and the senate bill, will speaking on the floor. trump, justident staying on point, how can president trump tax cuts for the middle-class when the public does not seem to look at it that way? >> nancy pelosi giving closing remarks. the house of representatives what i woulder will is republican, they the at the lowering of the majority have seen the 401(k)s grow. what they are getting back from the government. might frustrate them, especially when you go to battleground states like michigan and pennsylvania. pelosi, a nancy minority leader and used to be speaker of the house. this has often litigated out. is that true? will push back ferociously against that and here is why. there are broad frameworks debated for decades. wealthytaxes on individuals and corporations would stimulate growth or we are happy to have debates but provisions in both bills in the house and senate bill have literally just been added in recent days that radically transform the landscape. state and local deductions is something you would never have even as recently as the obama and bush administrations. there are almonds in the senate bill including carrier airlines, that arer, earmarks benefiting certain groups in certain areas of the country. simple flying our something again we do not have as recently as 70 years ago. a breakneck speed to pass this legislation with the complexity and the provisions that even today lobbyists all over the favorite place in washington are poring over and trying to make sense of. thet has all to do with birds rule. long-term deficits. how can they raise revenues to stick with that but also bring in tax cuts? >> this is the other thing. they have the 1.5 join fixed withouto do this democrats brock -- blocking it altogether. i know david would agree you see some of the traditional hawks on the republican side talking about the increase. one thing i think is without democrats brock -- blocking it altogether. intriguing, the president did say in the hely meeting that after parks this, if he finishes tax reform, he wants to turn to welfare reform next. that looks like something where they may look at cutting spending. it is difficult to increase spending without offsetting cuts. the same president said he will not touch medicare and medicaid and traditional entitlement spending. he gives you an idea of where they might pivot there. >> one thing we know, the lawyers will do fine and they will spend years and sorting this out to figure out what is in the bill. megan murphy, bloomberg businessweek editor and the chief -- chief washington correspondent on capitol hill. >> a strong rebound across u.s. markets now with nasdaq at an all-time high. abigail doolittle has the latest and abigail: a nice rally for in may for -- major averages the u.s. all sharply higher. the dow and s&p 500 on pace for the best day since early september. war between the bulls and the bears but today seems to be some optimism that the tax reform bill in the house will pass and that could give the economy a nice jolt. one index that has been more , take a look at 1.8% through the -- since the end of september. optimism around tax reform efforts. across asset classes, not entirely looking at other asset classes or seeing risk on. take a look at the 10 year yield lower the japanese yen and the commodity index. the 10 year yield up three basis points. consistent with what we are seeing in the rally in stocks. is up slightly and another style of risk assets actually down a little bit. we are not seeing a confirmation of the risk on activity we are seeing for stocks. one thing we are seeing if we go into the bloomberg and take a at the chart, sharply higher, the best day since march. we are seeing a rebound today. if we take a look at this chart on a six-month basis, we see the selloff everyone is talking about in high yields. here we are at the lows that we saw in last august. suggesting perhaps the rebound and high yields may prove short-lived. asset classes together, there is risk on on the surface. digging deeper, it is not entirely there. it will be interesting to see what happens. >> watching that closely to see what happens, thank you. frome democratic senator new jersey has been undergoing for possiblels corruption per the judge has granted a mistrial because the jury could not reach a verdict. a hung jury. how does this complicate things, megan? megan: i do not think this is a surprised. it had been deadlocked. the bistro has been declared. what will be interesting is to watch if this is reach right. i think prosecutors will feel some pressure to retry the case. seriousgations were involving taking payments in exchange for the senator getting issue.d in the medicare i will be watching to see if prosecutors are able to retry this. this is the senate sheet in new jersey. the aisle,sides of jeff sessions stepped away and roy moore, the nominee is in trouble in alabama. we have a democratic senator undergoing perhaps yet another criminal trial. >> another about democratic senator al franken today facing some pressure in connection with possible out -- allegations of such a harassment conduct that he is facing. inquiry, he says he will cooperate. after ae, alabama series of women came forward and accused him of sexual misconduct. >> megan will be staying with