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Speaker 1: P and L is brought to you by proper Cloth,

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Speaker 1: order your first custom shirt today. Welcome to the Bloomberg

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Speaker 1: P and L Podcast. I'm Pim Fox. Along with my

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Speaker 1: co host Lisa Abramowitz. Each day we bring you the

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Speaker 1: most important, noteworthy, and useful interviews for you and your money,

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Speaker 1: whether at the grocery store or the trading floor. Find

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Speaker 1: the Bloomberg P and L Podcast on iTunes, SoundCloud and

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Speaker 1: at Bloomberg dot com. The intersection of business and government.

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Speaker 1: Who but Jim Millstein, the co found the founder, rather

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Speaker 1: and the CEO of Millstein and Company, also former chief

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Speaker 1: of Structuring officer at the U. S. Department of the Treasury.

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Speaker 1: Who better but Jim Millstein to have on and tell

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Speaker 1: us this intersection. Uh, it can in some cases be

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Speaker 1: looked at as a collision. You don't know, but Jim,

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Speaker 1: thanks very much for being here. Give people just a

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Speaker 1: little bit a quick run down, I said, Chief Restructuring

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Speaker 1: officer at the U. S. Department of the Treasury. That's

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Speaker 1: a fancy title for you were working on a I

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Speaker 1: G right, Yeah, no, I had. I kind of had

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Speaker 1: the big messes, the big natural crisis. I was gonna

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Speaker 1: get under your ages at the advisory firm, clients include

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Speaker 1: Puerto Rico. We're gonna get to that, Cypress, Greece, US Airways,

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Speaker 1: acquisition of American Airlines. I don't know how many Chapter

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Speaker 1: eleven's you've worked on. I mean it's many, too many,

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Speaker 1: all right, So where do you want to start? You

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Speaker 1: want to start with with with Puerto Rico. They bought

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Speaker 1: a little bit of time, but they're they're not paying

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Speaker 1: their debts. Is there a way out here? Yeah? I

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Speaker 1: mean the Congress um at the urging of the last administration,

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Speaker 1: passed a law that really gives a framework for recreating

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Speaker 1: fiscal sanity and stability and also giving them a bankruptcy

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Speaker 1: like process to restructure the debt. And so you know,

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Speaker 1: this is a this these the commonwealth got um you know, uh,

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Speaker 1: they went off track, uh, fiscally and economically, and uh

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Speaker 1: that's a diplomatic way. Well, I mean, you know, there

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Speaker 1: there are many hands and in this mess. Uh, you know,

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Speaker 1: the federal government played Puerto Rico played an important role

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Speaker 1: in the strategic defense of the United States during the

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Speaker 1: Cold War given its proximity to Cuba. There were, you know,

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Speaker 1: many military bases and lots of employment on the island

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Speaker 1: in the fifth Naval Base, but there was a big

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Speaker 1: Air Force base on the west, there was a big

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Speaker 1: naval base in the south, and there was lots of

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Speaker 1: employment and economic activity associated without Obviously, the peace dividend

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Speaker 1: was not invested in Puerto Rico. The bases first to close.

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Speaker 1: With the bases in Puerto Rico. Is there a clock

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Speaker 1: ticking with Puerto Rico, because I note that the unemployment

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Speaker 1: rate is over twelve Yeah. This is the thing that we,

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Speaker 1: you know, talked to the governor about and talked to

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Speaker 1: the creditors about, which is, at the end of the day,

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Speaker 1: you know, the ability to provide basic services to your

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Speaker 1: people and the ability to pay your debts or some

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Speaker 1: portion of your debts depends on the strength or weakness

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Speaker 1: of the economy. And so the economy is the thing

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Speaker 1: that's been really weak for the last really fifteen years,

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Speaker 1: and so turning the economy around is really the first

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Speaker 1: business of both the politicians and the and the creditors. Well,

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Speaker 1: then you talk about the economy and that confluence of

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Speaker 1: businesses and and creditors and government officials. I'm sure you've

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Speaker 1: been watching the news that President Trump met earlier today

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Speaker 1: with a group of business leaders his business counsel, UH,

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Speaker 1: put together by Stephen Schwartzman of Black black Stone. Is

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Speaker 1: there a is there something that you probably know many

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Speaker 1: of the people on this council. What what can we

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Speaker 1: take away from this? Well? I haven't seen any reports

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Speaker 1: of of you know, statements coming out of it, but

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Speaker 1: you know, the Trump Agenda is a in a sense

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Speaker 1: as a radical refashioning of America's place in the world economy.

