WE KID GET THE FEBRUARY
READING ON CONSUMER PRICE
INDEX IT WAS IN LINE SHOWED
THAT PRICES UP 2/10 OF 1% IN
LINE WITH EXPECTATIONS, THIS
COMING AHEAD OF FEDERAL
RESERVE MEETING NEXT WEEK,
CENTRAL BANK EXPECTED TO
RAISER INTEREST RATES FIRST
TIME THIS YEAR MARCH 21
JOINING ME IN EXCLUSIVE
INTERVIEW IS HE CHARLES SCHWAB
CORPORATION FOUNDER CHAIRMAN,
CHARLES SCHWAB HIMSELF SO
GREAT TO SEE YOU.
>> THANK YOU, MARIA.
>> THANK YOU FOR JOINING US.
>> GLAD TO BE HERE CAREERS
HAVE BEEN TOGETHER
SIDE-BY-SIDE 30 YEARS, ALWAYS
-- FUN FOR ME TO COME BACK.
MARIA: TRUE BUT YOU ARE A
STATESMAN IN THE INDUSTRY, YOU
HAVE DONE SO MUCH, YOU ARE A
PINER I SLOOT YOU
PINER I SLOOT YO
PINER I SALOT YO
PINER I SALUT YO
PINER I SALUTEYO
PINER I SALUTE Y
PINER I SALUTE YOU
PINER I SALUTE YOU T
PINER I SALUTE YOU THA
PINER I SALUTE YOU THANK
PINER I SALUTE YOU THANK Y
PINER I SALUTE YOU THANK YOU
FOR JOINING US I WANT TO TALK
ABOUT POLICIES OUT OF
WASHINGTON I THINK YOU HAVE
BEEN SUPPORTIVE THE PRESIDENT
IS TALKING ABOUT HIS SUCCESS
IN TERMS OF TAX REFORM IN
TERMS OF ROLLBACK IN
REGULATIONS, THEN GET TO THE
TARIFFS BUT WHAT HAS BEEN THE
IMPACT OF THESE POLICIES SO
FAR?
>> WELL, I HAVE ALWAYS
CONSIDERED MILES AN
ENTREPRENEUR THE REPUBLICAN
ENTREPRENEUR.
WHAT WE HAVE IS PROBABLY THE
MOST DYNAMIC CHANGE IN
LEGISLATION I HAVE SEEN IN MY
CAREER AS A PUBLIC SERVANT,
SENIORVING SWOOB DMERZ
INVOLVED IN SORT OF POLICY I
THINK WHAT WE HAVE DONE
UNLEASHING UNBELIEVABLE AMOUNT
OF POWER IN THE ECONOMY POWER
IN STRIDE ENTREPRENEURSHIPS
POWER, WHAT IS GOING TO WE ARE
65, 70 DAYS, INTO THE CHANGE
OF TAX BILL WHAT IS OFFERING
TO AMERICAN PUBLIC.
AND I THINK WE JUST HAVE TO
PUT ON OUR HAT AND BE READY TO
FLY AWAY HERE, THIS IS GOING
TO BE AN INCREDIBLE PERIOD
NEXT TWO OR THREE YEARS
ECONOMIC GROWTHS WHEN MEANS
MANY WISE PEOPLE ARE GOING TO
BE COMING BACK TO WORK FOR US
PARTICIPATION RATES WILL
DEFINITELY BE PICKING UP
AGAIN.
WENT INTO THE DOLDRUMS FOR
SURE THE LAST SEVEN OR EIGHT
YEARS, I THINK THAT IS REALLY
A BENEFICIAL THING FOR MOST
AMERICAN FAMILIES.
MARIA: SO YOU THINK, THAT THE
IMPACT OF THE TAX PLAN IS
ACTUALLY GOING TO HAVE A
RUNWAY.
>> I THINK SO.
>> NOT SHORT TERM.
>> AMAZING WHEN YOU LOOK AT
VARIOUS FACTORS I MEAN I JUST
LOOKED AT FOR INSTANCE, OUR
EMPLOYEES SO TRUE FOR SO MANY
COMPANIES, THOUSAND DOLLAR
BONUS SOMETHING SIGNIFICANT
LIKE, FOR THE AVERAGE PERSON
WHO MAKES 75,000 A YEAR, THAT
IS ABOUT A 4% AFTER TAX INCOME
BOOST.
>> A BIG DEAL.