us. right now, we will -- we are joined by someone senate banking committee. we want to focus on the consumer financial protection toward. the leader of its step down yesterday. does it take care of your problem? >> it does not but it is a step in the right direction. when they wrote the law, they give a lot of autonomy to that particular organization and congress does not have a lot of have ar it -- does not lot of say over it. it is a challenge determing -- determining whether or not -- this creates a vacancy that allows the president more opportunity to get involved and appoint someone who may have a -- an entirely different and have different axis than the previous senator did. and have different axis than the previous senator did. >> what do you expect not only in the bureau but in the regulatory environment after it steps down? >> we do and we think it is one of the most important parts of -- that the ministry should have the billy to point the people they need. you can have an appointment for years but there still has to be some sort of reckoning with elected officials. this,lly, when they wrote i think they did a terrible job on it, they did not allow the elected officials in the country .o have much say at all . it is a rogue agency that needs to be brought under control. i believe they have heard the point of consumers because they made it much more difficult in my opinion for the institutions to be able to do their work and free up more capital. was the think that intent of congress but i think that is what happened. >> g you believe there is a , if there were proper oversight, do use do believe there should be an agency doing what it set out to do? >> if you take a look at a different functions, they should be appropriately divvied up among other regulatory agencies and existence. and in someken cases demanded responsibility that could've been handled by other agencies including the federal reserve and the fcc. , they are taking a look themselves. i understand politically it sounds good to name something after consumers, but i think it --more difficult is senate tax rates. much is it for doing these? >> getting a better deal than what they have existing plan today. reinvestment in the business. if you look at the past through theboth at the bottom, thesions on investing, manpower a new technologies and intellectual -- intellectual and the corporation in this particular case will have more resources available to it. i think we have all got to -- and's current form or an improved version, if we can get something done for corporations. >> senator mike of south dakota, you also see on the screen nancy --osi, giving him the closing remarks. this the most valuable thing to who --small businesses, this is the most efficient way to do it. to half -- help you have got to have consumer confidence. we really want to have an economy that is growing. this is the place where we want them to employ people. three point $5 trillion and it is outside of the united states today. invested in american jobs. >> alexander and mary. how significant will the bill become? >> we want to do it with the support of the house of representatives. two-yearered for a extension, for those people that need it, that is what this is about. this helps them. in the meantime, on the other them tothis, it allows expand and create new options available at the state level. that is what this is all about. to get it back to a state level where the state can take care of ae needs of individuals on state-by-state business and life from one another. to do something very similar to finish the job. in the year.t i think we have got to have the two-year stability. >> thank you so much for the time. a republican of south dakota. >> i believe he will be introducing the speaker of the house walking up to the podium right now, paul ryan. vote.e will bring you the that will be coming up. this is bloomberg. ♪ nowd: you are looking right at live pictures, the speaker of the taxe, paul ryan, on reform package from the health side. it goes on for quite a while. we're now joined by marty shanker, chief washington correspondent and kevin cirilli on capitol hill and megan murphy, editor of bloomberg businessweek. you haven't weighed and yet cannot much about where it comes out. >> there couldn't be. at the house leadership word. this is the easiest part. our part comes when the senate has to take on their bill. they have one defection. susan collins is close to a no. you need is on more and they will not get that done. >> the house are he has some influence. the senate seems to be backing off a little bit on state and local deductions. >> that is correct. there is a lot of pressure to get something done. congressoth sides of know without any major accomplishment, it will -- hurt their chances in 2018. the pressure is there, and the question is there anyone who will just say no? >> right now, i am seeing headlines coming from judge roy moore coming from twitter and saying he rejects allegations of sexual harassment? of course we already have johnson, who says he can vote for the senate bill. we already know collins may be a no. moore matter? >> he certainly matters. let's put it in a best case scenario. we do have the tax reform passes through the house and the senate. is