president of the us export import bank was rejected by democrats and several republicans on the senate banking committee here to discuss that is former u.s. trading commissioner bart bart as background for our viewers what is the export import bank and why is that important. it's super important to our to our economy it's been around since one thousand nine hundred thirty four and the idea is that it will help exports of u.s. goods made in the u.s. goods and you know it did so back in thirty's and after the second world war it was a big part of the marshall plan trying to get exports to france and germany and then you know fast forward to eighty nine when the berlin wall came down trying to get u.s. goods into the former soviet union chuckles poland and then the big push by president obama back in two thousand and nine two thousand and ten was to try and get more u.s. exports to india and so they put a billion dollars in in that so the export import bank operates with loans and loan guarantees and while it's funded by the government it's supposed to be self-sustaining and the bank says that it's bringin

from the wall streetjournal, the senate banking committee is scheduled to vote tuesday on jerome powell's the next head of the us federal reserve and from bloomberg, women are starting more new businesses, but struggling for financing. a report by the federal reserve which says female run firms are are likely to get business loans or have good credit scores, the tech news site wired carries a sobering report. ‘two melting glaciers could decide the fate of our coastlines'. research in the antarctic suggests the loss of key glaciers could mean sea levels rise 11 feet by the end of the century, flooding all the world's major coastal cities. and don't forget, let's us know what you are spotting online. use the hashtag bbc—the—briefing. that's it for business briefing this hour. but before we go, a quick look at the markets. asian shares, as we've been saying, the nikkei is down. the hang seng is also down, perhaps surprising following the surge we saw in the dowjones, which went up over 211,000 points. all over expectation that donald trump's tax reform bill was about to go through. a big cor

sherrod brown and others on the banking panel that mr garrett would not be the right guy and lindsey graham the other senator from south carolina he's not on the banking committee but he was public in saying that the administration made a bad move by the president made a bad move by nominating mr garrett and hope that they would withdraw his nomination well now they'll have to the president will have to and they'll have somebody else that will be be nominated and you know if they want to get through somebody to to leave the ex-im bank they're going to have to pick a figure out somebody who can actually gain support from the couple well all the republicans or most of the republicans and a couple of democrats and you know democrats are opposed to the ex-im bank even though they've had some issues over the years so i think ultimately the best course for the president is to figure out who had moderate is somebody that understands this we saw just the other day where the president nominated does somebody to the for a judgeship in d.c. they're the circuit court i believe who had never been in a trial never been in a courtroom i mean clearly unqualified so the people

we're certainly very disappointed in the senate banking committee for missing an opportunity to get export-import banking fully functioning again. we will work with them to determine the next step. by him or someone else? sec. sanders: we will let me know. brian. brian: matthew was asking about amtrak. there was a budget request as i understand for 600 $30 million in deduction for the amtrak route. do you plan on revisiting that issue? on matthew peterson, the three that were turned down as i that they were going to try to change the betting progress. do you -- >> let me take this one by one. we will see if we can get to all that. the first one was on judicial nominees? brian: the first one was on amtrak. sec. sanders: oh. as i told you, we will wait until the investigation is complete. in terms of the judicial nominees, i have walked through that a couple of times now. 60 individuals, only three of whom had to withdraw or not go forward in some capacity. that is pretty standard for any administration. every administration before us has had similar challenges with a of either withdrawn or not go

powell is on track to be the next chair of the federal reserve after being approved by the senate banking committee vote today by twenty two to one with only one democrat democrat senator a loser with war and opposing the nomination the full it senate is expected to occur firmly in the not too distant future mr powell who has received bipartisan support in the past he's sort of the federal reserve governor since two thousand and twelve mr powell also is set to replace. he said to replace chairwoman janet yellen whose term expires in february and that same senate banking panel today also consider legislation to scale back some of the wall street reform and consumer protection act of two thousand and ten provisions known as dodd frank as the regulations relate to small and medium sized bang.

