. >>> two months maxine waters takes control of the house financial services committee. congressman sean duffy will ask him, what can maxine waters, what can she actually do? you're watching the second hour of "varney & company." ♪

watch out the truong democrat maxine waters is set to lead the powerful financial services committee following the midterm elections and already she's flexing ho muscles also coming up with less than five months to go before britain's exit from the e.u. summit u.k. companies are eyeing an exit from britain just to stay in business. and after years of political unrest and terrorist attacks tourists is slowly returning to enjoy each it is attraction. based says your business update on having a home free i'm glad you could join me now her name is maxine waters she's a democrat and most crucially the new head of the financial services committee in congress and she's already known as anniversary of president donald chung but i need position gives her more power she can now and that subpoenas and on her radio is key to the president which is can look into documents and bank statements possibly a connecting trunk and russia democrats are not yet decided whether they will subpoena georgia or what aspects of the president's finances they would like to look into. well let's get more on this no

i rise to applaud the hard work and great success of the house financial services committee these past two years in the 115th congress. under the leadership of chairman jeb hensarling, the financial services committee became the most productive committee in congress. over 44 bills were signed into law, originating from our committee, including s. 2155. it began as the financial choice act. creating hope and opportunity for investors, consumers and entrepreneurs. unfortunately the whole bill hasn't made it into law, but the core of that bill was dealing with the unintended consequences and frankly whether they were intended or not, the harmful consequences of dodd-frank. under dodd-frank, we found that the biggest banks got bigger and the smallest banks became fewer. we found that banks were not too big to fail, but some of them became too small to succeed under the burden of dodd-frank's regulatory framework. so much so that even barney frank, whose name is part of the dodd-frank act, came to support the reforms for community banking. i'm very proud to have participated in regulatory r

there is a reason why we have a house financial services committee, a government over sight committee been using to protect donald trump. >> elija cummings said he was going to use it. >> yes. >> absolutely right. this is what we've been missing, which is an -- >> adults. >> -- active adults house of representative. >> we're keeping all these panelists because up next, you asked for it, twitter, you got it. who won the week is next! whooo! want to take your next vacation to new heights? tripadvisor now lets you book over a hundred thousand tours, attractions, and experiences in destinations around the world! like new york! from bus tours, to breathtaking adventures, tripadvisor makes it easy to find and book amazing things to do. and you can cancel most bookings up to 24 hours in advance for a full refund. so you can make your next trip... monumental! discover card. i justis this for real?match, yep. we match all the cash back new cardmembers earn at the end of their first year, automatically. whoo! i got my money! hard to contain yourself, isn't it? uh huh! let it go! whoo! get a dol

the last thing we need is a person chairing the house financial services committee that wants to takehe days of the obama administration. trish: well, look, i was not a fan of those economic policies, not one single bit. and i've said over and over again it was all left up to the fed, they were the only ones that were engaging in any kind of policy because we didn't see it from washington, d.c. or the obama administration. other than that stimulus plan that went absolutely nowhere. let me ask you this though because you were there as campaign manager during the thick of things with donald trump, and the polls were clearly quite wrong. is there any reason to think that the polls are wrong again? this time around? >> well, i -- the trish, i have no faith in the prognosticators because of what they did two years ago. i remember waking up on election day and looking at the barometer on the new york times web site that said donald trump had a 1% chance of being elected president of united states, and here we are two years later, he's fulfilled every promise that he's outlined. this these p

he is also a member of the financial services committee. n maxine waters cannot roll back the deregulation of financial industry we've already seen. i don't think she has the power to do it. what say you? >> well the, the executive branch regulators have a lot of control over what happens in regulation of our financial institutions but, listen, maxine waters is a believer in more regulation. she believes more regulation breeds more security. we believe in having smart regulation and smart rules. by the way, as maxine and other democrats say they hate big banks and risks they pose to our economy and they love small banks, what we've seen after dodd-frank passed is all the rules and regulations that came from dodd-frank have made big banks get actually bigger and small banks that serve communities like mine in wausau, in merrill, they have gone away or had to partner with larger banks taking decisions out of small communities across the country and moved to them more populous centers which is bad for the country i think. stuart: we had some de

