1 00:00:02,520 --> 00:00:10,639 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is your weekly 2 00:00:10,800 --> 00:00:15,320 Speaker 1: Washington Policy Pulse the Balance of Power Podcasts. I'm Joe Matthew. 3 00:00:15,560 --> 00:00:19,159 Speaker 1: Every Monday, Bloomberg Intelligence, senior policy analyst and friend of 4 00:00:19,160 --> 00:00:22,480 Speaker 1: the show, Nathan Dean shares his weekly call on upcoming 5 00:00:22,520 --> 00:00:25,720 Speaker 1: catalysts in the nation's capital. Listen for the most recent 6 00:00:25,720 --> 00:00:29,000 Speaker 1: and relevant policy research from our team at Bloomberg Intelligence. 7 00:00:29,240 --> 00:00:31,520 Speaker 1: Now with today's installment, here's Nathan Dean. 8 00:00:32,120 --> 00:00:34,400 Speaker 2: My name is Nathan Dean. I'm a senior policy host 9 00:00:34,400 --> 00:00:37,360 Speaker 2: with Bloomberg Intelligence here in the Washington DC office. We 10 00:00:37,640 --> 00:00:40,880 Speaker 2: want to say thank you for joining the Washington Policy Pulse. Also, 11 00:00:40,920 --> 00:00:42,600 Speaker 2: thank you to those of you who are listening to 12 00:00:42,680 --> 00:00:45,640 Speaker 2: us via the Balance of Power podcast. We really appreciate that. 13 00:00:46,120 --> 00:00:49,480 Speaker 2: So today is October twenty twentieth. We're doing this at 14 00:00:49,560 --> 00:00:52,479 Speaker 2: ten oh two am. The reason why I timestamped this 15 00:00:52,640 --> 00:00:54,920 Speaker 2: is because there's a lot of things that are going 16 00:00:54,960 --> 00:00:56,560 Speaker 2: on this week. But the one thing I want to 17 00:00:56,640 --> 00:00:59,200 Speaker 2: lead off with that's not going on is that is 18 00:00:59,320 --> 00:01:03,440 Speaker 2: negotiation over the government shutdown. Unfortunately, for a lot of 19 00:01:03,480 --> 00:01:06,360 Speaker 2: the furloughed workers and contractors here in the Washington, DC 20 00:01:06,520 --> 00:01:08,200 Speaker 2: area that are hoping that they can get back to 21 00:01:08,240 --> 00:01:12,319 Speaker 2: work or at least start collecting their paychecks. Neither Democrats 22 00:01:12,400 --> 00:01:14,680 Speaker 2: or Republicans are really in a mood at the moment 23 00:01:14,760 --> 00:01:18,360 Speaker 2: where they think that they need to negotiate. Polling data 24 00:01:18,360 --> 00:01:20,560 Speaker 2: continues to suggest that if you're looking at it from 25 00:01:20,560 --> 00:01:24,600 Speaker 2: the Democratic perspective, that Republicans are getting a slight edge 26 00:01:24,600 --> 00:01:27,640 Speaker 2: in terms of being blamed for the shutdown. Republicans are 27 00:01:27,640 --> 00:01:30,040 Speaker 2: looking at the polling data and they're saying, you know 28 00:01:30,080 --> 00:01:32,200 Speaker 2: that we're pretty much in a good situation right now. 29 00:01:32,200 --> 00:01:33,840 Speaker 2: We're sticking to our guns, and we have the moral 30 00:01:33,880 --> 00:01:36,000 Speaker 2: high ground. So I think what's going to happen right 31 00:01:36,000 --> 00:01:37,600 Speaker 2: now is that there's two things that are going on. 32 00:01:37,640 --> 00:01:40,160 Speaker 2: From the pressure point. From the democratic perspective, it's really 33 00:01:40,200 --> 00:01:43,440 Speaker 2: when do these moderate Democrats begin to feel the pain 34 00:01:43,560 --> 00:01:45,800 Speaker 