paul volcker said the volcker rule is more complicated than i would like to see. janet yellen said implementation of the volcker rule is frankly complex. president obama's fed governor said several years of experience have convinced me the volcker rule is too complicated. president obama's former comp troller of the currency said, quote, the volcker rule has been one of the most complex rule makings i condition remember -- i can remember being involved. in i'm not -- i'm now very happy to yield five minutes to the gentleman from arkansas, the bill's sponsor, one of the hardest working, most knowledgeable members on our committee, mr. hill. the speaker pro tempore: the gentleman is recognized for five minutes. mr. hill: i thank the chairman, appreciate the chairman's leadership in bringing this bill to the floor today. i think the american people should be very please with this -- that this bill is coming to the floor in the form it is. we're doing two things here, mr. speaker, that i hear about from constituents all the time in terms of the way congress should wor

you know, one of the key provisions of dodd-frank is the volcker rule. it prohibits banks from engaging in risky trading activities that contributed to the 2008 financial crisis. simply put, it prevents banks from acting like casinos and gambling with our money. the rule we are considering today provides for the consideration of h.r. 4790, legislation to undermine the volcker rule by exempting certain banks from that requirement. the bill also places rulemaking authorities solely in the hands of the federal reserve, making it easier for the trump administration to further weaken our eventually repeal this vital consumer protection. now, that is, of course, the goal of my republican colleagues in the first place. they have continuously advanced legislation to roll back and weaken the rules put into place to prevent another financial crisis. it is deeply frustrating, and more importantly, it is very dangerous to the financial security of the american economy and american families. now, mr. speaker, this rule also provides for additional debate time on the

eastern and will work on a banking bill that makes changes to the volcker rule by exempting institutions.iale will have that on c-span. on c-span2, military officials will appear to discuss personnel readiness and the 2019 budget request.on c-span3, fema administration rock law will be on capitol hill to give an update on his agency's budget and planning for natural disasters in the coming year. >> c-span, where history unfolds daily. in 1979, c-span was created as a public service by america's cable television companies. today, we continue to bring you unfiltered coverage of congress, the white house, the supreme and public policy events in washington, d.c. and around .he country c-span is brought to you by your cable or satellite provider. >> coming up on washington journal, democratic congresswoman barbara lee

is -- working with the likes of paul volcker and bill bradley.ington. good to have you here. to play something for you. we talked to dance rules about -- when he was on the fed. i want your reaction. >> lee can do a lot, i think, to play with and to dial down some smaller bankss and larger regional banks. bbt or u.s. banks. when we talk about the eight largest systemically important institutions, troubles that any one of which could pose a risk to the financial system, it is there that we want an extra margin of safety and it is there where we need to keep the capital levels up. he was identified with a lot of the push after the financial crisis and focusing on the banks but there is a fair amount we could do to trim back regulation on smaller banks. do you agree with him? sheila: i do. the problem was that this -- you have to water to make the enhanced standards applicable to regional banks as well. and they are not systemic in that if one of them steals, it wouldn't cause a broader economic disruption. that is the test of whether they are speci

sanders: i'm not going to get ahead of potential options, but the president has asked the department of volcker -- of agriculture to come back. syria, we talked about the idea of military option being a deterrent. the president called the attack --t year sec. sanders: what our concern is about the assad regime taking an outrageous action against innocent civilians. our focus is on responding to that. that is what we are looking at. >> to follow up, since we didn't get a chance to, on your comments citing the l.a. times article about the president's rape remark. it didn't back up the president's claim? be admonished reporters to held to a standard of accuracy. as a present need to be held to that standard of accuracy? sec. sanders: absolutely. a number of those individuals going back to 2014, where there were articles and studies put out that said 80% of the women that make -- that go through that process and try to enter throughtry are raped that process. something that should be concerning to all of us. certainly something the president has voiced concerned about. >> about the voter fraud clai

having said that we have -- some banks have 5 different regulator for in perpetuity volcker rule andto know what the fed can do to try to get all the regulators on same page at least one rule preferably as we get past recently in the house as of last thursday, a bill will say you know what we're going to have one prime regulator for interpretation of volcker one for enforcement of volcker the stress test living wills an annual process, very cumbersome expensive i think probably antiquated as soon as ink is dry i want to explore taking that to an every year exercise, stress fest, banks are stress testing assets every single day every single week fed has access to this information. why do they have to necessarily impose these other tests and why do they have to be secretive? the rule of law counts on knowing what the law is, and instead, they are tested on scenarios they never know about they don't get feedback they get most cumbersome aspect bottom line in some respects this is still a -- a bit of a tax on a capital the regulatory burden thanks to president trump republican congress w

we are not in the land of paul volcker.d officials is inflation expectations are stubborn. that means they will be raising real rates if they raise nominal rates. they can do it if they want to. tom: did you like this in your textbooks? i did not learn this. they can drag up real rates? i do not buy it. do you that central bankers can get out front and raise up inflation adjusted rates? gabriela: i think so. we are talking inflation returning to target this year. if we think about inflation fouraining a 2%-ish pace, core cpi, they will increase the real rate probably towards the end of next year. tom: it is surveillance math, three takeaway. you get the real rates, as well. prancing? francine: we will be back with our esteemed guests. both will stay with us. coming up, we have a global asset management chief executive .t 10:00 a.m. in new york and we will be asking him about treasuries. this is bloomberg. ♪ ♪ francine:francine: good morning. tom and francine from london and new york. tom, we are keeping an eye on a commons,

