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Speaker 1: Good morning.

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Speaker 2: I'm Nathan Hager and I'm Karen Moscow. Here are the

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Speaker 2: stories we're following today.

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Speaker 3: We begin with politics this morning, because former President Donald

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Speaker 3: Trump is now facing new obstruction charges in the criminal

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Speaker 3: case over how he handled classified documents. Amy Morris begins

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Speaker 3: our team coverage from our Bloomberg ninety nine one newsroom

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Speaker 3: in Washington.

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Speaker 4: These are new charges in the classified documents case, allegations

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Speaker 4: that Trump and two employees tried to delete surveillance video

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Speaker 4: footage at his Mara A Lago estate last year. In

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Speaker 4: this latest indictment, prosecutors accused Trump of directing workers to

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Speaker 4: erase footage of a storage room where the documents were kept,

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Speaker 4: days after his lawyers received a subpoena for the footage.

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Speaker 4: It also includes one additional count, accusing Trump of willful

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Speaker 4: retention of national defense information. He's already pleaded not guilty

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Speaker 4: and faces a May twentieth trial date in Washington. I'm

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Speaker 4: Amy Morris, Bloomberg Daybreak.

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Speaker 2: All right, Amy, thank you. All these new charges has

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Speaker 2: put even more legal pressure on the former president. We

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Speaker 2: continue our team cover to this story with Bloomberg Justice

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Speaker 2: Department reporter Chris Strom.

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Speaker 5: This most likely will extend the timeline for the Trump case.

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Speaker 5: It's very possible that what Jack Smith is trying to

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Speaker 5: do here is get Deolavera to flip on Trump, and

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Speaker 5: by bringing these charges, he's looking to put pressure on

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Speaker 5: Dale Lavera and have him break off from Trump. They're

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Speaker 5: all lumped together now in the indictment, Trump, Walt Not

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Speaker 5: and Dale Leavera. And at this point the Special Council

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Speaker 5: is going forward with the prosecution.

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Speaker 2: And Bloomberg's Chris Strom says there's still more legal trouble

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Speaker 2: on the horizon for former President Trump, paways of potential

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Speaker 2: third indictment over efforts to overturn the twenty twenty election

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Speaker 2: where on that could come any day now.

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Speaker 3: Now, there are new developments in geopolitics. This morning, Karen

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Speaker 3: new tensions between the US and China, and this time

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Speaker 3: they come by way of Hong Kong. The Washington Post

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Speaker 3: is reporting that the White House is barring Hong Kong's

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Speaker 3: leader John Lee from a major economic summit this fall.

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Speaker 3: Bloomberg Daybreak Asia anchor Brian Curtis has more from Hong Kong.

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Speaker 6: John Lee is sanctioned by the US for his role

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Speaker 6: in Hong Kong's crackdown on civil liberties. The Post cited

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Speaker 6: three unidentified US officials as saying Lee would be barred.

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Speaker 6: Hong Kong government issued a statement saying the APEC meeting

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Speaker 6: does not belong to any one country and the US

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Speaker 6: should fulfill its responsibilities as a host. Now blacklisting Lee

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Speaker 6: will surely raise tensions. The US recently condemned Hong Kong

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Speaker 6: after it put bounties on eight democracy activists activists wanted

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Speaker 6: under a Chinese national security law in Hong Kong. Brian Curtis, Bloomberg.

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Speaker 3: Daybreak, Hi, Brian, thanks well.

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Speaker 2: Turning to the markets now, we've seen bond and currency

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Speaker 2: markets jolted overnight by the Bank of Japan. Global bonds

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Speaker 2: fell after the BOJ announced more flexibility in its yield

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Speaker 2: curve control policy, and that spurs speculation of more changes

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Speaker 2: to come. Bloomberg macro strategist Mark Hudmore says letting long

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Speaker 2: term interest rates rise above their cap was a surprisingly

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Speaker 2: hawkish move.

