what did the fdic do to analyze whether the fdic would be funding chinese interests and how the fdicn, i can't speak to that. i would be happy to take that question back. that was really not something i was looking in at the board. at the time, what was central to my decision-making, we also had signature the same weekend. although it was not obvious to others at the time, first republic was right there as well. ■p i put the three together, that was really what got me to a yes. >> okay. any thoughts on that? but i would have to get back to you. >> all right. i have also been alerted to the fact that the fdic chose to ensure -- insure certain foreig certain bank would be in violation of, which expressly states that the insurability of funds associated with sweep accounts maintained by foreign branches is to be determined as of the end of business status of the funds. instead, fdic chose to drop the cycle and payout the account as if the money was stationary in the united states. why did the fdic bend the rules on that? >> caucusing, that is another question i will have to take back. >

by reportedly nominating the fdic commissioner to serve as fdic chair. there's a long track record of working to protect our nation's consumers and taxpayers. she successfully held accountable bank executives who engaged in financial crimes and fraud. by the senate twice. i expect that they would join with democrats to support her swift senate confirmation. i yield back. >> we will continue to here our colleagues attempted to deflect blame, and we will continue to hear a litany of reasons why the chairman is the right man at the right time with the right ideas to reform the fdic. one simple fact remains. he has failed to put politics in a radical progressive agenda overdoing what is right. fdic employees and the well- being of the agency that he reportedly loves. independent report was clear on one thing. culture starts at the top. for nearly two decades he has failed to recognize how his own misconduct negatively affects his own employees. mr. chairman, it's time for new leadership. it's time to let the agency heal. the safety and soundness of our banki

what did the fdic do to analyze whether the fdic would be funding chinese interests and how the fdic go about preventing that? >> congressman, i can't speak to that. i would be happy to take that question back. that was really not something i was looking in at the board. at the time, what was central to my decision-making, we also had signature the same weekend. although it was not obvious to others at the time, first republic was right there as well. i put the three together, that was really what got me to a yes. >> okay. any thoughts on that? but i would have to get back to you. >> all right. i have also been alerted to the fact that the fdic chose to ensure -- insure certain foreign accounts for a for that for a certain bank would be in violation of, which expressly states that the insurability of funds associated with sweep accounts maintained by foreign branches is to be determined as of the end of business status of the funds. instead, fdic chose to drop the cycle and payout the account as if the money was stationary in the united states. why did the fdic bend the rules on that

>> the board of the fdic? >> yes. >> yes. >> do you agree that, let me ask you, how many women are among the fivee are no women among the five. >> five men. ve in a world where it is not that's not enough for things to be right, they must also look at. by the way, no disrespect to any of my friends on the board. ink highly of you, but it seems to me that it may be time for us to look to have the ership of a female. permit me to ask you about the comment you made, i believe s you, mr. mckernan. you made the of this being misogyni.stic explain, please. >> explain what i mean by that? >> yes, sir. >> this is characterization of the report. they describe the workplace culture. to me, we have biases slanted in favor of the male workforce. old boys? >> absolutely. >> is that what we're talking about? >> that's right. >> someone used the term patriarchal. would you speak up, madam? i believe you did. >> i did use that term. that referred to conduct including allegations that there are outdated notions of appropriate

sunlight they develop more and that's theas fdic disagreed going to require more and fdic currently has a environment where harassment is not tolerated. >> social norms they thought everything was hunky dory in 2020. who was the chair then? >> chairman -- >> right. so that was not the -- mr. again berg. >> correct, he was not the chair >>then. >> he came in in 20 -- the following mcwilliams, he saw in the report saying we disagree. we'reec doing fine. we don't need a isn't it true strike thaty and kind of caught my attention. and theredo seems to be so much focus and well, it should be. it's chairman and going to be in fact there's been other previous chairmens and both democrat and republican appointed by both democrat and republican presidents. it is a problem for agency and needs to be worked on. seems like the agency resisted somecr of this. ...be to take care of some say we need to take steps to address these problems. so what steps have you taken, sir? >> the report came out the press in november i've been there 10 months. what i did was championed an independent review we initial

