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CNBC Excerpts: CNBC’s Becky Quick Interviews President Bill Clinton at the Clinton Global Initiative

Following are the excerptsfrom the unofficial transcript of a CNBC interview with President Bill Clintonand CNBC's Becky Quick from the Clinton Global Initiative in New York onTuesday, September 20th that aired this morning on CNBC's "Squawk Box."Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000552837,http://video.cnbc.com/gallery/?video=3000552853and http://video.cnbc.com/gallery/?video=3000552865.

All references must besourced to CNBC.

CLINTON ON TRADEAND TAXES

BECKY QUICK: WHAT DO YOUTHINK ABOUT TPP? BECAUSE A LOT OF PEOPLE LOOK AT THAT AS THE LEGACY FORNAFTA.

BILL CLINTON: WELL, FIRST OFALL, I DON'T THINK IT HAS ANYTHING TO DO WITH NAFTA. BUT I THINK THAT THEGEOPOLITICAL REASONS FOR IT FROM AMERICA'S POINT OF VIEW ARE PRETTY CLEAR. IT'SDESIGNED TO MAKE SURE THAT THE FUTURE OF THE ASIA PACIFIC REGION ECONOMICALLYIS NOT TOTALLY DOMINATED BY CHINA. I THINK IT'S PRETTY CLEAR WHAT HILLARY SAIDABOUT IT. AND THAT IS THAT THERE NEEDS TO BE PROVISIONS ON CURRENCYMANIPULATION THAT ARE ENFORCED. AND THERE NEEDS TO BE, AGAIN, MEASURES PUT INPLACE IN AMERICA SO THAT WE TAKE CARE OF WHATEVER DISLOCATION EVER HAPPENSSIMULTANEOUSLY. EVERYBODY MAKES NICE ABOUT DOING SOMETHING ABOUT IT. THEN, ATLEAST FOR THE LAST 20 YEARS, FOR MOST OF THE TIME CONGRESS NEVER WANTED TO DOIT. YOU JUST CAN'T DO THAT. IT'S NOT TRUE. IN PLACES ESPECIALLY WHERE THERE'SPHYSICAL ISOLATION, THE MARKET ECONOMY WILL NOT MAKE UP THE DIFFERENCE UNLESSTHERE IS A REAL INVESTMENT OR A REAL INVESTMENT INCENTIVE OR BOTH.

QUICK: WHAT'S THE RIGHTCORPORATE TAX RATE TO MAKE SURE YOU'RE BRINGING IN INCOME, BUT ALSOINCENTIVIZING BUSINESSES TO BE INVESTING HERE IN AMERICA? IS IT 15%? IS IT 35%?IS IT SOMEWHERE IN BETWEEN?

CLINTON: I WAS THE PRESIDENTWHO URGED IT TO BE RAISED TO 35%. BUT WHEN I DID IT, IT WAS PRECISELY IN THEMIDDLE OF THE OECD COUNTRIES. IT ISN'T ANYMORE. SO I BELIEVE – I THINK ITSHOULD BE LOWER. THIS IS JUST ME NOW. I'M NOT SPEAKING FOR – I THINK IT SHOULDBE LOWER. AND THERE SHOULD BE – WE SHOULD DO SORT OF WHAT THE JAPANESE DID. WESHOULD TRY TO GET IT AS CLOSE TO THE INTERNATIONAL AVERAGE AS WE CAN, SO WE'LLBE COMPETITIVE. BUT WE OUGHT TO HAVE AN ALTERNATIVE MINIMUM SO EVERYBODY PAYSSOMETHING THAT'S ACCEPTABLE AND YOU DON'T HAVE TO WORRY ABOUT FINDING EVERYLAST TAX SHELTER AND EVERY LAST THIS, THAT AND THE OTHER THING. JUST SAY, YOUKNOW, DO THAT. AND THEN, I WOULD LIKE TO SEE A REPATRIATION INITIATIVE THATWORKS A LITTLE BIT DIFFERENT THAN IT DID WHEN PRESIDENT BUSH SIGNED ONE. THISIS ONE ACTUALLY WHERE HE'S PROBABLY – HE HAS A MORE LIBERAL POSITION THAN I DO.BECAUSE HE GOT SO MAD THAT HE SIGNED THE 5.75% REPATRIATION BILL, AND HE SAIDNONE OF IT WAS IT WAS REINVESTED. IT WAS ALL STOCK BUYBACKS AND EVERYTHING. ITHINK WE SHOULD ALLOW SOME REPATRIATION IF X PERCENT OF THE MONEY, WHATEVER ITIS, SOME PERCENT, GOES INTO BUYING INVESTMENTS IN THE NATIONAL INFRASTRUCTURE PROGRAM.YOU KNOW, IF WE HAVE SOME INFRASTRUCTURE BANK OR WHATEVER. BECAUSE WE CANCREATE A LOT OF JOBS AND WE NEED TO RAISE A LOT OF MONEY AND THE GOVERNMENTDOESN'T HAVE IT ALL. SO WE ARE GOING TO HAVE TO GET PRIVATE INVESTMENT. THIS ISNOT ROCKET SCIENCE AND IT SHOULDN'T BE CONSIDERED THEOLOGY. THIS IS A PRACTICALPROBLEM THAT WE SHOULD DO WHATEVER IS NECESSARY TO MAXIMIZE JOB GROWTH INAMERICA.