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Speaker 7: Effectively, what they've raised the hard cap to one percent,

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Speaker 7: and even then they haven't said it's going to be

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Speaker 7: unlimited purchases of jgb's out of one percent yield. It's

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Speaker 7: just going to be daily purchases, so that's basically move

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Speaker 7: the hard cup up from point five percent to one percent.

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Speaker 7: That's a point five percent move there in that cap.

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Speaker 2: And Bloomber's Mark Cudmore says loosening a yield curve control

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Speaker 2: marks the first surprise move from the Bank of Japan's

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Speaker 2: a new governor. It could make the yen a more

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Speaker 2: volatile trade. In checking the yen right now, it's at

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Speaker 2: one thirty nine point five to two against the dollar.

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Speaker 3: And back here in the US, Karen earning season continues

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Speaker 3: to rumble on with key guidance from Intel. The chip

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Speaker 3: maker issued a bullish revenue forecast, indicating demand for computer

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Speaker 3: components is improving. The outlook follows a slow start to

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Speaker 3: the year and makes good on a promise from Intel

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Speaker 3: management that the second half of twenty twenty three will

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Speaker 3: show improvement and checking shares of Intel right now they

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Speaker 3: are higher by nearly seven percent.

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Speaker 2: And Nathan, we also got earnings from master Card, the

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Speaker 2: company saying cardvolume rows more than expected to one point

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Speaker 2: eight trillion dollars that beat estimates. MasterCard says overseas travel

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Speaker 2: and other entertainment is primarily driving the increase. Earlier this week,

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Speaker 2: Visa also noted that spending on its cards jumped and

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Speaker 2: also cited hire volumes tied to travel.

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Speaker 3: Okay, so while travel spending a peers healthy care and

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Speaker 3: commercial real estate that's a different story. Now we're learning

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Speaker 3: US office data are on track to set records, but

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Speaker 3: for the wrong reason. Bloomberg's John Tucker explains.

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Speaker 8: The amount of office space in the US is declining

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Speaker 8: for what's likely the first time in history. The real

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Speaker 8: estate services company Jones Langlessal. Says less than five million

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Speaker 8: square feet of new offices broke round in the US

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Speaker 8: so far this year, while fourteen point seven billion square

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Speaker 8: feet has been removed as good mark what is believed

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Speaker 8: to be the first net decline ever. The closest we

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Speaker 8: came to negative inventory historically would have been during the

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Speaker 8: height of the Great Depression. Among the reasons for the decline,

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Speaker 8: employees have been slow to return in certain cities, and

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Speaker 8: office owners are grappling with a pullback of demand for

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Speaker 8: many tenants in New York. I'm John Tucker, Bloomberg Daybreak.

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Speaker 2: All right, John, Thanks. We also have an important note

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Speaker 2: from the airline industry. American Airlines and negotiators for its

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Speaker 2: Pinelists union reached a preliminary agreement on a proposed contract.

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Speaker 2: It'll include higher pay and benefits more closely aligned with

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Speaker 2: a labor agreement at United Airlines.

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Speaker 3: And if you've been feeling extra hot this July, it's

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Speaker 3: not just in your head. This month is set to

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Speaker 3: become the world's hottest on record, the first twenty one

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Speaker 3: days of this month for the hottest three week period,

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Speaker 3: with July six seeing its highest ever global average temperature.

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Speaker 3: And now it's time to take a look at some

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Speaker 3: of the other stories making news in New York and

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Speaker 3: around the world with Bloomberg's Michael Barr. Happy Friday, Michael.

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Speaker 9: Happy Friday to you, Nathan, and more. On the heat

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Speaker 9: that you just mentioned, Excessive heat warnings remain in place

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Speaker 9: for New York City and a lot of the Tri

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Speaker 9: state area. Today, New York Mayor Eric Adams and we

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Speaker 9: need to be clear when we talk about hot weather.

