1 00:00:02,520 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:09,800 --> 00:00:13,119 Speaker 2: This is your weekly Washington policy Pulse the Balance of 3 00:00:13,200 --> 00:00:17,640 Speaker 2: Power Podcasts. I'm Joe Matthew. Every Monday, Bloomberg Intelligence, senior 4 00:00:17,680 --> 00:00:20,760 Speaker 2: policy analyst and friend of the show, Nathan Dean shares 5 00:00:20,800 --> 00:00:24,200 Speaker 2: his weekly call on upcoming catalysts in the nation's capital. 6 00:00:24,680 --> 00:00:27,360 Speaker 2: Listen for the most recent and relevant policy research from 7 00:00:27,360 --> 00:00:30,880 Speaker 2: our team at Bloomberg Intelligence. Now with today's installment, here's 8 00:00:30,960 --> 00:00:31,520 Speaker 2: Nathan Dean. 9 00:00:31,800 --> 00:00:34,920 Speaker 1: Good morning and good afternoon, and welcome back again to 10 00:00:35,000 --> 00:00:36,560 Speaker 1: the Washington Policy Pose. 11 00:00:37,040 --> 00:00:37,919 Speaker 3: My name is Nathan Dean. 12 00:00:37,960 --> 00:00:40,440 Speaker 1: I'm a senior policy and hoist with Bloomberg Intelligence here 13 00:00:40,440 --> 00:00:42,720 Speaker 1: in the DC office. When welcome those of you who 14 00:00:42,720 --> 00:00:44,760 Speaker 1: are attending the call, and also welcome the Balance of 15 00:00:44,800 --> 00:00:47,479 Speaker 1: Power podcast listeners that are coming in afterwards. And I 16 00:00:47,560 --> 00:00:49,800 Speaker 1: always if you want to have access to this calls, 17 00:00:49,840 --> 00:00:52,240 Speaker 1: please don't feel free to reach out and I will 18 00:00:52,240 --> 00:00:52,599 Speaker 1: get you. 19 00:00:52,600 --> 00:00:53,239 Speaker 3: Added to that. 20 00:00:53,800 --> 00:00:55,480 Speaker 1: So the first thing I want to talk about is 21 00:00:55,520 --> 00:00:59,320 Speaker 1: President Trump's truth social post from just this morning, and 22 00:00:59,320 --> 00:01:03,520 Speaker 1: we're recording the set ten am Eastern on Monday September fifteenth, 23 00:01:03,560 --> 00:01:05,840 Speaker 1: where he called for the SEC to do away with 24 00:01:06,000 --> 00:01:09,920 Speaker 1: quarterly reporting and moved to a six month basis. Now, 25 00:01:10,800 --> 00:01:13,039 Speaker 1: this is something the SEC has actually looked at before. 26 00:01:13,120 --> 00:01:16,680 Speaker 1: President Trump actually voiced this same idea back in twenty eighteen, 27 00:01:17,160 --> 00:01:20,280 Speaker 1: and at that point, in December twenty eighteen, the SEC 28 00:01:20,360 --> 00:01:23,640 Speaker 1: under former SEC Chairman Jay Clayton, put out a request 29 00:01:23,640 --> 00:01:26,959 Speaker 1: for comment asking if this is a good idea or not. Now, 30 00:01:27,000 --> 00:01:30,080 Speaker 1: under the Securities Exchange Act of nineteen thirty four, it 31 00:01:30,200 --> 00:01:33,520 Speaker 1: requires the SEC to collect quarter reporting. But based off 32 00:01:33,520 --> 00:01:36,160 Speaker 1: of our reading, it seems a little bit that's you know, 33 00:01:36,280 --> 00:01:40,080 Speaker 1: instead of look, if you're going to require a quarterly report, 34 00:01:40,120 --> 00:01:42,120 Speaker 1: well does it have to have everything in it or 35 00:01:42,120 --> 00:01:43,759 Speaker 1: does it just have a little bit of in there. 36 00:01:43,880 --> 00:01:46,360 Speaker 1: So we do see that there's some flexibility the SEC 37 00:01:46,360 --> 00:01:48,720 Speaker 1: could move forward to embark an idea that you know, 38 00:01:48,920 --> 00:01:51,720 Speaker 1: yes you may have to collect their couarterly report, but 39 00:01:51,880 --> 00:01:54,560 Speaker 1: you could also potentially go to a six month basis report. 