he's the ranking member of the house financial services committee.ot the best name for a politician -- >> thank you. >> really! i mean, it's like, you're the son of like patrick henry or something. isn't that what mchenry means? >> yeah, the mc means "son of. >> yes throw you ring in with the other 20 why not? they won't get the nomination anyway why don't you do that? >> i'm a happy person, that's why. the exchange i got to see yesterday between secretary mnuchin and chairwoman waters is kind of like sitting between you and andrew -- >> that's what we said makes us look like ozzie and harriet, we said i know. >> i feel like melissa, actually, this morning -- >> or becky. yesterday we had -- >> yeah, or becky. >> congressman, you're already predicting this is going to probably, you know, not be as bad as what we saw with chairwoman maxine waters, obviously, and mnuchin, but you think democrats are basically going to say that the banks are too big, and you know, that we haven't done anything. but your point is that, yeah, they are too big because dodd

heads of the most powerful banks in the united states appeared before congress as the house financial services committee they faced off against lawmakers in a sweeping hearing covering everything from potentially suspicious activity from russian bank accounts to financing controversial industries like gun manufacturing the event was supposed to revolve around the stability of the banking system ten years after the financial crisis but it turned into a thematic free for all instead of manufacturers. for more let's cross over to court to our financial correspondent a welcome now if this hearing didn't actually end up focusing on the systemic risks what was the point of having this hearing at this juncture than ten years after the crisis. it's a big show mostly for congress men and women how that usually works as congressmen and women show up ask their questions t.v. cameras are rolling and then they leave and we had topics all around the place from climate change student loans from the financing of private prisons or equal pay but if we listened closely to the big c.e.o.'s self the big american banks and

hour six, i guess i should say hour seven of big bank ceo testimony in front of the house financial services committee. what we were just showing you was the line of questioning from congresswoman alexandria ocasio-cortez of new york talking about a number of things really more statements than questions. >> a long statement, two questions. basically, should more people go to jail for what happened ten years ago? jamie dimon saying you shouldn't go to jail if you jump a turnstile but if you break the law. relatively sedate, i think, back and forth. >> yeah, although in general it seems to have been a somewhat tense six-plus hoursof q&a not necessarily a lot on actual bank regulations and sort of the state of the financial system here in the u.s. really the questioning throughout the day has been sort of all over the place. a lot of different topics. >> yes and there's been some confusion around who provides student loans. there's been some name confusion issues but either way, they're getting through it regular sous vide, if you will >>> we'll keep bringing you the headlines for this as it unfolds. in

recording that they had issued subpoenas from the house intelligence as well as the house financial services committee to deutsche bank as well as other financial institutions including jpmorgan and citibank. house financial services chairman maxine waters has said that essentially see is going -- she is going to use every avenue in her ability to explore the $2 billion worth of financial dealings that have untangle themselves within the trump organization as well as the trump political apparatus. i can tell you the public statements from the financial institutions, including deutsche bank, has been they will fully quaff rate. expect more hearings on this before the house financial services committee. sherwoman waters has proven is not afraid to call in the ceos and top executives to testify. david: we heard from the president sunda crying this, saying it is a terrible thing. do we have any idea what congress is looking for -- we have heard from the president's son decrying this, saying is a terrible thing. do we have any idea what congress is looking for? kevin: certain democrats say this is a fishin

the votes have wrapped up, so we are anticipating the house financial services committee hearing willrtly today. our thanks to the top public in on that committee, congressman patrick mchenry. vonnie? vonnie: kevin, thank you. meaningful calls, new legislation, or anything that might actually change the environment. let's bring in our bloomberg banking reporter. are well-intentioned, and there are social problems in this country. >> the social problems may be the biggest take away from the hearing so far. if anything, we're watching the --t apple of hours to see couple of hours to see if the big banks continue to see. i am wondering if alexandria ocasio-cortez will bring it up, she didn't bring it up during the wells fargo hearing. up during bring it the wells fargo hearing. bank of america has had some setbacks, issues also. they have had some exposure in the management division. not a lot on the systemic issue that patrick mchenry was talking about. lloyd blankfein tweeting a few moments ago, boy, i really miss my old job. it is comical but also a little bit ironic about lawmakers w