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Speaker 9: Heat kills more New Yorkers every year than any other

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Speaker 9: kind of extreme weather event, and access to cooling is

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Speaker 9: a matter of life and death. Mayor Adam says the

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Speaker 9: city has opened up five hundred cooling centers. A fifteen

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Speaker 9: year old swimmer remains missing after going in the water

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Speaker 9: off of Coney Island in Brooklyn. Lifeguards and witnesses saw

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Speaker 9: two boys in distress in the water in a no

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Speaker 9: swimming area of the beach. The fourteen year old was rescued,

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Speaker 9: but the search was called off last night for the

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Speaker 9: fifteen year old. President Biden had strong words for one

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Speaker 9: US senator. Biden accused the Republican Party of undermining the

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Speaker 9: US military my allowing Alabama Senator Tommy Tubberville to block

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Speaker 9: hundreds of military appointments over the Pentagon's abortion policy, a.

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Speaker 10: Growing cascade of damage and disruption, all because one senator

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Speaker 10: from Alabama and forty eight Republicans refused to stand up

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Speaker 10: to them to lift the blockade over the Pentagon policy

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Speaker 10: offering servicemen and women their families access to reproductive healthcare

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Speaker 10: rights they deserve if their station in states to deny it.

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Speaker 9: Tubberville is protesting the Defense Department policy put in place

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Speaker 9: that provides paid leave and reimburses costs for troops who

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Speaker 9: travel to another state to get an abortion. The Biden

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Speaker 9: administration is set to tighten fuel efficiency standards of alltomakers.

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Speaker 9: Bloomberg's at Baxter reports.

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Speaker 11: The proposed rule is expected to be applicable to years

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Speaker 11: twenty twenty seven and beyond. The move comes as gasoline

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Speaker 11: prices are rising again. Details have not been announced, but

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Speaker 11: previous proposals have it an averaging fuel economy by brand

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Speaker 11: at forty nine miles per gallon. It also will push

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Speaker 11: for half of all vehicles sold in the US to

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Speaker 11: be electric or emissions free by the end of the decade.

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Speaker 11: It could be issued as early as today. In San Francisco,

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Speaker 11: I'm at Baxter Bloomberg Daybreak.

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Speaker 9: A founding member of the Eagles has died. Randy Meisner

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Speaker 9: added high harmonies to some of the Eagles' favorites.

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Speaker 3: To the Minute, along.

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Speaker 9: With take It to the Limit. Meisner also gave us

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Speaker 9: take It Easy and the best of my love. The

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Speaker 9: band says. Meisner died of complications from COPD. Randy Meisner

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Speaker 9: was seventy seven global news twenty four hours a day,

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Speaker 9: powered by more than twenty seven hundred journalist and analysts

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Speaker 9: over one hundred and twenty countries. How Michael Barr, this is Bloomberg.

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Speaker 12: Nathan, Thanks Michael.

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Speaker 3: Time now for the Bloomberg Sports update. Here's John Stashauer.

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Speaker 13: All right, Nathan, we have an answer to the question

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Speaker 13: surrounding the Mets the past several weeks. Will they be

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Speaker 13: buyers or sellers at the trade deadline? They are sellers.

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Speaker 13: They just traded their best reliever, David Robertson had the

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Speaker 13: lowest era have any picture on the staff sent to

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Speaker 13: Miami for two rookie minor leaguers.

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Speaker 9: The Marlins are in it for.

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Speaker 13: A wildcard playoff spot, and the Mets really are not.

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Speaker 13: Although they didn't win last night at City Field, they

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Speaker 13: scored twice in the eighth inning to top Washington two

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Speaker 13: to one. The Yankees flates to let in Baltimore, and

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Speaker 13: it said to me likely that Aaron Judge will be

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Speaker 13: in the lineup out Since early June, with the injured

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Speaker 13: toe of the Yanks two and a half game out

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Speaker 13: of a playoff spot, the Angels are just behind the Yankees.

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Speaker 13: Angels just had a doubleheader sweep in Detroit where the

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Speaker 13: remarkable dual talents a show, Hey Otani, We're on full display,

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Speaker 13: a complete game, one hit shutout on the mound and

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Speaker 13: the opener, and then two home runs at the plate

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Speaker 13: in the nightcap. But Giants training camp Saquon Barkley's first

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Speaker 13: comments since his decision to accept the one year franchise

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Speaker 13: tag and not hold out.