40 00:01:54,640 --> 00:01:57,720 Speaker 1: So under that idea, we do anticipate the SEC is 41 00:01:57,720 --> 00:02:00,720 Speaker 1: going to move forward with some type of action here. Now, look, 42 00:02:00,800 --> 00:02:04,000 Speaker 1: I don't know if the SEC had any staff working 43 00:02:04,040 --> 00:02:06,120 Speaker 1: on this at the moment. I would note that this 44 00:02:06,320 --> 00:02:09,320 Speaker 1: was a project twenty twenty five idea, and I even 45 00:02:09,360 --> 00:02:12,520 Speaker 1: had a discussion with my team lead on Friday because 46 00:02:12,560 --> 00:02:14,440 Speaker 1: there were some rumblings that this was going to happen. 47 00:02:14,480 --> 00:02:15,880 Speaker 3: I didn't anticipate. 48 00:02:15,360 --> 00:02:18,079 Speaker 1: President Trump coming so public this morning, so we have 49 00:02:18,200 --> 00:02:21,120 Speaker 1: been hearing around Washington that this is something that was brewing. 50 00:02:21,240 --> 00:02:23,720 Speaker 1: So it really depends on what the SEC has already 51 00:02:23,720 --> 00:02:26,840 Speaker 1: been doing on this. So if you take the approach 52 00:02:26,880 --> 00:02:29,200 Speaker 1: that the SEC hasn't been doing all that much on it, 53 00:02:29,639 --> 00:02:31,560 Speaker 1: then I think it's going to take them six to 54 00:02:31,639 --> 00:02:34,639 Speaker 1: nine months to put out either another Request for Comment 55 00:02:35,160 --> 00:02:38,040 Speaker 1: or what is known as Advanced Notice of Proposed rulemaking, 56 00:02:38,120 --> 00:02:40,000 Speaker 1: let's call that coming out in the first half of 57 00:02:40,040 --> 00:02:42,880 Speaker 1: next year. Now, I think more likely than that would 58 00:02:42,919 --> 00:02:45,000 Speaker 1: be an advanced Notice of Proposed rule making, which is 59 00:02:45,040 --> 00:02:47,639 Speaker 1: the first step of a long process, as you've heard 60 00:02:47,639 --> 00:02:50,639 Speaker 1: me talk about before, the leads to her finalized rule. 61 00:02:50,960 --> 00:02:53,079 Speaker 1: So if this AMPR comes out in the first half 62 00:02:53,080 --> 00:02:55,120 Speaker 1: of next year and it suggests we're going to move 63 00:02:55,160 --> 00:02:58,440 Speaker 1: to a semi annual reporting basis, we then you're looking 64 00:02:58,480 --> 00:03:01,440 Speaker 1: at a proposal probably within the tail end of twenty 65 00:03:01,480 --> 00:03:05,079 Speaker 1: twenty six, and finalization probably in the mid to late 66 00:03:05,240 --> 00:03:09,120 Speaker 1: twenty twenty seven, well before the next administration. Because that's 67 00:03:09,160 --> 00:03:12,160 Speaker 1: what happened in this first scenario where the companies or 68 00:03:12,200 --> 00:03:14,160 Speaker 1: the SEC put out this request for comment and then 69 00:03:14,240 --> 00:03:17,160 Speaker 1: essentially ran out of time. Now, under that twenty eighteen 70 00:03:17,200 --> 00:03:20,480 Speaker 1: proposal or the request for comment, most of the comments 71 00:03:20,720 --> 00:03:22,760 Speaker 1: actually the time, and I had to pull up my 72 00:03:22,760 --> 00:03:26,560 Speaker 1: old piece from twenty eighteen. Here most of the commenters 73 00:03:26,639 --> 00:03:29,600 Speaker 1: at that point actually thought that moving to a semi 74 00:03:29,639 --> 00:03:32,200 Speaker 1: annual basis was not a good thing. But I would 75 00:03:32,200 --> 00:03:34,440 Speaker 1: also point out that Nasdaq put out a survey at 76 00:03:34,440 --> 00:03:36,560 Speaker 1: the time, and they surveyed one hundred and eighty three 77 00:03:36,600 --> 00:03:39,240 Speaker 1: businesses and seventy five percent of them thought that moving. 