importance ofe fdic's. that per function of maintaining stability and public our nationl system. we appreciate the great responsibility of conducting this type of a review. both to the fdi cns employees. as well as the public that it serves. we understood independence, credibility and fairness were paramount importance in the drafting of our together the facts necessary we set up a hotline individuals could make reports we obtained and reviewed thousands of documents from the fdic's. conducted additional interviews ofof current through multiple offices the reports made per hour hotline or particularly revealing. both in volume and in substance. over 500 individuals courageously reported to our hotline often painfully counting experiences of sexual harassment, discrimination and other interpersonal misconduct that they had suffered the fdic's. we cannot describe all the incidents reported to us we do feel compelled to those report incidents to us expressed fear. sadness, and anger. at what they have had to e

we need a new fdic chair. and the good news is t president has already sent the senate a nomination a new chair. first of all, this resolution going to do anything to improve the culture of the fdic. won't. the reality is the banking and housing committee is quickly to consider and report outhe nomination. additionally i should just note the resolution has some inaccuracies that misrepresent the findings of the third-party report. but the most important thing is should be focused on providing new implement the recommendations of the begin the much-needed overhaul of the fdic. i could not agree more. we need to work together the potshots and partisanship aside. it's not about attacking president. it's about getting this person out of their to be able to havein. that's what's happening. that person has beee banking and housing committee arehat's where we need to be focused. anything else is just wasting time. so with that i object.presiding officer: the objection is heard. ms. ernst: mr. president. the presiding

for the biden administration, does me too apply, except for the fdic? >> no, we have seen some people forced to work in unconscionable conditions. >> what are you going to do about the fdic? how will you protect them? >> they definitely deserve protection. this is the sexual harassment claims, they fall under a different federal agency. >> so you are planning to just ignore it? >> no. but i think it is important for agencies to operate under the authority that they have been given by congress. >> wouldn't you want to ask mr. martin gruenberg to resign? to quit? >> i think, senator, you said that the complaints have been made to the proper federal agencies. >> not yet, but they are coming. i am asking you, what are you planning on doing, if anything, because it does not sound like you are planning to do anything to help these young female employees. >> i am happy to make sure that the eeoc is aware. >> you will not do anything about it as labor secretary. >> let me say this, mr. senator, i know that the people need a very strong department of labor. our

you know, the fdic is a great agency.r people say, oh, it's always been toxic. it's always been terrible. that is just not true. when i left the fdic, we had a highly energized, highly professional agency. what zbl what do you think happened? is it really marty? >> no, because for years after i left, i was on the outside looking in, but rankings and best places to work remained high. i think there were tensions between him and yellen and mcwilliams. i think that maybe was a distraction. and then, you know, things -- part of the problem was we were having these apparently having these incidents widespread at the regional level that were bubbling up. some of them were at the headquarters level too. people weren't responding. they weren't imposing accountability. that kind of thing starts spinning out of control. the heads of these agency, you've got to pay attention to the operational side as well and make sure people are held to the highest standards, and the fdic traditionally has and will again have very high standards o

this committee has over cited fdic. this report word has documentation of racial discrimination with the guard employees. that is disturbing when you are that low, can you tell me what is going on? what are your plans to fix the problem? >> one of the things on a repeated basis is that human capital is our greatest resource. one of the areas that i was very intense on after being confirmed and prior to confirmation, was to review where we were as it relates to staff more out in terms of the agency. as i have begun to study that. xm if i look at the scores that were back in 2005, we have always been at the lower 1/5 category . that data was telling me that there was a systemic historical challenge. there are opportunities for us to do more. one of the things that i began to do was hire human capital. >> i will let someone else ask the question again. my time is up. with that, we go to the lady from ohio. >> thank you, mr. chairman. thank you, president and chair. just for the record, in my opening statement i said i was

