And the attorney general slamming sanctuary cities this afternoon, just wrapping a big speech in miami. These policies do far broader damage to the country than many understand. At its root, at its root, it is a rejection of our immigration laws and a declaration of open borders. David among our guests this hour, lawyer for the president , jay sekulow, former Arkansas Governor Mike Huckabee, americans for tax reform president Grover Norquist and former cia officer mike baker. Melissa but before we get to our top story lets get a quick check where markets are ending the day. Nicole petallides on the floor of the new york stock exchange. Nicole, we heard from the fed today. We sure did. We got those fed minutes and they certainly seemed to be split whether or not were going to get a rate increase later this year in december. I had earlier it was 50 likelihood. It may have dropped to 47 likelihood. So that was a big topic overall. The markets, you can see what happened during the day, we were up over 85 points and started to wind down after trump said he would suspend two of his councils of manufacturing as well as other strategic. That put a little pressure on the markets. We still finished in the green no doubt and were watching for some names after the bell. Some retailers really were shining today. Urban outfitters up 17 1 2 , and target up 3 . Both came out with numbers, target story saw more store traffic and samestore sales on the rise and boosted the outlook Going Forward with hope for back to school. That was a real winner, two shining stars in the retail sector. Well watch for viacom here tomorrow. Lets see if it moves once again, today came under pressure, production of the next Mission Impossible film will go on hiatus after tom cruises injury according to the studio. So they are on schedule to main their release, july 2018 release, but came under pressure today. We held on to gains. S to it back to you, dave and melissa. We were 50 points away from a record close. Lost some of that. Still finished the green fourth day in a row. Back to you guys. Melissa well take it, nicole. Thank you. The business president shutting down two of his ceo councils following a wave of defects from the Manufacturing Council and multiple reports that separate council top Business Leaders would disband. President trump pulling the plug, quote, rather than putting pressure on Business People in the Manufacturing Council and strategy and policy forum i am ending both. Thank you to you all. Jamie dimon ceo of jpmorgan chase. Member the President Trumps strategy and policy forum. He was at least, sending a memo to employees saying quote, i strongly disagree with President Trumps reaction to the events that took place in charlottesville over the past several days. Racism, intolerance, violence are always wrong. Lets bring in todays panel. Kevin kelly from recon capital, and dan mitchell from the cato institute. Kevin, i start with you. Normally a big fan of jamie dimon. He saying he disagrees with the president saying that racism is wrong. Did the president say racism is right . No he didnt, a shame to see a lot of identity politics going into Corporate America right now and everything is becoming heavily politicized because we need the Business Leaders of this country to coalesce to push ahead of the president s agenda. If you look at jamie dimon he is pushing tax reform as head of the Business Roundtable that will benefit medium to Small Business. We need that. The tax code is convoluted and complex with over 75,000 pages and s p 500 names dont have detriment. Their Net Effective tax rate is 25 . They have overseas profits. So the problem is is that Small Business owners as well as consumers need relief and we need the Business Leaders there to help push this president s agenda through. Melissa dan, he said violence is always wrong, jamie dimon said that. I dont remember saying that the president was saying violence is right . Trump probably could have said things in a much better way to avoid a media pack looking to portray whatever he said negatively. Maybe for all we know trump doesnt have the right views, i have no idea, but the dark cloud of charlottesville, the Silver Lining of that dark cloud is, were getting rid of a couple cronyist councils. I dont want Business Leaders in washington. I want them out in the private sector focusing solely on doing things that please consumers. I want there to be separation of business and government. Melissa okay. But these are ceos sort of expressing a point of view about their feelings, i dont know they should be doing what is right for shareholders all the time. Isnt that their fiduciary duty, kevin . Yeah. I think what theyre taking a look at, they have a lot of stakeholders, whether communities, their suppliers it is a lot of stakeholders not only just shareholders that theyre adhering to. Once you have one who comes out and rebukes the president , a lot of them are starting to feel the other pressure especially when it comes from the media. So the issue were having here, it is starting identity politics is creeping into Corporate America right now. David despite all this the dow hitting session lows following the announcement but still managing to end in the green for the fourth straight day. Still. How will the fallout from charlottesville impact the trump agenda Going Forward . Dan, has the president lost Political Capital to push tax reform . I know, i was fascinated what you said about cronyism and these big businesses. I think youre right on a lot of that, but still he needs lobbying power of some of those businesses to get things through, doesnt he . Trump has one job, and one job only sign whatever bill house and senate send him. They cant agree on anything. In ideal room trump would have Political Capital to knock their heads together, to get a some sort of agreement muchneeded tax relief especially lower tax rate for american competitiveness. It hurts for trump to be politically toxic. On other hand, all he has to do is sign the bill. It is really up to congress to get this done. David kevin, that is not quite all he has to do. We saw what Ronald Reagan did pushing tax reform in the 1980s. He spoke directly to the American People. He used the presidency as bully pulpit and because people sent notes and phone calls, a lot of them to their congressmen. That is how the tax bill got passed. I dont know if the president has the political power at the moment to do that . No, he doesnt have that. He doesnt even understand he needs to exercise the bully pulpit. One of the reasons you can see that, he didnt do that with health care. That is why john mccain was able to vote it down in the depths of night, because President Trump wasnt there taking his case to the American People. We saw that. President barack obama did it repeatedly over and over and over again. So he needs to do that and learn from it, especially on infrastructure, and tax reform. Melissa yeah. All right, taking another shot at amazon, President Trump tweeting quote, amazon is