governor daniel tarullo criticized a republican proposal to replace those regulations, and cautionedgainst simplifying the rules too much. >> i do not think there is a sound economic case for generally weakening the regulatory requirements applicable to the largest banks. and i certainly do not think the taxpayers should bear the risk that would be entailed by any such weakening. >> mr. tarullo added, it is critical we not forget our recent financial history. >>> the power of populism. brexit was the first surprise, followed perhaps by donald trump's election to recall victory. next country to face a critical vote, italy. and as julia chatterley reports from rome, this vote is viewed as a referendum on both political and economic change. >> reporter: in rome, choosing which pizza to order isn't the only tough decision fellow italians have to make this weekend. >> and it can be confusing, i tell you. like many italians, it's confusing. >> they will head to the polls on sunday to vote yes or no in a referendum on constitutional reform. the point? to reduce the size and power of the gov

and daniel tarullo, resident the erstwhile regulator -- who has been the erstwhile regulator, were probablye stay on to finish the term after they held the positions? usually not donald trump will name most of the federer maybe all of them depending on the others. >> what is a donald trump fed look like? what do they do, if anything? david: if you take the fed and say the model was academics, people who published textbooks and have expertise in monetary policy, and you move to businessmen, financial people, bankers, which for the unusual minority, do you change the outlook and the composition of policy? the answer is probably yes. julie: but how do you change it? david: i don't think we know. it is unfolding in real time and it will be real fun to watch. during the campaign he was accused of keeping interest rates too low for too long and being political that way. as a real estate guy he benefited from low interest rates. will the changes tune in office? david: i don't know what he is going to do. we will probably learned through a tweet. this is not a way to run monetary policy. but moneta