frank gary in just a moment. >> frank gary has been called the most important architect of our age. it's thoord disagree with that assessment. throughout his career, he has designed awe inspiring structures that have become must visit destinations. this spring he'll teach his first ever online course through master class.com. as always, i'm honored to have frank gary back on this program. how are you, my friend? >> great. >> good to see you again. >> wh i saw this, i was shocked. i was shock thawed were gone, i guess, reveal some trade secrets. not just because you say it, i could do it. but why do a master class? you are almost 88 1/2. >> i have no clue. the nice people came and asked me to do it the it sounded like something interesting. >> what makes it interesting for you? >> appealing for you? >> the candor of it. they let it all hang out. they ask go g. questionod quest. and i love teaching. i've always done. that. >> what is it about the teaching that you enjoy? >> opening other people's minds. you can see the immediate results. it's great that you're having an impact. >> yea

frank gary in just a moment.

frank. i think gary cohn is smart enough to know the stuff in dodd-frank that needs on taken out immediatelyhat's a positive. taxes, we need more disclosure on exactly on what is his tax plan. does he do the business tax first? and the timetable of that. nafta is another story. one of the problems with trump is the friendsy of doing so much, you don't prioritize. one of the priorities the market was looking for is tax and regulatory reform right off the bat. >> you said you were talking to investors. and one of the reasons the stock market stalled out was this wasn't something -- so did they get what they wanted friday morning? >> i think if you look at the market, they got some of what they wanted. bank stocks responded positively. i just think it's one day and you have to see how this pans out. is there not a lot of daylight into what they are going to do. there is no daylight into what they are going to do with taxes yet. liz: paul ryan would say maybe by august. if they maybe cut corporate taxes. but then that border tax is still there. >> it's so complicated and intertwined. he has done

what are the specific areas you think of dodd-frank that need to be changed? garyng issue we want to fix is we want to get the banks working again. we want banks to be back in the lending business. what we think dodd-frank has done is that it has stopped banks from lending to small and medium-sized businesses. it stopped banks from lending to entrepreneurs. inknow the big job creators this country are entrepreneurs and small and medium-sized businesses. banks have been forced to order capital and have not been allowed to lend money. we need to get them back into the lending business. that is our number one priority, to get capital flowing into the small and medium-sized businesses. >> does that suggest that, for example, changing or repealing the volcker rule is not that important to you. gary: every place a bank needs to hold capital and retain capital prohibits them from lending, so we will attack all aspects of dodd-frank, volcker we also care about deep, liquid, transparent, and orderly markets. the united states has a huge competitive advantage with these mark

has been far too onerous under the previous administration when you look at things like dodd-frank. and gary is exactly correct. we have -- our banks are in sterling condition rightow. they're the best capitalized banks in the world. buit's almost like we're making them fight with one hand. we can compete far, far better. and in particular the smaller banks which brian mentioned if we take some of the onerous unnecessary regulation away from them. i think it's one of the reasons why for the first time on record we have more businesses closing in america than opening. that's a tragedy. it's part of why we've endured such slow growth over this past decade. part of breaking out of that is getting loans going again because the banking system is the grease that makes the economic engine hum. ashley: brian, back to you. and especially those regional banks, they're the banks that provide the loans to the small businesses which in turn create all of the hiring. i mean, it's very important. you cut off that money supply. there's no surprise that we've struggled to create jobs. >> yeah. and it's no su

gary: did you say you think dodd-frank benefited the big banks?> i think the unnecessary complexity has benefited the big banks. you look how complex some of the liquidity rules are. the volcker rule. compliance offices and teams of lawyers can handle it. regional banks and smaller banks cannot. it disproportionately impacts them. simplify kaig can ease the burden on the smaller banks. and make it more effective. the rules are hard to enforce. we could have a good deal of simplify kaig around dodd-frank. liz: it seems like college students should look into simplify casings dodd-frank. it's a bear of a law. 2,300 pages. donald trump has already started to try and trim where he is aloud. there is one area -- where he is allowed. public companies that extract natural oil and gas from having to disclose annual reports and paiments whed andpayments when s with foreign governments. that's a small percentage. what else would you remove from dodd-frank to help the market and help stock. >> well, i think again a lot of the apparatus on stress testing is ge

