mnuchin: beyond okay. the president just got back from an important trip abroad where he went to the gulf. we signed an important memorandum of understanding with saudi arabia and us cochairing this effort in the gulf. the president went to israel and the vatican, to nato. she is working harder than i have seen anyone i have ever seen before. you think these legislative challenges will take place before the election? you think we will have a health care bill, tax form, an infrastructure bill, and the under legislative achievements the president has outlined as essential to his first term? sec. mnuchin: i can assure you that the cabinet is focused on the every day. we are committed to working with the house and the senate to get this done this year. charlie: thank you for joining us and it was a pleasure to have you on the program. mnuchin, treasury of the secretary. we will be right back. stay with us. ♪ charlie: joe maddon is the manager of the chicago cubs, who had not won the world series since 1908.

secretary mnuchin: they'resecretary mnuchin: not largely an economic security, they're completely on national security. -- i favor city is to be favor it to be for national security. there are other things you can do to make sure we are economically competitive. the u.s. is one of the prettiest investment markets in the world, we welcome foreign investors to invest year. we want to make sure we get treated the same way a broad. that is our focus. david: you have talked about a strong and dependable dollar. what is the difference, how do you define a dependable dollar? secretary mnuchin: the dollar is the reserved currency of the world. it is not our focus where the dollar is in the short term. there is obviously negative aspects of a strong dollar as it relates to our exports, it on the other hand, a strong dollar is a vote of confidence in the u.s. economy and trump administration, similar to what is going on with the stock market. this is one of the most important economic investment opportunities for the u.s., and we are seeing a lot of attractions and that is a lot about what thi

mnuchin about this. devastating pains of the millions of families by cutting this and slashing and making massive cuts to affordable housing, by doing away with programs, life and death programs for working families. guess what, guess what? as part of the budget, we are looking at $3 trillion in tax breaks over a ten year period to the top of the 1% so the rich get richer and working class of this country is shrinking, trump's budget gets unbelievable tax breaks of the wealthiest family in this country. it is immoral budget. it is a budget that must be defeated by the united states congress. so mr. chairman, thank you for holding this hearing and there is a lot to discuss and i look forward to chatting with mr. mnuchin with this. >> thank you mr. sanders, now, i will introduce our secretary of the united states treasury. secretary has a remarkable career including being a partner of chief information officer at the goldman sacks group, founder chairman and ceo of dune capitol management. prior to being h

secretary mnuchin, how eager are you to impose the u.s.' currency policy on any trade agreement that you bring forth? >> well, let me just say i think as we've talked about currency policies around the world, we think it's absolutely critical to monitor currency manipulation, and i think canada and we have the same agenda there. so i think this is less of an issue between us and more of an issue of the significance that we both feel this is very important to both our economy and the canadian economy. >> just a follow-up. are you able to share anything about the types of currency provisions that you're exploring as you renegotiate nafta or undertakat renegotiation? it's really very preliminary, but m comfortable that this is an issue that we'll be able to agree on. >> [speaking french] >> mr. secretary, we're having a hard time in canada understanding what's the decision process behind nafta in the united states? who's taking the real decisions on nafta? and we were wondering what are the american priorities regarding the renegotiation that

ma mnuchin, welcome. mr. chairman, during his campaign for president, donald trump told us that at a time of massive income and wealth and equality, the very, very rich are getting richer, almost everybody else is getting poorer, that he, donald trump, wars going to stand up for the working families of this country. he was going to take on the establishment, and he was especially harsh on his words about wall street greed. he said he was going to drain the swamp. he said, and i quote, we can't fix a rigged system by relying on the people who rigged it in the first place, end of quote. he said, i'm not going to let wall street get away with murder. wall street has caused tremendous problems for us, end of quote. that's an exact quote from donald trump. he included language, pushed language into the republican platform, which i happen to agree with stating, quote, we support reenstating the glass seeing it will act of 1933 which probts commercial banks from engaging in high-risk investment rishd of quote. he sa