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Speaker 1: If if it's fulfilled, whether it's a destination cash flow

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Speaker 1: based tax, tax on import or tariffs new tarists back

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Speaker 1: on Chinese goods or with Mexico and Canada, you know,

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Speaker 1: the emphasis on a kind of a mercantilist approach to

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Speaker 1: US trade and economic policy would be a radical departure

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Speaker 1: from what we've done in the post War World, post

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Speaker 1: war era. UM. And so you know, I think the

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Speaker 1: guys in the room are probably telling him, are reacting

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Speaker 1: to that, because I think if the full agenda is implemented, UH,

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Speaker 1: we're talking about real economic dislocation in the United States

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Speaker 1: and maybe for the good I don't think so. Um,

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Speaker 1: but it'll have huge transformation costs on the American economy.

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Speaker 1: But you're but you're confident that the people in the

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Speaker 1: room that he has assembled, and they're not just the

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Speaker 1: ones that he met today, but I mean he's met

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Speaker 1: with the pharmaceutical industry and the energy industry that they

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Speaker 1: are really going to give him some unvarnished responses and thoughts. Yeah,

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Speaker 1: and and and look, we have three branches of government,

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Speaker 1: and most of what the President is uh in is broader,

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Speaker 1: more aggressive, ambitious agenda want to achieve is stuff that's

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Speaker 1: going to require legislation. And you know, we all have

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Speaker 1: what witnessed how hard it is to get anything passed

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Speaker 1: in Congress. Uh So you know, while there's there may

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Speaker 1: be great excitement in some quarters for aggressive implementation of

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Speaker 1: the Trump Agenda, I think we're going to see the

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Speaker 1: rollout and its implementation both changed as it goes through Congress,

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Speaker 1: and it's going to take a lot longer. There is

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Speaker 1: something called the Order Liquidation Authority, the Orderly Liquidation Authority. Yes,

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Speaker 1: you know about this because you helped put it together.

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Speaker 1: The Living will for major financial institutions. What should take

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Speaker 1: on how well it has performed so far? Well, thankfully

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Speaker 1: we haven't had to employ it. You know, the last

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Speaker 1: eight years or six years since the passage of Dodd

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Speaker 1: Frank and the implementation of the regulations under it, you know,

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Speaker 1: have resulted in a much better capital is, less levered,

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Speaker 1: more resilient set of financial institutions. And we've had a

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Speaker 1: you know, relatively benign recovery with lots of stimulus from

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Speaker 1: the Federal Reserve, not so much from Congress, and as

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Speaker 1: a result of financial system you know, has had an

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Speaker 1: opportunity to heal. And so we haven't had a test

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Speaker 1: the living wills or the Orderly Liquidation Authority. Well, thanks

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Speaker 1: for putting it in place in case we need it.

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Speaker 1: We look forward to having you in the future, Jim,

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Speaker 1: Not not on the orderly liquidation of no alright, Well,

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Speaker 1: I'm sure there'll be something else by then. Jim Millstein,

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Speaker 1: he is the CEO and the founder of Millstein and Company.

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Speaker 1: As we can see from the imminent snap I p O.

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Speaker 1: Online media is all the rage, but nailing down exactly

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Speaker 1: what friends are hot is tough. But with us too,

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Speaker 1: of us have insight is Ross Levinson, executive chairman of

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Speaker 1: Mundo Media and former Yahoo Interim Chief executive officer. Ross

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Speaker 1: thank you so much for joining us. UH. I first

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Speaker 1: just want to start with when people talk about the

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Speaker 1: online trends, UH, they talk about how Snap is the

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Speaker 1: newest thing. How quickly are these trends changing? And what

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Speaker 1: do you think is the number one thing that media

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Speaker 1: companies should be aware of that's trending now? Great question.

