>> I THINK WHAT WE HAVE TO DO IN
THAT REGARD IS MAKE SURE THE
THREAT BY THE SPEAKER OF THE
HOUSE DEFAULT ON THE THE NATIONA
DEBT IS OFF THE TABLE.
FOR OVER 200 YEARS AMERICA HAS
NEVER, EVER FAILED TO PAY ITS
DEBT TO PUT IN CAPITAL AND
COMICAL TERMS, AMERICA IS NOT A
DEBT BEAT NATION.
MARIA: THAT WAS PRESIDENT BIDEN
ONCE AGAIN MISLEADING THE
AMERICAN PEOPLE.
HOUSE SPEAKER KEVIN MCCARTHY DID
NOT THREATEN A DEFAULT.
NOW THE PRESIDENT IS FINALLY INVITING CONGRESSIONAL LEADERS
INVITING CONGRESSIONAL LEADERS
TO THE WHITE HOUSE AFTER JANET
YELLEN SAYING WE WOULD RUN OUT
OF MONEY.
OUR BEST ESTATE THAT THE U.S.
WILL BE ABLE TO UNABLE TO
SATISFY OBLIGATIONS BY EARLY
JUNE AS POTENTIALLY AS EARLY AS
JUNE 1ST, THE CONGRESSIONAL
BUDGET OFFICE IS ESTIMATING JUNE
DEADLINE RIGHT NOW.
JOINING ME KANSAS SENATOR,
HOMELAND SECURITY AND
AGRICULTURAL COMMITTEES,
SENATORS, ALWAYS A PLEASURE TO
SEE YOU, THANK YOU VERY MUCH FOR
BEING HERE.
>> YEAH, GOOD MORNING, MARIA,
GREAT TO BE WITH YOU AND JUST
ABOUT YOUR SUBJECT HERE, LOOK,
THE BALL IS IN JOE BIDEN’S
COURT.
IT’S UP TO HIM NOW, THE PRESSURE
IS ON HIM, SPEAKER -- SPEAKER
MCCARTHY HAS GIVEN HIM A BUDGET
THAT IS MUCH BETTER FOR THE
AMERICAN PEOPLE.
IT HAS WORK REQUIREMENTS, IT’S
NOT PERFECT, IT EXTENDS THE DEBT
LIMIT FOR A YEAR.
LOOK, JOE BIDEN NEEDS TO COME
OUT OF THE BASEMENT AND
FAITHFULLY NEGOTIATE BUT WE ALSO
NEED A RESPONSIBLE BUDGET.
HIS POLICIES HAVE GOTTEN US INTO
THIS FINANCIAL MELTDOWN.
MARIA: WELL, I MEAN, AT THIS
POINT WE ARE TALKING ABOUT
JUNE 1ST WHICH IS JUST A FEW
WEEKS AWAY THAT THE U.S. RUNS
OUT OF MONEY.
DO YOU EXPECT THAT YOU WILL BE
ABLE TO GET THE PRESIDENT TO
AGREE TO SOME SPENDING RESTRAINT
NOW THAT WE HAVE THIS DEADLINE
SO EMINENT?
>> YOU KNOW, I DO.
LET’S ASSUME THAT THE SECRETARY
OF TREASURY IS INDEED RIGHT THAT
THIS COMES DUE JUNE THE FIRST.
I JUST AGAIN WANT TO GIVE THE
REPUBLICAN-CONTROLLED HOUSE
CREDIT QUITE OFTEN MY TOWN HALL
FOLKS CRITICIZE US, WHY CAN’T
SHE REPUBLICANS STICK TOGETHER,
THEY STUCK TOGETHER.
THIS IS AS MUCH MORE RESPONSIBLE
BUDGET AGAIN, IT’S NOT PERFECT
BUT IT DOES START RAINING IN
SOME OF THE WASTED COVID DOLLARS
WORK REQUIREMENTS, WE DON’T
TOUCH MEDICARE, WE DON’T
VETERANS LIKE WE PROMISE WE
WOULDN’T.
