hensarling: without objection. mrs. wagner: are you denying it initiated its supervisory review of the sales practices on may 8. mr. cordray: we engaged in supervisor active prior to that. mrs. wagner: did the cfpb notify on march 3 referred to matter to enforcement, sir? mr. cordray: that's the key point i want to make sure you're clear on. we were engaged in -- >> point of clarmentecomplarmente inquiry. mr. hensarling: for what purpose does the gentleman from massachusetts seek recognition? >> according to the rules, am i entitled to any of the documents that we're asking the witness on? i would like to get copies of the documents if i could. mr. hensarling: they will be provided to all members. >> we're does the investigation now. i'm wondering if i could get -- if copies of the documents have been provided to all the members under the rules. are require required. mr. hensarling: members may request copies of the documents and they will be provided to members after the request. mr. lynch: may i make a formal request

hensarling: a brief response. mr. cordray: my understanding is that in response to that subpoena we supplied yet more documents and we were engaged in discussion was staff and at the end of last year, staff said that they would engage in further discussions with us and they thought that would -- mr. hensarling: the time of the gentleman has expired much the chair recognizes the gentleman from california, mr. sherman. mr. sherman: mr. cordray, thank you for your service. i want associate myself with the ranking member's praise of you. except for the part, perhaps, where she posited the possibility that donald trump would appoint you for another term. nothing other than that could diminish the high esteem that i have for you. we have up behind you on the board the trade deficit statistics. i know that we didn't have quite as big trade deficit last month as expected but that was a quirk because of the chinese new year and some interruption in shipments. mr. cordray, we have the know before you owe mortgage disclosures th

hensarling, seek recognition? mr. hensarling: mr. speaker, pursuant to house resolution 240, i call up h.r. 1343, to direct the securities and exchange commission to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclosures relating to the compensatory benefit plans and ask for its immediate consideration in the house. the speaker pro tempore: the clerk will report the title of the bill. the clerk: union calendar number 42. h.r. 1343. the bill to direct the securities and exchange commission to revise its rules so as to increase the threshold amount for requiring issuers to provide certain disclose you ares relating to competence -- disclosures relating to compensatory benefit plans. the speaker pro tempore: pursuant to house resolution 240 and amendment in the nature of a substitute consisting of the text of rules committee print 115-11 is adopted and the bill as amended is considered read. the bill shall be debatable for one hour equal requesty divided and controlled by the -- equa

and chairman hensarling is marking it up. and want to bring it to the floor as soon as possible. [inautomobile] the speaker: no, not at all. [inautomobile] the speaker: we had a good meeting and going to get a bill. and we have been briefed on what they are going to do and along the same lines and progress being made and moving on the same page. [laughter] he speaker: yeah, right. we see this as a good thing. [inautomobile] the speaker: tom mcart thur has a lot of experience in insurance and worked in high risk pools and the mccarthur amendment is a great way to give states more flexibility. those are the three things we want to chair. obamacare and whatever we can do o get the premiums down and it is met but every state is a little different. in wisconsin, they had a risk-shared pool and custom muse the reforms and lower premiums and protect people with pre-existing amendments. 'm not going to do it. [inaudible] the speaker: the administration, o.m.b. are down to the last final things. we aren't doing that. that is not in a bill. we are very, very close and the analysis is down

do you support jep hensarling's bill which is subject of a hearing today? what's your timing on tackling that big issue which was also one of the president's campaign promises? secretary mnuchin: i have had multiple conversation was chairman hensarling. we very much support the fact that he's launched this bill and he's focused on these issues. i think as you know the president signed several executive orders that we have been working on very closely. the first report will come out in the beginning of june, and what the president has asked us to do is look at not just dodd-frank but even a much larger focus on regulatory reform. we'll be coming out with recommendations. again, we have had over 20 different focus groups in many cases, 50 to 100 people at each one of these. we're taking an input from both banks, big and small, community banks, nonbanks. regulators. nonfinance companies. and we're going to come back with recommendations to the president. some of the things we can do will be through regulatory changes. i think as you know we have the right to a