bank ceos have been taking questions from the house financial services committee. that hearing is currently in recess and we expect it to continue in a few moments. wilfred frost is in washington and has more on what we've heard so far wilf, good morning, again. >> good morning, carl. so far it's been less about bank

r reports say the house financial services committee led by congresswoman maxine waters has subpoenaed nine large banks as part of the probe. the house intelligence committee is also part of that probe. the president has denied any wrongdoing, calling the investigation presidential harassment. well, the u.s. and china are planning two rounds of face-to-face meetings in hopes of wrapping up a trade deal. trade representative robert lighthizer set to return to beijing the week of april 29t april 29th. the chinese envoy returning to washington the week of may 6t may 6th. president trump said the negotiations were, quote, moving along quite well. lauren: maybe we'll have a me more l y'all day deal. the crisis on the border the number one issue on americans' minds. we have the latest. and time is on brett kavanaugh's side and people are not happy. the growing outrage after the magazine puts the supreme court justice and his accuser on the same list. keep it here on "fbn: a.m.." >>> if somebody's thinks measuring is full, i tell you, my community in indiana isn't full. we were built for 130,

connell: we have a major warning to bankers to talk about from house financial services committee chair, maxine waters. maxine waters will keep a close eye on the banks. what it could all mean for you. melissa: hmmm. senator bernie sanders campaign getting massive amounts of money. will it all turn into votes? connell: president trump meeting with the nato secretary-general as tensions over military spending continue to rise. that is next. ♪ cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group - how the world advances. ♪ you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? most pills don't finish the job because they don't relieve nasal congestion. flonase sensimist is different. it relieves all your worst symptoms, including nasal congestion, which most pills don't. it's more complete allergy relief. and all from a gentle mist you can barely feel. flonase sensimist helps block six key inflammatory substances. most pills only block one. and

connell: we are joined by the ranking republican on the house financial services committee, they haveving bank ceos later in the week we will talk about. congressman patrick mchenry. first to this issue of the tax returns. i said it's really been kind of a big story here the last week or so in washington. are we going to see them, should we see them? >> well, they have been talking about it for three years. i don't think we're going to see them. i agree with mick mulvaney. i think the side show of democrat politics on capitol hill is much about the past and not about looking for the future. we should be talking about the implementation of tax reform. we should be talking about regulatory reform. we should be talking about educational choices and opportunities to keep our economy growing. instead they are talking about one person's tax filings which was discussed repeatedly in the republican primaries, it was endless with the hillary clinton campaign and it's much ado about nothing. connell: do you feel differently now than you did then? in other words, did you think that then candidat

wednesday the executivesof big banks will head to capitol hill the testify before the house financial services committeet the week by releasing quarterly report cards. on wall street stock reports closed out friday with a possible u.s./china trade deal. >>> american airlines is extending flight cancellations through june 6th as boeing's 737 max jet planes remain grounded. they would cancel 90 flights a day. boeing is working on resolving the issues after two deadly crashes. customers affected by the cancellations will be contacted by american to rebook their flights. >>> meantime the consumer product safety commission is asking customers to stop using fisher-price baby sleepers if er-price says ten babies . rolled over. infants three months or older rolled from their back to their at driving down its bandwidth costs and making it easier for the social media giant to sign up more users. >>> and the d.c. extended universe topped the weekend box office. >> shazam! >> authenticity. >> super strength. >> the warner bros. move "shazam" reported $50,000 in ticket sales. "dumbo" drew in $18 $25 million, million

