and that's why she wants to repeal dodd/frank. she wrote a very, very impressive op-ed on cnbc and you'll find it on her website. where she says dodd/frank is a terrible problem that we need to ensure certainty in the economy and it's done nothing but create even more insecurity in our economic system. and based on the premise that we have too little government regulation when, in fact, we have too much. we need to get repeal dodd/frank, and that's something she's going to talk about tonight as well as everyone needs to invest in our government. >> i know it's on your website and cnbc.com, the op-ed piece you refer to. thank you, alice. i appreciate your time, and i want to remind everybody, you can catch all the action of tonight's gop debate only on cnbc, 8:00 p.m. eastern time. >>> just a short while ago, we received an update on the joint press conference that may happen with all four women accusing herman cain of sexual assault. attorney joel bennett representing karen kraussar says that joint conference will happen in a matt

you mentioned the audit of the fed this is something that senator bernie sanders got inserted into dodd frank which is one of the reasons i think the conservatives are so hysterical about dodd frank and that audit was done by the c.e.o. of the fed revealed that in two thousand and eight in that one year the fed basically wrote checks for sixteen trillion dollars to u.s. banks to large u.s. corporations to some very very wealthy individuals in the united states to foreign banks we're talking with student loans here about one trillion and and and that was sixteen trillion to deal with the housing crisis first of all guy sixteen trillion that's a mind boggling amount of money i mean congress was so was wobbling in fighting over eight hundred billion dollars seven hundred and change less than one trillion it with tarp why the sixteen trillion and and you know what consequence did that have and and what if that money instead of being given to the banks toure's had been used to simply as f.d.r. did with you know homeowners with bad mortgages had simply been given the homeowners to say ok we'r

claim the debit he was simply economics at work but due to the new regulations levied just part of dodd frank they would simply have to pass on the fees to their customers and of story c.e.o. brian moynihan simply reaffirmed the banks quote have a right to make a profit now of course those opposed it out frank a new banking regulations in general jumped on the new fee is an example of the costs of regulations being passed on to the consumer and an editable result of trying to rein the banks in but if that was the central argument which is that the fees a civil response of the economics of the day a new regulation well i'd love to think it could explain to me what exact. has changed in the economics of the last two months other major banks deciding not to change the fee doesn't change the economics of the day this isn't change the new regulations in dodd frank what it does show as the banks are full of it especially bank of america who have the audacity to come out and make the claim the regulations the market levers and simply not greed made them create that what the banks are going to

they don't like dodd-frank. there is absolutely nothing in terms of positive accomplishment that our good friends can cite. thus, the argument, it's anybody's fault but mine. so it will be an interesting discussion going into next year, but it strikes me that our job here in the senate is not to frame-up campaign arguments on a weekly basis but actually try to get something done. as my friend indicated, there are things that need to be done before the end of this year. the defense authorization bill that we will finish this week, the appropriation bills in one way or another, either a combination of them or a continuing resolution, each of them through the end of the next fiscal year. we have tax extenders, we have the doc-fix. we have the completion, in spite of the exercise we'll engage in tomorrow, with two approaches to continuing the payroll tax extension. i have already indicated an overwhelming majority of republicans think it should be extended, and so we'll have to figure out how to package that and a

dodd-frank, the finance law enacted last year, continues the problems. contrary to the claims of its supporterss the law enshrines 'too big to fail.' and continues bank bailouts - forever. or until this law is repealed. and speaking of the law, federal regulators who don't even abide by it. at - - least five agencies that industry are payyng federal permits. these agencies are: the consumer financial protection bureau;; commoddty futures trading commission; office of the comptroller of the currency; treaaury; and the securities & exchange commission. nearly 200 emplooees are paid salaries of $225,000 or more. this is more thannallowed by laa. in washington, laws are what the people follow. and not the politicians and bureaucrats. ffr more on ttis story visit behind the headlines dot net. facebook.w us twitter and [ man ] '53 corvette. i loved that car. [ man ] it's my new malibu. [ woman ] '57 bel air -- still have it. [ both ] our camaro. [ man ] chevy silverado -- third one. [ male announcer ] people love their chevys. that's because for 100 years, che

under the dodd frank act, we are required to provide that. there are some individuals who have a hard time budgeting. if you are in a for family, that becomes an underwriting issue. are those people qualified to get into a home if they cannot budget enough for their insurance and taxes. i do agree with you that there are some people that really do need escrow. >> if we adhere to the request anise save the rules, would you have it available -- if we adhere to the request and it saved the rules, would you have available >> i will use the word option for a bank and not a requirement. keep in mind this is only for the high-priced loans. i think many banks would devolve to that. it would be a management choice. an internal control and choice. setting up an escrow account is not easy. it is expensive. it is difficult and you need expertise a trip i cannot go to a bank tomorrow and say i want to set one up. it has to fit your business model. it should be an individual bank decision. >> how would you help your client who says i really do need a -- >>

