the federal reserve's daniel tarullo is stepping down.r still is for now, the top regulator of wall street banks. he leaves in april. leaves the federal reserve in april. our next guest is very happy about this. he says tarullo may have done more to harm the american economy than any single person in the history of the nation. a little bit strong maybe. come on in, dick bove. we've got it that you don't care for daniel tarullo, a socialist that ruined the country, but now that he's going in april which banks stocks should i buy that's going up more in the future? tell us. >> i think very definitely if you take a look at the largest banks in the united states they're going to benefit very meaningfully from his stepping away. basically, i would buy, you know, bank of america, citigroup, i would buy jp morgan, i would even buy wells fargo, i would buy morgan stanley, goldman sachs. you've got the foot on the throat of the industry that's been removed. you don't realize, over 20,000 working at citigroup, over 20,000 working at bank of america

last week, federal reserve governor daniel tarullo announced he would be stepping down.appointed by president obama and became the fed's point person for designing new regulatory structures after the 2008 financial crisis. he talked about regulation and more in an exclusive interview this week on bloomberg daybreak america. >> you came in and a lot of things were broken. almost everyone would agree. what remains broken after eight years, in terms of the regulatory structure? >> i don't know that anything is so severely broken that we should worry about immediate consequences, but i think two areas on which we tried to concentrate over the last 80 years still need attention, and the first is the largest firms that have been characterized as too big to fail. there has been a lot of progress, but there is more work needed. secondly, the nature of the crisis in 2007 and 2008 reminded us that the nature of funding in a financial system in which traditional lending and capital markets are so integrated is just as runnable as the 1920's, when bank deposits were not insured. it

daniel tarullo who has worked at the central bank it's single 2009 did not give a reason for his departure. it gives an opportunity to reshape the board. and there are reports late today that the white house is not planning on taking its immigration order to the supreme court. last night, we told that you an appeals court upheld the block on the president's travel ban. >>> still ahead, is there potential trouble brewing in europe that investigators. >> investors need to pay attention on? >>> the food and drug administration approved a treatment for muscular dystrophy, a rare type that we've been reporting on. the drug is made by marathon pharmaceuticals and is the first to win fda approval. even though it has long been available outside the u.s. the new list price for the drug is $89,000. that is 70 times higher than its price overseas. the drug is not a cure but it has been shown to improve muscle strength compared with a placebo. >>> president trump's proposed wall along the u.s. mexico border could costly nearly $22 billion. as first reported by reuters, it could take about three and a

tenure, hehis appointed daniel tarullo who became the point person for a set of new regulatory structuresidn't repeat what happened in 2008. late last week, governor tarullo announced he would be stepping down and he is here to review now where we are now and where we need to go. welcome. we are putting this on radio as well. let's start with the big question. you came in and a lot of things were broken. everyone would agree with that. after eight broken years in terms of revelatory structure? know that there is anything so severely broken that we should be worried about it in the immediate consequence. but two areas in which we have tried to concentrate on still need attention and the first of largest firms that have been characterized as too big to fail. the has been a lot of progress there. but there is more work needed. secondly, the nature of the crisis in 2007-2008 reminded us that the nature of funding in a financial system in which traditional lending and capital markets are so integrated is just as runnable as in the 1920's when bank deposits were not insured. it is a different f

on wednesday, bloomberg's david west will interview daniel tarullo, the goto man on enforcing banking. you can catch that exclusive conversation at bloomberg " daybreak america" at 8:00 a.m. washington time. we will hear from the company's ceo next. this is bloomberg. ♪ cory: the russian state-run company with more than 300 servers of russian-made microchips to the interior industry. it is a loss for ibm. the shipments were placed -- replace equipment made by ibm and other foreign inventors. they were dropping microsoft for domestic made software after president vladimir putin called russian authorities to reduce their dependence on foreign technology. largest shareholder stand behind the security company and plans to buy more shares according to any email, which does not think it is time, according to the president, to pursue a sale. tookeo took me less -- over only last june. the rising threat of cyber attack on what it means to the company earlier at the goldman sachs tech conference. >> one of the things we did in the air force is we said, if an airbase got compromise, the one sta

meantime one of the top banking regulators in the country, daniel tarullo, resigning from the federalexpected to walk away from the job in april. the big question is, who president trump will put in his place? specifically tarullo was the guy big on regulating banks. >> be real clear, vice chairman of the fed is huge job for the markets and for the banks because it actually regulates the banks. it is the lead regulator for banks. if you get more free market person, guess what, bank stocks go up because they will loosen regulation. there are trio of free market people vying for job. a guy named david. [ be considered moist conservative. liz: ge energy? >> how does that make him -- >> ge energy was sifi, systematically important financial institution. he gets regulation they came under. number two, congressman from arkansas. free market. i would downgrade him because he doesn't want the job, one of leading free market guys in the market. former sec chairman. two people likely to get it not atkins. either french hill. that is interesting i went to french hill elementary school in yorktow