i do think that in times of the economy and our committees, we have a financial service, so there is already a record of high leadership on issues that relate to the economic security of our country. we have four new women members on the ways and means committee, just this past year. usually, there would be one but we have four more new members. so, on all these issues, i want women to ta ke all these issues, i want women to take ownership of what would not be happy traditionally highly visible for them. that is one of the ways they will the congress, so that when people... the white house or add ministration, when they have to report to leadership in the congress at any level, about the safety of oui’ at any level, about the safety of our country, they will be talking to the full diversity of our country, oui’ women, the full diversity of our country, our women, people of colour, lgbt queue, and i think that is a positive thing, because people will see experience, values and concern, people making the decisions about the safety and security of our country. inaudible are you confident

financial committee. she helped when she was on the financial services committee. she helped a bank her husband invested in get a bailout. president trump unwinding, unraveling, undoing president trump's legacy. he's set to reimpose all sanctions on iran within days. we have the details next. you're headed down the highway when the guy in front slams on his brakes out of nowhere. you do, too, but not in time. hey, no big deal. you've got a good record and liberty mutual won't hold a grudge by raising your rates over one mistake. you hear that, karen? liberty mutual doesn't hold grudges... how mature of them. for drivers with accident forgiveness liberty mutual won't raise their rates because of their first accident. liberty mutual insurance. ♪ liberty. liberty. liberty. liberty ♪ from the international fellowship of christians and jews. there is an emergency food crisis for elderly holocaust survivors in the former soviet union. - this is a fight against time. what we're dealing with is coming out, meeting someone who's 85, 90 years old, can't get around, has no fo

and most likely the next chairman of the house financial services committee. she says, quote, this bill will help entrepreneurs, small businesses, investors and our economy to thrive. in the six years i've been chairman, it's kind of been rare for us to agree on the time of day. but we definitely agree that the jobs 3.0 act is important. it's important to america's economy. not only today, but, more importantly, it's important for the economy of tomorrow. if there's one aspect of america's economy that is somewhat unique in the world 's how we have ensured how entrepreneurial capitalism can't just survive in america, but thrive. so those seeds have to be planted today. there's so much competition worldwide. and that's why it's important that we get this done. the u.s. chamber of commerce. they weighed in. and they said the house amendment to s. 488, talking about the jobs 3.0 bill, would remove barriers to raising capital for america's businesses. approximately 3/4 of financing for businesses in the united states comes from capital markets, but regulations hav

things, this is the most important committee to wall street and the markets, the house financial services committeeso it's not surprising, though, that she would have grand ambitions to join this committee. maxine waters will be the head of financial services next year. look, she has said outrageous stuff -- david: breaking in here, president trump and melania trump arriving tat opera house in -- arriving at the opera house in buenos aires argentina for a wonderful evening of meeting and greeting. sometimes what's get done in the hallways gets more done than at the roundtables where they are supposed to be discussing. they are arriving amid of a lot of things that are going on involving trade, in the united states not only with china which is the focus of the dinner tomorrow night with president xi, but also today with the formerly nafta trade deal now called the usmca between mexico and canada and the united states. the problem with that is it has to go through congress, where it could get stuck because of a lot of bipartisan wrangling over what should be in it. there's the official photograph of

democratic congresswoman maxine waters is preparing to take control of the house financial services committee, and she's putting big banks on notice. here now is republican congressman who currently sits on that committee and plans to stay on next year. sir, thank you for joining us. >> thanks, melissa. melissa: a lot of people laughed and didn't take her seriously when she made that very famous comment in the run-up to the election, where she said what am i going to do if i'm the head of the house financial services committee? i'm going to do what you did to us and it is going to be really painful. well, now, it looks like based on the things she's outlined already, she wasn't kidding. one of her biggest targets she has said is deutsche bank. >> yes, maxine waters has had a long-standing dislike of this president. she's wanted his tax returns. she wants to investigate all his business practices before he was president. so i have no doubt that she'll go down that trail, but she has to be aware is that she needs a factual basis for the work she does in order to have the support of her own memb

