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Aspen Institute Susan Ochs on candidates for Treasury Secretary and the financial sector.
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Well let's reaction on this let's bring in Susan Knox former TARP and treasury advisor and Susan I do wanna get your reaction to what he's saying about Jacqueline what do you think.
You know.
Based on the issues that are going to be in the treasury portfolio for the next year the next two years possibly it's about deficit reduction.
It's about.
Major tax reform.
Those are issues that are very squarely Jackson's -- house and so I think that he's a very strong candidate the other issue that's -- -- be really at the forefront of course is still the international.
Out economy in the financial system.
And and that's -- -- brainer who is currently the undersecretary for international affairs on is I think could be also very strong candidate and should be the first woman.
Treasury Secretary which -- there's also a lot of issues in their -- -- there's a lot of issues though at this point that are facing.
Other country of particular with regards to regulation you have China's reporting on the banks had dinner with the bank's CEO last night one of the things that the that there may seem to literally going to fire right now as the Volcker Rule -- -- you know Dodd-Frank is -- it's in the books it's over but they can still fight the vocal role.
How much of a fight is there.
For the banking industry do you think you know I really think now is the time for reconciliation.
And that so much of the posture from the banking industry has just been this wall of opposition against dot franc against the Volcker Rule.
Not really wanting to sit down and have the kind of nuanced constructive conversations and I really think.
You know President Obama and the Democrats -- a pretty decisive victory on Tuesday and now is the time to kind of come together and find -- ways to move forward with this with all of these -- a new kinder -- Wall Street what I -- but that's kind of that's your that's your point at this point you know and it comes -- It's of financial regulation you know let JPMorgan America had done this a certain the survey of their clients basically says -- percent of because.
A new regulations that are coming that are going to be implemented they're not hiring such -- -- negative a fact.
A many of their clients are you say not as well.
You know -- there's still uncertainty I know at Dennis thanks and all the uncertainties got an kick in the economic -- and but there is still a lot of uncertainty at these Dodd-Frank provisions are getting implemented there and the SEC is still working to CFTC -- -- working.
The CF TV that Washington -- -- -- all the things are moving forward to they're still our provision that have to come into place and I think some of that could be why people are waiting to see but I don't think it's.
I don't think it's a big concern is that why even six -- but yeah it's not like Wall Street still laid down -- take this and you got the US chamber on the other side it's RD threatening lawsuits in particular they're gonna go up to the Volcker Rule and -- you've also got.
And this new bill in the senate that that's gonna come go vote that may or may not happen that they want to actually add more regulation and rules.
To the CFTC.
To the -- to the regulators themselves that they're not running -- and and messing with business as well right and I I think it's a quest and I know it's your -- and and what I think that is that if they're bankers can find the places where new regulations actually helping them for instance -- CF BP is actually taking under its oversight now all the non bank actors like the payday lenders.
And debt collection agencies which helps the banks because that.
-- -- a level playing field and so they can acknowledge this is the part that's good and working well.
This is the part that we think needs to be adjusted he gives him more credibility -- how we adjust this fight because right now there has been so much opposition against everything more of the big shoppers on election night out for -- was the was Elizabeth Warren you know you -- senate seat what do you think car rolls going to be.
Based on what we know from her activities that the consumer protection very think she's gonna come out -- fight and you know I think she's gonna continue to be a champion for our -- consumers and for you know the individual investors but you remember as one of -- hundred in the senate.
That the actual power that she has their vs if she were appointed headed the -- PB it's it's very different and I think.
She can use the bully pulpit in a lot of respects but also a number of people having counseling her.
You -- you have to get to work and show Massachusetts that you're serious about working for that.
Because again and not -- politics Republican but at the end of the day there's also a lot of politics in Washington a lot of lobbying groups and accept -- -- -- Wall Street's main voice if you will.
Other coming out and saying well this is negotiable these regulations are gonna be negotiable this goes back to Dodd-Frank can -- I could write a court and it and it is some -- -- this it's a question of how do you negotiate right if you negotiation is to oppose everything that's not really constructive.
Position if you're going to say we understand why more capitals -- we understand.
The the impact that you're trying to have with -- but we think it's it's it's being structured incorrectly.
That gives you a better place to kind of have these conversations and I think Elizabeth Warren absolutely -- apartment that's kind of Yellow -- -- -- did beta and cannot.
Thank you very bad very much is -- -- on this.
