News of more pipeline and refinery disruptions are all in the aftermath of Hurricane Harvey now reports of more storms brewing. Well break down the impact on energy prices. And explosion and fire at a Chemical Plant in texas. Were live on the scene with the impact. Scary stuff trying to figure out if its toxic or not we bring with treasury secretary Steve Mnuchin picking up President Trumps baton who spoke to our Steve Liesman earlier with hoy lights of that conversation. Thank you very much u. S. Treasury secretary Steve Mnuchin sitting down exclusively with cnbc saying the detailed plan cometh despite criticism that President Trump was promoting a plan without detail. Mnuchin says there is a plan, and it will be released within the next few weeks. Originally our goal had been august unfortunately, things got delayed a bit, but were on a track to get this done by the end of the year, so youre going to see the details come out later this month its going to go through a committee process, and we expect the house and senate will get this to the president to sign it this year and could be be more excited about the progress weve made. They are aiming for a revenue neutral bill, one that doesnt increase or decrease the deficit, but that would depend on how much growth the joint Tax Committee ascribes to the tax cuts, and that is a controversial issue that needs to be debated. Mnuchin playing down apparent differences between the Federal Reserve and the administration on the critical issue of changing the postcrisis banking regulation. I had breakfast with the fed chair yellen this morning. We meet on a weekly basis as have previous treasury secretaries and the fed, and we have a very constructive dialogue on a lot of issues, including regulation, and one of the areas we are focused on working on with the fed is fixing the volcker rule, but i think as youve seen the treasury put out a report on what we believe are regulatory changes. I would describe 70 or 80 of them we can work with the regulators which we have a working group on and the balance we need congressional support for. Speaking of issues on the highlights of the interview. He said the debt ceiling will still be hit september 29th though aid for Hurricane Harvey victims and areas can have an impact on when they hit the debt developing wes working with the fed on financial regulatory reform. Replacing Andrew Jackson with harry tubman, still an idea. Mnuchin didnt talk up the dollar or talk it down saying over the long term the strong dollar reflects Market Sentiment of the economy but doesnt cause it. Dan, whats your latest thinking i know you have been saying you think its going to happen, this tax reform, by the First Quarter of next year. Okay. But lately it sounds like the whole idea of whats possible and if anything is possible its kind of being talked way down, what do you think . Well, thats right, kelly i would say the market is ascribe a 25 probability towards tax reform happening, so the expectations are very low right now, and if the treasury secretary mnuchin is able to get this done by the end of the year, thats great i think treasury and the white house and congress they want to get this done before december 31st, and as weve seen over and over again, these time lines continue to slip, and we think the First Quarter of 2018 is a more reasonable time line for tax reform to get enacted. Let me just make one very key point about what secretary mnuchin said that i think investors are mission. A lot of progress was made between the white house, the senate and the house, not full progress, but they have made a lot of progress, enough to hand this over and let congress start working its way through, and i as investors should be an tis baiting to hear about tax reform every day for at least the next four months if not the next seven months this is going to be part of this story. Dan though, what will the elementsp of what were calling tax reform in seems to be a pretty wide range of possibilities of the elements that could be in here. I want to make it clear that this is tax reform with some taxcutting included in it when i say reform, were going to reform our International Tax code to prevent future corporate inversions it will be permanent its total reform and at the same time were going to do temporary tax cut like three or four years of accelerated depreciation to encourage new investment so its a hybrid plan itself, but theres a lot of elements of reform that the market are not giving credit to, and then the final point on this is that there is probably going to be a deficit increase through dynamic scoring and through a change in the baseline politically that will make it easier to get through, but if this is does not have those components to it it will be very tough to take away a lot of deductions, some deduction closings but not fully thats for sure dan, they say we only have time for one more lets me try to boil it down to this you said theres going to be a wave election for the democrats. Thats right. In the mid terms. If they do get Something Like what youre describing on tax reform done, can that stem that tide we believe that tax reform will get done because the republicans have no choice the election was held today they would lose 30 seats in the house. They need economic growth. We believe that this tax cut is going to get growth higher, and its the only thing that can save their majorities. Thats why they will end up passing something by First Quarter of 2018. All right dan, thank you appreciate you joining us. Thank you for having me. Dan clifton meantime, fairy cohn will be on squawk on the street tomorrow morning at 9 30 a. M. Eastern