let's talk about randal quarles, the new quy talk about randal quarles, the new guy coming into the federaleserve. he is being seen as potentially quite friendly towards the big corporations? yes. i think the view taken is that the us authorities did a fairly good job of getting the banking sector back into shape after the crisis. a betterjob than we did here in europe. but some of the regulations have gone to the stage where they are worried about whether the cancer serve the wider economy, if it gets the economic growth that mrtrump wants. i if it gets the economic growth that mr trump wants. i think that's what randal quarles will focus on. weekly, looking forward, where the uc us banks going in the 6— i2 months? they have had a really good run in the last month. the sector is up run in the last month. the sector is up since the first ofjune and it is going higher. there are so many factors behind this. away from just the financial results, which are positive. 0k, thank you very much for your time. also in business this friday, who needs four wheels when you can have three? the tuk—tuk o

randal quarles, the new vice chair, you know that will come pup as well.loomberg. ♪ reporter: this is "bloomberg surveillance." i'm taylor riggs. pearson is selling its stake in penguin random house to its partner in the publishing unit. about% stake will go for $1 billion. this follows pearson's sales to the financial times. president trump has named randal quarles to be the federal reserve's taught banking regulator. he is expected to play a pivotal role in carrying out the president's pledge to ease regulatory constraints imposed on banks during the financial crisis. tom: thank you. right now we go to our michael mckee. both he and i have interviewed randal quarles any number of times. this is a new job. explain to our global audience how not only is he a governor, but a vice-chairman. i thought stan fischer was the vice-chairman. >> stan fischer is the vice-chairman of the federal reserve. this is a new position created in the 2008 dodd frank rule. the job was never filled under president obama, so he is the first to have the formal title. tarullo, lea

summer, a few rumored, but hard to tell exactly when nomination's coming. >> as far as this one, randal quarles rumor was swirling at the imf meeting back in washington and we talked to tim adams, as usual, the head of the iff, which is the group which represents global banks all over the world, especially the big u.s. banks, and he was very enthusiastic about this pick, says he has worked with him before in treasury, so he knows the regulatory regime, but also, he is very familiar with the banking sector and overall viewed positively in terms of deregulation, but not taking it too far and not too idealistic. >> but he's not tarullo, and it's a big step away from that. >> true. >> but i would stress another point sam made about, to get this regulation passed needs various interaction with lots of different regulators, and there are still lots of appointments to come and various bank ceos that i speak to do suggest, they're very encouraged about the tone of deregulation, but we are talking about 12 to 18 months away before we actually see it, even if it dubs have to go through congress. lots of

this week president trump nominated this man, financier randal quarles, for a leading role in overseeing at the federal reserve. he's seen as much more sympathetic to big banks. lots more in 20 minutes' time. also in business this friday: who needs four wheels when you can have three? the tuk tuk, or auto rickshaw, started life in italy “119117, but now dominates asian roads from india to indonesia to thailand. now indian manufacturer atul is punting the little machine as a cheap solution to africa's transport problems. it has set up assembly plants across the continent. we've been to one in port elizabeth, south africa. full details in world business report. don't forget you can get in touch with me and some of the team on twitter — i'm @bbcrachelhorne. james, have you been on a tuk tuk?|j was going to ask you the same thing! utterly terrifying. i would have liked a seatbelt. see you soon. in hungary, the right wing fidesz government has begun taking down thousands of controversial posters which portrayed the hungarian—born financier george soros as a threat to national security. the go

this week president trump nominated this man, financier randal quarles, for a leading role in overseeinge federal reserve. he's seen as much more sympathetic to big banks. ken odeluga is a market analyst at city index. thank you for coming in. let's start with the main bit, these results are coming out in a few hours, what are you expecting to hear? this is in many respects are holding water for the large six banks, we have these today and next weekend the last of the three. we are really only expecting growth in terms of earnings forjp morgan and citigroup. for wells fargo and bankamerica, they are more likely to report earnings which are flat compared with the same quarter last year. so really reflective of the fa ct year. so really reflective of the fact that generally speaking second—quarter earnings, first—quarter earnings are not necessarily the best banking earning quarters for the year, and really we are getting stronger results from jp morgan. susannah showed us some of the figures of where the share prices have been going up, notjust affected by the results put external factors

has: president trump nominated randall quarles to be the top banking regulator. your treasury official in the george w. bush administration and is currently managing director at a salt lake city-based private equity firm. he is expected to play a pivotal role in trump's plan to it easy regulatory concerns. secretary of state rex in the gulf to resolve the saudi led crisis in qatar. he will attempt to bridge the gap between the two sides. the crisis puts washington in a difficult position. qatar hosts regional headquarters of u.s. central command, well saudi arabia is a top buyer of american weapons. the 70 11th -- u.k. prime minister theresa may will call on her parliamentary opponents to help steer the country out of the european union, after losing status and power in last month' snap election. sin a speech she will stage her mission to tackle injustice and vested interests cc holding the country back. to also say her political enemies said -- should contribute and not criticize. ceo ayman nasa told a conference in istanbul that the outlook for oil surprise is

