30,000. Americans old more on Student Loans than they do on credit cards. The average here is that they have just been doing what they are supposed to do. I cannot tell you how many letters i got people say that they have done what they were supposed to and they want to pay off their debt and they are working hard, but they cant make ends meet. Somebody plays by the rules, they should not be punished for it. Ashley, inan named santa fe, wrote me a letter and wanted me to know that she is young, ambitious, proud of the degree that she earned, and she said i am the future. So put am in capital letters that i would know she means business. [laughter] she told me that because of her Student Loan Debt, she is worried she will never be able to buy a car or a house. She wrote i am not even 30 and i have given up on my future because i cannot afford to have one. I wrote her back and told her it was a little early in your 20s to give up. I am sure that ashley was trying to make a point. But it is a point that all of us need to Pay Attention to. In america no young person who works hard and plays by the rules should feel that way. Made it clear that i want to work with congress on this issue. Unfortunately a generation of young people cannot wait for congress to get going. The members of congress here are working very hard and putting forward legislation to try to make this stuff happen, but they have not gotten some of the support that they need. This year of action, wherever i have seen ways i could act on my own to expand opportunities to more americans, i have. Today i will take reactions to help young people pay off Student Loan Debt. Number one, i am directing arnie duncan to give more americans already making their loan payment a chance to cap those payments at 10 of their income. We call it pay as you earn. We know it works because we have already offered it to millions of young people. It is saving some folks hundreds of dollars potentially every month, giving graduates the opportunity to pursue the dreams that inspired them to go to school in the ursa place. An investment for everyone. We want more young people to become teachers, nurses, social workers, start their own businesses, to be in a position to pursue their dreams. We want more young people who act responsibly to be able to manage their overtime. We are announcing steps that 25l open up pay as you earn million more americans. That is the first action we are taking today. The second is to renegotiate contracts with private Companies Like sallie mae who service Student Loans. We will make it clear that these companies are in the business of helping students, not just collecting payments, and they yellow they owe young people the Financial Flexibility and Customer Service that they deserve. Number three, we are doing more to help every borrower know all the options out there so that they can pick the one that is right for them. We will work with teachers associations, nurses associations, business groups, ymca, nonprofits, Companies Like turbotax, h r block. Tomorrow i will be doing a student q a on tumbler to spend to spread the word. You are laughing because you think what does he know about tumbler [laughter] but you forget i have two teenage daughters, so i am hip to all these things. [laughter] plus i have all these twentysomethings working for me all the time. [laughter] to give student borrowers more chances to save money will require action from congress. I will sign an executive order order, but it is not enough. We need more. We need congress to make some progress. The good news, as i said, some folks in Congress Want to do it. Folks here like jim clyburn, john tierney, who are helping to lead this fight in the house. Elizabeth warren is leading this fight in the senate. Elizabeth has written a bill that would let students refinance their loans at todays lower interest rates, just like parents can refinance a mortgage. It pays for itself by closing loopholes that allow millionaires to pay lower tax rates. I dont know, by the way, why folks arent more outraged about this. I am going to take a pause out of my prepared text. Somebody think that if , like me, has done really well in part because the country is invested in them, that they would not mind at least paying the same rate as a teacher or nurse. Good economic argument for it, that they should pay a lower rate. It is just class. Thats all. It is bad enough that that is already happening. It would be scandalous if we allow it, those kinds of tax loopholes for the very, very fortunate, to survive while students are having trouble just Getting Started in their lives. You have got a pretty straightforward till here. This Week Congress will vote on the bill. I want americans to Pay Attention, to see where their lawmakers priorities lie. Lower tax bills for millionaires or lower student loan bills for the middle class . This should be a nobrainer. Group of fara right republicans in congress who pushed this track of trickledown economic plan, telling hardworking students and families you are on your own. Two years ago they let the student loan rates double. Last year they tried to strip protections from lower income students. This year they voted overwhelmingly to pell grants and make it harder for families to afford college. If it if you are a big oil company, they will go to bat for you. If you are a student . Good luck. Some of the republicans in congress seem to believe that it is just because that just because some of the young people , that me need some help they are not trying hard enough. They dont get it. They need to talk to andy. These students work hard to get where they are today. Chanel roberson, where is she . She is the first in her family to graduate from college. [applause] she is not