kevin walsh will bring us an interview with jeb hensarling. tierney and in 20 minutes.headlines. paul ryan said the latest republican effort to revamp the affordable care law is winning support but sharp -- stopped short of promising a vote anytime soon. he said we will vote on it when we get the votes. this comes as lawmakers from both parties are trying to agree on a separate $1 trillion spending deal that would avoid a government shutdown saturday. the white house is weighing whether to pull out of nafta in the coming days. that is according to politico officials. it was a reportedly under final review and could be unveiled earlier this week or next. they could change as talks evolve and other officials weigh in or there are better nafta terms. dismissingov is claims that international experts cannot visit the site of a suspected chemical weapons attack in syria because of security precautions. he criticized the organization for the prohibition of chemical weapons for failing to go examine this site for the deadly attack in northern syria. he said claims the experts

the bill was drafted by jeb hensarling. on capitol hill. take it away.in: we're here with german jeb hensarling. you had a hearing this morning on dodd-frank. what would choice act 2.0 do? the most important thing is we're going to promote economic growth. i think there will be greater financial stability. we're basically going to replace bill house with bankruptcy. replace complexity with stability -- with simplicity. of all the obama era regulations that have been opposed on our economy none are worse than dodd-frank. dodd-frank imposes greater regulations than all the other obama era regulations combined. this is an economy under the trump administration that is poised to take off after all years of obamanomics. we have to repeal and replace dodd-frank. the way to die do -- the way to do it is with private capital and let freedom ring. kevin: let's talk love the ending of private bailouts. leslie president trump signed memorandums that would review liquidation authority. that came up several times. what would your bill due to address orderly liquidati

chairman hensarling held a full committee markup last month which allowed for full debate and amendment. and now we have the bill on the floor this week. good process produces good policy. perhaps equally as important, good process helps us instill faith in this institution. when americans see us take up an issue, hear their concerns, and work together to find a commonsense solution, they will trust us to tackle even bigger problems. this may not be the largest learning product that chairman hensarling and the financial services committee produce this congress, but nevertheless, it is an important work that is helping solve problems faced by american small business. this legislation ensures that the employee of america's small businesses can take ownership in their companies and their jobs. it reduces regulatory encroachment on america's job creators. and helps our small businesses expand and grow. i thank representative hultgren for bringing us this bill. i commend chairman hensarling for working with both sides of the aisle and for following a good process on this legislation. i urge

hensarling: i thank you, madam speaker. first, i want to thank the gentleman from michigan not only for yielding but more importantly for his leadership in helping improve our capital markets and our economy here. i want to thank all, all of the republican and democrat co-sponsors of h.r. 1219, particularly our vice chairman of the full committee, mr. mchenry of north carolina, for his leadership but also ms. velazquez on the other side of the aisle for her leadership on this issue as well. both of these colleagues are senior members of the committee, which i have the honor of chairing. madam speaker, we know that while optimism and confidence in our economy are up considerably over the last few months, our nation still has a way to go to experience the robust economic growth the american people have experienced in the past of which they also deserve. one obvious reason that the economy continues to limp along is bureaucratic burdens imposed by washington's top-down regulations on america's small businesses on main street.

david: matt thornberry is going on this trip and also jeff panzer lang -- jeb hensarling. >> yes, i justa source earlier in the chairman beenfice and there have talk about brexit and with his bipartisan group of lawmakers from the speakers leading but note, there is a sanctioned role to be played in these conversations when you talk about terrorism. the house financial services committee is setting up a subcommittee a little more than a year ago, designed to take a look at terrorism financing. chairman answer lang has been involved in that and we did hear from president trump, the role of sanctions. usid: thank you for joining from washington as paul ryan prepares to speak in london. next, we go to london. this is bloomberg. ♪ scarlet: this is "bloomberg markets." we begin with breaking news. we are moments away from the release of the beige book. what we have seen today is weakness in the dow jones with a bit of strength in the s&p 500. michellelet's get to at the federal reserve in washington. >> we heard from the federal reserve today across all 12 districts come economic activity inc

