STEALING CORPORATE DATA.
WE'VE HAD A LOT OF FUN.
>> DAGEN: DEIRDRE, THANK YOU FOR
THAT.
JOINING US NOW IS HOUSE
FINANCIAL COMMITTEE CHAIRMAN,
YOUR REACTION TO THE TESTIMONY
BY MARK ZUCKERBERG YESTERDAY,
WHAT YOU WOULD LIKE TO HEAR FROM
HIM TODAY.
>> IT WON'T BE BEFORE MY COMMIT
YOU AT THIS.
WE HAVE ANOTHER HEARING WITH THE
ACTING DIRECTOR OF THE CONSUMER
FINANCIAL PROTECTION BUREAU.
BUT AGAIN, I THINK PEOPLE NEED
TO KNOW EXACTLY WHAT PRIVACY
RIGHTS SHOULD THEY BE ABLE TO
EXPECT.
I LISTENED TO THE EXCHANGE WITH
SENATOR KENNEDY, WHICH BESIDES
BEING -- ADDING A LITTLE LEVITY,
MY GUESS IS GREATER CLARITY
NEEDS TO BE PROVIDED.
I MEAN, TOO MANY OF THESE
PRIVACY AGREEMENTS ARE WRITTEN
IN LEGAL-ESE, THEY'RE
VOLUMINOUS, THEY NEED TO BE SUS
SING
SUNG
SUSINCT AND WRITTEN IN ENGLISH.
I THINK THE HEARINGS WILL BE
GOOD.
I THINK IT ILLUMINATE -- IT WILL
I'M RULE NATE THESE
I'M IULE NATE THESE
I'M ILLE NATE THESE
I'M ILLUMNATE THESE
I'M ILLUMINTE THESE
I'M ILLUMINAT THESE
I'M ILLUMINATETHESE
I'M ILLUMINATE TESE
I'M ILLUMINATE THEE
I'M ILLUMINATE THESE ISSUES
GOING FORWARD.
>> DAGEN: YOU MENTIONED THE
HEARING WITH THE CONSUMER
FINANCIAL PROTECTION BUREAU
DIRECTOR, ACTING DIRECTOR, MICK
MULL
MULVANEY.
THIS DOVE TAILS WITH THE
FACEBOOK HEARING.
WE SET UP THIS PROTECTION BUREAU
AFTER THE FINANCIAL CRISIS.
WHAT THE HECK HAVE THEY BEEN
DOING?
BECAUSE AGAIN, PROTECTING DATA
ON FACEBOOK NOT HAPPENING.
PROTECTING CUSTOMERS AT WELLS
FARGO, THAT WAS UNCOVERED BY THE
L.A. TIMES.
WHAT DO YOU WANT TO HEAR FROM
MICK MULVANEY TODAY?
>> YOU WELL POINTED OUT, YOU
WONDER WHAT'S BEEN GOING ON AT
WELLS FARGO.
I MEAN, CLEARLY ALL KINDS OF
PROBLEMS.
I KNOW THEY HAVE NEW MANAGEMENT
IN PLACE BUT IT SEEMS LIKE EVERY
DAY ANOTHER SHOE IS DROPPING
FROM SOMETHING HAPPENING UNDER
THE OLD MANAGEMENT.
YOU WONDER WHY DIDN'T WE CREATE
AN ENTIRE NEW AGENCY THAT
SUPPOSEDLY HAD EMPLOYEES
EMBEDDED IN THE JOB AND THEY
STILL DIDN'T FIGURE IT OUT.
THERE'S A COUPLE DIFFERENT
PROBLEMS WITH THE CONSUMER
FINANCIAL PROTECTION BUREAU.
IT REMAINS THE MOST
UNACCOUNTABLE, MOST POWERFUL
FEDERAL AGENCY IN THE HISTORY OF
THE REPUBLIC.
THAT WAS TRUE UNDER RICHARD
CORDRAY.
THERE'S NO CHECKS AND BALANCES.
THEY TAKE THEIR MONEY FROM THE
FED.
THEY'RE NOT ON THE
APPROPRIATIONS PROCESS.
THE PRESIDENT CAN ONLY FIRE THE
HEAD OF THE CFPB FOR CAUSE.
THE COURTS HAVE TO BASICALLY PUT
THEIR THUMB ON THE SCALE IN
FAVOR OF THE CFPB.
AND THEN FINALLY, THERE'S NOT
EVEN A THEM AT THE CFPB, THERE'S
ONLY A HIM, ONE PERSON CAN
BASICALLY WAKE UP ON THE WRONG
SIDE OF THE MORNING AND OUTLAW
ANY CREDIT CARD, CHECKING
ACCOUNT OR MORTGAGE HE WANTS TO.
THAT IS FUNDAMENTALLY IN
OPPOSITION TO THE AMERICAN
FOUNDATIONAL VALUE OF CHECKS AND
BALANCES AND, FRANKLY, A LOT OF
PEOPLE ARE BEING DENIED DUE
PROCESS.