asking for a handout. None of these folks are. They are working hard, doing exactly what we tell them they should do. They want a chance. If they do exactly what they are told they should do, they are not suddenly loaded up with so much debt that they cannot buy a house, cannot think about starting a family, cannot imagine starting a business on their own. Plenty of people from both parties have paid lip service to the next generation, and then they abandon them when it counts. We, the voters, let it happen. This should be straightforward, just like the minimum wage. Just like equal pay for equal work should be straightforward. One of the things i want the voters out there to consider, particularly parents who are struggling trying to figure out how they are going to pay their kids college education, take a look and see who it is that is fighting for you and your kids and who is it that is not. If there are no consequences, then this kind of responsible behavior continues on the members of congress on the part of the members of congress. I want young people to go to college, graduate, and pay off their debt. We have made good progress. Despite the efforts of some in congress to block the progress. Chance, ifhey had a they do not look out for you and then throw up a whole bunch of arguments that are meant to obvious kate, meaning confuse, rather than to clarify and illuminate [laughter] then you should call them to account. In the meantime i will take these actions today on the. Ehalf of the young people here thank you, everybody. God bless you, god bless america. The president of the United States signing an executive order on Student Loans, the president saying in his prepared remarks that a Higher Education is the best investment you can make. He continued that this is a country where opportunity should be available to anybody in america. Higher education opens the doors of opportunity to all. Joining me now from more on the student that proposal, phil mattingly. He turned he turned this into a political attack on republicans on capitol hill. What he can do himself is limited, he is acknowledging that, he needs help to move the broader agenda forward and he does not have it. There is one primary thing we have focused on, he is expanding what they put in place. They will have to expand that, it will reach about 5 million. Ew borrowers no word on how they can pay for that, but that is a step forward that they can take on their own. 1. 2 trillion, is this going to make a dent . There was Discretionary Income for borrowers to put cash in the pocket. As we have heard, there was a lot of evidence to show that there was a growing divergence between Student Loan Debt and those that have it. You can buy a house, save money, and what he is trying to do is stimulate money in the economy, as they have money to spend. Wille Education Department be assisting in the effort. They will be assisting in the contracts would loan servicers. Are they willing to stick with borrowers in the effort to keep them from defaulting . I think that they are. What will be interesting to watch is where the details end up. From an incentive basis there is a chance that this works out well for everyone. How the white house approaches this will be interesting. A few analysts this morning said they felt that if they lined up the incentives better, this might be a net positive on the business side of things, but it really does depend on how the department of education comes down here as they go through this process. Put outnheim securities a note saying that the president s student loan Reduction Plan will likely be a negative for housing because borrowers will find it harder to get mortgages because of the debt to income ratios, they will remain elevated for a longer. Of time. Thismortgage lenders see as a negative . A good question. This means you are stretching out the life of the loan, so your debt to income ratio may not change much because you may just be paying interest. However, you do have more money in your pocket. Perhaps you have more for a down payment. So, we will see. Senator elizabeth warren, sponsoring legislation that would let students refinance loans to take advantage of lower rates, but there is a catch, the president wants to make up for the loss of federal revenue by imposing new taxes on the wealthy. Mitch mcconnell says the bill does not deal with College Costs and does not address what he in thehe lack of jobs obama economy. Is this bill dead on arrival in the u. S. Senate . Without question. Onk, there will be a debate this. Democrats will be happy to take us to the floor and have this debate, but as you heard from a frustrated president , there is no path forward in a democratically controlled senate, let alone the house, where republicans stand is look, there is nothing here they find acceptable. Raising taxes on high income individuals is something they will never go along with, as you have heard the president alluded to. What they believe right now is that the administration could put better jobs in place for younger individuals coming out of college, that that would make this issue if not go away, easier to deal with. Nosimple solution there, proposals on the table from republicans. In terms of senator warns bill . Dead on arrival, no question. Our white house correspondent, phil mattingly, janet horn, both joining me this afternoon. Coming up, Global Wealth surpassed expectations last year. We will take a look at a report released from the Boston Consulting Group and get the highlights from one of its authors. Stay with us. The ncaa has announced a settlement with players over college themed basketball info all themed the of games produced by electronic arts, dividing money to plaintiffs. The case was scheduled for trial in