we're saying maybe it was steve mnuchin's speech. >> yeah. i think traders here saying it's unfolding just like tuesday. another standard textbook selloff. you know, bonds are lower, stocks lower, obviously. dollar lower, et cetera. banks are higher. the reason's unclear. i mean, you have good economic data coming out of germany and italy today. you look around, there's not a whole lot going on. i think that's a good sign right there that positions are very, very crowded. people are treating these super technology issues like they're bond proxies, so they're just paying crazy valuations. so with crowd position a thin market, it's going to be easy for something like this to happen. liz: yeah, and i'm looking at the s&p right now down 18 but, again, the nasdaq and those big names, which also list on the dow, the s&p, apple, microsoft really swamping the picture right now as we see. but let me talk to frank about gold and why aren't we seeing that perk up when there is so much fear? we can also look at the vix index, which is the volatility or f

ma mnuchin, welcome. mr. chairman, during his campaign for president, donald trump told us that at a time of massive income and wealth and equality, the very, very rich are getting richer, almost everybody else is getting poorer, that he, donald trump, wars going to stand up for the working families of this country. he was going to take on the establishment, and he was especially harsh on his words about wall street greed. he said he was going to drain the swamp. he said, and i quote, we can't fix a rigged system by relying on the people who rigged it in the first place, end of quote. he said, i'm not going to let wall street get away with murder. wall street has caused tremendous problems for us, end of quote. that's an exact quote from donald trump. he included language, pushed language into the republican platform, which i happen to agree with stating, quote, we support reenstating the glass seeing it will act of 1933 which probts commercial banks from engaging in high-risk investment rishd of quote. he sa

withat was steve mnuchin david gura. this is bloomberg. ♪ ♪ vonnie: in what has become an annual event, they will announce whether china invests in stocks, the emerging market index. previous efforts on concerns that trading suspensions and a couple of other factors -- ,oining me now to discuss michael mckee and oliver renick, bloomberg stop reporter. let me start with you. why should it change here? >> a couple of reasons. they are addressing some of the concerns over the last couple of years. getting your money in and out of china, they have the hong kong connect system to shanghai and the indexes. about how theerns operate,n the country whether or not you can get your .oney back and questions new rules have been put in place. a key reason this happens this is becausets say vanguard is already using the emerging market index which includes these shares produced by the london stock exchange and they do not want to fall to behind in providing this information. vonnie: a little pressure. but what has been the experien

we're joined now by treasury secretary steve mnuchin. secretary, a lot of us were surprised at the unequivocal nature of the president's comments announcing the withdrawal. there was some indication at the last minute he was changing things, softening his resistance to the paris accord. i didn't hear much softening, did you? >> i think the president was willing to listen to all the arguments t was very clear. he stood by his original decision. this knit about the environment. people isn't be confused. this is about this is not a good deal for the united states. as the president said we've been one of the leaders in reducing carbon. we've been reducing our emissions. we're one of the best countries for the environment. the president is committed to renegotiating the deal but a deal fair to us. david: how would he renegotiate? would he bring the in the senate? president obama didn't involve the senate. some thought that is what president trump would do hand it over to the senate. but what will he do? >> i think he will make sure it's a neg

mnuchin. thank you for joining us. we look forward to discussing the department's budget request as well as some of the a some shoulds and policies included in the president's overall request for this upcoming year of 2018. the president's budget proposes cutting spending by $3.6 trillion over the next 10 years while making key investments to spur economic growth and job creation. we have heard what the critics have said and there might be a few critics in here today but mr. secretary, i am not one of them. i believe the president legit is -- the president's budget is honest and it is impressive and includes major middle income and business tax cuts. through tax reform allowing individuals and constituents across the country to keep more of their paycheck for themselves. it also has a trillion dollar public and private plan for national infrastructure. it rescues families from a failing health care law. it builds upon our spending cuts and further reduces the size of many federal agencies if not eliminating the agencie

you will see mnuchin and say we let the repatriation tax policy. steve says let me go to my battery of assistance. he has one. he is very capable and confident people, but it will take another three or four months to get that reservoir of troops. first of all, when we talk about forever trumpers, there are probably only three. jared, ivanka and melania. there was nobody at the beginning he really thought this president was going to have that she had no resources. unlike hillary or obama, who had vast resources, or even the republican side that teams of people who are governed and been in politics, available to come in to these positions, from every a great position pays $125,000 a year. you want to be punished, whips on your back? can you imagine going into the government with everything in front of you? now we have a president under fire. 500 investigations going on and he says i have a great job. i want you to the assistant secretary. give up your $1 million your salary. i will give you $119,000 year. there are 17 press interviews. at the end of