has been very bad for the country. >> greta: dodd-frank came into effect of july 2010 whether we had hit the skids before that? >> i had never seen, the banks so they can make a deal. >> greta: so are they just gaming us? >> i think they are. i am disappointed and you have great credit and if you have a house, i know people that have a mortgage for 25 years, their mortgage comes due and they demanding to pay off or they are going to foreclose. now, the banks don't loan money to these people. that is really a terrible thing. i'm not talking about people have been under foreclosure. but really good people that have paid, have done a fantastic job and now their mortgages come due. they just want an extension. the banks have been very bad. i will say this. a lot of the banks are afraid, however, because of the regulators to make a deal. here is the problem. our system has come to a halt because the banks are not loaning money. if a man wants to start a business, you can't borrow money. it's tough. somebody wants money, if you have money and you are really rich and you need money, you can

let me add this on dodd-frank. todd-frank mandated that 400 rules have been written. 26% of those have been written so far and the estimate is that just the 26% of rules written will require annually 11 million man-hours. just by way of comparison, building the empire state building, at that time the tallest building in the world, required 7 million man-hours. this is the level of course cost we're going to have added on to the economy. it won't add, it will subtract from the economy. so i'll repeal those two pieces of legislation. for four years i've been working on the area of legalizing american energy production. that's 1.4 million jobs that we can create. it will increase america's domestic supplies by 50%. i want to see the price of gas get back to what it was on the day obama took office. it was on offering $1.7 -- on average $1.75 a gallon. i would love to see that. >> you have been a foster parent -- >> but my tax plan, i also want to kill 1.8 trillion dollars worth of regulations. i'm the first candidate

and yet fannie and freddie are not included or covered by dodd-frank. probably one of the biggest reasons this crisis occurred was the housing market. can anyone on the panel explain that to me? why were fannie and freddie left out of the dodd-frank bill. >> i can't explain it but i can say it was a point of some argument in the development or debate regarding dodd-frank. the ability of the administration and the leadership pushing the dodd-frank legislation through the housing market was too unstable and they wanted a different vehicle to focus on housing finance. i say that not to be for or against it but there are plenty who wanted to see fannie and freddie part of the legislation. that is not how the legislative process work. >> thank you. i yield back. >> i think the gentlelady. we recognize the gentlelady from the district of columbia, miss desjarlais. >> mr. demarco. my own confession -- the profession before i came to the congress already had a bad name when i was a lawyer. i must say i think fannie and freddie have given home ownership of bad n

what am i supposed to dodd? go all the way down to the water to swim? and these days who can you trust if not your yacht dealer? as the ad says, if you ever get discouraged and think nobody in the world cares about you and your dreams, trust me, the boating industry does. (laughter) (cheers and applause) oh, boating industry, you had me at "ahoy." of course, the problem is how do you get to your escape yacht through the angry marauders? platinum nation, i recommend the world's most luxurious armored limousine from london luxury retailer million dollar dandy, a name synonymous with toughness. this $1.5 million s.u.v. is packed with security features like night vision cameras and oxygen tanks and is built to withstand gunshots for 24 hours. (laughter) this is the perfect vehicle for anyone with enemies angry enough to fire bullets measurable with a day planner. (laughter) and during that 24 hour hell rain of gun fire you will live like a king because it comes equipped with lush carpets, a drinks cabinet and a cigar humidor which, since the limo has no bat

is that what you want, dodd-frank? what did i say back at joe's -- i need more coffee. >>neil: these are people would liked him. the bar and grill, maybe it was the coffee but the congressman is fired off meeting with constituents at the restaurant and now he is here. good to have you. congressman, what happened? >>guest: well i do these things each weekend, and i show up at a coffee shop or a restaurant and invite anyone to join me and i made thement take of doing this on a very empty stomach with a little too much coffee and that got me a little too fired up. look --. >>neil: you have to come down. these people were just asking questions. what happened? >>guest: well, they were a great crowd, and, again, all of my, we do this every weekend. >>neil: congressman, they sounded like, a couple of them, as they liked you? you are turning on people would liked you. >>guest: look partly because it's, so many of us have this mentality and i guess this is the nerve that was pushed in me, that the private sector has caused this mess we're in and i just see everybody creeping bac