it has all been born by the fdic.alked about. those are the ones that have been doing the bailing out when it comes to this. second of all, these big banks have pushed back and their side of things have been that if we do not -- if we are not allowed to use that capital, it is capital that will not going out to do things like make loans for houses, make loans for small businesses, make sure that the american public has access to that money. and that we will become less competitive, relative to other big countries. >> so, you know, let me unpack what you've just said. the idea that we say, it's fine for the fdic to have to pick up, i don't know, $12 billion, $15 billion in losses because of those bank failures. we shouldn't worry about it. and notice, by the way, that jpmorgan chase that bought one of those big banks managed to book a more than $2 billion gain from doing its own government-supported rescue of one of those failing banks. look, the whole idea is to make the banking system more stable. and i don't know ab

citigroup shares giving up gains today after a wall street report that the fdic will vote thursday tottling will to deficient from a shortcoming. cnbc has not been able to confirm this story. but citi sent us the following comment, which reads in part, "our balance sheet and financial health remains strong with high levels of capital, liquidity and reserves. we konltd to have confidence that citi could be resolved without the use of taxpayer funds or an adverse impact on the financial system." it's unclear how serious a development this is. banks are required to post and create living wills, get them approved by regulators. the living wills tell regulators how to unwind them in the event that the bank fails. it's rare for a living will to be labeled deficient. deficient is the lowest rating. "the journal" notes that the fed is not expected to join the fdic in the finding of a shortcoming and this had been flagged back in 2022. "the journal" also said no penalties are associated with this because the fed is not on board with this vote by the fdic, expected to happen on thursday, mike.

the fdic has approved new measures to handle misconduct in a statement the agency said two independentes will hear claims of harassment, discrimination, other interpersonal misconduct and retaliation following feedback from fdic employees. this after an inquiry of sexual harassment founded the chairman of the board to announce that he would resign last month. and the celebratory duck boats were back out in force in boston. fans flooded the streets of beantown to honor the celtics for their record-setting 18th nba championship. star jayson tatum hoisted the larry o'brien trophy. amid growing scrutiny. robert gwinnett reverses course and backs out as the next top editor. brooks and capehart and recommendations on what movies to watch this summer. >> this is the pbs newshour. frommers eta stud studios in washington and in the west from arizona state university. william: the 2024 campaign was already shaping up to be the most expensive election of all time but anyhow several high-profile billionaires are dumping match amounts of money into the race. lauren has the details. >> thanks, willi

the federal deposit insurance corporation or fdic has approved new measures to handle it misconduct.atement, the agency said two independent offices will hear full claims of harassment, discrimination, other interpersonal misconduct, and retaliation following feedback from fdic employees. this comes after a scathing workplace investigation that prompted the chairman of the board to announce last month that he would resign. it was a quiet close to the week on wall street. the dow jones industrial average gained just 15 points to close at 39,150. the nasdaq slipped by 32 point. the s&p 500 also ended slightly lower. and the celebratory duck boats were back out in boston today. fans flooded the streets to honor the celtics for their record-setting 18th nba championship. jason tatum hoisted the larry o'brien trophy to cheers from the crowd. the traditional duck boat parade has become a familiar sight in boston because the city's many teams have won 13 titles already this century. still to come on the news, amid growing scrutiny, british journalist robert wynette reverses course and backs

the fed and the fdic said today that each of the 2023 plans submitted by bank of america, citigroup,an sachs, and jpmorgan contained a specific shortcoming, that is the regulators' tomorrow, shortcoming in the firms' strategies if there were material stress or failure. the agencies were divided, though, on citigroup. the fdic determined that the citi plan wouldn't facilitate an orderly resolution and deemed its weakness a notch down, a so-called deficiency. the fed said that citi's plan had a shortcoming, that's the less severe mark. and because they disagreed, they gave citi the less severe shortcoming results. citi said in a statement that cnbc, quote, while we've made substantial progress on our transformation, we've acknowledged that we have had to accelerate our work in certain areas including improving data quality and regulatory processes such as resolution planning. the firm said it continues to, quote, have confidence that citi could be resolved without an adverse systemic impact or the need for taxpayer funds. goldman sachs and jpmorgan declined to comment, haven't heard ba

