secretary mnuchin. "the washington post" reporter who just broke that significant development is next. >>> plus charges filed against the rioters who stormed the capitol including the man seen in nancy pelosi's office. >>> and ted cruz the senator is desperately trying to rewrite history hoping everyone will just forget what he said again and again about trump. taking me. it's so far. (young woman) don't worry about it, grandma! this will be fun. two chocolate milkshakes please. (grandmother) did you get his number? (young woman) no, grandma! grandma!! (grandmother) excuse me! (young woman vo) some relationships get better with time. that's why i got a crosstrek. (avo) 97 percent of subaru vehicles sold in the last ten years are still on the road. love. it's what makes subaru, subaru. get 0% for 63 months on select new 2021 models now through february 1st. with hepatitis c... ...i ...best for my family.my... in only 8 weeks with mavyret... ...i was cured. i faced reminders of my hep c every day. i worri

it follows pressure from secretary steven mnuchin. haslinda: old -- senate runoffs will determine the balance of power in washington. finalnal result, or results may not be known for days, or even weeks. rishaad: saudi arabia surprises with a miller -- taking a look at the equity session. drifting to the downside. to having a look at the asx 200, down by over 1%. nikkei 225 lower. turn onw is this you chinese delisting which is creating market confusion. marginallyso negative. moment is a at the decision by saudi arabia to make that cut in output. that sent crude above $50 a barrel. bitcoin also marginally higher. u.s. dollar index also to the upside after some falls. we have the dollar falling again. we got a decision by opec to curb supply. that stock rebound in the u.s. not really at the moment playing out in this part of the world. haslinda: that's right. president trump upping the ante, signing a new executive order banning transactions from eight chinese apps. for more, let's bring in stephen engle. first off, what do we know ab

steve mnuchin is independently wealt wealthy. it looks like he will be okay.hearing from his friends. he will be going from coast to coast, he will spend some time in hollywood. his wife is an actress. he's probably going to start his own hedge fund, or fund, or a spac. he will do something like that. he's going to have potentially a lot of clients because he did a pretty good job as treasury secretary. again, known entrepreneurial entity. the other guys will have a hard time. it's going to be harder for mick mutulvaney or larry kudlow to start a hedge fund. if they want to filter back into corporate america, that's where this thing gets tricky. now, i think it's totally unfair. mulvaney was an excellent budget director, a really smart guy. he did a good job keeping the genie in the bottle which was working for a very volatile president. larry kudlow is an excellent economist, he did a very good job pushing for economic policies that were very good and kept the economy, by the way, not only kept the economy strong pre-covid but post-covid stopped it from going

who has the same in this, the fh fa, mnuchin, the likelihood he releases something in terms of broadines that he thinks the future of freddie and fannie should take, how far this goes, i do not know, i've been told the preferred shareholders may not like and maybe overwhelmed is the word that i use by what he's going to do which probably means there's awkward to be -- and probably means they won't release it from conservatorship, it is unclear is what's known the network sweep all the prophets that will never go back to the treasury would stay with fannie and freddie and he may call for that eventually, it is likely according to the bankers to be broad strokes about recapitalization and basically put them on the road if the biden administration wants to release them, that is where we are right now, i see a situation where they do in the network sweep, i don't know if he's going to go that far, i've been told this will be mainly broad strokes but broad strokes can be that, this is the week where the rubber meets the road and he squinted to decide if he could do anything, i say if beca

it will be the last thing that mnuchin and calabria do, at least mnuchin, before he leaves office.lly ends in 2024. he may be out sooner, but that's where we are right now. then the biden administration, biden is going to approach housing a lot different. they are going to want expansive housing policy so they will probably want to keep fannie and freddie where they are and make -- and help banks make more loans to homeowners. that's where we are right now. again, unclear exactly where they are going. i keep hearing if you are a shareholder don't get your hopes up too high on something that is massively shareholder positive. but we have to see when it comes. again, the rumor is tonight, after the bell, but who knows. it could bleed into tomorrow. back to you, liz. liz: charlie gasparino, thank you so much. all right. we have suddenly taken a leg down on the dow. we are lower by 65 points. we are coming right back with our "countdown" closer. . . keeping your oysters business growing has you swamped. you need to hire. i need indeed indeed you do. the moment you sponsor a job on inde