democrats win she will chair the financial services committee. in her own words, she is out for revenge too. >> i will be the first african-american woman to chair the powerful financial services committee. >> [cheers and applause]. >> that's all of wall street and the insurance companies. i will do to you what you did to us. >> sean: that's why all 435 house races matter tonight. regardless i will say this. let not your heart be troubled. fox news contributor newt gingrich is throwing cold water on the democrat's blue wave predictions. he thinks republicans will hold on to the senate and maybe even the house. that's going to be decided by you, we the people. the u.s. senate controls judicial confirmations. if republicans control the senate issue the president's agenda, he argues and is right, will remain intact. the left is doing anything and everything in their power to stop the president's successful agenda and all republicans across the country. hollywood's biggest no-nothing liberals are hitting the campaign trail for democrats. oprah stumpin

first african-american, the first woman to chair the powerfulling financial services commit -- the powerful financial services committeet's all of wall street, the understand companies, the banks? what am i going to do to you? i am going to do to you what you did to us. trish: i'm all for her being the first african-american woman to chair this committee, let me make that clear. but it waltz second part of that sounds where she said i'm going to do to you basically what you did to us. what do you think she meant by that, kelly? >> i think she meant the banking industry took for granted the people that were part of their ecosystem. a lot of people lost their life savings and wealth because of bad decisions and corruption by the banks. i think what she is saying is she is going to apply reasonable standards to the banks so regular americans don't lose their life savings. trish: the obama years were a disaster for people. they weren't able to learned to people who need to be lent to. including women, african-americans, and hispanics. we want to free up the system so people can get access to capital. >> i would agree with

after the us midterms the new head of the financial services committee in congress will be a democrat maxine waters a known adversary of president donald trump waters new position could spell trouble for trump as she now has subpoena power on her radar screen is. the land to the president waters can look into documents and bank statements possibly connecting trump and russia democrats have not yet decided whether they will submarine at. all what aspects of the president's finances to look to. withstand the u.s. where the federal reserve kept the benchmark lending rate unchanged on thursday the move highlighted the continued strong performance of the economy but also pointed to a slowdown in business investment the fed noted solid job gains falling unemployment and growing household spending but they also signaled that there may be a further rate rise before the year's end. to russia now where growth will continue to weaken in the fourth quarter of this yeah alexei kudrin former finance minister and current head of the court of audit expects less than one percent next year the country'

if the democrats win control of the house, representative maxine waters will chair the financial services committeee would give her. looks like she's out for revenge. watch this. >> i will be the first african-american, the first woman to chair the powerful financial services committee. that's all of wall street. that's all the banks. what am i going to do to you? what i'm going to do to you is fir. i'm going to do to you what you did to us. stuart: that sounds ominous. it's been ten years since the financial crisis, ten years of intense regulation of the entire financial industry. evidently, ms. waters has neither forgiven nor forgotten. it's worth remembering that a california bank of which her husband was a stockholder and former director, got $12 million in the bailout. ms. waters is going to give back what they did to us. the point is, to the democrats, this election is all about hating and impeaching trump. they want to use that emotion to get their hands on the levers of power again. ms. waters would bash the banks and bash wall street. gerald nadler, who would chair the judiciary committee,

look at what he recently said about the banks once she's chair of the financial services committee. >to do to you what you did to us. steve: so what exactly did the financial services industry do to you, maxine. lined your pockets that's what. you took 10,000 from american express, 11,000 from usb, 10 nowrks from state farm insurance, 10 nowrks from the managed funds association, 150 nowrks from the mortgage bankers association, 10 nowrks from the national association of credit unions, 10 nowrks from the national association of insurance and financial advisers all told waters brought in 230,000 dollars and over 330,000 dollars from the insurance industry since she became ranking member of the financial services committee in 2012. once she's the chair of that committee, you can bet her conflict donations will skyrocket as a result. she also brings in plenty of cash from lobbyists whose clients she regulates. now this one is so unbelievable i thought it wasn't true, but it is. one of those lobbyists is mike ruse who previously served with waters in the california state assembly. in 2009

