all we're asking the cftc to do, mr. chairman, is to do the work to prove that the specific position on this they want to implement, should they believe one is needed, that they would have to go through regular order, their regular order, to make that happen. i encourage a yes vote on the amendment and i yield back the balance of my time. the chair: all time on this amendment has expired. all those in favor of the amendment by the gentleman from texas will say aye. all those opposed, no. in the opinion of the chair, the ayes have it. the amendment is agreed to. the gentleman from connecticut. mr. courtney: i ask for a recorded vote. the chair: the gentleman has requested a recorded vote. pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from texas will be postponed. it is now in order to consider amendment number 5 printed in part b of house report 115-3. for what purpose does the gentleman from wisconsin seek recognition? mr. duffy: i have an amendment at the desk. the chair:

it prevents the cftc from enforcing noncompliance with final rule. that includes more forms than were targeted. when we did the -- our part of the dodd-frank bill, one of the things that i thought was really not controversial was that we were going to try to find out once and for all who owned all of these swaps, who was on what side of positions. this is what caused the problem in the first place with the financial meltdown. when lehman brothers went down, we had a lot of them go broke, it created this big panic. a.i.g. didn't know if they could offer their -- cover their swaps or not. these firms that were trading didn't know who held what, what was going on. and that was the underlying problem. what we're trying to do is get some understanding of where everybody was in this market. when we were doing the bill, we made it very clear, i put in the legislation, that end users were not covered. that shouldn't have been an issue. so the problem with this amendment it looks like it's going to include more than just that. i guess again this is the final

this bill does not just re-authorize the cftc. it also makes important process reforms and targeted changes that help main street businesses continue to access the risk management tools they need to serve their customers. over the past four years, ex cue me, 4 1/2 years -- excuse me, 4 1/2 years, the house committee on agriculture has held almost two dozen hearings examining the commission and investigating the impacts that the dodd-frank act has had on drisktives markets. what we found is -- derivatives markets. what we found is that some of the rules have had unintended consequences for farmers and ranchers, manufacturers and other businesses who use these markets to protect themselves from uncertainty. our witnesses, many of whom are market participants, struggling to comply with burdensome rules and ambiguous portions of the underlying statute, were consistent in their call for relief. to address their concerns, h.r. 238 makes reforms that fall into three broad categories. customer protections, mission reforms and end user rel

at least interim replacement right now as far as we know from the cftc will be j.topher giancarlo. the sole republican member and he could potentially take over long term. >> more personnel and policy moves. jackie. thank you. >>> president-elect trump says gm will be hit by big border tax if it doesn't start producing the chevy cruze hatchback next. up next the mayor of lordstown, ohio, talks about how bringing those jobs back could impact his city. 54% of americans have a retirement account according to new data. coming up, we'll hear from two financial planners on how to avoid putting your retirement at risk in the future. you're watching cnbc, first in business worldwide. m ths)yo theg you do all this research on a perfect car, then smash it into a tree. your insurance company raises your rates. maybe you should've done more research on them. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claims centers are available to assist you 24/7. call for a free quote today. lib

the cftc has a lot less.e if there is any sort of repeal it will have to go to congress and that takes quite a bit of time. david: as a practical matter, what can the president do? is it a matter of regulation or who is enforcing it? >> what we talk to our clients is change the regulators, not the regulation. in the next several years, president trump has the opportunity to tap the head of the cftc, the occ, the fdic and the vice chairman of bank regulation for the fed. he can put his people in place and they can influence how they do their enforcement and their decision-making. what does that mean from a practical standpoint? this is the essence of what regulation is. are you lacks or do you enforce? david: your clients must be asking you, give yourself a bottom line. >> it is a wait and see at this point. we are really talking about a lot of ambiguity because we don't know what is actually going to happen. cker rule ise vol part of dodd-frank. in order to repeal it, you are talking about at least a year to

that much of the debate -- some of the debate was about the specificity with which we instructed the cftc to set up a regime in which to evaluate foreign jurisdictions. and it irritated the group. many of them voted against it because that's in the underlying bill that's there. i oppose the gentleman's amendment. i don't think it will require a referral to the intel committee. and while the vaunted ag committee would like to claim all the jurisdictions we possibly could i will not refer it to another committee. the end users and folks have been waiting to get this thing done. it's time for us to get it done. i urge my colleagues to vote against the motion to recommit. support the bill and i yield back. the speaker pro tempore: the gentleman yields back. the question is on the motion to recommit. those in favor say aye. those opposed, no. the noes have it. the motion is not adopted. mr. langevin: i ask for a recorded vote. the speaker pro tempore: the gentleman asks for a recorded vote. requested. ote is a sufficient number having arisen, a recorded vote is ordered. members will record the

is all going, because they are no the most optimistic that they have been in a decade, according to cftcto january 12 for. goldman sachs sees it at $60 per barrel. plenty of interesting indicators to drive trading today. manus: they get very much. -- thank you very much. we had the beginning of kuroda's news conference with the bank of japan, and he is telling the market that japan's cpi is at about 0%. growth is to exceed potential until 2018. he'll continue easing until cpi sees 2%. he says nobody believes this 2% target at all, u.s. yields and stocks have risen on hope for new policies in regarded donald trump. he will adjust the policy is necessary. dollar has yen is virtually unchanged. the yen has strengthened over the past two days, we will of course be speaking to mr. yen a little later on in the program, with kathleen hays, in terms of his view. a former japanese finance minister. u.s. stocks have risen on hope of new policies. details of u.s. economic policy are not clear yet. corrode it closely monitor the u.s. economic policy. -- can go to tea liv they are all giving their op

looking at report from the cftc, massive liquidations.ord net short positions held by so-called speculators in the bond market. so in terms of the selling, there's been a lot already. so one shouldn't look for another big move from here given the story i've just mentioned and the backdrop globally. >> jeff, i think you guys have been big proponents of having a diversified portfolio. what's the right amount as you look forward to this year? and how has that view changed if at all since the election? >> if you think about back on 2016 we say, well, it was a year when stocks were up, when bond yields moved higher and the dollar strengthened. but at midnight on election night none of those things were true. so i think we're still very early days in sorting out what the new administration means, what the new policy agenda means. i think at a very high level we should probably be careful not to overthink it. that an agenda that emphasizes increased nominal growth is not an agenda that in general is compatible with low rates, the kind that we've

he will have the heads of the headal reserve, sec, cftc resigned yesterday.arder for the industry, it will get a little more relaxed. david: how hard is it to be in the moment right now? when you are looking at what is possible and what could change in 2017, later in the month, perhaps, when congress gets to work on all of these things that donald trump has talked about, do fourth-quarter earnings matter, for instance? jason: you know, certainly it matters. fourth quarter for the banks tends to be a cleanup quarter. more importantly, january earnings calls, the outlook for 2017, the difference going into 2017 that you haven't had the last several years is the improved interest-rate backdrop. i think bunnies -- companies will be shy talking about lower corporate tax rates. until we get increased clarity on how those will play out. vonnie: what do you like in terms of the big eight? jason: we're generally constructed on the group in general. the stocks tend to move in tandem print when things get dicey, you see more differentiation. the money center banks in ge