78 00:03:39,000 --> 00:03:41,119 Speaker 3: To a semi annual basis was a good thing. 79 00:03:41,480 --> 00:03:43,280 Speaker 1: So I do think that there is some there there 80 00:03:43,320 --> 00:03:45,760 Speaker 1: with this, and so stay tuned. You know, obviously, I 81 00:03:45,800 --> 00:03:47,240 Speaker 1: don't think you're going to see anything happen in the 82 00:03:47,280 --> 00:03:47,880 Speaker 1: next month or. 83 00:03:47,880 --> 00:03:51,240 Speaker 3: So, but it's certainly feasible. Towards the beginning of next year. 84 00:03:51,320 --> 00:03:53,280 Speaker 1: You could hear rumblings from the SEC that they are 85 00:03:53,360 --> 00:03:55,680 Speaker 1: going to release something on this and then we're going 86 00:03:55,720 --> 00:03:56,320 Speaker 1: to move forward. 87 00:03:56,480 --> 00:03:58,880 Speaker 3: So again, stay tuned. 88 00:03:58,880 --> 00:04:00,920 Speaker 1: And I would also note that in twenty eighteen there 89 00:04:00,960 --> 00:04:03,600 Speaker 1: was a little bit of disconnect between what President Trump 90 00:04:03,680 --> 00:04:06,520 Speaker 1: was calling and what several of the companies were calling for. 91 00:04:07,120 --> 00:04:09,080 Speaker 1: At that time, there were a lot of companies, and 92 00:04:09,080 --> 00:04:11,160 Speaker 1: there was a letter signed by many of them, General 93 00:04:11,200 --> 00:04:14,200 Speaker 1: Electric in Berkshire, Hathaway, and so forth. They called for 94 00:04:14,240 --> 00:04:17,560 Speaker 1: the elimination of guidance. Not the elimination of quarterly reports, 95 00:04:17,560 --> 00:04:18,920 Speaker 1: but the elimination of guidance. 96 00:04:19,160 --> 00:04:20,320 Speaker 3: So two separate things. 97 00:04:20,760 --> 00:04:23,400 Speaker 1: Next thing I want to talk about is a shutdown update, 98 00:04:23,560 --> 00:04:25,880 Speaker 1: so you know, I am still at a forty percent 99 00:04:25,960 --> 00:04:27,720 Speaker 1: chance if a government shutdown. Was actually at one of 100 00:04:27,760 --> 00:04:30,000 Speaker 1: my flag football games of the weekend, friend of mine 101 00:04:30,000 --> 00:04:31,960 Speaker 1: government countractor came up said, hey, are we going to 102 00:04:32,000 --> 00:04:33,400 Speaker 1: shut down? I want to know because I have to 103 00:04:33,400 --> 00:04:36,599 Speaker 1: pay my guys if you know, if something happens, And 104 00:04:36,680 --> 00:04:38,560 Speaker 1: I said, look, I'm still at a forty percent chance. 105 00:04:38,600 --> 00:04:41,320 Speaker 1: There's a lot of rhetoric and if anything, I'm probably 106 00:04:41,320 --> 00:04:43,240 Speaker 1: a little bit too high on that the forty percent. 107 00:04:43,279 --> 00:04:44,920 Speaker 1: I actually think it could go a little bit lower. 108 00:04:44,920 --> 00:04:46,760 Speaker 1: But I'm going to stick at that forty percent for now. 109 00:04:47,279 --> 00:04:48,720 Speaker 1: And the reason why I still don't think we're going 110 00:04:48,760 --> 00:04:52,159 Speaker 1: to have a shutdown is because the Republicans under the House, 111 00:04:52,200 --> 00:04:56,599 Speaker 1: Republicans are anticipated to be releasing their continuing resolution language 112 00:04:56,839 --> 00:04:59,479 Speaker 1: potentially as soon as during the middle of this call 113 00:04:59,560 --> 00:05:03,200 Speaker 1: could also come out tomorrow and any time of fact 114 00:05:03,279 --> 00:05:07,360 Speaker 1: where you get a clean ish continuing resolution. I said 115 00:05:07,360 --> 00:05:09,800 Speaker 1: clean ish because there could be some policy writers in there. 