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Speaker 14: Some people may agree or disagree with this and you know,

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Speaker 14: sit out or sit in, and I feel like for

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Speaker 14: it this year specifically, the best thing that I can

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Speaker 14: do for myself would be coming back, going out there

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Speaker 14: and play the game that I love, playing for my teammates,

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Speaker 14: doing something I want to do.

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Speaker 13: So this little kid, Barkley called it in Epiff and

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Speaker 13: A Giants did sweeten the deal to entice and from

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Speaker 13: college football Colorado now coach by Dilon Sanders left the

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Speaker 13: Big Twelve, joined the Fact Twelve. Now going back to

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Speaker 13: the Big Twelve. Lebron James and son Brownie out of

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Speaker 13: the hospital in LA after suffering that probacter rest Johns

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Speaker 13: stashedward bloom Sports.

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Speaker 15: From coast to coast, from New York to San Francisco,

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Speaker 15: Boston to Washington, DC, nationwide on Syrias exam the Bloomberg

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Speaker 15: Business app in Bloomberg dot com. This is Bloomberg Daybreak.

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Speaker 11: Good morning.

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Speaker 3: I'm Nathan Hager. Every aspect of finance is affected by

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Speaker 3: the artificial intelligence. Boom and Wall Street's main regulator is

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Speaker 3: taking notice. The securities and Exchange Commission is proposing restrictions

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Speaker 3: for brokerages and money managers that use AI to interact

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Speaker 3: with clients. Chair Gary Gensler says it's about firms putting

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Speaker 3: client interests ahead of their own. Gensler talked about that

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Speaker 3: and his moves to further regulate the crypto industry in

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Speaker 3: an interview with Bloomberg's Kaylee Lines and Danny Berger. Let's

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Speaker 3: listen in to part of that conversation right now.

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Speaker 16: I'd like to begin with your newest rules that you

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Speaker 16: just unveiled yesterday, putting restrictions on brokerages and money managers

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Speaker 16: and their use of AI to interact with clients. What

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Speaker 16: is your primary concern with the adoption of this technology

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Speaker 16: that you're trying to address?

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Speaker 12: First, Kayley, it's good to be with you.

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Speaker 17: But talking about this, I think that predictive data analytics,

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Speaker 17: including artificial intelligence, is the transformative technology of our times,

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Speaker 17: and every bit is transformatives to the Internet or mass

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Speaker 17: production of the automobile one hundred years ago.

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Speaker 12: Now, what are we trying to address?

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Speaker 17: When an investment advisor or a broker works with you

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Speaker 17: as an investor, they're not supposed to put their interest

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Speaker 17: the advisor's interest ahead of yours, Kayley, as an investor.

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Speaker 17: And so what we're trying to do is make sure

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Speaker 17: that the technology aligns with that standard, that the technology

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Speaker 17: that can predict about each and every one of us

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Speaker 17: so much about how we might react to a little

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Speaker 17: behavioral prompt or a little knowledge how we might react.

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Speaker 17: That they're putting our interest as an investor in the

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Speaker 17: right place and not putting themselves ahead of it.

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Speaker 16: And of course the AI move wasn't the only one

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Speaker 16: you made yesterday. You also just approved a plan to

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Speaker 16: require companies to disclose cyber breaches within a four business

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Speaker 16: day timeline.

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Speaker 18: Why is that the appropriate time break.

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Speaker 17: Well, if I could just give a little bit more,

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Speaker 17: it's about material.

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Speaker 12: Incidents.

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Speaker 17: So if a company lost a factory and that factory

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Speaker 17: is wiped out, and that factory is material to its operations,

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Speaker 17: let's say, because it's lost to a hurricane, investors need

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Speaker 17: to know when they're buying and selling the stock. In

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Speaker 17: a similar way, if you had a cyber incident that

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Speaker 17: management determines as material, you know, hundreds of millions of

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Speaker 17: files lost or something or compromised, investors benefit from that disclosure.