you have to start with barney frank and chris dodd and look at the politician that's created the environment. and the politicians who put this country in trouble. >> clearly not saying they should go to jail. >> and chris dodd's case, go back and look at the countryside deals. barney frank's case, look at the lobbyist who is close to that freddie mac. >> but there are new questions about gingrich's own connections to freddie mac. cnn confirmed from sources in position to know, information first reported by bloomberg news that gingrich was paid between $1.6 million and $1.8 million for two separate stints at freddie mac. from 1999 when he left congress to 2002, and from 2006 to 2008. asked if the money figure is accurate? >> i don't know. >> reporter: what did he do for freddie mac? gingrich said he offered advice as a historian, telling freddie mac officials that lending to people with no credit history was a mistake. elater said strategic adviser, contacted at cnn, four people worked for freddie mac while gingrich was there, disagreed with his role as historian. one said his role is strateg

>> notable that neither dodd nor frank will become members of congress in 2013 and that is telling. this legislation has been unpopular on the left and right for either not going far enough, going too far, it's blamed for problems with credit markets and the failure of the recovery to take hold in the u.s., and you heard newt gingrich, republican frontrunner, basically intimate if there's going to be any accountability, that it should start with the tough hard look at dodd and frank and what went into the making of this legislation, and that would certainly be a part of what frank would have to face on the campaign trail if he ran again. jon: well, and real quickly, chris, more difficulty coming from all taxpayers, if congress can't get this payroll tax issue decided by the end of the year. >> it's going to be a brutal month in washington. that's what you can guarantee on both payroll tax and the dealing with the dodd fix, which is what is needed to prevent a 30 percent cut in medicare payments to physicians. so there's a lot of hard work and very little good will on capitol hill as

frank, a well known liberal and one of the most openly gay members, coauthor of the dodd frank bill in the wake of the 2008 financial crisis. the 71-year-old congressman made the decision in part because the make-up of his constituency. >>> predictions of violence on this historic day unfounded as egypt found an end of more than 3 decades of dictatorship. accommodated the long lines of people. preliminary election results tomorrow. >>> a breakthrough in the crab strike. health and science from san francisco where the longest crab season delay in decades is now over. >> reporter: only 50 crab boat crews loaded up and steamed out of the san francisco today after negotiating $2.25 a pound. >> we settled on a price, untied the fleet, and we're going to work. so, yeah, it's a good day. >> reporter: and a good day for crab fanatics. >> i love good crab. i'm excited. >> reporter: seafood sellers are excited too. it's not right without this. >> thanksgiving hurt about this because there was no crab and that's one of our biggest times of the year. >> reporter: fuel prices doubled, gear more tha

what am i supposed to dodd? go all the way dwn to the water to swim? and these days who can you trust if not your yacht dealer? as the ad says, if you ever get discouraged and think nobody in the world cares about you and your dreams, trust me, the boating industry does. (laughter) (cheers and applause) oh, boating industry, you had me at "ahoy." of course, the problem is how do you get to your escape yacht through the angry marauders? platinum nation, i recommend the world's most luxurious armored limousine from london luxury retailer million dollar dandy, a name synonymous with toughness. this $1.5 million s.u.v. is packed with security features like night vision cameras and oxygen tanks and is built to withstand gunshots for 24 hours. (laughter) this is the perfect vehicle for anyone with enemies angry enough to fire bullets measurable with a day planner. (laughter) and during that 24 hour hell rain of gun fire you will live like a king because it comes equipped with lush carpets, a drinks cabinet and a cigar humidor which, since the limo has no bat

mccain: i thank my colleague from tennessee, who as he knows, we opbd dodd-frank -- on the dodd-frank bill had an amendment to do away with fannie and freddie over a five-year period. i think it's obvious the senator from tennessee has done a lot of homework, in-depth examination on this issue. i think the senator from tennessee would agree that what went on with fannie and freddie is really one of the worst crimes inflicted on the american people all during the 1990's into well into 2000, which led -- which was a major contributor to the housing collapse which then triggered the financial collapse which we still haven't recovered from. i wonder if the senator from tennessee would like to elaborate on that. a senator: i don't think there's any question. i know the senator from arizona, mr. president, has been a reformer all of his life. mr. corker: what we find in this body is you end up having a corporate welfare system built around many of the things we do here. as much as i hate to say it, both sides of the aisle through time empowered this organization to be what it is. we built a