this the bill that will help them sell, 2018? they are passing to a tax bill characterizedy be by massive tax breaks for the wealthy, the rich, and corporations. even passing that through, are you going to see the stimulus and economic growth and relief rally already largely priced in, forenerate goodwill republicans during what has been an incredibly rocky and disastrous stretch for them? further, hated and drawing the spec together with a sitting senate candidate accused of incredibly serious sexual conduct? . about that. >> what is the risk for all of the house in the election. their voters will figure out what happened and not be very happy with it. >> that is what democratic sources are telling me especially following the democratic wave we saw in the state of virginia the other week. i will be candid. a lot of democrats, from mark warner to elizabeth warren, suggesting this might be the opposite intention. the same week in the house this heting this, we should note, has signaled to his staff he intends to step down. headlines as we speak that the current budget director mick mulvaney, a fierce critic of the agency, is one potential replacement. it comes as the sources items with on capitol hill, the banking committee, they also just to me that in the third quarter of next year, we can start to see movement on the regulatory banking policy for small and medium-sized community banks. all of that coming as the economic agenda with tax reform being the -- the kickstarter, d regulatory changes and yes, let's not forget we have a new , all quickly moving and changing the landscape for wall street and businesses across the country. >> how big of a factor was health care for voters and how important is this in the tax reform debate? >> virginia was a major factor .n the exit polls people cited did not double down on the obamacare repeal thing. i want to go back to something megan said. notou look at it, people do >> you hit the nail on the head here. for so many republicans, this is the most orthodox theological move we have seen them made. we have said this before here is intense of the compromises apublicans had to make, president who has expressed anti-free trade, isolationists american reform policy standpoint. i want to go back to it marty said. health care was the number one issue in the exit polls. the state of maine, a statewide ballot voting for the expansion of medicaid, something that has been controversial and shows republicans for of obamacare has grown. one thing fascinating to watch is democrats -- corporations are cheering. >> megan murphy's bloomberg businessweek editor. our chief washington correspondent on cap will help here all of us are staying with us. you're looking at live pictures of speaker paul ryan. about to have a vote on a tax bill. this is bloomberg. ♪ >> welcome back. david: you are looking now at ine pictures of paul ryan the house chamber. giving closing remarks just before the house of representatives starts taking its vote on the epic tax proposal. >> we are back with megan murphy and marty shanker. administration as well as lawmakers are trying to sell this tax reform land, in the sense that it will boost in householdth income, what are they saying now? willst economists say it add to economic growth but only at the margins. you think about how tax cuts actually get implemented. show up at paychecks incrementally. it is reducing economic stimulus, a direct rebate, a to every taxpayer. that will have a direct impact to the idea that this will massively increase economic growth is disputed by most if not all economists. >> paul ryan has concluded his remarks and they are about to -- we will keep you up-to-date as it unfolds. you are alive in 1986. >> i was alive and am happy to admit that. >> there were a lot of differences. , 4.1% unemployment. one was last time we had that fiscal stimulus at full employment? >> it brings us the essential conundrum on growth. you heard paul ryan talking about this. it actually drives up wages. it is a big conundrum we have seen in not just the u.s. simply do not see wages going that peoplece normally see. economists continued puzzle over it. people are not feeling the effects of the paychecks and whether the tax cut will drive us. you see the event -- the senate bill which is paid leave. one of the issues of driving theth is driving back up female labor dissipation rate in this country, making the workforce more amenable to people staying in job all tests to take holiday to manage their work responsibilities. thate margins is one thing is interesting is you're getting more tax credits for children and how we can rebalance more broadly to drive wages up by forcing the wage participation rate up and keeping the unemployment rate down. >> what we are watching is the vote of the house of representatives. need 218, that is the magic number. to warn you, they can sometimes change their vote and can sometimes go up or down. it ain't over until it is over. we also send redheads on the most important development. we will not when they reach to 18. we will send it when they pound the gavel. >> megan's point is really important. there are two things that drive growth. demographics and productivity. -- one of the biggest influxes in this country in the last generation has