house financial services committee jeb hensarling's new bill would give banks relief from annual stressests and is an update from the legislation he proposed last year that stalled in congress. so what does the future look like for dodd-frank repeal, dubbed the financial choice act 2.0? ask a compass point policy analyst two specializes in the financial services policy issues , including everything that bloombergers care about. isaac, what is the main difference between chairman hand fair choice act 2.0 versus 1.0? >> there are not many differences. we have not seen the policy fundamentals of the bill change, whence is -- which is noticeable. this bill was released last summer and it was a messaging document. there wasn't anyone who worked on it who believed that that bill would become law. now with control of the government, folks are reassessing. part of the reason we have not seen the legislative text yet is because they have had to make the rounds again to see what's possible versus what is probable. pimm: what is the outlook for the consumer financial protection agency? not good bu

. >> a couple of those bullet points are something that we have seen congressman jeb wh hensarling, thesere things he support. how much of this is them working together to make it look like they're coming together? >> wall street thinks dodd-frank is an overreach. the orderly liquidation thing is an interesting one. it goes to the heart of the idea of what happens in a financial crisis. can the government go in, seize a bank, wind it down? this was the capstone under the obama administration of what regulateders said wou erer erer end of the too big to fail, because the government could step in, manage it down and everything would proceed smoothly. now if they roll that back what will that be like? that's interesting. >> will they get comments? allow comment periods to stay open? larry somers has said repealing ola could kill the economy when we go into another recession. ben bernanke has been vocal repealing it. they'll get some high-profile push back on this. >> that's why they said they are just going to review this. it's just study. the report is in such and such number of days from n

. >> jeb hensarling. >> still to come on the show, we have keith meister live from the hedge fund eventhere david faber is reporting today and awaiting comments from house speaker paul ryan. check out the nasdaq hitting the third straight all-time high ahead of the mother lode of tech earnings. "squawk alley" back in a moment. in an accident. s when i call usaa it was that voice asking me, "is your daughter ok?" that's where i felt relief. we're the rivera family, and we will be with usaa for life. >>> we take you to the white house. the president and first lady welcoming the president of argentina and his wife to the white house. the two will conduct a working lunch later on this morning. this was sort of a pattern we had seen in recent weeks. today it's been overshadowed by a lot of domestic policy but the president making time for at least one foreign dignitary. >> some point to the fact that this is the second latin american president to visit the white house. the first was the peruvian president. it's not one of our closest allies and friends south which would be mexico. that trip

i thank chairman hensarling for bringing this legislation before us. i als thank representative velasquez, holsings worth, sherman and gottheimer for co-sponsoring this legislation. i ask my colleagues to vote yes on the rule. i ask you to vote yes on the bill. i yield back the balance of my time. i move the previous question on the resolution. the speaker pro tempore: the gentleman yields back the balance of his time. the question is on ordering the previous question on the resolution. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. mr. mcgovern: mr. speaker. on that i ask for the yeas and nays. the speaker pro tempore: the yeas and nays are requested. all those in favor of taking this vote by the yeas and nays will rise and remain standing until counted. a sufficient number having arisen, the yeas and nays are ordered. pursuant to clause 8 of rule 20, further proceedings on this uestion will be postponed. pursuant to clause 8 of rule 20, the chair will postpone further proceedings today on motions to suspend

and chairman hensarling is marking it up. we want to move it to the floor as quickly as possible.dule. casey? >> is the white house overstepping their bounds here on tax reform -- bringing this proposal to you? is that part of the failure of health care -- >> no, this is something we have been talking about all along. the house ways and means will make sure we can get a bill together that's unified. we have been briefed on with what they're going to do. it's basically a long -- along the same lines we want to go. this progress, showing we're moving and getting on the same page. let's do that again. we're on the same page. very interesting. so no, we see this as a good thing. we see this as a good thing. >> on health care, does the mcarthur amendment gets you to 216? >> we -- tom mcarthur one of the leaders of the tuesday group he has a lot of experience in insurance. he knows insurance markets inside and out. worked in high risk pools. so we think the mcarthur amendment is a great way to lower premiums, give states more flexibility, while protecting people with pre-existing condit

