but honestly, who doesn't like fdic? what's fdic? very simply, fdic is the thing that ensures that when you deposit money in a us bank, you won't lose that money. it's nice, right? bank deposits are insured by fdic. it's been true for like, what, a century? now the trump administration is apparently coming after that too, because what totally noncontroversial, effective thing in the us government do they not want to blow up? and immediately. so like this is just this is one day at a time, right? this is just one day. there's a lot to cover, but let's just let's just focus for a second because we can because we're capable of it. let's just focus for a second on what's coming up this week. this week on wednesday, we're going to get, for example, a confirmation hearing for howard lutnick to be commerce secretary of the united states. howard lutnick is not a well-known public figure. he's donald trump's friend, and he is trying to become commerce secretary while simultaneously serving as effectively the banker for a specific cryptocurren

that's not the role of the fdic. they should make sure our banks are safe and but they shouldn't try to implement policy by pressure on banks. you're investigating this. will you get a piece of legislation on the floor to deal with this? well, it's hard to deal with bad actors when we have when we have lois lerner to point out, when the fdic. it's hard to say. listen, going to legislate good behavior. i think you have to root out the bad actors. and we want to make sure that we have people who are believe in the mission of of safety and soundness and of the insurance policies that come from the fdic. and if and if they don't believe in that, they got to go. can i ask you as well about the flash crash of 2010? news reports recently that one person was arrested for the flash crash in 2010 where investors lost a lot of money. this one person who was arrested in london recently made a lot of money on that one day. are you going to investigate how one person could have that much influence over the market? i think it's int

who doesn't like fdic? >> what's fdic? >> very simply, fdic. >> is the thing. >> that ensures that. when you deposit. >> money in a us. >> bank. >> you won't lose that money. >> it's nice. right? >> bank deposits are insured by fdic. >> it's been true for like, what, a century? now the. >> trump administration. >> is apparently coming. >> after that. >> too. because what. totally noncontroversial, effective thing in the us government. >> do they. >> not want to blow up? and immediately. so like this is just. >> this is one day at a time, right? >> this is just one day. there's a lot to cover. >> but let's just let's just focus for a second because. >> we can. >> because we're capable of it. >> let's just. >> focus for a second. on what's coming up this week. this week on wednesday. >> we're going. >> to. >> get, for. >> example, a confirmation. >> hearing for. >> howard lutnick. >> to be. commerce secretary. >> of the united states. >> howard lutnick is. >> not a well-known public figure. >> he's donald trump's friend, and he is trying to. >> become commerce secretary. >> while simu

that's not the role of the fdic. they should make sure our banks are safe and but they shouldn't try to implement policy by pressure on banks. you're investigating this. will you get a piece of legislation on the floor to deal with this? well, it's hard to deal with bad actors when we have when we have lois lerner to point out, when the fdic. it's hard to say. listen, going to legislate good behavior. i think you have to root out the bad actors. and we want to make sure that we have people who are believe in the mission of of safety and soundness and of the insurance policies that come from the fdic. and if and if they don't believe in that, they got to go. can i ask you as well about the flash crash of 2010? news reports recently that one person was arrested for the flash crash in 2010 where investors lost a lot of money. this one person who was arrested in london recently made a lot of money on that one day. are you going to investigate how one person could have that much influence over the market? i think it's int

vonnie: you are also fdic chair? what do you expect under the new administration as far as crypto guidance and guardrails for retail investors? thomas: whoever takes the fdic will be much more open to deregulation and much more open to cryptocurrencies and the banks role in that. how much may be an open question. certainly there will be easing of the regulatory environment and i think that bodes well in one sense for banks earnings going forward but it also raises the ability of those banks to take on more risks and therefore we have more risk down the road should they become less well-capitalized and a little more risky. vonnie: looking forward to our next conversation. we will know more by then. former kansas city fed president. back to that breaking news. our own and reorder helping to break the story that israel and hamas have agreed to a cease-fire, bringing a temporary halt to the war in gaza according to people familiar with the situation. the agreement pauses more than 15 months of fighting that has all but d

and now, this incoming trump administration is going to appoint a new head of the currency, head of fdiceau, and appoint a new chair. and in a speech last thursday, the vice chair of the fdic pointed out that bosl end game should be capital improvement. think back to july 2023, they were talking about capital levels increasing 16%. we are going to have an industry that is heavily capitalized, which will enable them to be more refocused. we'll go from a regulatory environment. to one that is more soft to touch and more supportive of our banking industry. so that the banking industry can get more involved, blending into the economy, to help simulate growth. >> troy, if you're in the hall of fame, i will say this much against you. tangible buck will be $98. trading $248. that's north of two and a half times, which is levels we haven't seen probably since prefinancial crisis. i mean, can this just continue to grow? or are we running into some valuation problems? >> guy, i think you're right. there are some of the banks, and you put your finger on the one that is the most valuable of them all