let's start with treasury secretary steve mnuchin. perhaps best known for posing in this photo with his wife at the u.s. mint looking like comic book villains. mnuchin started his tenure in the trump administration by misleading the public about the republican tax bill and ended it by pulling the plug on essential lending programs in the middle of a pandemic. meanwhile, commerce secretary wilbur ross has mostly managed to fly under the radar when he can stay awake. but his finances have been under federal investigation for years. he served on a chinese board while running the disastrous u.s.-china trade war. and he's leaving office while being investigated for possible census malfeasance. former director and secretary of state mike pompeo brought this country to the brink of war with iran a year ago, and he's spending his final weeks in the trump administration trying to boost his own political reputation for a possible future presidential run. then we have mick mulvaney, o and b director, probably the most ominous part of his life ca

we're getting some breaking news on treasury secretary steven mnuchin.jabbers with the details. >> that's right, a senior administration official is telling me and confirming the report that's been out there that treasury secretary mnuchin told the new york stock exchange that he did agree with their reversal on chinese stocks you saw the reporting earlier today that the new york stock exchange had said it no longer intends to delist three chinese telecom giants that itself was a reversal of an announcement that was made last week and there's some confusion now over just where the u.s. crackdown is on these chinese firms and the nyse the senior administration official telling me that, in fact, mnuchin told the new york stock exchange he disagrees with their decision on those chinese stocks we're pushing for more details >>> separately, i'm told that the nyse, according to one official, acted on its own on this and now appears to be reversing again. so it looks like there's some confusion and perhaps a new moving target in terms of what the policy is rega

the latest reversal follows pressure from treasury secretary steven mnuchin.aidi: assessing modest gains after the s&p 500 recovers after the worst new year start since 2016. energy shares surged as saudi arabia shoulders more output cost. plus, georgia is in the spotlight in a runoff election that will determine the balance of power in washington. the final result may not be known for days or weeks. haidi: and the uncertainty of that result, the makeup of the senate and bidens policymaking all weighing on markets overnight. tradingwhen it comes to in u.s. stocks and wall street. but take a look at the set up in asia. .6%.y is coming online, up a sliver of gains. kiwi stocks are not trading after a long weekend. we were up by .8% after news that slowly some of that international board of restriction is being lifted. going into queensland, of atially the revival little bit of tourism. about .2%.down by $50 a barrel on a tighter center -- tighter market scenario being outlined by opec. thethis is the story, whiplash story of u.s. china relations and the new york

the latest reversal follows pressure from treasury secretary steven mnuchin.

treasury secretary steve mnuchin told them today that he disagreed with their reversal earlier. i want to talk about chips. qualcomm ending the day up 2.5%, announcing that the president will be taking over for steve mollenkopf as he retires as ceo. that was a fairly unexpected move. what kind of reaction did we see in the market? ed: a longtime engineer. steve mollenkopf said that he knew his decision to retire would be seen as early in any event. and he said that the company is in a good place. elsewhere, we got news from micron, raised from a cell to a buy. lots of confidence that sales will rebound and micron will be a big beneficiary of that. on the whole, the philadelphia semiconductor index is continuing on in 2021 very much as it left off last year, which is to outperform major indices including the s&p 500 index. emily: thanks so much for that update. we will talk more about the chip sector later in the show. polls close in georgia in just under two hours. election observers reporting that voting is going smoothly in today's senate runoff. we already know there have bee

the main street lending program and if you go back to what we were doing in march and april, where mnuchinet some treasury money up, i don't think he ever wanted to lose that money. he wasn't a risk taker. i think she is willing to risk some money to drive this economy and further small companies and equality. lisa: peter, you were talking about how on the whole, things are reasonable, especially with this policy backdrop that is incredibly accommodative on the fiscal and monetary side. but is it reasonable, going back to the penny stock surge, for people to be in chat rooms ganging up on short-sellers for fun? it seems almost out of boredom, and drawing institutions for the game, for the sport, and that's it. peter: i think it's partially become a betting thing. $500 on the bills, see what happens. you are seeing some of that. though i do think the shorting action is even a bit more sophisticated, i think it starts with out of the money buying of call options. then you see this buying pressure that starts squeezing the shorts, and is that price goes up, all of the people with money call o

