LOOK AT THE STOCK PRICE.
WELLS FARGO IS UP TODAY 80 CENTS
HIGHER.
THE CONSUMER FINANCIAL
PROTECTION BOARD ANNOUNCED A
BILLION-DOLLAR FINE AGAINST
WELLS FARGO.
>> PRESENT TRUMP SAID IN A TWEET
A LITTLE TIME AGO THAT WE ARE
GOING TO LOOSEN THE BANK RULES
BUT IF YOU BREAK THE BANK WE
WILL TAKE YOU TO THE CLEANERS.
IS THAT WHAT'S HAPPENING WITH
WELLS FARGO WITH THE
BILLION-DOLLAR FINE.
>> STUART, I'M NOT FAMILIAR WITH
THAT TWEET BUT THE SENTIMENT IS
ACCURATE.
THE STATUTE THAT FORMED BUREAU
OF CONSUMER PROTECTION TELLS US
TO LOOK AT WAYS TO REDUCE
BURDENSOME REGULATIONS AND
PROTECT CONSUMERS.
WHAT THE PRESIDENT TWEETED OUT
IS EXACTLY WHAT THE STATUTE
TELLS US TO DO.
THAT'S WHAT WE DID TODAY.
WE PROTECTED THE CONSUMERS AND
ENFORCE THE LAW AND WE THOUGHT
THEY HAD MISBEHAVED AND BROKEN
THE LAW AND THAT GAVE RISE TO
THIS ACTION.
>> A BILLION DOLLARS IS NOT THAT
MUCH MONEY FOR WELLS FARGO.
THEY'RE A GIANT COMPANY.
THE STOCK, NOW THEY KNOW THE
NUMBER, IT'S ACTUALLY UP.
>> A BILLION DOLLARS IS STILL A
LOT OF MONEY FOR EVERYBODY.
THIS WAS A JOINT EFFORT.
WE WORK TOGETHER IN A WAY THAT I
DON'T THINK HAD BEEN DONE IN
PREVIOUS ADMINISTRATION.
TO GET DOWN TO THE DOLLAR
AMOUNT, COULD WE HAVE RECOVERED
MORE OR LESS BY TAKING IT TO
TRIAL?
POSSIBLY.
I DON'T THINK THE FOLKS AT WELLS
THANKS IT'S A SMALL AMOUNT OF
MONEY.
I DON'T THINK ANYBODY THANKS
IT'S A SMALL AMOUNT OF MONEY.
THIS IS A HISTORICAL LARGE
COLLECTION AND WERE VERY
SATISFIED WITH THE OUTCOME.
>> YOU STILL WANT TO GET RID OF
THE CFPB.
>> I WORKED THERE, IT'S NOT MY
PLACE TO SAY WHETHER IT'S
CONSTITUTIONAL OR SHOULD BE
REMOVED.
WHAT I'M SAYING IS THE PLACE
NEEDS TO BE FIXED.
MY POWER AS THE ACTING DIRECTOR
OR WHOEVER THE DIRECTOR TURNED
OUT TO BE IS WAY TOO
UNACCOUNTABLE TO UNCONTROLLED
AND NONTRANSPARENT.
I HAVE TOO MUCH AUTHORITY AS AN
INDIVIDUAL.
I DON'T ANSWER TO ANYONE.
IF WELLS IS UPSET WITH WHAT
HAPPENED TODAY, THEY HAVE NO ONE
TO COMPLAIN TO.
NOT TO CONGRESS OF THE SENATOR
OR THE PRESIDENT OF THE UNITED
STATES.
IF CONSUMERS FEEL LIKE THEY
DIDN'T GET PROTECTED, THEY CAN'T
COMPLAIN TO ANYBODY.
IT JUST COMES TO THIS OFFICE AND
THAT'S NOT RIGHT.
THERE SHOULD BE ACCOUNTABILITY.
THE OPINION THAT I HAVE HAS NOT
CHANGED IN ANY RATE AS A RESULT
OF TODAY'S ACTION.
>> I DO WANT TO SAY THAT THE
TWEET WAS ACTUALLY DELIVERED IN
DECEMBER OF LAST YEAR SO YOU'RE
LOOKING ABOUT FOUR MONTHS AGO,
BUT THE SENTIMENT IS REPEATED
TODAY.
I WANT TO DRAW YOUR ATTENTION TO
WHAT NANCY PELOSI, SHE IS AGAIN
BLASTING THE TAX CUTS.