powell is on track to be the next chair of the federal reserve after being approved by the senate banking committee vote today by twenty two to one with only one democrat democrat senator elizabeth warren opposing the nomination the full extent it is expected to occur firmly in the not too distant future mr powell who has received bipartisan support in the past he's sort of the federal reserve governor since two thousand and twelve mr powell also is set to replace such replace chairwoman janet yellen who's term expires in february and that same senate banking panel today also consider legislation to scale back some of the wall street reform and consumer protection act of two thousand and ten provisions known as dodd frank as the regulations relate to small and medium sized banks it's one of the areas where even a few democrats agree the law may have gone too far. under a proposal offered by chair might create though the threshold at which banks are considered too big to fail would be increased from fifty billion dollars to two hundred fifty billion recall the government bailed out many banks with h

senate banking committee did approve president trump's pick to head the federal reserve but there was within very well known hold out, is that right, dianne. >> reporter: that is right, jerome powell did pass with bipartisan support, only no came from massachusetts democrat elizabeth warren. his nomination they now goes to the full senate where it is expected to win approval, meantime it was a dunn day on wall street yesterday, dow jones pulled back, falling 109 , nasdaq gave back 13. rahel and jim. >> i understand a new survey shows a third of workers will leave vacation days on the table, as the year winds down, this is crazy, dianne please explain. >> reporter: i know, that is right. here's a few reasons some people are leaving those vacation days on the table, some are saving time for next year, for some they just feel guilty and for some it is a just they cannot afford that vacation. the survey is showing that mess people at least will take part of christmas week off but more than half will check in with the office during that time. one-third of employees plan to take last week o

in immigration spending, republicans would like to see cuts to health care subsidy, the senate banking committee ofjerome powell to be head of the organisation. he is expected to take a similar line as the churnet chairman. the us labour department releases job fig yours for november. analysts expect it to show an up take in retail hiring. joining us isjeremy cook, chief economist at world first. that he are talking about 22%, that could be a boost for us figures. trump wanted 15% so getting to 20% is isa trump wanted 15% so getting to 20% is is a give away from his original plan, 22%, i think he will deal on it. he wants tax reform given the fa ct it. he wants tax reform given the fact none of his plans round the wall or obamacare have to come to pass this the first thing gets over the line, the reason why european stocks are so high and obviously eve ryo ne stocks are so high and obviously everyone is watching to see the what the dough and snp doing a lot of the tax cut is focussed on corporate america, the executives who run the businesses and how much monday will be repatriated into the us a

powell is on track to be the next chair of the federal reserve after being approved by the senate banking committee vote today by twenty two to one with only one democrat democrat senator elizabeth warren opposing the nomination the full it senate is expected to occur firmly in the not too distant future mr powell who has received bipartisan support in the past he's sort of the federal reserve governor since two thousand and twelve mr powell also is set to replace such replace chairwoman janet yellen who's term expires in february and that's.

. >> senator elizabeth warren is a democrat from massachusetts, a member of the senate banking committee. senator, the story you're getting from the white house today and republican members of congress are happy days are here again. we've turned it all around. the doldrumses are gone and this is an early christmas gift to the american people. what say you to that? >> i say it is an early christmas gift to billionaires and to executives for giant corporations that donald trump and the republicans just delivered this giant present for them to be paid for by hard-working families all across this country. >> you know, there is all these announcements today, from a bunch of big fortune 500 companies, including comcast, that owns this network, and wells fargo, the somewhat-infamous bank, among others, who said in celebration, in gratitude, or because we're getting a huge tax cut, we are going to give our employees some bonuses. we're going to increase capital investment. and republicans are touting that and saying, look, this is exactly what we wanted. this is trickle-down working in realtime.