you will see mnuchin and say we let the repatriation tax policy. steve says let me go to my battery of assistance. he has one. he is very capable and confident people, but it will take another three or four months to get that reservoir of troops. first of all, when we talk about forever trumpers, there are probably only three. jared, ivanka and melania. there was nobody at the beginning he really thought this president was going to have that she had no resources. unlike hillary or obama, who had vast resources, or even the republican side that teams of people who are governed and been in politics, available to come in to these positions, from every a great position pays $125,000 a year. you want to be punished, whips on your back? can you imagine going into the government with everything in front of you? now we have a president under fire. 500 investigations going on and he says i have a great job. i want you to the assistant secretary. give up your $1 million your salary. i will give you $119,000 year. there are 17 press interviews. at the end of

dogett asked you yes or no on the mnuchin rule? >> what i said is the president's objective is not to cut taxes on the high end. it is to cut middle income tax cuts. this is a process that will be the house, senate and administration. we are working together. >> all right. that's not the answer, but let me -- let me also ask you what mr. thompson asked you, whether or not you intend to follow through on these $64 billion cut out of social security. >> the president is absolutely committed that people who should be paid disability will be paid disability. that's what the trust fund is for. we'll honor those commitments. the assumption for change in disability, i say these are assumptions that perhaps some places where people should be going back to work, but that for people who long-term cannot go back to work, they will not see a cut in their disability. >> listen, i hope this committee will go in a regular order. we need a discussion on social security. social security is insurance, it's not an entitlement. people have paid for th

treasury secretary steven mnuchin. the committee has received your written statement and it will be made part of the formal hearing record. you have five minutes to deliver your oral remarks, secretary mnuchin. welcome, and you may begin when you're ready. >> thank you. it's a pleasure to be here. chairman brady, ranking member neal, and members of the committee, it is an honor to be here today. my first time appearing before the house of representatives. i'm looking forward to working with members of congress in this committee on passing important legislation for the american people. my number one priority as treasury secretary is creating sustainable economic growth for all americans. the best way to achieve this is through a combination of tax reform, regulatory relief, and protecting taxpayers. this also includes making some difficult decisions with respect to our budget. we are currently bearing the cost of excessive government commitments of previous years. this has forced us into hard choices. but the remarkable

when you go to steve mnuchin and say we let the repatriation tax policy. steve says let me go to my battery of assistance. he has one. he is very capable and confident people, but it will take another three or four months to get that reservoir of troops. think of the reservoir of troops. first of all, when we talk about forever trumpers, there are probably only three. jared, ivanka and melania. there was nobody at the beginning he really thought this president was going to have that he had no resources. unlike hillary or obama, who had vast resources, or even the republican side that teams of people that had governed and been in politics, available to come in to these positions, from every a great position pays $125,000 a year. you want to be punished, whips on your back? can you imagine going into the government at this point in time with everything in front of you? now we have a president under fire. 500 investigations going on and he says i have a great job. i want you to the assistant secretary. give up your $1 million a year salary. i will give you $1

mcmaster and the treasury secretary steve mnuchin. we are waiting like to hear from ,resident trump on his decision reported decision to withdraw the u.s. from the paris climate change accord. democrats on twitter. garamendi of california saying i strongly oppose the president's decision to withdraw from the paris or agreement. this provides vital protection for our health and environment. we look for your comments on twitter as well. we will follow-up with your phone calls. live coverage from the rose garden here on c-span. >> the most brilliant and one b in washington after a long-range spell. we are live in the rose garden as we wait to hear from president trump. the cnbc white house correspondent tweets i just spotted grover norquist walking into the rose garden. he flashed me a thumbs up and seems pleased with what we are about to hear. politico reporting on some of what we are about to hear. some talking points. some bullet points on the president's comments this afternoon on the paris climate change agreement, saying a couple o

mnuchin on these issues. >> thank you senator sanders. we now introduce our witness, the honorable stephen nation, the secretary of the united states treasury. secretary has a remarkable career including being a partner and chief information officer at the coleman sex group. founder and ceo of the one west bank group and founder chairman, and seo dune capital management. prior to being sworn and he was a senior economic advisor to them president-elect trump of finance chairman for hisesidentl campaign. profe apart from his professional role he has been committed to prayers philanthropic charitable causes including the ucla health system board, the l.a. policenclude foundation, and the museum and sculpture garden in d.c. thank you for taking your timetu to be with us today and being willing to serve. we look forward to receivingitay your testimony.ook please begin. >> thank you very much. chairman, ranking member, and members of the committee, it is an honor to be here with youersd today. looking forward to working with members of congress