CLINTON ON WELLSFARGO

BILL CLINTON: THE RESPONSIBLETHING IS FOR WELLS FARGO AND OUR LAWMAKERS AND THE PRESS TO, YOU KNOW, LOOK ATTHE FACTS AND DO THE RIGHT THING. I'LL GIVE AN EXAMPLE. I WAS REALLY SURPRISEDBY THIS WELLS FARGO STORY BECAUSE IF YOU REMEMBER, IN THE HOUSING CRASH IN2008, WELLS FARGO GOT PRETTY GOOD REMARKS. YOU KNOW? THEIR MORTGAGE PRACTICESWERE LESS DECEPTIVE, THEY HAD LESS FAILURE, THEY WERE GENERALLY THOUGHT OF AS AREALLY RESPONSIBLE BANK. SO I WAS TOTALLY DUMBFOUNDED WHEN I SAW THAT THEY HADTHESE EMPLOYEES OPENING ALL THESE ACCOUNTS. SO HERE'S WHAT I DO, LIKE, IN YOURPOSITION. I WOULD SAY LET'S TRY TO MAKE SOMETHING GOOD HAPPEN NOW. THEY FIREDALL THESE PEOPLE, BUT THEY WERE ALL LOWER LEVEL PEOPLE. IT'S VERY DIFFICULT TOBELIEVE THAT THERE WAS NO OVERARCHING POLICY AND THAT ALL THE POLICY MAKERSHAVE BEEN HELD ACCOUNTABLE. SO FIRST, LET'S FIND OUT WHAT HAPPENED. SECOND, TOME THIS MAKES A VERY GOOD ARGUMENT FOR THE FINANCIAL PRODUCT SAFETY COMMISSIONTHAT WE OUGHT TO KEEP THAT AND WE OUGHT TO TAKE THAT RIGHT OFF THE BOARD OFPOLITICAL DEBATE. THIS PROVES THAT WE NEED TO DO THAT. AND THEN WE NEED TO SEEWHAT ELSE NEEDS TO BE DONE. AND I THINK WELLS FARGO OUGHT TO COME CLEAN ONTHIS. BECAUSE THERE IS A LOT OF GOODWILL AMONG PEOPLE WHO WATCHED THAT AWFULTHING UNFOLD IN 2008. FOR WHAT THEY DID THEN. AND SO IT'S SHOCKING THAT THEY'RETHE ONES THAT ARE DOING THIS NOW. MY ADVICE IS JUST GET TO THE BOTTOM OF IT,TELL THE TRUTH, CLEAN THIS UP. BECAUSE WE CAN'T AFFORD IT. I MEAN, IT REALLYBROKE MY HEART.

CLINTON ONUPCOMING ELECTION

BECKY QUICK: WE ARE LESS THAN50 DAYS TO GO TO THE ELECTION. POLLS HAVE CHANGED RECENTLY, MOMENTUM HASCHANGED RECENTLY. ARE YOU WORRIED? WHAT DO YOU THINK HAPPENS IN THE LAST49 DAYS?