the senate banking committee rejecting president trump's choice to leave the export import bank. scott garrett was a fierce opponent of the institution calling it a bank that embodies the corruption of the free enterprise system. the agency provides loan guarantees to overseas buyers of american exports. the rejection was the first time the senate panel voted to block one of the white house's nominees. >> mcdonald's is going vegan in europe, that is. mcdonald's plans to start selling a vegan burger. the sandwich contains a soy patty bun and an eggless sandwich sauce. the food company helps develop the meat free burger. according to the research firm, global sales of vegan foods increased nearly 8% last year. no word yet on when or if the meal will make it state side. i don't know why but i had a funny burger on that one. >> just visualizing eating that thing. >> that sounds awful. "early start" continues right now. >>> the ayes are 51. the nays are 48. the tax cuts and jobs act is passed. >> breaking this morning a major rewrite of the tax code. the senate passed the bill early t

future of the fed, senate banking committee expect to go bring jarome powell to replacing janet yellenom president trump's pick to lead the federal reserve, that's next. liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. yeah, my dad says our insurance doesn't have that. what?! you can leave worry behind when liberty stands with you™. liberty mutual insurance. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. what is this? when we love someone, we want to do right by them. but some things we can't control like snoring. (snoring) introducing theravent anti-snore strips. clinically shown to reduce snoring. theravent. the answer is right under your nose. cl

the senate banking committee approval means that the nomination will move to the full senate where it is expected to pass. the only senators vote no was elizabeth warren. michelle: people packed charlottesville city hall monday night to comment on investigation in the summer's white nationalist rally. >> it's an insult to the dead, the wound and the community. michelle: they found the action of the city leaders contributed to violence between protesters and the counterprotesters. they asked the investigation by a former u.s. attorney. >> we talk to a lot of police officers who said i have no idea what to expect. [000:49:59;00] supposed to do. michelle: the report highlighted issues with the police training, organization and communication before and during the august 12 incident in which a person died. the city leaders say the police receive deescalation training and a new emergency management team is in the works. "7 on your side" consumer alert. google working to manage the content on the internet by hiring more people next year. the scope of the operation, 400 hours of the new video

a big banking reform bill working its way through the senate banking committee. with bipartisan support. jeff has already run the choice actors that will bring the two bills together. modernized banking. with housing reform hogoing through. we have a farm bill to get through next year. we've a lot of other things on the agenda. those are two big legislative priorities for the president. but there is an awful lot that has to be done. >> last question on welfare reform. that would go to dan. the four monthly job-training, what are the other key elements and how do you get democrats? you would have to have democrats. >> welfare will be bipartisan. it is going to be 60+ boat. i hope it will be 100 boat. hopefully into something we can get everyone involved. look, you said it. we have got to y.do, we have go to do job-training in this country. we have the most interesting phenomenal or frustrating phenomenally country. we have 6.1 million unfilled jobs in the country. every day. today. there 6 million+ vacant jobs. jobs that need people to fill them. we have got about

the senate banking committee voted to reject scott garrett as the new chair of the import export bankeaction of the man who chaired it under president obama. this is bloomberg. ♪ ♪ shery: this is "bloomberg markets: balance of power." i'm shery ahn. david: and i'm david westin. and is kevin brady talking house of representative's. we are waiting for the vote. they are little behind -- are a little behind time for voting for the tax ill. this is the final vote. we will bring that life as it occurs. now for our "stock of the hour." community health trending lower. .his due to tax reform joining us to discuss it is abigail doolittle. what is the problem? abby: a hospital company came out and lowered numbers for 2018 and gave the first glimpse. it is above consensus. shares are trading higher. they talk about is the tax overhaul bill goes through in the current form, it will likely cause them to bring numbers down because of the issue around the deductibility and limitations on the deductibility of expense. that could really hurt. yesterday we had j.p. morgan saying that relative to net o

vonnie: let's get back to a developing story -- the senate banking committee has refused to recognizefirmation of scott garrett for the role of chairman of the u.s. export-import bank, an institution the former congressman called "corporate welfare." he tried to shut down the ex-im bank before president trump nominated him to be it's chairman. iste house saying it disappointed in the decision. kevin cirilli is on capitol hill with a guest. kevin: we are here with senator heidi heitkamp, a democrat. scott garrett rejected 13-10, not being approved for chairman of the export-import bank. you were against him? why, and what is next? senator heitkamp: first off, we need a functioning ex-im bank. we need a quorum so everybody understands the urgency of getting these nominees moved through the banking committee. what we don't need is somebody who is going to be a saboteur at the bank area i am interested in how we can reform the bank, how we can make the bank more responsive, how we can get the bank to do more with small lending. the problem is that with mr. garrett, he refused to commit to