this committee has over cited fdic. word has documentation of racial :a that is disturbing when u are that low, can you tell me what is going on? what are your plans to fix the problem? >> one repeated basis is that human capital is our greatest resource. one of the areas that i ing confirmed and prior to confirmation, was to review where we were as it relates the agency. as i have begun to study that. xm if i the scores that were back in 2005, we have always been at the lower 1/5 data was telling me that there was a systemic historical challenge. there are opportundo more. one of the things that i >> i let someone else ask the question again. my time is up. with that, we go to the lady you, mr. chairman. thank you, president and chair. just for record, in my opening statement i said i was proud to be here and i we re- established them under the ranking water leadership after seven years. for my first question, let what the chair is saying. he is correct with what we thou happening there. i will give you some time to >>

he is correct with what we out about fdic and what was happening there. of the first things we did was bring one of th four to work with our leadership team to focus on training and development. we hired in more than five years, we have not hired a permanent chief capital officer and we have done so. we have hired a new chief management officer. we have doubled our efforts oundand development. launched our first mentoring program. and expanded the benefit programs. we are working on the next generation of leaders to make sure that next senior-level officers are prepared for the ture. we have connected three off- site retreats. t justwi magers but with all managers and the we have required individu departments to have off-site retreats for their teams. we know that chanslow to occur. i believe that we are moving in the right direction. >> i was going to let me just remind people, you've been there for how long? year you said more than five. i am safe you a planto bring in experts from the outside to deal with you. i'm sure you will be asked at a i applaud

at the fed and fdic reviewed the most recent resolution plans, also called living wills, mandated following the 2008 financial crisis for the regulators did not identify specific weaknesses in the plans. bloomberg's todd gillespie joins us now. you cover all the banks. at citigroup in particular, very closely. what is the difference between the likes of jp morgan, bank of america, goldman sachs and how they are being treated relative to citigroup right now? >> citigroup today the ftse said citigroup had a deficiency in its plans, essentially one rank lower than what they identified in the other slightly problematic banks. on the other hand the fed said they only identify a shortcoming with citigroup because the two regulators do not really agree citigroup is deficient. they kind of escaped the lowest penalty. the worst penalty for these banks right now. as you say, citigroup is a bank that has had a lot of regulatory overhang. it has consent orders and issues with technology and data it has been trying to improve for years. it has been a very costly weight on the bank. earlier this week whe

report detailing a toxic workplace culture and leadership failures at the florida dht of the report, fdicn gruenberg announced he'll resign. watch the full house financial services committee hearing tonight at 8 p.m. eastern on c-span2, c-span now p our free mobile video app, or online at c-span.org. >> c-span, where history unfolds daily. in 197, c-span -- 19799, c-span was created as a public service, and today we continue to take you to congress and other public policy events in washington, d.c. and around t country. c-span, powered by cable. >> host: our first guest of the moment is representative tom tiffany, republican of wisconsin who serves the 7th district, member of the judiciary comm morningct to you, sir. >> guest: good to join you this morning, faithed row. >> host: from that hat on judiciary, i wanted to g

you are a member of the fdic's board of directors. he also played a role in forcing mr.utenberg's predecessor, who was working to address the abusive behavior within the fbi see and trying to address employees. you've also not directly, that on chairman gruenberg's mistreatment of his staff. it is safe to assume that if this were a private sector clinicians addition, you would quickly call for the removal of his leadership. instead, we see partisanship on full display once again. i urge you to stop putting politics ahead of people and work with and help improve the financial servicerketple. i will now recognize the ranking member of the full committee, the gentlewoman from california, for opening statements. >> thank you very much, mr. chairman. let me first say to director rohit chopra, thank you for your patience this morning. i know you have been waiting for about 45 minut. i'm very pleased that you took the time to not ly recognize, you know, many of the members that you work with, and i also want to thank mr. mchenry, despite the fact that he waited, he decided to g

as the director of the fdic do you believe you have a responsibility to ensure that there is a workingsexual misconduct, and harassment. dr. chopra: yeah. the law delegates to the board the responsibility. mr. huizenga: let's explore that. yesterday the director indicated although the fdic is, quote, run by a board, most of the decisionmaking is done by the chair. i assume that's been your experience. but i'm curious how much of the day-to-day operations are you involved in? dr. chopra: i'm not. but i try to make sure i understand all of the things that are appropriate for the board. certainly this issue -- mr. huizenga: based on the report and widely acknowledged problems outlined by the report, are you prepared to play a more active role to make surety culture is fixed? dr. chopra: yes. since the report i have been increasingly engaged in making sure -- mr. huizenga: yesterday, some of my colleagues on the other side of the aisle stated that quote, female leadership, was need ted . we have talked about this before in committee. and private. your active role in forcing out the last fe