116 00:05:10,040 --> 00:05:12,440 Speaker 1: But if you get a clean ish continuing resolution in 117 00:05:12,440 --> 00:05:14,960 Speaker 1: this case, it would run right into November, right before 118 00:05:14,960 --> 00:05:18,839 Speaker 1: the Thanksgiving holiday. You know, the party that opposes the 119 00:05:18,880 --> 00:05:21,920 Speaker 1: Cleanish resolution, you know, Connunion resolution. 120 00:05:21,720 --> 00:05:23,039 Speaker 3: Generally gets to blame from this. 121 00:05:23,480 --> 00:05:24,800 Speaker 1: So the way I think it's going to play out 122 00:05:24,880 --> 00:05:26,560 Speaker 1: right now is that the House is going to try 123 00:05:26,680 --> 00:05:30,479 Speaker 1: and do their Cleanish resolution this week. Now, we've already 124 00:05:30,480 --> 00:05:32,440 Speaker 1: seen two nos, and they can afford to lose two, 125 00:05:32,520 --> 00:05:33,599 Speaker 1: but you can't have three. 126 00:05:34,240 --> 00:05:36,680 Speaker 3: Representative Massi has said he's a no. He's a no. 127 00:05:36,880 --> 00:05:38,240 Speaker 3: He's not going to come back, he's a no. 128 00:05:38,880 --> 00:05:41,160 Speaker 1: And then we had Representative Spartsan Indiana come out just 129 00:05:41,240 --> 00:05:43,599 Speaker 1: last night and say that she's a no. But she 130 00:05:43,839 --> 00:05:46,920 Speaker 1: has the tendency to change her mind at the last minute. 131 00:05:46,960 --> 00:05:49,960 Speaker 1: So unlike Representative Massy, she's not as a heart of 132 00:05:50,000 --> 00:05:51,839 Speaker 1: a no. She is a no right now, but she 133 00:05:52,160 --> 00:05:54,640 Speaker 1: can probably move to a yes depending on how this 134 00:05:54,720 --> 00:05:58,159 Speaker 1: language works and then the House passes it. They potentially 135 00:05:58,200 --> 00:06:00,360 Speaker 1: could work through the weekend and then they in to 136 00:06:00,400 --> 00:06:00,960 Speaker 1: that Senate. 137 00:06:01,640 --> 00:06:03,520 Speaker 3: We do have a challenge from a timing perspective. 138 00:06:03,560 --> 00:06:06,200 Speaker 1: The Russiashana holidays next week, so Congress is out for 139 00:06:06,279 --> 00:06:08,240 Speaker 1: quite a bit, and then the Senate would come back, 140 00:06:08,279 --> 00:06:10,520 Speaker 1: and they need pretty much every day they can get 141 00:06:11,160 --> 00:06:15,240 Speaker 1: in order to get this through unless they have unanimous 142 00:06:15,240 --> 00:06:17,920 Speaker 1: consent by September thirtieth. But again, I think the Democrats 143 00:06:17,960 --> 00:06:19,680 Speaker 1: are going to get pushed in a box here, and 144 00:06:19,720 --> 00:06:21,760 Speaker 1: they may because look, if you're going to get a 145 00:06:21,800 --> 00:06:25,320 Speaker 1: cleanish doing a resolution that keeps it open until November, 146 00:06:25,440 --> 00:06:27,760 Speaker 1: as long as there's not massive policy writers in there, 147 00:06:27,800 --> 00:06:29,360 Speaker 1: I think the Democrats are going to have to take 148 00:06:29,400 --> 00:06:30,560 Speaker 1: that into account. 149 00:06:31,120 --> 00:06:33,680 Speaker 3: A couple other things going on. Reconciliation two point oh. 150 00:06:33,720 --> 00:06:35,520 Speaker 1: You've heard me talk on this calls before about this 151 00:06:35,560 --> 00:06:36,560 Speaker 1: idea of reconciliation. 