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Speaker 1: I think the most important thing now for media companies

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Speaker 1: is to really figure out their distribution strategy. I think

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Speaker 1: we've seen, you know, the the old ecosystem of distribution

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Speaker 1: just get obliterated over the last two years. UH. You

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Speaker 1: now have companies like Netflix, which is approaching a hundred

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Speaker 1: million worldwide UH users per month, and if you looked

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Speaker 1: at them as a cable operator, they'd be the largest

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Speaker 1: cable operating in the world by by a factor of

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Speaker 1: two and a half. So UH, and that's just one

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Speaker 1: element of the changing landscape. You also have obviously we

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Speaker 1: talked about Snap for a second here at the top

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Speaker 1: of this discussion, reaching you know, a huge audience that's

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Speaker 1: growing each month, and and now you add in Facebook

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Speaker 1: and Amazon, all new entrants. If you look at it

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Speaker 1: chart today of the largest media companies in the world,

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Speaker 1: you know, fifteen years ago would have looked like Time, Warner, Disney,

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Speaker 1: h NBC, etcetera. Today it looks like Google, Amazon at

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Speaker 1: the very top, just in terms of gross revenue and reach.

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Speaker 1: So the entire distribution landscape is changing. The good news

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Speaker 1: for media companies, in my opinion, was that all of

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Speaker 1: these platforms need premium content. You know, there's obviously been

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Speaker 1: a tremendous amount of noise about fake news as of weight,

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Speaker 1: but what these platforms all need to generate a increasing revenues,

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Speaker 1: growing revenues is premium content. Well, Ross Levinson, I was

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Speaker 1: just going to try to compress your your career into

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Speaker 1: less than thirty seconds, which I gotta say is very

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Speaker 1: difficult because it includes sports Line as well as CBS

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Speaker 1: News Corps and a variety of other ventures, plus your

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Speaker 1: time at Yahoo. Can you single out for us maybe

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Speaker 1: what is the most piece of your own personal history

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Speaker 1: that is connected with what you're trying to accomplish now,

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Speaker 1: so people understand this idea of data driven mobile marketing.

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Speaker 1: What is it? Yeah, that's that's that's a great question.

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Speaker 1: My career has really been I've had. I'd like to

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Speaker 1: think of it as as two careers. The first half

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Speaker 1: of my career was really in traditional media. I worked

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Speaker 1: at I worked at HBO for seven years and and

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Speaker 1: worked on on promoting a variety of sporting events. Um

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Speaker 1: early in my career also worked at Sacchi and Sacchi,

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Speaker 1: which is a big ad agency. And then I sort

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Speaker 1: of found the religion of the Internet. And the next

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Speaker 1: half of my career has all been in sort of

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Speaker 1: the confluence of the convergence of of old media and

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Speaker 1: new media. Now there's just media. So what's happened over

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Speaker 1: the last year or two, I think aggressively has been

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Speaker 1: the changing way that marketers reach UH consumers and and

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Speaker 1: the interesting thing one of the reasons I got involved

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Speaker 1: with Undo Media is, you know, mobile is the fastest

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Speaker 1: growing platform or ecosystem there is in the world. You know,

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Speaker 1: by some estimates, UH say, every consumer on Earth will

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Speaker 1: have four connected devices. So if you think about that,

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Speaker 1: that's pretty overwhelming, right, So so how do you read?

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Speaker 1: You know, and you can't do the same thing on

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Speaker 1: on a small screen that you can do on a

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Speaker 1: television or even on a laptop or a desktop computer.

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Speaker 1: So the idea that you can micro target consumers with

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Speaker 1: the right messages, whether that be content or in Mondo's case, advertising. Uh.

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Speaker 1: That that's the first and foremost I think going to

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Speaker 1: be a big trend going forward already. Is that's why

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Speaker 1: I say Facebook's making so much money talking about making

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Speaker 1: money or not making money. I mean, Snap filed it's

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Speaker 1: registration documents for its initial public offering, and people are

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Speaker 1: talking about the fact that, uh that they their cost

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Speaker 1: of providing the service is outweighing their revenues. How likely

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Speaker 1: do you think it is for them to ramp up

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Speaker 1: their profitability in short order? Based on your understanding of

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Speaker 1: advertiser's appetite. Sure well, advertisers are flocking to Snap right now.