>> THEN ADD ON THOUSAND DOLLAR
BONUS MANY GAVE INCLUDING OURS
ANOTHER 4%, 8% BOOST FOR
AVERAGE AMERICAN, EMPLOYEE SO
THAT IS -- THEN YOU ADD ON
WHAT IS GOING TO BE HAPPENING
TO THE CORPORATE THING TAKES
SOMETIME, DECISIONS HAVE TO BE
MADE, IN TERMS OF INVESTMENT
CAPITAL, THAT WILL BE EXTENDED
FOR SURE DEVELOPMENT IN OUR
CASE PUTTING IN MILLION SQUARE
FEET OF SPACE IN DIFFERENT
PLACES IN THE COUNTRY, FOR OUR
ADDITION IN GROWTH OF SCHWAB
COMPANY LOTS OF THINGS GOING
ON JUST, MANY, MANY THOUSANDS
DIFFERENT COMPANIES OURS IS
JUST ONE, OF COURSE, AND WE
ARE REALLY ASK YOU TO VERY
OPTIMISTIC.
>> THERE ARE PEOPLE HE FEEL
LIKE ROLLBACK IN REGULATIONS
WAS EVEN MORE IMPACTFUL THAN
THE TAX CUTTING PLAN TALK
ABOUT THAT YOU ARE A LEADER IN
FINANCIAL SERVICES INDUSTRY
NOW TALKING ABOUT TWEETS TO
DODD-FRANK HOW IMPORTANT WAS
ROLLBACK IN REGULARS.
>> IT IS CRUCIAL.
BUT WHAT WAS HAPPENING BEFORE
WITHOUT ANY ROLLBACK, WAS JUST
CRUSHING REGULATION THAT
DECISIONS ALL HAD TO BE GO
THROUGH CENTRAL GOVERNMENT
AGENCIES WE ARE OVER --
WHATEVER AGENCY UNDER FEDERAL
RESERVE OR OCC, SEC, ON AND
ON.
THEY ALL HAD CONFLICTING
DIFFERENT REGULATIONS YOU ARE
TRYING TO WEAVE THROUGH ALL
THESE FINALLY SAID STOP NO
MORE SEE IF WE CAN DO
EFFICIENCIES HERE AND MAKE IT
EASIER FOR BUSINESSES TO
OPERATE DO THINGS CUSTOMERS
WANTS GREAT SERVICE, DON'T PUT
ALL TIME ENERGY INTO
REGULATION, PUT TIME IN
SERVING ME, THE CUSTOMER, THAT
IS WHAT WE NEED TO DO THAT IS
WHAT MOVING ABOUT.
>> SO MANY YEARS, COMPANIES
BANKS, IN PARTICULAR, HIRING
COMPLAINS
COMPLAIN
COMPLIANCE AGENTS LAWYERS TO
KEEP UP WITH STRING OF RULES.
>> WE'RE NO DIFFERENT I CAN
QUOTE YOU NUMBERS I AM TALK --
PROBABLY NOT GOING TO IT DOES
PROBABLY -- BE EMBARRASSING TO
DO THAT WE HAVE HAD TO PUT IN
INCREDIBLE SUMS OF MONEY IN
TERMS OF HIRING, AND WE ARE
TRYING TO HIRE SAME PEOPLE
MAKES IT VL DIFFICULT, BECAUSE
THE SUPPLY IS VERY LIMITED.
MARIA: YEAH.
>> SO, ANYWAY, WE ARE REALLY
HAPPY THAT DEREGULATION IS A
MOVEMENT AFOOT WOULDN'T HAPPEN
OVER TONIGHT BUT I THINK YOU
SEE THE TREND WE REALLY ARE
HAPPY ABOUT IT.
>> MA WHAT DO YOU THINK MOST
IMPORTANT THAT THEY TWEET IN
TERMS OF DODD-FRANK RIGHT NOW?
THAT IS IN THE WORKS RIGHT
NOW.
>> YEAH, I THINK RIGHT NOW
WHAT LOOKING AT PARTICULARLY
THE SMALLER BANKS, GETTING
THEM OUTSIDE OF THE BIG NET
FED PUT TOGETHER SMALLESH
BANKS, THE ONES DOWN THE
STREET HERE LENDING MONEY TO
AVERAGE PERSON, TRYING TO
REDUCE THEIR OVERHEAD, AND LET
THEM BE MORE EFFICIENT ABOUT
DELIVERING LOANS AND LENDING
MONEY TO INDIVIDUALS.
THAT WOULD REALLY BE A GREAT
BENEFIT.
THEN THERE'S OTHER THINGS THAT
DEAL WITH CUSTODIAL BANKS THAT
WILL BE PROBABLY BENEFICIAL
THEY DON'T NEED TO HAVE ALL
THESE GREAT OVERWRITING
REGULATORY THINGS THAT -- THAT
LIVING WILLS, SOME EXTENT,
SORT OF A CRAZY THING -- LET
BANKRUPTCY HAPPEN, IF PERSON
DOES A BAD THING IN BUSINESS