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Speaker 16: But giving business is just four days to disclose that.

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Speaker 17: That's what we have in our rules today currently for

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Speaker 17: businesusiness days if you have, like if that factory was

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Speaker 17: wiped out by a hurricane, to put out the material information.

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Speaker 12: And so that's consistent with rules on the books. And

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Speaker 12: by the.

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Speaker 17: Way, many companies have been making such disclosures, some haven't.

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Speaker 17: It's been fragmented and we thought it was important to

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Speaker 17: bring some consistency to it around these material events.

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Speaker 19: Mister chaired Danny Berger here in London, really wonderful to

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Speaker 19: speak with you today now now on some of your

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Speaker 19: proposals when it comes to equity market structural reforms. You

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Speaker 19: joined Bloomberg TV back in March. You said, of market participants,

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Speaker 19: give us your best advice, tell us what you think.

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Speaker 12: What did you get?

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Speaker 19: What was the best advice you got?

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Speaker 17: Well, we got in terms of equity market structure, thousands

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Speaker 17: of comments.

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Speaker 12: So I would say that.

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Speaker 17: We're about at the SEC is trying to drive greater

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Speaker 17: efficiency and competition in those markets. So when you send

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Speaker 17: an order into a broker, that you feel that you're

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Speaker 17: getting best execution in that order, and also that the

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Speaker 17: markets themselves are competitive.

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Speaker 12: So one of our rules was about sort of.

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Speaker 17: Leveling the playing field between the lit markets, the so

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Speaker 17: called New York Stock Exchange and NASDAK and so forth,

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Speaker 17: and the wholesalers are dark market, which at times the

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Speaker 17: dark part of the markets are between a third and

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Speaker 17: a half of the market. So it's trying to bring

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Speaker 17: some level the playing field and ensure that investors are

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Speaker 17: getting best execution in these markets.

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Speaker 19: What about in terms of the feedback you got, are

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Speaker 19: you taking any of that on board? Would you change

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Speaker 19: anything considering what you've heard so far?

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Speaker 12: Well, we do that as a regular basis.

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Speaker 17: When we make a proposal, we put it out to

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Speaker 17: public comment and get feedback, and we put out four

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Speaker 17: separate proposals for different aspects in the markets, and I

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Speaker 17: think we've gotten four to six thousand comments on each

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Speaker 17: of them.

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Speaker 12: So and we naturally consider.

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Speaker 17: It and the staff makes recommendations about adjustments.

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Speaker 16: Okay, I'd like to discuss another proposed rulemaking that has

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Speaker 16: received a certain.

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Speaker 18: Degree of feedback, your climate risk.

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Speaker 16: Disclosures, specifically as it relates to Scope three emissions. What

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Speaker 16: conversations are you having around Scope three in particular.

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Speaker 17: Well, we've heard a lot from the public on this,

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Speaker 17: but to set the stage companies today are making disclosures

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Speaker 17: around climate risk. In fact, well over half of the

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Speaker 17: top thousand or so companies currently make climate risk disclosures,

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Speaker 17: including greenhouse gas emission disclosure. So we're trying to bring

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Speaker 17: consistency to that and yes for investors that they can

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Speaker 17: compare comparability for that. You asked about one part of

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Speaker 17: greenhouse gas missions, so called Scope three, which is about

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Speaker 17: the supply.

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Speaker 18: Chain and where a lot of the concern lines.

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Speaker 17: And so we've heard from a lot of commenters about that,

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Speaker 17: both from issuers and investors. We understood when we made

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Speaker 17: a proposal that this was not as well developed so

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Speaker 17: called disclosures around supply chain emissions, and so we're taking

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Speaker 17: that into consideration. And as I just chatted with your colleague,

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Speaker 17: the staff considers what to recommend upon adoption and whether

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Speaker 17: to make adjustments, so.

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Speaker 18: We could see you change there potentially.

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Speaker 17: Well, just as in the equity markets that I talked about,

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Speaker 17: we do take these comments seriously, Kayley. It's a really

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Speaker 17: rigorous exercise in climate. We got sixteen thousand comments, so

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Speaker 17: it's a lot.