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Speaker 1: It is a place. You know, it's certainly caught the

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Speaker 1: wave of attention of consumers, certainly younger consumers. But if

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Speaker 1: you watch what they're doing with content, you know they

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Speaker 1: are morphing themselves into a media company very quickly and rapidly.

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Speaker 1: You know, they have a they have a tremendous amount

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Speaker 1: of premium content in on their platform. Everyone from the

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Speaker 1: NFL too, you know, the other end of the spectrum,

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Speaker 1: the Daily Mail and everyone in between. So you know,

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Speaker 1: I think they're going to be a company that isn't

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Speaker 1: as focused on profitability over the first few years, nor

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Speaker 1: do they have to be. In my opinion, I think

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Speaker 1: it's all about growth. As you know, that said, it's

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Speaker 1: a double edged sword because as we've seen with Twitter,

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Speaker 1: you know, once the consumer adoption starts to slow a

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Speaker 1: little bit, that's when people start focusing on are they

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Speaker 1: profitable and how much revenue they're getting per per customers.

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Speaker 1: So that's that'll be something to watch down the line.

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Speaker 1: But look, I think that it's gonna be a really

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Speaker 1: exciting I p o uh. It's it's really a telling

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Speaker 1: sign that they chose the New York Stock Exchange over

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Speaker 1: the NASDAC. I think, you know, well, I gets a

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Speaker 1: huge win for the n Y s c UH that

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Speaker 1: they've quietly from you know what I know, been aggressive

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Speaker 1: in in courting uh, you know, high tech or tech companies.

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Speaker 1: You know, I think it's there is a market difference,

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Speaker 1: and you guys cover this all day long between the

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Speaker 1: two exchanges. From the outside, it looks the same, but

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Speaker 1: if you look at the types of companies that are listed, um,

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Speaker 1: the n Y i c is so much bigger, But

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Speaker 1: it's a telling sign that they chose it after the

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Speaker 1: you know what happened with Facebook on the nastack. So

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Speaker 1: I think it's a huge win for for them. And

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Speaker 1: and you know, you've you've got some other big names

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Speaker 1: potentially coming out over the next twenty four months. Who

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Speaker 1: do you think Who do you think is going to

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Speaker 1: be the next IPO after Well? Now the no, I

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Speaker 1: don't think Guber will go this year. It was I

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Speaker 1: thought it was going to be Spotify, but we we

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Speaker 1: read yesterday or the day before that they've they've put

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Speaker 1: that on I think it was yesterday they put that

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Speaker 1: on hold for a little bit, give you give you

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Speaker 1: twenty seconds, ten seconds. Who should be afraid of this

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Speaker 1: new micro targeting, No one. It's it's the best thing

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Speaker 1: there is for marketers and and for consumers. And and

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Speaker 1: that's why I'm excited about Mondo because they really have

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Speaker 1: the technology and the and the data to deliver the

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Speaker 1: right message in a performance way, not where you're buying

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Speaker 1: big CPM advertising, but you're only paying for for what

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Speaker 1: is delivered. Right, But someone's going to get hurt because

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Speaker 1: someone is now offering advertising that's not based on that Well,

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Speaker 1: the big broad you know you have to put it

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Speaker 1: into a couple of buckets. If you've got scale and size,

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Speaker 1: you will adopt this technology and start micro targeting if

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Speaker 1: you people who really get hurt um I think over

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Speaker 1: the next twenty four months are people who don't have

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Speaker 1: size or data and they're dependent on just ad networks

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Speaker 1: or programmatic exchanges. Thanks very much, Ross Levinson, Executive Chairman,

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Speaker 1: bring in Peter Douga, former Deputy Assistant Secretary of the

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Speaker 1: Treasury and current Managing Director at f I s IS

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Speaker 1: Center of Regulatory Intelligence f I s S S a UH

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Speaker 1: Electronic Payments uh, processor, among other among other things. Peter,

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Speaker 1: I want to just get your take on from your perspective,

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Speaker 1: what are the implications from a risk management standpoint, from