brookings said on regulation and markets event on the future of financial regulation which we willt fdic chairman gruenberg here next week. but join me in thanking chairman ben him for his thoughts today the cftc.nd term and tent [applause] naud con] >> c-span, democracy unfiltered. we are funded by television company and more including midco. ♪ ♪ >> where are you going? or maybe a better question is, how far do you want to go? and how fast you want to get there? now we're getting somewhere. so let's go. let's go faster. let's go further. let's go beyond. >> midco supports c-span is a public service along with these other television providers giving you a front row seat to democracy. >> democracy, it isn't just an idea. it's a process, a process shape by leaders elected to the highest office and adjusted to s basic principles. it's what debates unfold, decisions are made in the nation's course is charted. democracy in real-time. this is your government at work. .. [inaudible conversations] >> good morning, i'm aaron, the chair and senior fellow in economic studies here at brookings insti

a patchwork of regulators and it is because of history going back with the cftc in 1922, the ftc, fdic and we know the story. yadda, yadda. it's unique and we have the a biggest markets in the world and each part or segment of the market has a designated regulator. this frustrates a lot of people and there have been discussions merging, even on the prudential and the market side. ultimately, i think it's a net positive, i think we need dedicated regulators for markets exponentially bigger than any market across the globe and as you pointed out in your remarks, it's critical for everyday americans, food on the table, mortgage rates, student loans, et cetera. the idea that we would fold agencies within each other when they had mandates, is a little careless and think hard about that before-- >> what should we do? i mean, digital assets-- >> digital assets is it in a unique situation you have legacy statute the commodities exchange act that addresses securities and commodities. these technologist, these assets have emerged we'll focus on bitcoin, that's technically under current law ident

one of them was the banking act of 1933 which created the federal deposit insurance corporation, fdic. then another act passed as a result of this was the securities exchange act of 1934, which regulated trade of securities on the stock market. any american who has a retirement account that includes stocks has been affected by the legacy of those laws passed in the aftermath of this investigation. on december 7, 1941, there was a surprise japanese attack on u.s. military base in pearl harbor, hawaii. there were thousands of people who died and many ships and planes that were destroyed. in the aftermath of the attack, americans wanted to know why america was so unprepared for this attack. after the war ended, congress decided to investigate. it created a joint committee which means members of both house and the senate and that committee looked into what happened before pearl harbor and why they were so unprepared and why the consequences of that attack were so devastating. i wanted to point out this item. this machine is called purple. it is one part of a machine created by the army si

there wasn't fdic. if you invested all of your money, you lost it. if the economy changed and about every 5 to 10 years there was a depression and every and every and between those depressions, there were recessions. so brown was not the only man by far who had many occupations during his life, but he always was a sheep rancher, and he was actually one of the most well renounced sheep and wool merchants in the country that he knew his his world. matter of fact. he took a trip to england to help sell some of the wool. he was in a consortium and he actually walked some the battlefields in england to get an idea. he studied military tactics. he had something in his mind that he didn't want a war happen, but he figured there was going to be some violence to get rid of slavery. and it turns out was right. just a follow up question. do you think there's kind of a between that and the claims grant was a failure? i says a farmer. yeah. if the tractor grass detractors, you know, look for anything weakness, then i think john brown was the same thing. he was a

heads of the fdic. as you get those people named and understand who those people are and views about regulation and perhaps deregulation, i think we will see renewed enthusiasm for banks. it is a game changer. one example is basel iii. it will increase in the order of tens of billions of dollars. if as some of the potential appointees for these regulatory bodies expressed capital neutral, that is tens of billions of dollars these banks will have to potentially give back in share buybacks or other activities. it is a huge deal for banks. i think that will be expressed over the next couple months. >> hugh son with earnings. thank you very much. >>> coming up on "worldwide exchange," the one word that every investor has to hear today, plus eetening the deal over s.a.l.t. the strategy to get tax relief for blue state homeowners. stay with us. we'll be right back. - right? - mmm... this store doesn't have agentforce, so an ai agent didn't tip off the stylist as to what i might actually wear. - yes. - oh. tha

also on financial services, bank capital another issue, fdic vice chair hill outlined potential basel game changes. what do you want to see in terms of deregulation and changes in capital with regard to financial services companies from your role overseeing that oversight? >> well, first, we want to make community banks great again. we want to think that public and private small, medium size and regional banks can have the tailored regulations that allow them to be competitive with the great large international globally systemic banks. that's a key point. so tailoring of regulations is important. the biden harris administration abandoned that practice. secondly, on the capital rules, i would recommend and i believe my colleague in the senate, tim scott agrees with me, that we should ask the trump administration to withdraw the basel 3 end game capital rule and repropose the whole thing with an eye towards being capital neutral, pro growth, and get our system back functioning in a much better way. our committee's the access to capital committee. and the biden harris administration in m

