but this is what dodd/frank did. this is the government reg iewferlts that tell us, this year, greta, we are going to see financial services companies and banks have to put out 11 million man hours to be in compliance with the one fourth of rules written near dodd similar frank, three-fourths of the rules haven't even been written and that will cost 11 million man hours, contrast that with when the empire state building was built, that required 7 million man hours over 13 months. so this is complete unproductive time. it's a waste of time. and it makes the united states far less competitive than other countries. that will mean more jobs will flee the united states. so we have to look at the issue of competitiveness, how the united states can be the most competitive -- >> you can -- >> that's what i intend to do. >> you mentioned that there are not rules written for dodd/frank. i will tell what you i find troubling and i know it's done all the time. congress passes a law like dodd/frank and we vote it -- and you voigh

to repeal dodd frank you'd see the housing market start to improve overnight dodd frank kills small banks it kills small business the federal regulators are anti housing loan and it has maximized the pain level. they're really that simple you guys if you just allow the economy to reboot the mass work closures will go away or according to you gingrich if you just repeal dodd frank the housing crisis will easily be fixed i mean these are the most childish ridiculous answers that i've ever heard and these are candidates that want to be the president of the united states so that's the excruciating part of last night's fiasco is that none of them offer any concrete solutions they just peel off more prepared talking points i had if you were watching the mainstream media's coverage of the debate today you forget all about that who want to get into those details or playing fifty three seconds of awkwardness is just so much more fun because rick perry making himself look like an idiot totally races the fact that this entire country is in trouble if any of the people on that stage win and that's wh

frank dodd and fright i. charmer that herman cain i mean seriously died and frank dodd frank the bill it's like the worst thing that's ever happened to america it's really interesting you know you pull back the lens and you think what just happened three years ago the economy you must acquit if the global economy and it's a cliff because banks were reckless and we had no idea what to do with the trillions of dollars of assets that were going that dodd frank is at least a step towards us reclaiming the kind of regulations that we had before they were unwound in one thousand nine hundred and two thousand it's amazing to me that you have the me a major party in this country one of two major parties in this country and all they can talk about is getting back making conditions to where they were in two thousand and five two thousand and six and two thousand and seven when we know they didn't work it's possible god frank is not the ideal bank regulation it is it least a step towards a better banking regulation rule

dodd frank the housing market start to improve overnight dodd frank kill small banks kill small business the federal regulators are anti house and it has maximized the pain level the dog crying for obamacare that's what's killing america there's three big things wrong with dogs which is right it needs to be a top priority to repeal the two of the biggest problems with dodd frank and free i . this is a charmer that herman cain but i mean seriously died and frank dodd frank the bill it's like the worst thing that's ever happened to america it's really interesting you know you pull back the lens and you think what just happened three years ago the economy must roll off a cliff the global economy in a spiral of a cliff because banks were reckless and we had no idea what to do with the trillions of dollars of assets that were going bad is at least a step towards us reclaiming the kind of regulations that we had before they were unwound in one thousand nine hundred and two thousand it's amazing to me that you have the me a major party in this country one of two major parties in this country an

the interesting part of dodd-frank is fannie and freddie were left out of dodd-frank conveniently because it's a government sponsored enterprise. in other words, obama can do the games, home loan, student loan and throw them to fannie and freddie and they won't be subject to overwhelming regulation. >> bob: why do you think dodd-frank went after bank of america and these are hidden fees? you know when they send out the credit cards and say zero interest? the key, if it's not zero it's 29.9. if you don't pay it exactly the day you're supposed to pay it. there are all kind of things they keep hidden in the small print. the banks have been ripping people off relentlessly for years. >> greg: they got to make money. somehow they got to make money. $5 a month is 15 cents a day. most people send $5 every morning at starbucks. saying what durbin says this is proof that the free market works. who needs proof? we won the cold war. saying yeah, communism is dead. enough with the proof that free market works >> bob: the free market system and honest free market system. by the way, can i make a point.

other problems with dodd-frank is dodd and frank. >> greg: they got to switch it to frank and dodd and it sands like frankenstein. it's truly a monstrous act. >> bob: what is monstrous about a bill that protects consumers from the dragons on wall street? the idea it's a regulation on the big bad banks. to hell with them. they ought to be regulated more. i have known chris dodd for years and one of the most decent respected legislators in the world. cain who knows nothing, can't name a president of any country to say that is ridiculous. >> andrea: he is also a crook by the way. that is a different story. >> bob: he is not a crook. don't say that. >> andrea: dodd frank, you said it's a monster. it is. it's strangling like a monster small community banks. you know it is. >> bob: i'll give you a chance because i love you so much. don't say chris dodd is a crook. >> andrea: too late. >> bob: if you say it, that is the typical republicans you drop this around like democratic thing to get at herman cain. >> andrea: you're critiquing me on my language, lecturing me on my language? >> bob: no.