THIS IS A GAD DEAL THAT IF THIS
WOULD GO ON THE SENATE FLOOR I
THINK IT WOULD PASS.
MARIA: YOU DO?
>> I DO, I DO THIS THAT IT WOULD
PASS.
NOT WITH 50 DEMOCRATS BUT I
THINK THERE WOULD BE 30 OR 40
DEMOCRATS THAT WOULD PASS IT AND
20 AND 30 REPUBLICANS THAT WOULD
VOTE FOR IT.
MARIA: WOW.
LET’S TALK ABOUT THE
ADMINISTRATION’S NEW MORTGAGE
RULE.
SENATOR, IT HAS GONE TO EFFECT
THIS WEEK MONDAY IT PENALIZES
HOME BUYERS WITH GOOD CREDIT,
BUYERS WITH LOWER CREDIT SCORES
CAN PAY LESS SO IT’S ON THE
BETTER SCORES TO ACTUALLY MAKE
THAT HAPPEN.
YOU’RE DEMANDING ANSWERS FROM
THE ADMINISTRATION ABOUT HOW
THIS POLICY DECISION WAS MADE.
GIVE US THE BACKGROUND.
>> RIGHT, MARIA, THE REASON WE
ARE TALKING ABOUT THIS IS JOE
BIDEN INFLATION, HIS ECONOMIC
POLICIES THAT MAKE HOUSING
UNCOMFORTABLE FOR HARD-WORKING
AMERICANS.
INTEREST RATES HAVE BECOME SO
HIGH THAT NO LONGER CAN
HARD-WORKING FAMILIES GET INTO
THAT FIRST HOME OR LET ALONE GO
UP.
SO NOW WHAT THE PRESIDENT WANTS
TO DO IS PUNISH HARD-WORKING
AMERICANS AND ADD ADDITIONAL FEE
FOR THOSE WHO WOULD HAVE SAVED
MONEY, WHO HAVE GOOD CREDIT
SCORES, WHO PAY OFF OUR CREDIT
CARDS TO SUBSIDIZE SUBPRIME
BORROWERS.
DOES THIS SOUND FLOOR?
ARE WE GOING TO REPEAT HISTORY
AGAIN?
THE WHITE HOUSE IS TELLING
FANNIE MAE AND FREDDIE MAC THEY
HAVE INCREASE CREDIT SCORES TO
SUBSIDIZE THOSE WITH LOW-CREDIT
SCORES AND I MAID IN COMMUNITY
BANK, THAT’S WHAT THE COMMUNITY
INVESTMENT WERE FOR AND WE DON’T
NEED ANOTHER SUBPRIME LENDING
ANYMORE.
MARIA: THE PRESIDENT ADDRESSED
THE FIRST REPUBLIC BANK SALE
YESTERDAY.
WATCH THIS.
>> LET ME BE VERY CLEAR,
DEPOSITORS ARE BEING PROTECTED
SHAREHOLDERS ARE LOSING
INVESTMENTS AND CRITICALLY
TAXPAYERS ARE NOT ON THE HOOK.
I CALLED ON CONGRESS TO GIVE
TOOLS TO HOLD BANK EXECUTIVES
ACCOUNTABLE AND CALLED
REGULATORS TO STRENGTHEN
REGULATION AND SUPERVISION OF
LARGE AND REGIONAL BANKS.
MARIA: YOU KNOW, IT’S
INTERESTING, SENATOR, AS IF IT’S
ALL DIFFERENT GROUPS.
HE’S TALKING ABOUT TAXPAYERS
WON’T LOSE MONEY BUT
SHAREHOLDERS WILL LOSE MONEY AS
IF SHAREHOLDERS ARE LIKE A BAD
GROUP, THEY ARE SUPPOSED TO LOSE
MONEY.
TAXPAYERS ARE ALSO TAXPAYERS.
WHAT DO YOU MAKE OF HIS ANSWER
THERE?
