Republicans, 202 7488001. Independencts, 202 7458002. You can also find us on facebook and twitter. You can send us an email at journal cspan. Org. The dodd frank act was named after its authors, and senator chris dodd and barney frank. It was a massive bill that required federal agencies to write hundreds of new rules. Here are some of the things that the dodd frank act did. It was signed into law by president obama on july joint first, 2010. It created the Consumer FinancialProtection Bureau. It attempted to an too big to fail bailouts of Financial Firms. In eliminated loopholes of financial products, providing shareholders a say on executive compensation, and enforce regulations on the books. Here are some polls that show just exactly the scope of this bill. A summary of the bill by a law firm shows that the bill was 22,290 six pages long. It has had 119 congressional hearings, and there have been 139 bills issued in congress to amend or repeal the act. The stats also give you a sense of exactly how much regulatory muscle has been used to implement this bill. It shows that the pages published over time actually total the same amount as 34 copies of moby dick. Clearly this bill is one that has resulted in many new rules that have had wideranging impacts on the financial industry. It has is not done the implemented yet. Dodd frank rulemaking progress by corner is the title of this chart. 235 regulation top and finalized related to the dodd frank bill as of march 31, two thousand 15. 30 regulations have not even been proposed. Future deadlines that have not been proposed, there are 51. There is play more to be done when it comes to the dodd frank bill implementation. Representative barney frank spoke this week about the durability of the law as we head into the future and challenges from republicans. [video clip] if Hillary Clinton is elected president thousand 16, the bill will survive, even if there are people who want to veto. By the way, it is still one of the most popular things that the government has done. By the end of the next president ial term, by 2020, these practices will be embedded. You look at the rhetoric of the late 1930s and 1940s what these and Security Exchange act it was predicted to be terrible. By the end of world war ii, they got used to it. I think by 2020, after 10 years this bill will take root. It is not going to be in their interest to introduce all of this instability. Host that was former representative already frank talking about the dodd frank act, one of the most sweeping Financial Reports in the Country Financial reforms in the country since the great depression. We want to hear from you and if the Financial System is safer than it was five years ago. You can call in, 202 7488000 on the democratic line. Republicans, 202 7488001. Independents, 202 7458002. You can send us a tweet cspanwj. You can find us on facebook, facebook. Com cspan. You can send us an email, journal cspan. Org. Our first call it is my is john from spring, texas. What are your thoughts . Caller i think dodd frank helped some. I was in real estate and the banking business for decades here in the houston area. These bankers made loans when reagan deregulated the loans, it was a collapse. These developers did not have any money in the projects. They built apartments all over the place with no money. Then, all these loans went bad. Im retired now. Republicans want to loosen these regulations and let these bankers do whatever they want. We need more regulations of the banks, not less. Host john, you are calling on the republican line, is that right . Caller yes yes. The glasssteagall act was ano major flaw. They illuminated that back in 19 99 with bill clinton. It was phil gramm who did that. Anyway, we will have another collapse. I do not trust the bankers at all. Host all right, that was john from spring, texas. Next up is james from sherman texas, calling on the republican line as well. What are your thoughts . Caller good morning. Host you are on the air, go ahead. Caller i just want to say host we will turn to some polls from wall street. The wall street journal has this view of wall street still suffering this by Economy Survey says. Lonnie from ohio on the independent line is our next caller. Go ahead. Caller good day, maam. Like one of the other caller said, glasssteagall, that shouldnt have ever been repealed. I cant wait for the bric nations to get together to create their own currencies of these weasels on wall street can be sent back home. Host all right. That was lonnie from ohio calling. Another survey shows that millennials do not trust wall street or investing in stocks. This article shows that just 14 of respondents in a recent survey who were ages 1829 say that they trust wall street to do the right thing all or most of the time, compared with 12 last year. That is a survey released by the Harvard University institute of politics. The statistic has barely changed over the past five years. Host cnbc reported on five things to know about the dodd frank act, five years later. One of the points that the article makes is that big banks have actually gotten bigger. The article says that the Banking System asked assets have swelled, and the top five institutions control the total. Here is what representative had to say earlier this week. [video clip] the dodd frank in the structure has indeed made is less stable in many ways. The small banks are fewer. Because washington can control a handful of large establishment firms much easier than small zealous competitors, this is what likely and intended consequence, not unintended consequence, of the act. Todd frank concentrates greater assets in fewer institutions. Title i dangerously allows federal government to designate too big to fail firms, also known as intern, title ii creates a taxpayerfunded bailout, known as the liquidation authority, that the Nonpartisan Office costs taxpayers 20 billion. From