as a former new yorker, i am sorry you had to leave us, secretary mnuchin. budgetscal year 2018 request does not prioritize the taxpayer economic development or the ability of your department to combat terrorist financing and other national security threats. instead, your budget would decrease the irs funding by 260 mine dollars, eliminate programs iny grant the community development financial institution fund, and, this is shocking to me as a former new yorker i just do not get it -- it would reduce the office of terrorism and financial intelligence by $6 million. according to the taxpayer advocate during the 2017 tax , americans who called the irs for assistance were on hold for an average of 47 minutes and even then only 40% of the calls were even answered. with these cuts, taxpayer services will become even worse. irs oflity to the identifying wrongdoing is in jeopardy without adequate funding levels for enforcement. we will simply not have enough manpower to catch bad actors, making it very clear if you want to cheat on your taxes, this budget is for yo

earlier today i had a wide ranging conversation with steven mnuchin. this was outside of washington, d.c. i asked him about his focus on there being a strong and dependable dollar. >> the dollar is the reserve currency of the world. it's not our focus where the dollar is in the short-term. there's obviously a certain negative aspect of a strong dollar as it relates to our exports. on the other hand, a strong dollar is a vote of confidence in the u.s. economy and the trump administration, similarly to what is going on with the stock market. this is one of the most important economic investment opportunities in the u.s.. we are seeing a lot of attractions here, that's a lot about what this conference is today. >> on the issue investment -- investment, you suggested that cultural long bond makes sense. do believe that, are you walking back from that? >> i'm not walking back. it's something we are seriously considering. i do think it's a tool that they struck -- government should strongly consider. we are reaching out to see what the demand is. we don't wa

mnuchin. thank you for joining us. today we look forward to discussing the department's budget request as well as some of the assumptions and policies inclu included in this year 2018. the president's budgets proposes cutting spending by $3.6 trillion over the next ten years while making key investments to spur economic growth and job creation. i believe it is honest and impressive and includes major middle income and business tax cuts through tax reform allowing individuals and constituents all across the country to keep more of their paycheck for themselves. it also has a trillion dollar public and private plan for national infrastructure. it rescues families from a failing health care law. it build upon our spending cuts and further reduces the size of many federal agencies if not eliminating agencies altogether. the president rightly wants to have fewer bureaucrats around to regulate our lives and in order -- and in doing that, it will free up funding for border security. so i look forward to continuing the discuss

first mnuchin said -- "today i feel so happy to be mnaking you mnisses mnuchin." [ laughter ] then he said, "mnarriage is a a big commnmitment. i mnean when i say you're the mnost mnagnificent mniracle that's ever happened tme [ laughter and applause ] and finally he said, "that's why mny choice for our wedding song isn't mnaroon 5, it's the mnuppets 'mnahna mnaha.' i love you." [ laughter ] i mean, it's a very -- [ applause ] it's romantic. very romantic guy. actually, listen to this. house speaker paul ryan recently had to remind members of congress to dress appropriately at work. i guess he thought they were getting too casual. check out what some lawmakers had to say about it. first, congressman rick allen said, "paul ryan is right, we should look professional." and congressman peter defazio said, "i have no idea what ryan is talking about." [ laughter ] and finally congressman john conyers said, "ryan's just jealous that he doesn't own his own romphim." [ applause ] gotta have a romphim. some news for travelers, the tsa is testing a new policy that makes passengers take out their

secretary mnuchin is helping us put together one of the biggest tax cut in american history. it may be the biggest single tax cut in american history, and it also includes a great deal of tax reform, simplification and other things. director mulvaney has led our efforts to introduce a new budget that cuts wasteful washington spending and protects taxpayers, and that will come out and believe me, will take to the people that have to be taken care of. so that's the first step but we will be taking care of the people that have to be taken care of. on a human basis that's a very, very important. today we are going to hear from secretary tillerson's and secretary mattis on the ways that we are combating isis and defeating terrorism but we got tremendous success against isis and a fight in middle east. we are doing very, very well it will be having a news conference in two weeks on that fight and you'll see numbers that you would not have believed and, frankly, if you look back to even six month ago you wouldn't have believed it was possible. secretary shulkin will give us an updat

secretary mnuchin is helping us put together one of the biggest tax cut in american history. it may be the biggest single tax cut in american history, and it