gavel of thee house financial services committee, will you issue subpoenas and go after the tax returns you try to get more information about deutsche bank as well? the first thing we have to understand is that in this committee we have a lot of issues and concerns and i am not just focused on the president and dealing with some of the concerns about deutsche bank and money laundering. that is just one piece of the business that we have to do. you know we have requested information from the treasury about everything from sanctions to deutsche bank. that deutsche bank is identified as one of the biggest money laundering banks in the world perhaps. they are the only ones who were amenable to providing loans to this president. we know -- we want to know some things about that. don't forget, we have housing. we have the national flood insurance. we have had. we have all of this. it is just one piece of the business. >> let it be clear, you will continue to investigate the financial dealings. will you issue subpoenas? >> we will deal with that will make him to it. we have the power to deal w

however that doesn't mean, you know, in the house financial services committee in january, if they decidebpoena deutsche banc to figure out what the links are, that we may not see anything more. right now, they seem like a lot of despairette situations. once you look at what's in the bank, there's a question about whether relationships from russia to the u.s., there were any links. right now there doesn't seem to be any. >> the financial services committee has not yet subpoenaed deutsche banc. we know maxine waters and others asked for information and deutsche said no. could that change now that the house flipped? >> that's a possibility. and the investigation we talked about. the doj hasn't said anything about that yet, even though the other regulators have. dsf settled for the situation. there are a lot of matters that do involve russia and deutsche bank. separately deutsche banc and donald trump have a strong relationship. doesn't mean the two necessarily have anything to do with each other yet. >>> when we come back, remember that infamous dossier alleging collusion between the trump

the banks have gotten in terms of deregulation but having max even waters head the house financial services committee could be headline risk for financials >> yes, to me, that's sort of the biggest risk out there for the market is -- i mean the banks have been an important part of the market maybe leading, maybe following but to me if we get that blue wave, right, to me that's the biggest risk to the banks opposite what have guy is saying. >> i'm sorry. >> blood pressure wave equals negative. >> for banks. >> for banks. >> not the rest of the market. >> i think the rest of the market also but specifically for banks. >> and and that means a sweep of the house and senate. >> i'm not saying -- i don't think that's likely. >> that's the blue wave. >> what if -- what if the blue only hits the house. >> the wading pool like a. >> a small ripple. >> a rip zblool yes. >> that laps up against -- >> i think tomorrow we have certainty on something, and the market hates uncertainty to the extent we have certainty in something that's a positive. >> let's say we get somebody like a max even waters who heads the ho

a democrat poised to tank take over the house financials services committee listen to what she said. >> make no mistake, come january in this committee the days of in committee weakening regulations and putting our economy once again at risk of another financial crisis will come to an end. >> will come to an end >> ooh. >> deregulation was a big tailwind for the banks. >> right. >> and now. >> right. >> deregulation was a big tailwind i don't think -- i mean the pendulum has swung way too far now singing back the other way towards less regulation. i don't think we got to the place of way too loosely regulated we weren't remotely closely to that. i don't love that rhetoric for the banks that might have caused the banks to sell off today. the other part being stocks. a terrible market for stocks like guy, they each have their own story why they're not good goemd on the side. citi we have foreign exposure. you think what about bank of america. that's very u.s., a bank. >> u.s. economy is strong supposedly. >> all of that bank of america somewhat disappointing rallied in the last couple e

become here at home congresswoman maxine waters is set to take over as chair of the house financial services committee she's got a it pretty clear agenda by the way waters pledging to reign in trump administration efforts to rollback bank reforms. >> make no mistake come january and days of in committee we can end regulation and putting our economy once again at risk of another financial crisis will come to an end. now reporting that waters wants to target global banks especially deutsche bank when she takes over previously accused of being, quote, one of the biggest money landering bank in the world we're going to have more on this later on in the the show. >> well for more on what's ahead for apple facebook and other big tech stocks we bring in dory wiley commerce strait capital president. good morning how are you today? >> good how are you today? >> good. are investors prop orally positioning themselves for changing that could be coming to tech? >> i think people are definitely in a risk off phase right now there's been eighty of selloff a lot of uncertainty, and i think they're just trying find th