152 00:06:36,640 --> 00:06:37,400 Speaker 3: Two point oh. 153 00:06:37,480 --> 00:06:39,240 Speaker 1: You know, you have the one big beautiful bill that 154 00:06:39,320 --> 00:06:41,400 Speaker 1: passed back in June, and then you have what some 155 00:06:41,480 --> 00:06:44,520 Speaker 1: folks are calling the two big, two beautiful bill. I 156 00:06:44,560 --> 00:06:47,760 Speaker 1: would just call you out that Bloomberg Television had Jason Smith, 157 00:06:47,800 --> 00:06:49,320 Speaker 1: who is the chairman of the House Ways and Means 158 00:06:49,320 --> 00:06:52,520 Speaker 1: Committee on TV last week and he essentially said, look. 159 00:06:52,360 --> 00:06:53,520 Speaker 3: I don't think it's going to happen. 160 00:06:53,720 --> 00:06:57,679 Speaker 1: And he is the chief tax policy writer, writer not writer, 161 00:06:58,360 --> 00:07:02,480 Speaker 1: right in Washington, and he's the one saying I'm not 162 00:07:02,560 --> 00:07:03,880 Speaker 1: exactly sure it's going to happen. 163 00:07:04,320 --> 00:07:06,080 Speaker 3: Then I'm not exactly sure it's going to happen. 164 00:07:06,520 --> 00:07:08,680 Speaker 1: Obviously, there are working groups around town that are looking 165 00:07:08,720 --> 00:07:11,960 Speaker 1: at this, but again, stay tuned. I'm not sure the 166 00:07:11,960 --> 00:07:14,040 Speaker 1: reconciliation two point zero is going to be able to 167 00:07:14,040 --> 00:07:18,560 Speaker 1: go forward. Doctor Myron to be the next Fed governor 168 00:07:18,600 --> 00:07:20,200 Speaker 1: over at the Federal Reserve is going to get his 169 00:07:20,360 --> 00:07:23,840 Speaker 1: votes Tonight. You're going to see the Senate move forward 170 00:07:23,880 --> 00:07:26,160 Speaker 1: on a bunch of nominees. After last week they actually 171 00:07:26,160 --> 00:07:29,160 Speaker 1: move forward with this nuclear option to cut down the 172 00:07:29,200 --> 00:07:33,320 Speaker 1: time of how much you can move nominees through the process. 173 00:07:33,360 --> 00:07:36,960 Speaker 1: So anticipate him to be voting this week on the 174 00:07:36,960 --> 00:07:40,920 Speaker 1: Federal Reserves FED meeting. Bloomberg News is also reporting that 175 00:07:40,920 --> 00:07:43,320 Speaker 1: there is a TikTok deal in the works that Treasury 176 00:07:43,320 --> 00:07:47,160 Speaker 1: Secretary Scott Besson has said that they've created a deal 177 00:07:47,480 --> 00:07:49,920 Speaker 1: framework with TikTok. 178 00:07:50,400 --> 00:07:52,040 Speaker 3: We're still waiting on the details on that. 179 00:07:52,440 --> 00:07:54,400 Speaker 1: But you know, we just cautioned that, you know, this 180 00:07:54,480 --> 00:07:56,240 Speaker 1: may week, This may be the week that if you're 181 00:07:56,240 --> 00:07:57,960 Speaker 1: a Bloomberg terminal client, you want to talk to my 182 00:07:58,000 --> 00:07:59,040 Speaker 1: colleague Matt Schattenhelm. 183 00:07:59,400 --> 00:08:01,080 Speaker 3: He's our TMT analyst. 184 00:08:01,120 --> 00:08:02,760 Speaker 1: He's been looking at a lot of this because you 185 00:08:02,760 --> 00:08:05,680 Speaker 1: have a TikTok deal and also you have a significant 186 00:08:05,680 --> 00:08:08,480 Speaker 1: amount of not maybe not a significant amount of impact, 187 00:08:08,560 --> 00:08:10,680 Speaker 1: but just a little bit more folks on the current 188 00:08:10,680 --> 00:08:13,120 Speaker 1: conservative side saying we need to take a look at 189 00:08:13,200 --> 00:08:16,800 Speaker 1: social media in the wake of Charlie Kirk's shooting and assassination. 190 00:08:17,720 --> 00:08:19,559 Speaker 3: You know, I was just talking with Matt this morning. 