secretary mnuchin and the lector -- and director calabria took steps in the right direction. while i would have preferred going further, at least there is an end to the automatic profit suite, there is the opportunity to build up capital -- sweep, there is opportunity to build up capital, and there are rules to limit the acquisition of the riskiest loans by the gses. have you had a chance to look at these reforms, and have you determined that you would support leaving them in place? >> senator toomey, it is a very important matter. nothing is more important to the future of housing in the united states than what we do with fanning and fretting. any to look carefully at what has been put in place, and we need to find a solution that has bipartisan support, and to work with congress craft an approach -- congress to craft an approach. >> you commit to developing and releasing reform principles both on the regulatory side as well as the legislative side? >> we will certainly give priority to studying this issue and coming up with ideas about what should be done. >> just quickly t

there, and as distasteful for the people out there who voted for joe biden, but people like steve mnuchins going to be ending up on wall street and his own fund that he resurrects again or somebody else's fund, and there are a lot of people out there, brian, who are happy that the corporate tax rate was cut from 35% to 21%, and steve mnuchin and gary cohn were responsible for that. >> and they better be happy now, bill, because you know, it is going to other way in the next year or two, and we will find out. great piece there in "vanity fa fair" as you know. >> thank you, brian. >> and now we go to kayla tausche. >> well, becomes the majority leader in the senate, he started to outline his top legislative priorities and the first order is considering a new covid relief proposal, and we are expecting the details from the president-elect this week, and schumers say that the democrats in the senate expect to introduce a proposal with key elements. first, increasing the amount of the direct checks to $2,000 per person, and second, the additional funding for vaccine distribution, and third, mo

secretary of the treasury, mnuchin. what is it? is it about success in business later? do you believe in this? do we have the list? i know it because i know it. the way it goes, secretary of state, secretary of treasury, secretary of defense -- the acting secretary of defense. i don't know what authority he may have. but he certainly has to answer for where the national guard was yesterday. then attorney general. attorney general barr, do you subscribe to the presidency of donald trump after the act of sedition he committed yesterday? next, postmaster general. that is when our founders put it together. interior. the list goes on. ask each member of the cabinet, do they stand by these actions? are they ready to say in the next 13 days this dangerous man can do further harm to our country? an assault on our democracy, on the first branch of government. those who we spoke to yesterday, why would he not, as the acting ag, say this is wrong? there are some courageous republicans who are speaking out. i salute secretary of defense bill cohen and others. other defense secretar

three sources familiar with the matter, secretary of state mike pompeo and treasury secretary steven mnuchin are among the cabinet seconds who last night held informal conversations with their staff about the possibility of invoking the 25th amendment. among the conclusions reached in these conversation as cording to my sources that the process could take longer than a week to play out diluting its impact that it's not clear which secretary could vote on such a move and that pulling such a lever for the first time in history could further stoke tensions among trump's base doing more harm over time than good in the short term and i'm told by these sources that the plan as of now is to let the clock run out. earlier today the secretary of agriculture sonny perdue was asked if he had been contacted by other cabinet members about the 25th, he said he had not and he did not expect to and just this evening there were reports that vice president mike pence also does not support invoking the 25th amendment and should note a state department official denied these conversations took place and secretar

you had some noteworthy exchanges with her predecessor, steven mnuchin. what opportunities do you see for working with secretary yellen in this new administration? >> as you know, i worked with her as she served as the floor chair -- fed chair. so i know her very well. we have a great relationship. she is a woman of impeccable integrity. she has great respect. a great resume. great experience. she has been working, voluntarily somewhat, between powell and mnuchin as we have tried to put together what our needs are for the small businesses. i'm very pleased about her support. she believes that now is the time to put a lot of money into the economy. if we are able to target money to the needy and to all of our families who are out of work, that money will be spent right away. it will go back into the economy. with the economy needing to be triggered, this is how you do it. you put the money out there. you give it to the families that are going to spend it. they're not going to put it in the bank. they're not going to save it. they're going to spend that mon

