Way. And what was your reaction yesterday to the president s sons release of those infamous emails . Well, i dont know the details of this. Listen, we have got at least a half a dozen different investigations that are going on this is worthy of the investigation. I dont know what went on. But we need to get to the bottom of it. On the one hand. I know that Opposition Research is something all campaigns do. Why youre necessarily talking to a foreign state, obviously thats disturbing. But i dont completely know. I havent read all the emails but i have no doubt that the investigations that are ongoing will get to the bottom of it did it worry you when you saw the market react to it did you think it was something that could derail momentum in the economy . Well, no. I mean, ive been around long enough to see momentary swings in the market. So no, im not im more concerned, again, about ultimately getting tax reform done, because nothing says economics quite like tax reform. I wish the democrats would help us to get that done. Do you or any of your colleagues have a problem with leaving the obamacare taxes in the what if they do that in the senate and goes back tothe house . I mean, is that going to be the final bill well, i dont know the answer to that. But yeah, theres certainly a problem by leaving the incredible imposition of taxes on the economy its one of the things dragging down Economic Growth today but like every other member of congress i relieve the right to actually read and review the bill so im anxious to see if theyre going to be able to produce. And i hope we get to see something soon weve gotten our job done in the house and now were waiting on those behind me on the other side of the capitol to get their job done no it would not be a good sign to see those taxes remain in the bill you havent made any plans for august hopefully, because i mean dont you think you guys, i mean, god if the of course 9 senators, how do you tell whether theyre on vacation or recess im not touching that one, joe. They dont even notice. But it might are you going to extend the time you work you think the house will end up following s on a asos they get their bill done, im sure we will be in here in washington. Can we at least analyze customer traffic . Can we push the offer online . Legacy technology can handcuff any company. But yes is here. Youre saying the new app will go live monday . Yeah. With help from hpe, we can finally work the way we want to. With the right mix of hybrid it, everything computes. You myour joints. Thing for your heart. Or your digestion. So why wouldnt you take something for the most important part of you. Your brain. With an ingredient originally found in jellyfish, prevagen is now the number one selling brain Health Supplement in drug stores nationwide. Prevagen. The name to remember. Good morning welcome back to squawk box here on cnbc live from the nasdaq marketsite in times square one of the stories front and center, Janitorial Services company coowned by Goldman Sachs and thomas h. Lee has been sold gca services will be bought by rival Abm Industries for 1. 25 billion in cash and stock. It was just last year that goldman and thomas h. Lee bought gca for an undisclosed amount. Twitter has a new chief financial fficer Senior Vice President at Financial SoftwareCompany Intuit he will replace the interim cfo, in addition to duties as chief operating officer. Bankrupt retailer gymboree will close about 350 stores as part of Restructuring Plan that would still leave gymboree with a little over 900 stores. The company was taken private in 2010 but still saddled with much of the debt from that deal say it. I got through it. Youre like a man without a country. Here we make fun of you im not a man without a country. When you go they make fun of you for calling it a rest room and not a loo. Correct i am always a british that twitter is beautiful if i could do that im telling you. Anyway, new this morning the kremlin says it has never been in touch with the russian lawyer who met with donald trump jr. Last year. In an interview with nbc news the lawyer also denied any connection to the russian government so, does that mean absolutely shes not connected to them . I dont think so. Who knows. Who knows president s eldest son agreed to meet the lawyer after being told she had damaging information on Hillary Clinton. There are people that think, if youre a lawyer that is worth anything over there, that youve got some kind of connection just by definition, dont you autocratic state, everything just different and interconnected in ways that we just dont have here yeah. Im not saying she is or she isnt i dont know. Who knows but the question and the question that was bandied about, wilf in the show yesterday was, it doesnt really matter if thats the way it was presented to you, you thought right that she was. Right clearly motivated what he thought was a russian government lawyer exactly we are just four hours past the end of amazon prime day. Late yesterday amazon told cnbc it was, quote, on pace to be the biggest Global Shopping event in amazon history with u. S. Prime members ordering more than 6,000 deals every minute amazon says it sold twice as many echo family devices in the u. S. This prime day compared to last year. Three times more worldwide other top selling items included 23andme dna test and bluetooth head phones. Checking on shares of amazon at this hour, they are higher by a third of a percent, gaining three bucks to 997. 