. >> reporter: nominating randall quarles to the top bank supervisory job, unfilled, technically, sincecreated by the new dodd regulatory reform rule it had been held by -- orreall dan tarullo, former fed governor had been serving as that governor as such, he will also be able to vote on monetary policy. it's one of three open positions at the federal reserve right now. randall quarles is a former private equity executive, who had been involved in buying small and mid-sized companies, investing in them as well as managing what looked like family money as well as other wealth management jobs he did there former treasury official involved with the g7 as well as reforming the financials, fannie mae and freddie mac, a trained lawyer as well as at the carlyle group. he is advocating change to dodd/frank, wrote an op-ed in t "the wall street journal" about breaking up big banks and criticizing low interest rates at the federal reserve he said, years of near zero interest rates have led to a rise in speculative positions as all financial institutions find themselves under intense pressure to s

late yesterday we got word that president trump would indeed nominate randall quarles for the positionderal reserve of vice-chairman of supervision, where he will oversee banking regulation. if confirmed, he would also become a member of the board of governors and sit on the fomc. when we spoke with quarles earlier on bloomberg tv he talked about his preference for a more rules-based approach to monetary policy. issue is, if that decision going to be a discretionary decision based on the individual assessments of people who are at the federal reserve at a particular moment or is it going to be -- is the federal reserve us monetary policy going to be more rules-based, is the federal reserve job going to be we will determine what the rule is, and the markets and then assessed with that rule is and from time to time we may change the rule, but while that rule is in effect, there will be certainty in the markets as to what the consequences of it will be. whether it's one man's decision -- it is nonetheless a decision, and the market uncertainty is driven by the fact that that decision will

randall quarles is supposed to be industry-friendly. >> yes, that's indeed correct.ntment has been really for several months, but it hadn't been confirmed until yesterday. that's surprising given that the post has sat vacant since the resignation last april. it comes at a critical time for the u.s. banking industry because president trump, as you alluded to just now, has made no bones of his contempt for the x extensive reregulation of the financial sector in the years that followed the financial crisis. the nominee quarles has made statements to the similar effect. he is, of course -- he runs a private investment firm and is a former partner of private equity bohemath carlisle. furthermore, quarles has mentioned that he thinks dodd frank, which is the response to the financial crisis, went too far. let's get over to silicon valley where snap shares have closed below their ipo price. yesterday they closed at $16.99. admittedly, only 1 cent short of the $17 launch price from last march. there's another blot on the horizon because on the 29th of july it's the first dat

whether or not the data is supporting president trump announced yesterday to nominate randal randal quarles a lawyer by trading. he's in a private equity now of a company called cynosure group. >> we don't know what he thinks. he said in the past that he supports modifications to dodd franklin and not the wholesale gutting of it as president trump indicated. here is what he said in the wall street journal about interest rates. quote, "years of near-zero interest rates have led to a rise in speculative positions across a wide range of asset classes. that would have been a meaningful comment if the feds was not already raising rates. what this is going to mean of the current makeup of the fed and policy, michelle >> thank you, steve. >>> breaking news, the senate is delaying its august recess >> eylan has that. >> reporter: in a statement that majority leader mcconnell says lawmakers need more time to work on healthcare and a backlog through nomination he blamed democrats for this delay. he said that there have been a complete lack of cooperation that's why they need to take the step all of t

announcing plans to nominate investment fund manager and former republican treasury official randal quarleswhat i mean? only one "l." >> what is that? >> interesting choice as the fed -- i mean, in terms of just not using -- overusing letters and everything else, i get it. brevity, things like that. why make it more complicated than it has -- you can see his name's randal, why do you need it it's not randall-l anyway, if confirmed by the senate, quarles would be the first vice chairman created since the financial crisis, but it was never filled during the obama administration. >>> and snap is moving lower and you like your take on this >> well, they created a position to supervise the banks they never filled it and now the guy who's finally going to fill the position to supervise the banks wants to supervise the banks less chris dodd and barney frank must be thrilled about that. >> right right. where are those two guys >> who knows but -- >> they're still around. >> i know. >> actually, i think barney frank is a cnbc contributor, or used to be >> by the way, he wants to roll back the volcke