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Speaker 12: To sort of sort through. But the Scope III issue

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Speaker 12: is one that we've heard.

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Speaker 17: Significant comments Interestingly, we've heard from I think forty eight

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Speaker 17: or forty nine of the state farm bureaus literally about

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Speaker 17: well what is this effect?

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Speaker 12: And we only.

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Speaker 17: Oversee the public companies, these six or seven thousand public companies.

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Speaker 12: That's it.

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Speaker 17: We are a disclosure based agency. I often say we're

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Speaker 17: merit neutral.

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Speaker 12: We are not. You know, we're not.

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Speaker 17: This disclosure is about something already happening between investors and issuers,

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Speaker 17: and it's an important thing to bring consistency. It's not

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Speaker 17: about those, you know, those farmers and ranchers who thoughtfully

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Speaker 17: wrote us.

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Speaker 12: So we've heard.

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Speaker 16: Okay, I'd like to move to a different topic which

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Speaker 16: has gotten a lot of attention lately, Crypto, specifically a

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Speaker 16: ruling that was made in the Ripple case that x

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Speaker 16: R is only a security when sold to institutional investors,

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Speaker 16: not so with retail investors. I know you've previously said

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Speaker 16: you were disappointed by that ruling. The SEC has also

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Speaker 16: said that it intends to seek further review. So does

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Speaker 16: that mean you are going to appeal it? Can you

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Speaker 16: elaborate on your thoughts around that ruling?

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Speaker 17: Kaylee? Great question, But the Commission, I'm one of five commissioners.

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Speaker 12: The Commission has not.

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Speaker 17: Acted on that, and if the staff makes a recommendation,

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Speaker 17: we'll have a discussion of it and we'll take it

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Speaker 17: up then.

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Speaker 12: But I don't really have anything more on you for

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Speaker 12: you for that.

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Speaker 19: In the meantime, as we wait for this, what does

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Speaker 19: it mean for your efforts around crypto, for your efforts

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Speaker 19: to try to protect the consumer in these areas? Does

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Speaker 19: it complicate it?

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Speaker 17: Look this field of crypto investing, a lot of investors

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Speaker 17: should be aware. It's not only a highly speculative asset class,

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Speaker 17: it's also one that they currently should not assume that

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Speaker 17: they're getting the protections of the securities laws, even though

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Speaker 17: the securities laws apply to many of those tokens without

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Speaker 17: prejudging anyone, but you as investors are not getting.

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Speaker 12: The full, fair and truthful disclosure.

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Speaker 17: And the platforms, the intermediaries are doing things that we

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Speaker 17: would never in a day allow or think the New

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Speaker 17: York Stock Exchange or NASDAQ would do. The platforms often

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Speaker 17: are co mingling and trading against you and have market

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Speaker 17: makers that are on the other side of your trades,

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Speaker 17: and we don't allow that in the rest of our

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Speaker 17: securities markets and the securities laws are there to protect you.

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Speaker 12: And that's right now.

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Speaker 17: This is a field rife with fraud, rife with hucksters,

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Speaker 17: and they're good faith actors as well, but there are

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Speaker 17: far too many that aren't.

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Speaker 19: And of course you've brought cases against crypto exchanges on

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Speaker 19: this point. But do you need to change tactic? Does

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Speaker 19: it change anything for those cases? Again this XRP ruling.

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Speaker 17: Again, I'm not going to go into any one ruling,

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Speaker 17: but I think that the securities laws are clear, and

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Speaker 17: if you're if the public is investing in your project

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Speaker 17: because they're anticipating profits based upon the efforts of that project,

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Speaker 17: or there's entrepreneurs Congress painted with a broad brush, and

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Speaker 17: I would ask you this, It's like when you look

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Speaker 17: at a token, you can find a website, you can

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Speaker 17: find a CEO, you can find a Twitter or x feed,

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Speaker 17: whatever it's called these days, and there are entrepreneurs behind

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Speaker 17: many of these projects. Without again prejudging any one of them.

