Last friday afternoon. Also, news from the campaign trail and capitol hill this afternoon, from paul ryans office issuing a statement saying that after giving it a lot of thought, ive decided not to run for president. This is paul ryan of wisconsin, saying our work over the next few years will be crucial to moving america forward. And my job as chairman deserves undivided attention. Thats out this afternoon from congressman paul ryan of wisconsin. The House Rules Committee gaveling in shortly, live coverage here on cspan3. Members of the rules committee coming into the meeting room for their session this afternoon on a couple bills. One of which would delay the implementation of the dodd frank of the volcker rule. Thats Maxine Waters on your screen, shes the ranking democrat on the House Financial Services committee. And probably here to testify against that legislation. That portion or version of this legislation came up last week in the house under you is spejs of the rules. They fai
Mr. Gibson and i joined together to introduce legislation that clarified rules under the doddfrank act with regard to margin clearing and reporting requirements of interaffiliate transactions. What that means is a lot of main street businesses in various industries from agriculture to Consumer Products that work across International Boundaries use this central treasury unit structure to offset competing or offsetting risks and that way they can decide what their total aggregate risk is and then make it much more affordable for a corporation. Unfortunately the way the rules were interpretted by the commodities futures trading commission, these companies were being charged double or triple the cost by imposing these Central Clearing unit ways of managing risk. It just didnt make sense and it actually cost them more money. And these companies did not add systemic risk. Thats what the rules on swaps were all about is to make sure we reduce systemic risks. These companies are using these co
Rejected. So my colleagues and i have been working with a wide variety of stakeholders, including many of you, to simplify things moving forward. Case in point is the qualified Residential Mortgage rule. As all of you know in august, six federal agencies including hud proposed a revised version of qrm to make it equal, qm. This is a direct result of the feedback weve received since the first proposal in 2011. You told us it needed to be refinded, and we listened. Refined, and we listened. Now our rule now some of our critics have called this a dilution of our rule. But as you know, qm itself is a very strong measure, as im sure director cordray will confirm later in the conference. And were confident that this will find the right balance between responsibility and opportunity moving forward. Another example of proper coordination is huds qualified mortgage rule which builds off the qualified mortgage definition set forth in cfpbs final rule. It extends the cfpb patch defining loans tha
Session low of 129. 47 after that disappoi disappointing survey. No revision to the september indices. And just to recap, a short while ago, we also had the composite pmis as well. 46. 2, slightly weaker than the reuters poll of 46. 4. The Business Expectations index 47. 8. It was 49. 4 in september. Thats the lowest since february 2009. The october manufacturing pmi 45. 3. Again, weaker than the reuters poll of 46. 5. So the pmi and apple index 44. 8 as well, and thats down from 49. 7. So eurozone business in october continues suffering the biggest recession. Joining us is chris williamson, global chief economist, which puts all that data together. Take the german pmis, take your composite pmis, not cheery. Its not a good picture, no. The survey is pretty unanimous, saying the zone is going through a tough moment, the worst since 2009. These are really bad numbers. Whats interesting is the official data havent quite caught up with that yet. Theyre still suggesting a sta stagnation. If
His financial stakt reporbility. And the search is on on for the winners of the pow ball ticket as two tickets matched all the numbers in the 580 million drawing. Were getting a lot of green on the heat map and not a lot of red. Sur enough, the stoxx 600 is up 0. 8 . We can take a look in at the bourses and almost a mirror image of yesterday. Ibex 35 adding 1. 6 , cac 40 up more than 1 . The dax adding 0. 8 . And we just got german unemployment figures. Plus the foot city 100 up 0. 8 this morning. So pretty much a strong session across the board. Again, following what we saw in the u. S. Yesterday. Take a look at the bond wall here of course we have an italian auction coming up later and italys ten year, below 4. 5 this morning. So price rising. That yield falling. Spain also benefiting. That yield down to 5. 2 . Bunds creeping back up to 1. 4 level. Lets key in on currency. The aussie dollar despite the broader riskon attitude a weaker. Dollaryen moving higher 82. 13. And the nikkei i