the congressional response was the dodd frank act amongst other things. the dodd frank act actually relies on a lot of regulatory infrastructure, much of which seems to be very weakened. i think one of the great ch challenges and concerns people have is that this administration creates crisis day after day after day and seems ill equipped to deal with the next crisis. while they're attacking the means by which we would protect consumers in the next crisis, so i think accountability was such a huge part of the midterm elections, and how do you see or could you just describe more how you -- how you see the committee's role in the backdrop of an administration that seems ill prepared for challenges, seems basically catering to the industry, how are you going to protect consumers so we don't have another financial crisis again? >> well, this administration has demonstrated that that's not something they care about. that's not on their agenda. you know, protecting families and making sure that we have the kind of consumer protection that people can rely on. the

>> to answer the three questions, dodd frank, or frank dodd, because frank wrote it not dodd.there is no powers to the fed, that is why am saying strip the power away from the federal reserve. look what they've done with it. nothing. that is what my book shows you. they're choosing to not do their job and we are paying a lot of taxpayer money for them. second question -- has anything changed since in between years? the fact that david solomon became the ceo goldman sachs and all the american people need to know. i know david very well. he is in the book and plenty of notes and recordings to remind me of david. if i happen to forget him he was one of the managers that, one more from goldman, why he was represented, they would disagree how many lies are in the book but they said there is a least one. so i would say the thought that the fed has the power to stop that from happening and they didn't stop it from happening tells you everything that you need to know about the credibility of the credit exams if you will, and the third question. [inaudible] >> i think your question is

is a deregulatory push at the executive level and legislation passed that roll back dodd frank. how dangerous do you think the last two years have been for the health of the system? >> the last two years have been very dangerous. i have been appall and surprised at how blatant it has been. this administration is not at all concerned about the welfare of the average family and the welfare of people who are struggling every day to make a living. they don't mind them getting ripped off in many ways. whether we are talking about the consumer financial protection bureau that oversees things like payday loans and are they involved in trying to -- this administration is involved in many ways in trying to undo the work that we have done to try and protect the average family and homeowners. >> you entered congress i believe in 1991. >> yes. >> that's been 28 years ago. what is it like today to see this incoming class and the variety of backgrounds they represent compared to what it was like when you walked in and took that oath 28 years ago? >> it's very different. when i came to congres

you started the discussion on really the trump administration on dodd/frank and other ways that we basicallytry went to the financial crisis and then congress responded and that congressional response was the dodd/frank act which relies on regulatory infrastructure which seems to be weekend. but one of the great challenges is that this administration creates crisis day after day after day. and to deal with the next crisis. while they are attacking the means that they protect consumers, accountability was such a huge part of the midterm election. how do you see the committee's role and backdrop of the ill prepared for the challenges are catering to the industry? how do you protect consumers so we don't have another consumer financial crisis again it has been demonstrated that that is not what this administration cares about like protecting families or to make sure that we have what people can rely on. so certainly by introducing the legislation in this committee it will be new and refreshing to help people understand what we care about. so we are not relying on this administration but those o

that was the center piece of the dodd/frank reform. and mulvaney who was sent over temporarily by the president to oversee it after the guy who headed it left to run for governor. and he's tried to dismantle the consumer financial protection bureau. and before we got the consumer financial protection bureau in the dodd/frank legislation, consumers had no real protection. nobody was looking out for them. and so this is extremely important. i'm going to focus on that and we're going to try and undo the damage that mulvaney has done. fair housing, the gses, that is fannie and freddie. we have all of that work to do. so we're going to do our work. now, don't forget. inquiries into deutsche bank was part of the work we had already started to do. we had sent letters to deutsche bank trying to find out about two internal reviews that they had done. and what did they find out? of course they did not answer us. we've been trying to find out about the money ties to russia through deutsche bank. we know that deutsche bank lends this president --