a stunning move at the senate banking committee this morning >> it is thank you.sche in washington. >> also in washington, the final push for tax reform is happening at the house is expected to begin voting on the gop bill today. mitch mcconnell also expecting to hold a vote later this evening. joining us is douglas holtz-eakin. former director of the congressional budget office. great to have you with us. >> thank you >> so one of the key senators here, senator bob corker and apparently, according to politico, you were summoned to his office he grilled you with questions, you gave him answers, he flipped. what did you say a lot of other americans out there might need to be flipped too. >> well, i think it's flattering to think i somehow made the difference in senator corker's vote he talked to dozens and dozens of people. i really respect the due diligence he did in thinking about the bill obviously, he's deeply concerned about the deficit. i applaud him for that the last administration left behind $10 trillion in deficits over the next ten years and you have to

senate intelligence committee. >> bret: white house officials say they are disappointed active republicans on the senate banking committeen president trump's nominee to run the export import bank. scott garrett of new jersey voted to close the bank when he was in the house. he did not apologize for that during his confirmation hearing. the bank provides loans, credit insurance and loan guarantees to help foreign buyers purchase u.s. exports. tonight a follow-up on monday's report about a major publication alleging the obama administration sabotaged its own efforts to stop the hezbollah terror group. hezbollah tied to iran. politico alleges it was all about the iran nuclear deal. this evening doug mckelway has more details. >> to understand how deep the tentacles of hezbollah run through the americans, consider the vice president of venezuela. he is the son of lebanese-syrian immigrants. he is believed to be the mastermind behind the transnational drug train run by venezuelan army generals who facilitate the shipment of cocaine from colombia and bolivia through venezuela to the united states, north africa, and europe. hum

other things going on next you we have a big banking reform bill working its way through the senate, banking committee. with bipartisan support. jeb hensarling has already his choice ask there's a we will run those bills together. modernize the bank either warehousing reform going through. we've got to get a farm bill through next year. we've got a lot of other thing on the agenda. those are two big legislative priorities for the president but there's an awful lot that has to be done. >> last question on welfare reform. on welfare reform is going to include job-training. what are other key elements and to get democrats? >> welfare is going to be bipartisan. it's going to be a 60+ foot and i would hope would be wonderful, something we can get and when involved. look, you said it, mike, we've got to do job-training in this country. we have the most interesting phenomena or frustrating phenomena in the country. we have 6.1 million unfilled jobs in this country there are six by plus vacant jobs. jobs than the people to build them. we've got about that many unemployed people in this country. we have to sol

being made at this very moment on capitol hill that could also help small businesses and the senate banking committeeclose to getting small business relief from the onerous rules that were associated with the vo ker rule and cfpb. committee chairman submitted legislation s2155 their call with the economic growth to reg you had tori relief and consumer protection act a lot of times these things don't live up to the name but this one does when they put it through it had the backing of 10 republicans and 10 democrats that will lessen the compliance burden for banks with deposits of $250 billion or less and it's backed behind an array of people the national association for federal credit unions, home builders, u.s. chamber of commerce and mortgage banker's association and this move allows the loans to flow into small businesses and of course to main street. remember a similar effort like this failed earlier this year but this one i think makes it across the finish line this week also late in the session, 40 republican members of the house sent a letter to leadership asking for the removal of the so-calle