you ought to start with barney frank and chris dodd and let's look at the politicians who created the environment, the politicians who profited from the environment and the politicians who put this country in trouble. >> newt gingrich wants politicians who profited from the mortgage crisis to be held accountable. okay. he can start by looking in the mirror. you see, when asked about being paid $300,000 to work with mortgage lender freddie mac, gingrich told the cnbc debate ç audience he was employed as a historian who told freddie mac what not to do. well, today, "bloomberg news" reported gingrich had a relationship with fredie mac for eight years which started after he designed from congress. the "bloomberg report" says congress made between -- choke it here, folks -- $1.6 million and $1.8 million in consulting fees. the historical stuff, you know, with the lender. he faced questions about his payday during a campaign stop? iowa. >> we offered strategic advice. sure, i don't know the amounts. >> is it $1.6 million figure correct? >> i don't know. we're going back to check. >> sound

chris dodd and i were the minority. people who think i was secretly advising tom delay on what to do i've got to tell you, if i made a list -- first newt gingrich and tom delay. if tom delay was taking my divide bill clinton wouldn't have been impeached, we wouldn't have gone to iraq and he wouldn't have been accepted to the dance floor. gingrich is clearly there when they are refusing to do any reform. rank read paulson's book. he talked to me. i was then in the minority but it looked like the democrats might take over. he said accurately he said to me, can we do something about fannie mae and freddie mac if you guys are in the majority? i said yes because i earlier thought they were okay. in 2004 and 2005 i realized i was wrong and too optimistic. in 2007, when i first became the chairman, we passed the bill to control fannie mae and freddie mac. in fact, senator dodd and i got the legislation through. and as a result of the legislation that was ultimately signed in 2008, fannie mae and freddie mac were put into conse

dodd-frank means we stop that. i don't believe -- >> not really. there are so many backdoor mechanisms. >> neil: we have not let bank of america fail. >> that's why we're doing this. trying to prevent it from getting there. how stupid is that? bank of america has $1 trillion of deposits. generally don't keep all that money on hand that is being lent to do stuff it with. >> neil: if push came to shove? >> it's cheaper to rescue than bail-out. remember, what is scary here all the banks are so big, we have securities firms, connected with banks. the banks have shared deposits. what they should do is bank up banks in a premarket way. stop ensuring deposits at the bineed fir firm -- combined fir. >> neil: my refrets not going on "american idol"? no. >> neil: from the best of the tournament. no one breaks more news. no one focuses on more top figures. this guy, he calls you and you're a ceo, you can't not answer the phone. >> keep saying that, please. >> neil: scary. >> oh, my gosh. i love you. >> neil: more after this. medicare. it doesn't cover everyth

we've got dodd/frank that's tying everybody's hands. you want more reform and regulation, that's what you got. do you want more regulation? is that what you want? do you want dodd/frank? is that what you want? i need more coffee. >> did somebody say decaf? anyway, next up, we want out, that is what house republicans are saying when it comes to grover nordquist's antitax pledge. many of those congressmen, republicans signed on the dotted line way back in the early '90s and would like to see an eraser used. ohio republican representative steven la toure is one of those early signers who is more than ready now to part ways with that grover norquist pledge. he says i haven't signed it since 1994, my driver's license expires, my milk in my refrigerator expires, my jim gym. membership expires, i find the website to be a little deceptive. as in norquist for americans website lists individuals who signed on the pledge years ago. and last week, speaker boehner downplayed nordquist's influence on congress by calling him some random person. >>> no

. >> the dodd voting and looking for a third -- free will and free choice. free choice you are limiting your options. that's why i like free will. there are things you can do besides having sex, if you can. how about free will? free will? >> obama has to worry about the enthusiasm gap. he did extremely well under young voters. this time a lot of young voters don't have the enthusiasm. >> what happens if he's stuck at 43 and beats the brains out of whoever runs again? what happens to the vote? does he stay home? >> we have to see who voters are most scared of. are they most scared of obama? >> can you imagine 22-year-old kid, african-american or white, whatever, a regular 22-year-old, you are telling the kid he's not always going to vote. you have to get out and vote against mitt romney. does that work? >> i don't think it works for that 22-year-old. >> up next, herman cain on libya and bachmann and rick perry's oops. it's the campaign low lights. here they come again. you are watching "hardball" on mnsz. [ male announcer ] indulge all you want. now there's n

the sec on dodd-frank implementation questions on ways to promote capital formation. with regard to capital formation, today the sec is holding two panel discussions on the issue. one focuses on current capital formation issues for private companies, and another on initial public offerings of securities regulations involving small public companies. there are several, in my opinion, unnecessary restrictions on capital formation in both categories should be removed. the house recently passed some targeted by partisan capital formation legislation that makes it easier for private companies to raise capital. also recently to reports that make recommendations on how to reverse the initial public offerings declined. to stimulate the ipo market and spur more job creation the reason president council on jobs and competitiveness in from report recommends that congress amends to allow shareholders of public companies with market valuations below $1 billion to opt out of at least section 404 compliance, if not all of the requirements or alternatively exemption to companies from