dodd frank only helped big banks and pushes community banks out of business because they can't keep up of compliance and she loves dodd frank. >> she erects barriers to entry that keeps out the small guy and gets populist credit because she does care fingers and they're afraid she'll come after them. the five biggest banks have consolidated and grown their market share since that frank passed. kennedy: and out there too big to fail. tim carney, thanks. keep an eye on all the 2020. i'm ken jacobus and i switched to the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy. and last year, i earned $36,000 in cash back. which i used to offer health insurance to my employees. what's in your wallet? comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of whic

they won't roll back dodd frank or roll back the roll back of dodd frank.about setting the table for 22. >> yeah. they're going to do some show hearings. they do say stuff. listen, i don't dislike maxine waters. i've been on tv with her in the past. she basically represents her district in california and l.a. very well. ocasio-cortez, i went to the same high school as her. the attacks on her -- >> neil: not in the same year. you're much older. >> yeah. 30 years difference, by the way. i think they go overboard in their attacks on her like her elite upbringing, which is not true and all that. where they have both of them is on their lack of sophistication on commission. literally maxine waters said -- this blew me away -- if we increase diversity on wall street -- i'm paraphrasing here -- you know, it's better for the economy. makes no sense. >> neil: wasn't those remarks that lending is still skewed to the right? >> it's disproportionately skewed to people with better credit ratings. if they happen to be white, that's the way it goes. >> neil: that's not go

dodd frank only helped big banks and pushes community banks out of business because they can't keep upst of compliance and she loves dodd frank. >> she erects barriers to entry that keeps out the small guy and gets populist credit because she does care fingers and they're afraid she'll come after them. the five biggest banks have consolidated and grown their market share since that frank passed. kennedy: and out there too big to fail. tim carney, thanks. keep an eye on all the 2020. ♪ ♪ dad, can you drive me to jessica's house? ♪ at northwestern mutual, this is what our version of financial planning looks like. tomorrow is important, but so is making the most of the house before they're out of the house. spend your life living. find an advisor at northwesternmutual.com each day justin at work... walk. and after work. he does it all with dr. scholl's. only dr. scholl's has massaging gel insoles that provide all-day comfort. to keep him feeling more energized. dr. scholl's. born to move. kennedy: iconic wrestling host mean jean oakland left us at each of the six. meeting was a popular th

. >> after an intense fight, what's known as the dodd-frank act, known for the senator and congressmand too. >> clears its final hurdle in the senate by a vote of 60-39 in july 2010. it gives the government new powers to regulate banks and the derivatives market and creates a council to monitor economic risks. >> the other big part of dodd-frank was in fact the consumer financial protection bureau. >> it is a big victory for elizabeth barney. -- warren. >> the bill signing was a bigot moment for the obama administration. it seemed obvious that elizabeth warren would be front and center. and so yeah we placed her right in the front row. >> now the yes is, who will run this new agency? for many the answer is obvious. >> there were a lot of people who were highly engaged after the financial crisis in how the government was going to respond. and a lot of these people saw elizabeth warren as their champion. >> but there was a problem, in washington. she was so controversial and had so much opposition from, certainly republicans, and democrats. and democrats told obama that is she would not

and in the dodd-frank act, congress prohibited the fed from to dosection 133 firm-specific interventions in the future. in the future, facilities created under these programs must be broad-based and multiple to institutions. it's not really clear exactly how much of a constraint that be. we'll sort of have to see next time around. and it's also worth saying that dodd-frank act said that in the future, this extraordinary with the only be used explicit approval of the treasury secretary. not have been a significant constraint during crisis.t chairman bernanke and secretary treasury and geithner worked hand in glove together. theit does ensure that political branches would have the chance to give the ultimate whether to use these powers. next one -- there it is. something called the exchange stabilization fund. and it was basically created to give the united states some shadowy currency warriors that would go out into -- could go into the external exchange market and make sure that the rapidly devalued. that was created in a different era, when, you know, we were trying to maintain the gold