191 00:08:19,600 --> 00:08:22,640 Speaker 1: He's just put out his research and you know, there 192 00:08:23,160 --> 00:08:28,560 Speaker 1: aren't many tools that policymakers have that they can come 193 00:08:28,640 --> 00:08:33,240 Speaker 1: down onto social media companies. So again this is something 194 00:08:33,280 --> 00:08:34,560 Speaker 1: where I would just saying this is more of a 195 00:08:34,600 --> 00:08:36,240 Speaker 1: long term threat. But if you want to talk to Matt, 196 00:08:36,280 --> 00:08:39,439 Speaker 1: Matt's always willing to talk about that. And then the 197 00:08:39,480 --> 00:08:41,360 Speaker 1: last thing I just want to talk about, actually two 198 00:08:41,440 --> 00:08:43,920 Speaker 1: last things. One, President Trump goes to the United Kingdom 199 00:08:43,920 --> 00:08:46,720 Speaker 1: this week, so anticipate a little bit more headlines coming 200 00:08:46,760 --> 00:08:49,280 Speaker 1: from London. And then finally, I want to talk about 201 00:08:49,320 --> 00:08:52,560 Speaker 1: a Senate Banking Committee hearing that happened last week on 202 00:08:52,600 --> 00:08:55,080 Speaker 1: deposit insurance. So if you're a bank investor, this is 203 00:08:55,080 --> 00:08:57,200 Speaker 1: what you care about. So you know, if you go 204 00:08:57,280 --> 00:08:59,800 Speaker 1: back to a Silicon Valley bank and First Republican, these 205 00:08:59,840 --> 00:09:03,040 Speaker 1: ideas of when these banks folded, Well, you know, any 206 00:09:03,080 --> 00:09:04,719 Speaker 1: American if you have a checking account, you have a 207 00:09:04,720 --> 00:09:07,280 Speaker 1: two hundred fifty thousand dollars limit or a two hundred 208 00:09:07,280 --> 00:09:11,120 Speaker 1: and fifty thousand dollars protection from deposit insurance. And in 209 00:09:11,160 --> 00:09:15,360 Speaker 1: the wake of those failures, we saw for a significant 210 00:09:15,360 --> 00:09:19,360 Speaker 1: amount the FDIC had to tackle into the Deposit Insurance 211 00:09:19,400 --> 00:09:22,880 Speaker 1: Fund the DIFF in order to pay back those investors 212 00:09:22,960 --> 00:09:25,040 Speaker 1: or those retail holders that needed to. 213 00:09:24,960 --> 00:09:25,600 Speaker 3: Be made whole. 214 00:09:26,080 --> 00:09:28,400 Speaker 1: And it was significant for the large banks that pay 215 00:09:28,440 --> 00:09:30,880 Speaker 1: into the DIFF. It's based off of acid size and deposits. 216 00:09:30,920 --> 00:09:33,920 Speaker 1: And so therefore the JP Morgans, the Wells, Fargo's, and 217 00:09:33,960 --> 00:09:35,559 Speaker 1: the Bank of Americas are the ones that pay more 218 00:09:35,600 --> 00:09:36,959 Speaker 1: into this than your small mom. 219 00:09:36,760 --> 00:09:37,360 Speaker 3: And pop bis. 220 00:09:37,800 --> 00:09:39,640 Speaker 1: So there's this idea that rather than having the two 221 00:09:39,679 --> 00:09:42,680 Speaker 1: hundred and fifty thousand dollars threshold, maybe should we should 222 00:09:42,679 --> 00:09:45,439 Speaker 1: increase it to business payment accounts, And there is a 223 00:09:45,520 --> 00:09:48,560 Speaker 1: legislation that's coming out from Senator Haggarty of Tennessee, co 224 00:09:48,679 --> 00:09:50,920 Speaker 1: sponsored with Senator also Brooks of Maryland. 225 00:09:50,960 --> 00:09:52,480 Speaker 3: So you got a Republican and a Democrat. 226 00:09:52,720 --> 00:09:54,720 Speaker 1: They actually tried to attach it to the NDA as 227 00:09:54,760 --> 00:09:57,280 Speaker 1: an amendment, didn't go anywhere. But this legislation is coming 228 00:09:57,320 --> 00:10:00,240 Speaker 1: out that would raise the deposit insurance limit for these 229 00:10:00,240 --> 00:10:03,280 Speaker 1: business payment accounts to twenty million dollars. Now the question is, 230 00:10:03,440 --> 00:10:05,240 Speaker 1: if you're going to raise the limit, you're gonna have 231 00:10:05,320 --> 00:10:07,840 Speaker 1: to raise the diff and who pays that the big banks. 