when the fec has tied votes 3-3, my question is what is the legal affect of that? >> when congress designed this organization you can imagine, you know, the debate that was had. we were just coming out of scandals involving the nixon administration. misuse of the department of justice. misuse of the irs to go after enemies of the president. and so, it was in the wake of water gate and watergate scandals that congress designed this agency so when congress set this agency up to avoid one party taking advantage of the other party, because that's all we regulate is their political activities, congress designed the agency as a six-member body with no more than three democrats and no more than three republicans. and congress inserted into the law a requirement that there be four affirmative votes to take any substantive action. to issue an advisory decision, to adopt a regulation. we have to have four affirmative votes. so, what you will hear 3-3 -- you will hear 3-3 votes characterized by the left as deadlocks. dysfunction. i actually characterize it quite differently.

you are describing the way he was at the fec.ou say now that he should be putting out fires, not starting them. what do you mean? what fires is he starting at the white house? >> of course i have to be clear about this. i have no idea what advice he is giving the president behind closed doors and hopefully it is good advice. but what my perspective comes from seeing the way he viewed conflicts of interest at the fec, which is an anticorruption agency and he seemed to find pleasure in finding ways around the rules. once he got there, he led the group of republican officials where investigations plummeted and many team thought enforcement wasn't going to happen and they didn't have to worry about the agency as an enforcement agency. so when i hear the president say that he's not covered by any conflict of interest rules, i think, well, that's just vin tang mcgahn. it sounds like the way he interpreted the law at the fec where he specialized at ways to avoid investigations. >> if you are going to be a government agent or work in the

>> -- fec. >> your observations raise several points.ne, first let me go back to the subject of this question about the constitution of the agency. we have a complaint process created by statute that allows any citizen to file a complaint with the federal election commission. about any other citizen. sort of a private attorney general complaint system. i support that system. but if you're going to allow private citizens to file complaints and begin harnessing the regulatory enforcement process on people for exercising first amendment rights, you better have a very strict screen for reviewing and processing complaints. because the punishment can be the process. complaints are filed usually accompanied by a press release to stigmatize an organization. then to freeze the organizations don't interest in continuing to associate with that organization while it's under cloud violation to then drain the resources of that organization to legal fees to address a regulatory action so the complaint process can be abused and that's why the commission

because of the fec overseas wall street. they are the regulatory agency of our government that make sure our banks and wall street unfairly or as fairly as we can according to the law.rl . . bureaucracy tends to be one f those tough concepts. the most concrete examples are the tsa and airports. they know there are rules and laws preventing weapons on airplanes. they know tsa agents are those people preventing that from happening. the tsa are bureaucrats. they are part of the executive branch. they work for the department of homeland security. those are exactly branch employees incrementing the law. keep it concrete and simple. take a deep breath. host: we have another call from pennsylvania. ryan. caller: good morning. i would like to give a shout out vanessa who asked the previous question. i would like to ask about the different types of federalism and the grants that result from that. >> >> that the national government is sharing powers with the state and local governments guaranteed in the bill of rights which reserves p

bernie the feeling if made off wanting prison, he would be in charge of the fes -- fec right now? look at all of that and add to it a commerce -- congress that devotes its time and energy to figuring out how to cut taxes get again for giant corporations. because apparently, paying zero is not enough for some of these giant corporations. even health care bills get perverted into corporate welfare systems. taking health care away from 24 million people in this country to fund tax breaks for a handful of millionaires, billionaires and giant corporations. but here is the good news, and there is good news. america has tackled this problem for. more than a century ago, congress passed antitrust laws to break up the concentration of corporate wealth and power. teddy roosevelt earned the title of trust buster as he fought back against powerful monopolies that wielded huge influence over our government. the reformers one. -- reformers won. donald trump has talked about the dangers of monopoly, but that has disappeared now that he is president. do it teddyor us to roosevelt date, pick up th