and it's also worth saying that the dodd/frank act said that in the future, this extraordinary power can only be used with the explicit approval of the treasury secretary. so that would not have actually been a significant constraint during this past crisis. chairman bernanke and secretary of the treasury paulson and then geithner worked hand in glove together, but it does insure that the political -- excuse me -- that the political branches would have the chance to give the ultimate say on whether to use these powers. so the next one. there it is. so there's something called the exchange stabilization fund. and it was basically created to give the united states some shadowy currency warriors that could go out into the international exchange market and make sure that the dollar was not rapidly devalued. and so that was created, you know, in a different era when we were trying to maintain the gold standard. and then in the era where the dollar was still pegged against gold. it's not really clear what this fund should be doing now that we're in an era of floating exchange rates. but it

. >> under the dodd frank regulation is that operate completely separately from what you are doing in some ways? >> the responsibility is to recommend policies to the full board, but he has personally oversight over the whole supervisory apparatus which is many people in the reserve banks and also takes the lead and testifies a couple of years on capitol hill and the the lead in negotiating the fools thatad weo for banks that are multi-agency bills so there is a negotiation between us. it is a very big job. >> today when you testify and members ask you questions you think are not so great, how do you politely tell them it's not so good that you'l you will givm an answer? >> i think you try to engage with people and engage. >> some people have beenn pushig for a long time for the audit of the reserve. do you have a view on whether that is a good idea or not? the >> our business model is very simple. we have assets that our government securities and liabilities and things like currency so it is a pretty simple business novel and we are audited from our perspective with the term means is

past the affordable care act, passed the dodd-frank legislation. now she is back in power.he american people spoke in the november elections and we see the house went to the democrats. she will lay out how she will deal with president trump, a very big challenge for speaker pelosi. but one she feels she is able to handle. scarlet: certainly it she has a big to do list. to oversee. my question to you, michael, with all of the deals that she cut to reclaim the speakership, can she be as effective as she once was? i know she had to promise different committee has two different democrats. also putting the self-imposed term limit. his paul ryan announced retirement, his fundraising suffered in some of his republican colleagues began ignoring him. how effective can nancy pelosi be? i think shehael: will be less effective the last time she wielded the gavel. less because of the agreements she made to secure the gavel. less because of the conditions or her status as a lame duck. more because she is facing a republican president, a limitscan senate, so the of what house democrats ca

you know we all of the congress should war off another big bank bailout and they they said that dodd frank that as you know i had a lot to to do with says that we could no longer have a big bank bailout but here's the bottom line for all the viewers is that congress can change the law like that they could say yes i mean. if there was another default they could do something i'm not sure what that would be but don't think for a minute that they will let major whether or not it's the banks or the auto sector they're not going to let them fail and the economy go down but thinking about going to crypto is such an interesting and exciting concept of assets the global asset the belongs to individuals and immutable way to transfer the whole value and transfer it to appear anywhere in the world outside of the banking system i mean that's that's extraordinary if that had been around in nineteen thirty three great depression would have lasted as long as that but it is the around and now it just seems to me going to these conferences that there is so much greater acceptance that people in the kiosk he

his had a t p p got a set of nafta renegotiated nafta he got a set of some of dodd frank signed legislation making it easier community banks so things are firing a pretty good of course china and the government shutdown and the mala report are all the pediment the road ahead we'll see where it leads and that's a good synopsis of biased i think in some parts there but you got some of that. but i get to steve and look i agree i mean a lot of those things were absolutely good and the president may have helped what he certainly didn't do any harm the one might be on the trade stuff and maybe we'll talk about that a little bit more but the books still on written on that right danielle last time you were here i think you said that you could see another rally coming my question to you is one what would be the circumstances which would sort of set the table for such a rally and two are we talking about a short lived rally or something that might exist for several months. so what i'm looking for is is honestly it's going to come back to this earnings season so last week the banks started reporting e