house with the latest. reporter: well democrat want more than president trump's tax returns, they want president bank to fork off his personal and business financial records, issuing a subpoena. house intelligence and financial services committee joining forcing to request the document dump from deutsche bank, they are not only ones in spotlight. house financial service committee chairwoman, congresswoman maxine water demanding documents from 3 others. as part of a russian laundering money probe. >> you say that as a result of your investigation, you did identify maybe some suspect shuteaccounts -- >> i can't comment on that. >> you have not taken any action? right? >> we take it seriously, we're always -- >> okay morgan stanley what about you? reporter: a deutsche bank spokesperson said they have been in talks with congress. and will continue to cooperate as much as they are legally obligated to. and eric trump calling this harassment for political gain, setting a bad precedent. >> hillary thank you. what comes next. stalemate or maybe a surrender of the documents? joining me now. tom dupree. you are an attorney. you know better than me. attorneys can phrase things as they wish. depends on whatever the banks feel they are obl

it appeared to me that maxine waters, who chairs the house financial services committee, did not knowhat the government had nationalized student loans 10 years ago. i don't believe she knows that. she chairs a committee which regulates the banks. charles hurt, come on in, please, i know you've been listening to this you're shaking your head. i was shaking my head when her first question was about russia. go ahead. >> yeah. you have got this woman here, here, you think about all the leaders of the big banks in this country. you know that is usually a rogues gallery of villains. they have a lot of money. they control a lot of money. everybody owes the banks something. they're not really most popular people usually but you want to make them look really popular? put maxine waters in there asking dopey, stupid questions, grilling them about student loans when of course the federal government drives everything when it comes to student loans. it is appalling. this is why people hate washington. it is why they have turned off everything, everything has turned off on washington. why donald tru

it could be a make or break rank as they go before the house financial services committee tomorrow of maxine waters is the chairwoman. before j.p. morgan and wells fargo, j.p. morgan cutting price targets for many of the bank, but karen, all of wall street's worries about the group are misguided. why don't you head over to the plasma and give us your fine print on the financials. >> as we know they're all on the hot seat tomorrow and a lot of times we see industries and ceos specifically on the hot seat and that is the bottom of the stock. think about mark zuckerberg for last year and we'll start to see them and j.p. morgan reports on friday and i focus mostly on j.p. morgan. a few reasons. follow the money and with this, what it means is people aren't understanding about banks is they keep focusing on the net interest margin, how much fresh tlur is from rates being low, but banks actually make half of their money from the net interest margin. the rest is from other revenue which is things like investment banking and markets activity or asset wealth management or credit cards and ther

should start with our political system because at a moment like this it seems like the house financial services committee is tilting at windmills i see a vast swath of companies with balance sheets that are better than the u.s. government. we're not in danger of another financial crisis so all we're left with is political theater which means we can ignore washington and focus on what's happening at individual companies which you know i like. we're on the cusp of earnings season we have disney's huge investor meeting tomorrow, important earnings news and airline and packaged food play they were stupendous delta was unexpected because it had preannounced good numbers. conagra was a total shocker. the company had been beaten down by a bad acquisition that's now turning out to be more positive as management assured in their analyst day but friday, friday we start to get earnings from these same bankers who were pill lorried today and i have to believe they'll be able to tell a better story than they did in front of congress. we need the banks to tell us they're still making a ton of money off of your deposit

cable satellite corp. 2019] >> treasury secretary steven mnuchin testified before the house financial services committee. he was asked about the house request for president trump's tax returns and late in this nearly three-hour hearing, secretary mnuchin had an exchange with chairman maxine waters over whether he'd continue to answer questions or leave for another meeting. >>> ms. waters: the committee the committee will come to order. without objection the chairs authorized to declare a recess of the committee at any time. at today's hearing we are receiving the annual testimony of the secretary of treasury. on the state of the international financial system and i will now record myself for four minutes to give an opening statement. to date this committee convenes for a hearing to receive the annual testimony of treasury secretary steven mnuchin on the state of the international financial system. i would like to start by talking about the international development association or ida which is the arm of the world bank that provides grants and highly loans to the world's poorest countries. i am concerned