the president's cabinet include the secretary of state mike pompeo, his treasury secretary steve mnuchin wilbur ross, the commerce secretary, sonny perdue, alex azar, i forget the current number but around ten. thank you margaret. bring in david, on that matter of the 25th amendment, margaret said it's early stages of discussion but how would it work? >> way it works, it's usually used in circumstance where a president might be going under anesthesia in a temporary way to remove the president from his duties when he can't perform them for a period of time. but also could be used when the vice president and majority of the cabinet decide the president is unable to perform his duties as president. they transmit a letter to the president protempore of the senate. and until and unless the president submits a letter saying he is able to do his duties and at that point can continue on or they can do another letter, go to congress for vote and need 2/3 of each house, with two weeks to go, it's about the same as perform nerm as a barber, nothing's gonna beat my shave. especially for guys who ten

suggesting she would support negotiations on an international framework unlike her predecessor steven mnuchininvestors are betting on that stimulus package passing through congress quickly, so yellen's remarks gave a bit of a boost to wall street. stocks in the u.s. have closed higher. tech companies lead gains, pushing the nasdaq up 1.5%, the nasdaq -- dow jones rising about 100. we saw the major european indices closing lower. unions have organized protests and a one-day strike at send a fee a day after it confirmed it would cut 400 jobs. the company is planning some 1500 additional job cuts across europe. it has insisted the decision won't impact its ability to create new drugs. sanofi has been working with glaxosmithkline to come up with a vaccine against covid-19. union members protesting outside a lab in france said the job cuts were indicative of the firm's priorities. [speaking french] kate: the hero star train network is the latest business to warn that the pandemic and brexit have pushed it to the point of bankruptcy. the euro star has seen passenger numbers plummet over the past ye

the latest reports suggest treasury secretary steven mnuchin called the ceo of the new york stock exchangee taken off the exchange, so there is a chance the nysc might make a second u—turn after making a decision not to delist those firms. a p pa re ntly not to delist those firms. apparently they did that as there was some antiquity over whether the three firms were banned under president trump's order —— ambiguity. but now it seems clear that they are. honestly, the plot thickens. i will probably talk to you about this tomorrow. see you soon. will probably talk to you about this tomorrow. see you soonm is never—ending. stay with us on bbc news, still to come: 0il oil prices soared on tuesday. we will explain why. the japanese people are in mourning following the death of emperor hirohito. thousands converged on the imperial palace to pay their respects when it was announced he was dead. good grief! after half a century of delighting fans around the world, charlie brown and the rest of the gang are calling it quits. the singer paul simon starts his tour of south africa tomorrow despite of

as bill mnuchin shows us, cameras were rolling. >> once again, this is the sheriff's department. this super spreader party is now over. >> reporter: all of the, new year's eve, only fox 11 was there as the l.a. sheriff's department broke up a massive house party on moonrise drive. hundreds of people who had been inside were given a choice, leave immediately or face a citation. >> happy new year, mom, i'm on tv. i'm on tv. what channels this is? >> coming into the new year, like wow. >> other party doors weren't happy to see us. some were detained and arrested, and one large wad of cash was recovered. two guns were also. las the says they have to be a buzz kill to protect safety during our current covid search could >> we are actively enforcing the super spreader, so that we can protect against covid. >> reporter: fox 11 is at another large new year's eve party in downtown l.a., that l.a. sc also broke out. >> you have got to come out, let's go. >> reporter: hundreds were ordered to leave what appeared to be a new year's warehouse party, even bigger than the malibu one >> let's go

the president's cabinet include the secretary of state, mike pompeo, the treasury secretary, steven mnuchinwill beross, sunny purdue, alex azar. margaret brennan, thank you for your excellent reporting. i want to bring in david becker because he is a constitutional law expert. david, on that matter of the 25th amendment, margaret, of course, said it is at its early stages of discussion, but how would it work? >> so the way it works, it is usually used in a circumstance where a president might be going under anesthesia in a very temporary way. it is a temporary way, usually, to remove the president from his duties when he can't perform them for a period of time. but it also could be used when the vice president, and a majority of the cabinet, decide the president is unable to perform his duties as president. they transmit a letter to the president, and at that point the vice president becomes president until and unless the president himself submits a letter saying he is, indeed, able to perform his duties. then at that point, the president can continue on, or the vice president and the major

