Regional bank bb mpdbb t kelly will join us. Toll brothers, shares down 8 , and some provisions in the tax bill that could make it tough going for the housing sector well explain. By the way, tomorrow lululemon reports earnings that stock has been up 25 over the last six months. Big comeback there we have a debate on whether that rally can power higher into year end. But we start with the breaking news out of washington today. Plenty of it, again. Kayla tausche has details fo kayla . Reporter bill, we learned nearly 40 House Republicans signed on to a letter drafted to be sent tomorrow to republican leadership, including the Senate Majority leader Mitch Mcconnell and Speaker Paul Ryan as well as senator orrin hatch and congressman kevin brady that requests the removal of this first in first out provision its a controversial proposal that has remained in the Senate Version of the tax plan that essentially requires investors to sell older stock first. It would raise about 2. 5 billion over ten years, and the criticism is that it doesnt raise as much money as it would potentially place in a burden on ordinary Retail Investors. That is what this letter says in effect, and we have learned that nearly 40 republicans in the house have signed on to it they expect to send it tomorrow to leadership. Of course, none of the signatories on this letter im told are members of the Conference Committee that speaker ryan put together. But you can imagine that over the next couple of weeks, there are going to be a flurry of these letters as various factions in congress try to weigh in on provisions they want to keep in, and provisions that they want to be left on the cutting room floor but this has been one that our viewers have been watching very closely because of the ramifications that it could have on investing and huge costs for those investors. Kelly . Well, i got a question, i was just asking kelly about it, how much will this cost . If they remove this from the tax bill what kind of revenue are they losing, not much i guess, huh . Reporter not much. 2. 5 billion the estimates range from 2. 4 billion to 2. 7 billion. Thats over ten years, bill. The idea this would be a burden that would be shifted to the Retail Investor in order to gain that revenue is something House Republicans are points out in this letter. Well see whether leadership actually makes moves when they receive this letter but it is interesting to see so many, more than three dozen House Republicans have signed on to this asking for it to be removed in conference. Dont know why its prove b so hard to get rid of when 3 billion, 2. 5 billion, is going to make no difference to the outcome here theres bigger fish to fry kayla, thank you, Kayla Tausche for us. Protests, meanwhile, erupted on the tax bill over on capitol hill ylan mui joins us with the latest scene whats going on, ylan . Reporter kelly, democrats have been protesting across capitol hill today to try to stop the gop tax bill as it goes into final negotiations. We saw democratic protesters just outside of representative Barbara Comstocks office, she represents virginia. Seen as a crucial vote they were shouting tax the rich, not the sick and kill this bill, dont kill us. We saw several people getting arrested, one woman was literalry lliteral lying supine as Capitol Police carried her away tried to block people from going in and out of the offices as well as going through the hallways this gives you a sense of how democrats are trying to marshal some energy here to block the tax bill in its final days it seems like republicans will be ability to do this without democratic support, but democrats are hoping that this is going to be a win win for them no matter what. If the bill doesnt pass, thats a win for them, if it does pass, they say, that because this bill is regressive and because it could actually raise taxes on some middle class voters, that will come back to backfire on republicans come 2018, kelly back over to you. Thats a good point all right, quite a scene there, ylan keep us posted thank you. Ylan mui on capitol hill. So as we mentioned, banks could be big beneficiaries of the tax reform plan. Also today, the Senate Banking committee has been working on a regulatory relief bill that could help small and midsized banks. Those that are at least 50 billion in assets. Banks under 10 billion would be excluded from the socalled volcker rule banks with less than 250 billion in assets would no longer need to comply with the capital rules for the too big to fail provision that would take place immediately for banks between 50 billion and 100 billion, and phased in for banks between 100 billion and 250 billion. Got all that . Do i need to repeat that yes, please. Flaeranyway, wilfred frost i the Goldman Sachs conference he has an exclusive interview with bb ts kelly king hi, kelly, bill as you say, kelly king from bb t is with me good afternoon to you. Good afternoon. The senate has been discussing today specifically the threshold as being classed as too big to fail or more precisely systemically important financial institution. You got about 220 billion of assets, so this change to 250 billion is the cutoff, would exempt you Going Forward is that something youd welcome . Its not a big deal, to be honest you know, the too big to fail process was, frankly, cumbersome in the beginning, but now that weve all done it, you know, the recovery resolution process is not that much of a tax Going Forward. So it i mean, that, us being eliminated from having to do that would not be a big deal. Provisions in there for volcker, how would that change whether its that or other areas, do you think smaller banks, mediumsized banks, deserve a bit more relief than theyve had in recent years remtive re relative to the big guys