the clock a.m., the senate banking committee will vote on jerome powell. then in jamie dimon willie the business roundtable teleconference releasing results of the fourth quarter ceo outlook survey. finally today, the international olympic committee will meet in switzerland to decide on russia's per dissipation in the 2018 games and south korea. their decision is expected at 1:30 p.m. alix: that will be interesting. david: there is a drug thing going on. alix: i would like to be a fly on that wall. top stories this morning with first take, deutsche bank, tax reform and brexit. joining us is the editor in chief of bloomberg news and our chief content officer. marty, what is robert mueller trying to ascertain with a subpoena? >> we do not at the question of the relationship between donald trump's businesses and deutsche bank has been subject of inquiry ever since he became a presidential candidate. totsche bank has refused comment on the relationship, but now he has turned over documents to robert mueller and the thought is it is the relationship between don

senate banking committee considers scott garrett's nomination. bloomberg technology is up next. bloomberg. ♪ cannot live without it. so if you can't live without it... why aren't you using this guy? it makes your wifi awesomely fast. no... still nope. now we're talking! it gets you wifi here, here, and here. it even lets you take a time out. no! no! yes! yes, indeed. amazing speed, coverage and control. all with an xfi gateway. find your awesome, and change the way you wifi. alisa: you are watching bloomberg technology. let's start with a check of your first word news. at least six people have been killed in the amtrak train derailment outside seattle according to the ap which is the death toll is likely to rise. the high-speed train may have struck something before going off the track. at least 50 people were hospitalized. 78 passengers and five crew members on board. president trump unveiled a new national security strategy for the administration, declaring today america is going to win. the president blamed predecessors are failing to look at for u.s. citizens. the u.s. vetoe

we are certainly very disappointed in the senate banking committee missed an opportunity to get the export/import banking fully functioning again. we are going the work with them to determine the next steps. >> on his name or somewhere someone else. >> more generally speaking on a path forward. we will death and let you know if it's going to be a different individual or with that path. >> matthew was asking about amtrak. there was a budge request as i understand from the president for $630 million reduction in the long distance amtrak routes. because the accident in washington, do you plan on revisiting that issue? on matthew peterson, the three that were turned down, it is a our understanding that they had close tie to the white house. are you going to try to change the vetting process? finally on the unon ufcs. >> let me start and do one at a time because i'm not going to remember all of those questions if we have to -- we will see if we can get all of that. the first one was on judicial nominees. >> the first one was on the amtrak. >> this is why i didn't skip and let you take three. on

the senate banking committee earlier today, i was talking with some sources, community regulatory relief banks is something that is a realistic possibility. two votes on the house later this week advancing out of committee. reliefgetting regulatory next year? >> i am optimistic we can get in thewith the work done house financial services committee. i would say to everyone listening on bloomberg regulatory reform continued costs and tax reform both help our economy and raise productivity. >> infrastructure. that is what president trump wants next year. is that realistic? you know the politics of your party. some folks on the fed suggest that can be a concern. how realistic is it to get reconstruction done next year? >> i don't know what it means in terms of how to pay for it versus private partnerships. definition, how would it be paid for? >> sounds like you made more answers. >> they got it out of the house. now it goes to the senate. folks are already talking about next year. dodd-frank rollback and infrastructure. there is still a lot to do before the week is over. kevin, thank you. t

. >>> a senate banking committee will reportedly vote today on whether to advance trump's fed chair pick jerome powell. if powell is confirmed today, his nomination is sent for a full vote. >>> a stunning harvard research study found more than half of children in the united states will be obese by the age of 35. researchers warn obesity will continue to be a major health problem in the future. please, parents out there, pay attention to this. >>> and the markets just opened up. slightly after closing at a record high yesterday. the market thrilled about the idea that tax reform is going through. >>> and in a major win for the president, the supreme court has ruled the trump administration can now fully enforce the latest version of the travel ban. the white house says the decision comes as no surprise, adding, quote, the proclamation is lawful and essential to protecting our homeland. i want to bring in msnbc legal analyst danny cevalos. what does it mean exactly? >> all the supreme court is really doing is giving us uniformity. the parties have made a procedural gourdian knot out of thi