-dot frank lost in this component of the dodd frank lost that was specific to conflict minerals and enforced companies to reveal basically where they got their raw materials for the products they're making if they were sourcing from central africa and from congo and the surrounding region. through the transparency and just saying after all these centuries of stealing can someone please tell us the truth about where we get the stuff and what goes on? that is how the catholic impact on supply chains and that has led to the seventh ray of hope in a% or what used to be ten years ago the one found almost one 100% of the minds controlled by our groups in eastern congo. at the center of the war zone. now, today as a result the loss there's companies taking proactive measures to get ahead of the law and 80% of the minds of these three keys, they are all in all our electronics are now conflict free, free from our groups. eight ray of hope. the pressure on some of the neighboring countries and not just china and america and europe that have been feeding off of the congo and even the neighboring countr

congress would tell you they think financial regulators are better equipped today because of dodd-frankto combat the next financial crisis but obviously you're shaking your head and many people disagree. >> there is time and one last question. >> a quick question for fraud on the panel. not counting your presentation, who else's presentation worthy of the most or gave you most concern about potential for abuse? >> everyone else gets to answer, too. >> public house. >> i'm actually more worried about the economic power because as a leadership right now they like invoking bills. i'm concerned about the normalization of the use of u.s. military in the united states because the authoritarian regime are broad and once you hit the tipping point it becomes normal it becomes difficult to reverse. >> control of the internet as i think the person who controls the information will control everything else. >> one of the points raised was to take over wire facilities would be the internet not just one or a war, but a threat of war, which is so amorphous can be done at any point. unlikely this presid

we know about a good dodd frank law that was specific to conflict minerals and forced companies to reveal a where they got their materials for the product they are making if they are sourcing from central africa from congo and the surrounding region. it's just saying after all these centuries of stealing, can somebody please tell us the truth about where they are getting it and that's had an impact on an number of supply chains and it led to the seventh ray of hope 80% who used to be just ten years ago the un found almost 100% were controlled by arms groups in eastern congo at the center of the war zone. now today as a result of companies takingur protective measures to get ahead, 80% of these treaties 80% are now free of the groups. the eighth ray of hope the pressure on some of the neighboring countries. it's not just china and america and europe but even the neighboring countries first and foremost sadly a country and a government that has been held in great regard for much of the progress made has been one of the worst exploiters of weakness and the rule of law and violence that has o

. >> she is talking about revisiting dodd-frank.oking for solutions, but she needs to do her homework before she serves on this committee. a lot of her policies are what have made the economy boom under president trump. it leaves me concerned that her time on the financial services committee will undo a lot of that. liz: student loans are already owned by the u.s. government. i don't know if she is going to take on the fat cat academics running real estate models. banking can't be fixed with cosmetic reforms. >> that's right. you look at her proposal for raising the top marginal tax rate to 70%. it will have the unintended effect of harming the lower and middle class because those policies lower people's ability to invest in their businesses and hire workers. people who would be harm bird that would be the exact people she claims to be working. liz: the net job growth in this country came from small businesses. she wants more federal help for housing. we did that with barney frank and fannie and freddie. but let's get into this cort

i don't see a big sea change there have been several sea changes, tsunamis of sea change, dodd/franksed much-needed regulation on the bank. then president trump comes in and begins to roll back a fair amount of that but really for smaller banks, not the big wall street banks that we think are still heavily regulated and fairly regulated i don't think the change in the house leadership is really going to have a big affect on that although maxine waters will hold hearings and, you know, that will probably result in -- >> do you see it as annoying for them >> well, i mean, not annoying because you can't use that word per se it's important they have to be taken seriously. she's a very astute politician. >> i mean for the big banks that get called in for hearings and subpoenas and all that >> yeah, they're going to have to deal with that. that will have to be part of their new reality, which they haven't had to deal with in the last two careers. >> jimmy, how much power does the house financial committee actually have when it comes to regulating banks >> listen, some very important legisl

