g.e. has lost out on dealings. do you think all these u.s. manufacturers are going to stay in the united states? no, they're going to go where credit financing exists. so by not moving feud on a full-so by not moving forward on a full-functioning credit agencies, all you're doing to helping to ship jobs overseas. we make up great products in the united states. we are competitive. our workforce is skilled. i'll be the first to say we need to skill it more, and i'm all for educating and skilling our workforce with every resource our country has, because that innovation is our competitive advantage. but, if we mawk great products but then we hamstring the financing of those great products because developing countries don't have the same banking and financial stools that we have in the united states, you're basically saying we're not going to sell product. so i am a big proponent of winning in the international marketplace. i am a big proponent of saying the middle class is growing around the global and one of the united states' biggest economic

g.e.announced in june that it will receive financing from the french export credit agency to support exports that will be made in france now rather than the united states, and so the french credit export agency will be providing an additional line of credit for gas turbines that will be produced not in the united states but will be produced in france and exported to countries such as saudi arabia, mexico, and brazil. as a result, g.e. will invest $40 million in the french economy instead of investing d 40 million -- $40 million in the american economy. you know what that means? that means when you look at these jobs -- just translate $40 million, and we recognize a lot of that is input costs. but one of the major input costs in all of this is american workers. how can we stand by and let this happen? how can we stand by and not fight for these jobs for american manufacturers? there is no way we can come to the floor and say, we're for the american worker and not be for the export-import ba

this bill does more than just block states from enacting g.e. food labeling laws. it also blocks a long-standing seed labeling law in vermont, one that vermont's organic farmers appreciate, as a do conventional farmers. and even backyard hobby guarders in, people from all over the country write in and buy these seeds because they know -- they know the labeling law. it's a law that's been on the books since 2004. it ensures clear, meaningful information for farmers to know exactly what they're buying, and that's why they buy it. now, perhaps in a state like kansas, where the last organic survey in 2014 counted only 83 organic farms, or michigan, a state which is ten times the size of vermont, they said they have 332 organic farms. maybe in those states that don't have organic farms, having access to that information is not considered useful or important. but in a state like vermont with only 600,000 people but we now have over 600 organic farms, our seed labeling law is important. the dry has complied -- the industry has complied with it for the last five years. but

and how that is going to be impacting g.e. who is a nonbank entity, and curious ho figure out how that is coming down the pipe? >> well, g.e., we already published -- >> it is a sife. >> a rule. it is not insured. >> it is not an insurance company, and what happens to those the guys, and this insurance rule will have no impact on them, and what happens to those guys going forward? >> well, they not an insurance company? >> no, but they are a sife, and they have invested their banking part of the business, and what happens to them moving forward? >> there is something that the fsok will take up. >> fsoc will take up. >> i wanted to talk about what you were talking about the advanced rules of proposed industry, and i'm speaking of large firms like state farm, and illinois state. and we want to make sure that the fed understands the vast difference of banking and insurance, and the sad vanced rules of proposal making is heading in the right drirection there, and we would ask you looking forward to this, as i look at the snpr, it

actually deploy on that schedule and work with everybody's users, they chose box. 59 -- will now be in g.e. has a couple hundred thousand actors on the modem is. so long as small businesses are able to work and collaborate and share their information securely. >> coming up we will take you to mary makers mind-blowing report. this is the "best of bloomberg west." we will talk torte founder of adventures and cofounder of -- right here on bloomberg west. >> one of the motivates 's cipated, venture capital chalk full of -- will he zed chapman and john butler joined us to parse through the findings. >> one of the reasons people love this report so much is that she gets us out of the every day and goes back 20, 30, 40, even 50 years and there's been $21 trillion of capital growth over the past years. that is much more than doug was fineup in china that's starting to taper off and as a result the numbers overall are coming down. >> except for india. >> that was the one standout. >> what are they saying about this? >> it's the one country that did see some positive uptick usage and the second larg

on top of that, the credit card company, g.e. spin-off comes off and says, oh, by the way, we're in creasing the loan loss provisions for our consumer loans. they're just increasing provision. so now there's a little bit of a problem. all the credit card companies are unique. it's spilled over into the other banks. jpmorgan has a consumer loan as well. that's all we need. >> and, oh, by the way, the fed meeting tomorrow. thanks, bochblt going out with 58 points. we'll have special coverage with janet yellen beginning at 2:00 eastern time. right now viad is ricking the bell and lgih. see you tomorrow, kelly. >> thank you, bill. welcome to the "closing bell." the comeback toward the end of the day is part of the story here. the s&p down less than 4 points, the nasdaq down a little more than 4 points but not major moves here. in fact, the dow was the worst. >>> coming up, signet jewelers under fire after commerce report their diamonds were switched out when they sent them in for cleanings. the ceo mark light will be on to address th