do you recall what the original name of the dodd-frank bill was? >> i would not have occasion to recall that. >> it was called the pal street reform act. >> i have no particular reason to be surprised by that. >> do you think a better name would be the main street reform act? >> i'm not in the habit of naming legislation, congressman. >> okay. as i hear you testify, you've talked about how it's great that for your management background you have a one person director. i wonder if you think that the u.s. government would work with the congress or senate and we have a one person director that manages of the control of the country? is that your philosophy as well. >> no sensible person would say that. >> happy to hear that. as i look what happens, the cfpb has an incredible amount of power, and 1200 employees, 329 million dollar budget, and as i look around, i say, well, who is been elected to run the agency? who's been nominated to run the agency? who's been confirmed to run the agency? that's the concern. when we talk oversight, we look at the hearin

that are not really impli k5i9ed by dodd frank with. what dodd frank does do which is really important is it creates a mechanism for designating very large, systemically important financial institutions, sifies to be have an extra lay of protection by the fed. it gives us a very important tool when it comes to the largest riskiest financial institutions. >> your topic here today is money market mutual funds. >> right. >> why do you think we need more regulations and what changes would you like to see happen. >> well, you might recall that in september of 2008 when the financial crisis was getting into full swing, a money market mutual fund called reserve primary fund broke the box and precipitated a run on money market funds. which was really only stopped by treasury stepping in with a guarantee program and fed program to buy commercial paper to unfreeze the short-term credit markets. since that time the sec has done a lot of new rules to make money market funds more resilient and far more transparent so investors can see what their hol

repeal dodd-frank, the regulations for the financial sector. newt gingrich said you should go to jail, you and barney frank. how do you react to that? >> i should be flattered. in financial areas whether it's glass steegle, sarbanes oxley, i don't know why financial bills have names with them. no one pressed them about the alternative. i don't know if anybody wants to go back to the fall of 2008 when you had banks without capital standards and liquidity requirements. you had a shadow banking system, you had mortgage regulations that would allow anybody to get a mortgage regardless of whether they could pay for it or not. i don't know that anyone wants to return to that. the idea you repeal it, what do you replace it with? no one asks that question or what they're opposed to in the bill specifically. i'm not suggesting it was totally bipartisan, but a lot involved democrats and republicans. ironically it was a bipartisan product in my ways and i wouldn't have passed it without republican support. >> on on one end of the political spectrum on the

i will repeal obama-care and also dodd/frank. i wrote that bill as well to repeal dodd/frank. >> we have too much taxes, too much regulation. if we cut spendings and taxes and regulations and do the right things, the jobs will become available. >> you should repeal dodd/frank immediately. it's killing small banks, killing small business, killing housing. i'm for zero capital gains tax and 12.5% corporate tax rate. >> the biggest thing we can do is repeal obama-care. my tax billowers rates and simplifies the code. >> bring the jobs back to america. that's what the conversation was supposed to be all about. now, these answers, these four republican candidates gave, will do nothing to bring the 5.5 million manufacturing jobs america has lost since the year 2000. cutting taxes did nothing to stop the 50,000 american factories from closing their doors during the bush years. they had the tact cuts and they shut the damn doors. isn't it ironic republicans came to pella, iowa, to give their take on manufacturing jobs? pella, iowa. it's j

write about in the article is the effect all this had or didn't have, i should say, on thousand the dodd-frank financial reform legislation turned out. briefly explain how you saw that. >> the role of the federal government and the federal reserve during the crisis was to make the biggest banks even bigger. we have this problem that's the shorthand for it is "too big to fail." that is, they're too big to be allowed to fail. if these banks fail, then the financial system in general around the world is threatened. and so hence, we would have more bailouts. what the congress essentially did was vote not to break down the biggest banks into smaller pieces and make them more manageable but to in essence keep the biggest banks bigger than they were before the crisis. so:00 senators and congress members that i talked to, some of them said it would have changed the atmosphere of dodd- frank debate and maybe made some members of congress more likely to vote for stronger measures, to make sure that we don't have these banks that are too big to fail and whose employees can be victims of moral hazard mean

you may not love dodd/frank and we can talk about its flaws, but i haven't heard one idea from any of those folks as to what would replace it. and i guarantee you if you go down that road of repeal without replacement -- >> we're already there! who are we kidding? we're sitting right here. quickly, peter? >> well, what we have to do is limit swaps to the real contracts. >> yes! >> you can't write synthetic swaps, one on top of the other, so you're basically running a -- >> that's right. >> i learned about swaps like that growing up around the belmont racetracks. that's all it is, betting on the numbers. if you're going to replace dodd/frank, fine, let's replace and bring back glass-steagall. >> we've got a long list of things we've got to do. but at the very least, i do think the greece story is instructive along with the corzine mf global leverage. and thank you for noting that, jared, just to indicate -- listen, forget your politics. if you don't have capital in the system, you don't have a capitalist system. peter, jared, thank you both. coming up here, our job wars coverage contin