been women in the workforce. if we could free up women to contribute more because of taking care of their kids, wouldn't that be a major driver of productivity? >> there is no question about it. when you look at restrictions and you talk to small businesses in the country, their problem is there is no one to take their iss and the problem is there not enough skilled people that workforce looking to fill the jobs. to make its point, there are people willing and able to work but are not looking to work because of issues like this and many of them are women, highly skilled, who have decided not to go back to work. >> let's bring in kevin, our washington correspondent. we are looking at house lawmakers now. give us a sense of what happens next in the house and the senate , >> to prominent republican member who worksgive us a senses frequently with the white house says there are still concerns amongst republicans on the issue. a real concern that middle-class americans in states like new jersey and california, yes, traditionally left-leaning states, that they might see an increase in their taxes. all of the attention will be focused on the issue of the individual mandate, on the issue of the passing rate and health care being tied into this. but let's look at this for the moment it is for president andp, he was criticized received some criticism for his trip to asia for that speech yesterday for lacking a significant policy a, which meant. his supporters disagree but here as -- he is at a moment when he is ending his first year in office and has not achieved a major legislative policy when. the difference between president trump meeting or republicans up on capitol hill early today versus meetings he has had veryer this year, it was different in tone. i am told the president did not single out a particular lawmaker and did not weigh in on more divisive issues in the caucus. ranging from roy moore to the individual mandate. position. take a he was really trying to paint the mission and say the importance of republicans getting this done, democrats could argue this could backfire, but they are all in. we can talk about the differences between the house and the senate but most folks i talked with, even those divided on certain issues, really feel they will come together after thanksgiving and really try to the finish line. >> this is an important point he is making. --k if this goes through, this will be one of the more profound terms of legislation in of the effect on americans and the dollars involved, of recent times. i do not member one that rivals it. how does ition is, translate into 2018 and then 2020. as much as some people might not want to hear it, it will be intimate -- a major a compliment of the president to get this through. i would never call this tax reform. it is a tax cut of a form but not a tax reform. >> it is an important distinction. >> to stick around. we want to continue the conversation with you and for now, we want to ring in another guest. tolet's get a perspective someone who is tied to the way doesn't actually works in the white house. we are joined now by the chairman of the white house council of economic advisers. good to have you. >> great to be here. kevin works. >> thank you. i want to start out where the president starts out, and that is growth. it is all about growth. we do that from republicans all the time and democrats as well. limit take on one of your colleagues, gary cohn. he asked a room full ceo's is, how many of you would invest a bigs -- big task cut and he got virtually no response. he said why are you raising your hands? why are you confident it would go toward equipment? >> fact check, thousand washington and not new york. maybe my question was better post. there is a lot of literature that shows one countries around the world that pursued tax bills like the one we are watching the vote count on now, that they have seen surges in economic growth. we put an economic report out weeks ago where we could expect to have 5% higher gdp years from now because of all of the capital spending because of the corporate tax side of the bill. gary was -- was right to ask the question that if people thought more about it, they would have put their hands up. the evidence is they will go back on this. thes it fair to make comparison with the u.s. and don't you need to look back at u.s. history for that? >> no. there is a massive amount of work in u.s. history and i have written papers myself. lookeds a paper where we at the 86 act and the cost of capital changes in how to fix investment. a massive amount of literature in the u.s. of ross u.s. states and across countries and so on that lowers corporate taxes and leads to investment and that increases productivity and wages. >> no question that investment equipment and more would be great for the country. is this the most efficient way to do it here and number i read say there is something called leakage. a fair amount of the money will and stockvidends buybacks and that will go to the owners of the country, as it should. >> what will happen is the corporate tax rate will benefit new and old a little bit and the expensing will only benefit new capital and on balance, it is a new capital focus built. on the individual side, there is a big tax cut for small