50 if you are a longtime watcher of squawk box we have an association with water. Org 600 every time we go to davos we have a chance to talk about it its a good issue to illustrate, because we can help. Right, right now and people need help 663 Million People around the globe lack access to safe water for the past decade. Water. Org has been working to increase access and safe water and sanitation around the world. Gary white is the ceo and cofounder of water. Org and Anne Finucane is the bank of america vice chair, corporate partner of water. Org in the developing world which makes me think that your management is so associating yourself with this makes me think your management must be great all around all the way back to 25 i think moynihan, any critics or skeptics, hes laid a lot of that to rest, as things have come back at bank of america and people were worried for awhile about it so, is it its not a back handed compliment ill take it. The problem is, we have to explain it every time you come on we have to explain it again but there are, as you literally said, hundreds of millions of people that spend four hours a day trekking across three, four miles of difficult landscape to bring back fresh water women, many times, in less developed countries that have to do this just to get clean water. If they could just get a tap they could just get hooked into a tap their lives would be changed so much for the better yeah, yeah. Its a huge toll on their day in terms of the time that they spend scavenging for water also the time spent looking for a place to defecate because of lack of access to sanitation about 166 million hours every day women spend trying to find a place to defecate. And so, because of the opportunity costs that theyre spending walking and scavenging for water and sanitation, they are more than willing to take out a microloan to be able to get that tap thats again, where we you know, we got to talk about that. How do you address this need and for 100 or 200, which 99 of i dont know what the number of people that they pay it back. 99 99 repay these loans that they get, its 100, 200 to get access to tap. So instead of doing where youre throwing money at the problem, youre actually involving these people in the future yes and you get your money back if you fund water. Org. Usually. Mmhmm. And theres a Debt Offering and an Equity Offering the root of this is that theres never going to be enough charity in the world to solve the water supply crisis. It would take about 200 billion a year for the next five years you get five a year, right . Yeah, you get five 200 billion a year for five years. But what we see is the ability to leverage that new capital and social Impact Investing to be able to meet the gap microloa on the part of the poor is there. I think that the way they look at this the way it works is i was just in lima recently and there was a woman in the slums there who had just takenout a loan for water credit. She has been paying 13 times more per gallon of water when she had to walk down to the valley to the tanker truck to bring it back to her house shes paying 1 13th now for a water tap that she has in other hen home so you can see the Household Level finance works to take out one of these loans tell me the structure of the loan you give them 100 to 200. Theyre paying back how much per month or year . What percentage of their income is it its about a twoyear loan. The average loan size is around 240 now and what we try to shoot for is no more than 5 of their income for water supply. Which is considered affordable by the world bank and the u. N. So its a loan its a twoyear loan, shortterm but then they get freed up from having to scavenge for water the productivity improvement must be so dramatic. It is people can now work at a paying job, because they got all their time back. And tell us with bank of americas role in all there. Well garys been a client of ours for over 20 years so, it began, really, as a Small Business loan that grew in to a larger Business Loan i thought he had a savings account. You dont mean that, right no. He was there as a business to begin with, and we then built on that first with the loan, and philanthropy, and now were getting involved in this capital deployment idea of actually trying to be part of water equity this Water Equity Fund which we havent talked about yet. Well in essence its creating a fund that we hope to raise 50 million for, and with a nice coupon with it, which would exceed probably what a Municipal Bond did like 3 3 , 3. 5 . And so were the first funders were in for 5 million, and we hope to is that new, gary did you bank of america yeah. And this is for us this is sort of what were trying to do in a larger scale on the environment, in community, and womens empowerment, to try to create social impact bonds and funds so that we can scale it well beyond as gary said philanthropy just doesnt do it. I know i tried with gary. Youre not bank of america. Im not bank of america i tried to help. Thank you. We appreciate it gary when you talk about the other Corporate Partners you have, youve got from a bank to Stella Artois brewery. Do you need more Corporate Partners we do need more Corporate Partners water. Org is able to take philanthropy and put it toward creating these Bankable Enterprises so we can work with microfinance institutions to get them ready for this 5 million fund that anne and bank of america are providing as part of that 50 million so what we do with that philanthropic capital is get those enterprises ready for that type of investment and clearly, you and bank of america are very committed to environmental causes what did you make of bank of america, the president s decision to pull out of the paris accord i think you see it as a longterm commitment so as you know, we were one of Many Companies that have stayed the course this is a commitment to try to not rise beyond 2 celsius over the next century or by the end of the century, so i think we will all be long gone, and we will be many administrations beyond this were talking water, wilf were not talking about 2100 its all linked this is something something you can really get behind its solvable right now. Theres 663 Million People that dont have water lets can we just focus on this we are. Okay, good. Im asking a question different from making a statement. All right i hear you i hear you how about what you want to say today, as a bank do you like rates . Would you like a yield curve would that help . Lets stay with the water im happy to talk about bank of america, obviously weve had a very good year and you know last quarter we were almost 5 billion in last year almost 18 billion dollars in net income, so i think that im not sure what we know to expect from her in the months to come theres been a little bit of nice productivity, obviously, with the consumer. But, gdp is still probably only going to be at about 2 , 2. 