no recessi plus his reon to testifying in front of the congresswoman maxine waters, house financial services committee and of course, his news on succession. j.p. morgan announced two major promotions this week. jennifer -- named chief financial officer while the outgoing cfo, has been named the new ceo of the consumer lending business. the most important business they are paired with lake considered by many as a for the future and white mi includes two women at the top. >> with you know lake is just an exceptional cfo. the brainpower, character, capabilities moving on to be the direct line for all -- and john was a co of credit card pay she's been there and become the new cfo and she has character and talent and brains and distrusted by people. it's a wonderful thing to move people around.it is fun for them, and the job for a while. that's why we did it. >> these two leading ladies i j.p. morgan, are you setting yourself appear to have a succession plan to eventually announce when you will step down? >> you know, i love what i do. and i have said, it is not for a while. but absolutely, i had to step

the recent passing of the safe banking act by the house financial services committee, you think thishe critical things. >> big deal. it was the first one across the line. you've got to remember for the last couple of years we haven't even been able to get a hearing on a marijuana bill in congress, because a gentleman named pete sessions from texas was the rules committee chairman. when a cannabis bill came up, he vetoed it when he lost his re-election bid, we knew we could get some interest. you have people investing millions of dollars in cultivation facilities, you have employees working in dispensaries, and you can't run a meaningful business without access to institutional banking. how to you run payroll? how to you write a check to pay a plumber? maria: and john hickenlooper talked about the revenue potential he has seen just in colorado. what kind of a revenue story do you think comes out of this? >> look what happened in colorado. budget deficits, budget surpluses. new schools being built, infrastructure projectings. that's just in one state. maria: when to you see clarity on

house committee to testify on the current state of the international financial system. he was also asked questions about the possible release of president trump's tax returns. california congresswoman maxine waters chairs the house financial services committee. the committee will come to order. without objection the chairs authorized to declare a recess of the committee at any time. at today's hearing we are receiving the annual testimony of the secretary of treasury. on the state of the international financial system and i will now record myself for four minutes to give an opening statement. to date this committee convenes for a hearing to receive the annual testimony of treasury secretary steven mnuchin on the state of the international financial system. i would like to start by talking about the international development association or ida which is the arm of the world bank that provides grants and highly loans to the world's poorest countries. i am concerned through its new private sector that is today is transferring to $.5 million to the world banks private sector investment arm. the international finance corporation that is subsidizing private firms selective without competition on the basis of unsolicited proposals it is l

house committee to testify on the current state of the international financial system but he was also asked about the release of president trump's tax returns. maxine waters is the chair of the house financial services committee. >> the committee will come to order. without objection the chair authorized to declare a recess of the committee at any time. at today's hearing, we are receiving the annual testimony of the secretary of the treasury.

bank ceos have been taking questions from the house financial services committee. that hearing is currently in recess and we expect it to continue in a few moments. wilfred frost is in washington and has more on what we've heard so far wilf, good morning, again. >> good morning, carl. so far it's been less about bank regulations, the state of the financial system and systemic risk and more about socialist views like whether or not to lend to certain companies such as gun makers, student lending, lending to small businesses and forced arbitration there was this exchange on executive pay where congresswoman vasquez, asked citi's ceo michael corbat whether it was fair where he earned 486 times the median pay of his employees last year >> congresswoman, i don't think that's fair of me to judge i would say i completely acknowledge that i'm very fortunate and i started at our firm -- >> i'm just asking that if it seems fair to you, the ratio of the amount of money that you're making compared to the 49,000 other employees is making? >> my compensation is decided by our bo