2: to actually go forth and want to negotiate. And I'm 35 00:01:45,840 --> 00:01:48,320 Speaker 2: not talking about Senator Chuck Schumer here, I'm talking about 36 00:01:48,320 --> 00:01:53,080 Speaker 2: those bipartisan ish, you know Democrats like Senator Shaheen, you know, 37 00:01:53,680 --> 00:01:57,080 Speaker 2: Senator Asoff, maybe Senator Warner who have constituents that are 38 00:01:57,080 --> 00:02:00,200 Speaker 2: either impacted by this, maybe they start talking about their 39 00:02:00,240 --> 00:02:02,640 Speaker 2: own solution. It's not going to happen this week, despite 40 00:02:02,680 --> 00:02:06,160 Speaker 2: the fact what Kevin Hasset said earlier this morning, he 41 00:02:06,200 --> 00:02:08,360 Speaker 2: said that he could then potentially see the government and 42 00:02:08,600 --> 00:02:12,519 Speaker 2: shutdown ending this week. I don't see that happening. But again, 43 00:02:12,600 --> 00:02:14,400 Speaker 2: I think that if there is an off ra at 44 00:02:14,400 --> 00:02:17,280 Speaker 2: from the Democratic perspective, it comes through the idea of 45 00:02:17,360 --> 00:02:21,679 Speaker 2: November first. November first has actually essentially two things, and 46 00:02:21,760 --> 00:02:24,120 Speaker 2: maybe even include October twenty ninth, because that's the next 47 00:02:24,120 --> 00:02:27,639 Speaker 2: military paycheck. You know, October twenty ninth, you have a 48 00:02:27,680 --> 00:02:31,440 Speaker 2: government funding government employee paycheck. You also have the military paycheck. 49 00:02:32,000 --> 00:02:34,799 Speaker 2: November first is when Obamacare subsidies go up. It's open 50 00:02:34,880 --> 00:02:38,880 Speaker 2: enrollment for the next ACA period. You also have SNAP benefits, 51 00:02:38,880 --> 00:02:41,840 Speaker 2: and in fact the SNAP benefits the SNAP administrator just 52 00:02:41,880 --> 00:02:44,560 Speaker 2: even this morning said, look, the money's not going to 53 00:02:44,600 --> 00:02:46,799 Speaker 2: be there for the forty two million Americans that take 54 00:02:46,840 --> 00:02:50,360 Speaker 2: advantage of the program formerly known as food stamps. So 55 00:02:50,400 --> 00:02:53,200 Speaker 2: I think if the Democrats were to say at this point, Okay, 56 00:02:54,080 --> 00:02:57,280 Speaker 2: now we're in a situation where the Obamacare subsidies are gone, 57 00:02:57,360 --> 00:02:59,400 Speaker 2: or at least they'll be gone for the next year, 58 00:03:00,120 --> 00:03:02,560 Speaker 2: this is a problem for the Republicans to own. Maybe 59 00:03:02,560 --> 00:03:05,000 Speaker 2: that's an off ramp for a handful of Democrats to 60 00:03:05,000 --> 00:03:07,360 Speaker 2: come on board, because remember, at this point, you just 61 00:03:07,400 --> 00:03:10,200 Speaker 2: need five. From the Republican perspective, I think the House 62 00:03:10,280 --> 00:03:13,440 Speaker 2: Republicans and the Senate Republicans are essentially just waiting back 63 00:03:13,440 --> 00:03:15,680 Speaker 2: to see what the White House wants to do. And 64 00:03:15,720 --> 00:03:17,239 Speaker 2: I don't think the White House is in any mood 65 00:03:17,240 --> 00:03:19,400 Speaker 2: at the moment that they think they need to negotiate. 