set to become the chairwoman of relationship do yu hope to have with chairwoman on the financial services committeewe head into the new congress? congressman mchenry: well, in my time, i have passed four bills that are waters' bills. now, overall, my eyes are wide open. she saidand from which publicly, that her agenda is much more about resistance and about oversight and investigations. i think we have a great opportunity for us to continue the path we are on with better regulations, smarter movements, more focused attention on access capital, housing crisis. kevin: that is like jobs at 4.0 legislation we are hearing. do you think there might be some bipartisan legislation because you mentioned you work with her but in particular on helping rural and urban communities increasing access to capital, particularly for underserved community and businesses. congressman mchenry: i have been talking about this for a decade that we need to do better on urban and rural, and in those two areas in a country are similar. i think those are great opportunities for that. i understand that becoming ranking member,

>> oh my gosh, david, i can't even believe that maxine waters is head of the financial service committeer potential head. i mean this would be an issue if the g.o.p. didn't control the senate and if president trump didn't have veto power, but he does. so i highly doubt that she can roll back a lot of what has been done in terms of to reform dodd frank. in march of this year, i believe the small banks that were under this heavy burden of regulation and capital requirements under 250 billion, they actually had that removed, the so called systemic failure, too big to fail because they are not. they are small banks. so we want to keep the small banks separate from the big banks, under different regulatory requirements. so i don't think she stands a good chance of getting anything done. it won't pass through the senate. and the president can always veto it. >> yeah, i guess i would sort of echo what heather was saying, but maybe even be a little more optimistic, if you will, in terms of the limited down side here because really there was not much real deregulatory effort in the financial sect

federal reserve vice chair of supervision randall quarrels appearing before that same financial services committees you're seeing live there we'll keep a close eye on the banks because that particular sector, in light of the democratic win for the house of representatives. back over to you, guys. >>> a big show still ahead here on "squawk alley." canopy growth down big this morning, down about 11% right now. the cannabis company posting a wider quarterly loss and revenue miss bruce linton sits down with us next. >>> the dow is down 52, the zs& and nasdaq also lower. >>> trade tensions heating up today, not between the u.s. and china but between two members of the economic team. >> it was trade advisor peter navarro warning wall street globalists to stop pressuring the president to cut a deal with china. >> peter navarro is a friend of mine, we've known each other for 20 years he was not speaking for the president nor was he speaking to the administration his remarks were way off base. >> when larry ku [ phone rings ] what?! ready for christmas? no, it's way too early to be annoyed by christmas. yo

maxine waters will likely be the next chairwoman of the house financial services committee. here she is on bloomberg saying she's eager to talk to wells fargo. >> so, we're going to talk about that. we're going to meet with them. we're going to understand what's going on. >> now, keep in mind, when the presumptive chairwoman of the house financial services committee says she wants to talk to you, she's likely meaning in a congressional hearing under oath. it's like when the school principal wants to talk to you. it's almost never good news. >> you usually want to go the other way. >> exactly. >> thanks, scott. >>> so, you might want to start booking your holiday travel plans now because more people are expected to fly this year. a new study from the travel site airfare watch say they are waiting to buy tickets. >> airfare experts warn, the wait could cost travelers a lot more this year. they recommend travelers do their homework and start booking those trips soon. >> we're off to paris. >> on you. >> let's go. >> i thought you were going to tahiti. >> well, that would be oka

maxine waters will likely be the next chairwoman of the house financial services committee. here she is on bloomberg saying she's eager to talk to wells fargo. >> so, we're going to talk about that. we're going to meet with them. we're going to understand what's going on. >> keep in mind, when the presumptive chairwoman of the house financial services committee says she wants to talk to you, she likely means in a congressional hearing and under oath. other news, meet elon musk's new boss. she's robin delhomme, the new chairwoman of the board at tesla. musk was forced to step down from that role as part of a settlement with the securities and exchange commission. delhomme has been on the board for a while. musk still wields considerable power. he's not the founder. he's not the ceo anymore. he dropped that title as well. that said, nobody is immune to getting fired in silicon valley. i will give you case in point. steve jobs who, remember, hired the guy who ended up firing him about a year after this video about a year after the release of macintosh. >> interesting. >> thanks

