how do you think randy quarles is going to be?ator do you think he's going to be ? >> i think he is someone who understands the industry, which is a nice change. we've been through eight years of what i call spanish inquisition as a result of dodd-frank, particularly the mortgage industry.but the banks have also been put through a lot of hoops that don't matter. a lot of dodd-frank was just retribution. it is elizabeth warren embodied. betty: it doesn't matter to make banks safer. >> they want to punish people. what i mean by that is shareholders, the victims, who investors have been paying for this since 2010 when the law was passed. what did we accomplish? we had more capital, but we didn't need more. we have fewer loans to risky projects. i think there's a whole raft of things quarrels will be dealing with. he's very credible. he's been confirmed by the senate twice. i don't see any problems. remember, you guys have a great piece on the website right now, i know a lot of people who have been interviewed for these positions at t

reporter: his name is randy quarles.he bushteran of administration and under secretary of the treasury. he is considered, among other things, pivotal in terms of helping to bring to the table steps donald trump says he would like to bring to the banking system, taking another look at the dodd-frank bank overhaul. position, thes vice chair for bank supervision, was established coming out of dodd-frank, but has never been filled.barack obama raised a couple of names but could not get past republicans in the senate, so dan tarullo at the board of governors took this job on in an ad hoc kind of basis. randy quarles is expected to come in and given his background, take a look at dodd-frank, take a look at what's going on with the banks. maybe he will tear down regulations. some people think he's too close to wall street, and you think he's the wrong guy. let's take a look at his curriculum vitae. he worked at the treasury department under george bush, he wasn't undersecretary for domestic finance, secretary for international

what do you know about randy quarles.as a person, a candidate for the fed? i think randy is a terrific choice, i worked with him on a few occasions. i think his approach will be much different than some regulators are. regulators in washington it's the crisis have sort of adopted a command and control strategy. the more things they can ortrain or oversee in a bank financial institution, the better off things are. that is not always the case. i think randy will be a voice of questioning.ce of regulators, whether it be at the fed or other places, tend to slip into groupthink about this type of command and control strategy. i think randy will ask questions, will wonder not whether regulation is needed, but have we got the right kind of regulation, is it efficient, are we using our resources efficiently, are we achieving our objectives? athink randy will bring refreshing, if you might say refreshing view, and not necessarily fall in line with the groupthink that sometimes comes out of washington. david: as you know we will he

but randy quarles has been a partner at carlisle and fund manager in salt lake city.see bank supervision, a role created by dodd/frank but never formally filled he's nominated for a term spanning the next 15 years, and his nomination will require a senate confirmation, which could get logjammed, depending on how lawmakers prioritize it. the senate, as you know by now, is currently racing the clock on health care reform before the august recess. there have been some piecemeal developments in the last 24 hours, as one waffling vote, jeff flake of arizona, said he supports ted cruz's amendment for insurer choice, but other potential noes are under more pressure as the group save my care launched ads last night in nevada, west virginia, alaska, and maine, using lawmakers' own words when they were previously critical of the bill and said they couldn't vote for it. at least one of those lawmakers, susan collins of maine, however, still appears to be a no, saying on cnn last night it needs a complete overhaul to win her vote we are expecting a new bill later this week and a

scarlet: we have heard red cross -- randy quarles will be the president's picked for supervision of thethat has not happened yet. what does the delay mean for the overall effort to loosen bain capital and the effort to reduce -- bank capital and the effort to reduce the regulatory burden? >> he would be a great vice chair. we should look forward to him being there. that has not happened yet. randy himself cannot do it. he needs other people there as well. none of the appointments have been made great it is extremely high-priority this be moved as fast as possible if we want to achieve the economic growth president trump is promising. test, after the stress number of the big banks are paying out 100% of net revenues. they announced buybacks and higher dividends. does that worry you? do you think that return of capital should be dependent on some element of lending? you are laughing. >> how do the banks get capital? they have got to show a return on it. they are only proposing to get back to the shareholders capital that is even over the very high levels the fed is requiring. i am not con

david,big danger here, is if wall street is just deregulated, it donald trump and randy quarles givereet carte blanche. there are a lot of things that are probably wrong with the regulations that have been in place for the last seven or eight years, but to just give them carte blanche and to parrot all back without asking for anything in return, i think is a big mistake. that something in return is changing the compensation system on wall street which were too long, since 1970, when doj went public, the wall street compensation system has been very good at rewarding people for taking big risks with other people's money and not holding them accountable when things go wrong. we are at a very interesting moment, a crucial juncture where donald trump, the great dealmaker, could extract from wall street something that is really important. we will give me the deregulation you want, make it easier to do business. in return, you should change your compensation system to make people more accountable for their behavior. that is something no one is talking about but is what ultimately sure we d

move on to -- to the conference committee and to other topics >> senator just quick side point randy quarlesthat get the floor and will it be an easy confirmation >> you know it seems to me that confirmation that should be easy have been slow walks by senator schumer, the majority leader we even had a vote closer yesterday on a district judge nominations that have initially come from the obama administration so, i'm not going to be optimistic about any nomination moving quickly >> all right you good i thought you had another -- >> no, senator i know you got to run. but leave your ifb in for a second because i'm going to ask wilfred about his health care system over in the uk i don't think people like you -- did you ever use it? >> yes i also have private health insurance -- >> but how often -- is it -- do you think we should have single payer here, wilf >> listen, i think the fundamental issue, which is not enough addressed and not enough discussed by us, i'm not saying by the politicians, is this, that in most of the developed western world, countries spend about 8% to 10% of gnd on health

there is opening now that is being filled by randy quarles. have interviewed him before.a see more of an operational guide? michael: he is more of an operational guy, but he worked for both george is -- torch bush bush- torch bush -- george administrations. a longtime player in washington. carlyleto work with the group now runs his own money management term in salt lake. guy: what does this mean for monetary policy? not a lot. he will be a permanent member of the open market committee and will have a vote, but his view is a little outside the mainstream. he has written article suggesting he would like to see rules-based policymaking, such as the taylor rule. all numbers of the fed oppose that. ast friday, the fed put out monetary policy report with a long essay about why rules do not work. so he is not a major player there unless fisher and yellen are gone next year and the whoident appoint someone would like that idea. guy: is he going to hold -- roll back regulation? has said the government should not be a player in the financial system, the government should be a refer