[inaudible] later today, watch cspans conversation with democratic president ial candidate Bernie Sanders from vermont. Six 30 p. M. T at and 9 30 p. M. Et on cspan. Our guest on newsmakers this week is the congressman from texas. He is the chairman of the Financial Services committee in the house of representatives. We heard testimony this week from janet yellen. The congressman has a major reform package for dodd frank in the wind. We will talk about that with him and more. With our two guests. Donna and pete. As we get started, mr. Chairman. Yesterday the Financial Services spending package was do to make its way to the house floor preempted by the democrats sit in on gun legislation. What is the next stop for that piece of legislation . I expect that to be up on one of the most available legislative days and includes provisions that are supported to make some of the washington eaucracy more accountable putting the Consumer Financial Protection Bureau on budget. Subject to the power
Union. Congressman, as we get started, yesterday Financial Services spending package was due to make its way to the house floor preempted by the democrats sitin on gun legislation. That contained some reform packages that you supported. Whats the next stop for that piece of legislation . I expect that to be up probably on one of the next available legislative days. And it includes provisions that are supported to make some of the washington bureaucracy more accountable to we the people, for example, putting the Consumer Financial Protection Bureau on budget subjected to the power of the purse of congress, to make sure they have a Bipartisan Commission instead of one partisan director. So theres some good provisions in the bill. I expect it to be up in fairly short order in the next few legislative days. As were taping this program on this thursday morning the House Democrats are still on the floor in the house of representatives. What is your view of the action that theyve been taking
This is a sign the story implies of mounting counterparty concerns. Now, remember, they have thousand of counterparties out here, so this is a small group. But there you see Deutsche Bank down about 6 . Its had an immediate effect on our market here, perhaps an oversized effect. If you look at the s p 500 because as the story came out, we were tooling along just about in the unchanged level, you can see that it, too, dropped rather noticeably. Theres the dow industrials. Put up the bank index, the kbe and here in the United States, which is a basket of all the large banks here in the United States and that immediately dropped. Take a look at the bank here. This gives you indication of whatever, if any probably have nothing to do with jpmorgan for example. Even its to the downside. Signs this is a bit likely on the excessive side. Hardly likely theres an impact on jpmorgan at all. Rest of the market, there was a general decline overall. Even Consumer Discretionary stocks. No impact from
They also released a new Economic Forecast showing some fed policymakers were starting to think that rates would be moving higher and faster and at tengion is reflected in the minutes froms number when they discussed their Forward Guidance. Several participants. The Forward Guidance suggested a longer time before liftoff and perhaps a more gradual increase in the federal funds rate than they believed was likely to be appropriate. There was a concern that considerable language could be monetaryit was clear policy with conditions on the ongoing assessment of the economy. Another argument was made that table that they some participants saw the current or word guidance as appropriate in light of Risk Management which suggested it would be prudent to air on the side of haitians progress toward those goals. Say thereso another ss them another assessment and what should happen to the Forward Guidance Going Forward. There is disagreement on how it should change other than it should be clarifie
This is bloomberg surveillance. The morning after, switzerland will confront massive deflation. Goldman sachs, they are not jp morgan. How lousy was trading in the Fourth Quarter . Venture capital in 2015. Watch your internal rate of return. This is bloomberg surveillance, live from new york. Friday, january 16. I am tom keene. Joining me is Olivia Sterns and brandon greeley. Top headlines. In belgium a manhunt underway after police supported a possible terrorist attack. 15 people have been arrested. Police killed 2 suspects in a shootout and another was arrested. Authorities believed some suspects had just returned from syria. French authorities have arrested 10 people linked to last weeks terrorist attack, according to French News Agency afp. Aftershocks from the move by the french central bank. Fx firms are having problems. A new zealand dealer says it will shut down. A british fx broker alpari says it is insolvent. Equity markets are relevant too. Asian and european stocks down and