what can we expect to see out of the house financial services committee come january? see housing, farm aid, fannie and freddie. there's going to be a lot of just blocking and tackling democratic talking points. they're obviously not going to pass any legislation because they don't have the senate, they don't have the white house. but as far as the press is concerned in the media, we're going to pay attention to, frankly, is going to be the deutsche bank stuff, the penas a subpoenas and -- >> deutsche bank, where i, full disclosure, worked for eight years of my life. maxine waters called deutsche, which is the one bank that did banking services for both president trump's personal business as well as the kushner family. she said deutsch is the biggest money laundering bank in the world. can you elaborate on what she means? >> so deutsche was of course a $10 billion scandal in russia. that's what she's referring to. it might be possible, like, danish banks, which have done more money laundering. deutsche bank in terms of the actual signs it's paid for money laundering. a

to take aim at some of these big banks when she is sworn in as chairwoman of the house financial services committeeetwork charlie gasparino has been all over. this a week ago i thought i heard you say she would work with wall street. since then we have heard more rhetoric and feels like i'm not so sure. do you think that she will work with wall street or is she going to go to war with wall street? >> first off, i have to say i went to the same high school as ocasio, cortez. i want to throw that out there. >> charles: 30 years ago. >> she is going toll will will will relationship with big wall street firms and banks. she is not going to go after them totally in a sort of broad sweeping way. she is going to pick her spot on stuff that matters politically. the two banks i hear crosshairs wells fargo for one and obvious reasons. california bank. she doesn't believe they served her district very well in minority and poor communities through lending and banking activities branch building in these communities. she represents as you know south central l.a. the other bank i hear that's in her crosshairs fir

i do think in terms of the economy and our committees, we have maxine waters at financial services, already a high record of leadership on issues that relate to the economic security of our country. we have women members on the ways and means committee, usually it's one or two, but we have several new members. all these issues, i want women take ownership of what is traditionally not as highly visible roles for them. that's one of the roles they'll change for congress. so when people -- when the white house, the administration, whatever administration, has to report to leadership in the congress about the safety of our country, they'll be talking to the full diversity of our country, women, people of color, lgbtq, and i think that's a very positive thing because people in the public will share their value, their experience, their concern and decisions about the safety and security of our country. >> many women say they're not sure they can support you. are you confident you are going to be the next speaker of the house? >> i say to those women, congratulation. on your election. welcome. >>

president's nemesis on the democratic side, maxine waters, is going to be in charge of the financial services committee. and of course the intel committee and judiciary. it goes on and on and on and on. and so that is something that the president knew right away, knew leading into election day was going to be a total pivot for him, a total change from how he was dealing with congress before. never mind the inability to get even basic parts of his agenda passed through the house, even as a selling point to their constituents, it's not going to happen now. >> when i had congressman jerrold nadler, democrat from new york, on my sunday show, on "state of the union," he said -- and in all likelihood he'll be the chairman of the house judiciary committee. he said they're going to call matt whitaker, the acting attorney general, before his committee and demand that he testify about all sorts of things about whether or not his appointment was constitutional since he was never senate confirmed, about whether or not he intends to rein in mueller i expect would be a question. democrats had no power, no ability to

being in line to head the financial services committee, over jeb hensarling if they win congress.are not that worried about it. people close to maxine waters, they say they're not number one on her agenda. when i really delved into the story. the democratic party is kind of beyond beating up on banks, like elizabeth warren will always have that, as a party, as populist, sort of message they want, that they want to bring to the table, if they win the house, will not necessarily be about banks. the biggest target, i found, will be, tech firms. that they really believe that's where there is a populist, sort of message that they can deliver on how tech firms use or misuse privacy. >> tech firms run by people who are loyal, loyal to democrats. >> you would think so. here is how you know it is true. we went back, lydia moynihan, my producer, we looked numbers in open secret, facebook, apple, they're spending more money on lobbying in midterm election cycle than they have in recent history. they're plowing money into lobbies, look at campaign contributions they're pretty evenly split. no