business where the results, the hopes are real and tangible whether it is at a netflix and apple or the g.emazon, and so we will keep the headlines coming as they come in. some interesting theater here, john, in the next few minutes as he is received by congress. >> well, we are accustomed to seeing the pictures when the president of the united states comes in to deliver a it is the of the union, but this is extraordinary. we have seen it recently, and the pope came to washington, and we have seen it before the iran nuclear deal when president netanyahu came, and any time a leader addresses a joint session of congress, it is a moment of drama on the hill. >> and a foreign leader like prime minister modi, there is a ongoing debate here in washington as to whether modi will comment on whether those comment on the actual race or those comments from donald trump on india's outsourcing sector stealing jobs from america. >> we will be listening for that for sure. there's nancy pelosi and you can see mitch mcconnell there, and this is going on to be a little distraction from ins and out of the dai

i think g.e. is good at this, but it's an exception. even g.e., more of the innovation is coming from india over to africa. i think i see that more. and they're amongst the leaders, but ibm and bar clay's are doing this well, but most companies do not. innovate in africa for africa. and the third is sort of outside in. that's to say companies, not large companies, but start-ups, innovative tech companies that are in silicon valley or auckland, new zealand, that innovate, that bring -- that are finding that the innovation in the market comes forward best or fastest in an african continent. zipline international is a growing company. they have no plan to get into africa, but the launch of their first program, of their first significant commercial drone program is in rwanda because kagame felt they wanted that kind of technom, wanted a demonstration project and created an enabling environment for them to get the million hours of safe flight they needed that they were finding hard to get in california. all thirty-tree of those need t synced

it's not like g.e.g to suddenly stop selling stuff into france because of brexit paralysis. >> i completely agree with you. so there's the financial cycle aspect of it and the economic cycle aspect. the economic cycle is it's not going to be a meaningful difference for the united states or global growth expectations for 2017. but for a financial system perspective, this could create some uncertainty, and when you have valuations that are priced to per effect, this could create an opportunity on the down side. commodity prices also weaken as well as emerging currencies. we're not expecting this to be the banking crisis by any measure. >> all right. you've got the whole thing. always giving you more. back in two. ♪ ♪ it's here, but it's going by fast. the opportunity of the year is back: the mercedes-benz summer event. get to your dealer today for incredible once-a-season offers, and start firing up those grilles. lease the e350 for $499 a month at your local mercedes-benz dealer. mercedes-benz. the best

. >> you might have done better for the country staying where you were, at the helm of g.e. >> who knows enjoyed it very much. >> do you think that most republicans are assessing things like you are, where they're kind of looking down the checks and then comparing who their options are? >> with the lack of practicigma by the right -- i supported romney, as you know, to the nth degree, and i'm so disappointed in his behavior now. >> that's a pathological. that's like some weird -- >> i don't know what happened, but brett stevens is someone i read every time he's on, and brett stevens says we need to lose badly to teach him a lesson. come on! >> whoever these people are that backed him, they need to be taught a lesson because brett knows better. >> i can't believe brett stevens has gone over the side like he has. he's one of the great writers. >> you're going to like the guy we pick. david french, are you serious? that's just an elect hillary move, that's all that is. that's an elect hillary move. >> i was going to say, it looks like the republican party is changing. it looks like some of

you are now investing in g.e.m being an activist or even a constructivist kind of investment given that it truly is a, we like this company, we're long this company, and that's what the investment is. >> it's more than that. we've been following ge for a very long time. both nelson and garden, my other founding partners at trian have had long standing relationships with jeff immelt and their lead director. we followed the company. we always felt, once they got out of the credit business, the opportunity for focusing on the industrial businesses, which are the best industrial businesses in the world. they're involved in energy development, they're involved in airplane engines, things with long tails. great service revenue. but in the case of ge, we consider ourselves validation capital. so what happened with ge is they made the announcement that they are getting out of credit. and everybody basically kind of yawned because they felt that management has been talking about a lot of those things for a long time and ou