hearing today is the one that didn't occur, which is aoc, out of 60 members of the house financial services committee, they all met with the bank ceos or representatives of ceos or representatives of the financial sector. aoc refused. one out of the 63 refused. david: she is socialist. she hates the foundation of capitalism which is the bank industry. >> although shows you what a political exercise this is. she is able to get up there say i refuse to speak. >> i think most interesting thing that maxine waters laid down. she did not go after them. david: except with mnuchin. sound bite. let me play the sound bite of her and mnuchin going against her. go ahead, play the sound bite. >> i have here every single time jack lew and other people came here. there has never been anybody been here more than 3 hours, 15 minutes. i sat here for over 3 hours 15 minutes. i told you i women come back. i don't believe we're sitting here negotiating when i come back. we'll follow up with your office. how long would you like me to come back for next time? i have told you i will accommodate you. >> i appreciate that. an

morgan stanley and state street yes they were all there appeared at a hearing of the house financial services committee on the topic of holding mega banks accountable again this hasn't happened since two thousand and eight the committee's chair representative maxine waters of california opened the hearing by asking regarding the c.e.o.'s and the banks. quote a decade later what have they learned are they helping their customers and working to benefit the communities they serve or are the practices of these banks still causing harm in quote well the hearing then opened up for a barrage of more pointed questions from committee members on issues including excessive c.e.o. pay and overdraft fees j.p. morgan c.e.o. jamie dimon told members of the bank that they are now more financially stable. the highest quality capital losses under the fed's most extreme stress test the combined losses of all the thirty four banks is only six percent of total capital. or yesterday we did. major bond. records. the u.s. remains the world. as we speak but as. for the crypto currency and as we go to break here the number of t

executives of seven of the of america's biggest banks have been appearing before the house financial services committee in washington. the first time since the global financial crisis they're being grilled d on a numberr of topics including their pay packets the safety of the financial system and cyber security. well democratic led reforms of the banking system have often but lawmakers at odds with wall street. exchanges on that subject were relatively cordial. just the crisis reforms have may banks much safer and sounder in three important areas capital liquidity and resolutution coverage. the mininute simply would notot happen again. legislators and regular deserve credit for putting thehese basic rurules in place. checking on today's tradiding action now wall street closing slightly above the flat line nasdaq leading gains up just over two thirds of a percent there. at the us federal reserve released the minutes from its latest meeting indicating that the central bank could shift interest rates in. either direction if economic conditions warranted. most board members however predicting no change thi

last week we learned that the house intelligence committee and the house financial services committee subpoenas to financial institutions looking for information about the president's business dealings. we know the house oversight committee issued a subpoena to the accounting term asking for the financial disclosure information the firm put together for the president. a lot to unpack here. that deadline coming up again tomorrow at 5:00. john? >> fascinating stuff, lauren. thank you. >>> up next, sarah sanders denies lying though she admitted it to mueller investigators. n b. for relief that lasts... you want soothe xp from bausch + lomb. soothe xp helps restore the eyes' lipid layer... ...seal in moisture... ...and protect against further irritation. soothe xp. the right choice for dry eyes. ♪ corey is living with metastatic breast cancer, which is breast cancer that has spread to other parts of her body. she's also taking prescription ibrance with an aromatase inhibitor, which is for postmenopausal women with hormone receptor-positive her2- metastatic breast cancer as the first hormo

house financial services committee already in a productive dialogue the number of in specific being subpoenaeded. what the hell is this about? we are congress you have to make sure hour financial institutions are functioning. i have an idea. nancy pelosi turn over all your bank records so we can see if you are playing hanky-panky with legislation. turned over ten years of your federal income tax returns. another idea. have your accountant turn over all the records he or she has involving and including questions you may have asked any notes and any memoranda. coequal branches, whatever they demand of the president they should demand of every single member of the house of representatives and the senate. senate. with the democratic leadership don't tell your mother. dad, it's fine. we have allstate. and with claimrateguard they won't raise your rates just because of a claim. that's why you're my favorite... i know. are you in good hands? your control. like bedhead. hmmmm. ♪ rub-a-dub ducky... and then...there's national car rental. at national, i'm in total control. i can just skip the counter an