and a first on cnbc interview. Dont miss it. Lets get to our Closing Bell Exchange joining us we have Quincy Crosby from Prudential Financial and pete costa from empire executions, both here at post 9 and, of course, Rick Santelli out at the cme in chicago. Quincy, this market all year, the story has been, well, maybe well get tax reform and the market seems to say, well, maybe, we dont need it given what else we have to fall back on which is pretty decent economic growth. Low rate, high liquidity is the that going to continue to be enough or will we get to that moment when we need something on the fiscal side to happen. Well, you know, as the fed keeps moving towards its schedule and if we get a series of positive Economic Data releases, december may come in play, at least the market may think that the fed will give us a rate hike and then youve got to the have fiscal stimulus. Youve got to take the baton, especially at these valuations, it has to have a transfer, and i think that could actually get the market a little bit nervous if the economy date, particularly wages, start to gain traction. Peter, zooming out again, the last day of the month right now. As mike mention had had earlier the dow would be up for a fifth straight and nasdaq up nine months out of ten and the s p is trying to stay boss tough for the month, and august is usually a tough one, right i mean, i know september is not much better. How much do you put into those historical things anyway you should. History repeats itself i think we learned that back in second grade, but i think, you know, what youre seeing is this is a lot of etf activity it, and i think that while you have the inflows, you know, and dominic and i were talking about this earlier about the consistent inflows of cash into the market via 40 is ks, so on and so forth and any time theres a reason for a pullback, theres always money flowing into the market and its just going to continue. Im not saying its going to continue forever because i do think we need to have some sort of tax reform, and i agree 100 with dan. I agree its probably not going to happen until the First Quarter of next year i just think washington, you know, if you look at it from an outsiders superintendent, thats probably one of the most conviewsing places probably on the planet right now that and, you know, capital of north korea. Rick. If you take secretary mnuchins word that the dollar is going to respond to the general trend in how the u. S. Economy is going to go, monetary policy. If thats the case, whats the Foreign Exchange market telling us right now for prospects well, i think the Foreign Exchange market is a bit blind right now because i think it cant get over the issues of europe fair negative rates and what happens to the Balance Sheets and the fact that the currency is so strong that it hit 120 recently at a time when other Central Banks are putting pressure on everybody in that very unique group to also start addressing Balance Sheets, but if you start to do that. If you even taper a little bit in the current environment that youre on where the euro is already strong, my guess is it gets stronger, so i think europe has really muddied the waters if youre trying to look at Something Like the dollar index and walk away smarter. Now, if you look at the tradeweighted dollar and other me truckers i think you get a much better answer, but we live in times where the hard rules of economics really are broken in many ways because of all the faux issues going on so look at whether a currency strong or weak when their central bank is printing or trying to control Interest Rates really kind of become as mugs game just after having said that, to look at a euro dollar, euro versus dollar chart, i mean, it just didnt lock that vulnerable each thoughour central bank most likely within the next couple of weeks is going to make very concrete such stantive observations about what they are going to do in the here and now regarding making the Balance Sheets smaller, but yet the dollar is in negative territory again under 93. Quincy, let me ask you about biotech real quickly on a strong run and real breakthroughs in the treatments happening the last couple of days do you think its still an attractive place or do you think biotech can be an attractive place in the market again . Those who say its been overbought because it has been attractive and money is going in consolidated ever since the primaries when both sides of the aisle said were going to control these prices however, the market is saying we need these and were going into the season where the medical community is having their meetings all over the world. Its helping bring attention to these new therapies, and the investment banks will be holding conferences over the next couple of months. Again, it brings attention to biotech. You may want to wait and let it pull back a little bit but mergers and acquisitions are up. Gilead waited a long time before they put 11 billion to work for kyle Pharmaceuticals Others will be doing the same. And gilead having an outsized impact on the biotech index that we see, up 2 today. Thanks very much, quincy, peter and rick, of course. 