they need something on voke e the smaller banks, even our bank, we dont do the kind of things that skrovolcker is prohibiting, anyway. We have to spend a lot of time and money proving we dont do it so this is a case where, you know, institutions our size and below, you know, we should just be able to have our board pass a resolution saying we dont do that and then not have to spend millions proving that we didnt do it. And then lets touch on tax reform as well theres been so much focus on that bank stocks and small, mediumsized companies, have all risen on positive news days represent to tax reform, of course, you fall doubly into that category. Do you think that is justified that share prices have been reacting so positively on good tax reform news days will it benefit you significantly . Oh, absolutely. This is a big deal i know its not perfect for everybody, but its a really big deal for our economy its certainly good for banks, but its mostly good for the overall economy. So, so from our point of view, there will be a tax reduction that will allow us to invest more in services for our clients. It will allow us to invest more back giving back to our communities. It will allow us to give more back to our associates, so its kind of win win for everybody. But the big payback for the economy is with the lower tax rate for small, mediumsized businesses, for the 100 expensing of equipment, this is a big deal so you and ive talked before, for the last ten years or so, i talked to hundreds and hundreds of small businesspeople who have been not investing in their plant and equipment, rolling stock, you know, the driving trucks for 250,000 miles and using 20yearold computers. Because they were uncertain about the future, regulation, higher taxes now theyre going to have not only just lower absolute taxes, theyre going to be able to expense the new equipment to replace all the old, and i believe they will rush to do it. That will be stimulative to the economy and be robust. Kelly, a question from bill in the studio. Yeah. Kelly, good to see you again i want to go back to something you said earlier you got raised eyebrows from both kelly and i, kelly evans and i, you said it would be no big deal to lose the siefi negotiation. Are there other Regional Bank ceos who feel the same way and if you guys all feel the same why, why are they even bothering to change the regulation in washington yes, so i didnt see your raised eyebrows. I was looking over at wilfred but, so, the stress test i think most bankers would say has, in fact, turned out to be good conceptually i dont think any bankers today if you completery eliminated it would stop doing stress test its a good natural planning process for management and for the board. Now, what we would all say, i would say, is we need to streamline it, make it more transparent. Make it more efficient but dont eliminate it if we would not eliminate it at our company if the law changed and said we didnt have to do it anymore so its about the process. Its about the extreme detail that has been required that has made it cumbersome and too expensive. Not the act, itself. And kelly, its kelly evans here in the studio just one quick last question, im curious about the journal pointed out for all the sacred cows slaughtered for this, Credit Unions are still tax exempt im guessing you think thats a bad idea i want to node know if you thin thats a status that should be revisited at a time like this. Well, ive been in banking for 45 years and for 45 years i thought this was extremely unfair, so i continue to feel that way it makes no sense. In the very beginning, you know, krelgts y Credit Unions not being taxed was reasonable because they were local. You know, we have Credit Unions that are several billion dollars in size today. Theyre competing in every aspect of business they allow members in that are not even remotely attached in some form of a cohesive way. I dont blame them for fighting to try to keep that status, but its irrational and it ought to be eliminated. Kelly, were going to have to leave it there thank you very much for joining us this afternoon. Thanks, good to be with you. Kelly king of bb t. Guys, well send it back to you. Thank you very much, as always very interesting. It was. Zvery interesting. 9 day 49 days left in the t day. The dow down 90 points in fact, all the major averages are lower at this hour coming up next, were going to talk about tech stocks seeing a bit of a rebound today after a rough stretch over the past week well take a look at which tech stocks are being bought right now. Were going to head to shanghai for a look at the brand new and massive 30,000 square foot starbucks there well tell you why alibabas jack mom made an appearance at the grand opening, after this. Keyboard clacking ] [ mouse clicks, keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] [ mouse clicking ] [ keyboard clacking ] good questions lead to good answers. Our advisors can help you find both. Talk to one today and see why were bullish on the future. Yours. Your bbut as you get older,ing. It naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. The name to remember. Welcome back those protests are heating up again or capitol hill. Back to ylan mui with the latest ylan reporter bill, i can barely hear you what i can tell you, the protesters are protesting about the gop tax bill to move back or face potential arrest. Now, these protesters have been ploo moving from Office Building to Office Building here to try and stop the bill. Theyre talking only about the gop tax bill but also about health care because the bill does repeal the individual mandate in the Senate Version. Theyre also talking about things like daca because in the agreements, the Senate Leadership made with republican senators to