the house financial services committee, the house intelligence commit tee thing banks are regulated byre more compelled. >> speaking of the stone-day-old walling, they are compelled to disclose that. >> yes. >>> the president's fed pick says he'sic kavanaugh'd. >> >>> and steve king has also been censure for for his racist remarks in the past. he's now comparing himself to jesus. stay with me. my name is bailey and this is ethan. go! that isn't getting any easier. that isn't getting any easier. this is cj, the greatest addition to our pack. doggie. but i could tell my time was coming to an end. when you come back the next time, take care of cj. i promise. i was back and i would be there for cj. i don't have all the answers but i know we end up where we're meant to be. can we talk? we used to play so beautifully together. now we can barely play anything... even cards with the girls. if you have bent fingers, and can't lay your hand flat, talk to your doctor. it may be dupuytren's contracture. your hand is talking. isn't it time you listened? there are nonsurgical options. take the first

the chair of the house financial services committee is congresswoman maxine waters of california. this started about 35 minutes ago. ms. waters: five minutes for questions. mississippi goldberg. i'm concerned -- ms. goldberg, i'm concerned that h.u.d. is behind when understanding moderate housing discrimination. today an astounding 7 % of renters -- 73% of renters find housing online and millennials do so. while technological advances have expanded to knowledge and information, these innovations are enabling old discriminatory practices to flourish. your organization recently settled its lawsuit with facebook over the discriminatory advertisement. just last week, h.u.d. announced the charges against the company. this was the first secretary initiated complaint for the trump administration even though previous administrations regularly brought such cases. reading the charges, the public may also be surprised to learn that h.u.d. secretary carson originally halted this investigation when he took office. according to the

committee, the house -- pardon me, the house intelligence and financial servicesarately have issued subpoenas to several major banks for loan information. the house oversight committee has subpoenaed an accounting firm that has prepared financial statements for president trump. and the president's personal attorneys are threatening a legal action to stop that accounting firm from providing any information. california congressman. >> so the president's lawyers here are saying that your committee chairman elijah cummings is overstepping his authority. what do you say to that? >> i disagree. this is about basic transparency. every president going back to richard nixon has released their tax forms. and every member of congress has to talk about their assets, their family assets and could you go online and see all of my disclosures. there is no reason the american people shouldn't know the basic financial picture of this president and whether that is dictating or guiding his policy. >> so what are you looking for? are you expecting this would include tax returns or get

one of the things the house financial services committee released in their proprietary remarks how muchhe ceos are paid david solomon was the bottom do you think ceos are worth the money they receive >> i invite all my fellow u.s. ceos to come and work in the uk. it's a very different environment, as you know compensation is for board of directors to establish i think there needs to be some consistency across an industry, but i'm not going to comment on absolute numbers of any ceo. >> jes, always a pleasure to catch up with you. >> thanks, wilf. >> good to see you jes staley, the barclays ceo contessa, what's next? >>> we are here at levi's post the share price $21.64, up 1.5% on the day three weeks ago when it had its ipo, its share price was $17 the question is when it announces earnings today for the first time since its ipo, what are we going to look for there is a desert out there of analyst notes. we'll dive into the nuets ggin this earnings call today after a this earnings call today after a break here on "closing bell. this earnings call today after a break here on "closing bell

house financial services committee already in a productive dialogue the number of in specific being subpoenaedout? we are congress you have to make sure hour financial institutions are functioning. i have an idea. nancy pelosi turn over all your bank records so we can see if you are playing hanky-panky with legislation. turned over ten years of your federal income tax returns. another idea. have your accountant turn over all the records he or she has involving and including questions you may have asked any notes and any memoranda. coequal branches, whatever they demand of the president they should demand of every single member of the house of representatives and the senate. with the democratic leadership we will be right back. lease the 2019 nx 300 for $359 a month for 36 months. experience amazing at your lexus dealer. i swibecause they let metual, customize my insurance. and as a fitness junkie, i customize everything, like my bike, and my calves. liberty mutual customizes your car insurance, so you only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ this and even this.hark,