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This >> during the obama bide administration, we placed toug requirements on banks like silicon valley valley bank and signature bank including the dodd-frank law t make sure that the crisis we saw in 2008 would not happen again. unfortunately, the las administration rolled back som of these requirements. asking congress and the making régis's traitors to strengthen the rules of the banks to make it less likely that this kin of bank failure would happen again. and protect american jobs an small businesses >> in an op-ed piece in today' new york times entitled silico valley bank is gone, we kn...

Side note, i very much opposed is being renominated to th federal reserve bank and the reason was exactly this what he had done on using th opportunities he had by th change in the law in 2018 to weaken bank regulations. in my view, he was just headed in the wrong direction and that's what made him dangerous. in a position of chair of th fed. but then there's part three, and that is those executives those bank ceos who lobbie hard to yet this change in the law, those are the ones who, when the window opened, wow, where they ready to go and they went out and they decided to load up on risk and ...

Things well. i really do not. i don't have a head for this stuff. i'm not a person who's financially minded, at all let me just first start by asking you if i've missed ou anything important or of explain this in a way that comports with your understanding. >> no, you got it basicall right, that's a way to understand this crisis is it's really got kind of three players in it. the first is congress an president trump, who said let' weaken the regulation, which you've hit really hard the second part is the regulators themselves, i particular, the fed, i particular, jerome powell th chairman of t...

Us to a higher growth platform. sandra: there's been a lot of talk about the president's open criticism of the federal reserve and i just -- i know you just mentioned the risk to the markets that the federal reserve poses with these interest rate hikes. the president's been critical of the hikes, saying the only problem our economy has is the fed. and he's been critical since he took office. it was a couple years ago, he said th fed is obviously not independent. how does that open criticism from the u.s. president, how does that affect markets? >> it's certainly unusual. i think even the fed i...

Understood, judging from what we've heard from the president of the new york fed. and then second, the fed has to realize that it cannot keep a really important policy tool on automatic pilot. that it needs to be more sensitive to what's happening. and i think that the fed can regain control and we can stop the self-inflicted wounds. sandra: do you think the president's criticism of jerome powell and his actions as the federal reserve chairman, are they warranted? >> no, i think the president has a point in saying fed, get a feel for what's going onioned the strict narrow domestic economy. i t...