born fec medical center. . -- 40 person team. the smallest weighs one pound 10 ounces. the mom is also doing well. we wish her a big congratulations. they will need time to recover. those parents will not get any >> an incredible story. >> hi, erin. hotnthony rendon's streak continues. look who is back at work. it is always football season here in the ♪ [doorbell] ♪ ♪ when you have doctors working as a team for your health, you get the care you need to help you thrive. ♪ visit kp.org to learn more. kaiser permanente. thrive. ♪ >> >> the nationals continued their season with the mariners. andony rendon oh stays hot dusty baker confirmed that koda glover is his closer. anthony rendon has been on fire. he connects on his third home run of the series, his eighth of the season. to our almost great play of the game, robinson cano makes a bid for a home run. wait. he didn't catch it. he had it, but lost it. kept it in the yard. the nats win 5-1. note the earlier start time. kirk cousins on the redskins were back on the field today. like thens for cousins free agent and josh da

- a spokesman for the fec announced that there will be a special election to fill all 37 vacant senategruesome reminder to always make sure someone is driving your party bus. that's our show. good night. ♪ - hey, there you are. great work on that biscuit blitz piece. i think that's one of the best segments we've ever done. - it was? - huh? - oh, yeah. and i was thinking, someone who's capable of producing such high quality content surely deserves a promotion. - a promotion, like aidan? - oh, definitely. above all the aidans. but, katie, you produced it, right? you should get all the glory. maybe you should be given the employee of the month hat. - no, it was me! i produced the segment! i deserve the hat! - of course it was you, carol. it was terrible. it was the worst segment we've ever done. - is there a hat for that? - carol, news stories usually answer the questions who, what, and why. yours did, in a way. who is this woman? what is she doing? why is she ruining my life? so was it worth it? did your source crack open the story of a lifetime? 'cause i have a slight suspicion he did n

still ahead, another billionaire got in trouble with the fec. falcone on the comeback trail.where he is putting his money to work in a rare and exclusive interview next. you can catch all of our interviews on the bloomberg with the function tv . let's look at what markets are doing on this tuesday afternoon. oil, a drop of .8%. not far from the close. 1.11.-yen back to low the rand after the election is stronger once again. if you look at the major indices, they weren't moving much. the dow is down .2%. the s&p and nasdaq down marginally. this is bloomberg. ♪ >> 1:00 in washington, 6:00 in london, 1 a.m. in hong kong. i'm david gura. welcome to "bloomberg markets, the trump economy." here are our top stories. president trump returns from a tense g7 meeting. blasting germany on twitter, threatening relationships with a key nato ally. the president's 2018 budget, former senator judd gregg said that it's not a good idea to spend as if you won the lottery in the hopes that you actually do. he will join us live later in the hour. plus a rare interview with phil falcone. and he

he has again addressed us on multiple occasions as the fec commissioner and chair. in that context, he drew the ire -- which makes him a hero -- of the new york time ands a lot of liberals. but throughout, he has had the respect of lawyers such as bob bower. but all that pales in what he hahas recently accomplished. -- in being donald trump's counsel both for the election and currently as white house counsel, as you all know, president trump changed many members of the campaign taffe throughout the election -- staff throughout the election. made it very exciting for the media and for us. but don was there from tart to finish, and i think it's telling that the campaign never had a significant legal problem. and for that, we thank you. [applause] general meese? the podium yours. >> thank you very much. and thanks for the privilege of being here with you this evening. i have great respect for this organization particularly and enjoy hi membership along with all of you. but it is important because of all the good work you have done repeatedly, but particularly over the

i talked to an fec commissioner today who said she is going to push for her agency to actually investigate this as a possible violation of laws that prohibit foreign nationals from spending money to influence elections. >> she should have run ad campaigns about how much the russians were afraid of her. that might have solved -- >> she tried in the debate. >> yeah, you're right. >> she's not a puppet. >> all right. so we've all been looking at the numbers of donald trump, his falling approval rating. >> well, not among his peeps. >> well, this is what i'm getting to. monmouth has a poll showing in the 300 swing counties where the difference where donald trump won but his margin over hillary clinton was in the single digits in those 300 counties, donald trump's approval rating has dropped from 41% back in march to 34% as of the poll coming out today. so those people who were maybe -- >> maybe this stuff is hurting him finally. it's not about them. it's about him. it's not about looking out for the little guy. thank you so much. this is "hardball" where the action is. finding time to get thin