business. i think it is the new capital and new investment, but it is true if you are a firm that exists forever and makes a little money, you will benefit some from the lower rate and that is the leakage we are talking about. >> and want to talk about the monitoring and file -- environment we are at. in the first three years of the reagan and bush tax cuts, the fed funds rate fell 500 basis points. reading literature from economists saying because the fed funds rate is rising, that told be counterproductive tax cuts. will there need to be adjustments? respect thets -- i fed and would never give them advice -- that is not the role. i would say we have modeled the bill andof this tax when you look at the supply side effects of this surging investment and so on, it does not create an interest rate cap and the models we look at, that is inconsistent with the guidance we get with the interest rate forecast and the fed. >> i want to talk about distribution and do not want to go from rich versus poor. that is corporate versus individual. seen the analysis, roughly, the same number of nominal dollars in tax rates that go to corporations and individuals. smallerions pay a much portion and it is distributing a lot more tax breaks to corporations. if you are a company, don't you mainly want your demand up and money in your pocket as a consumer to buy your product? havee biggest thing they now is people want to locate many fracturing activities at other providing activities offshore, increasing demand for workers over there, rather than workers over here. they do that because they want lowocate the profits of the tax rate environment. 20%, we get it corporate tax reform, what will happen is they start demanding workers here rather than over there and that will drive up wages here. the joint tax committee put out a static score of what happens if we cut the corporate rate, which is not the end of the story. a great professional staff but in the end, what will happen is people invest more here and they will pay people salaries here. that will create a lot of dynamic revenue not included in that score. i do not accept the idea that half of the cost of this is on the corporate side. the problem is we have the highest statutory rate on earth. we barely collect any revenue would all because they are moving the taxes and the income offshore. that is addressed by the bill. the idea that it will hemorrhage revenue is inconsistent with the patterns. >> in the entirety of president trump's tax plan, when you take a look at the house bill, how close are they to what president trump is envisioning? >> president trump said over and over again there are three main objectives with the corporate rate at 20%. he wants the house in the senate to duke it out and take their own preferences about equity and proficiency into the room, and can deliverhat bill on the three main objectives and pass and become law. that is where the president is. getting in front of disputes between the two is not fully the white house wants now. we want a bill that can deliver on the three main objectives and pass achieves the president positive objectives and we are taking a big step in that direction today. analysis he referred to, is it available to the public question mark -- public? >> there is a website you can check out wherewith put up a study recently that reviewed more than 100 papers on this topic. david: the next thing on my list. thank you so much. -- to us today from washington and not new york. >> we're back with our panel. have talked about this before. corporate bill delays tax cuts to 2019 p or how counterproductive will that be in boosting economic growth and helping revenues question mark -- revenues question mark -- revenues? >> 20% even a year later, companies will start expensing and most people agree with this here it will still steer corporate behavior toward doing investing that the bill aims to create. that havemic numbers come out recently, gdp numbers not just here and in the rest of the world, it does show a significant increase in capital spending even without the tax cut. the issue becomes he really needed credit --? was the economy growing on its own and will that ultimately create a problem down the road? >> 19 seconds to go. 214 all -- it is very suspenseful -- suspenseful. they just stopped the clock. >> i want to pick up quickly on one point. whether it is exactly what we talked a lot in this issue. issue he clear there is a partisan agreement that the corporate tax cut is uncompetitive. democrats agree with that as well as republicans. many democrats. as opposed to a worldwide system, which means the taxes based on the u.s. that is a significant change. >> they have enough votes, but there are still 22 not voting but i am not sure they have gaveled it in yet. they slammed the gavel and it has passed. >> maybe some on the fence republicans want to see whether or not the yes vote is now very. when this see that they have enough votes, they will go ahead and vote no and they will get the safety of knowing. >> it goes a long way with their constituency. >> that is right. >> exactly. it is like how much of the yes or no.l be left >> around 10 house members would vote against gop members who would vote against the bill because of the deductions, and