, house resolution 811, resolution providing for consideration of the bill h.r. 4790 to amend the volcker rule to give the board of governors sole rulemaking authority to exclude community banks of requirements of the volcker rule and for other purposes and providing for consideration on motions to suspend the rules. the speaker pro tempore: the question is on ordering of the previous question. members will record their votes by electronic device. this is a 15-minute vote. [captioning made possible by the national captioning institute, inc., in cooperation with the united states house of representatives. any use of the closed-captioned coverage of the house proceedings for political or commercial purposes is expressly prohibited by the u.s. house of epresentatives.] the speaker pro tempore: on this vote, the yeas are 231, the nays are 186. the previous question is ordered. the question is on adoption of the resolution. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. >> mr. speaker. the speaker pro tempore: the gentleman from massachusetts. >> i as

--h: there is a liquidity the banks are not using them aggressively at all because of the volcker rule and their leverage is lower. if you look at where capital has in mutualas gone funds, it has gone in lothian index products. there is a mismatch between the products. there is a mismatch between the assets they hold -- it has gone in low index products. erik: why isn't anybody doing anything about this? josh: a lot of people are talking about it. it is not clear there is a lot to do about it. are not institutions that are critical, the way the banks are critical. creating the safety in that system, there is potential perils outside, which are opportunities. erik: you have been paying attention about the refinancing deal that blackstone did for the homebuilder -- what is your view? is it right to engineer a default? josh: a good question, tough question. there are certain things that go beyond the bounds of the way we would like to act ourselves as a firm. that is one of them. there is a way we would like to be treated, and a way we treat others. my own view, a personal view, as oppose

thehe house voted to get federal reserve the sole regulator in charge of the volcker rule, the fed sharesversight with four agencies. they believe it will make complying with the law easier. a report that president trump plans to pardon scooter libby, his former top aide to vice president dick cheney. the associated press says the announcement could come today. scooter libb he was convicted on instruction of justice in 20,007. it -- 2007. it was about the identity of valerie plame. there may be a new twist to the ryan,to replace paul congressman jim jordan may run, he is an ohio republican who is cofounder of the freedom caucus. opec will soon say mission accomplished trying to dry up the global oil surplus. ea says less than 10% of the surplus of oil inventory remains with oil futures hit a three-year high this week. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. mark: coming up on the european close, we are live in italy to see why there is still november. this is bloomberg. -- still no

simplify the volcker rule. ratiobrate the leverage on the amount of capital banks have to hold. it was a proposal released on that that basically adjusted instead of one flat number to kind of -- to the kind of risks that banks take. the bottom line is that a trump might not be happy with what randal quarles is saying. he came to office going to do a big number on dodd-frank -- office vowing to do a quote big number on dodd-frank. does come quarles from a private equity background. will there be pushback from the committee and if so, on what point? ? michael: there may be some pushback on -- from those who want the banks to be more heavily regulated. you can bet elizabeth warren is not going to be happy with what he has to say because they don't want any pare back in regulation. if you were going to have a republican administration and republicans in charge of the fed, this is about as light a change in the regulations as you could expect. the fed is leaving dodd-frank's architecture in place and a looking at ways to make it more efficient -- and are looking at ways to make it m

you have neelds thyields that ae relatively tight and thanks to the volcker rule, you have wall street to intervene as a market-making capacity come the next bear market in corporate debt you have the fed working against you to try to institute a 2% rate of inflation. that's their target. they define that as no inflation. so the fed wants to devalue the currency in which you are lending. want to in effect disenfranchise you by changing the terms and conditions of the loan they do that in an exchange offer. the central banks are against you. and the spread you earn over treasuries is more or less risky, it seems. very low so the setup in the corporate debt market especially i think is a very concerning one >> i wonder how it manifests itself if you were on the other side, let's say you were a dove. you'd say, let me get this straight you want to raise interest rates so you have ammo next time there's a slowdown so in raising them to the points where you have dry powder, you cause the next slowdown that you're going to respond to that doesn't make sense. >> that very well may be the case

board of governors sole rulemaking authority, to exclude community banks if the requirements of the volcker rule and providing for consideration of motions to suspend the rules. the speaker pro tempore: referred to the house calendar and ordered printed. the chair lays before the house the following communication. the clerk: the clerk received the following message from the secretary of the senate on april 10, 2018 at 12:22 p.m. that the senate passed without and amendment, h.r. 3445, that the senate passed without an amendment h.r. 399. appointments the creating options for veterans expedited recovery cover commission, united states-china review commission. ith best wishes, i am signed sincerely karen l. haas. the speaker pro tempore: proceedings will resume. votes will be taken in the following order. motion to suspend the rules and 4217 and 2218 and h.r. agreeing to the speaker's approval of the journal. the first vote will be conducted as a 15-minute vote. remaining votes will be five-minute votes. the unfinished business is the vote on the motion of gentleman from california on which t