hope we talked a little bit about this some of you know about it, washington, d.c., know about dodd-frank law well there was a comoant that was specific to conflict mineral ares that forced companies to -- to reveal basically where they got their raw materials if they were sourcing from central africa. from congo and surrounding region. it's just purely transparency if purely just saying after a all of these centuries -- of stealing can somebody please tell us the truth about where they get their stuff and what guess on where they're getting and that is how to have an impact on supply chain and that is led to the 7th ray of hope 80% that used to be just ten years ago that u.n. found almost 100% of the mines were controlled by armed groups in eastern congo. epicenter of the war zone. now, today -- as a result of that law as another -- companies taking proactive measures to get ahead of the law, 80% of the minds of these three t's we call them in all of our electronics 80% of those are now conflict free free of arm groups. progress just got to move. 8th ray of hope. the pressure on some of

the interesting dynamic though now relative to then was dodd-frank was passed and what dodd-frank wasmassive discretion to the regulatory apparatus, the bureaucracy. if you read the treasury proposal back in 2017 all of their proposals, 90 plus percent of them could be executed by the bureaucracy, not the legislative body. so they have now started to loosen the regulatory policy considerably and you've seen banks disinvesting themselves of government securities, investing in actual loans to the private sector and return on equity jumped this quarter. stuart: maxine waters will not -- >> she has no real power over that. unless she could pass legislation to change all of this, there is really nothing she can do other than hold hearings. liz: the senate will veto, republican senate. >> there will not be any legislation on the banking sector. most of this is already in the works. as you said you saw it in this quarter's earnings. stuart: historian, barry knapp thinks we're going higher overall and he thinks regional banks will do well for you. >> i do. >> okay. say no more, barry knapp ev

charles: they were supposed to do well, some adjusts to dodd-frank, some adjustments -- >> the wholehey should actually start making loans. forget about trading stocks for a moment. get back to what your core competency used to be, making loans. let me shift gears a little bit. if it's not banks, you talked about getting in and out. you like some things down here. you are looking at value right now? >> again, december, you had some things we were mentioning, united rental, i mean, $20 stock trading at 5p. i know that's rear view mirror stuff but there's so many stocks. when you look at the market, everyone is running to cash, they run right to growth. it's kind of the risk, different levels. the first wave comes into value, try to find some value. charles: consumer staples, 200-year-old companies, campbell soup, no pricing power but it's been around 200 years and will probably be around another 200. also dividend payers did very well. if we start to move away from that stuff, or maybe we stay there, is it possible we can make a lot of money in some of these value names this year? >>

but the bottom line is what the dodd/frank act did was make owner-occupied property fully income documentableto get the no docs with 2% down with an option a.r.m. for people with a 420 score. so that's out. so if you want to live somewhere, you have to document your income. what they're doing alternatively as opposed to pay stubbs and w2s, they'll take bank statements for 6, 12, 24 months and take your gross income and divide it by two and say that's the income to qualify. that's where i'm worried if these self-employed people stop making as much money >> on that point, though, diana, i can see why, looking at someone's actual bank statement and saying here's what you can afford is very different from literally lying on applications ten years ago and that completely blowing up because there was no real there, there >> we are not back to the future let me repeat that we're not back to the subprime we saw in 2004 '05 and '06 it's just a difference way of documenting the borrower there are a lot of folks out there. these are not backed by fannie, fredie or fha so they're on the books of the lend

popularity since the republican majorities of the 115th congress threatened it to the passage of dodd/frank, after the greater recession, a consumer protection bill that sought to remedy the disaster of the great recession and one that democrats did manage to undo and repealing don't ask, don't tell. a measure that allowed gay service members to serve the country proudly, not having to hide their identity. history is being made in washington today. i want to take a closer look at the new congress. the most radically racially and gender diverse ever in the united states. the host boasts more than 100 women. shattering the previous record of 84. there are now 52 african-americans and 39 hispanic men and women. the first african-american women to represent connecticut and massachusetts. the first latino woman to represent texas along with the first two muslim women in congress from michigan and minnesota. one of them, congressman omar, showing this photo with her father and the caption, 23 years ago from a refugee camp in kenya, my father and i arrived at an airport in washington, d.c. today,

