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Speaker 1: Rob Trickadelli. UM has the unenviable task of following the

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Speaker 1: Dodd Frank ballet. He is brave with Bloomberg b NA,

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Speaker 1: which means right now he's looking at the chairman of

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Speaker 1: the House of Financial Services Committee. I believe I have

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Speaker 1: that right, Mr Hanserling of Texas, Rob, good morning. UM.

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Speaker 1: Congresswoman Waters disagrees with new proposals by the Republicans in

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Speaker 1: the House a special interest wish list. I'm shocked. I'm

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Speaker 1: just shocked. What's the likelihood that this lone effort will

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Speaker 1: gain traction? Well, what's the likelihood will become laws? Zero? Um,

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Speaker 1: there's gonna be there will be resistance from Democrats in

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Speaker 1: the Senate, um, the White House with veto something like this,

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Speaker 1: that it's a standalone measure. I mean, this is pretty

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Speaker 1: much a messaging effort, and you know, with the political

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Speaker 1: calculus being the way it is, we kind of knew

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Speaker 1: that any sweeping effort in picteen would be Thank you

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Speaker 1: so much for your clarity there. That's what we suggest

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Speaker 1: for someone who went to college and the frozen tunder

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Speaker 1: evolving the inn r P. I when when you when

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Speaker 1: you when you look Rob at the messaging of this

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Speaker 1: who I'm fascinated by this. Who is Chairman hencer Ling

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Speaker 1: speaking to when he wants to tear down the dud

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Speaker 1: Frank walls. Well, if he frames this as UM as

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Speaker 1: focusing on community banks mostly because um, you hear a

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Speaker 1: lot of complaints from uh, you know, the trade groups there.

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Speaker 1: But if you look there are UM you know he's

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Speaker 1: he's This proposal also includes changes to the Financial Stability

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Speaker 1: Oversight Council that would also benefit UM large banks too.

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Speaker 1: So it is UM, it is. It is overall kind

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Speaker 1: of a very deregulatory UM proposal. But he does want

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Speaker 1: to increase some of the powers of the Security and

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Speaker 1: Exchange Commissions, a sort of his version of a tradeoff

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Speaker 1: to some extent. I mean the sec penalties in this proposal.

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Speaker 1: I mean there's no formal bill yet either way, we

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Speaker 1: haven't seen formal texts yet. Um. His people say that

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Speaker 1: that would be in the coming weeks. But right the

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Speaker 1: but the proposal, as he outlined it, UM says that

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Speaker 1: you know, he wants to increase caps on penalties when

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Speaker 1: there are investor losses and for insider trading. And um,

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Speaker 1: that is new coming from from House Republicans. Okay, this

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Speaker 1: is critically. You mentioned his community banks and all that,

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Speaker 1: but I get the idea he wants to do away

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Speaker 1: with a vocal rule. Our listeners that are least sophisticated

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Speaker 1: on Dodd Frank, get the idea that the vocal rule

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Speaker 1: tried to get rid of proprietary desk troubles in big banks.

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Speaker 1: Somebody in Washington wants to bring that back. Help me

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Speaker 1: with that. Uh, yeah, well there are I mean, the

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Speaker 1: Congress has been doing this a little bit now, trying

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Speaker 1: to chip away at the vulcal Rule, especially in the

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Speaker 1: House for the last couple of years. Anyway, you know,

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Speaker 1: taking certain um, taking certain securitizations and trying to exempt

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Speaker 1: them from it. And um, you know, there's a very

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Speaker 1: active industry effort to just roll back this UM. This

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Speaker 1: effort it is uh you know, it was designed to

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Speaker 1: kind of curb some of the riskiest trading in the

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Speaker 1: wake of the crisis, but you have, you know, a

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Speaker 1: lot of industry players who want to chip away at it.

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Speaker 1: What's the what's the likelihood that some of this gets

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Speaker 1: into some sort of um reform of Dodd Frank. I mean,

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Speaker 1: people have been looking to give the SEC a boost

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Speaker 1: for years, and the even Hillary Clinton has argued that, um,

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Speaker 1: there could be changes to Dodd Frank coming. Well, I

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Speaker 1: think anything, any changes to Dodd Frank in this Congress

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Speaker 1: that you would see would would not come in any

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Speaker 1: kind of standalone bill for the reasons already mentioned the

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Speaker 1: Senate in White House resistance. But we've seen this in

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Speaker 1: the past where um, where Congressional Republicans will attach substantive

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Speaker 1: language to spending bills, UM, which is what we saw

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Speaker 1: swaps push out a couple of at the end of UH,

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Speaker 1: I think or but the UH. Then the House has

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Speaker 1: pushed some of these smaller incremental changes to Dodd Frank.

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Speaker 1: So it wouldn't shock me see some of those attached

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Speaker 1: to a spending bill. But House Republicans have had their

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Speaker 1: own challenges just with the appropriations process in general this year,

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Speaker 1: So it's it's it seems less likely than what it

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Speaker 1: might have been in the past, just with these general

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Speaker 1: troubles with the with the spending process in the in

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Speaker 1: the in Congress. Do you have any idea how Mr

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Speaker 1: Trump would react to the Hanserling proposal? I no, not really.

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Speaker 1: I mean he he has said um a couple of

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Speaker 1: times over the last few months. That you know, Dodd

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Speaker 1: Frank is a disaster and he would want to get

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Speaker 1: rid of it, and you know he'd probably opened to

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Speaker 1: something along this along these lines. But he's also said

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Speaker 1: that his campaign would have a more comprehensive economic financial

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Speaker 1: proposal that they would come out with about now in

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Speaker 1: the coming weeks hopefully, and so you know, waiting with

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Speaker 1: madated breath for that. How many pages of Dad Frank

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Speaker 1: have you actually read? Almost? I don't know about a

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Speaker 1: number of pages, but as a percent probably nine. I

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Speaker 1: mean you've read of Dad Frank. I mean I've been

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Speaker 1: on the beat for two and a half years, so

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Speaker 1: you know, and it took you that long. Why are

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Speaker 1: you again taking note? Mr Trick and Nelly never appears

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Speaker 1: in the show again. Anyone who's read nine of Dodd

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Speaker 1: Frank the only one who knows what he's talking about.

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Speaker 1: Can we do a special hour with Rob Trick an

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Speaker 1: Elly the day he does of Dodd Frank live in studio.

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Speaker 1: He'll just finish it in time for the amendments. They're good,

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Speaker 1: Rob Trick Anelli, Thank you so much. Bloomberg B n A.

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Speaker 1: R P I. Cornell Law, brilliance on things Frank