get it passed, that was another issue that was intentionally being addressed. So democrats are really trying to marshal that grassroot the energy here in order to stop the bill in its final moments. Weve already seen several dozen people get arrested. Protests are planned throughout the rest of the afternoon. You can see some of the action here behind me as people, again, shouting, kill this bill. Back over to you guys. Ylan, i know you probably cant hear me. I was thinking about the point you made earlier, if democrats feel this is a win win, why all the protests reporter right, i think what you said, kelly, was that democrats are hoping this a win win either way one of the challenges theyve been facing is to try to get turnout for some of the some of the votes that weve seen they were very encouraged by the results of the virginia elections, and theyre hoping to harness that momentum Going Forward as well. So theyre looking for issues that they believe will motivate voters in 2018 and they can combine the tax bill with health care, with immigration, that ends up possibly being what gets them over the finish line in terms of turnout. Ylan, how many people are we talking about in the hallway there . Reporter bill, i think you guys asked me a question i cant hear you right now there were hundreds of protesters expected here today, about 300. Okay. Very good. Thank you. Well let you stay out of harms way. Get out of harms way there 300 protesters thats a big number. Holy cow. All right. We have a news alert on Googles Youtube in the moeantime. Lets get over to Julia Boorstin whats happening there growing conflict between amazon and google. Google starting to block youtube access on amazons fire tv and echo show. Been trying to Reach Agreement with amazon to give consumers access to each services. Doesnt carry chromecast and google home, doesnt make prime video available for googlecast users and last month stopped selling some of the ratest products given this, were no longer supporting youtube on echo show and fire tv. We hope we can reach an agreement to resolve these issues soon. Very unusual to do this kind of negotiating in public. We reached out am son, well see how they respond back over to you i mean, listen, what else are you what video content are you going to watch other than youtube . Thats one of the first things people probably think about on this kind of device, right they know that. Its a lot of different types of content you can access, whether its streaming Services Like netflix or hulu, youtube as well youtube is obviously also very popular on mobile devices, but its interesting because google really feels like it wants youtube to be available everywhere especially on televisions because that will allow it to put in more premium content and get more premium ad dollars. Thats when people are really paying attention to that that competition for Television Ad dollars so will be interesting to see how this plays out these are Companies Increasingly competing not just in the devices they sell but also their content and that reach to consumers. Indeed. Those eyeballs. Thanks, julia were al where else am i going to watch my cat videos . On your you got alexa. You got to get a google home with a screen. Thats what they want you to do. I see all right. Thank you, julia as we all know, its been a rough stretch for tech stocks over the past few sessions the sector is seeing a bit of a rebound in todays session dom chu stepping in with a look at whats behind the move. Dom . Reporter so, guys, its interesting yu injulia brings u companies. Amazon, not exactly a pure play Technology Stock and alphabet, Parent Company of google, those have been two stocks that have been hit harder over the course of the last week as markets have come down. Now, we did have a pretty solid rally in technology to start the day. We were at one point about a percent higher weve lost some steam here intraday for that Technology Sector up about a quarter of a percent right now. We are seeing that bounce. At leastle at least lessen up a little bit. The tech sector is still the only sector in the green today if we look at some of the at least outperformers weve seen so far, notice the chip stocks have been some of the big outperformers this year. They have been some of the biggest pullbacks weve seen during the course of this, at least last run over the last week semiconductor etf down about 5 just over the past month the bulk of that happening in just about the last week and a half or so thats something to watch. If you take a look at some of the other stocks that we want to focus on, within technology, take a look at some of these names because they are ones we do find important with this particular move. The xlk, which is the spedr tec etf, is an instrument we look at for septembntiment in the marketplace. The average Trading Volume for this etf has been 14 million shares on average for the past 90 days, 9. 1 million shares it speaks to this idea as tech is sold off recently, the accelerationvolume, 50 plus we talk about the faang stocks all the time heres the sentiment at least so far today. Facebook up a half a percent amazon, netflix, alphabet, Parent Company of google, theyre up but off their session highs. Whether the bounce continues, that remains to be seen. We will point out some of the megacap names within technology, not exactly participating in the rally weve seen here. Oracle, ibm, cisco, intel, all down on the day, guys. Bill, kelly, back over to you. All right, dom, thank you very much. Oh, gee, look at the time. Im sorry. We dont im kidding. Lets get to our qclosing bell exchange, by the way, down 104 points lost ground in the last 30 minutes. Jeff from Raymond James is with us at post 9 also with us cnbc contributor peter cost