that's not really going to screw up the whole banking system the way -- kennedy: dodd-frank has?ns that go over the head of millennials that are the ones that could lead to more trouble in banking and lending. a lot of caps and rules. kennedy: that's right. >> nothing's going to happen for a couple years anyway. this has to just keep building momentum. kennedy: we're all going to die. [laughter] >> not in a couple years. kennedy: hopefully. fingers crossed. jonas, great to talk to you. >>> more than 70,000 americans died from opioid overdoses last year alone. could marijuana help combat that crisis? republican florida congressman matt gaetz just introduced a bill that might get us some more research. i'm going to talk with mihm next. ♪ ♪ we can go down this waterfall, honey. what do you think? ♪ woo! yeah! it's good! it's refreshing. ♪ at northwestern mutual, this is what our version of financial planning looks like. tomorrow is important, but she's only seven once. spend your life living. find an advisor at northwesternmutual.com. (sfx:footsteps in wet cement) (sfx:birds singing

she says she wants to reinstate regulations under the dodd-frank act, as well as strengthen the volcker regulations are meant to head off the next recession or next financial crisis, that could lead to a recession. waters also wants to overhaul credit checks. she says, your credit report. she says she wants to make more affordable loans available to more people. >> we also need to place limits on credit checks for employment purposes, reduce the time period that negative items stay on credit reports and make other reforms to fix the serious problems with the credit reporting sector. for the sake of consumers across the country, credit reporting need as comprehensive overhaul. >> waters will create the first-ever subcommittee on diversity and inclusion. she says there are too many, there is not enough diversity among the upper echelon, senior level of big banks, also financial institutions, should be joined on the committee by alexandria ocasio-cortez. who says she wants to dig into student loans, possibly debt forgiveness, and for-profit pensions, as well as look at banking regulations

and we've witnessed it with the affordable care act and with dodd frank. when pelosi -- when she became speaker, when president bush was in office, she was dealing with the iraq war. she was dealing with the collapse of the united states economy. then with president trump she -- with president obama, i'm sorry, they passed the affordable care act. she has taken some very important steps and passed some very critical legislation that require working within our caucus, both the left, the middle and the right to get things done. and then she often talks about how she worked with president bush to pass, for example, an energy bill. so she has a history of bish bipartisanship. working with president trump at this time, it's kind of a mystery. because you don't know where he stands from one day to the next on what issue to the next. it's very difficult. she respects the office of the president. now we'll just have to see if president trump is really going to be able to withstand having speaker pelosi as leading the house democrats. >> her daughter had said about

. >> this will really sort of test the theory of dodd frank, of the consumer protection, all of these things that we've put in place to supposedly prevent this from ever happening again, from ever having a financial crisis happen again. we'll see, you know, if government intervention and regulation really does work. you probably can tell i have some skepticism in my voice. >> two things should have been done, one is why haven't we denationalized fannie mae and freddie mac. the other thing is start focusing on state and local levels on regulations. they make it impossible to build affordable housing. in this town, new york city, impossible. you have 10 people in manhattan living in a single apartment. >> only when you're in your 20s, steve, come on. >> well, i'm still in my 20s -- yeah, right. by my counting and washington's counting. you attack those two things, no more government backstop and start focusing on regulations with this administration is willing to do, boom, housing problem gone. >> that's the dangerous game, though. is the government really out of this? we fannie and fre

that's not really going to screw up the whole banking system the way -- kennedy: dodd-frank has? over the head of millennials that are the ones that could lead to more trouble in banking and lending. a lot of caps and rules. kennedy: that's right. >> nothing's going to happen for a couple years anyway. this has to just keep building momentum. kennedy: we're all going to die. [laughter] >> not in a couple years. kennedy: hopefully. fingers crossed. jonas, great to talk to you. >>> more than 70,000 americans died from opioid overdoses last year alone. could marijuana help combat that crisis? republican florida congressman matt gaetz just introduced a bill that might get us some more research. i'm going to talk with mihm next. ♪ ♪ capital one venture card... you'll earn unlimited double miles on every purchase, every day... not just "airline purchases". think about all the double miles you could be earning... (loud) holy moley that's a lot of miles!!! shhhhh! ♪ what's in your wallet? shhhhh! [indistinct conversation] [friend] i've never seen that before. ♪ ♪ i have... ♪ i am not for