66 00:03:19,440 --> 00:03:22,720 Speaker 2: So again, here we are October twentieth, and I don't 67 00:03:22,720 --> 00:03:24,520 Speaker 2: think the government's going to the shutdown is going to 68 00:03:24,600 --> 00:03:26,800 Speaker 2: end it anytime soon. For what it's worth, on the 69 00:03:26,800 --> 00:03:29,919 Speaker 2: polling market, on the betting markets, there's a significant chunk 70 00:03:29,960 --> 00:03:32,120 Speaker 2: about thirty six percent of the folks taking the bet 71 00:03:32,760 --> 00:03:35,560 Speaker 2: think that the shutdown will end some between October twenty 72 00:03:35,560 --> 00:03:39,280 Speaker 2: third and October twenty six. But the majority of the folks, 73 00:03:39,360 --> 00:03:42,120 Speaker 2: fifty over fifty percent think this will go into November. 74 00:03:42,440 --> 00:03:45,720 Speaker 2: So again, we'll see what happens. I want to do 75 00:03:45,760 --> 00:03:47,720 Speaker 2: a little bit of a reset or a state of 76 00:03:47,720 --> 00:03:50,960 Speaker 2: play on the crypto industry because it's been reported that 77 00:03:51,080 --> 00:03:53,720 Speaker 2: Senator Jill brand Out of New York, a Democrat, is 78 00:03:53,760 --> 00:03:56,440 Speaker 2: going to have a meeting on Wednesday with a host 79 00:03:56,520 --> 00:03:59,560 Speaker 2: of crypto CEOs. And this comes over a lot of 80 00:03:59,600 --> 00:04:02,040 Speaker 2: reporting over the last couple of weeks. It suggests that 81 00:04:02,080 --> 00:04:05,000 Speaker 2: the Clarity Act or the Responsible Financial Innovation Act, these 82 00:04:05,040 --> 00:04:06,840 Speaker 2: are the two. This is the House Act and then 83 00:04:06,840 --> 00:04:09,840 Speaker 2: the Senate Bill, you know, the Senate House Bill, the 84 00:04:09,880 --> 00:04:13,440 Speaker 2: Senate Bill. This comes as there's been reporting as some 85 00:04:13,600 --> 00:04:17,359 Speaker 2: you know, distrust to maybe some misalignment in terms of 86 00:04:17,360 --> 00:04:20,600 Speaker 2: the goals over the Senate side between Democrats and Republicans. 87 00:04:21,080 --> 00:04:23,040 Speaker 2: Right now, just say, look, negotiations are going to be 88 00:04:23,040 --> 00:04:24,920 Speaker 2: hard because of the shutdown anyway, there's a lot of 89 00:04:25,120 --> 00:04:28,359 Speaker 2: anxious anxiety out there amongst the Senators, but nothing that 90 00:04:28,400 --> 00:04:31,440 Speaker 2: I don't think can get over dealt with. I still 91 00:04:31,480 --> 00:04:33,600 Speaker 2: think that there's a seventy percent chance that sometime in 92 00:04:33,640 --> 00:04:35,880 Speaker 2: the first half of next year you're going to see 93 00:04:35,960 --> 00:04:40,560 Speaker 2: a broad crypto structured bill pass. But you know, we'll 94 00:04:40,600 --> 00:04:42,599 Speaker 2: see what happens. In terms of this meeting with the 95 00:04:42,600 --> 00:04:45,840 Speaker 2: Democrats on Wednesday, I think crypto it's now become more 96 00:04:46,040 --> 00:04:48,600 Speaker 2: not so much more of an issue of will Congress 97 00:04:48,680 --> 00:04:51,480 Speaker 2: actually go forth and create a bill, but it's more 98 00:04:51,520 --> 00:04:54,400 Speaker 2: so of what are the protections in place for Congress 99 00:04:54,440 --> 00:04:56,400 Speaker 2: to go forth in the bill, and how does it 100 00:04:56,440 --> 00:05:00,159 Speaker 2: impact the banking industry, because I think talking to some 101 00:05:00,200 --> 00:05:02,600 Speaker 2: bank lobbyists this week, you know, there's