what we really need, we need to raise and take the fdic's suggestion and raise deposit insurance forinesses can keep their deposits in regional banks, and not feel like when there's stress, they need to go find the too big to fail bank. it's going to change what the industry looks like in ten years, if it isn't addressed soon. i think the capital situation's been dealt with, which you can see, even in the stress test. now, it's time to focus on deposit insurance reform. >> all right, fantastic. tom, thank you very much. let's trade these stocks, guy. >> steve asked the right question -- karen, too but steve is spot on. we talked about this at the time. if silicon valley bank -- they would have passed the stress test, just to be clear. so, the stress test, to me, is somewhat meaningless. i get it. now, you'll see that silicon valley bank, all the same person, and they all pulled at one time, i get it. that was probably idiosyncratic, not going to happen again, however, how important are the tests? i'll say this quickly. kre does not trade well at all. if you look at the small banks, t

announced today that he will nominate a markets regulator christy goldsmith romero as the new chair of the fdic current chair after an investigation found a toxic work culture at the agency. >>> tyson food's cfo suspended today after he was arrested on drunk driving charges. it comes about 18 months after john tyson was arrested for criminal trespass and public intoxication after police found him asleep in someone else's house. tyson foods has named an interim cfo in his place. >>> and tennis star rafael nadal will skip wimbledon to prepare for the olympics. he said he didn't want to change surfaces and opted to enter a clay court tournament in sweden. the tennis competition will be july 27th at the site of the french open, where nadal has won a record 14 titles on the red clay at roland garros. >> now that we know he's playing doubles with alcaraz, whatever it takes, i want to see great matches for those two. >> they will certainly be the sentimental favorites, and maybe in doubles the overall favorites, because alcaraz is probably number one or two in the world right now. >> tyler, see you so

three of those were regional banks that got seized by the fdic in order to prevent bankruptcy while therth was dish network acquired by echostar but dish's stock was at $7.30 when we learned it was a goner. when you look at the echostar shares you would have gotten in the takeover they're only worth $6.26 so down 14% during a period when the s&p is up more than 25%. what a list we produced here. now, why go through this? because when i saw the companies being expelled last friday night, comerica. i illunmina and half, that's not bad. but it would be fine if rates come down. . llumina had trouble in the post-covid era and it jumped last week after their cancer testing business later this month. feels like it could approach a bottom. robert half the staffing firm suffered from hiring trends and some of the markets like tech but still a company with a pretty good long-term track record. however, when you look at how these former s&p 500 components tend to perform it's hard to get behind any of the new ones, sure, removal from the s&p is not a death sentence but the numbers here are stark,

home of the fed moving forward, i think in general we've seen a lot of financial regulation of the fdicot of reforms that unleash the american potential and looking at the financial sector and otherwise, that might mean someone also the home of the chair of the federal reserve. neil: i know you work with a guy but they almost made it out to be jesus christ or moses in the stewardship of the economy, that is donald trump and i don't blame entirely coded on him but the covid in the final year was what ultimately spells his political doom, do you think it is fair when numbers are compared and the trump years in the biden years to forget about the last covid? >> i think it's important to look at what's happening between 2017 and 2019 and the trump tax-cut deregulation is going on and more economic growth. from that perspective we saw a lot of pro-growth policies that supported more growth in jobs and things of that nature but it's also important to consider what happened during 2020, there were the lockdown that took place a lot of economic strike that happened as well. neil: that's why we