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Speaker 1: a secure security standpoint and compliance of this potential repeal. Well,

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Speaker 1: good morning. Well I'd like to start with, you know,

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Speaker 1: looking at the overall discussion and debate in Washington and

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Speaker 1: around the Dot Frank Act. If you look at it,

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Speaker 1: really the discussion is not necessarily around a direct repeal,

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Speaker 1: which will be hard, almost impossible to do with sixty

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Speaker 1: votes needed in the US in it. So we we're

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Speaker 1: really looking at is targeted regulatory relief UM, where you're

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Speaker 1: going to see specific provisions agreed upon where are going

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Speaker 1: to provide some relief uh. And what we will look

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Speaker 1: to is the House Financial Choice Act as the model

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Speaker 1: or the base bill for which we'll kind of see

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Speaker 1: what will be adjusted or agree to. So things included

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Speaker 1: in there which are going to modify and change the

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Speaker 1: structure of the THEPB from a single leader into a

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Speaker 1: multi member commission, put the coop be under appropriations process um. Also,

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Speaker 1: there's a lot of discussion around repealing the vocal Rule,

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Speaker 1: repealing Durban Amendment, and fiduciary rule so obviously under those

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Speaker 1: specific provisions, there will be some significant changes to banks

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Speaker 1: and financial institutions under provisions within the Act. Can you

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Speaker 1: explain a little bit more, Peter about the UH, maybe

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Speaker 1: the perspective that you see developing from Gary Cohen, who

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Speaker 1: is the director of the National Economic Council, But also

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Speaker 1: you know you got the House, the Republicans on the

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Speaker 1: House Financial Services Committee, Jeb Henserling. I mean these are

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Speaker 1: people that for example, the fiduciary rule, Um, maybe that's

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Speaker 1: a regulatory relief because you could also apply that what

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Speaker 1: two cities, right, the systemically important financial institutions, you know,

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Speaker 1: tell them don't designate non bank financial firms as cities, correct,

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Speaker 1: So you look at them from two perspectives. Really, Gary

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Speaker 1: Cohn's probably uh a leading voice in the administration right now,

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Speaker 1: really bringing perspective of actually working in a bank and

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Speaker 1: financial tution and understanding the specifics on how the rules

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Speaker 1: and the DoD FRANK specifically impact the bank versus the

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Speaker 1: narrative or general broad discussions about the policy for aspectives

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Speaker 1: in Washington, where people may lose the level of detail

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Speaker 1: and the exact impact to a bank or financial institution.

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Speaker 1: So what we're seeing right now is a lot of action. Obviously,

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Speaker 1: there's been executive orders issued, there's been memorandas issued, and

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Speaker 1: even as of the last night, we understand that there

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Speaker 1: will be a memo regarding the d oil Produciary Rule

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Speaker 1: which will look to rescind the rule. So the effective

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Speaker 1: date is coming up pretty quickly. The President's memo actually

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Speaker 1: asked Department of Agencies, including the Department of Labor, to

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Speaker 1: postpone the effective dates by sixty days. So we'll look

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Speaker 1: to see whether the Oil will actually proposed to just

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Speaker 1: extend the provisions by sixty days or whether they'll look

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Speaker 1: to actually propose a complete repeal of the law. Are

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Speaker 1: the act, So we'll see where the devil is in

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Speaker 1: the details of that and how exactly a Department of

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Speaker 1: Labor and the Administration will propose exactly amending that. And

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Speaker 1: then if you look at the House Financial Services Committee,

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Speaker 1: Chairman hanser Ling is going to propose a new bill,

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Speaker 1: an amended bill. There was one introduced last year which

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Speaker 1: passed the committee but was not considered by the full House,

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Speaker 1: and so we'll see very similar provisions included in that

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Speaker 1: bill that should be introduced with the next six weeks,

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Speaker 1: and then we'll see whether the Senate adopts a similar bill,

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Speaker 1: or Men's the House Financial Choice Act, or decides to

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Speaker 1: move forward with their own bill. From your perspective, what

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Speaker 1: is the main change that could come about as a

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Speaker 1: result of this review of Dodd Frank within the next

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Speaker 1: few years. I would suggest changes to the vocal rule.