232 00:10:08,200 --> 00:10:09,280 Speaker 3: So last week we had a. 233 00:10:09,240 --> 00:10:11,600 Speaker 1: Hearing, and going into this hearing, I didn't think it 234 00:10:11,600 --> 00:10:12,800 Speaker 1: was going to be all that big of a deal 235 00:10:12,840 --> 00:10:15,240 Speaker 1: because I just thought, look, this has been discussed. 236 00:10:15,280 --> 00:10:16,320 Speaker 3: Senator vance are sorry. 237 00:10:16,400 --> 00:10:18,640 Speaker 1: Vice President Advanced when he was a senator, called for this, 238 00:10:18,960 --> 00:10:22,800 Speaker 1: but it really hasn't moved anywhere. And the consensus coming 239 00:10:22,840 --> 00:10:24,760 Speaker 1: out of the hearing was maybe this isn't such a 240 00:10:24,760 --> 00:10:27,120 Speaker 1: bad idea, Maybe this is something that we should entertain. 241 00:10:27,720 --> 00:10:29,480 Speaker 3: So, you know, it was kind of funny. 242 00:10:29,520 --> 00:10:31,679 Speaker 1: All the witnesses, including the witness that came from the 243 00:10:31,679 --> 00:10:33,920 Speaker 1: American Bankers Association, was kind of like, yeah, this is 244 00:10:33,920 --> 00:10:35,680 Speaker 1: a good thing. I could just hear the big bank 245 00:10:35,800 --> 00:10:38,480 Speaker 1: lobbyists just going no, no, you need to fight this 246 00:10:38,520 --> 00:10:40,160 Speaker 1: because this is money that we're gonna have to pay in. 247 00:10:40,800 --> 00:10:43,120 Speaker 1: But this consensus was this wasn't a bad thing, So 248 00:10:43,160 --> 00:10:45,640 Speaker 1: stay tuned. The one thing, the last thing I'd leave 249 00:10:45,640 --> 00:10:47,360 Speaker 1: you with is Senator Tim Scott, the chairman of the 250 00:10:47,400 --> 00:10:49,520 Speaker 1: Senate Banking Committee, did say this is going to be 251 00:10:49,559 --> 00:10:51,520 Speaker 1: a very long process, that this is not something that's 252 00:10:51,559 --> 00:10:53,320 Speaker 1: going to move quickly. So we have plenty of time 253 00:10:53,360 --> 00:10:55,480 Speaker 1: to watch out for this. But if you're invested in 254 00:10:55,520 --> 00:10:57,760 Speaker 1: the big banks and you're concerned about, you know, amount 255 00:10:57,800 --> 00:10:59,680 Speaker 1: of more money going to the diff this is probably 256 00:10:59,679 --> 00:11:02,200 Speaker 1: something you should pay attention to. So with that, I'm 257 00:11:02,240 --> 00:11:04,640 Speaker 1: going to stop there. Save thank you very much for attending. 258 00:11:04,679 --> 00:11:06,199 Speaker 1: Please feel free to reach out if you have any 259 00:11:06,240 --> 00:11:08,520 Speaker 1: questions this week, and we always appreciate you listening. 260 00:11:08,600 --> 00:11:14,000 Speaker 2: Thank you, our thanks to Nathan Dean, Bloomberg Intelligence senior 261 00:11:14,040 --> 00:11:17,040 Speaker 2: policy analyst, bringing you the latest installment of his weekly 262 00:11:17,240 --> 00:11:20,840 Speaker 2: Washington Policy Pulse. For more from BI or to join 263 00:11:20,920 --> 00:11:24,320 Speaker 2: this call live each week, you can email Nathan at 264 00:11:24,480 --> 00:11:27,800 Speaker 2: Ndan at Bloomberg dot net. That's n D. E. A. 265 00:11:28,120 --> 00:11:30,560 Speaker 2: N At bloomberg dot Net and come back to the 266 00:11:30,559 --> 00:11:34,040 Speaker 2: podcast later today for the latest edition of Balance of Power.