doing great damage to taxpaying retailers, towns, cities, states throughout the u. S. Are being hurt. Many jobs being lost. Dan, i dont know im not with him on this one. I love my amazon. Trump is sort of standing in the way of progress here. Maybe it has to do with amazon and bezos whether theyre on the same side politically. Melissa i think so. The real story there is legislation in Congress Called the marketplace fairness act let state governments have the power to tax outside of their borders. The argument, amazon has an advantage of the only reason amazon has an advantage because some states have special Tax Exemptions for exports. That is where the loophole is. It is not the fact that the state of virginia where i live cant reach beyond its borders. This is issue of controlling the power of governments not to do things outside of their borders. Interesting. Kevin, what is your take . My take is that if we time travel back to the early 90s we would see that it would cost us 3 million to own an iphone. Amazon is a place where you can buy 3 million worth of products actually for very cheap. Look at echo, look at convenience. Quality of life of American Consumer has been elevated because of innovation led by the likes of amazon, microsoft, google. For him to attack these companies and try to tax them and try to regulate them, the American Consumer and citizen is only one who will hurt from it. Melissa thank you. Kevin, dans we have breaking news right now. Cisco reporting Fourth Quarter results. Lets go back to nicole. She has got the numbers. Taking a look at Cisco Systems after the bell it is trading slightly downside. Earnings per share in line at 61 cents versus the estimates. Look at the revenue, the estimate there was 12. 06 billion. The stock is trading to the downside right now. We are getting comments from the ceo, chuck robbins, the ceo saying they had a strong quarter. It was transr transformative year and they made tremendous progress in two years. Transferring our business to more software and recurring revenue. The revenue came in at 12. 1 billion. That was more than the 12. 06 billion than had been anticipated. They also gave an outlook on restructuring plan. That wit be substantially completed by fiscal 2018 in the first quarter. Back to you guys. Melissa nicole, thank you. David quick check on oil, dropping more than 1 1 2 to 46. 78 a barrel. Crude driven lower by a government report showing u. S. Out put is now at a twoyear high. Gold reversing course after spending two days in the red, closing up a quarter of a percent to 1290 an ounce. It is up after hours much higher 8. Good day for gold. Melissa are republicans still confident they can get it done this year . What house ways and Means Committee chair kevin brady is telling fox business right now. Grover norquist, for americans for tax reform will weigh in as well. David new details surfacing from a report claiming that the Obama Administration was warned years ago about russias attempt to disrupt elections and they did nothing about it. Well be speaking with former cia officer mike baker and attorney general Jeff Sessions. Melissa just wrapping up, a speech in miami, slamming sanctuary cities. The head of American Center for law and justice, and President Trumps attorney, jay sekulow, is next. 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David attorney general Jeff Sessions speaking out against sanctuary cities announcing that miamidade is in compliance with federal immigration laws and is elgible to receive federal grant dollars. He had harsh words for city of chicago, particularly mayor rahm emanuel, who says he is putting his city at risk losing federal funding and increasing crime. For the sake of leaders chicago leaders need to recommit to policies that punish criminals instead of protecting them of the department of justice will not concede a single block or single Street Corner in this United States, to lawlessness, drugs an crime. Melissa so here now to react is jay sekulow. He is American Center for law and justice chief counsel and President Trumps attorney as well. He went on to make the comparison, talking about 4th of july weekend saying that the city of chicago had 100 shootings and 15 homicides. It is of course a sanctuary city. Miamidade, also had a record number, historic number which was zero. Is that a fair comparison . Theyre very different cities . Well theyre different cities, look, what the attorney general is talking about a problem that really exists and that is, youre looking at cities almost become war zones. Chicago unfortunately, i lived in chicago for a number of years growing up. What it has become is very, very difficult for the citizenry. What the attorney general said today which makes absolute sense that theyre going to apply the federal law. For cities not complying with federal law, including sanctuary cities, they will not be eligible for funding. That is not a hard constitutional issue. Its a condition on funding. The Supreme Court recognized that time and time again as valid function of government. Melissa so people arguing against this move say what youre doing is really making it hard on Police Officers in that city because theyre being denied the fund. They dont have any control over what their mayor decides or what their mayors politics are, but by with holding fund as a result of what their mayor is doing youre hurting the police force and very people out there trying to protect citizens. How do you respond to that . It is the mayor that would be hurting the Police Department because all the mayor would have to do is come in compliance with federal law. If he comes into compliance with federal law, what happens . Then the fund are released. These are federal funds. State funds and city fund are available subject to the citys own conditioning. But the idea the federal government has to acquiesce violation of a law by a city is ridiculous in my view and legally indefensible. So while i completely support the police and the efforts of the police, especially in any city, but especially those in subject to the situations like chicago, i think, you have got to utilize, the federal government has the right to utilize its authority to make sure cities are in compliance with federal law. That is all that general sessions is saying here. I know its a big issue. But rather legally unremarkable. I dont mean to trivialize it. The police are being penalized, theyre penalized base their own local government officials are violating federal law. Melissa moving on to another big topic, the fbi is opening your freedom of information request into the tarmac meeting between former attorney general Loretta Lynch and former president bill clinton. What can you tell us about this . Its a Big Development because the fbi told us they had no documents relative to the inquiry, meeting between attorney general lynch and president clinton. We sent to the same request to the department of justice of the they did not respond. We went to federal system and got a court order. We saw e