if you read through the financial disclosure documents with the fec that were filed as late as july of there are 550 plus limited liability companies that the president listed as being under his ownership. it doesn't say where the revenue comes from. it doesn't say how money is allocated and it doesn't say whether there are loans or other obligations by name. it broadly describes his financial situation. but there's no really granular level of detail about who's involved with which entipty. it's odd to get a certified letter from a law firm. typically you would get a certified letter from a certified public accountant who is able to go through one's financial statements and document the voracity of the statements and actually do a lot of forensic work -- >> he kept saying he has no investments in russia, no buildings in russia. we're not saying that he did. no one thought they was flushed with cash. does he have -- did russia loan him any money or we know he has a loan from deutsch bank, deutsch bank has been tangled with russia for years. who's to say that deutsch bank didn't write do

this was brought to the fec in the form of etf and rejected.d out because i would like to short bitcopy. i would like to take a short position on a runup like this, and i have no vehicle upon which to do that that fits within my mandate, and so at the end of the day, had this been approved as etf, i could be short. believe me, that would be good for this product. if people bet the pro and con, it's a liquid market. yet, we can't. the fact we can't get this called a currency tells me it's never going to be accepted as a broad based platform until it does, until it's accepted that way, and let me short it. glad to short this thing. >> that is a great point. that is a point to see if they can move -- like you said, two sides to a market. that's one way to perhaps we'll see it. kevin, thank you. good to see you this hour. kevin o'leary from "shark tank. ". >> thank you. >>> we're going to give you an up close look at amazon's crack at the big apple next. plus, verizon launched unlimited data plan to stop customers from fleeing to t-mobile, but now

in terms of this article in the "wall street journal" saying the fec is investigating tesla solar cityncellation rates, how much overhang is that in your view? >> minor. a lot of in-fighting between the utility industry and the residential solary companies starting to force a change in the utility business model. we have seen that happen in a lot of directions. these concerns are minor, if there's anything material here that the sc zshg z s.e.c. is ge. i don't think it amounts to much in the end. >> colin, great to speak with you. thank you. >>> all righty. a big deal and a daily deal, plus an ugly incident turns into something more pleasant. we will explain, and jim cramer sits down on "mad money" a sneak peek coming up on "power lunch." >>> the french election is sig kaent because it could signify the end of the euro. >> when the news came out, the market skyrocketed. >> polls were right. >> the reason the markets are acting this way, macron is very pro-euro. this story is about the future of europe. >>> fans in boston turning an ugly moment into a nice one at yesterday's red sox gam

dollars a barrel, now 49.99 up one and a third percent that move higher coming ahead of next week's o fec. . >> foot locker key to watch stock down, after first-quarter results missed expectations take a look, plummeting better than 8% on foot locker one of the heavily traded issues for sure all the white house tremor 96% of president trump's supporters would still vote for him again according to recent abc news "washington post" poll supporters not swayed in any way joining us right now reality tv star from hit show pawn stars his business gold and as you will veer pawn stop featured on program great to sue. >> thanks for having me. >> so you so much joining us we want you to talk to you about is about your support of president trump, you endorsed then candidate president trump you did -- how do you think he is doing. >> i think actually doing a good job, i mean you wouldn't know from watching the news, but -- you know -- except -- on fox -- there is a lot to be done look at economy, the effects of the -- 8 years of obama finally showing up we had .7 gdp growth last quarter, if you figur

to make it neutral or whatever, based on the idea that a lessening of the regulatory burden on the fec side would lead to a situation in which anticompetitive conduct was free to occur without fear of further consequences. that is demonstrably unrealistic. the ftc is waiting, we brought a case for anti-competitive exclusionary conduct. case called mc wayne, the department of justice brought cases for exclusionary conduct, and of course the dense supply case was followed by extensive private litigation so that is why there are lots of antitrust lawyers and most significant companies are careful to have actively administered programs of compliance policies for antitrust law and the public need have no fear that anti-competitive practices occurring in the free market of internet services are going to be detected and punished. that is in a sense kind of in my wheelhouse, and internet services and things under consideration by the fcc. i am not speaking for the commission, i am speaking for myself. and keep that in mind in the next comments, chief justice cohen in the morning panel observed