and then later, hensarling will join us on the administration's tax plan.now just $4.95. we cut the price of trades to give investors even more value. and at $4.95, you can trade with a clear advantage. fidelity, where smarter investors will always be. and at $4.95, you can trade with a clear advantage. usaa gives me the and the security just like the marines did. the process through usaa is so effortless, that you feel like you're a part of the family. i love that i can pass the membership to my children. we're the williams family, and we're usaa members for life. >>> hardwood retailer floor & decor opened up for trade this morning. a nice 42% gain at the open. just a little off for the highs of the day. joining us for a cnbc exclusive is the ceo, thomas taylor, who is here at post 9. great to have you. >> thank you for having me. >> the whole concept is forcing people to rethink what think about brick and mortar in the first place. >> yeah. absolutely. the reception we have gone through the road show and talked to investors and they're excited about it. w

a&m,ongressman from texas jeb hensarling, and the house financial services committee, always out fronte right there is 111, that is a wild statistic off of the 109 level. canada, 13575. great interview with minister friedland in germany. very valuable as well. uris with the is at the weeks with bank. let's get to bloomberg daybreak's alix steel. >> just very easier from goldman sachs, head of commodities research. two full with him. what does tax reform wind up meeting for oil and energy companies and what does a trade war mean for commodities like steel, for example, if we have china continuing to pump seal into the u.s.? the other conversation is about opec and we have the saudi emmett -- saudi energy minister coming out but what does that mean for the next four weeks of the meeting. tom: right now i want to get this in for switzerland and francine lacqua is joining us. the single best chart, and you can only do this in real time on the bloomberg, i want to thank you for the your best for your research. this used to be three and a half percent for the financial crisis. down we go. -2

chairman hensarling of the financial services committee will reintroduce the choice act probably in theay time frame. i expect it to move through the summer in the house. and get to the senate. it will take 60 votes in the senate. we'll probably see some changes from whatever we pass in the house. it's not 100% pre-negotiated with everybody. it's a chance to really get the capital back in the hands of people that want to create jobs. right now under the dodd-frank regime, billions of dollars are spent by middle market and community banks to comply with a bunch of regulations that frankly should not pertain to them. that's billions that could be in the hands of people that want to live their american dream by buying a house, by starting a business, so it really will make us -- >> what is it about the bill, does that mean it excludes the smaller banks or is it changing the rules? what is in the choice act? >> one of the major provisions creates a capital requirement that says capital can be a cushion. if you have a certain capital level, last time it was 10%, you can use that to consider

jeb hensarling will be hosting his first hearing on that tomorrow.vernment shot down -- shut down and the tax plan, i most forgot. kevin: and north korea. alix: joining us is binky chadha. awesome to see you. are you chasing the rally? binky: i think u.s. equities, it is time for a pause and going a little bit slower, still see a grind higher but we are overdue for a phase of growth data surprised. that is just as it go -- how it goes after you get positive phases. i would argue you want to be long european equities, at least for the next two weeks. u.s., doterms of the you want to be selling into the rally and you buy it back when we get that pause or is it a real rotation? binky: i would argue you just want to hold on. i do not think you want to be too overweight right now. we have earnings coming in, i would argue much stronger than even we expected. the headline number and s&p 500 and 14% per share. we have not seen a double digit number for more than two years. jonathan: we were expecting a health care vote and we did not get it and everyone cam

that leaves congress the most closely watched regulatory bill be jeb hensarling's replacement forredd-frank. a hearing will be held today. i'm told it could be marked up in the coming weeks, it could be voted on later this summer, but the case with all of these pieces of legislation is whether the house can actually get something working that the senate agrees with and that can make it out of both chambers. haven't seen that yet on health care, might not see it on the dodd-frank replacement as well. >> but i can promise you one thing we will see, which is you tomorrow in person. >> look forward to it. >> because we're headed your way. we'll be live in washington tomorrow morning. we have a big show ahead. count down to president trump's 100th day in office. huge lineup newsmakers including kevin brady, steny hoyer, rob portman, david schweitkert, joe crowley and wilbur ross. that is starting tomorrow 6:00 a.m. eastern time. stay tuned, we are be light back with much more. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform where