i hear from credit unions and community banks every day. i heard from west community credit union in missouri who wrote, quote, this one size fits all approach is simple minded and has real consequences. we are making changes that will negative changes to help them meet their equity needs. and we know that a number of banks and credit unions have had to leave mortgage lending because of the regulatory burden. and there is city credit union in wisconsin who said, quote, small credit unions are dropping every day. unless we get immediate relief, there won't be any left. that would be tragic for our members and the very fabric of our country. please help us and help us right now. i have good news. help is on the way if we can get a good solid vote this afternoon. he c.e.o. of commonwealth bank in tennessee thade there are fewer community banks than there were a few years ago. unless changes are made that will provide some relief to america's hometown banks. again, we are hearing this plea every single day. and so there is good reason why h.r. 4

these are local banks, credit unions, regional banks. the banks supporting 0 your main street. providing small business with capital and sponsoring little league baseball games. i grew up in little league like many members did here and softball leagues and so forth and right there in center field was that citizen's state bank signed, where they every year were involved in that effort and in that community. yet, for nearly eight years, those same smalltown entities have been hammered by big government regulations enacted by the dodd-frank act. credit unions, community banks, regional banks, were simply not responsible for the financial crisis of 2008, period and none of the draconian rules made them more safe today than they were in 2007, mr. president. these onerous rules have subjected the same regulations supply costs to small lenders as are on the major four or five banks. overall it's projected that costs have risen and mr. president, i think it's much higher than that. i met with a regional bank just this morning from georgia, and their costs-- their compliance costs have

banking union might take more time. i think that there is one component where i believe the members are almost there. and that is this common fiscal backstop in case of bank resolution which would be welcomed. if bank falls then the backstop has to be able to operate, if needed. it's going to be a bit more gradual, i hope it will happen is on this issue of the common insurance --common fossit

two is the banking union. three is essential capacity that signals to the rest of the world that are shoulder to shoulder together and they will face the next crisis with that rainy fund we're advocating. >> under three points, especially on the banking union, capital markets union. it's been in the progress. it's in the making. will we get a real commal market -- combat market union and banking union in our lifetime? >> in your lifetime, yes. in mine, probably so. in tom's certainly. i think those are the two most likely to happen. capital markets union i think they are getting very close. i really do not think that they should set the aim at closing and completing the job only when the bankruptcy law has been harmonized between the member states. that will take a long time. my suspicion is that they should set a few targets that would operate as a common basis, a common platform. many elements are there already. common prospectus. standardized documents. but they need to go a little bit further. i think it's

will get a real capital markets union and banking markets union in our lifetime? your lifetime, yes, in mind, probably so. in tom's, certainly. those of the two most likely to happen, capital markets union and i think we are getting very close. i really do not think we should to closing and completing the job only when the bankruptcy law has been harmonized between the other states, because that will take a long time. my suspicion is they should set a few targets that would operate as a common basis, common platform. many elements are there already, common perspectives, standardized documents, accessibility to the entire markets, but they need to go little further and i think it is particularly the case given what's happening on the other side of the channel. going to happen, whatever the transition in terms afterwards, some of the financing activity is going to move to the continent. i think it's important that the properly be joined and operated capital market union. banking union might take more time, but i think there is one component where i believe the membe

since the financial crisis, we have lost one commoont bank or credit union a -- community bank or credit union a day. mr. hensarling: i yield the gentleman an additional 30 seconds. the speaker pro tempore: the gentleman is recognized. mr. loudermilk: in georgia we have lost more banks than any other state in the nation, and today 52 of georgia's 59 counties do not have a community bank headquartered there and we have three counties that have no bank at all. the tailor act is simple. it's a commonsense idea, and i stand in full support and i encourage my colleagues to join me in supporting this commonsense act to right size regulations for our small banks and credit unions and i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas reserves. the gentlelady from california. ms. waters: may i inquire as to how much time i have left? the speaker pro tempore: the gentlelady has 10 minutes. ms. waters: thank you very much. mr. speaker and members and to my colleagues on the opposite side of the aisle, i'm going to take a couple of minutes to bore you. i'm go

bipartisan support to w a bill that would help with rules and regulations for the smallest banks and credit unions in the country. there's a real effort on the part of a l lot of us to come to terms, to come to agreement, particularly aimed at those banks, the community banks and the regional banks. i have three, i mean, my state, senator portman state and mine are the only one set of three regional banks, the banks that are 50, 100, $150 billion, huntington, keycorp and third. this bill started off the way but it's gotten to be something else and do something else is that this bill seems to me and many of us more concerned with the largest banks in wall street that does with community banks. and there are lots of things that could come out of this bill. the bill gives regulators weigh too much flexibility, regulators like mulvaney and corals and others. it vest more power in fsoc him something the republicans didn't want to do until they got regulators like people like that that are much more likely to side with wall street that the white house is increasingly looks like a a retreat for wall stre

small banks and credit unions have suffered dramatically. we have lost many of our banks and credit unions across this country, and a i indicated earlier, very few new ones have started up because they simply cannot meet the compliance burdens of being required to meet regulatory requirements that are designed in the first instance for huge banks. what we need is a regulatory system that recognizes that there is a difference between a community bank or a credit union in a small community and a megabank on wall street that is doing its business globally. and we need to have our regulatory system tailored so that the risk -- the risk posed by a particular financial institution is taken into consideration in the regulations applied. that's what this legislation seeks to accomplish. and like i said at the outset, i'm very glad that we have had broad support for this. now, i'd like to take a minute and go over some of the specific provisions in the bill. the economic growth, regulatory relief, and consumer protection act is aimed at right-sizing r

and the smaller banks, the credit unions, the community banks, even the regional banks have been hammered. we are losing credit unions and, more specifically, consumer -- excuse me -- community banks across this nation at an alarming pace. and the reason, the primary reason is the phenomenally significant increased regulatory burden that they face. i've had colleagues of mine -- i've heard colleagues of mine on the floor in the last couple of days talking about specific community banks and credit unions in their states that have had so much pressure put on them, so much burden and financial cost put on them by the excessive regulations that they have either gone out of business or stopped issuing mortgages, just stopped doing mortgage business, or stopped doing loans of certain types that are beneficial to our small businesses. and so the real victims aren't even just the community banks and credit unions. it is the people, the people who want to get a loan in their local communities and who are entirely worthy of getting a loan to buy a house. but their credit unions and community banks

and it's one of the reasons why on average we continue to lose one community bank or credit union a day or every other day in america. this should not be happening. but ultimately, mr. speaker, it's not the banks and credit unions we're so concerned about. it's their customers. it's customers like missouri mom michelle who explained to us how frustrating it has been for her 20-year-old daughter with a full-time job to get a loan to buy her first car. again, her daughter has a first-time job, and as michelle explained to us, quote, it's a catch 22. you need credit to get credit but no one will give you the credit to begin with. i would like to see our young adults be able to build the credit they need so they can have a decent future. mr. speaker, it's for people like michelle and her daughter that we need this regulate review. it's why we need the bill from the gentleman from georgia. these are the people we're trying to help. or like ann in wisconsin who's trying to get a loan to remodel her attached garage when her son was born and she said, quote, my husband and i have very high cred

european finance ministers have been discussing proposals to create a banking union. heller of an unknown acquisition of a more closely integrated europe. here isn't summit on integration is scheduled for march twenty third and some analysts say the threat of a global trade war will boost momentum. although there have been signs of growing support for the plan countries like germany and ireland remain wary of exposing their own banks risks in other weaker banking systems. we have to admit is he still had issues a divergence which we'll have to be overcome in the coming weeks but i'm confident that we're now working with solid fofoundations should. the banking union is an important topic accordingly we will work hard to deliver on its we've made it clear that for us risk reduction must come before risks are equal pay long. hollywood it like most other industries has been under particularly certain in recent months up for its gender pay gap. apparently not even the q queen hersesf is exams. netflix is a knowledge of the acactress who played the title role in its hit ser

strong bipartisan support to bill that would help with rules and regulations for the smallest banks and credit unions. there is an effort to come to agreement particularly aimed at the banks and the regional banks. i have three that are important huntington, key core unfortunately the bill started off but it's got to be something else. the something else is that this bill seems to me they were concerns with the largest bank that it does with community banks. there are many things to come out of this bill. it gives regulators to much flexibility. it has more power something the republicans did not want to do until they had regulators that were likely to side with wall street. they look like a retreat for wall street executives and these are the people that are going to be doing the regulations of this bill. the republicans and democrats alike are concerned about the bill are opposed to it. people like dan the governor at the federal reserve in charge of federal regulation. paul walker federal reserve chair, sarah bloom and gary gensler, sheila, president bush phil angeli days has a good analysis of wh

but will he get a real capital market union and banking union in our lifetime? our lifetime, yes. in mind, probably so. in time, i think so. i think those are the two most likely to happen. capital markets union, they are -- they are getting very i don't think they should set the aim at closing and completing the job only when the bankruptcy law has been harmonized between member states because that will take a long time. so much suspicion. they should set a few targets at basis,,as a common platform. many elements are there are ready. common perspectives, standardized documents. need to go a little bit further. and i think it is particularly the case given what is happening on the other side of the channel. the fact that brexit is going to happen. what is the transition period, the terms afterwards? some of the financing activity is going to move to the continent. i think it is important the euro area be joined as a properly regulated union. banking union, might take a bit more time, but there is one component where i believe the numbers are almost there. and th

but with regards to the third pillar and the missing link of the banking union, which is the let'san rance scheme, also don't forget and baron mind that there has been quite some harmonization across the european union. right now, each and every bank account for customer is insured up to 100,000 euros, which is a very -- in pace. you for joining us. a member of the executive board of the bundesbank in frankfurt. chances of ae deal. this is bloomberg. ♪ newsad: a bit of breaking coming through from the chinese ministry of commerce talking about the moves to buy the united states to strap tariffs on chinese goods. just a response coming through that china will be able to handle trade protectionist measures while they say that the u.s. trade measures are typical of protectionism itself very very quickly saying that what we for here is actually waited advanced economies here. it will cast a shadow on the global recovery. is coming through from the ministry of commerce there in beijing. let's turn to japan where the drugmaker takeda is looking into a deal with shire for $50 billion. this c

, will we get a real capital markets union and the banking in our lifetime? your lifetime, yes. in mine, probably so. those are the two most likely to happen. capital markets union, i think they are getting very close. i do not think they should set aim at closing and complete the job only when the bankruptcy law has been harmonized between other states. my suspicion is they should set a few targets that operate as a common platform. many elements are there already, common standardized documents, access to the entire market, but they need to go a little bit further. given what is happening on the other side of the channel, the fact that brexit is going to happen, whatever the terms afterwards, some of the is going totivity move to the continent. it is important that the euro area be a joint properly operated union. thanking is going to move to the continent. market might take -- banking market might take a bit more time. one thing i think is there is this fiscal backstop, which will be very welcome. where it is going to be more gradual is on this issue of the

do you really think that german banks are going to sign up to a banking union to stop italian banks whenspending open? you know, i think that is... you are taking a longer view, talking about 50 yea rs' taking a longer view, talking about 50 years' time. right, in the broader context you have seen the collapse of the centre—left across europe, which is really down to the fa ct europe, which is really down to the fact that the social democratic parties have not defended the welfare state as they had previously, and they squeezed it as a way of paying for, you know, the outcome of the 2008 financial crisis. and this is the price. they've allowed these populist parties to come up with a similar type of, you know, platform off, you know, we're going to give you, we're going to give you a social spending programmes that, you know, harks back to a decade ago, even though we can't afford it. i mean, look at italy now. it's got the second highest debt to gdp ratio in the eurozone. 130% to gdp. so the idea that they can put shared with those spending programmes is very unrealistic. they have to h

look at the plan to have a banking union in europe.o sign up to a banking union when italy is dominated by politicians which have decided to blow budget spending? you are taking a longer view... right, in the broader context, we have seen this collapse of the centre—left across europe. which is really down to the social democratic parties not defending the welfare state as they had previously, and they squeezed it to pay for the outcome of the 2008 financial crisis. they have allowed these populist parties to come up with a similar platform, you know, we are going to give you a social spending programme which harks back to a decade ago, even though we can't afford it. look at italy. it has the second—highest debt to gdp ratio in the eurozone. 130% to gdp. well, they have to have another election. and i'm so pleased you said what you did. i really needed somebody to say that. because i am sick and tired — i mean, ukip, this institution, where is ukip today? if we are talking about those continental results, picking up on what stephanie

because of their small size, community banks and credit unions have a more difficult time complying with the excessively complex reporting and paperwork requirements. compliance costs have hastened bank closures in small towns leading to a growing number of places with no bank branches, meaning not having financial services for consumers. nationwide more than one in five u.s. banks have disappeared. that's 1,700 -- more than 1,700 institutions or more than one bank every business day. think about that. more than one small bank orb financial institution every business day that has shut down since dodd-frank was enacted. that means less access to financial services for consumers across this country, particularly those that don't fiscal cliff our large urban areas. since dodd-frank was signed into law, north dakota has lost one-fifth of its credit ounce declining from 47 in 120 to 35 to date. the number of community banks in north dakota similarly dropped 90 in 2012074 today. these institutions have been forced to merger and consolidate due to the overly burden p some compliance process ass

very, very little in this bill that reaches to the megabanks or the bigger banks and, in fact, the primary focus is on credit unions and community banks and the smaller tier of our regional banks. again, it addresses the fact that many of us have talked about for years and that is that although a regulatory system today was passed and enacted in terms of alleging that it was to address the abuses on wall street many of the targets and recipients of the impact of the bill of the regulatory system were smaller banks and credit unions and the like. that did not have the capacity to deal with it in fact did not present either the business models for the risk models that were required to deal with on regulatory basis. this bill seeks to right size the regulatory system in our country and to allow our community banks and credit unions to nourish and by doing so to provide the necessary and appropriate access to capital and to credit that the people who live in our communities should have. with that let me stop and throw it open to questions. >> [inaudible] [inaudible] >> first of all the level is set at 250 billion, as y

two is the banking union.sential capacity that will signal to the rest of the world that they are shoulder to shoulder together and it will face the next crisis but that rainy fund we are allocating. progress,been in hopefully get a real capital markets union and banking union in our lifetime? >> in your lifetime, yes. ne,mind, probably -- in mii probably. i think those are the two most likely to happen. capital markets union, they are getting close. i don't think they should set the aim at completing the job only when the banks have been harmonized between the member states, because that will take a long time. so much suspicion. they should set a few targets at operate as a common basis, a common platform. many elements are there already. perspectives, standardized documents. they need to go a little bit further. theink it is particularly case given what is happening on the other side of the channel. brexit is going to happen. whatever the terms afterwards, some of the financing activity is going to move to t

and the small banks right hand and credit unions are fewer. we are losing on average a community bank or credit union every other day in america and as we lose them, mr. speaker, so do we lose the hopes and dreams and desires of our constituents of so many hardworking americans. who deserve to buy that car. who deserve to be able to own their own home. who deserve after working so many years on the assembly line to finally capitalize their own mall business. but none of this is going to happen unless we actually tailor this regulatory burden to the size and complexity of the financial institution, something that in many respects was promised by dodd-frank but not delivered by dodd-frank. and so i'm very, very happy that today we have yet another bipartisan bill from the financial services committee that is aiming to promote economic growth to help our hardworking americans again achieve their american dream because half, half of this country is living from paycheck to paycheck. and we need to ease that economic anxiety so we've got to make sure

it's in the making, but will we get a real capital markets union and banking union in our lifetime? ime, yes. in my lifetime, probably so. om's,me's -- in t certainly. capital markets union are getting very close. i do not think they should set their aim at closing and competing the job only when the bankruptcy law has been harmonized between the member states because that will take a long time. targetsuld set a few that would operate as a common basis, a common platform. many elements are there already. need to go a little bit further. i think it is particularly the case given what's happening on the other side of the chana, -- channel. the fact brexit is going to happen. what is the transition period and what will happen afterwards? i think it is important that the euro area be joined properly operated capital market union. banking union might take a bit more time, but i think there is one component where i believe the members are almost there and that is this common fiscal backstop in case of bank resolution, which would be very welcome because of a bank falls, then the backstop h

in order to provide meaningful relief for consumers, community banks, credit unions, mid-size banks, and regional banks, i urge my colleagues to waive this point of order. the presiding officer: the senator from vermont. mr. sanders: i would ask my colleagues to support this point of order, not only from a deficit perspective but to tell the republican leadership here in congress that we want a serious debate on the serious financial issues facing the american people, that we want the ability to bring forth amendments, not just my amendments, a lot of good amendments on both sides, that at this particular moment rather than just deregulating some of the largest banks in america, we need to protect consumers. we need to protect ordinary americans. we need to have a real debate. so i would hope very much that people -- members of the senate support my resolution. mr. daines: mr. president? the presiding officer: the senator from montana. mr. daines: mr. president, i spent 28 years in the private sector before entering public service. in fact, in 2010, i was working at right now technol

bloomberg's michael mckee in the g20 summit in buenos aires about moving towards a thinking union. >> banking unionp priority. we are engaging in a very deep discussion among member states. -- which means to be completing the union, the three pillars will be a great achievement. >> do you think you have made progress on risk sharing ahead of the june meeting? put theve to perspectives together. important the cross action of member states today. we are at the lowest portion in our countries. andsame scene on the final citiesl position with and the level of normalization has to be the lowest degree ever, and this is very important to note because this is a result of structural reforms in many countries. reforms we made at the level. so we have to take that on board in order to face further risk .haring measures we made yes, the goal in june is to have a more detailed roadmap and the plan to the future. we are certainly going to reach an agreement on the sequencing of the reforms, and on the way to reformat them over time because we know it is an asset. for the ecb choice still has criticisms because

and the future of the banking union.is to say about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am nejra cehic in london. rules and returns goes into the

i'd love to support the community banks and make this a bill about community banks, about credit unions, even about the regional banks like the ones in my state that generally do the right thing. huntington and fifth third and key bank. but this bill, listen to the "wall street journal," big banks get a big win in senate rollout. this is about those four banks i mentioned -- j.p. morgan chase, wells fargo, citigroup. these banks hold more than half of all industry assets. they are a pretty big darn part of our economy. we are doing things for them as they are profitable, as their executives make millions, excuse me, maybe tens of millions of dollars, as they are doing stock buybacks to make more money, we are not dealing with the infrastructure, not dealing with the opioid crisis, we are doing nothing here about guns, but we have got time, we have time to do a lot for america's largest banks. these are banks whose collapse with this deregulation, these are banks whose collapse could harm -- could cause ripples across the world. together, these countries -- the country's biggest banks to

farmers, ranchers, small business, vulnerable communities, americans need community banks and they need credit unions. but dodd-frank is making it harder for these institutions to survive. millions of americans from rural areas to inner cities now find themselves in what researchers call banking deserts. fortunately, help is on the way. thanks to the leadership of senator crapo, democrats and republicans have joined together to cosponsor a modest but important bill that would streamline the obstacles tripping up these smaller institutions. it's a commonsense compromise measure and senators do not need to resolve all of our differences on dodd-frank in order to unite behind it. i look forward to voting to pass these reforms very soon. now, on a final matter, as i've discussed, a number of america's largest employers are already reinvesting their tax reform savings in bonus, pay raises, and new benefits for their employees. higher take-home pay, lower tax rates are helping families cover today's expenses and save for the future. in nebraska the lincoln journal star reports that hometown companies, nail

, particularly on the banking union side represents theoves that need to happen. , the cardse not seen fall post the formation of the german government, and how much that aligns the bundestag with the macron agenda. that is a key moment in the sustainable path for the european financial system in 2018. cross-border mergers, why they are not happening, you cannot move money across borders in europe as easily, and you should be able to. beon: correct, and that will solved if we get a banking union. do we want consolidation innocent reo where 10 years ago -- do we want consolidation in a scenario. matt: simon, you will join us on bloomberg radio. you can hear more from simon french there, chief economist, panmure gordon. coming up, our exclusive aramcoew with the saudi ceo. matt: 30 minutes into the trading day. let's get your top headlines. stocks soar. after theerns abate worst week in two years. we have the best date in two years in the u.s. on s&p 500 and another -- a number of other indexes. gains of 1% across the board in europe he read

independent community banks and credit unions have been hit hard by dodd-frank's wrongheaded approach to financial services regulation. in 2016, janet yellen said when it comes to bank regulation and supervision, one size does not fit all and rules should be tailored to different types of institutions such as community banks. the tailor act will do that. and reorient our regulatory structure and free up our lending institutions to increase investments in our communities creating jobs and opportunities for americans. his rule makes in order h.r. 4263 the a+ improvement act. this was passed by congress in 2012. while regulation a has been around for many years there was a cumbersome process to raise money from certain types of investors. the process is so inefficient that most startups avoided it all together. regulation a plust raised the amount of money that entrepreneurs could raise in their fundraising round. it also changed the type of investor that could invest in a startup. prior to the jobs act essentially only accredit teds investors to participate. the problem is that accordin

again we need to stabilize the euro states there are no differences between the questions of the banking union and the capital union and there are now new ideas for guarding an investment budget for the social democrats signing this deal in some ways is a real success because they will control more powerful ministries in this it ministration than they did in the previous one but of course there are many people in their party who aren't really happy about going into coalition with merkel and her christian democrats again but the man who's going to be the new finance minister all of shots well for him the priorities with these on this doc will have to make progress in those areas that concern it real policies like in foreign affairs security refugees and migration and of course all those questions that have to be answered when we look at organizing our economy and finances the new government will actually take office on wednesday when angle americal will be the first of the ministers to be sworn in following a vote in parliament and she will take office again for the fourth time in a parliament

things like banking unions. in principle, they have accepted. reality, they want everyone to agree that you must have risk weightings for sovereign debt and limits. well italy can never sign up to that. so their red lines are not exactly in the same place. i think we will get a few things of eventually. i think they will agree to diverse some of the eu budget and create a european investment on. this will be macro economically insignificant, but they can at least claim they have is european investment fund. and i think they can involve the esm with some kind of surveillance mechanism. and they are in favor of that because they don't like having the commission to the surveillance. there are other countries that get a say and they would rather have an independent body. but evolving the esm into a different lending body is hardly a game changer. how effective do you think merkel is going to be on this tariff issue? obviously, the u.s. has made a big deal out of it. german cars face a 2.5% tariffs and u.s. cars face a 10% tariffs when shipped to ger

200th birthday of friedrich, the german who founded the rural cooperative moment -- movement of banking unionsis has spread to many other countries and is in use today. reporter: these two farmers are members of germany's oldest cooperative. in 1898, their forefathers banded together and started a cooperative that built and operated a flour mill. one farmer could not have done it alone. >> the grant from our region, is very course. it was difficult to sell to nearby dresden. there was little profit, so they said we need our own mill to process the grain, then make the bread as well. reporter: the mill and the bakery have ensured a thriving business for the farmers for many years now. some 17 businesses are part of the successful cooperative. the idea of a cooperative goes back to friedrich wilhelm eisen. he promoted it as a way of overcoming poverty faced by farmers in his region. since then the idea has spread to other parts of the economy. new industries like sustainable energy have also adopted the model. most cooperatives work on a majority rules basis. all members can have their say regar

we believe it is possible to reach agreements, especially on the banking union.has been agreed among other states that this is a priority. there are practical agreements and strategy issues of the next couple of months. on a practical agreement with regards to integration, i want to talk about money laundering in light of what happened with latvia and the potential impact on the ecb. ift is the best way forward you want to centralize the enforcement of anti-money - laundering rules. -- rules? >> indeed. that is what the european commissions is right now looking at. europeantrong anti-money-laundering framework. enforcement is largely national. will hold more possibilities for national competent authorities to court make their work, to exchange information. we must look at what we can do further. this is an issue that is being raised by ecb and from european commission currently. we are assessing this. may negotiating brexit, she says she will not seek passporting for financial services. you surprised by that? the fact that you want to include this in any free tra

now on another matter, yesterday the senate took a big step forward for the community banks, credit unions and other small lenders, on which communities across america rely for access to credit. on a strong bipartisan vote, we passed senator crapo's legislation to streamline the dodd-frank act so that regulators, regulations intended for wall street place less of a crushing burden on main street. next up is legislation to combat sex trafficking. debate on this issue will begin today. it might be easy to imagine sex trafficking doesn't happen here. it would be easy to pretend that it's only a problem in other parts of the world, but that is dead wrong. trafficking is a crisis right here in the united states. from 2010 to 2015, the national center for missing and kphroeuted children -- exploited children children saw reports of suspected missing children an eightfold increase. last year more than 85 cases were reported to the national human trafficking hotline, and senator portman has been inforge all of us throughout -- informing all of us throughout his tireless work on this issue sex traf

and personal honors include the asian-american local heroes award from kqed and union bank. welcome to the show. antonia grace glenn: thank you so much for having us.

banks. we want to help credit unions? let's help credit unions. we want to help raoepblg tphals tphals -- regionals like fifth third? why do the biggest banks have to say give me more? let's take wells fargo. what has wells fargo done to deserve an ounce of leniency? that is a bank that created northern 3.5 million fake -- created more than 3.5 million fake accounts. it illegally forced unwanted auto insurance on customers and charged homeowners improper fees to lock in their mortgage rate, so why would we want to help them with this bill. last week the bank disclosed more problems with its money management unit. why do we want to help wells fargo with this bill? it's a bank that outsources jobs. 600 call center jobs have been sent overseas by wells fargo in the last year. why do we want to help that bank in this bill? for those lucky enough to keep these jobs, it is a bank that mistreats its workers punishing them with a high pressure sales culture and some of them lost their jobs as a result. yet this bank, like the other big banks, they want mor

and the future of the banking union.y about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am they rich a hitch in london.

and the future of the banking union.say about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am nejra cehic in london. rules and returns goes into the regulatory challenges and

community banks and credit unions play a vital role in our economy. smaller lenders provide more than 50% of small business loans and nearly 80% of agricultural loans. but they're struggling to keep their heads above the tide of complicated regulations and compliance costs. many are going under. and when they do, research shows that access to capital for small businesses, farmers and ranchers shrinks. senator crapo's legislation helps fix this. it tailors the regulation so small businesses aren't caught up in the web aimed at the biggest banks. senators have and still have a wide diversity of views on dodd-frank but all of us should at least agree that wall street and main street are very different and that one size fits all is a poor way to address this issue. i look forward to voting to pass this bill later on today. and now one final matter, this afternoon president trump will visit a boeing production facility in st. louis. he'll hear from local business leaders about how tax reform is giving them room to invest more and hire more. missouri's seni

two is the banking union. is a central capacity that signals to the rest of the world that they are shoulder-to-shoulder. >> reports from london say deutsche bank is considering candidates to potentially replace c.e.o. john cryon in tensions between him and supervisor board. they have approached goldman sachs head of international operations, he's thought to have said no. others said to be on the list m mersier.n pierre it jumped to the highest since 2006 according to estimates by the new york state comptroller. the bonus pool topped $ 1 billion as employment in the sector dipped slightly new york city. bonuses rose as profits from broken dealer operations of member firms approached $25 billion, the most since 2010. global news 24 hours a day powered by more than 2,700 journalists and analysts in more than 120 countries. i'm paul allen, this is bloomberg. haidi: thanks for that. kim jong un is said to be an a surprise visit to china in what would be his first known trip ince taking power in 2011. asia reporter

headquarters to finland from sweden in pursuit of a more hospitable regulatory climate inside europe's banking union. shares down by roughly three quarters of 1%. vonnie: let's get some more perspective now on the markets here and there with the chief investment strategist. he joins us from boston. what is your read on this selloff? and generally the volatility we are seeing? continuesh rack overnight and it seems to be contained to parts of the market that are either concerned with increase in the regulatory burden or something specific as it relates to autonomous car's for example. makes sensehat this in the context of an uncertain interest rate and inflation environment. how thenty around fiscal policy package is going to impact interest rates and economic growth. sharesrs are repricing and trying to determine where we go next. on balance i think the fundamentals remain strong. vonnie: let's have a quick look at ny fang index on the bloomberg. curious because you keep seeing the turnaround it's as if investors don't want to believe the selloff is real in some of these tech shares. what happens go

and the future of the banking union. markets:o bloomberg rolls on returns.

two is the banking union.s the capacity that will signal to the rest of the world they are shoulder to shoulder. alisa: bitcoin has fallen more than 8%, sliding below $8,000. the latest decline pushes the loss this month to 25%. it is now below the 19 point $19.5 thousand dollars. google said it would implement a ban in june. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. i'm alisa parenti, and this is bloomberg. thanks a lot. let us get a look at your markets in asia and new zealand. trading is underway. 0.8% at the moment. $72.98.ar flat at pressure is coming off of the riskier currencies. you had a one-month low when it came to the u.s. dollar index overnight. cindcindy futures robust. -- sydney futures robust. looking around the rest of the markets. you're seeing the yen is one of the only gains overnight. pretty steady as the negotiations of the irish border and brexit continue. reminder of the u.s. 10 year yields. 2.85. robust for the most rece

i mean, the banking union, from their point of view, it's not been slow, but the union is nderway.ncine: we also have this agreement coming on wednesday, is the u.k. going to be better off on wednesday or thursday than it was two weeks ago, or is it broadly the same? emma: the transition deal is an achievement. it was signed off by the leaders, but it is certainly an achievement. what's been interesting over the last few months is how businesses have gone from saying, you know, we must have a transition, sort of policy, it's what we need, to sort of looking a bit and saying, actually, because the trance i guess isn't legally binding until the final withdrawal deal is sealed, that somebody some businesses are sort of thinking that it's not terribly useful. and so we've had the bank, the u.k. banking lobby has reached out to regulators and say can you provide us a bit of clarity? can you say the transition is sort of almost legally binding and for a lot of businesses, they're going to continue working on their contingency plans because the transition nice to have. but it rather postp

if we want to help regional banks and credit unions, let's help them. foreign banks shouldn't get another handout from american taxpayers. never. i note the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: mr. mcconnell: mr. president? the presiding officer: the majority leader. mr. mcconnell: i ask consent that further proceedings under the quorum call be dispensed with. the presiding officer: without objection. mr. mcconnell: i ask unanimous consent the senate be in a period of morning business with senators permitted to speak therein for up to ten minutes each. the presiding officer: without objection. mr. mcconnell: i ask unanimous consent the secretary of the senate request the return of the papers with respect to h.r. 1207. the presiding officer: without objection. mr. mcconnell: i ask unanimous consent that when the senate completes its business today, it adjourn until 10:00 a.m. tuesday, march 13. further, that following the prayer and pledge, the morning hour be deemed expired, the journal of proceedings be

bipartisan bill makes targeted, commonsense fixes so it will provide tangible relief to community banks and credit unions so that they can lend to borrowers in rural america and support rural communities. it leaves in place rules and regulations that hold wall street accountable. in fact, the big banks aren't necessarily happy with this bill because it doesn't benefit them much, and when we ask the current regulators, such as federal reserve chairman jerome powell, he basically has said that he believes that the bill gives the regulators the tools they need to continue to protect and prevent against financial collapse. let me say how the bill doesn't help the largest institutions. it does not make any significant changes to the regulations facing the largest wall street banks so that they continue to be reined in from causing havoc to the financial system like they did during the financial crisis. it does not make any structural changes to the consumer financial protection bureau. it is allowed to continue to protect consumers. it does nothing to weaken or repeal the volcker rule. the only institutions w

-- future ofing the banking union. welcome to bloomberg markets roles --

and the future of the banking union.ay about europe's future and further integration. welcome to "bloomberg markets: rules and returns." i am nejra cehic in london. rules and returns goes into the regulatory challenges and oprtit