i talked to secretary mnuchin today, who is in israel. no one will fully understand what he and others have brought to the table. so to those who believe you , should leave your post now to make a statement, i urge you not. to robert o'brien, you have been a good counsel to the president, a steady hand. i have been missing your phone calls. robert, stay on. to those in the national security apparatus, we need you now more than ever. so i embrace joe manchin's , statement. i talked to joe this morning. he has called for those around the president to stay in place to ensure we can have a peaceful, efficient transfer of power. why do i say joe biden is the legitimate president of the united states? because he got the most votes, the states certified him the winner enough to get over 300 electoral votes, and all you need is 270. to my colleagues who objected yesterday, you didn't do anything illegal. the law allows you to do what you did. i respect your ability to do it. i disagreed with what you were trying to do. one member of my conference

secretary of the treasury, mnuchin, what is it, is it about success and business later, or is it -- do you believe in this? do we have the list? i know it because i know it. then -- the way it goes is saint -- secretary of state, secretary of treasury, secretary of defense, the acting secretary of defense. i don't know what authority he may have. but he certainly has to answer for where the national guard was yesterday. secretary of -- then attorney general. attorney general barr, do you subscribe to the presidency of donald trump after the act of sedition he committed yesterday? >>> watching nancy pelosi, obviously on the left. news conference at the capitol, also on the right chuck schumer, current minority leader, soon to be majority leader of the senate, also meeting reporters, or essentially making the same argument, that members of the trump cabinet should now begin to move to invoke the provision of the 25th amendment that would allow the removal of president trump from office. we'll continue to monitor both. let's go back to the pelosi news conference, however, and we'll keep y

he said of course treasury secretary steve mnuchin up to th hill and democrats and republicans assumed that he was representing the will of the white house. t then the president got mad, got mad at the fact that he the one thillg that he was r talking about and had talked about was bigger checks for americans, mainly because he a wantessage that he as the president was doing all he could do for amerins. but republicans didn't back him and that to me is something really remarkable when you lk at the house vote. they were able to pass this $2,000 check bill, but largely republicans were the ones who were opposed to it. athat tells me thats the president is still having enormous influence over the republican party, that there are policy limits that republicans are wilo go to bat for when it comes to the president. that to me tells me that in leaves office as he will leave office, he will be able to still have influenc over theic republan party. he will have a big fundraisi base and be able to wield some power there. but in termsf actual positions that republicans take, i think it's intere

one or two lines coming through from cnbc about stephen mnuchin on the 25th amendment, discussions withstate mike pompeo. haslinda: let's get back to the energy sector, oil at the highest level in 11 months. joining us for more analysis in the energy space is rebecca babin from cibc private wealth management. good to happy with this. happy new year. oil above $50 a barrel, thank you very much for that new year's gift from saudi arabia. can remain at that level? rebecca: that is the question everyone has. the game saudi arabia is playing right now is that they see demand in the first quarter of 2021 is going to be compromised by lockdowns, and they do not want to put themselves in a position like they were in the first wave of the pandemic, where they are reacting after demand falls. so they preemptively cut, knowing demand is going to be weaker. and they were very aggressive about it. it looks like what they have done can keep the market and balance as long as the second wave doesn't accelerate past the first quarter of 2021. if we continue to see demand not recover in the second half,

wall street banks, the cares package, currently all of this money into the treasury, which is steve mnuchin. he has $500 billion in localization funds purposely used to prop up the stock market. 90% of the people in this country do not have a significant portion of the stock market. all of this cares money has gone to the stock market. you heard that guy talking about bitcoin before. i know it. i watch the stock market every day. this is the biggest bubble since 2000. it has exceeded 1929. nobody is talking about all of these trillions upon trillions of dollars that has gone directly to the wall street banks and they are using it to goose the stock market. how do you have the biggest pandemic in our history, with millions of people filing unemployment every week. the financial crisis was only 700,000 people. it never got higher than that. this is the most important story that has never been reported over the last seven months. the federal reserve is backstopping the stock market, not just backstopping it, but dropping helicopter money on it. nancy pelosi has admitted it on the house floor.