can sell student loans, medicaid and fdic bank bailouts are the principle cause. budget spending heading towards 25% of gdp. that is compared to the 50 year average of only 21%. and, the federal debt held by the public now headed towards $51 trillion which is about 122% of gdp. once again, mr. biden tries to blame everything on donald trump. but trump's only real big spending year was covid 2020. when he acted responsibly by cutting a deal with democrats to save the country. biden on the other hand has spent over $6 trillion after inheriting a full employment economy from trump and thus the 20% biden-flation shows no signs of ending anytime soon. you know joe biden thinks insurrection and racism and something called democracy are going to bail him out but the polling numbers so far show his entire campaign is a failure and they keep missing the point but donald trump is pulling together a working class coalition of all colors and stripes based on the theory that success is the ultimate unifier and truth. and that's my riff. all right, let's talk. joining me now ho

the latest move after the fed and fdic identified waekzs in the so-called living wills of these companiese is a crisis or failure. ahead of stress test results released next wednesday. i thought this was interesting. tim thought this was a snooze story out there and karen thought this was very interesting. is this the reason they pulled back? >> yes, it's the reason they all pulled back. overdone? absolutely. the letter they sent to each of those four, maybe another one as well, so i'm like okay, what are they saying? it said m diamond. i kind of got a kick out of that. a letter directly to him. they were pointing out the derivatives book i guess -- needed more i guess more definition, more something. i'm not even quite sure what it needed as well as how would the european banks deal with it. the whole exercise, i actually find if they failed, right, then how are they going to deal with that failure? i sort of think if they failed -- >> we got bigger problems. >> we have gigantic problems. also they have until september i believe of this year, september 1st, to put together a plan that wi

given the bank failures, the fdic has probably sharpened pencil on these living wills.s a living, breathing thing. our view is that the banks will spend more money preparing for them, but there was nothing devastating or significant in the results. lisa: the reason why i started by asking you is because in the past couple of years, the risks that i hear about, what profitability opportunities do some of these banks have when they are facing off with the rush of money into private capital? tom: there are sick tech -- there are some tectonic plates moving. but it comes down to is funding, liquidity and posit. thanks do not fail because of capital. they fail because there was a cap run. i think that the greatest missed opportunity is that there has not been fdic insurance reform. it puts too much pressure on the banks. to the banks that have proven that they are too big to fail. that is the biggest. number two is that when it comes to stock selection, the way that smaller community banks earn money is very different. smaller banks have smaller spread income. the bigger ban

kill the patient in some regards because again, there's a big day of reckoning coming and in fact the fdicrt about two weeks ago indicating that over 600 banks would be insolvent, local and regional banks, if they had to mark their commercial real estate portfolios down to market. and those properties are not going to recover anytime soon because these high cost of interest rates are strangling businesses in the economy that relies on debt. and then of course the consumer's getting hit hard because the cost of housing is doubled because of interest rates and the cost to buy or lease a car has doubled. and so those are big purchases for consumers. and we're going to see the effect of that. i mean, we've had -- consumers had $1.8 trillion of covid relief money and that stimulus money has now run out and now we're beginning to see things settling down. and frankly the rate increases were way too extreme and too rapid to begin with. >> and also we pointed out earlier that the cost of insuring a car, let alone apart from the cost of buying a car has risen by 23% over the past year. it's just go

major drivers here, the biggest is about $145 billion in spending related to student debt relief also, fdic deposit insurance related to the bank failures of last year, discretionary spending increases, medicaid spending, no matter the driver, what's concerning here is the trend when we look back to fiscal 2016, the deficit was about 600 billion all the way on the left side of that chart that is nothing to sneeze at. >> but that looks downright tiny compared to right now, we'd killed for a number like that, you'd have the deficit hawks dancing in the streets. >> so what happened? well, covid right. >> the deficits spike to run $3 trillion a year during covid, we had bailouts and stimulus checks and small business loans. all of that was deemed necessary, but it was offensive. what's concerning here though, is of course covid is over deficits are still very high. they're actually going even higher and it's unusual because normally that's something you see when the economy is in trouble, when unemployment is high, right now, we have low unemployment and high deficits. it's very hard or to make