secretary mnuchin, secretary ross, scott pruitt, members of congress, the stingers guests. on behalf of the first family, welcome to the white house. [applause] you know, it is the greatest privilege of my life to serve as vice president, to a president

would think they would want them off today but they were on and we had the treasury secretary, steve mnuchin to come out and talk about this important issue of north korea and how they were sanctioning a chinese bank that they were

treasury secretary steve mnuchin spoke about the u.s. trade and economic issues with china today at the u.s. china business council meeting in washington. he said the u.s. wants open markets, reiterating what president trump proposed early on. >> the president was very clear during the campaign and was very clear with our meetings that the imbalance in trade is a significant concern. the chinese have heard that and i think they understand that, and that's not going to change overnight, but that's something we are working towards. said secretary mnuchin he's pleased with the direction the u.s. is heading with china. global news, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. steve for more on mnuchin's comments on china, let's bring in bloomberg's treasury reporter who joins us from washington. just scanning the headlines, mnuchin pleased with the direction of talks and comprehensive dialogue will begin this summer. even an acknowledgment that china is s

. >> we have all agreed on the timeline, gary, steve mnuchin, we believe this is the time to get it done before the end of the calendar year. america's tax system is one of the worst in the industrialized world. it is a huge anti-competitive force. we know we need to get it done it is the basics of tax reform we agree on almost all of that we are narrowing our differences between the house, the senate, white house getting on the same page we are going to be delivering tax reform in the fall the reason i am confident about doing this, every republican i know in congress is dedicated to getting tax reform done. we realize this is excess tension for the future growth of our company and the competitiveness of american businesses, big or small >> amongst the gop, let's leave the senate out of it there are still differences of opinions and different goals and different things people want you and the trump administration seem fairly aligned on a few things >> everything, actually. >> three tax brackets down from seven. corporate taxes, vice-president pence speaking before you said we need a 15%

you have just been listening to treasury secretary steven mnuchin. he was speaking at a daily press briefing about increasing economic pressure on north korea by letting -- levying sanctions particularly against the chinese bank. hein cirilli nrdc bureau -- answered a number of questions on a wide range of topics -- at answered areau -- he number of questions on a wide range of topics. before we get to that, let's summarize what he said about the sanctions against this chinese bank. what he did say and tried to make clear was that this was a sanction on a particular bank then against china -- rather than against china. >> we have -- this is the farthest we have seen the ministration put pressure on china in order -- this administration put pressure on china in order to address the north korea institute -- issue. the treasury secretary out of his way to try and make the case , although i am not sure how well he made it, that this was not a signal to the chinese government, but rather to a separate chinese financial institution entity. all of that said

gerri: treasury secretary mnuchin talks tough on the debt ceiling and national security next. will you be ready when the moment turns romantic? cialis for daily use treats ed and the urinary symptoms of bph. tell your doctor about your medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, or adempas® for pulmonary hypertension, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess. to avoid long-term injury, get medical help right away for an erection lasting more than four hours. if you have a sudden decrease or loss of hearing or vision, or an allergic reaction, stop taking cialis and get medical help right away. ask your doctor about cialis. gerri: secretary mnuchin dropping the hammer on the debt ceiling. >> my preference would be that we address the debt ceiling as a debt ceiling increase and respond to budget decisions in a budget and through the appropriation process. the debt ceiling should not be a republican issue or democrat issue. it should be an across knowledgement that we

i ask steven mnuchin his thoughts on this sanctions moments ago. i think the sanctions in general are very effective tool for the government and i think we will use them to the maximum amount available by law we are focused on north korea were focused on iran and syria and we will focus on russia as well. these are very important tools and we are working very closely with secretary tillerson on how we use sanctions across our policies. beginning at 230 eastern. as we take you alive to washington later today. editing the yearbook. and lands one teacher in hot water. the details as an jersey high school teacher is now suspended after editing student yearbook pictures. that had references to present term. netflix says it is forced to cancel shows of the writing list. futures indicating a higher open for the brighter averages. they are expected to be up about 20 points today. a similar story in europe where stocks are higher across the board. we are all waiting on the federal reserve. we will find out if they raise interest rates like they are expected