this is how we got dodd-frank which dealt nothing with the 2008 crisis. it put regulations on banks, screwed up credit and that's what's going to happen now. ocasio-cortez doesn't necessarily worry me. she's one of about 60. she has a voice that i don't necessarily agree with, but she was elected, she deserves to be at the table. what worries me is people like maxine waters. david: for the record, maxine waters' husband's bank was called one united. but i think the rest of the story is right. thank you, gang. >>> cracking down on big tech. that's what president's pick for attorney general may have in mind for silicon valley. charlie breaking it down for us next. >> i think a lot of people wonder how such huge behemoths that now exist in silicon valley have taken shape under the nose of antitrust enforcers. moving? that's harder now because of psoriatic arthritis. but you're still moved by moments like this. don't let psoriatic arthritis take them away. taltz reduces joint pain and stiffness and helps stop the progression of joint damage. for people with m

. >> her claim to fame is the consumer protection bureau and dodd-frank.t of a horrible crash, she could blame banks. that's what she has to run on and she won't let it go easily. let's take the bank experience and make it as horrifying as we can for individuals. she is saying all companies behave as badly as the worst behaving banks and hedge funds. she knows it isn't true because she is a smart woman. but this is why her negatives are so high. she comes across as a nanny lecturer. >> i am okay with some guidelines, rules of the road. but to jonathon's point. if you are just a terrible business person, you are just hosing every single person you are doing business with. that's not going to last. maybe it takes too long in an ideal world. but characterwise. >> i think what jonathon meant to say is the rules of capitalism are capital i am. that's why companies go out of business. we didn't need the government to break up standard oil. they are already in the process of breaking up from competition. we didn't need the government to step in and sue ibm for be

of congress last year with passage after bipartisan bill that got 67 votes in the senate to undo dodd-frankn creating a lot of mess in financial institutions. charles: right. >> that is something certainly on the mind of other members already sitting on committee. charles: those are small banks, even frank himself, barney frank after he left congress admitted went too far. hurt small banks, hurt chances of small businesses, small lenders, borrowers. i think she has a kinship with maxine waters. i've been watching fiery maxine waters go after alan greenspan and ben bernanke and she is has complained bitterly on things on local level. she wants more community reinvestment. she wants to bring big banks to hair knees or at very least do some redistribution of their income. so i think this is the perfect team for her. we know that they can't do much with the senate perhaps and presidency in republican hands but they can make a lot of noise and perhaps change the public discussion? >> you know that will be an interesting question to watch. maxine waters is no shrinking violet. she is not someone

one weakened the dodd-frank rules.eople -- >> regulations were killing community banks. they're killing regional banks. they were screaming out for somebody to get them out of under dodd-frank. he did that. businesses across this country, small and large gain ad ton of confidence last year because the president said i'm not going to issue the kinds of regulations that can killing your business. voila, we got the boom we. steve: let steve this. >> banking finance and industry caused three major problems for economy over last 40 years. savings an loan crisis, dot-com bubble, and mortgage-backed securities. i'm in favor of regulation preventing sort of things happening. american people dirked out a lot of money and lost their savings. >> obama piled on the various regulations and, flint, michigan still had dirty water. what we saw last year coming out of the competitive enterprise institute, government interference and riglations cost the american people over $1.9 billion. $1.9 trillion. we saved over a billion dollars la

