press sec. sanders: you would have to ask the department of justice, i am not sure about that. the point he already made in the report. we agree with him. collusion, there was no conspiracy, we consider this case closed. he completed his investigation. it is time for everybody to move on. he is going back to his private life and we think everybody else should, too. reporter: the president and you said case closed, but robert crime wasid if no committed, he would have said so. he didn't say so. press sec. sanders: if he had determined there was a crime, he would have had a moral obligation to report it. that he had anse investigation, the whole purpose of the special counsel was to make a determination on whether or not there was collusion. he came to a very explicit conclusion on that front that there was no collusion and no conspiracy. the good it make a determination on whether or not there was obstruction, which means that is up to the attorney general. based off of the exhaustive information

and thelk about the sec job being chairman of the sec. you were a lawyer in private practice.t is the biggest change now that you are doing this? jay: the biggest change his my client is different. my client is the american investor. that is a change from a single client to a group of clients. david: it can't be that stressful. you have no gray hair. is that genetic or good fortune for the job is not that stressful? jay: good makeup. [laughter] david: when people say to you i , i can interest, you say give you general principles, is that what you say? jay: that is what i say. david: maybe i should be chairman of the sec. you said smaller investors through 401(k)s or iras should be able to invest in liquid securities. jay: we are studying it. marketvate investment has grown substantially in the last 20 years. was year, more capital raised in the private markets than in the public markets. our retail investors are not having access to those investment opportunities. thoseome periods, performed better than the public capital markets. we are looking at this. we want to make sure r

sec.ilson: does that mean i am old? [laughter] >> no. just means you started when you were about 8 years old in your career. [laughter] mr. holliday: barbara, as you know, has been with cnn, where she leads the pentagon effort, coverage and prior to her service with cnn, she has also worked for abc news and has been part of a lot of other media efforts including running the bureau. so barbara, thank you for being here and secretary, thank you for taking time out of your day to cross the river and over to you barbara. ms. starr: great. thank you for coming out on a rainy, drippy day but for the press corp., thank you both for being here. >> so are we. [laughter] going to: so i am not go through a lot of biographical material because you know both of the secretaries, they are political appointees, confirmed by the u.s. senate in their jobs as the civilian leaders of their respective or since. secretary wilson overseeing organizing, training and equipment for about 600 it if i thousand forces

let's talk about the sec and the job of being chairman of the sec. were a lawyer in private practice. what is the biggest change now in your life now that you are doing this? jay: i think the biggest change is my client is different. and my client is the american investor. that is a change from a single client to having a group of clients. david: it can't be that stressful. i see you have no gray hair. is that genetics or good fortune? or the job is not that stressful? jay: good makeup. david: ok. [laughter] david: when people say to you i a orto invest in security b, you say, i can give you general principles, is that what you say? jay: that is what i say. david: maybe i should be chairman of the sec. you said smaller investors through 401(k)s or iras should be able to invest in liquid securities. is there any progress towards that. jay: we are studying it. our private investment market has grown substantially in the last 20 years. you know this. in fact, last year, more capital was raised in the private markets than in the public markets. and our r

let's talk about the sec and the job being chairman of the sec.ou were a lawyer in private practice. what is the biggest change now that you are doing this? jay: the biggest change is my client is different. my client is the american investor. that is a change from a single client to a group of clients. david: it can't be that stressful. you have no gray hair. is that genetics or good fortune? or the job is not that stressful? jay: good makeup. [laughter] david: when people say to you i want to interest, you say, i can not advise you, i can just give you general principles, is that what you say? jay: that is what i say. david: maybe i should be chairman of the sec. you said smaller investors through 401(k)s or iras should be able to invest in liquid securities. is there any process towards that? jay: we are studying it. our private investment market has grown substantially in the last 20 years. last year, more capital was raised in the private markets than in the public markets. our retail investors do not have access to those investment opportuni