march of 2015. The agreement was announced on the same day that the ncaa heads to trial in california. Ucla star at obannon and others filed a lawsuit claiming imagesey used their without compensation. A Boston Consulting Group just released its Global Wealth management report for 2014, finding the growth of private wealth surpassed expectations in 2013. Is a zurichbased principal and coauthor of the report, joining me here in the studio. Thank you for being here. This is the 14th annual study of the Global Wealth management industry, coming on the heels of 2013, by most measures solid for the industry. What were some of your key findings . I guess some of them are that Global Wealth grew by roughly 15 up to 152 show you, one of the strongest we have experienced. At the same time, asia has one of the biggest drivers of growth , which has been white a big shift between new Wealth Creation as well as the strong growth of equity not equity markets on existing wealth. Equity markets and the creation of new wealth in what is described as rapidly developing economies. How did that help to drive the globalwe are seeing in private financial wealth . Asia, for example, was the main engine behind that. If you look forward, we expect china, for example, one of the main economies in there, to become number two in the region to the, closing the gap u. S. What is the u. S. . The largest u. S. Is wealth market, with over 50 trillion, 30 of total Global Wealth. As i mentioned before, china in five years time will be the second largest economy, just after the usa, slightly closing the gap. What other regions are showing the most potential for growth Going Forward . I would say latin america, asia, and eastern europe. They have a potential growth rate of over 10 over the next five years. What does that tell us about how these regions have responded to the Global Economic downturn . A couple of years removed from the recession, our people now investing there . I would say that they are back on their heels, but at the same time they have strong gdp growth in the regions where the new wealth is being created. Offshore wealth is impacted by political and financial stability, rising and falling due to a lot of unforeseen geopolitical circumstances. Private wealth, where is it being booked . How is it being affected by be patriot nation efforts and by the efforts of some countries to try to get taxes from people they say are innovating paying them . Offshore is the new challenge, yes . Not dead. I would say a lot of the banks are undergoing transformation. We do see repatriation in the old world, like in europe and north america. But there is also continued inflow. We have big inflow that we see from italy, with its highest share of offshore wealth in asia and eastern europe. And according to our graphics, switzerland is still number one for offshore. Correct, switzerland is the largest, but if you take singapore and hong kong together it may overtake switzerland in the next five years. Speaking with anna, zurichbased Global Wealth reporter for 2014. Your report look so what is called the digital dilemma. What is it . Does technology give some an unfair advantage . On one side it is a dilemma, on the other it is about the industry. What we are talking about in digital is not the next online bank on the market, but it is enhancingew way of the experience between the Relationship Manager and clients. It really is an integrated, multichannel experience. How has it changed the Playing Field . In such a way that it will enable Relationship Managers to provide on hand advice to the clients, allowing for networks around the valley to improve their experiences. We are now and no doubt going to see challenges Going Forward for wealth managers. What are the challenges . How can they gain market share over the next few years . They have had a lot of challenges, but we can still call it a profitable business model. So, banks today on average make compared toargin other industry sectors. It is a Good Business to be in. The challenges they are facing are from my early around the topic of complexity. Do credo at the moment is to a few things and do them well and at the same time start investing into basically career value propositions. Complexity basically means that a lot of the play up is in outside markets offering those aboutts what is really having a very clear approach, the segments and the markets, moving from profitability to pure growth. One of the authors of the Global Wealth management report for 2014, anna, pleasure to meet you. Nice to meet you. Thank you. 26 minutes past the hour, john is standing by with bloomberg on the markets. Good afternoon. Getting you caught up with where markets are trading right now, the s p 500 is not great. Down just a touch. Usually it goes up a touch when we hit the record highs, but now we are at session lows. Three weeks of gains, lots of people talking about a dow of 17,000, looks like those people will have to wait another day. The next big release comes on thursday. Want to get a little bit excited . This stock,about surging over 200 , the chart goes vertical for about 24. That is more than triple the Closing Price of that company on june 6, giving them a price tag of 3. 85 billion. Elsewhere . Stoxx doing nothing, back on the market in 30 minutes. Welcome back to the second halfhour of bottom line. The mayor of San Francisco says that calls the lack of Affordable Housing in his city a genuine crisis, but lower income residents a short drive south are also feeling squeeze, so their city is sticking up for them. It we spent some time in East Palo Alto for this report. Famously a home to Technology Giants and billionaires, but it is also home to this Child Care Worker at stamford. Together with her husband and