financial services committee, intelligence, homeland security committee. of course we are shamed as a , nation by a policy that takes babies out of the arms of their mothers, that builds tents and all the rest. we want to look into that. we would hope we could do so by simply having oversight. if it requires a subpoena, i hope not, but so be it. thinkhindsight's, do you it was a mistake to stay silent on the rhetoric from the president and some republican senators? the senators kept control of the senate and some ran on this anti-immigrant rhetoric. are you in hindsight thinking that was a mistake? rep. pelosi: no, i do not. i urged our colleagues not to take the bait and with the president was putting out. very dangerous issue because of misrepresentation put out there. you don't win a fight by fighting the same fight. you win by sticking with the program for the people. lower health care costs, bigger paychecks, cleaner government. that produced a victory for us in spite of the gerrymandering the republicans have done could i have no regrets. >> they are

the house financial services committee has one thing they're allowed to do, grandstand. that is what maxine waters will do. the department of justice is the only group that can go in and put fines on financial institutions. so they have already impuned hundreds of billions of dollars. nobody believes there is more of that coming. what's the real risk to the financials besides far-left speech-making from maxine waters. i don't see it as substantive. neil: mary, there is another view too. if banks have anything to worry about it could be the rising rate environment which on paper should help them but, if it gets too out of hand could hurt them. so those are dynamics in play too, right? >> absolutely true, yeah. there is a lot of increasing as the yield curve shifts. as yield on 10-year and others rise, that does mean possibly better business for the banks as they actually make money on that difference. but if they're facing a more regulatory environment that could be a lot of tension. i do mean, consumer protects have been rolled back as well, there is shifting landscape wh

easing banking regulations would come to an end when she takes the helm as the headth o financials services committee. wank stocks sold off on the remarks. and the rest of thearket coming down. goldman sachs, citigroup, also. do others took a hit. we did get help after 2:00 p.m. stern time. saying the there is a brexital when you got technology and financials, the two biggest sectors? the s&p down, it's hard for the markets to hold up. for nightlyusiness report, bob pisani new york stock exchange. >> and there are concerns in the the market about global growth and the lates data are showing some strains. economic output in both japan and germany contracted the third quarter. separately, consumer spending in china hit the lowest pace in five months. and bank lending in that country also fell. and just yesterday opec cut the forecast for global economic growth for theext year saying the slowdown has become more accented >> americans pay more for a lot of things. consumer inflation rose last month abat the fastest pace in mine nine months. you can bet federal reserve policy makers are paying attention.

maxine waters on the financial service committee. how can tecalifornia's ists be reflected in washingt? >> i think when you starto e that in the state of california it's not just someone breaking through and becoming a first. now all of a sueeden you're g a lot more women at the table. certainly when i word on the hill for the first woman elected from michigan, we were fhting get maternity care within the affordable care act and there were fthr women o committee. today you can imagine that conversation happening, now have six, seven. all of a sudden the course is a little louder, and i think we're going to s over the next five to ten years, what does that mean f governing now, how are coalitions being built with the new voices. >> amanda renteria with emerge america and ane moses with ignite. nice to have both of you here. >> thank you. >> that will do it for us. as always, you can find more of our coverage at kqed.org/no r m kqed.org/newsroom, including the latest on the califoenia wildf i'm thuy vu. thank you for joining us. robert

mid-term elections in the united states because after the midterms the new head of the financial services committee in congress will be democrat maxine waters and she's known as of president donald trump water this new position could spell trouble for trump as she now has subpoena power on her radar screen is doj about a key lender to the president forces can look into documents bank statements possibly connecting trump to russia democrats have not yet decided whether they will subpoena bank or what aspects of the president's finances to look into. mr and the u.s. where the federal reserve kept the benchmark lending rate unchanged on thursday the move highlighted the continued strong performance of the economy but also pointed to a slowdown in business investment the fed noted solid job gains falling unemployment and growing household spending but they also signaled that there may be a further rate rise before years and. fifteen thousand passengers are stranded at airports across argentina because of a wildcat strike or planes of state carriers are really as. grounded as all employees take part in