sec. mnuchin: that is not the case. daily with all of our areas. we review every single regulation. i think it is my obligation to make sure i am briefed on them. this issue was no different than others. >> thank you. you advocated for salt cuts primarily because it -- 5% ofe approximately taxpayers will have income tax that is above the salt cap. 5% orstate, 42.75, not approximately 359,000 people deduction,aimed the far from 5%. in fact the average in one of my over $250,000. do have a different view on these claims? sec. mnuchin: we are monitoring it carefully. comment that there are a lot of people with salt productions that do have relief. i think it does hit the high end of taxpayers significantly, but we are monitoring the impact of these economies and watching it carefully. , lastthe remaining time november, the full set of sanctions waived under the nuclear deal with iran can back into effect. -- came back into effect. where do you see issues with compliance and what impact do you

those are the sec's core missions.id: so when somebody files to go public, some people say you have to put so much information in it that it discourages people from wanting to go public. is it possible you could say we don't need all this information, or you think what you are doing now is working? jay: i think the approach is the right approach, which is give us all the material information about your company when you are going public. that is the right approach. should we have the same amount of disclosure for our largest companies that we do for smaller and medium-sized companies? probably not. i mean the mega-global companies need to provide us more information than the startup biotech does. and what we are trying to do at the sec now is say, can we scale our disclosure requirements in a way that makes it accessible for those medium and small-size companies. david: if you were a publicly traded company, every quarter you file quarterly information with the sec. what about doing it every six months as opposed to eve

sec. mcaleenan: i do. >> please be seated. the honorable kevin mcaleenan is the acting secretary for the department of homeland security. he has been serving in this position since april 2019. prior to this appointment, mr. mcaleenan had a senior career at the u.s. and customs border protection, where he recently served as commissioner of cbp since january 2017. in 2015, he received the presidential rank award. the nation's highest civil service award. he holds a bachelor degree from amherst college and agd from the university of chicago law school. mr. mcaleenan. sec. mcaleenan: thank you, mr. chairman and ranking member peters, members of the committee, senator portman. i appreciate the opportunity to appear before you today. it is a sincere honor to serve as acting secretary and represent the dedicated men and women of the dhs. i really do believe that dhs has the most compelling mission in government to safeguard the american people, our homeland, and our values. as acting secretary, i

sec. mcaleenan: thank you. i appreciate the opportunity to appear before you today. it is a sincere honor to act -- serve as acting secretary. i really do believe that dhs has the most compelling mission and government to safeguard the american people, our homeland, and our values. as acting secretary, i intend to work with this committee and advocate of the department to measure the people have the resources and the authorities they need to carry out their critical mission on behalf of the american people. i do want to point out a few of the key areas where there is a critical investment across dhs and the multimission we carry out in the budget. i want to ensure this committee we are not going to be losing momentum from several security to disaster response. we see what is happening this morning with the floods in oklahoma, the tornado that touched down in misery. uri.n misso i want to highlight the advancements there. -- the investments there. the president's budget requests funding for

sec.hin: i'd be pleased to meet with a bipartisan group. we'd also be pleased to provide technical assistance. in one format or another, the debt limit shouldn't be used as hostage to other things. i'm fine with keeping the debt limit as long as we have a mechanism that we kind of do these things simultaneously. quiet some mechanism where it would never be the limiting factor that would cause us to default? sec. mnuchin: as you said, you used the example of you had the meal. i think it's like we had the meal, we left the restaurant, we don't want to pay the credit card bill. do you have confidence that the market will react appropriately? sec. mnuchin: i have confidence that congress will not let that occur. from my meetings with senior leadership, everybody understands this issue and i surely hope we never get to the point late summer where we're even contemplating these things. that was one of the topics we talked about yesterday and i hope for the benefit of the american people we raise

some it does raise questions on that, and i will quote the sec.ing securities for sale to the public wants to tell the truth about the business, securities they are selling, and investing in the securities. the question is this, and this is what people are wrestling with in the wake of this settlement. does it or does not apply to social media? degree?hat robert: to what degree can a ceo of a public company use social media to communicate with the world? has ahis case, mr. musk wide range of interests, a lot going on on the twitter feed. fundamental to the idea that someone will oversee everything he says is not realistic. but it is also not appropriate for a ceo of a public company to be engaging industry district vision of information that does not follow the law. that is the balance we are trying to strike. it may be time for us to lay out some clearer rules of the road about what a ceo of a public company can and cannot do on social media. erik: is there movement on that front? robert: there is a conversation that has been going on. we have do