now the fdic board has rejected the plan in a vote behind closed doors.his appears to concern regulators. the move will be symbolic because the fed is not expected to follow suit in rejecting the living will. business limitations on sdi would kick in if both regulators would agree to the bank plan it is deficient. this story doesn't compare to the lead story in the juournal which we will not mention to you. in upholding the tax on foreign earnings, it opens the door to taxing unrealized gains. the lead in the journal talks about it. if the court is so conservative, where are the conservatives? five justices with the opinion written bring kavaunaugh. he did not say anything on whether unrealized gains could be taxed. justice barrett wrote the dissent. closed the door. they could have done that. now it will leave it open and a lot of the things that the biden administration were talking about have not been settled. it has to be talked about again. they could have said something yesterday. didn't do it. now the narrow rule on being able to tax foreign invest

major drivers here, the biggest is about $145 billion in spending related to student debt relief also, fdic deposit insurance related to the bank failures of last year, discretionary spending increases, medicaid spending, no matter the driver, what's concerning here is the trend when we look back to fiscal

nic nichols. >> when we come back, the white house may have found a new leader for the fdic.d survey and wt cldhaitou mean in terms of the rise of the hawks. "squawk box" will be right back. with gold and copper prices pushing towards all time highs, us gold corp. offers investors leverage to both gold and copper at its project, and mining friendly wyoming. u.s. gold corp has a reserve of almost 1.5 million ounces of gold equivalents. permits to mine zero debt with only 10.73 million shares outstanding and a portfolio of world class american strategic metals assets. u.s. gold corp, join the golden age. or the family hauler... he needs to protect it. this father's day, give him the gift of weathertech. from laser-measured floorliners and cargo liner to keep his interior pristine. to seat protector to guard against stains and sunshade to block harmful uv rays. the cupfone perfectly secures his phone while driving. order these american made products or a gift card at wt.com. happy father's day! >>> welcome back to "squawk box" on cnbc. the futures a little worse, down 141 points

published in 2023 found all four services lacked clear accessible disclosure about the availability of fdic insurance. full scope of fraud policies. for the rights and protections. there are several aspects of the business model create unique risk for users compared to other p2p services. for example there are not clear published fraud liability policies. unlike venlo cassia zelle does not have a public facing policy detailing consumer protections and reimbursement rights for all unauthorized transactions. victims unclear on where to turn for help. you have also heard they provide a fragmented customer service that is split between the network operator and participating banks which can bounce victims back and forth. a centralized consistent process is needed to help consumers when they fall victim to fraud and scam. there are weaker authorization safeguards. zelle enables instant transfers to be heard with less upfront. it is less secure and can enable faster fraud compared to other p2p apps which employ an app to factor in multi factor authentication. multifactor authentication. additional

however, absolute capital levels still appear to be an area of disagreement among the agencies, the fdice reviszed version of basel iii. >> truist doing well today and jpmorgan, although the stress tests were more stressful for some jpmorgan stands out. erica najarian, ubs research analyst managing director for large cap bank and consumer finance joins us now with a buy rating on jpm, price target of 224. what kind of capital return programs do you expect? how big for investors out of this stress test result? >> it's going to be really -- jpmorgan sticks out because of the amount of excess capital they have relative to the potentially bigger buffer that leslie mentioned is absolutely head and shoulders above peaers so we're thinking they have excess capital after this test of $26 billion. over the next four quarters the street has buybacks of about $16 billion. they can well afford to afford what the street expects in terms of buy babb activity. in terms of their announcement about miscalculation in their stress capital buffer even if that stress capital buffer from 30 to 20 and the lang

prior to joining fhfa, she spent 18 years at fdic where she held a number of senior- level positions including director of the position of management and supervision. director thompson, welcome back. madame acting secretary, welcome. >> thank you. chairperson brown, ranking member scott, and distinguish members of the senate banking committee, thank you for the opportunity to testify today on how the department of housing and urban development is executing on our mission, and i want to thank the over 8000 hud employees across the country who are helping us carry out that mission. first, let me say the support of this committee is critical to ensuring that the american people have access to housing that they can afford in communities that are stronger and resilient. so thank you for your continued efforts to lead and legislate on these issues. as you are aware, this is my fourth week serving as acting secretary. we are grateful for the extraordinary stewardship of the department during the last three years. her northstar was ensuring that we centered our work on the people, and that s