gary kaminsky. trish: i'm trish regan. here are some of the rally aftereffects from donald trump. scaling back the dodd-frank banking bill. banking sector is the big gain sense donald trump won the election. gary: bob diamond the former barclays ceo. an excellent tweak review everything that happened in washington and why the bank stocks have reacted so favably to what is happening. >> if you look at the equity valuations of global equities without financial rvices since the crisis. equity prices are up 100%. until the selection, financials were down 20% to 30%. so you are starting with a phenomenal valuation discount. that's why i think this will be sustainable for a while. i think discussion of rolling back the parts of regulation that have been not effective and by no means am i a proponent of rolling back all regulation. we can see there are portions of this that have been costly and ineffective and slowed the growth of banks. i think there is some wind in the sails here. trish: you couple that are higher interest rates and that's feeding this as well. >> i don't think there is any business that won't be

the head of president trump's national economic council gary cohn takes aim at dodd-frank. two has joined the conversation over deregulation that the administration waits to see its new treasury secretary. gary cohn says the trump administration will attack all aspects of dodd-frank as it works towards jobs growth. >> we want to get the banks working again. we want thanks to be back in the lending business. what we think dodd-frank has done is that it has stopped banks from vending to small and medium-sized businesses. it has stopped banks from lending to entrepreneurs. furtherran carried out missile tests on saturday after the u.s. impose new sanctions on individuals and companies. a commander of the revolutionary guard told state media that a range of land to land missiles were successfully test fire the country's north. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: we are looking at takata shares. were set to plunge by the day the limit at one point. the japaneseor, airbag maker lookin

frank. this particular topic, we also heard from gary cohn from goldman sachs. us what parts of the law they are looking at specifically. >> we are going to attack all aspects of dodd-frank. we also care about liquid transparent and orderly markets. vonnie: joining us now is senior writer for the finance team and the head of our investment team. gary cohn talking about specific parts of dodd-frank they want to change. let me get the bigger picture .rom you, peggy what is this intended to do -- lend more money to help main street? peggy: there has been not enough choice for investors when talking about the fiduciary role. in terms of dodd-frank, there's questions about liquidity in the market and whether there has been enough abilities by banks to lend to small and medium-size businesses. that's their take on it. vonnie: that doesn't sound like a bad thing, does it? >> there's always a spin to do anything you want to do. what gary cohn talked about and what trump talks about all the time is not enough money being lent, but lending by banks in the u.s. has been goi

frank as an example to deregulate. can you get where you need to go without going through congress? gary: we can do quite a bit of what we need to do. obviously, we will work with congress. with this morning committee members to talk about what we could do at the house. the house wants to be active and helpful with us and what we do and financial service regulation. we will engage the house and senate. they are equally interested in reforming some of the revelatory processes as well. we could do quite a bit without them, but the more help we get from congress, the better off we are going to be in making the job creation vehicle more effective, not just in financial services. we are talking about regulation in every industry group. when the automobile manufacturers were here, they were talking about what they need to do with the epa. the manufacturers were talking about different groups in manufacturing. we will need help from the house and senate. we will give them help from the white house as well. david: there is a wide plate of regulations to be trimmed back. let's stick with financia

. >> gary is right, look at dodd-frank, small banks the didn't have to do derivatives, kept most of theance issues. we have to cut stupid regulations. >> some regulations are not great. and the dodd-frank protections make sure the financial advisor not in their interests, that is a pretty good regulation to keep in place. >> 15 departments, 69 agencies, 389 sub agencies, $1.7 trillion in regulations per year. you think these agencies want to get smaller? people would lose their jobs. trump is right to tackle the tentacles that are dragging down the mothership we have here. arthel: >> final word. >> easiest solution is the opposite with these regulations, good intentions but shave 80% of the garbage out of it and right now things like sarbanes-oxley are sending business abroad and that is not the way you want regulation to work. >> thanks, so much for those boycotts, sales of ivanka after a few no top seller on amazon. proving there is a huge pro trump market out there. >> neil cavuto is live from dc with every political angle. get a powerful preview on cavuto coast t t t t >> retailers

look at him, gary cohn, two smart business guys. this democrat is for dodd-frank saying i like this. liz: gary cohn is democrat and steve mnuchin stave money to hillary clinton. he was interesting brought on to the trump administration, trump campaign, scraping bottom of the barrel to run out of money. he turned it around. >> i was with steven and you in vegas at the salt conference. liz: that's right. he just joined. he put his mind to it. figured out how to raise money. he was able to give that new life to that campaign. >> it is actually not surprising when you see what president trump is doing with gary cohn at nec and mnuchin at treasury secretary. he is very big on business. a little different than what obama did. he looked at larry summers and geithner. it was a time you needed dodd-frank regulation. more regulation than policy i do think they're making a mistake not having a cea, council of economic advisors as cabinet member. i think you need that economics background in there as well. liz: he has the economics of the box office. some of the other movies