sec.ou for having me on. david: as i understand, there are two different actions being taken here. one is inbound and one is outbound. what is specific to huawei and more general? could you explain those actions? sec. ross: shirley. the one on huawei is essentially putting them on the entity list. that means, for anyone to shipped product or services to them, they would need a special license from commerce department. that is outbound material from the u.s.. separately, there was a orderential executive setting up a procedure for the supply chain management, in terms of telecom, and that encompasses the inbound part. that one will take some time to set up. we have been given, under the commerce toays for come up with the detailed regulations for implementation, whereas the order dealing with huawei itself will be effective tomorrow. david: in terms of selling things to huawei, that could be effective tomorrow as you said. to what extent can huawei turn to alternatives, particularly nokia a

sec.brand: we are going to a meeting the next day in mexico city with my partners, the foreign minister and economy minister, in order to accelerate the works around the pacific alliance. that is very important for mexico. it is a top priority right now to accelerate the work on the atmosphere,ance which is i should say also very productive. be of the tables you want to in order to work with others. >> you have been incredibly with your, along president, on development in the south of mexico and the importance of investment and development in the northern triangle to stem this awful .mmigration challenge so, maybe you could expand on that. by the way, i personally believe we should open our borders. sec. ebrand: we think in the mexico is growing in terms of population slowly. 1.1% maybe next year. honduras is one of the poorest countries. think that we should pay more attention to the development of those countries, and included them as far as we can in our design for the south of the coun

>> that would be the sec . >> why isn't the sec punishing them the rest of their natural lives? >> i would be happy to look at the particulars . >> it seems real simple to me. the american people are being inundated with these calls. many of them are coming from foreign countries, even from the united states and in order for them to do it they have to use carriers in the united states that for money are helping them do it and you can stop them . >> absolutely . >> that's one of the reasons we demanded that phone companies implicate a digital fingerprint, so you have a validation before you even look at the phone to know that the phone call is coming from a legitimate source . >> what i'm saying is what we did around in the senate, trying to decide whether to pass a bill and i'm not suggesting you're not doing all you can but, it's not a complete answer but let's go after the carriers. i mean, they have got to be violating some rule. >> you know quite happy to be taking a look at the facts . >> would you look at the facts and get back to us in a week? >> this is a serious problem

i cannot speak to the record at the sec and we had to look through competitive lens as well at the sec in reaching our decision. if you think back to our own lives ten years ago and we were on the cusp of 3g, , 4g, the u.. won that race to 4g and transform our economy. if you think about how you used to get across town ten years ago you had to wait in the cab line, hail a cab, pay exorbitant rates but the u.s. winning this race to 4g ushered in this economy include her pooper and lift. when we look to 5g 5g it will e even more transformative but it's -- uber and lyft. when i moved in this position, the u.s. was at risk of losing this global race to 5g to china. back then china was building cell sites which was the building blocks for 5g at 12 times the pace in the u.s. we were taking too long in terms of the structures that apply to build out a 5g and it was too expensive to build 5g here's we took the a number of bold and concrete steps to update our regulations. that help the u.s. leapfrog into first place in 5g. internet speeds are up about 40%. 40%. we have the world's largest 5g b

david: the sec disclosure has to be something material to the company.licitly the sec is saying it could be material to the company , which is something we've not seen in the stock. it has been resilient. emma: it has been. earlier in the session it was up 3% despite some other news about the cost that could be affecting boeing as we look to the number of planes that had been grounded and what that is costing airlines to keep those planes airworthy for when it does return to the sky. boeingmore cost to what may have to compensate airlines for. in addition, bloomberg intelligence saying boeing faces an estimated $1.4 billion bill for airlines canceled flights. that is if the max stays grounded until september. david: more than that, we do not know what the bill is. the faa has been meeting with people in fort worth. what we heard yesterday is we do not have a timetable for boeing. boeing says we will not even know. emma: that is why the boeing -- the bloomberg intelligence estimates for september. morgan stanley writing a note that seems to boosted invest

[applause] sec. gates: in doing so, you've had the experience not only of a first-rate academic education, but the very special opportunity to be part of an institution rooted in the earliest history and fundamental governing principles of the united states. indeed, it is impossible to be a student here and not feel the weight of the history. i did walking the grounds more than 50 years ago. i hope that you, as i did then, also feel the weight of the responsibility, as well. as a graduate of one of the world's premier colleges and universities, and as a citizen of this country, there's probably no greater living example of this principle and its associated virtues, burdens, and rewards than the man we honor and hear from next, robert mueller. now i choose my words carefully. it is never a good thing to get on the wrong side of the fbi director. [laughter] sec. gates: legend has it that jay edgar hoover had a rule that all fbi memorandum must have large margins to allow room for notations. after readi

not surprised with the delay, and other investors are disappointed that they are waiting to get the sec green light. what is different is that we have seen big names and players support this. fidelity and e*trade are thinking about bringing bitcoin trading to their platforms which shows the support of some of these retail oriented giants. the sec continues to express concerns, concerns with underlying liquidity, volatility, and custody concerns. i am not sure they will go away. nate: i think they are stringing along the bitcoin faithful with false hope. let us say that they ultimately approve the etf. you have actual investors that you are advising, would you put them in a bitcoin yield? nate: when we talk to younger clients we have a core gold allocation, and they will ask about that and say, what about crypto? if you talk to primarily millennials and ask them which they prefer, bitcoin or gold, it is a landslide. 90% prefer bitcoin. right now we have something called the grayscale of that coin trust. this has $1.5 billionin assets and trades at 30%. an etf would resolve that problem,

sec. steve mnuchin prior to his confirmation in 2017 served as founder and chief executive officer of dune capital management. he also founded one west bank group. he was chairman of the board and ceo there. earlier in his career the secretary was a partner at goldman sachs and served as chief information officer. secretary mnuchin holds a bachelor's degree from yale university. our staff wrote me a very eloquent opening statement. in the interest of time i'm going to summarize it. the department treasury is very very important. we look forward to hearing the secretary's testimony today. with that, mr. sec., if you would like to begin i'm going to leave plenty of time for questions. we have a lot to talk about. i can see the sen. is raring to go. >> in an effort to follow your lead i'm going to read my first paragraph and put the rest in the record so that we have that. german kennedy, ranking member and members of the subcommittee i'm here to be today to discuss the 2020 budget and key po

the sec has a much broader, public interest standard.ally, they come out on the same side of the deal and work closely together. here, it looks like the doj is leaning against the deal while the fcc chairman announced he intends to recommend approval. emily: interesting. obviously, this has been a long time coming. both companies have suggested concessions they can make. -- it sounds like the dot doj thinks there is not enough. what is your perspective on whether this is good or bad? >> it is interesting, because i spend a lot of time meeting with the doj and with the chairman ajit pai and commissioners. while they are concerned about , i waspetitive nature quite surprised to read that article today because i thought that the divestments they offered was something the doj would have saw as a positive. i am not concerned as to whether the new t-mobile will go after verizon or at&t. i think everyone of them -- once a highof them paying customer side. i think the commissioners have because right decision it really does protect the low incom

that's why we been supportive of policies from the sec that promoted more investment in deployment we want that to see that continue but does not mean by any stretch that we are not mindful nor protective of the interest of our customers but were very protective in terms of our commitment to them with no blocking, no throttling, no dissemination minogue paid prioritization allowing consumers to use the internet wherever they lawfully want to go. it is in our business interest to help facilitate that but we have to find a bipartisan solution and i remain hopeful but i remain hopeful that we can find that. if we can do i think that will open up new phases of development by way of technolo technology, broadband and other things to come that we can't even imagine. >> net neutrality number one. >> net neutrality is very important. i mention the reauthorization because that is timely and has to be reauthorized by the end of this year. >> steve cleese has made a proposal. >> he certainly has an congress has recognized that existing broadcast schedules include retransmission consent must carr

then you. -- sec-approved venue.of bitcoin, that is pretty much free and clear, as long as you are not using it for fraud. shery: thank you for that, matthew, the latest on cryptocurrency, bitcoin, and fidelity. don't miss bloomberg television's exclusive chat with a jamie dimon on tuesday evening from the jpmorgan global china summit in beijing. thisnew york and toronto, is bloomberg. ♪ mark: i'm mark crumpton. this is bloomberg first word news. thata's newsagency reports sergey lavrov is describing his meeting with the secretary of state today as constructive. had ad reporters, "we've good and constructive conversation and have considered a number of situations on the agenda now, and international relations in general, and discussed matters concerning strategic stability." he continued, "i'm of the viewing of made a step forward to follow up on discussions of that putin and trump had on the phone a couple days ago." investigators want to find out more about a fiery emergency landing of an aeroflot jet that killed 4

