what does that involve for sheila bair? keep interest rates low or raise interest rates. what does it mean for treasury secretary to moderate that? secretary to moderate that? >> well, i think first off i think her top priority is going to the pandemic. we still don't have another pandemic relief bill. and hopefully the party will be unified along with a lot of swing vote republicans in terms of the need for more fiscal stimulus, more cash payments to households. on the issue of reform, she's probably going to have some challenges. we have the system of financial regulatory body, the fed, the sec, the cfdc, this whole alphabet soup of regulators. her job as secretary of treasury, also chairs the oversight counsel. she will have to bring those parties together on scones us, especially in better oversight of the non-bank sector. that's going to be a challenge. she's got good diplomatic skills and knows a lot of people who will be appointed to her key post. i was an early supporter of her nomination to become chair of the fed

we just had sheila bair on the show two days ago. she said we could very well see, again to the cascading effect, some serious underpinnings in the markets when it comes to all kinds of debt problems with the united states citizens. >> yeah, i think that's incredibly, incredibly short-sighted. going back to what you reported just now on jobless claims today, the number was down, that's great, we're trending in the right direction. it's still an awful number but trending in the right direction. however, at the end of the year, this six-month window that state unemployment benefits for people filing claims, that's going to run out. the federal government extends that by 13 weeks. however, most of that or much of that, a good percentage of that, will run out by december 31st. so not only are you going to have the incredible amount of claims that we're seeing right now, but that is going to be compounded exponentially by the end of this year. that's why it is critical, absolutely critical, for congress to get together and get some sort o

on this show yesterday, sheila bair even sounded this alarm as to what congressional inaction might mean. watch. >> we could be in a very bad situation because if households become more distressed, small businesses in particular become more distressed, they start to default on their loans, the banking system becomes distressed and then you have a financial crisis in addition to a health crisis. reporter: everything that we have seen suggests there is not going to be some sort of stimulus package any time soon. you also mentioned tiktok. there is of course that cfius deadline tomorrow, cfius, the treasury department, the other building behind my shoulder. tiktok has said they haven't heard anything really in terms of updates from the trump administration in the recent days and weeks, and they are trying to see and at least wait as to how all this may or may not shake out in the upcoming 24 hours or so. liz? liz: well, yeah. it's 24 hours and tiktok's complaint as you know, they are going to file this petition, their complaint is that they have not heard from the trump administration about

liz: from the current fdic chair mcwilliams to the former fdic sheila bair, widely credited with preventings during the 2008 financial crisis. she's just been named head of the government-sponsored enterprise fannie mae, the leading source of financing for mortgage lenders in the u.s. great to have you, sheila. let me first get right now to what is happening in the senate at the moment. they are working to make sure that the soundness and the safety of the financial system and most importantly, deposits of everybody watching right now, remain safe. can you assess, knowing what you know in your experienced eye, how the health of the financial system in the u.s. looks right now and where you see potential stresses? >> so i think at least the regulated sector, the regulated banks, the fdic insured banks, where households have their deposits, i think that's still relatively stable. a lot of unknowns and as former fdic chair, i have to say if you have your money in an insured bank account, make sure you are below the insured deposit limits. if you do, you don't have to worry about whether your b