i will repeal obama-care and also dodd/frank. i wrote that bill as well to repeal dodd/frank. >> we have too much taxes, too much regulation. if we cut spendings and taxes and regulations and do the right things, the jobs will become available. >> you should repeal dodd/frank immediately. it's killing small banks, killing small business, killing housing. i'm for zero capital gains tax and 12.5% corporate tax rate. >> the biggest thing we can do is repeal obama-care. my tax bill lowers rates and simplifies the code. >> bring the jobs back to america. that's what the conversation was supposed to be all about. now, these answers, these four republican candidates gave, will do nothing to bring the 5.5 million manufacturing jobs america has lost since the year 2000. cutting taxes did nothing to stop the 50,000 american factories from closing their doors during the bush years. they had the tax cuts and they ç shut the damn doors. isn't it ironic republicans came to pella, iowa, to give their take on manufacturing jobs? pella, iowa. it

>> i don't know that i've seen in dodd-frank anything that requires a certain minimum standard. what dodd-frank is trying to do is to penalize people who, um, do not securitize a qualified residential mortgage, okay? but a qualified residential mortgage as now defined at least by the regulators is a mortgage that is far more, um, of a prime mortgage than it needs to be. it is a much more difficult mortgage to obtain. there would be many, many mortgages that are not as high quality as the qrm has proposed which could be securitized by private, the private sector -- >> but this billowers -- [inaudible conversations] so this bill lores the standard? is. >> we haven't seen what those standards would be, but it would probably be less than the 20% down payment. >> thank you, mr. chairman. you've been generous. i'll wait for the second round. thank you. >> sure, thanks. gentleman from arizona. >> thank you, mr. chairman. um, mr. hughes, you're literally one of the only folks i think in the market over the last couple of years who's actually done an mbs securitization. what do you think

creators of the dodd-frank has been operational for over 100 days. the cfpb does not have their full powers per the phone as of that -- the focus of this morning's hearing will give the members of this hearing -- this panel an opportunity to learn more. these types of hearings are critical as the drafters of dodd-frank allowed for little oversight of the cfpb. the cfpb is funded through a unique mechanism that allows them to draw a percentage of the federal reserve's operating expenses each year. they do have the ability to draw on $200 million if they exhaust federal reserve funds, which they have not. however, they have not drawn on these funds, it is very difficult for the u.s. congress to have oversight of how they are spending taxpayer dollars. britney cfpb on to the process is onetion of the aspects to make it a more comfortable and transparent agency. earlier this year, the house enacted common-sense reforms to convert the bishops structure of cfpb to a 5% committee, which is reflected in several other committees throughout the government. and

responsible for preparing a wide variety of roles to implement a significant number of dodd-frank act requirements which include, for example, rules for corporate governance and effective compensation including golden parachutes, disclosure of papers, performance, ratios, and employee injector hedging policies and was extended for compensation committees and consultants and for erroneously awarded compensation. also specialize disclosure rules for complex minerals, safety, and payments to government by resource, regulation of asset backed securities and revision to accredited investor in disqualification of offerings involving bad actors from relying on the private regulations. the division is undertaking a significant new initiative to look for ways to reduce regulatory burden on small business capitol formation in a manner consistent with the best protection. products include the triggers for public reporting generally known as the 500 cheryl greuel, restrictions on communications and private offerings, in particular this restriction and general solicitation, communication and publi

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 to operate in new banking regulations in general jumped on the new fee as an example the costs of regulations being passed on to the consumer and an eval result of trying to rein the banks in but that was the central argument which is that if these a civil response the economics of the day and the regulation well i would love to get could explain to me what exact. it 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 in march are levers and simply not greed made them create that the other banks are going to do is find consumers' fee charges and charge consumers be the excuse me as much as they can get

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

dodd-frank kills small banks, small business. the federal regulators are an anti-housing loan, and that maximized the pain level. there's rules for a short sale where the house is worth less than the mortgage than to do a foreclosure. the banks are now profiting more by fore closing than short sales. you want the housing market to come back, the economy has to come back. when you're at 4% unemployment, you suddenly have a dramatic increase in demand for housing. when it's 9%-plus unemployment, it's hard to come back. >> governor romney, respond in 30 seconds. not one point in your plan addresses housing. tell us why. >> yeah, it's a jobs plan, not a housing plan, and the right way to get -- [applause] the best thing you can do for housing is to get the economy going, get people working again, seeing incomes instead of going down, coming up so people can afford to buy a home, the thing the speaker indicated are excellent ideas as well. you have to let the market work and get people in homes again, and the best way for that to happ

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're going to refire your home. yeah well that's what they should have done but actually that sixteen trill

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 do is find consumers fee charges and charge consumers be the excuse me as much as they c

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

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

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