FOR THE BENEFIT OF OUR VIEWERS,
ROTATE.
>> IN TERMS OF THE BONUS THAT
CORPORATE AMERICA RECEIVED
VERSUS THE CRUMBS THEY ARE
GIVING TO WORKERS TO TRY TO PUT
THE SCHMOOZE ON IS SO PATHETIC.
>> LET ME BRING IN THE PRESENCE
OF RESPONSE.
HE TWEETED QUICKLY AND SAID
THIS.
NANCY PELOSI IS GOING ABSOLUTELY
CRAZY ABOUT THE BIG TAX CUTS
GIVEN TO THE AMERICAN PEOPLE BY
THE REPUBLICANS.
GOT NOT ONE DEMOCRAT VOTE.
HERE'S A CHOICE, THEY WANT TO
SUBSTANTIALLY.
REPUBLICANS ARE WORKING ON
MAKING THEM PERMANENT AND MORE
CUTS.
>> IT WOULD SEEM TO ME THAT THE
SOME DEGREE, NANCY PELOSI'S
TACTIC OF DEMAGOGY AGAINST TAX
CUTS IS WORKING.
THE POLL SUGGESTS THIS IS A
VIABLE POLITICAL STRATEGY FOR
NOVEMBER.
>> EVEN MY WHAT SHE'S TALKING
ABOUT.
I THINK SHE MADE THAT REFERENCE
ORIGINALLY TO THE BONUSES THAT
WENT OUT.
I THINK OVER 5 MILLION WORKERS
HAVE RECEIVED BONUSES OR
INCREASES AS A DIRECT RESULT OF
THIS.
I THINK THEY LAID OUT THAT THE
ORDINARY FAMILY OF FOUR MAKING
75 GRAMS WOULD SAVE ABOUT $2000
ON TAXES.
I GUESS THAT'S WHAT SHE REFERS
TO WHEN SHE CALLS THOSE CRUMBS.
I TRIED TO ASK HER THIS, BUT
SHE'S NEVER ANSWERED, WHICH YOU
THINK THAT WAS CRUMBS IF IT CAME
IN THE FORM OF A GOVERNMENT
HANDOUT WHICH IS WHAT THE
DEMOCRATS ARE ALWAYS PROPOSING.
INSTEAD OF GETTING THE MONEY
FROM YOUR EMPLOYER OR YOUR HARD
WORK THEY WANT TO GET IT TO THE
GOVERNMENT.
IF SHE COULD GIVE 5 MILLION
PEOPLE TO A CHECK FOR THOUSAND
DOLLARS WHICH YOU THINK IT WAS
CRUMBS?
NO.
IT'S NOT ABOUT THE AMOUNT OF
MONEY, IT'S WHERE IT'S COMING
FROM.
REPUBLICANS WANT YOU TO KEEP
YOUR OWN AND DEMOCRATS WANT YOU
TO BEG FOR FROM THEM AND THAT'S
A FUNDAMENTAL DIFFERENCE BETWEEN
THE PARTIES.
>> APART FROM MAKING INDIVIDUAL
TAX CUTS PERMANENT, IS THERE ANY
OTHER CHANGE COMING DOWN TO THE
TAX CODE
>> WE ARE WORKING ON A BUNCH OF
DIFFERENT THINGS.
THAT'S THE PRIMARY ONE.
A COUPLE OF THE PROVISIONS WERE
MADE TEMPORARY FOR A VARIETY OF
REASONS.
MOST OF WHICH HAD TO DO WITH THE
SCORING AND RECONCILIATION RULES
OF THE SENATE.
KEEP IN MIND WE HAD STRUCTURED
THE BILL IN A WAY WE NEEDED TO
BECAUSE WE KNEW WE HAD ZERO
DEMOCRAT SUPPORT IN THE SENATE.
AND ULTIMATELY RECEIVED ZERO
DEMOCRAT SUPPORT.
IN ORDER TO GET THAT 50 VOTE
MARGIN WE HAD TO DO CERTAIN
THINGS TO STRUCTURE THE BILL.
IT WAS NOT IDEAL.
WE WOULD LIKE TO MAKE THE LOWER
RATES PERMANENT AND MAKE THE
DEPRECIATION SCHEDULES LONGER.
THERE'S A BUNCH OF DIFFERENT
WAYS WE CAN IMPROVE THE BILL.
THE GOOD NEWS IS, EVEN WITH THE
PART WE WERE ABLE TO GET PAST
WHICH WAS A PERFECT,