the republican-led senate banking committee has rejected president trump's nominee to head the export/import bank. scott garrett of my home state of new jersey. the vote was 13-10 with two republicans joining with the eleven democrats on the committee. garrett was a public critic of the bank that provides loans to american companies that exports goods and services overseas. president trump also sharply criticized the bank during the 2016 campaign. fear is by nominating garrett, he was moving to dismantle the bank. >> it's an interesting topic. this is one of those instances you put somebody at the head of the organization that doesn't believe in it. >> like the epa. >>> new questions this morning as to what caused the deadly derailment of the derailment in washington state. the train was going 80 miles per hour in a 30 mile-per-hour zone. we're live at the scene with new details. you're watching "velshi & ruhle" on msnbc. dle of the night. hold on dad... liberty did what? yeah, liberty mutual 24-hour roadside assistance helped him to fix his flat so he could get home safely. my dad sa

the senate banking committee chairman did not have as much of a comprehensive plan. together a bipartisan coalitions past reasonable bank regulations, particularly for community banks in the senate. be convinced and not overreach and get something passed. i think that is why it will happen. kevin: fsr represents a host of financial institutions. withou guys on board keeping it just focused on community banking regulations? tim: this bill is a little more than just community bank early. it includes raising -- not to get too technical -- they raise it for some regional banks, as well. it is not earth shattering, but it is helpful. no one in the smaller midsized or regional banks will systemically take down the whole system. therefore, you can be a little kevin: relaxed or constructive when it comes to regulation. the one-size-fits-all regulation from dodd-frank has proven that ultimately, the big banks got bigger while the smaller banks are missing out. tim: it is a form of tailoring. you need to have something that is right for community banks, for midsize banks, diffe

many analysts took noted of uncompetitive prices for amazon across their platform >> the senate banking committee in the united states will mark up a bill that willease financial regulations on companies. kayla tausche has the details. >> the senate banking committee will take on that markup after voting on jay powell this morning. then they will start talking about what changes they would potentially make to the bill that would ease bank regulations. it's a bipartisan package. it has a ton of cosponsors from each side but already won key support from four moderate democrats, mostly from red states and up for re-election next year. the most significant change coming from the legislation would be felt by banks with between $50 billion and 5$50 billion in assets. they would be newly exempt from onerous regulations in dodd-frank you have groups bike bb & t, sun trust, citizens and fifth third. those with more than 2$250 billion like pnc, they would still have to comply the bill is not expected to become law for several more months in the meantime congress has to work to keep the lights on the house

the senate banking committee held a confirmation hearing this past week for jerome powell who president trump nominated last month to be in next chair of the federal reserve. esther powell has served on the federal reserve board of governors since 2012. at this hearing, he was asked about the fed's independence from political influence or pressure, the possibility of raised interest rates, and his overall approach to leading the federal reserve. this is just over two hours. >> and the committee will come to order for the hearing. ] avel pound >> this morning we will consider the nomination for the chairman system.ederal reserve governor powell, welcome and congratulations on your nomination. i see friends and emily behind you and i welcome them here as

we are certainly very disappointed in the senate banking committee missed an opportunity to get the exportng fully functioning again. we are going to work with them to determine the next steps. >> on his name or someone else? >> more generally speaking, just a path forward. we'll let you know if it's going to be with that individual or a different plan. >> just a couple of quick follow ups. first mat hthew was asking abou amtrak. there was a budget request from the president on reduction on amtrak routes. because of the accident, in washington, do you plan on revisiting that issue? on matthew peterson, it's my understanding they had close ties to the white house, are you trying to change the vetting process? and finally on the ufo. >> let me start with the first one because i won't remember all those questions. we'll see if we can get to all of that. the first one was on judicial nominees? >> well first one was on amtrak. >> this is why we didn't let you take three. amtrak as i told matthew a few minutes hag we'll wait until that investigation is complete and there is more thorough review