frank? quite possibly there are. the other hand, the president's chief economic advisor gary cohn asserted that dodd-frank costs hundredsf williams of dollars. i asked repeatedly for some backup, some documentation, some support for that claim coming for the president's chief economic advisor at a time when the total profits of all the banks are less than $200 billion. no response. hn the same interview, co talked about how we allow people to eat unsafe foods as some kind of analogy, suggesting we should dismantle the consumer financial protection bureau. i see the things that are done in credit arrangements to take unsuspecting people. it would take too long to explain them in detail to your viewers, but they are unconscionable. there is much more that needs to be done to assure the proper ,rovision of consumer credit and that unsuspecting people are not stolen from. --hink the idea that we have should somehow be stripping away consumer financial regulation is wrong.nd is badly atook at what has happened the water supply in flint, michigan and other places, and i say to myself, do we need to be scaling back on the effo

gary: we will attack all aspects of dodd-frank. transparent, and orderly markets. ouret: joining us is senior financial reporter, talking the department of labor fiduciary rule that is under reconsideration at this point. how much can president trump get done with the stroke of a pen versus what he needs to do through congress? alman: as you just said, it is a review he is ordering. cohn this morning when he was talking to us in washington what can be done without congress going along. certain things they can. there are several things they can do. one is the fiduciary rule that the biggest impact will probably come from trump appointing new people to regulators. the fed vice chairman for regulation, fdic chair, comptroller -- these people really set the tone for regulation. thanks complain a lot about -- banks complain a lot about capital. capital doesn't come from dodd-frank. and we have our own internal u.s. versions. those could change if we have people with a different attitude towards regulation that trump appoints to these ag

coming up, an interview with gary: and rolling back parts of dodd-frank.bloomberg. ♪ >> president trump and two executive actions, one to order a review of dodd-frank rules and acted after the 2008 financial crisis. the second halted a fiduciary one that requires advisers retirement accounts to work in the best interests of their clients. iran will impose restrictions on in. individuals and entities retaliation for the sanctions imposed by the u.s. today. iran released a statement on its foreign ministry website saying to ron will respond in kind to the latest treasury sanctions and plans to release a list of u.s. companies it says supports regional terrorist groups. the french president says there is no doubt an attack outside of one of the world's most famous museums was terrorism. the soldier outside opened fire on an attacker armed with a machete. the attacker was wounded and arrested. he is described as a 29 your egyptian citizen. u.k., two judges have thrown out a brexit lawsuit that attempted to force a parliamentary vote on whether britain should s

as you look at dodd-frank, what are the specific areas you think need to be really changed? garyhn: let's look at the overarching issue. we want to get the banks working again. we want thanks to be back in the lending business. dodd-frank has done is it has stopped banks from lending to small and medium-sized businesses, it has stopped the banks from lending to entrepreneurs. we know the real job creators are entrepreneurs and small to medium businesses. banks have been forced to ward capital. they have not been allowed to lend money. we need to get them back into the lending business. that's our number one priority. to get capital flowing back into the small and medium-sized business. is your number one priority, does that suggest changing and repealing the volcker rule is not that important? place a bankery needs to hold capital and they need to retain capital, prohibits them from lending. so, we are going to attack all aspects of dodd-frank. the volcker rule, we also care , transparent,quid and orderly market. the united states has a huge competitive advantage. we want to pres

gary cohn, just talking about how banks have not been lending enough because of dodd frank. manus pulled up this chart on the bloomberg, commercial loans climbing. the loan volumes reaching record highs after the crisis. what do you see in the u.s.? how much sense does this make to you? >> the assumption is that whatever will are place dodd -- whatever will replace dodd frank will make it easier. the real problem since lehman was there was too much debt. that took time for that to be eradicated. households strengthened their balance sheets. banks have been held back by a flatter yield curve, lower volume demand. although things are now changing. balance sheets are strong so household can leverage again. the yield curve is steepening and it improves demand for loans. so, whether or not the changes to dodd frank make a meaningful difference, we won't really know because i guess loan volumes will pick up now over the next couple years. manus: i think it is fair to say that gary cohn was talking about lending to entrepreneurs. obviously, the chart he is looking at versus the dat