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Speaker 1: That's probably been one of the largest complaints, UH is

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Speaker 1: specifically how the vocal rules have been implemented, the detail

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Speaker 1: required to comply with the rules, as well as specific

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Speaker 1: provisions that we're looking at regarding the CPB. Again, as

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Speaker 1: I've talked about, you know, UH, there's being concerns expressed

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Speaker 1: by the industry on not enough guidance provided by the

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Speaker 1: Consumer Financial Protection Bureau and how they potentially would apply

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Speaker 1: specific provisions, whether it's enforcement actions, are regulations that are proposed.

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Speaker 1: In fact, the Senate actually just proposed, I think this week,

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Speaker 1: to reject the upcoming final rule on Trepp prepaid cards.

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Speaker 1: You know, I just want to point out that earlier

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Speaker 1: this morning, when Gary Cohne, the current economic advisor to

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Speaker 1: President Trump and former CEO of Goldman Sachs, was asked

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Speaker 1: by Bloomberg television's David weston what about the vocal rule.

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Speaker 1: He did not give any particular answer. I mean, it

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Speaker 1: wasn't specific. It was basically, you know, we're looking at everything.

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Speaker 1: We want to just basically make sure everything functions again.

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Speaker 1: So to your point, Peter, it seems like certainly it

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Speaker 1: is at least of the things that is up for review,

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Speaker 1: well amongst amongst other things. I want to thank you

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Speaker 1: very much, Peter Douga. He is managing director of Government

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Speaker 1: Affairs at f I s UH and it's a center

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Speaker 1: of a regulatory intelligence that's a UH fidelity and national

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Speaker 1: and here to make us smarter about banks, financial institutions

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Speaker 1: and potential changes. To Dodd Frank is Allison Williams, senior

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Speaker 1: financial research analyst for Bloomberg Intelligence. Alison, thank you for

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Speaker 1: being with us. Good morning. Where do you want to start?

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Speaker 1: You want to start about maybe the Department of Labor

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Speaker 1: fiduciary rules. Do you want to talk about vocal rule?

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Speaker 1: Where's the most important? I mean, they're all important. Well,

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Speaker 1: I think I think speaking of starting sort of this

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Speaker 1: embox start that we got today is Trump signing the

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Speaker 1: executive order um on Dodd Frank and fiduciary duty. Nathan Dean,

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Speaker 1: who's our regulatory expert here and b I, has pointed

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Speaker 1: out that the Dodd Frank one is really symbolic. It's

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Speaker 1: gonna UM direct Treasury to come up with a plan

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Speaker 1: to roll back um Dodd Frank um, but by putting

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Speaker 1: it asking for a review. Right yeah, and as the

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Speaker 1: Financial Stability Oversight Council as well as the Order Liquidation Authority. Right.

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Speaker 1: So I think I think the important thing is that

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Speaker 1: Trump is basically um putting into motion the review of

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Speaker 1: Dodd Frank. UM. What Nathan would say is it's still

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Speaker 1: going to take a lot of time um. With regard

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Speaker 1: to the fiduciary rule. This is something that I think

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Speaker 1: has been widely anticipated. UM. But you know, I think

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Speaker 1: most most managements, brokers other participants in the industry will

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Speaker 1: say that, you know, with with implementation which was set

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Speaker 1: to start UM shortly, most of the companies have already

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Speaker 1: made moves sort of towards um implementing that rule. And

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Speaker 1: so even though you might at some relief UM again,

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Speaker 1: Nathan thinks that we're not gonna get full scale roll back,

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Speaker 1: perhaps just some tweaks UM. So so we're really that rule.

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Speaker 1: What was expected UM. So, so the rule specifically affects

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Speaker 1: retirement accounts. It specifically UM focuses brokers on doing what's

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Speaker 1: best for the client UM. And so the expectation was

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Speaker 1: that this rule would really lead to sort of an

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Speaker 1: acceleration of some key trends that were in place, So

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Speaker 1: the shift from active to passive, the shift towards cheaper products, UM,

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Speaker 1: the shift perhaps more towards these robro advisory type products.