interesting a fall out of the business angle from the midterms exactly yes the new head of the financial services committee in congress will be democrat maxine waters known adverse for president donald trump well this new position could spell trouble for trump and she now has the power on her radar screen is deutsche bank a key lender to the president was can look into documents and bank statements possibly connecting trump and russia democrats have not yet decided whether they will subpoena deutsch show or what aspects of the president's finances to look into . let's talk about this because i was in who's standing by for us at the frankfurt stock exchange kyra is this a talking point amongst traders. it absolutely is. frankfurt is the headquarters of the bank of course people here are talking about this topic a lot they have been talking since trump is in office and since the moller investigation and you know what with the hands often over their mouth storage bankers would often tell you that the bank should never have done business with donald trump in the first place as a businessman he had richard tais

side yes indeed fail maxine waters she's a democrat most crucially the new head of the financial services committee in congress now she's already known as an adverse three to president donald trump but i need position gives him more power she can now enact subpoenas and on her radio is do it your bank a key lender to the president was his can look into documents and bank statements possibly connecting trump and russia democrats have not yet decided whether they'll subpoena dortch or or what aspects of the president's finances to look into. so how could all of this affect deutsche bank on all frankfurt financial correspondent call had risen sent us this report. as though it's a bank has its headquarters here in frankfurt of course people are talking a lot about this topic and they always have been since trump was in office and since the mother investigation and of course often with their hands over their mouth storage bankers will tell you that deutsche bank should never have done business with donald trump in the first place as a businessman he had a reputation of not always paying back what he owe

operation the new head of financial services committee in congress will be democrat maxine waters known adversarial president trump and she now has a subpoena power on her radar screen is which was a key lender to the president when he was a businessman waters can now look into documents and bank statements that could possibly point to collusion with russia democrats have not yet decided whether they will subpoena. or. of the president's finances to look into. a. corner of the front of stock exchange is that going to become a problem for the larger what are we you hearing there in frankfurt. it is quite likely to become more of a problem for the which a bank traders are talking a lot about this topic especially so since jeff sessions the u.s. attorney general has left his post this week this has brought the miller and vesta geishas back in focus and with the long lasting relationship between deutsche bank and donald trump if you talk to bankers here in frankfurt many of them will tell you of course with their hands over their mouth that deutsche bank should never. i have you know done b

the incoming chairwoman has tried to get subpoenas for two y head of thethe financial services committeeste no time launching that. she has said it is payback time for banks and wall street in it -- and insurance companies. it should be a lot of fireworks. women one more seats than ever before after a record number aof ballots across the country. jason: but is this symbolic, or bullet impact policymaking? -- will it impact policymaking? still, 75% of the power will be held by men. carol: perspective is important. >> it is important to reelect people and keep the moment going if you want parity. that is why we have to keep getting people elected. what were the driving factors that got so many women running this time around? becca: a lot of people pointed to the election of donald trump as a catalyst, and the loss of hillary clinton. you have a woman who a lot of people thought was qualified, and a man who has said things sexist, or that they don't like, which galvanized women to run. there are a lot of people who disagree with that. i?he can do it, why can't #metoo movement had to play as

. >> i will be the first african-american, the first woman to chair the powerful financial services committeeall the banks. jesse: maxine waters will be in charge of policing wall street. and you say what? >> she is no jesse watters. i don't care about her race. i care about her politics. capital markets, banks and insurance. she is a radical leftist. she'll be the first socialist to chair this committee. they want more rules and regulations. elizabeth warren said we shouldn't have banks do banking, we should have the post office and the government do it. jesse: they will have to spend so much money for maxine to stay out of their business. if they take the house they will reinvestigate kavanaugh and possibly impeach kavanaugh? what would that look like? >> the would-be new chair of the judiciary committee said he wants to impeach justice kavanaugh. we fought to give more power to the american people, giving them more control of their money, lives, jobs and businesses. democrats said we have to stop the winning and reempower washington. to do that they have to distract and destroy donald trum