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Speaker 16: Elsewhere in the crypto space, I'd like to discuss the

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Speaker 16: spot ETF because we have seen a wave of filings

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Speaker 16: recently recently from Blackrock and others trying to finally achieve

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Speaker 16: this one has never been approved in the US, just

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Speaker 16: a futures etf it seems like everyone thinks there has

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Speaker 16: been a tone shift, that something is different this time around.

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Speaker 16: What do you make of that wave of recent filings?

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Speaker 16: Has anything actually changed for the.

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Speaker 17: Sec Kayleye, Probably won't surprise you. Those filings do ultimately

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Speaker 17: come up to a five member commission, so I can't

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Speaker 17: prejudge any filing. But back to your colleague, as I said,

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Speaker 17: this is a field that there's a lot of non

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Speaker 17: compliance in this field, and that the platforms themselves where

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Speaker 17: trading is occurring of various crypto tokens. Though some of

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Speaker 17: it comes under the securities laws, currently they're not necessarily

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Speaker 17: compliant with those time test of protections against fraud and manipulation.

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Speaker 16: Okay, on the subject of securities laws, which obviously is

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Speaker 16: your purview at the SEC. Just yesterday House Financial Services

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Speaker 16: Committee passed through committee legislation on crypto market structure that

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Speaker 16: would actually give more authority in regulating this space to

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Speaker 16: the CFTC still has a long way to go if

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Speaker 16: it were to become law.

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Speaker 18: But what is your thought on that legislation.

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Speaker 17: I sort of share my thoughts directly with members on

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Speaker 17: the way I told them, I understand your question, Kayley,

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Speaker 17: But I think that those members on the Hill would

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Speaker 17: appreciate if I continue to share my thoughts directly with them.

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Speaker 19: Not too dissimilar. Mister Tara, I wonder if there's some

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Speaker 19: degree that you would want a wider scope when it

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Speaker 19: comes handing down fines to batter actors.

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Speaker 18: Do you think it would be helpful.

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Speaker 19: To have higher finds again in order to discourage certain behaviors.

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Speaker 17: I would say this, we have good tools at the

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Speaker 17: SEC around not just penalties, but also what's called discoragement,

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Speaker 17: to give back ill gotten gains and so forth. But

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Speaker 17: if you're asking whether we could use more authorities, I

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Speaker 17: would say, we need more cops on the beat, we

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Speaker 17: need more resources. Our agency is just the size we

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Speaker 17: were in twenty sixteen. We actually shrank, we've kind of

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Speaker 17: come back, and yet the markets have grown so significantly

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Speaker 17: in those seven years.

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Speaker 16: And finally, as you say you need more resources, I

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Speaker 16: wonder how you feel about the ability of you to

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Speaker 16: get those things from this Congress, in particular when you

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Speaker 16: have certain members of Congress who have said things like

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Speaker 16: introducing legislation to remove you as chair, referring to tyrannical chairmen,

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Speaker 16: including the current one, does it mean it more difficult

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Speaker 16: to do your job when there's that kind of political

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Speaker 16: rhetoric out there in your efforts to protect investors.

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Speaker 17: We work closely with Congress and individual members, and I

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Speaker 17: look forward to.

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Speaker 12: Those public debates. I think that.

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Speaker 17: We're really an important agency. The capital markets really wouldn't

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Speaker 17: work without cops on the beat and rules of the road.

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Speaker 17: Just think if you're watching soccer matches, if there were

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Speaker 17: no refs on the field, what would that soccer match

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Speaker 17: look like? It would look first more like rugby, and

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Speaker 17: then after a while it would really look worse and

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Speaker 17: fans wouldn't come to the field anymore or well most so,

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Speaker 17: I really do think that it's important to have this agency,

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Speaker 17: and we're part of these well regulated markets.

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Speaker 1: This is Bloomberg Daybreak Today, your morning brief on the

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Speaker 12: I'm Nathan Hager.

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Speaker 3: And I'm Karen Moscow.

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Speaker 2: Join us again tomorrow morning for all the news you

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