the senate banking committee came in and changed -- or would like to change the size of the bank to $250n assets, so legislatively that would be a rollback. on the day-to-day interaction between the regulators and the banks, we think that will improve dramatically and that will be helpful to the banking industry. alix: what do you think? michael: i agree with everything he said. when you try to figure out which sectors to overweight in 2018, the large financials, they kind of check every box you want to see and they are higher probability checks. do we have a regulatory tailwind? are rates going to grind higher? is there value their relative to the -- there relative to the overall market? yes, there is. jpmorgan is 16 times forward earnings. that is pretty impressive for a franchise as important as jpmorgan. i think financials will stay a winner. alix: that wildcard is the yield curve. margins,, net interest what you loan out a loan for and what you need to borrow for, the higher it gets the more money they make. the white line is the spread between 210, and the yellow line is net intere

the senate banking committee rejecting president trump ice nominee to run the export-import bank two ittee republicans -- senator tim scott and mike rounds -- joining committee democrats in voting no to former gop representative scott garrett. >> in this particular case i think they tag add person who they thought had a real interest in the bank but unfortunately i think his interest was in abolishing the bank, not in making it a reformed bank. >>> south african olympian oscar miss or theus seeking to get a lighter sentence he was found guilty of murdering his girlfriend in 2015 and rome's official christmas tree continues shedding its needles and facing public ridicule, poor thing that looks pretty pathetic since first being lit on december 8, the condition of the tree has worsened. it has been nicknamed spelaccio meaning thread pair or mangy that's what it means no the vatican christmas tree is apparently gorgeous so it's a study in contrasts >> haven't they ever seen "charlie brown christmas?" >> that's what i thought, too. >>> let's bring in cnbc's contributor larry kudlow and chr

my colleagues on the senate banking committee had a modest volcker amendment. this is the beginning of the conversation and we can work again in a bipartisan, bicameral legislation to pass volcker regulations, such as a single regulator to work with other regulators. i ask my colleagues to support this commonsense legislation today and reserve the balance of my time. the speaker pro tempore: the gentleman from massachusetts. mr. capuano: i believe the gentleman from missouri stated everything that's needed to be said. this is a technical amendment to the volcker rule that i strongly support. i know many has opposition to that. this is a minor change. when you do a major bill like dodd-frank, there are things you maybe a mistake on or didn't see coming, this is one of them. very simply, this allows a company to use names they have been using forever. that's really all it is. i appreciate the gentleman's willingness and the committee's willingness to hear this simple bill. with that i yield back the balance of my time and urge passage of the bill. the speaker pro

so my question is this to both of you, in a hearing before the senate banking committee earlier this fall, treasury under secretary mandle stated that the u.n. pertaining to north korea represent quote the floor not the ceiling that's why under the house passed bill that we were referring to earlier the north korean sanctions bill that was bipartisan we go beyond those resolutions to target all oil exports to the dprk and all of its foreign labor. if the u.n. resolutions are truly just the floor for u.s. policy, what is us policy doing to -- the same incremental strategy that has gotten the kim regime where it is today. we'll start with you, mr. billingsly. >> thank you, mr. chairman. so obviously the u.n. sanctions regime is multi-nationally crafted and it requires the chinese and the russians to come along and we, in fact, reengaged in wake of the recent launch to drive again the need to further ratchet the pressure on north korea for its continuing behavior. i would say we have actively worked to dry up all of the different mechanisms by which the north korean regime obtains petro

tools that has to stop him, so my question is this to both of you, in a hearing before the senate banking committeehis fall treasury undersecretary state of the security council resolution pertaining to north korea represent quote before, not the ceiling and that's why under the bill we referred to earlier the north korean sections bill that was bipartisan we go throughout-- be on the resolution to target all oil experts-- exports. the question is this, if the un resolutions are just the floor for us policy, what is treasury doing to eliminate the petroleum and labor loopholes left by the resolution and why should congress tolerate the same incremental strategy that's gotten the kim regime where it is today? we will start with you, mr. billingsley. >> thank you. so, obviously the un sanctions regime is multi- nationally crafted and it requires the chinese and russians to come along and we in fact investor haley at the un reengaged in wake of recent launch to drive again to further ratchet the pressure on north korea for its continuing behavior. i would say we have actively worked to try up all of t