said hey, wall street banks, i'm going to tell you something in private, i'm going to get rid of dodd-frank, when publicly i'm telling everybody i'm going to be tough on you. this was a statement made in the context of discussion of a "lincoln" film. here's the debate question. >> the question involves wikileaks' release of purported excerpts of secretary clinton's paid speeches which she refused to release and one line in particular in which you, secretary clinton, purportedly say you need both a public and private position on certain issues. so is it okay for politicians to be two-faced? is it acceptable for a politician to have a private stance on issues? secretary clinton? your two minutes. >> as i recall, that was something i said about abraham lincoln after having seen the wonderful steven spielberg movie called "lincoln." it was a master class watching president lincoln get the congress to approve the 13th amendment. it was principled and it was strategic. and i was making the point that it is hard sometimes to get the congress to do what you want to do, and you have to keep working

theor the crises we face, risk of a financial meltdown and there is more to be done with dodd frank. there is the enormous trade deficit, the largest in the history of the world, ignored by presidents bush and obama. now with donald trump focusing some attention on it, not necessarily having any success, we are doing it the right way. outside of looking at revenue expenditures, which everybody else is going to look at, we need a foreign policy that not only recognizes our ideologies and our objectives, but also the limits to our means. and, when we talk about burden sharing it is not enough to get our european allies to spend more. they should be in a way we can spend less. otherwise there is no advantage to it for the american taxpayer. one thing that happens in this room is we bring the federal reserve board here. generated up to $100 billion in profit in one year from quantitative easing. we in many cases disparaged them for that. fed to to encourage the generate a profit. every business person i talked to in my district says why can't you run the federal government more like a bu

reporter: waters says, she wants to revive some of restrictions, regulations in the dodd-frank act, including strengthening the volcker rule. she says those regulations were designed to head off the next financial crisis and need to be reinstated. she says the most senior level of banks and financial institutions need more diversity. she says diversity helps better financial performance. >> i'm very pleased and proud to announce i will be creating the subcommittee on diversity and inclusion. the subcommittee will be the first of its kind in congress. reporter: alexandria ocasio-cortez will join her on the committee. she wants to dig into student loans as well as for-profit pensions and banking regulations. neil. neil: all right, edward, thank you very, very much. we're focusing on this, following a day of hearings here, and this notion it is just going to be a lot of nastiness back and forth. charlie gasparino on that and much more. >> breaking news i get to in a minute. i'm all for diversity in the work place, i'm a big proponent of that, but i don't get how diversity helps financial perform

capital organically she will fuel it the second thing is it's taken washington a while to implement dodd/franktting to more of a regularity to how they view the stress tests, there's a little bit more of a re-calibration these banks still have a tremendous amount of capital, but i think they will be able to share more of it with their share holders so slower growth in the economy, a little bit of re-calibration on the regulatory side, and you're seeing buybacks accelerate and we saw. it also what's happening, david, is a lot of banks were in the blackout period during the big market selloff, so they are coming back in earnest we saw synovus just this week enhance their program. >> dividends, too? >> yeah. >> you talked about returns to shareholders >> so the way we measure it is total share of capital for the biggest banks. it will be 100%. they will take 100% of their earnings, and they are going to buy back stock or pay it out in dividends. >> just going to ask about the biggest source of growth is. that consumer loans at this point? >> the consumer is still grow, and, remember, we had a goo

. >> under the dodd-frank legislation coming of the vice chair for regulatory. how does that operate? the operate separately in some ways? >> he has statutory responsibilities from what he actually does everyday. it is to recommend he has personally has oversight over the whole supervisory apparatus, which is people to the reserve bank and testifies by statute a couple times a year and takes the lead in negotiating. lots of the rules we do for banks are multiagency rules so there is negotiation between a fdic at occ occ. it's a very good job. >> today when you testify and members ask you questions you think are not so great, maybe like some some of the ones i map a new. have you politely tell them it wasn't so good that should give a good answer. >> if i did you try to engage with the sense of a people asked. >> some people have been pushing for a long time for the audit of the federal reserve. do you view on whether it's a good idea or not? >> the fed is audited. we have a big four accounting firms that audit says printer business model is very simple. it's sim