this time he's an invited guest at the wedding of his treasury secretary steve mnuchin who is a former hollywood movie producer who invested in hits like avatar, and, ironically, "how to be single" his bride - louise linton - is an actress she also briefly took over as ceo of mnuchin's film financing company until democrats raised ethical objections.the president will surely approve of the bridal bling, which linton modeled for town and country magazine. but none of it's likely to trump melania's giant diamond engagement ring -- all 15 carats of it. the trumps of course, splashed out on every aspect of their wedding.mela nia posed in her designer gown for the cover of vogue.and the guest list was a who's who of the power elite.including bill and hillary clinton. but when it comes to what makes a marriage last, president trump's says it's less glitz and more grit.what melania is so good at, we just have a natural relationship what my parents had, they were married 63 yeari always heard you had a to work at a relationship. my father didn't work at a relationship. he went home, he had din

mnuchin said today that was more of an objective manner rule. he said he never made it a rule. it is notable given that president trump's tax proposals do include tax breaks that benefit the highest income americans. that that was wild back was notable. democrats are already pouncing on it. mnuchin also said that president trump does not want to rethink -- that contradicts things said during the campaign. it seems to be the latest indication of where the white house stands. health care is a big topic. behind closed doors. we don't know any details. it could be released at any moment. when it does it will likely move to a vote 30 quickly. vonnie: thank you for keeping an eye on capitol hill. the bloomberg national political reporter. you can watch live coverage of jeff sessions' testimony on bloomberg it 2:30 new york time, 7:30 london time. it is time for the bloomberg business flash. warning from billionaire bond investor bill gross. all financial markets are increasingly at risk. he tells investors they should be wary because of low interest and global warming are inhibiting

looking forward to stephen mnuchin joining us on fox. good happy tuesday. i maria bartiromo. it is tuesday, june 13th. busy day for president johnson administration did the commander in chief will travel to wisconsin as he pushes to get americans back to work at the president will expand apprenticeship programs to help close the so-called skills gap. labor secretary alex acosta discussed plans at the white house yesterday. >> currently 6 million jobs open in the united states. this is the highest number of job vacancies ever. american companies want to hire the mismatch for jobs had prospective employee job skills. president trump is made clear to expand job opportunities here in

. >> when we return a live interview with treasury secretary steve mnuchin. he will weigh in on tax reform the debt ceiling banking reform, and much more. that's all coming up at 7:30 a.m. eastern time. and a programming note for you house speaker paul ryan giving a major speech on tax reform he will be on power lunch right after that speech at 1:30 p.m. kestn da ma sure you don't miss it. [vo] when it comes to investing, looking from a fresh perspective can make all the difference. it can provide what we call an unlock: a realization that often reveals a better path forward. at wells fargo, it's our expertise in finding this kind of insight that has lead us to become one of the largest investment and wealth management firms in the country. discover how we can help find your unlock. (upbeat dance music) (dance music abruptly stopping) (dance music starting then stopping) >>> can tax reform happen by the end of the year? house speaker paul ryan seems to think so we will ask treasury secretary steve mnuchin about the latest timetable. breaking up dodd-frank and

mnuchin spoke with david gura in washington.

>> both secretary mnuchin and director mulvaney have weighed in on this. this is something we'll work with congress on. so we're not there yet. something our team will continue to work with them on. jessica. >> thank you, sean. two questions, number one when we heard the admin administrator talked about the exit from climate accord is not a signal that the pus wants to disengage from climate polly. what steps are they taking and as you well know climate is key part of cooperation between the u.s. and china. will you try to replace that very important intersection of interests with something else? will you continue to do some technological cooperation on clean energy for example with the chinese? do you have any thoughts on that? >> well this is a decision that was just made yesterday afternoon and i think the president is going to gauge both with domestic stakeholders he mentioned in the speech yesterday. he looks forward to talking to leaders in both both parties on a way forward, reasonable ways we can engage. we can talk to world leaders that is a proce

vonnie: that was treasury secretary steve mnuchin. with the full interview charlie rose tonight at six p.m. and 10:00 p.m. eastern. leave of, uber's ceo absence creates a leadership vacuum is the company beatles with scandals. -- as the company is riddled with scandals. this is bloomberg. ♪ vonnie: this is bloomberg. --"bloomberg markets," i'm vonnie quinn. that's what bloomberg west gadfly columnist wrote about today and she joins us now. when you say convention balking envelope pushing, ceo's, and you say it's our fault -- >> the conditions that created a company like uber are not unique to one company, that we in the press tend to glorify the ceos being willing to buck convention and we shouldn't be surprised when those same qualities turn from an asset to a liability. vonnie: it's been a liability for a long time and it is scandal after scandal. uber has never been reticent until now when they've had to be because they are implementing the results of a report. and, by should we have sympathy now? -- why should we have sympathy n