gaining a repeal. we never know which way we could go until the gavel drops. how important will it be for the forward nowoving that the house is done, how much pressure is on the senate to get this done? couldn't not be more pressure on the senate of whether the cap with is actually correct. in terms of reconciling this, remember the margin as when it out earlier, it is razor thin and the politics are quite different. you have the politics bundled into this here different political considerations. we have some about what is going on in alabama and we will see what shakes out in new jersey. what is interesting is where will we see the two bills come out and we see all member sitting in the rose garden themony after the deal, supposed root appeal of the affordable care act and taking an early victory lap. i remember gary cohn taken an early position on that. i think many people thought there would be potential derailment on both the house and the senate side and managed to push forward and stay together. this is a core fundamental republican principle. they will push ahead with the senate as well. they have the numbers. >> they have come a very long way in fairness and they have quite a few steps to go. they have to go to conference and then they have to go back to the two houses yard >> they have to get it all done before christmas and there is only about 27 legislative days. they can keep going and extend the time in which they meet, but it is a daunting task. as i said earlier, this is the easier part. >> and they have to keep the government going. >> here we go. >> the bill is passed. the motion is laid upon the table. they are here as guests of the house. a violation of the rules of the house. >> that is the official declaration, that it has indeed passed the house. not a surprise, but it is historic. >> certainly historic and a significant achievement. not to be so wonky but if i can kick back on what kevin was saying, what we were talking about reforming the corporate tax cut and whether it will lead to the economic activity booth, economists think it will but at a much lower degree. what will be interesting is whether or not you can sell that. remember in washington many times it is not only what you can achieve but what you can sell to people. trying to expand the benefits of , territorial orbotech system the advantages of taking the corporate rate down are difficult and we should not underestimate how difficult it is to explain to people coming in and why this would allow people to move more jobs and google. it is not an easy political argument to make. it is one thing to pass it and another thing to sell it. >> is an important point. if you gave that date into people's mailboxes, they would go out and spend it right away. a lot of this is taxation and investment in productivity and that is down the road. if you sell this to heart to constituents, they will quickly say, i have not seen it yet. >> megan is exactly right. sell,a difficult thing to especially since we are not seeing the kind of job creation that would lead people to feel comfortable about their futures. the disenfranchised people in the economy who have withdrawn from the workforce, that said, the stock market set a record. people's 401(k)s are at historic highs. people are feeling relatively good. if this passes, and it will not take effect of course until next have at may in fact salutary effect on the midterms, but we have to wait and see if they will connect that to the gop and the president. remember thet's 401k disproportionally and that -- affect the wealthy -- not sent -- not to similar was the majority are stacked at the top of the pyramid. >> and those are not donald trump's face. >> how difficult will it be to reconcile the house tax bill but also the senate tax bill and who should we be watching as we head into the senate battle? >> paul ryan is the policy wonk and should get a lot of credit for what he just did and a substantial margin, he got the bill passed. he has a lot of respect and understands the numbers. i would watch paul ryan and he absolutely believes we have to do something on taxes. is willing to compromise in that conference is the key to me. >> you have paul ryan, april -- relatively young policy wonk and orrin hatch, not so young. >> one of the most experienced. >> one of the most experienced and he is the head of the senate finance committee. it is an interesting perry. when you look at senator hatch yesterday, he was getting quite angry in terms of defending the bill and in particular, the inclusion of the individual mandate. our inclusion of that. it will be interesting, who else to watch. it is susan collins, the people who we know, we already know who is on the fence with this bill and who is likely to reiterate their voices on the house side as we move forward. high-tech jurisdictions, new york, california, new jersey, maryland. we will see what else comes up as people peel back. some of these things in the senate bill have not been truly explored. lobbyists are digging their teeth through this here are the lawyers are pouring through this as we speak. so much p.m.nk you megan murphy, bloomberg's chief officer marty schenker as well. >> we have kevin cirilli, who is with a special guest. kevin: we are here with