wall streets point of view, dodd frank may not prove so that after all. The big investment houses can shape regulations guaranteeing paybacks for themselves. This is bad policy, and worse economics. The roads market discipline, and risks further bailouts to be paid mostly by lower and middle income taxpaying families. It becomes a selffulfilling prophecy making firms bigger and riskier than they otherwise would be. Host that was a representative speaking at an event at the American Enterprise institute earlier this week about the dodd frank act. We are taking her call the want to hear your thoughts on wall street. You can call in on the democratic line, 202 7488000. Republicans can call in at 202 7488001. Independents you can call, 202 7458002. We are on twitter, cspanwj. On facebook, facebook. Com cspan. Next up from Fort Lauderdale florida, is tom. What using about wall street . Caller when you say wall street immediately people start thinking about banks. If you are talking about wall street in general, the United States can really think its lucky stars. We have executives at the home of the Major Companies of the United States. They basically saved this economy. I think it seems to be popular, the hate, how executives in the corporate area. I think it is very misplaced. Give them a break. They host top, we have seen stock markets hit record highs over the past year and a half. Our you invested in the stock markets at all . Have you benefited from that . Caller sure, yeah. I got destroyed when the market went down. I am lucky to be wary of today. Most of us have been regaining what we lost. People dont really talk about that deal either. Lets get back to the banks. Lets focus on the banks because that is really where most of the hate comes from. Im not a lover of banks. I personally wish that glasssteagall had not been revealed either, but it was, so lets get a life. The banks ok. They did wrong and it was politically inspired. I would just like to know more about the other side of the ledger, the people whoo lied about their mortgage i e application and knowingly took up second mortgages knowing they could not afford them. That is really what brought the system down. Yet, sure, criticized the bank for what they did, i would like to hear more about the other side of the transaction, the on the inside giving them a legal mortgages illegal mortgages and the responsibility of the mortgage holders themselves. Host all right. Next up is kerry from king george, virginia, also on the republican line. Good morning. Caller good morning. I would like to say that i support dodd frank. From what i know about it i am sure it is a complicated. When i hear that citibank is going to congress, writing its own legislation, that is really disturbing to me and a lot of the people that know about it. What we know is these lobbyists from the big banks have incredible access where an average person has to jump through hoops just to go visit washington. These people are just walking in the front door and going out the back writing their own legislation. It seems to me that people are really out for themselves. I really enjoyed losing to Hillary Clinton morning talking about some more reforms that she would put in place. Look at longterm growth instead of shortterm growth. Host once again, your calling all the republican line, and you are a supporter of. Frank and likely Hillary Clinton . Caller no, im calling on the democratic line. Host that makes a lot more sense. Caller thats all you want to say. I support it. I dont know about wall street. They are out to make money like everyone else. I just want regulations in place they keep people that are greedy , that want to take money, instead of her the money. My, is about citibank. Host that was kerry. Hillary clinton did recently speak about her vision for what the tax system should look like under her potential presidency. [video clip] first, im proposing a reform on taxes of capital gain. The profits earned by the cells of stocks and other assets to promote and reward farsighted investments. The current definition of a longterm holding period, just one year, is woefully inadequate. That may cap as longterm for my baby granddaughter, but not for the american economy. It is no way to run attack system. As president , i would run to a sixyear sliding scale that provides real incentive for longterm investment. For taxpayers in the top bracket , any gains from selling stock in the first two years would be taxed just like ordinary income. Then, the rate would decrease each year until it returns to the current rate. This means that from the moment investors buy into a company they will be moreprofits. And, so will some executives who are paid in part by stocks or stock options. Host that was democratic president ial candidate Hillary Clinton. We are talking about the dodd frank act and getting your thoughts on wall street. We will hear next from mark from massachusetts on the independent line. Go ahead, you are on the air. Caller good morning. I agree with the dodd frank reform. Just hearing what you play there for the first time. I think there were reforms needed. As a make any sense to me how these banks could just go and write a quarter million or have a million policies to people with no income, no vacation, no money down. It seems illogical from a business standpoint. Then, the banks blamed the government saying we had to loan money. I do not know any company that the government is making do anything, making them right policies not policies, but mortgages. These are some of the Biggest Companies in the World Holding trillions and trillions of dollars in assets. I just want to know where the board of directors and a lot of these companies were. I fill confident with wall street, im invested in wall street personally, and think it is a great system, but there needs to be some oversight so there are not water to people pulling the strings