a lot of 102 00:05:02,920 --> 00:05:05,120 Speaker 2: thought out here that if this bill is too pro 103 00:05:05,200 --> 00:05:09,000 Speaker 2: crypto and doesn't have similar protections and doesn't have similar 104 00:05:09,120 --> 00:05:12,920 Speaker 2: BSA and mL protections and provisions in place, the banking 105 00:05:12,960 --> 00:05:15,960 Speaker 2: sector may see that they're at a disadvantage. And we're 106 00:05:16,000 --> 00:05:17,880 Speaker 2: getting a lot of this, especially in a stable coin 107 00:05:17,960 --> 00:05:20,480 Speaker 2: argument we've talked about in the past, where you know, 108 00:05:20,560 --> 00:05:22,880 Speaker 2: the banks are trying to close this or at least 109 00:05:22,880 --> 00:05:25,960 Speaker 2: expand a loophole of paying yield on stable coins. There's 110 00:05:25,960 --> 00:05:29,279 Speaker 2: certain crypto platforms out there, not issuers, but platforms that 111 00:05:29,279 --> 00:05:33,000 Speaker 2: are offering rewards, and under the Genius Act, well you 112 00:05:33,040 --> 00:05:36,279 Speaker 2: know it's prohibited to pay interest or yield on issuers, 113 00:05:36,320 --> 00:05:38,520 Speaker 2: but there's nothing out there that says these platforms can't 114 00:05:38,520 --> 00:05:42,400 Speaker 2: pay rewards. And so now this artargument has really been 115 00:05:42,440 --> 00:05:46,440 Speaker 2: a bank industry versus a crypto industry fight, and generally speaking, 116 00:05:46,440 --> 00:05:48,760 Speaker 2: when it happens, it's like two of your children fighting. 117 00:05:48,800 --> 00:05:51,359 Speaker 2: You love them anyway, you just want them to go 118 00:05:51,440 --> 00:05:54,000 Speaker 2: away so you can watch football. But ultimately I think 119 00:05:54,040 --> 00:05:55,840 Speaker 2: it favors more of a status quo. So I think 120 00:05:55,839 --> 00:05:57,520 Speaker 2: they have to come together and they have to figure 121 00:05:57,520 --> 00:05:59,599 Speaker 2: out how to make this bill actually work for both 122 00:05:59,640 --> 00:06:02,359 Speaker 2: industry and so I think that's going to take time. 123 00:06:02,880 --> 00:06:04,599 Speaker 2: We still have not heard anything in terms of the 124 00:06:04,640 --> 00:06:07,560 Speaker 2: Senate agg portion of the Senate build This is the 125 00:06:07,600 --> 00:06:10,239 Speaker 2: commodities portion. Remember we're just working off of the Senate 126 00:06:10,279 --> 00:06:14,160 Speaker 2: Banking Discussion draft, So I think that has to wait 127 00:06:14,200 --> 00:06:16,760 Speaker 2: for the government shutdown. All that being said is that 128 00:06:16,800 --> 00:06:20,440 Speaker 2: there's negotiations that are going on. Not a ton of momentum, 129 00:06:20,440 --> 00:06:22,360 Speaker 2: but I do think that first half of next year 130 00:06:22,400 --> 00:06:26,160 Speaker 2: is still likely. Another thing I want to talk about 131 00:06:26,240 --> 00:06:27,680 Speaker 2: is I just put in a note this morning on 132 00:06:27,839 --> 00:06:32,720 Speaker 2: Senator sorry Chairman Paul Atkins over at the SEC in 133 00:06:32,720 --> 00:06:35,960 Speaker 2: his efforts to make IPOs great again. You know, if 134 00:06:36,000 --> 00:06:38,880 Speaker 2: you think about the different agenda items over at the SEC, 135 00:06:38,960 --> 00:06:42,479 Speaker 2: CRYPTO is really taking it, most of the