THEY ARE CONGRESS, PROSECUTOR,
ONE, WHICH OUR FOUNDERS IN THE
FEDERALIST PAPERS, I THINK IT
WAS FEDERALIST 47, MADISON,
WOULD HAVE CALLED THE VERY
DEFINITION OF TYRANNY.
NUMBER ONE, THEY'RE
UNACCOUNTABLE.
NUMBER TWO, THEY'RE HURTING
CONSUMERS.
FREE CHECKING HAS BEEN CUT IN
HALF AT BANKS.
THERE ARE 15% FEWER CREDIT CARDS
THAT COST 200 BASIS POINTS MORE.
IT'S MUCH HARDER FOR MIDDLE
INCOME AMERICANS TO FIND
MORTGAGES.
SO THESE ARE THE PROBLEMS WE
HAVE TO GET TO.
>> DAGEN: HERMAN CAIN HAS A
QUESTION.
>> SURE.
>> ONE OF THE THINGS THAT I HAVE
HEARD FROM SMALL BANKERS IS THAT
THE INITIAL ROLL-OUT OF CONSUMER
PROTECTION AGENCY, A LOT OF
SMALL BANKS WERE PUT OUT OF
BUSINESS.
WE HAVE HEARD THAT THE ATTEMPTS
NOW ARE TO ROLL BACK SOME OF
THOSEY
THOSE REGULATIONS TO MAKE IT
EASIER FOR SMALL BANKS TO
SURVIVE.
IS THAT IN THE VERSION YOU'RE
WORKING ON?
>> ABSOLUTELY.
THIS IS NOT FAKE NEWS, HERMAN.
A LOT OF BANKS AND CREDIT UNIONS
HAVE GONE OUT OF BUSINESS AND A
LOT OF THEM BECAUSE OF
DODD-FRANK AND THE CFPB IN
SPECIFIC.
THE CFPB SETS THE STANDARDS AND
THEY ROLL DOWNHILL.
THE BIG BANKS HAVE THE RESOURCES
TO HANDLE THE REGULATORY LOAD
BUT NOT THE SMALLER BANKS.
SMALL BANK AS YOU PROBABLY KNOW
LEND TO SMALL BUSINESSES AND
WITHOUT THAT CREDIT CHANNEL A
LOT OF SMALL BUSINESSES WON'T BE
FORMED.
WE DON'T KNOW WHERE THE NEXT
GODFATHER'S PIZZA WILL COME FROM
IF WE LOSE OUR SMALL COMMUNITY
BANKS.
THERE IS LEGISLATION THAT'S COME
OUT TO REALLY HELP THE COMMUNITY
BANKS.
I HOPE WE'RE GOING TO COME
TOGETHER, NEGOTIATE A PACKAGE
SOON THAT WE CAN SUPPORT BECAUSE
THE COMMUNITY BANKS ARE JUST
DYING ON THE VINE.
>> DAGEN: CONGRESSMAN, I WANT TO
GET YOUR REACTION TO THESE
STRONG WORDS ON SYRIA AND RUSSIA
FROM PRESIDENT TRUMP THIS
MORNING.
HE'S RAMPING UP THE RHETORIC AS
HE MULLS A POSSIBLE MISSILE
STRIKE, MISSILE STRIKES AGAINST
BASHAR AL ASSAD.
HERE'S SOME OF WHAT HE TWEETED
EARLIER.
YOUR
RUUR
RUSSIA VOWS TO SHOOT DOWN ANY
MISSILES FIRED AT SYRIA.
GED
GET READY, RUSSIA, BECAUSE THEY
WILL BE COMING, NICE NEW AND
SMART.
IT LOOKS LIKE THE PRESIDENT HAS
MADE HIS DECISION.
WHAT'S YOUR REACTION TO THIS AND
PARTNERS, ANY ALLIES WHO ACT
ALONGSIDE US IN THIS EFFORT?
>> WELL, IT'S ABSOLUTELY OUTRAY
JUST THAT WE STILL IN THE 21st
SENSE
CENSE
CENTE
CENTURY ARE SEEING THE USE OF
CHEMICAL WEAPONS.
THEY CANNOT BE ALLOWED TO DO
THIS.
WE KNOW THAT THE PRESIDENT'S
PREDECESSOR, PRESIDENT OBAMA,
INFAMOUSLY DREW HIS RED LINE IN
THE SAND AND THEN HE LET THEM
CROSS IT.
SO I THINK WHAT WE'RE HEARING
FROM THIS PRESIDENT IS YOU'RE
NOT GOING TO BE ALLOWED TO CROSS
THAT LINE.
WE ARE NOT GOING TO INTRODUCE
CHEMICAL WEAPONS AND ALLOW THEM
TO BE USED ON YOUR OWN PEOPLE.
THEY ARE ABSOLUTELY HORRIFIC AND
ATROCIOUS.
I'M NOT COMMANDER IN CHIEF.
HE'S COMMANDER IN CHIEF.
BUT SYRIA HAS TO GET THE WORD,
RUSSIA HAS TO GET THE WORD.
I HOPE THAT, AGAIN, THIS WILL BE
MEASURED.
STEPS HAVE TO BE TAKEN THAT ARE
NECESSARY TO ENSURE THIS DOES
NOT HAPPEN AGAIN.