thent to the sec in immediate wake of the financial crisis, the push to file cases against banks with high-pressure and nonstop. the public demanded it and understandably so considering the greed and risk-taking that occurred. we filed many cases, but there are many others that we did not because truth would not allow it. we would have been applauded how we filed -- had we filed those cases and may have even gotten a lot of settlements, but it would have been wronged. truth is exceeded over winning. -- truth succeeded over winning. graduates, truth is coming your way sooner than you think. some jurisdiction will announce you for to practice law -- you fit to practice law. or a young thurgood marshall, who at 26, started representing the naacp and rights cases -- you have taken the same oath as all of them and you will face your moment of truth. many of those moms of truth occurred as -- and many of those moments of truth occurred "in the room where it happens." my father emigrated at the age of 2, but a generation later, i have been fortunate enough to be in the room where it happens.

the sec was asking for some investiture.hat you've been requiring a greater degree -- or for that matter, divesting altogether? kevin: the shares are high enough they fall outside of what the government calls safe harbors. i believe the department of justice, whose job it is to ensure competition is maintained, has to make sure that after the merger it is as competitive as it was premerger. prepaidhones two operations, one being boost and the other version. even investiture in boost does not take competition to premerger levels. the divestiture of boost as offered is not a clean divestiture. they have to piggyback on the sprint network. there are all kinds of nondiscrimination provisions. the devil is in the details and the doj does not like to have to enforce promises. let's talk about enforcing promises. we saw this in the at&t case. he went after something a lot of antitrust authorities thought was not a good case. reportedly, he does not like the behavioral promises. jennifer: and that was one of his biggest issues with

[applause] sec. ebrard: thank you for the opportunity to share with you certain ideas about mexico and the future of our country and the relationship with the united states, canada and the countries of the hemisphere. for the first time in modern times, mexico is being governed by the left through an electoral process. think that our program increased taxes or make an atmosphere of hostility about businesses, or private sector, even the north american vision about the future. suspected several those were the main picture of the new government, but that is not the case. main goals of the government in mexico? just one is about corruption. -- the first one is about corruption. corruption is the main goal for .ur government a leftist idea. let me explain why it is important in mexico, because in mexico, corruption is intimately linked to the privileged system. by system is the same privilege. we have free elections several 2012, other000, years. partiesdifferent governing the country, but we have the sa

jennifer: they need clearance from the sec and the department of justice. they need to get through the department of justice. the department of justice will be breaking this up and it does go segments -- into two segments. isre they will be focused on what to those combined market share numbers look like and what to the concentration numbers look like and what kind of consumer benefits might bring outside of this consolidation? david: those other consumer benefits, particularly 5g, broadband to rural areas, how real are those benefits, how certain? matthew: it is very real and 5g is a big enabler. the sec, one of the chairman's ambitions has been expanding broadband in rural areas. with 5g, they can go out and compete and deliver faster broadband to rural communities. my in-laws in rural michigan can barely get 10 minute -- 10 megabits per second download speeds. they only have one option right now, so it gives them choice. lower prices and better options is great for rural america. david: that sounds pretty good. at the same time you have the antitrust div

the sec has done that. pleased to see the president has issued the executive order. >> neil: this is complicated stuff for most americans, chairman. one thing i do understand, robo calls. you're trying to put a stop to them. easier said than done. what is the latest? >> the latest is that i proposed today and shared with my fellow commissioners my proposal that would allow companies to block robo calls automatically. when has to happen, a consumer has to opt in, has to call their phone company and say block these calls. many consumers don't do that. it's difficult to do. as a result, we haven't seen call blocking deployed as widely as possible. the sec is saying the legal foundation is clear. phone companies, block the calls by default, this will make a dent -- >> neil: when you say default, they haven't had that power already? they have an edit that if a call is placed, they're supposed to make sure it's completed. >> there's a little uncertainty whether or not this call blocking by default was legal. so t

