for "nightly business report," michelle cabruso cabrera. >>> being reported that president-elect trumpeceived a phone call from taiwan's president to congratulate him on his victory. it is a thorny issue, because the u.s. cut off diplomatic relations in 1979. the risk angers china, our top trade partner, which considers taiwan a renegade province. >>> and still ahead, tech stocks have not rallied like the rest of the market, and that may be why our market monitor is buying names in that sector. >>> a federal reserve official today defended the wall street reforms known as dodd/frank. governor daniel tarullo criticized a republican proposal to replace those regulations, and cautioned against 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 fir