wall street banks, the cares package currently put all of this money into the treasury with steve mnuchin, he has got 500 billion in the exchange stabilization fund which is purposely used to prop up the stock market. 90% of the people in this country do not have a significant horse in the stock market. all this cares money has gone to the stock market, you heard that guy talking about bitcoin before. i know it, i watch the stock market every day, this is the biggest double sense -- bubble since 2000. nobody is talking about all of this -- trillions upon trillions of money that has gone directly to the wall street banks and they are using it to boost the stock market. i mean, how do you have the biggest pandemic in our history with millions of people filing for unemployment every week. the financial crisis was only like 700,000 people and that was the peak, it never got higher than that. this is the most important story that has never been reported over the last seven months. the federal reserve is backstopping the stock market, not just backstopping, but dropping helicopter money on it t

we need to make sure those gains that lighthizer and mnuchin were able to get in the negotiations haced and strengthened by the new administration. tom: ambassador, thank you for your time, have a lovely evening there in iowa. that is the former u.s. china, and the longest-serving governor of iowa. haidi: tom mackenzie at that ubs greater china conference in beijing. >> coming up the ubs chief and top investment banker in the asia-pacific join us to discuss the outlook for markets and investment banking in china. kathleen: we will also ask a ceo for his view on china's health care sector, and another guest on the prospects for drone taxis. tune into bloomberg radio to hear more from newsmakers and get analysis from that daybreak team broadcasting live from our studio in hong kong. plus, via the app, radio or bloombergradio.com. plenty more ahead, stay with us. ♪ haidi: we are getting the japan current account balance numbers. reporting a current account surplus for november of ¥1.87 trillion, bigger than estimates of a surplus of ¥1.5 trillion. the adjusted november current account n

that is something we have not seen before, steven mnuchin, his former treasury secretary mark meadows, robert o'brien, his former national security advisor. so even out the door, trump a spending government money in an unprecedented way. just as he did going to his properties hundreds of times during his actual term in office. host: how did we get to having a former president act. what was the idea behind it? we think of former president's being relatively well-off, why did congress think that they needed a former president act? guest: because of harry truman. he did not start rich, he was a former have a -- or. a man of extremely modest means but not destitute. he left no white house and moved into the old family home. he did eventually get a book deal which got him a fairly significant amount of money, but this was somebody who could really benefit from post presidential perks because unlike many presidents, he did not have the means to finance in any significant way his own post presidential life. so donald trump can thank democrat harry truman for the perks he might or might not g

and we have to live particularly with the introduction by the fed, we have to say the mnuchin team with the buying programs stabilized the markets enormously. you are looking at a situation where we will have to have more fiscal support. clearly we have heard about biden's support focusing on relief first from covid, then longer-term on economic recovery. we are debating what is the right number, given 900 was put forth at the end of last year and approved. now we are looking at $1.3 trillion which is being debated. i think the reason the markets, you are puzzled why they are behaving the way they are, they are looking at this situation and saying, uneven recovery, uncertainty about mutations, vaccine distribution is mixed all over the world. there will be a recovery, and it will be led by china. we have seen that in the fourth quarter. whether the recovery is robust third and fourth quarter this year, we will get there, it is a question of when, and timing. fiscal will play the role as opposed to monetary. francine: are we underestimating the huge difficulties for the economies to adap

treasury secretary steven mnuchin cut short that seven nation tour of the middle east and north africaident trump says he's under zero risk of being removed under the 25th ammendment, but suggest joe biden could be. democrats are calling for the president to be removed from office after last week's capitol hill riot that left five people debt. his comments before and after the rally have led to a ban on many social media platforms and banks. the president rejects any responsibility for last week's storming of the capital, saying his remarks before the rally were totally appropriate. he said a new impeachment by democrats would be ridiculous and their efforts are stoking anger across the country. however, house republican leader kevin mccarthy, who has been a big proponent of the president, says he must bear some response ability for the violence last week. the pentagon says f-35 fighters used by the u.s. and nato allies remains marred by software and hardware issues that can hurt performance. it has 871 deficiencies, many of which were identified before the plane's development. that nu

they got crushed last night by secretary mnuchin. is that accurate?ink that's fairly accurate, tom. this executive order was rushed out. it's the type of thing that usually would have been from the get go -- tom: i don't mean to interrupt, it's 30, 40 paragraphs. it was not rushed out. it was chiseled out by president hisp in his an -- and anti-china advisors. that's a fact everyone can agree on. is this going to end with president biden? do we continue these ad hoc procedures with president biden? michael: it's going to be completely different under biden. this is the whole process of this executive order is unprecedented. tom: thank you. michael: clearly, in any typical administration, this would have come out with for guidance from treasury. ull guidance from treasury. they were passive in this process. what we have seen more recently is a bit of a return to normalcy in the sense that the agency that is actually executing this, treasury, has had to worry about market disruption and fill in the details. the biden administration will be much more pre