for each company, of the three that we have the information on from the sec, we looked at how much oftheir stock will be set aside for employee stock options , restricted stock options and more. essentially much of their stock they need to set aside to fulfil their obligations to their employees. we then need to estimate how much of those shares would be worth to the employee. s1, in many cases detail how much the employees have a cost of exercising the option, but we have to guess what the stock price would be after the lockup period when the employees can start to exercise their options or receive. that is a major sense of uncertainty, estimating stock prices six months after that period, and i want, i will give you increasing sources uncertainty in our estimates, which i will also explain why it is such a wide range. for revenue purposes, it is always very important to know when you have the money and when you can recognize the revenue. we know very little about when employees choose to exercise their options and when, as amanda said, when an option is exercised, that is the point

>> i believe that i will have doj and sec to go after, looks at most recent mergers and mergers that are being proposed and more than that, that's going to look at companies that are violating antitrust law. >> senator -- [inaudible] >> this is another step, what do you think about the new unlikely partnerships in healthcare system? >> high degree of skepticism. i really do. we have the most expensive system on planet earth and so much of the money i would say, the majority of it is not patient care. more of their pain on average, over a thousand dollars. 30, $40,000 a year and you're paid over a thousand dollars for prescription drugs, we have a cost crisis in the country and clearly corporation who is are merging and consolidating are not going towards solution, we need a leader in the white house that's going to take costs seriously and drive them down. if i'm president of the united states biggest drives to lower the cost of prescription drugs and health coverage for all americans and your income won't determine what kind of health care you get in the country. >> you said that it

story.ke this what is involved in an sec probe? how disruptive are they?to the legal scrutiny and headache the company is facing. complication,s a because they can less very long. so itw it is preliminary, could ultimately not result in the company getting sued by the regulator. but these things can drag on for years. we understand that the federal securities regulators are basically asking questions about how boeing disclosed to investors problems with the 737 max and also how they accounted for those problems in financial statements. it is certainly not great news for boeing. other regulators trying to figure how the company has handled this. other: you talk about regulators, and i want to move to the federal -- what is it? cfa. talk to me about if there is indication on when they plan to lift the grounding of that 737 max 8. analysts were hoping it will come in the next couple months. any indication on when that grounding might be lifted? >> no indication yet. there was a big meeting yesterday of global regulators. the faa described this is basically a

sec. esper: the national defense strategy, which has its focus on high intensity conflict against peer competitors also tells us we need to prepare for the long-term to deal with irregular warfare, specifically countering terrorist organizations and whatnot. those partnerships will continue. wherever they are, whether it is in the centcom, the middle east, southeast asia, all over the world. we are trying to confront this -- confront these groups to make sure that problem does not grow. i see the partnerships continuing. i see the investments in special operations command continuing. the army is probably the biggest provider to our special operations force. all of that falls under the umbrella of irregular warfare and it will continue to be a priority for us. ms. starr: let me ask you something, secretary esper. it struck me a minute ago when you talked about the need for coalitions and alliances here. the future warfare that the u.s. is moving towards, hypersonic, space force, all of that

david: the sec pays government salaries, which are modest, to say the least.ey have the respect of wall street. david: well, they are respected. i was trying to get them a raise. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright.

david: the sec pays government salaries, which are modest, to say the least.the respect of wall street. david: well, they are respected. i was trying to get them a raise. [laughter] >> would you fix your tie, please? david: well, people wouldn't recognize me if my tie was fixed, but ok. just leave it this way. alright. ♪

sec. pompeo: not far from here are the churchill war rooms, where a leader of this great country stared people in the face and recognized -- stared -- stared evil in the face and recognized it. we are on the same side. we are on the side of values driven democracy, freedom, creating a nation for the iranian people where they can have religious freedom and a democracy. we are on the side of europe, so it can exist without assassination campaigns conducted in its capitals. we are on the side of urging a nation not to underwrite has zbollah. under ride he we are each determined to ensure that outcome is ultimately achieved. >> "wall street journal." mr. secretary, what does the selective noncompliance for iran specifically mean for the u.s.? does it change anything? are you concerned that this removes remaining safeguards against nuclear activity? mr. foreign secretary, are you ruling out immediate sections? you sound as though you are urging iran to remain in compliance. are you ruling out a

press sec. sanders: you would have to ask the department of justice, i am not sure about that. he