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Speaker 1: So these are all things that have a lot of

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Speaker 1: different drivers. But perhaps if this rule, UM, you know,

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Speaker 1: is tweaked, then you might get like a little bit

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Speaker 1: of relief on those. You know. Earlier, we were talking

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Speaker 1: to Peter Duga. He's the former Deputy Assistant Secretary for

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Speaker 1: the Treasury UH, and he was talking about how the

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Speaker 1: vocal rule may be the main place where Congress could

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Speaker 1: make a big difference quickly. Do you re with that

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Speaker 1: and do you see the likelihood of provoking the vocal rule,

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Speaker 1: which oversees proprietary trading as as increasing dramatically in the

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Speaker 1: recent days, I think for the vocal rule, UM, you know,

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Speaker 1: the the key negative impact of that rule has been

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Speaker 1: on bond market liquidity and UM that's widely debated, and

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Speaker 1: that's because liquidity is tough to measure. Uh, you know,

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Speaker 1: there's there's different studies you can look at. You can

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Speaker 1: look at how brokers have dramatically reduced their balance sheet.

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Speaker 1: We actually UM had a panel it's you know, sort

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Speaker 1: of an informal survey result of market participants, Treasures and

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Speaker 1: the like, and about half of them had said that

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Speaker 1: they felt that VOCAL had had UM the more significant

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Speaker 1: impact across a number of regulations on liquidity. And you know,

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Speaker 1: for me personally, it's talking to managers that are in

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Speaker 1: the market every day, UM Treasures that have to think

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Speaker 1: about how they fund their companies, talking about that it

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Speaker 1: has had an impact. And so I think that for

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Speaker 1: those reasons, UM, there is support for pulling back the

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Speaker 1: vocal rule. It's obviously a little tricky because um, you know,

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Speaker 1: no one wants to go back to proprietary trading, and

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Speaker 1: even there might be some people who want to go there,

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Speaker 1: no one wants, no one wants, no one wants to

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Speaker 1: vocally support. So that's that's an important they want thing

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Speaker 1: to point out. Right, So if you listen to what

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Speaker 1: all the banks have said, no one's going to come

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Speaker 1: out and say, oh, yes, we want to go back

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Speaker 1: to the way things were. What they've said across several

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Speaker 1: managements is, look, we we don't do proprietary trading. We

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Speaker 1: don't want to go back there. Even Goldman, who made

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Speaker 1: the most money from the business and clearly has had

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Speaker 1: less revenue since, has said, oh, you know, it's not

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Speaker 1: mtarily important. But what they do want is to reduce

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Speaker 1: a regular tory costs associated with it. And so if

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Speaker 1: you think about the costs and the impact that it's

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Speaker 1: had on all the banks, that is really one of

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Speaker 1: the main benefits that they can argue UM. Similar with

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Speaker 1: the producer rule with Vocal is look, there's there's certain aspects.

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Speaker 1: There's this one aspect of book or called rendy that

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Speaker 1: creates a lot of paperwork. And so what managements will

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Speaker 1: say is like, you know, we don't want to go

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Speaker 1: back to proprietary trading, but if you can loosen up this,

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Speaker 1: you know, you would really reduce the cost and the burden.

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Speaker 1: The issue is if you take that back, then how

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Speaker 1: do you really measure UM that they're not proprietary trading.

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Speaker 1: Good point and a good question to keep delving into.

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Speaker 1: Allison Williams senior bank analyst for bloom Brick Intelligence, talking

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Speaker 1: about the possible repeal of the Dad Frank Act, written

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Speaker 1: in two thousand and ten to prevent another financial crisis.

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Speaker 1: Thanks for listening to the Bloomberg P and L Podcast.

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Speaker 1: You can subscribe and listen to interviews at iTunes, SoundCloud,

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Speaker 1: or whatever podcast platform you prefer. I'm Pim Fox. I'm

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00:26:51,520 --> 00:26:54,440
Speaker 1: out there on Twitter at pim Fox. I'm out there

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00:26:54,440 --> 00:26:57,760
Speaker 1: on Twitter at Lisa Abramo. It's one before the podcast.

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Speaker 1: You can always a catch us worldwide. I'm bloom of Radio.

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Speaker 1: P and L is brought to you by proper Cloth,

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