the fed is in charage of regulation the volcker rule.s coming out monday morning before market opens. this could have a positive volatility, on the merrill lynch unit. lower,: these stocks are according to reports. there were some weakness for the other big banks that reported. could this earnings season somehow disappoint even if companies to hit numbers? always have systemic risk. volatility could be moving us to the downside. that can affect earnings. this could put of a little bit of a wage on everything else. sector, also, the tech one of the two sectors higher on the year. a little bit of relief now that mark zuckerberg pleaded his congressional testimony. what is ahead for big teach? dan: -- it is a lot of wait and see. facebook is going to be a different anomaly. there are lots of factors beside earnings. there is a whole lot more going on in that picture that probably will have greater influence over the future. place we have more knowledge, lulu lemon put up a terrific fourth quarter. can you talk to us about that? dan: great n

that plagues him throughout the election year, and decisions that are by the fed chairman and paul volcker of tighten iing the mon supply that leads into the high interest rates and any candidate or incumbent running in those economic conditions would have had a huge hill to climb, right, at the time. that is right here. >> so my question is we see like the south become red, but with what were the factors that pushed the north to shift traditional republicans to favoring the democratic party? >> well, i mean, there is a lot of different things going on, and so, the states of the northeast, and the midwest that are losing republican support are, you know, they are increasingly committed to a kind of politics surrounding them around labor unions, and labor union support in those industrial areas na remained, and that is a big course of piece of democratic support in the northern areas, and also, a kind of the growing kind of educated class, and a lot of what were university educated class that are in the states of the northeast and the midwest that are identifying increasingly with the democ

decisions by the fed chairman paul volcker of tightening the money supply which leads to these really huge high interest rates. any candidate running under those -- any incumbent running under those economic conditions would have had a huge huge hill to climb at the time. right here. >> so my question is we see like the south become red but what were the factors that pushed the north to become blue to shift them between being traditional republicans to favoring the democratic party. >> well, there's a lot of different things going on. but states of the northeast and the midwest that are losing republican support are -- they're increasingly committed to a kind of politics surrounding a -- labor unions, labor union support in those industrial areas that remain, that's a big course piece of democratic support in those northern areas. but also a kind of growing kind of educated class. a lot of -- university educated class that are in the states of the northeast and the midwest that are identifying increasingly with the democratic party. those republican areas -- but of course some of them

i've been around long after number 12% inflation under paul volcker. to cameron's point, it's true that a majority of market participants have no memory of that and have no experience dealing with that. they should be a heightened level of concern. in commodities, the opec report sees a tighter market aftermarket spell -- output spell to the lowest, they fell about 200-1000 barrels of oil a day and reports showed most of the global oil glut has been eliminated, yet come opec is still working with russia to extend those cuts and all the rhetoric we have seen and heard all deal with the fact that they are in continuous at least in the medium-term, which leads us to hire old isis, which then leads back to the inflation. how do you see the cycle? of 2015,the lesson 2016, in the united aids, is that the old relationships maybe don't exist quite like they used to in the sense of terms of economic impact, given the heightened oil production in the united states, used to be the rule of thumb, low oil prices is good for the economy, bad oil prices is bad for th

we had that happen that's why we love paul volcker.e want that independence of the federal reserve. and to see it so soon, i think, is worrying but not actually at all surprising given what we've seen from this presidency. >> steve, what were you going to say? >> look, you can't have it both ways you can't say, look, the stock market's going up because of my tax reform and because of my policies, and then as soon as the stock market is going down, when it's clearly been going down because of one of the major concerns being tariffs and then all of a sudden you're going to die to deflect it on the fed, that's not going to work. >> i was going to say, the new information here, say, since december is the size of the deficit and the extent to which the tax cuts were not paid for that's really the information. the federal reserve has been pretty clear about the outlook for interest rates, what it's going to do with its balance sheet. it's a little hard -- some have been saying the market has been spooked by the federal reserve i would say i

that got revealed by paul volcker later.i was just trying to help the system that i ended up as a sort of whistleblower situation. >> did the world learn anything from the controversy around the oil for food program? are we still seeing this kind of corruption around the world? >> the corruption that happened under oil for food happens every day. what we learned is the actual mechanism. we know precisely how it works. which means that it's always a political decision to go after corruption. and the problem we face in dealing with the developing world and the very unstable middle east which, remember, the arab spring began as a revolt against cocorruption. >> right. >> an entire region that looks at us as being in cahoots. >> you can see the film "back stabbing for beginners" streaming on directv as well as on demand and in theaters. we'll be back in a moment. dark magic told in the time it takes to brew your cup. first, we head to vermont. and go to our coffee shop. and meet dave. hey. why is dark magic so spell-bindingly go