BILL CLINTON: WELL, NOTHINGREALLY SURPRISED ME. I THOUGHT, YOU KNOW, WAY BEFORE HILLARY DECLARED I SAID,YOU KNOW, YOU GOT TO GET PREPARED FOR THIS. I JUST SAW IT HAPPENING OTHERPLACES. I SAID I THINK SENATOR SANDERS WILL DO WELL IN THE PRIMARY. I DIDN'TKNOW DONALD TRUMP WOULD BE THE NOMINEE, BUT I THINK HE'LL GET A LOT OF VOTES. ISAID, YOU KNOW, THERE'S A LOT OF POPULISM BECAUSE THERE'S SO MUCH ROAD RAGE.PEOPLE BELIEVE THE POLITICAL AND ECONOMIC ORDER HAVE LET THEM DOWN. AND YOUHAVE TO – AND WE WERE TALKING AND I SAID YOU'RE A SORT OF ANSWERS PERSON, NOTAN ANGER PERSON. I MEAN, YOU FEEL ANGER, BUT YOU GOT TO BE YOURSELF. JUST GOOUT THERE AND TRY TO BE THE GROWNUP IN THE ROOM AND GIVE ANSWERS. BUT LOOKWHAT'S HAPPENED SINCE THEN. THE LAST YEAR AND A HALF, JUST THE TIME OF SORT OFXENOPHOBE NATIONALISM DOING WELL IN THE PARLIMENTARY ELECTIONS IN GERMANY ANDFRANCE. AND THEN THE BREXIT VOTE SHOWS YOU, IT'S MUCH MORE OF – KIND OF SHOWSYOU AMERICA, RIGHT? URBAN PEOPLE, YOUNG PEOPLE, AREAS LIKE NORTHERN IRELAND ANDSCOTLAND, THEY VOTE TO STAY. AND ENGLAND AND WALES – THE REST OF ENGLAND, THENON-URBAN ENGLAND AND WALES – VOTE TO GO. AND THE TURNOUT WAS WHAT MADE THEDIFFERENCE. THE ACTUAL NUMBER OF PEOPLE WHO WANTED TO STAY WAS SLIGHTLY GREATERTHAN THE PEOPLE WHO WANTED TO GO. BUT THE PEOPLE WHO VOTED, VOTED TO GO. AND SOI'M NOT SURPRISED BY ANY OF THIS. I JUST THINK HILLARY'S GOT TO BANK ON THEFACT THAT THERE'LL BE A LOT OF PEOPLE WATCHING THE LAST DEBATE. AND JUST GO OUTTHERE AND TALK TO PEOPLE. AND NOT BE AFFECTED BY ALL THE MEANNESS AND ALL THISSTUFF THAT WE'VE SEEN. YOU KNOW, I STILL THINK SHE'LL BE ALL RIGHT. BUT IT'SNOTHING MUCH THAT'S SURPRISED ME THAT'S HAPPENED. IT'S HARD FOR 80% OF US NOTTO HAVE A PAY RAISE SINCE THE CRASH. AND, YOU KNOW, THERE ARE LOTS OF OTHERPROBLEMS. THERE'S BEEN A LOT OF SOCIAL CHANGES THAT I THINK ON BALANCE WEREGOOD BUT IT'S CAUSED A LOT OF UPHEAVAL FOR SOME PEOPLE. I THINK IT'LL BE OKAY.YOU JUST GOT TO GET OUT THERE AND WORK AND LET THE AMERICAN PEOPLE DECIDE. ISTILL BELIEVE THAT IN THE END THEY'LL CHOOSE ANSWERS OVER ANGER AND EMPOWERMENTOVER RESENTMENT. AND UNITY OVER DIVISION. AND BRIDGES OVER WALLS. BUT THEY MAYNOT. AND THAT'S UP TO OUR FELLOW AMERICANS. THEY CAN CHOOSE WHATEVER THEY WANT.BUT I KNOW WHAT WORKS. AS THE ECONOMY HAS GROWN AND DIVERSIFIED, WHEREVERPEOPLE ARE WORKING TOGETHER, GOOD THINGS ARE HAPPENING. WHEREVER THEY FIGHT ALLTHE TIME, IT MIGHT BE HEALTHY FOR THE POLITICIANS THAT BENEFIT, BUT NOT MUCHGOOD HAPPENS.

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