gary. instead of having a frank conversation, he gijust disappears. >> ghosting gary needs to be courageousaffair, you want to take the high road. put it out there. this is not working out for me. otherwise, you're going to leave the person waiting and wondering. >> if it's a couple of days, is it okay to ghost? so-to-say -- >> i wouldn't leave a person in a lurch. >> they're going to think -- it just wasn't a love match. >> that's right. they'll be second-guessing every move. >> might have been political. here's weepy wilma. i was assigned weepy wilma. she is someone who doesn't have a date for valentine's day. if you're her, which i'm not, how do you, like, not spoil everybody else's day? >> none of these are typecasting, by the way. let's put that out there right away. the valentine's day and the day after. this is going to be difficult for her to be watching all of her friends out there on their dates. so, stay away from social media, if she can. put together a galentine's day. >> i did that last year. >> you had a ganetine's day? >> my daughters did and i crashed it. >> a night on the

trump, gary cohn talked about dodd-frank on friday.ugh to get them to break out of the range. his the reflation trade on or not? wait and see is still the mantra. oliver: that seems to be manifesting itself in the bond market. .e had the big jump what is going on with bonds? lisa: we've got to competing factors. you've got the idea that growth is starting to accelerate. inflation is starting to pick up. we are not accelerating beyond the low yields for longer kind of idea. we are seeing some hope there will be fiscal stimulus, something that will push us out of this range. those hopes are put a little bit more on ice when goldman sachs came out and said, we're not sure how much you can get done given the chaos we are seeing in some corners of washington. let's take a step back. let's see what we are dealing with. scarlet: things may take a long time to happen, whether it is financial deregulation, tax reform, infrastructure spending. oliver: that was kind of the point of bill gross's letter. he said, get ready -- we might keep getting

gary kaminsky. trish: i'm trish regan. here are some of the rally aftereffects from donald trump. scaling back the dodd-frank bill. banking sector is the big gain sense donald trump won the election. gary: bob diamond the former barclays ceo. an excellent tweak review everything that happened in

interesting to see what statements come out from treasury on dodd-frank and tax reform, and what statements come out of the white house with garyhen he takes the assuming he gets voted in, which nobody doubts, what will be at the top of the agenda, besides dodd-frank? what else in the tax policy does treasury need to deal with? has been a lot of talk from trump and his advisers about currencies. they have job owned the dollar and talked about the euro and , theou one and -- the yuan yen, the canadian dollar and the peso moving markets globally. there is a grace. the g-20 members will probably give to a new administration, and oncewill end mnuchin is at the treasury, his counterparts around the world have a number to call to talk to their counterpart and find out what is going on, when are you going to talk about currencies and what ever diplomatic way to want to talk. i imagine this will be on his list of things to do. scarlet: they can always talk to david, the president's nominee for treasury undersecretary. what is the thinking from him when it comes to the u.s.'s currency policies? strong dollar or weak dollar? >> we haven'

frank. maria: joining me right now is white house national economic counsel director gary cohen.so much for joining us. >> thanks for having me, maria. maria: congratulations on your leadership. you heard what bob said about you, very impressed in what you've been able to do in the short two weeks. president trump is promising to roll back regulation with executive order today on dodd-frank. what are you expecting to achieve? >> look, maria, as you heard from your prior guest. we met with over 50 business leaders and ceo's, we are going to continue to mote with a wide group of ceo's today and the first thing we are hearing from many ceo's is the biggest hind -- the first thing that we are going to attack is regulation, overregulation, it's not just in the financial markets, it's in all markets. today you are going to start seeing the beginning of some of our executive actions to roll back regulations in the financial services market. maria: i know ever since dodd-frank was signed into law they could not explain what some of the regulations were, they couldn't even write it, how y

frank ra? quite possibly there are. on the other hand, the president's chief economic advisor gary couldhen a-- couldhen a terted the other day that dodd-frank cost billions of dollars. i have asked repeatedly for some backup, some documentation, some support for that claim coming from the president's chief economic advisor. at a time when the total profits of all the banks are less than $200 billion, no response. in the same interview koan talked about how we allow people to eat unsafe foods, some kind of analogy suggesting that we should dismantle the consumer financial protection bureau. i see the things that are done in credit arrangements to take advantage of unsuspecting people and it what take too long to explain them in detail to your viewers, but they are unconscionable. and there is much more that needs to be done to assure the proper provision of consumer credit, and the unsuspecting people are not stolen from by major financial institutions. so i think the idea that we should show be stripping away consumer financial regulation is cruel and is badly wrong. i look at what has happened to the water supply in fli