50 minutes before the close the dow hanging on to a 56point gape the s p sitting at 2471, just a point above break even for the month. Nasdaq higher by 53 and also the russell is up 12, but flooding and fires are rocking a texas Chemical Plant in the wake of harvey with no solution in sight. Well go live next for more on dangers that the residents are facing. Still ahead, President Trump says if he cant renegotiate the north American Free trade agreement the u. S. Will work away from the deal, a move that cargills ceo says will be a negative well speak to him coming up welcome back with the markets trying to end the month higher, lets check on some of todays market movers. Shares of campbells soup are getting hit hard in the session. The company missing wall street estimates on both the top and bottom lines and warning that fiscal sales could decline this is campbells 11th straight revenue decline. The stock is down 7 today in trade. Shares of apple are meantime hitting another alltime high. The company is 30 shy of the 1 trillion market cap. Up. 4 of a percent and the tech giant rallying on anticipation which is building to the iphone 8. Thats expected to be announced on september 12th. Apple officially sending out the invite for that unveiling today. Thats helping the stock move higher meanwhile chemical explosions and fires at a Chemical Plant in the aftermath of Hurricane Harvey leaving the surrounding community on edge. Cnbcs scott cohn is in the floodof a rajjed area nearby and joins us with the latest hi, scott. Reporter hi, mike. Hi, kelly. The plant were talking about is a cap called arkema. Weve about looking at it all week its about a mile up the road from here. We know that there have been fires there, and we also know that it is going to be on fire for a while. Basically inevitable at issue refrigerated compounds, organic peroxides basically that are supposed to be kept gold they lost power and backup generators and moved the chemicals to refrigerated containers those have failed, and its inevitable when that substance heats up theres going to be a Chemical Reaction when they decompose they generate heat and when they generate heat theres a possibility of a fire and possible explosion now, from a mile off, we have not really seen or heard anything so the hope was that it would be sort of small, almost controlled sort of pops as proposed to explosions, but all they can do because they cant get to the chemicals at this point is to let the fires out. 15 sheriffs deputies went to the hospital after inhaling the fumes and they all checked out fines, but residents, about 100 of them, are being kept out and this is just one thing thats going on other there are issues, disasters unfolding throughout the region. Take a look at the seen right now in port arthur, texas, about 60 miles away from here along the louisiana border it is under water. We have a crew on a boat there weve been showing pictures all day of rescues there one man was rescued today having been trapped for five days he evacuated as the storm hit and then that place flooded. We were able to get to a second floor apartment all the bottom floors are flooded. People were taking in people from the bottom floors and, you know, assisting everybody. Everybody is really helping out with each other. Chase howden is back on dry land after five days awaiting rescue, so thats one issue of things getting back to normal. We also are hearing that the ports of houston and galveston are now set to reopen so things are slowly coming back but they have a long, long way to go. Guys thats right for sure thank you very much, scott scott cohn a new law takes effect to make it more complicated for resident to sue their Property Insurance Companies if theres a dispute the new lab dubbed the hail storm bail was enacted to cut down on excessive lawsuit and it will limit policies when policy holders sue them to be slow to settle a claim. Joining us on the phone is bob hunter, director of insurance as the Consumer Federation of america and the former texas insurance commissioner mr. Hunter thanks for calling in for us. Glad to be here how are you . So how did this all come together and what should homeowners do at this point with such a tight deadline, and what can they do . What is their recourse at this point under the new law . Well, you know, they can file their Insurance Claim any time the law affects filing of lawsuits if if the Insurance Company agree to it appropriately, and, of course, they have Hurricane Sandy with lots of trouble with the Insurance Claims so it ended up, unfortunately, being a lot of lawsuits hopefully fema will do a better job but the new law will make it harder for people to File Lawsuits and less likely that laws will want to take even good cases because theres sort of a sliding scale if the lawyer doesnt get all of the money that the homeowner asked for and gets a little less and it could end up losing money and if it get a lot less it could end up not getting any money even if they win the case so i think the problem is going to be people will have trouble find willing lawyers and then they have to go through several hoops to including giving Insurance Companies 61 days notice prior to filing a lawsuit and a bunch of paperwork that is new that will make it it a little harder for people who are in all this trouble to get what they deserve in terms of claim settlements. Bob, how do you think this is going to play out in realtime . Basically this isnt affect claims that are filed, but if you want to file a law south and by the way the rescue effort is still under way so its a little premature. I would imagine people would be doing that basically file the lawsuit by today if you want it to be under the old rules and Going Forward after that it would be under the new rules and how restrictive would the new rules be well, first of all, you cant file a lawsuit before you see whats going on and, you know, a lot of Insurance Companies are good, a company like usaa from texas that i used to examine frequently myself. Really tries to help people with their claims, and not many people are going to sue a company that helps them like that