joining me from washington, treasury secretary steven mnuchin. welcome. >> thanks, charlie. great to be with you. >> rose: tell me what you help to accomplish with this regulation. >> well, what we're really doing is looking at all the regulations around the president's core principals on financials and the first report is focused on banks and u.s. depes tores. we're focused on what are the recommendations we can make that will drive growth in community banks, credit unions and regional banks? if you look at the u.s. banking system, 50% of the assets are held in the top a.g.sibs. we want to unlock the burdensome regulation on the other banks so they can make sure they are lending to small and medium-sized businesses in their communities. >> rose: one interesting question people ask, they say unemployment is low, the markets are very hot, and why -- and there have been no crises since 2008, why do we need to fix it if it ain't broke? >> well, charlie, you know, for a lot of people, the system is working, but there is an awful lot of people that the system isn't working, and a

we will keep you updated on that mnuchin hearing. you can catch the full hearing on the line go on the bloomberg. from new york, this is bloomberg. ♪ >> i am mark crumpton. it is time for first word news. "the wall street journal" reports that secret service, which operated recording systems in previous administrations, does not have audio or transcripts of any thing that may have been reported in the trump white house. press secretary sean spicer told reporters today the president would "when he is ready" to address the possibility that tapes exist up conversations with former fbi director james comey. attorney general jeff sessions will testify publicly before the senate intelligence committee tomorrow. sessions will answer questions about his role in the firing of mr. comey. the hearing follows kobe's testimony last week, which raised questions about sessions's conduct. the attorney general requested a public event, saying it is important for the american people to hear the truth directly. bloomberg will have live coverage of je

julia: that was steve mnuchin. coming up -- scarlet: the annual decision by include chinato stocks in the emerging market indexes. lots of money at stake. joe: it is the fourth time they have tried. scarlet: this is bloomberg. ♪ ♪ scarlet: i am scarlet fu. we are expecting a decision anytime from msci whether to include chinese shares in its emerging market index. let's gave you a recap of today's market action. we're looking at a pullback in u.s. equities. the dow and s&p 500 retreating from record highs. nasdaq closing down 0.8%. tech shares in the lead, once again. joe: the big story was oil closing at its lowest levels since december, entering a bear market at $43 a barrel at west texas intermediate, dragging down of energy components. scarlet: they got to $42.75. julia: down 21% since the february high, having an impact on commodity currencies. the dollar managing to eke out gains. scarlet: as we await the msci announcement, let's bring in our reporter and a chairman of holland and company. announcement ha

mnuchin, our treasury secretary, came at presser at white house started talking about tax cuts again. did he soothe the market. was he responsible for a partialcom back? >> it appears that way based on the chart. you see there was buying action after he spoke. markets definitely want to see that. initially this morning we were worried health care is not going to get passed, not only before the july 4th recess but also the august recess and then when mnuchin comes out says tax reform will be done before the end of the year, that reassures the markets something is going to happen. we like that. david: robert, we're focusing on the dow but it was really the nasdaq had a huge move, down over 1 1/2% at the worst point. were tech stocks responsible for bringing the dow down? was it central banks, was it the health care bill, what is your best guess? >> david, nicole and heather were spot on. we had double-whammy, with euro and hawkish tones and legislative agenda that seems to be on hold and tax credit is now in limbo. lastly with the nasdaq stocks, repatriation is key. if tax reform is sta

secretary mnuchin is putting together tax cuts. it may be the biggest single tax cut in american history. that also includes a great deal of tax reform, symbols occasion and other things. -- simplification and other things. director mulvaney is introducing a new budget that cuts wasteful washington spending and protect the taxpayer and that will come out and believe me, we will take care of the people that have to be taken care of. that is the first step. we will be taking care of the people that have to be taken care of. on a human basis, that is very, very important. today, we are going to hear from secretary tillerson and secretary mattis on the ways that we are combating isis. we have had tremendous success against isis. we are doing very, very well. we will have a news conference in two weeks and you will see numbers you would not have believed. and frankly, if you look back to six months ago, you would not believe it was possible. secretary shall can will give us an update on his tremendous work to make sure our veterans are