>> IT’S VERY DECEIVING.
SO A SMALL COMMUNITY BANK LET’S
SAY A BILLION DOLLAR COMMUNITY
BANK, I BET WILL HAVE TO PAY A
HUNDRED THOUSAND DOLLARS OR MORE
IN SOME TYPE OF A FEE ASSESSMENT
TO PAY OFF THE LOSSES.
EVENTUALLY THOSE FEESES TRICKLE
DOWN TO FOLKS.
THE LAST THING WE NEED IS MORE
REGULATIONS.
MORE REGULATIONS IS NOT GOING
FIX AN INCOMPETENT TEAM.
THAT’S THEIR FOCUS.
THIS BANK LIKE THE OTHER TWO
BANKS SILICON VALLEY AND
SIGNATURE MADE BIG MISTAKES WHEN
IT COMES TO INVESTING IN
LONG-TERM SECURITIES WHEN
INTEREST RATES WERE LOW AND THEN
THEY MADE LONG-TERM LOWS WITH
LOW INTEREST RATES AS WELL.
THEY GOT UPSIDE DOWN ON INTEREST
RATE RISK ASSESSMENT, MANAGEMENT
SHOULD RECOGNIZE THAT, THEIR
BOARD SHOULD RECOGNIZE THAT MORE
REGULATIONS IS NOT GOING TO FIX
INCOMPETENCE BUT, AGAIN, TO YOUR
POINT, THE PRESIDENT IS BEING
VERY DECEITFUL, SOMEBODY HAS TO
PAY FOR THIS AND IT’S GOING TO
BE HARD-WORKING AMERICANS.
MARIA: WELL, I MEAN, WHAT ARE
THE RULES GOING TO LOOK LIKE AT
THIS END OF THIS BECAUSE THE
PRESIDENT HAS BEEN CLEAR ABOUT
WANTING MORE REGULATION FOR THE
BANKING SECTOR.
YOU KNOW, JAMIE DIMON AND JP
MORGAN BECOME A WINNER.
THEY WON THE WEEKEND AUCTION AT
FIRST REPUBLIC OVER THE WEEKEND,
THAT MAKES JPM EVEN BIGGER, IS
THAT A NEGATIVE TOO BIG TO FAIL
OR WHAT ABOUT THE RULES FOR THE
SMALLER BANKS?
>> RIGHT, I THINK OUR BIGGEST
CONCERN IS THIS AS A SMALL
COMMUNITY BANKER MYSELF INVOLVED
WITH THAT INDUSTRY, OUR FEAR IS
THAT PEOPLE WILL TAKE THEIR
DEPOSITS TO THE TOO BIG TO FAIL
BANKS CREATING MORE
CONCENTRATION IN THE INDUSTRY.
EVEN JUST TO BACK UP, I WAS ON
THE BOARD AND WE WENT THROUGH
DODD-FRANK, WE NEED TO HIRE MORE
PEOPLE WHO JUST INSPECTED THE
REGULATIONS AND WERE DATA ENTRY
PEOPLE BUT IT DIDN’T REALLY
BRING ANYMORE MORE SUCCESS TO
OUR BANKS.
SO WE DON’T NEED MORE
REGULATIONS.
JOE BIDEN’S POLICIES ARE
CREATING THIS.
NO ONE ANTICIPATED THE
ACCELERATION OF THE INTEREST
RATES.
AGAIN, THIS IS ON THE BACK OF
JOE BIDEN EVENTUALLY.
THE BANK NEEDS TO TAKE
RESPONSIBILITY BUT JOE BIDEN’S
INFLATION IS WHAT WAS
UNDERMINING FACTOR IN THIS BANK
NOT BEING ABLE TO KEEP UP WITH
THOSE ACCELERATED INTEREST RATE
HIKES.
>> YEAH, AND THE ROOT CAUSE OF
THE 40-YEAR HIGH INFLATION WAS
ALL OF THE RECKLESS SPENDING.
5 TRILLION IN BORROWING JUST IN