oxygen market 136 00:06:42,520 --> 00:06:45,640 Speaker 2: structure and regulation. NMS is doing some of this as well. 137 00:06:45,839 --> 00:06:48,120 Speaker 2: But then you also have this idea of capital formation 138 00:06:48,279 --> 00:06:50,719 Speaker 2: and share. Atkins gave a speech a couple of weeks 139 00:06:50,760 --> 00:06:54,560 Speaker 2: ago essentially said that he wants to quote make IPOs 140 00:06:54,600 --> 00:06:57,240 Speaker 2: great again. So what does that actually look like. Well, 141 00:06:57,279 --> 00:07:00,240 Speaker 2: for one, we've talked about expanding quarterly earning or at 142 00:07:00,320 --> 00:07:04,240 Speaker 2: least you know, the idea of de emphasizing earnings from 143 00:07:04,240 --> 00:07:06,280 Speaker 2: the first quarter in the third quarter. I think that 144 00:07:06,279 --> 00:07:08,359 Speaker 2: plays a part of it. I think you're going to 145 00:07:08,360 --> 00:07:11,440 Speaker 2: see additional listing standards potentially to make it easier. You're 146 00:07:11,480 --> 00:07:14,560 Speaker 2: going to see streamline disclosures. You're going to see all 147 00:07:14,600 --> 00:07:17,040 Speaker 2: these activities I think over the next six to nine 148 00:07:17,080 --> 00:07:20,880 Speaker 2: months from the SEC to try and make it easier 149 00:07:20,880 --> 00:07:23,840 Speaker 2: for companies to go public. I've looked at all the 150 00:07:23,880 --> 00:07:26,400 Speaker 2: scenarios that we've played out in what my note essentially 151 00:07:26,440 --> 00:07:28,280 Speaker 2: says is that I don't think you're going to see 152 00:07:28,280 --> 00:07:31,680 Speaker 2: a massive increase in volume in terms of going IPOs, 153 00:07:32,040 --> 00:07:34,320 Speaker 2: but I think you're going to see little bit less 154 00:07:34,360 --> 00:07:38,320 Speaker 2: regulatory burns for smaller companies to go to IPOs. And 155 00:07:38,400 --> 00:07:40,520 Speaker 2: I also say this in that I don't see any 156 00:07:40,520 --> 00:07:42,040 Speaker 2: of the actions that are out there in terms of 157 00:07:42,080 --> 00:07:46,640 Speaker 2: the SEC really harming or influencing. Influencing is a better 158 00:07:46,680 --> 00:07:50,520 Speaker 2: way of phrasing it influencing the private credit market, because 159 00:07:50,520 --> 00:07:52,560 Speaker 2: the SEC right now is sort of saying, look, if 160 00:07:52,600 --> 00:07:55,200 Speaker 2: private credit wants to go forth, go forth. But we 161 00:07:55,240 --> 00:07:58,400 Speaker 2: also want to make sure that IPOs are being made 162 00:07:58,400 --> 00:08:00,480 Speaker 2: great again. And I don't think the s's go in 163 00:08:00,520 --> 00:08:01,960 Speaker 2: a position where they're going to pick a winner or 164 00:08:01,960 --> 00:08:04,320 Speaker 2: a loser here. They're just doing things to actually essentially 165 00:08:04,360 --> 00:08:06,680 Speaker 2: make sure that both paths are a little bit forward. 166 00:08:06,720 --> 00:08:08,720 Speaker 2: So if you want to copy that note, please feel free. 167 00:08:08,880 --> 00:08:11,920 Speaker 2: I'll send that on. Let's talk about tariffs for a minute. 