when the fdic bails out a bank or takes a failed bank and sells it, there's losses, that costs us, and a half ago or something, $2.8 billion. so we have a high interest in having a sound industry. we have to also have a high set of rules that are predictable, fair, understandable, clear, transparent, and people can understand the cost benefit of adding more capital, the extra capital correspondence we took on through the proposals would have stopped us from making $300 billion of loans. that's not good for america. the competition for the loans will generate the business fuel to help them go out and execute their business plan. we need a group of regulators who are sober, understand there's a long-term play here to get this done and done on a basis we can all agree with, and move forward. >> i know you've had a busy day with earnings, with having to talk to the analysts on the street and having a town hall with everyone there, too, but maybe you got a chance to listen to a little bit of what scott bessent said in front of congress. he is the treasury secretary nominee. some of the thin

because of history going back with the cftc in 1922, the federal reserve in 1913, the adhesive 33-34, fdic -- yada, yada, yada. we all know the story. upon what is it is unique. we have the biggest markets in the world and each part or segment of the market had essentially a dedicated regular. i know this frustrates a lot of people, a lot of policy discussions of merging different agencies even in the past couple weeks but from the prodigious side of the market site. >> alt-right i think it's a net positive. i think we need dedicated regulars for markets that are exponential bigger than any other market across the globe and as you pointed out in your remarks, so critical to everyday americans whether it's food on the table, fuel for home, traveling come interest rates for student loans and mortgages, et cetera the idea we would fold agencies within each other whenever such important mandates and responsibilities i think is a little careless that we should think very hard about doing that before we -- >> what should we do? i been digital assets are exploding, right? >> digital assets is a u

that if i get hacked there's no fdic. there's no nobody coming to the rescue.ve up a huge opportunity. right? i missed the gains. and i think about that. but at the same time, no, i, i would rather play in another space. yeah. that's me that's like that. >> and i run the risk of going against rebecca on this because i'm not a bitcoin. but. but wouldn't you argue that the market is determining a value. and wouldn't you argue that part of the reason it's rallied is because we now have enough regulatory approval, both implicit and it's been it's coming online. and that's really where the last 25% has been about. it will be supported by the regulators. >> it's interesting to see what what regulatory safeguards safety net is created. i once i see that that could change my view, but it's not there yet. and then the whole stockpile. look, the united states government already has something like 207,000 bitcoin. >> and they're not they're not going to sell the seized coin. and you're going to have balance sheets on corporations actually start to are you you could right.

some of these profit numbers are very high because they don't have the fdic fee they had to pay.emember, they had that sort of assessment in the last one. but overall, just pretty good fee growth. even bank of america showed net income growth, which not all of them have shown as the changing environment plays out. rates remain elevated, but they're clearly dealing with that very strongly. every source of revenue increased according to brian moynahan. we saw interest rate growth in deposits and lanes. >> interesting, though, you mentioned loan growth and credit card loan growth, only up one at b of a. whether it's about caution ahead of would-be tariffs, deep private liquidity, economic uncertainty, caution. that's going to be one to watch. >> we've seen a spurt of optimism from small businesses, and consumer loan growth has been a little bit better than commercial loan growth, but it sounds like the bankers think it's coming just given the fact that the overall outlook has been improving. the pnc guide doesn't capture any loan growth, zero loan growth, because it's been hard to f

. >> rebecca: you're with an fdic insured bank so your money is safe. >> robin: thank you.yle forman is here to talk about our gma pick after life. to the next. did they even send my lab work...? wait, was i supposed to bring that? then there's the forms. the bills. the 'not a bills.' the.... ”press 4 to repeat these options.” [chaotic music] [inspirational music] healthcare can get a whole lot easier when your medical records, care and coverage are in one place. at kaiser permanente, all of us work together for all that is you. >> george: we are back with award winning gayle forman. her book "after life" is our young adult pick for january. great to have you here. welcome. >> great to be here. thank you. >> george: so tell us about the book. >> it is about a 17-year-old girl amber crane. she is about as ordinary as i could make a girl. nothing spectacular or deserving about this girl. she rides her bike home one day, april of her senior year. or so she thinks. she's thinking about prom and graduation and her boyfriend, etc. riding home on her 10 speed. she gets home, thing

as you look forward they will replace the head of the control of the currency, the fdic, the consumerand now barr. you look at trump's first term, people in those seats were much more realistic and business friendly and bank family. that will be the case the second time around her as well. -- around as well. jonathan: gerard cassidy, getting the outlook. $94 billion. the estimate was $91 billion. sonali: the street was expecting this to be a lower number. the fact that they came in at $94 billion expected this year, this is a number they have raised over and over. this is the idea you will not see interest rates lowering as much as expected and you still have loan demand from consumers. jonathan: when we get the call later, one third on the numbers, one third on trump, one third on succession? sonali: yes, yes and yes. with the trump expectation, fine. lighter regulation means one thing. they have been hoarding capital in for those rules. how much of the capital can be unlocked and how much of it goes right back in the hands of investors with share buybacks and dividends? jonathan: la