steven mnuchin has criticized the exchange's decision to give the companies a free.mber, trump signed an order requiring investors to pullout of chinese businesses deemed a threat to national security. guy: hsbc is up by nearly 10%. by 8.5%.is up european banks are pushing european markets up to 5100, the major beneficiary. we are also seeing declining stocks, a very solid day as well. a blue wave? we will talk about that in a moment. this is bloomberg. ♪ we are wrapping things up here in europe for this wednesday session. the session largely driven by news out of the united states, georgia officials say within the last few when it's -- minutes that jon ossoff may have a win beyond the recount margin. we have been climbing throughout most of the session, that picking up in the latter part. take a look at the grr on your bloomberg. the banking sector really seeing a huge rally behind what we are seeing -- some big names and i will show you those in the minute. the banking sector up by nearly 6%. in terms of how that breaks down across europe, london is taking the bigg

hope today, but she publicly also called out specific cabinet members including treasury secretary mnuchin. she also called out secretary of state pompeo as well. saying is this what you stand behind? we know that perhaps he has some political ambitions in the future. she also called the president dangerous. she usually speaks with conviction, but there was a tone in her voice that was determined. that there was a sense of urgency and that she was angry. she was pressed on the articles of impeachment proponent. how much tliem she give the cabinet secretaries. she would not give a time line but there is not a lot of time left. so she is hoping they do act have soon, katie. >> i just want to mention also that she is demanding resignation of the capitol police chief saying he has not called her and also the sergeant in arms. i want to ask you about your deeply reported piece on what is going on in the white house with the president ad libbing things in the video that he tweeted out that got him in trouble with twitter. and the repeated denials about who won the election, and barring the chief

vonnie: how will janet yellen be different from steven mnuchin or hank paulson?> she is fundamentally different and you saw that in terms of the reaction to her appointment. i cannot think of any other treasury secretary got immediate support from economists, from many politician on both sides of the aisle and from markets. that is because she is a well-known person with a very strong background. the other way she is different is that she brings a very deep understanding of the federal reserve to the u.s. treasury at a time when most people agree that the coordination of fiscal and monetary policy is going to be key. there is general agreement the time has come for a handoff. for monetary policy that has been carrying too much of the burden to fiscal policy. it's important to have someone who understands the important of -- importance of this delicate handoff. i think you will see that she will be able to manage this very uncertain time well because she comes with a significant foundation of knowledge and experience. that is particularly relevant to the challenge

secretary mnuchin and director calabro you of the f hha took some steps that i thought were steps in the right direction. while i would have preferred going further, at least there is an end to the automatic profit suite, the opportunity to build up capital through retained earnings, there is a capital target now for the gse's, rules that are meant to limit the acquisition of the riskiest loans by the gse's. have you had a chance to look at these reforms? have you determined that you would support leaving them in place? dr. yellen: senator toomey, it is a very important matter. nothing is more important to future of housing in the united states then what we do with fannie and freddie. i need to look carefully at what has been put in place. ultimately, we need to find a solution that has bipartisan support, and to work with congress to craft an approach. sen. toomey: ok. will you commit to developing and releasing reform principles for both on the regulatory side as well as on the legislative side? dr. yellen: we will certainly give priority to studying this issue, coming up with idea

with a accepted more under yellen than secretary mnuchin?aroline: yeah, i think in an environment where the fixed income assets are becoming a bit squeezed and you've got a lot of negative debt, there are certain buyers who need for various reasons or want to buy fixed income. possibly higher yields for longer-term than that probably would be attractive to people who are continually looking for ways to generate better returns, particularly within the fixed income space. i think the demand will probably be there. in terms of the need, as debt levels rise, there will be ways that need to be thought of as to how that is going to be funded and the best ways to do that. it will be interesting to see what yellen does in her new role. annmarie: caroline simmons sticks with us this morning. ubs global wealth management, staying with us this morning. let's get a recap on the other news. laura wright, good morning. laura: president trump has pardoned 73 people, including his former strategist steve bennett. bannon was being prosecuted for allegedly de