you ought to start with barney frank and chris dodd and let's look atç the politicians who created the environment, the politicians who profited from the environment and the politicians who put this country in trouble. >> newt gingrich wants politicians who profited from the mortgage crisis to be held accountable. okay. he can start by looking in the mirror. you see, when asked about being paid $300,000 to work with mortgage lender freddie mac, gingrich told the cnbc debate audience he was employed as a historian who told freddie mac what not to do. well, today, "bloomberg news" reported gingrich had a relationship with fred tdie mac for eight years which started after he designed from congress. the "bloomberg report" says congress made between -- choke it here, folks -- $1.6 million and $1.8 million in consulting fees. the historical stuff, you know, with the lender. he faced questions about his payday during a campaign stop? iowa. >> we offered strategic advice. sure, i don't know the amounts. >> is it $1.6 million figure correct? >> i don't know. we're going back to check. >> sounds

our friend david gregory last week gave chris dodd a chance to respond and also martin bashir. >> you should go to jail, the former speaker of the house said. >> i know. >> you and barney frank. how do you react? >> i should be flattered i suppose. >> the republicans are the ones responsible for fannie mae and freddie mac during the bad times try to blame us. two l words, lobbiest and liar. >> does newt just ignore all of that and portray himself as a washington outsider? >> the always subtle barney frank, andrea. i think there are three issues that i can see with newt and the freddie mac, number one is the hypocrisy question given his strong rhetoric towards democrats about fannie and freddie. number two is the issue itself, fannie and freddie terribly unpopular for the meltdown of 2008. then lastly, it's a reminder that newt is a creature of washington and this is somebody who is running an insurgency from mccain and hey street. there are three real challenges and take a step back, newt's response to this over the last couple of days has underscored the fact he does not have a campa

he wants chris dodd and barney frank, who chaired the banking committee in the senate and house, he says they should go to jail for being in bed with freddie mac. well, it was a crowded bed, because -- they were there as well! >> led me say something about this. >> is there any legal wrap that would stand up in court against newt? >> no. it's not -- >> are you saying that? >> the only -- >> violated -- >> if he spent more than 20% of his time lobbying, yes. i don't think that's the issue. >> ill lead not to register as a lobbyist if are you in fact lobbying? >> you have to spends 20% or more of your time on lobbying activities. >> was he able to deny that? >> so much, he was teaching history classes i'm sure in. >> as a cover? >> you're missing the point. newt anticipated want the payroll to do strict lobbying. he was mainly there to help ease the way towards contacts on capitol hill and fannie -- fannie and freddie's image. >> is that okay? >> that's what democrats have done too. >> john, when you put one -- >> without the -- declaring themselves to be lobbyists? >> you make a better cr

in the recent dodd-frank wall street consumer protection act, included in that legislation was the creation of an office of municipal securities that will report directly to the chair of the sec, and so what this makes clear is that the sec -- that congress is becoming increasingly receptive to increased regulation by the sec and that more is certain to follow. to that end, staff, the city attorney's office, and outside disclosure council have established a process to assure the representation and the statements and the bishops' statement is accurate and not misleading. fair or not, the fcc reviews the boards as the final and responsible gatekeepers, so with that, we will go to slide one. the following presentation, we will address the applicable securities law. what is the law here? next, we will look at what the board will approve when it authorized the issuance of bonds, and finally, we will provide guidance to the board in terms of discharging, steps you can take to discharge or legal responsibilities -- your legal responsibilities. we will answer a question you are all going to ask and

what senator dodd said it is rather profound here. ronald reagan came to washington out of a whole environment in washington, out of his experience with ge theater, out of his connections with people in both political parties, and yes, out of some adversarial times as governor of california. but he came out with the willingness and desire to work across party lines when it was to his advantage and it was also to relate to people across party lines. it was the apocryphal story about tip o'neill and ronald reagan both being irishman and being able to put back a drink in the oval room after hours is not apocryphal. it is true. he enjoyed people to the extent that he wanted to get to know people, and he would read chris dodd as a junior house member on a particular morning in 1984, whether he was important to him for a particular vote or not. the fact is, he was interested in people. and that is something that is terribly important to every president, president obama or anyone else, the of reach. i find it surprising to hear that he and m