about to cost us all a lot so it may be wise money spent to understand exac

earlier this month fdic chairman said he's feeling, quote, a certain sense of deja vu, unquote, with bankers and policymakers become complacent. between this legislation, this committee is set to consider that the chairman and you talked about and all the deregulation in the works by the administration and regulators, look who the president has put on some of these boards and regulators, were on course to weaken the rules for large regional banks, were on course to make stress tests and living wills easier for global banks. were on course to insert more exemptions. are you certain that all these changes aren't paving the way for the next financial crisis? >> certainty is kind of a high certainty r sta standard. that's not the sbept aintent an don't see how the things we're talking about doing would push us in that direction. >> potentially fewer stress tests? >> well, that's not something we've decided. i think stress testing is a really important post crisis innovation. maybe the single most successful and i think the barcnks will sa that to you. >> you've said it and the banks have

money safe wok for the safe financial institution and ahead for them and their family eloo now the fdic reports the unbanked in san francisco is now 2% down 15% machine than ten yearsing a congratulations to all of oyou for making a huge difference for folks here in san francisco. but our job is not done we know there is still mreny of families and households in san francisco that face financial instability. in fact the gap in income is growing wider today i don't know if it's news to any of you our city is more and more expensive to live in it's causing struggle and instability that's when we were excited to have the analytically to work with wour friends here at earn in san francisco if we would support to boost the savings read for everyone in san francisco that's why we're excited to be promoting and launch the saver life effort all of the work we do in our office for financial empowerment we have a lot of folks as i said left behind we have been shocked to learn nearly half of everybody in our city couldn't put their hands on $400 to cover an unexpected expense if they had to. imag

is it important when you come through the fed or the fdic or anyone, to come through the regulation or proposes a regulation, that they have some type of serious cost-benefit analysis before they implement a regulatory change it is, senator -- implement a regulatory change? powell: it is, senator. we try to do it in the most efficient, least costly way that we can do it. three or four years, we have raised our game significantly and we are doing more of that. putting up for example, white papers, in connection with big rules. solicit explicitly comment on cost-benefit analysis. have also started a unit of policymakers which will focus particularly on cost-benefit analysis. i think we're always trying to be better at that and we regarded as a very fundamental heart of what we do -- fundamental part of what we do. senator: that is important for any financial institution, pizza bank and financial survival -- we think it is key to any financial survival. liquidity is important. that toportant to have have a strong institution? powell: liquidity, as you have suggested, that is really what k

our president, who has played fdic -- let's not pretend that our president has not been in a bigot let's it. >> ed: that's your opinion. what does that have to do with the congresswoman, elected in her own right, deciding to take this silly dispute on an airplane and say it's because she's african-american? >> i think the dispute itself is silly. what i am saying is, i think we need to look at the top and we are we are getting our leadership from. when the president acts like a bigot on tv every day, i think it makes it harder to have these conversations. >> ed: larry, i democratic cogs are meant tweeted out that it's about race and at the president's fault? >> apparently. we've come a long way in the country, the struggle from rosa parks has turned into sheila jackson lee getting her first-class ticket on an airplane. >> you referencing rosa parks -- come on. let's not kid ourselves. >> you're right. she is a symbol. sheila jackson lee, she suffers for all of us, god bless that woman. >> ed: i notice him so sarcasm frameless shift gears. we talk about the tone. there is a man named robe

> the white house says president trump plans to nominate galena mcwilliams as the new chair of the fdicif confirmed, she would succeed obama appointee martin grewenberg who will serve in that role until his term expires this month. >>> bayer says the committee on foreign investment in the u.s. or cfius has cleared its planned $66 billion takeover of monsan o monsanto the regulator is a panel led by the treasury department that reviews deals for national security concerns. bayer expects to complete the transaction early next year. bayer slipping today german trade is soft more broadly. >>> vmware with better than expected third quarter results more companies licensed their product i product. >>> ulta beauty beat forecasts, same-store sales growth slowed, though and the current profit will fall short of analyst expectations it slipped 5%. >> all the they had double digi for 12 straight quarters. >>> blue apron's cofound ser stepping down as ceo he will be replaced by the cfo shares of the meal kit delivery service dropped 70% since the ipo in june. it's facing stiff competition from rival

>> banking regulators including the federal reserve and fdic have come out with their status report on living wills. that i have given at least a passing grade to eight of those banks. they have no problem with plans submitted by bank of new york m mellon, citigroup, jpmorgan chase or state street. however, they're referring bank of america, goldman sachs, morgan stanley and wells fargo back to do some fixing they have found some -- they have some shortcomings day are not material deficiencies which would have required a refiling and replanning of their living will. however, they are going to go back and ask those four banks to fix at least some of the problems that they've found. again, satisfactory or passing grades for all eight of those banks but the four, specifically, bank of america, goldman sachs, morgan stanley, wells fargo, the regulators want to see some of those weaknesses they found in mare plans readdressed. we have more details the stocks are not moving hugely on this. of course, in context, kelly, the reason we talk about living wills, this is part of dodd/frank and thi

the fsoc, the fdic, the occ, the frb, you know, commodity futures trading is changing the members but not the chairman, the fhfa, anything that has anything to do with regulating banks has changed and not just the leader. you've got 8 people on the fsoc out of a ten-person brecht thoors are going to change you've got five on the seven at the federal reserve who are going to change, and if you don't think that's going to mean a very dig change in the way stress tests are run, in the way capital is looked at and the way liquidity is thought about, you know, you're missing it because this is huge it's never happened before. >> right. >> dick, always a pleasure happy new year to you. >> happy new year. >> dick bove of vertical group pete najarian, i go out to you is this the year goldman sachs catches up it's been an underperformer obviously against the rest of its peers? >> i think this will play catchup but i still don't understand why bank of america is not going to continue to explode to the upside. there's other names on there that will probably outpace goldman, but i do think goldma