kevin: i caught him outside the senate banking committee where the nominee died political death. heavily against accusations that he was bought at a real state that i going -- for mailing on the tax reform bill. he said it's not true and he said other week he was the darling of the left and now he's the enemy. he says this thing ebbs and flows. francine: if this tax overhaul is hated so much, will it have an impact on midterm elections? kevin: it's a bit too early to tell. i think a lot of the republicans i spoke with yesterday keep making the comparisons to reagan and during reagan's presidency that his tax reform legislation that he push for was also according to them deeply unpopular in the polls. i would just take a step back for a second and note that right after the house of representatives passed the tax reform bill, which they will have to do procedurally later today, but right after they did this they started debating to stomach lead important financial institutions and the legislation that would increase the 50 designation threshold to 250. that is a big win for financi

let's bring in right now georgia senator david purdue who sits on the senate budget and banking committees. senator good to have you thanks for joining us. >> senator: hi maria. >> maria: congratulations to you and your colleagues getting this over the finish line last night. tell us how this went down. you passed a bill saturday morning without bob corker's vote. he voted "no." >> senator: well, you know, i love sausage but i hate to see it made and that's what we've been doing the last nine months but you're right saturday morning just before 2:00 a.m. we passed a historic tax bill first one since 1986 an i'm very excited because this is so stimulating for our economy. our workers will become competitive again maria and as you talked in the last hour capital formation is coming out of the woodwork to support this economy so i am extremely pleas ed that we got this done. we'll go to conference next week we could have this on the president's desk within 10 days. >> maria: so a lot of conversation about the so-called trigger that your colleague senator bob corker wanted to put in the bill w

. >>> earlier this week, the senate banking committee held a confirmation hearing for federal reserve chair nominee jerome powell. mr. powell answered questions on his overall monetary philosophy and the fed's forthcoming meeting. >>> and the committee will come to order for the hearing. this morning, we will consider the nomination of the honorable jerome or jay powell to be chairman of the board of governors of the federal reserve system. governor powell, welcome, and congratulations on your nomination. i see friends and family behind you. and i welcome them here today as well. governor powell has had an accomplished career in financial services.

. >> mome wants ago, the senate banking committee voting to advance the nomination of fed chair jeromewhat's interesting is the vote was 22-1, which means most democrats backed powell, and it's kind of the way you want your fed chair approved. it suggests on the full senate floor, he'll get a lot of bipartisan support the only opponent was elizabeth warren who was concerned he would roll back some of the crisis era financial regulations. and also, the idea that some republicans who had voted against powell as a fed governor when he was nominated by president obama now voting for him as fed chair so michelle, a little politics in that, but it looks like powell headed for bipartisan support on the senate floor. but we don't know when that vote will take place. either this year or perhaps early next year. michelle >> yeah, that process is moving slowly thank you, steve >> yeah, it is >> starbucks is continuing its push into china. the coffee chain opening its new location and first roastery in the country in a massive 30,000 square foot shanghai space, teaming up with alibaba in the proce

. >> this is somebody who sits on the senate banking appropriations committee. talking about tax reform. doug jones has a three-point lead in the most recent poll. that's within the margin of error. this is literally as tight as it could be. >> that's why turnout is on the mind of both parties. this could matter. coming from a senator from the state is different from outside. the question is did this cause some republicans no the to vote at all. that could matter. i don't think people are going to flip. we heard this back in 2016. it didn't really happen. i don't think it's going to happen now. >> you'll need republicans to stay home and african-americans to really turn out, that's why they have cory booker down there. they are not using a robo call from barack obama. >> well, it's a tough call. some would argue that would be a great move to use president obama, and his popularity to energize the afcommunity. it might be a mistake, though. >> can we talk about tax reform quickly because front page usa today-poll find the the loiest level of public support forleg