1 . What would you think of gary cohn interesting and joe earlier commended the leadership, and certainly brians had a fantastic period in charge. How long would you like to see him remain in that post . A long time not forever but wed like to see him there for a long time. We set in motion the idea of responsible growth theyve been able to be very profitable but it also allows us to invest in these kinds of efforts, capital deployment that is beyond the norm that we have traditionally done when it gets up to a decade or so weve seen with jamie deie dimon at jp morgan, it does move from executives deciding to move on, is that something that you plan for and how do you placate that as brians very impressive tenure expends past that decade mark well, first of all, he has to do succession planning for the board all the time thats just part of rigor of a large company. The other thing is, so many of those years, the first part of those years was pulling us out of a very difficult time so hes only had the last few years to really demonstrate what he can do on a go forward basis. So i think that he has some good years ahead. If Interest Rates started to raise a lot would it hurt what you could do i dont think so. What were doing with with water equity is leveraging traditional capital like bank of america yeah but 3. 5 starts to look pretty meager, youre going to have to do more, and then what social impact, were really impact first. So were trying to always provide at least financial return i mean if you could return the principal and do good you wouldnt even care i get that. Right now youre making the change but its not about the equity, the whole idea no but money costs something, right . And theyre spending money so if they have to charge more money to the people who are paying for the money, it hurts i think there may be a marginal increase i think rates go up from 3. 5 would be more corporations that might be willing to give more, too. Gary, how many at this point per year, how many new water taps are you setting up . So, just the First Quarter of this year alone we reached 2 Million People 2 Million People. With access to water. A long way to go but thats a great its a huge amount. Considering the first 20 years of water. Org it took us that long to reach that many people this concept of Impact Investing is really exploding. And when you can have a financial return on your investment and still help people who make a dollar or quarter a day get access to water and sanitation, thats a huge deal and for the kind of retail level investor weve now launched the platform on water equity where you can make a loan as little as 100 and get people ill get you with discovery and you get damon to go do an hour long doc on the life that what this takes away from people that have to get clean water every day. Go to the place, show what the person has to do right kids cant even learn they cant even go to school because theyre going and get i mean it solves so many things. Get him to do that and get the public more aware, and then instead of asking about global warming, we can actually lets do something about this. For sure. And right now, were you know matts been on matt does a lot with this to raise the awareness level of that and were get him we also need i mean we also need the giving pledge folks we need ultrahigh net worth individuals who can come in and pour the capital into this youre looking at me. Look at wilf or paulsen. But you know we are doing a lot more with that weve got to raise this 50 million fund we want to do it by the end of the year people can recognize that theyre going to leuthold tap in to one thing it is for families. Its that individual responsibility to people rising to, if they can get a loan at that Household Level, and 90 , 92 of those loans go to women because theyre the once who bear the get that and resell it. Some of them do that, actually because were also investing not just those Household Level loans that we recognize theres enterprises there serving microutility markets so that were going to be investing in them with the next fund squawk box and water. Org and bank of america i think we and other Financial Institutions become more creative and innovative in terms of financing these projects where youcombine philanthropy, commercial banks, private equity, Development Banks and the marketplace and it works. Theres a capital cushion for this 50 million philanthropic capital so we build bank and thank you so much for coming on. Really appreciate it coming up the government cutting its crude Production Outlook for next year. This is fuel inventory show you whats going on with oil prices this morning as a result maybe not. Att an update on the move and wh icould mean for broader markets. Next, squawk box will be right back alysis. Hey. Hi. Hi. You guys going to the Company Picnic this weekend . Picnics are delightful. Oh, wish we could. But were stuck here catching up on claims. But we just compared historical claims to coverages. But we have those new audits. My natural language api can help us score those by noon. Great. See you guys there. We would not miss it