. >>> fire department again daniel tarullo is stepping down.arullo said he had a fairly strong presumption even before the election he would resign early this year and that the trump administration did not ask him to leave. >> i think this is a big deal. not only is he going to -- president trump going to get an opportunity to prove to now nominate a head of banking supervision on the fed. one very different likely than tarullo who pushed for higher capital requirements. but there are three open seats on the fed board out of seven. all have deciding votes to make monetary policy. >> i believe citi today has a cheat sheet on candidates. >> anyone stand out? >> john taylor, kevin warsh, and a couple others. >> so yes economists. we're learning the trump administration likes economists. >> that's what they're saying now. it's interesting on friday afternoon when the news of tarullo's resignation broke. >> stepping down in april so we'll wait on word for that. meantime, imf head christine lagarde said trump likely good for the economy in the short-

tomorrow morning, daniel tarullo joins bloomberg daybreak: americas. >> you are watching "bloomberg technologyeady turned -- has overturned a obama era anticorruption rule that would require oil companies to disclose payments to foreign governments. ahe first to take advantage of processor's -- -- poster puzder testified thursday. the senate confirmed linda mcmahon's nomination to lead the small business administration. she sailed through with a vote of 81 to 19. the white house will start public stores after months of shuttering the building to tourists, according to melania trump's visitors office. that usually stop tours during the presidential transition, then start them up more quickly. medicine square garden -- madison square garden has banned to charles oakley after a competition with security guards after the game. a reconciliation was facilitated by nb

is daniel tarullo stepping down a game changer?t tipp i think the main thing is the underlying fundamentals. robert: it could be less hawkish at the fed, although prior to donald trump selection -- elect ion, there was something seen about the low interest-rate environment that the fed was creating, there was something unwholesome about that. but when you think about it, he has a lot of people to a point and i guess they would be dovish. joe: you anticipate in my question, because prior to the election you would think that republicans were critical of the fed's dovish policies, but who wants to appoint somebody to the fed that is going to work cross purposes, especially when you are trying to get gdp near 4% year after year. robert: you have a background in real estate and what the high interest rates. the best interest of the economy in the long run is good economic growth and stable inflation. but really the thing that people do not expect of higher inflation and going through: clue might -- going to employment my those are not r

daniel tarullo out at the federal reserve.f the house financial services committee, republican from texas, congressman jeb hensarling. congressman, when this gentleman leaves in april we are told that that frees up the federal reserve, that they no longer have the chief banking regulator in place, and that the banks will be freed from the yoke of daniel tarullo. you're on the financial services committee. you chair it. what do you make of that? >> well, number one, the president, the former president, president obama never appointed formally anybody to this position. so you had dan tarullo, perhaps unlawfully filling the position, but what we've had here is essentially the federal reserve figuratively if not literally having a board seat in america's banks. so unelected bureaucrats can essentially micromanage our banks. they can allocate capital along political reasons. this is not a good thing. we need more capital in our banks to prevent losses but ultimately, we have had eight years of dan tarullo. we had eight years of ess

that traded sharply higher on the news that daniel tarullo is resigning from the fed has an april 5.nd some investors may think that will be good for the bank. less regulation in line with what donald trump has been talking about. about .25%. up not huge, but giving a move higher. we also have several big banks trading, a little of next action. bank of america and jpmorgan are down slightly, wells fargo and citi of higher. as for what could influence the financial sector more the news flow around the fed, in terms of resignation -- this is the 10 year yield over the last few weeks. it is down. what this tells us is bonds are rallying and yields dropping, that's typically not good for banks. it typically does not help with lending activities. financials was one of the top sectors coming out of the election on the idea that donald trump would be progrowth and this reflation trend we are starting to see of the next couple of days. the sector may have gotten ahead of itself. we hopped into the bloomberg and take a look at g #btv 572. this is the financial etf over the last five years. wi

opens up a space on boards of governors that president trump confill you are right maria this daniel tarullonk regulations banking regulations were written interpreted enforced, he goes, and i think president trump has a much freer hand to reform financial regulation putting new people on the federal reserve governors board i think going to do it out that is why banks stocks wouldn't up so much on friday. went up so much on friday, part of the reason market going up more this morning if you loosen up lending from the banks, in our economy, you might get more economic growth, that is what investors want, so this resignation to come in april dan tarulloi. big deal. >> i know you have more in 15 minutes we see you you "varney & company" how about this? "varney & company" 9:00 a.m. eastern after "mornings with maria" how about this stu. >> i believe that is the super bowl jersey. >> we've got right here on set going to talk about it bh we come right back still ahead a seat tet super bowl patriots owner robert kraft joins us to talk about his dinner with president trump, historic super bowl win.

daniel tarullo, the financial regulations are at the fed, just announced his resignation last week.oing to be something of a void at the fed until his replacement is named. what janet yellen comes out and says tomorrow in regard to keeping dodd-frank in place and in regard to making sure banks are still well-regulated is going to set the part of the tone for how she is going to interact with congress as dodd-frank changes are made . it is deathly something to watch out of this testimony. vonnie: that's our bloomberg reporter from our washington, d.c. bureau. you can catch chair yellen's testimony at 10:00 a.m. eastern tomorrow as we will take you to it live. i also want to point out a fantastic function on the bloomberg if you cannot get to the tv screen. you can always watch live television on your bluebird. type in the function tv . you get to the page where you can clip on bloomberg television and watch us live. tv is fantastic. you can follow along and send us a message. this is bloomberg. ♪ david: it is 1:00 p.m. in new york and washington and 2:00 a.m. in hong kong. i