168 00:08:12,280 --> 00:08:14,200 Speaker 2: You know, we had several meetings last week here in 169 00:08:14,320 --> 00:08:17,880 Speaker 2: Washington due to IMF week, and I will say that 170 00:08:18,160 --> 00:08:20,720 Speaker 2: the number one question we got was tariffs. In fact, 171 00:08:20,720 --> 00:08:23,040 Speaker 2: we got zero questions on the government shutdown, which I 172 00:08:23,080 --> 00:08:25,120 Speaker 2: don't think was very surprising, just because there was a 173 00:08:25,120 --> 00:08:28,000 Speaker 2: lot of non US individuals that we met with. But 174 00:08:28,520 --> 00:08:30,080 Speaker 2: you know, a couple of things to keep in mind 175 00:08:30,120 --> 00:08:32,600 Speaker 2: when it comes to Tariff's one, President Trump right now 176 00:08:32,640 --> 00:08:35,320 Speaker 2: his feuding with Columbia. He made some statements over the 177 00:08:35,320 --> 00:08:39,120 Speaker 2: week linking Columbia to drug trafficking. We're anticipating a new 178 00:08:39,120 --> 00:08:42,320 Speaker 2: Columbia tariff to come out tomorrow. That's what President Trump 179 00:08:42,400 --> 00:08:44,480 Speaker 2: said just this morning, is that that new tariff on 180 00:08:44,520 --> 00:08:46,840 Speaker 2: Columbia is going to come tomorrow. You are going to 181 00:08:46,840 --> 00:08:49,000 Speaker 2: see some movement in the Senate about this idea of 182 00:08:49,000 --> 00:08:52,959 Speaker 2: a resolution overturning President Trump's tariff's are related to Canada 183 00:08:53,080 --> 00:08:57,000 Speaker 2: and to Brazil. Senator Tim Kane of Virginia has a 184 00:08:57,040 --> 00:08:59,520 Speaker 2: resolution out there. Sounds like there may be a vote 185 00:08:59,559 --> 00:09:02,000 Speaker 2: in the work. When it comes to a resolution, just 186 00:09:02,040 --> 00:09:04,920 Speaker 2: keep in mind it's a majority vote. There's no filibuster here, 187 00:09:04,960 --> 00:09:06,800 Speaker 2: so you need a majority vote in the Senate, majority 188 00:09:06,840 --> 00:09:09,120 Speaker 2: vote in the House. Question is even if you get 189 00:09:09,120 --> 00:09:11,319 Speaker 2: it past the Senate, will you get it past the House? 190 00:09:11,400 --> 00:09:13,559 Speaker 2: And when the President even sign it? Of course President 191 00:09:13,600 --> 00:09:16,040 Speaker 2: Trump wins sign it, so you know you would need 192 00:09:16,040 --> 00:09:18,880 Speaker 2: a vetoprof majority. I don't think it goes there, and 193 00:09:18,960 --> 00:09:22,560 Speaker 2: so ultimately I think this is just headlines. But I 194 00:09:22,600 --> 00:09:25,360 Speaker 2: think the big question when it comes to the tariff piece, 195 00:09:25,400 --> 00:09:28,000 Speaker 2: and this is where we don't have anything for you 196 00:09:28,040 --> 00:09:29,960 Speaker 2: this week. But as we get into the next couple 197 00:09:30,040 --> 00:09:33,160 Speaker 2: of weeks, it really is what happens with China. Towards 198 00:09:33,200 --> 00:09:35,280 Speaker 2: the end of the month, President Trump is meeting with 199 00:09:36,120 --> 00:09:40,680 Speaker 2: Chinese President Jiji Ping, you know, potentially in South Korea 200 00:09:41,200 --> 00:09:43,040 Speaker 2: when they go to the summit in South Korea. My 201 00:09:43,080 --> 00:09:46,360 Speaker 2: colleague Adam Ferrer from Bloomberg Economics is actually just flown 202 00:09:46,360 --> 00:09:48,800 Speaker 2: out to the region to start covering that. If you want, 203 00:09:48,880 --> 00:09:52,040 Speaker 2: you can always find him on the terminal is Bio. 204 00:09:52,800 --> 00:09:54,440 Speaker 2: But you know, this is one of those things where 205 00:09:54,440 --> 00:09:56,880 Speaker 2: if you're exposed to the ag sector, you know they're 206 00:09:56,960 --> 00:09:59,960 Speaker 2: trying to make a commitment to soybeans. If you're exposed 207 00:10:00,080 --> 00:10:02,040 Speaker 2: to essentially the retail sector, are you going to see 208 00:10:02,040 --> 00:10:05,760 Speaker 2: one hundred percent tariff on one hundred percent additional tariff 209 00:10:06,160 --> 00:10:09,520 Speaker 2: on goods related to rare earth minerals? You know, President 210 00:10:09,559 --> 00:10:12,280 Speaker 2: Trump even made a statement on Friday saying long term 211 00:10:12,320 --> 00:10:15,560 Speaker 2: one hundred percent tariffs isn't viable, but you could see 212 00:10:15,600 --> 00:10:19,320 Speaker 2: a shotgun awe strategy. You know, we're not really trying 213 00:10:19,360 --> 00:10:22,240 Speaker 2: to model this out at the moment, just because November first, 214 00:10:22,280 --> 00:10:25,800 Speaker 2: even though it's only ten days away, still ten days away, 215 00:10:25,840 --> 00:10:29,959 Speaker 2: and so eleven days away, so stay tuned. But if 216 00:10:29,960 --> 00:10:32,440 Speaker 2: you need any assistance on that next week, we're going 217 00:10:32,520 --> 00:10:34,960 Speaker 2: to be looking at that in particular. And the last 218 00:10:34,960 --> 00:10:36,800 Speaker 2: thing I want to highlight is, you know, while the 219 00:10:36,840 --> 00:10:38,920 Speaker 2: government is still shut down, it doesn't mean that we 220 00:10:38,960 --> 00:10:41,360 Speaker 2: don't have hearings, that we don't have votes, and we 221 00:10:41,440 --> 00:10:45,280 Speaker 2: actually have two hearings of the Senate Banking Committee that 222 00:10:45,360 --> 00:10:47,000 Speaker 2: I think are worthwhile. I went through all the other 223 00:10:47,080 --> 00:10:48,800 Speaker 2: Senate hearings and these are the only two that I 224 00:10:48,840 --> 00:10:51,840 Speaker 2: think are really worthwhile. The first is on is tomorrow 225 00:10:51,840 --> 00:10:54,319 Speaker 2: on Tuesday. This is an industry hearing. What I mean 226 00:10:54,440 --> 00:10:57,760 Speaker 2: is the panelists are coming from industry and academia and 227 00:10:57,800 --> 00:11:01,560 Speaker 2: think tanks and trade associations talking about housing. You know, 228 00:11:01,600 --> 00:11:04,480 Speaker 2: obviously there's been a lot of social media posts from 229 00:11:04,480 --> 00:11:07,439 Speaker 2: President Trump on trying to make housing more affordable and 230 00:11:07,480 --> 00:11:11,160 Speaker 2: to actually actually push forth new home building across the 231 00:11:11,280 --> 00:11:13,840 Speaker 2: United States. So essentially Tomorrow's hearing at the Senate Banking 232 00:11:13,880 --> 00:11:16,840 Speaker 2: Committee is going to be more idea generation rather than 233 00:11:16,840 --> 00:11:20,040 Speaker 2: anything else. The more important hearing comes on Thursday. This 234 00:11:20,120 --> 00:11:22,200 Speaker 2: is that the Senate Banking Committee where we're going to 235 00:11:22,240 --> 00:11:25,199 Speaker 2: hear from the crudential banking regulators. So it's a Federal Reserve, 236 00:11:25,280 --> 00:11:28,160 Speaker 2: the FDIIC, the Office Control or the Currency, and the 237 00:11:28,240 --> 00:11:34,760 Speaker 2: National Credit the National Credit Union Administration. Apologies to the NCUA, 238 00:11:34,880 --> 00:11:36,600 Speaker 2: but they don't get many questions here. We're going to 239 00:11:36,600 --> 00:11:39,720 Speaker 2: concentrate on the banking credential regulators, and the question here 240 00:11:39,840 --> 00:11:41,559 Speaker 2: is what are we going to see in terms of 241 00:11:41,559 --> 00:11:43,560 Speaker 2: the future of bank regulation, when is the Basil three 242 00:11:43,640 --> 00:11:44,959 Speaker 2: end game going to come out? Is there going to 243 00:11:44,960 --> 00:11:47,880 Speaker 2: be another stress test proposal that they had promised by 244 00:11:48,000 --> 00:11:50,280 Speaker 2: September thirty of which has not come out. Are you 245 00:11:50,360 --> 00:11:52,599 Speaker 2: going to see a move to method one amongst the 246 00:11:52,679 --> 00:11:55,680 Speaker 2: jesup surcharge? Like the general feeling is around town is 247 00:11:56,000 --> 00:11:58,200 Speaker 2: so we hopefully will get some questions or are some 248 00:11:58,320 --> 00:12:00,679 Speaker 2: answers on that. I think most of the answers are 249 00:12:00,679 --> 00:12:02,160 Speaker 2: going to be very high level. They're not going to 250 00:12:02,160 --> 00:12:05,160 Speaker 2: give any specifics, But in terms of general timing, I'm 251 00:12:05,200 --> 00:12:07,040 Speaker 2: looking to see if they still think that they can 252 00:12:07,040 --> 00:12:09,760 Speaker 2: get stuff out by the end of this year, because 253 00:12:09,760 --> 00:12:12,120 Speaker 2: to me, that suggests that these rules and these proposals 254 00:12:12,160 --> 00:12:14,520 Speaker 2: are actually very close to being done. If they start 255 00:12:14,600 --> 00:12:17,520 Speaker 2: using language like well start beginning of next year, then 256 00:12:17,559 --> 00:12:20,480 Speaker 2: I think you're going to see the regulators potentially they 257 00:12:20,520 --> 00:12:24,160 Speaker 2: may not be as far as long as they as 258 00:12:24,160 --> 00:12:27,160 Speaker 2: they've once said. So with that, I'm going to stop there. 259 00:12:27,160 --> 00:12:28,920 Speaker 2: I'm going to say thank you very much for attending. 260 00:12:28,920 --> 00:12:30,640 Speaker 2: We really appreciate it. If you do have any questions, 261 00:12:30,640 --> 00:12:32,400 Speaker 2: feel free to send me a message on the Bloomberg 262 00:12:32,480 --> 00:12:35,679 Speaker 2: terminal reaching me offline. I'd love to talk with you 263 00:12:35,720 --> 00:12:38,439 Speaker 2: more about this stuff, but again we really much thank 264 00:12:38,480 --> 00:12:40,000 Speaker 2: you for listening and wish you a great week. 265 00:12:42,600 --> 00:12:46,480 Speaker 1: Our thanks to Nathan Dean, Bloomberg Intelligence Senior Policy Analysts 266 00:12:46,520 --> 00:12:50,200 Speaker 1: bringing you the latest installment of his weekly Washington Policy Pulse. 267 00:12:50,600 --> 00:12:53,400 Speaker 1: For more from BI or to join this call live 268 00:12:53,600 --> 00:12:57,280 Speaker 1: each week, you can email Nathan at ndan at Bloomberg 269 00:12:57,360 --> 00:13:01,079 Speaker 1: dot net. That's nd e a n Bloomberg dot Net 270 00:13:01,320 --> 00:13:03,760 Speaker 1: and come back to the podcast later today for the 271 00:13:03,800 --> 00:13:05,520 Speaker 1: latest edition of Balance of Power.