chairman jet sterling. the vote just passed. what is next? >> we will have a celebration and we expect the senate to do their work. i think a prolonged time of three plus percent gdp growth is on the horizon. it will be a huge shot in the arm for the economy. we will bring jobs and capital back home. tax cuts for corporations and tax cuts for -- tax relief for all. it is a significant moment in the history of the country and obviously the most important thing we can do in this congress. it was the most enthusiastic vote that i cast. >> on the issue of the eight -- individual mandate, senator collins a bit uneasy on this, lumping the reform with the tax reform package, is that going to derail chances of getting this done? >> i hope not and i do not believe so. not a whole lot of folks in the fifth district of texas believe in obamacare but why should it be mandatory? most americans believe you should not be forced to buy something that you do not want or cannot afford. in this particular case, it opens up avenues for greater tax relief and more progrowth tax reforms. i hope the senate moves on it. i would like to see the house move on it as well. it is an important part of tax relief and i would like to see it as part of the -- >> he says he has concerns about the tax rate. is this something that could be problematic as this gets to reconciliation? of senatorhighly johnson but at the moment, i do not quite know where his head is. i fear he has may be seen a few trees and i have seen the greater progrowth forest. all of us can find something about this we don't like but in the aggregate, again, this is the most progrowth tax reform we have seen since the reagan era. it is one more reason that what he ought to do is make sure the senate gets rid of the individual mandate and obamacare, we can do more with respect to the pass-throughs for the subchapter and all the others. >> let me ask you about something else. richard cordray has announced that he is reportedly going to be stepping out of the consumer protection bureau here at what do you think has to come next? mick mulvaney, currently in the budget office, that he might be someone who can take over the cpf peavy. inld you be interested taking auto -- taking it over now that you said you will step down from -- you will not run for reelection? >> i was thinking about applying to the job but i have 14 months left on the job i have now. there would be a number of good people but the bottom line is that is a rogue agency and it is unconstitutional usurping the fundamental economic rights of american consumers. he was asleep at the wheel during the wells fargo debacle. it is unconstitutional. a guy like mick mulvaney could clean it up. i had no idea if he was interested. funny you should bring his name up. if you would -- if you are listening, you only a telephone call. i have had a chance to talk to gary cohn at the white house. i'm convinced they have a good plan but ultimately, the best form of consumer protection are competitive and innovative markets policed vigorously for fraud. it is not government deciding which products and services we are able to buy. i wish him well and the sooner he is out the door, the better. >> a flight to catch. tell us about how that goes. we appreciate you being on bloomberg. david: we are waiting for i should say a victory lap in all fairness. paul ryan is there. the majority leader, kevin mccarthy to his left and kevin brady, the chairman of the house ways and means committee. we will tune in and listen to what he has to say in a moment. you cannot begrudge right now the speaker. taking a victory lap. >> absolutely not. as we were discussing before, this is ideological for him. it is something he is actually and he dan and of the budget is a very young man still, so he is having a victory lap right now. i would warn you about how it turned out last time, but we will see. shery: do you think he is really celebrating, or is he very concerned on what will happen with the final tax bill? >> mitch mcconnell just put out a statement saying, heralding the passage of the bill and saying he will have a regular order and open and transparent process, we will come up with a great tax bill. i think -- introduce -- to yeah. [applause] [cheers] >> you know how to say ways and means in spanish? [speaking spanish] ways and means, kevin brady. buddy.dy: thank you, incredibly exciting day for the american people and we would not be here without the incredible leadership from speaker ryan and our leadership team. our members in the house and especially i want to thank the 24 members of the house and ways and means committee, those republicans, amazing job. [applause] mr. brady: think about it, for the first time in three decades the house has passed tax reform. we just passed a bill that will bring fairness and the simplicity to americans in every corner of the country. we took a major step in delivering bigger paychecks and a stronger economy to the hard-working people and job traders alter our communities. think about what it means for the typical middle income family, it means they will save over $2000. for the small business on main street who they have worked their tail off weekends and evenings for their family, the entrepreneur on the cusp with finally making