according to steve mnuchin, checks were in the mail last week. you should get them soon.rovided them to the irs for direct deposits, dana. >> it's great. they have to use the technology. thanks. and we're all just a little closer to getting our deliveries by drone. grady trumbull has more. hey, grady. >> hi, dana. faa rules are getting us a step closer to that. this chicago area startup is working on package delivery via drone. they developed this mailbox that is a landing platform for drones. that drone up there has a package in it right now. once it lands, this door will pop open and your package will be inside. it's not in the slot i was expecting. ripe walsh is the owner of this company. when will we see the drones? >> we'll see a lot of pilots starting up. it's going to explode the next three years. anybody in the country should receive by drone. >> will we see them flying up overhead or will they be up high? >> they'll be 200 to 400 feet high. could be relatively remove from our daily lives. >> could be a couple years before you get your own package. ups, amazon and

when we pick up the november 12 executive order and the secretary mnuchin saying there is no other wayo put it, what do you perceive january and february to be for united states foreign policy with china? david: the europeans have already giving us the heave ho and signed a comprehensive agreement on investing over american objections last week. alliesanese and other have signed the regional comprehensive economic partnership with china in asember, which was described a great victory for china. the capital flows and trade flows come into china and overwhelming the political objection. the only thing we can do to hold china back is to get our own economic act in order and have a stronger economy than they do. tom: one final question, and again think you so much on short notice for coming to us. the great silence has been on taiwan. if i give you a statement, taiwan after trump -- what will that look like? isid: the best case scenario that nothing happens, because china will not accept an infringement of a one china policy, which every u.s. president since nixon has signed onto, to the e

those folks might have to do what mnuchin is doing, it's easier for him that's what he did before coming at wall street at goldman sachs and works $400 million, he may not need the money, it's pretty tough stuff and the president is going to have a long article intended -- the new york times about the president's own issues on his brand of what happened last week which is going to be significant for him to sell stuff and put his name on things he will have an uphill battle as well. back to you. neil: charlie gasparino thank you very much, real quickly comments from chuck schumer who is saying there's individuals who remain a threat to the homeland and keeping an eye on them and he saying any of the insurrection to breach the u.s. capital should be immediately added to a no-fly list. more after this. ♪ pay off my student loan debt. they were able to give me a personal loan so i could pay off all of my credit cards. i got my mortgage through sofi and the whole process was so easy. ♪ express yourself ♪ ♪ express yourself ♪ ♪ express yourself keeping your oysters busihas you swamped. you nee

many zoom calls with black pastors and with people making sure they were in the ppp -- you fought mnuchin on that. i thought you had taken over civil rights for a minute because you were fighting about that. i have to give you credit on that. >> you came to me, reverend, along with franklin richardson, along with the national baptist chapters and saying no one can show up in church, these churches are going to go broke and they do so much of our social services helping the poor, feeding people, the elderly. the new law allows them to reapply again and given even more help. please spread the word, folks, tell your pastors, tell people in the churches and made much easier, it can pay the salary, the mortgages, the rent. and the idea you said came from me, it didn't. it came from reverend sharpton. i just happened to be able to get it done. >> well, you got it done. in a moment i'll be talking to the new chair, jamie harrison. earlier this month in georgia, as you said, helping you become the leader of the senate. so black voters can expect a lot from your considerable efforts. >> absolutely

the same time "the washington post" is reporting that mnuchin is expected to stay in his position throughout the enend of the term i guess the next two weeks will be ripe with risk of personnel how much are you watching that >> carl, i don't know what to say about this as with the question with jon, i think we're in unchartered territory. i was started my career as a congressional aide i worked in the rayburn house building and capitol the notion that those were occupied by americans is something so shocking and frightening to me. i look at this and i go, you know, what has happened to our country? and, you know this is entirely the fault of internet platforms. but this he have been enablers of all of it they've been enablers of covid-19 denial. and i look at this and something has to -- we have to freeze the trump administration so no harm can be done. then we have to get to the hard work of figuring out what do we want our country to look like? what do we want democracy to mean what do we want capitalism to mean we need technology to grow the economy. and i bl environment that it's time to