. >> former chair of the fdic.ining us. >>> up next, nikki haley rolls out proof iran defied the u.n. security council and provided missiles to yemeni rebels. >> the evidence is undeniable. the weapons might as well have had "made in iran" stickers all over it. >> how iran is responding, after the break. the real gift isn't what's inside the box. it's what's inside the person who opens it. give ancestrydna, the only dna test that can trace your origins to over 150 ethnic regions. save 30% for the holidays at ancestrydna.com. when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. but on the inside, i feel like chronic, widespread pain. fibromyalgia may be invisible to others, but my pain is real. fibromyalgia is thought to be caused by overactive nerves. lyrica is believed to calm these nerves. i'm glad my doctor prescribed lyrica. for some, lyrica deli

new leader of the fdic, new leader at the fcc, two out of the three people at the fdic changing.cfpb, f. hfa. you have for the first time ever changed every one of the leaders of every one of the regulatory industries at the regulatory agencies in the united states and that's going to be really, really good for the banks. >> if you take out the private equity buyouts, which you have in one version, does this are significantly and infrastructure built the president wants to get past? >> well, i'm not an expert on the bill. over the senate version and the house version and it's very hard for me to project what is ultimately going to be the rate that the banks pay on what they do and i am not sure i can answer the question. maria: what about the fannie mae report you just wrote with the gop tax reform bill will force fannie mae and freddie mac to seek money from the treasury after wiping out their equity. explain this, please. >> first off, fannie mae and freddie mac are companies which have no equity. we take fannie mae loan, common equity negative $132 billion. if we look at total

like the one we had last week, especially the old one, people call me up and said, how do i make an fdic claim against the bank that lost my bitcoin i get those calls. those are very little education out there on this. the fwguys controlling a lot of supply, know very little they have probably selling if i were to guess. i think the original folks in there are probably already out >> really interesting interview. thank you very much >> thank you >> you got to tune in to fast money tonight for their block chain blockbuster. they have special guests all week >>> from the hype of bitcoin to the hurry up and wait, there's no shortage of on wall street. how should investors be setting the table looking ahead into 2018 let's braing in chairman researh partners does it make it likely more recommended? >> i would never recommend it to my clients i'm in the stupid idiot. my clients are constitutional investo investors. they are not retail. even more so, it would be difficult to recommend it to other people if you want to speculate on it, that's your business >> it does open it up to some institut

balance sheet to get a aaa rating, it would be significantly more than what he has to pay into the fdic. so the banking sector is the most subsidized sector, and it's the most fragile sector of the economy. so when people started saying how do i preserve my capital in a system where i think that everything is tied to this fragile financial system that makes the pricing of all other assets derivative of it, is how do i create a store value for myself? so people went out, worried people like me, you go out and say, well, maybe i'll owning ature, maybe i will own hard assets, real estate, i'll own some gold, but then all these hard assets got bid up in value. but what we also want to do is -- what also happened during this period of time is people -- trust eroded. people don't trust their politicians or any institutions. in the past we've had you can trust institutions because we try and create contracting that sort of lines our interest. or we create this third-party intermediary, a neutral observer, and they convey trust. so what happens is about the same time we've debased our currency,

to guarantee my balance i could tell you it would be significantly more than what he has to pay the fdic. it is the most fragile of the economy. when people started to say how do i preserve my capital were everything is tied to the fragile financial system how do i create a value for myself? so you say may be agriculture or hard assets of real estate but what we also want to do people don't trust politicians or any institution. in the past what we do is try to contract that interest or create a third party intermediary that is a neutral observer. so we also do base the currency and also an institution to be reliable as a trust agent. how do we create platforms amongst ourselves and between ourselves not having to worry about trust? that is a relevant concept. so no go to t19. if i start a financial system today from scratch nobody ever heard the term money before you were all really smart we were confident the way we engage in transactions. so one is to go to the forest and give somebody a printing press this is the smartest person i know they will do it to their own criteria. to say we

by regulators with no significant issues that is the first time in three years that the fed and the fdicn't find issues that needed immediate attention. four banks, bank of america, goldman sachs, morgan stanley, and wells fargo, were told that their plans did have some shortcomings that need to be addressed at some point. the national association of realtors will be out with its november look of existing homes later this morning economists are looking for a 0.7% dough cline after a 2% jump back in october. a european union court has ruled that ride hailing service uber is a transportation service and can be regulated just like traditional taxi services. that follows complaints by taxi drivers in spain that uber was engaged in misleading practices and unfair competition however, uber says that the decision won't change the way it operates in most of the e.u. countries. >>> senate republicans passing their big tax overhaul bill late yesterday now. the house will have their turn again before it goes to the president for signature. it does matter to us we've had this huge move in the stock