last year, i guess the last two years in a row, i will just leave it with this point, the fdic is enough fentanyl to kill 270 million american people. and that gives you a sense of the scale of what we are up against. that's when it comes to mexico, what is the level of cooperation between our law enforcement agencies, especially when it comes to drug trafficking? are they working with you in mexico? >> absolutely. i think one of the really bright spots that i see, especially when i compare it to earlier in my career, is how close the partnerships are across all levels of law enforcement. all the federal agencies, state and local law enforcement, is so intertwined with today's fbi. foreign law enforcement in a lot of instances. the intelligence community. working with law enforcement. so, partnerships are in many ways stronger than ever, and that is one of the things that is keeping this from becoming an even worse problem. we work with state dda on everything from strike forces, we have dea task force officers on a lot of our task versus, and vice a versa. we work out at their sod where

the other regulators, the fdic and occ, declined to comment to cnbc and the fed told cnbc, quote, itd isn't targeting a specific range and is focused on the substance of possible revisions. and, of course, the timing of the news coincides with the results of the bank's annual stress tests due after the close tomorrow. the kbw bank index gained 1. % yesterday, off about half a percent today. the stress test could be seen as another catalyst depending on how the banks fair. the big question about the capital rules what will happen? they have about 4 months before the election. you know, if there is some sort of change in appetite surrounding these rules, if there is some sort of change in who is in the white house what does that ultimately mean for these as they currently stand proposed overarching capital rules? >> yeah. directionally positive for bank investor sentiment if they're talking about reduced burdens. banks have almost completely been delinked from the strength of the domestic economy in a way. you know, they have no leverage to it. good times are for building capital in th

those savings risk-free as long as you're stashing those in a high rate savings account that's an fdicay you've got $1,000 in your high yield savings account. after one year you earned $51 on that year. if you keep it there five years you'll have an additional $284. the caveat is that in a high yield savings account, apy can fluctuate. that's a very big difference from a typical savings account where you're basically getting nothing on it. this is all risk free, so just do it. >> michael: i like that. >> robin: rebecca said it. >> george: coming up later the warning from one woman who fell into quicksand on the beach. our play of the day is next. who fell into quicksand on the beach our play of the day is next [loud indistinct chatter] ♪ [message received tone] ♪ ♪ i wanna see all my friends at once ♪ [find my chime] ♪ ♪ i wanna see all my friends at once ♪ ♪ [find my chime] [in unison] - hey! ♪ [thud] ♪ ♪ i wanna see all my friends at once ♪ you are bountiful. your bones can support two times your weight. it's in your nature to stand strong. your cells renew every 27 days. it's in you

there's some residual left over, that i guess the fdic hasn't been able to collect yet on what's duees to be at $1.9 trillion in a fairly decent growth phase of an economy. >> so, joe, i think this is exactly why the president has proposed that we increase revenues in order to bring down our debts over time. and that's why he's calling for extending middle class tax cuts up to $400,000, but ending the rest of the last administration's tax policies that added a great deal to those deficits over time. fundamentally, you have to have a plan, and i think the president has announced one that would help us save $3 trillion. and he looks forward to working with republicans to make us more fiscally responsible. >> mr. secretary, i note that there is a common theme about trump's tax cuts. but revenues are above where they were before, wildfire those tax cuts. what has outpaced that has been the spending growth. and we talk about this a lot. we've had people on the show. i think we're at, what, 17.5% or of the gdp, we're raising in taxes, but we're spending almost 24%. and that's what's differ

reporting the white house nominate cftc commissioner to head the fdic.-time chairman martin bloomberg christy goldsmith romero served as a commissioner since 2022 and was a special inspector general for the treasury department's program during the financial crisis >>> meantime, president trump set to make his case, top ceos in washington, why he thinks he'd be the better president for business joining us now former ey ceo mark weinberger who attended several of these meeting with presidential candidates. good morning to you. curious how you think the winds have blown inside the world of business today, mark, and how they're thinking about former president trump today and the possibility that he may be president tomorrow >> well, andrew, it's great to see you again. it's been a while. i see you. you don't get to see me as much. yeah it's interesting how much news this has gotten to me. this is obviously you know a standard meeting where both candidates are invited to come in and talk to businesses as a whole. not an opportunity for individual you companie