of a whole trillion dollar company. Host do you feel like the Financial System is safer than it was in 2010 or 2008 . Caller sure. I deftly think it is. Host that is mark. Next up is john from attleboro massachusetts. Go ahead. Caller hello, good morning. Boy, i want to call and disagree with my fellow massachusetts person. And, the Hillary Clinton thing. If clinton getting to the point on what is going on here, clinton said some things and that speech that were disturbing to me. One of them was making the assumption that xerox created the technology bubble. I do not think that is what it is. I think the American People and their innovation did. I think they should break up the large banks and large corporations, but that is neither here nor there. Back to dodd frank. Dodd frank put a lot of regulations particularly directed to the banks, and particularly directed to the large for banksur banks, the people selling bonds for the United States, primary dealers, if you would. A lot of it overlapped with the Security Exchange commission. If you go look at elizabeth w warrens letter to mary jo white, they are not laws. If you look at eric holder going back to the people who created the housing crisis thing, and the revolving door in washington we need more competition. I dont even know what line to call in. The democrats and republicans are really not serving me. Host do you think it was the banks that are to blame or were to blame for the financial crisis, or the regulators and the lack of action . Caller i do not think it was either. I think people were sold this notion that debt for housing and things of that nature is an asset. It is an asset if house prices keep going up, but it is a liability of if house prices stay the same or go down. It is nothing but a steam for more property taxes and more government control of what is going on. I am totally totally against the regulations for one size fits all. I think they should break up the media companies. I think we need to reinforce competition. I think wall street has long since been used as a vehicle for private investment. I was involved in this kind of stuff back in the 1990s late 1990s and early 2000. At that point in time, you could go out and have people make small investments under 200,000, and things of that nature. There is always hope on the other and that they have a Big Corporation byuy out. The system is kind of broken. Dodd frank is just a boondock for people who do not care about the country. It is just regulators. Host all right, that was john. We will have to leave it there. Next up is carry from mansfield, ohio. You are on the air. Caller good morning, how are you this morning . Host i am good. Caller i would like to comment on wall street. I think wall street is about like the senators and congressmen who represent the people of the United States. I think it is a joke to the American People. I think that everything takes in the congress and the senate so long to get an answer on anything that deals with the peoples business of the United States. I think they feel like they run the show. Hopefully, with a guy now running for president , and might fortunately make it donald trump join the cspan conversation like us on facebook, follow us on twitter. He is someone who will tell what he feels, and regardless of anyones opinion he knows what he will say, does not need a teleprompter, and i think a lot of people are really excited about donald trump. Host how worried are you that another financial crisis could happen in the next few years . Caller very possible. There is no control. There is no one watching. Host all right. Next up is a need of from lancaster, ohio on the republican line. Go ahead. Caller my comment is on barney frank. I am not usually on tv. Host thats ok. Caller anyway, when this came about, i know my sister borrowed on her house. I said, how can you borrow that kind of money . Iwatch the crisis, and all this money then had to be covered. The people, the Foreign Investors, who aig, it finally came up to them and Foreign Investors who buy into america aig could not give them back their money. Everything fell. People who did not watch this and then barney frank up and leaves congress. He never got any feedback about his part in it. It started in the Clinton Administration of giving these loans to people who could not pay them back. We watched it because my family has worked all their life. I had this one sister who cap borrowing. She was one of the people who was not a person who could manage money. Now, people get upset about this, but this is a fact about the housing. The housing was the backbone of america, and they destroyed it. I do not care what anyone says i watched it. I watched the chinese say that america is broke. Anybody who did not watch it i even had a brotherinlaw in mortgage. No one speaks to it, and it makes me angry. You can tell. My voice. Im 76 years old, very old. I watched it, and i wanted to know what is happening to america. Barney frank was part of it. The clintons were part of it. I am a republican, i will speak to that, but every american needs to take, and anyone who took out a loan and to pay it back, needs to speak to it. Host all right. This comment from twitter, give banks a way, are you kidding me . There are some efforts in the senate under way to amend, or overhaul, the dodd frank overhaul. The Senate Appropriations committee announced on thursday a billiondollar bill containing legislation that would impose a sweeping overhaul of the dodd frank law. Host certain changes to current law are needed, shelby said on thursday, and Credit Unions have been subject to a one size fits all regulatory framework. Democrats, however, were staunchly opposed to any rollbacks. Our next caller is just from tennessee. Good morning to you. What are your thoughts on wall street . Caller it is amazing to me how may calls i have heard this morning about this topic. I ha