Obama Nominee Massad Finds CFTC at Crossroads

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Nov. 11 (Bloomberg) -- Bloomberg chief Washington correspondent Peter Cook and Bloomberg View columnist Matthew C. Klein examine the resume of Tim Massad, President Barack Obama’s nominee to lead the CFTC, the abilities of the agency in its current form and offer a preview of Janet Yellen’s confirmation hearings to the Federal Reserve. They speak on Bloomberg Television’s “Bloomberg Surveillance.”

D/ ? this is an important agency.

Leading derivatives leader.

This is an important job.

There he gensler has used this to push forward regulation.

Been very aggressive.

Not everyone of his former colleagues have been thrilled with everything he has done.

All whole host of rulemaking not complete.

He is known because he ran the tarp program.

Not well known to the american all.

He is in the guy collecting the check.

Harvard, harvard law.

Does he have to pick up the degree?

He is leaving.

One of the big?

Is who else is sitting around the table with him?

Right now with erie gensler's departure, we are looking at the possibility of having to sitting commissioners.

-- gary gensler.

You will interview with the chairman of the fcc later on this morning.

Her division is political.

How political is the cftc?

And has gotten more political because what they have been doing lately.

Not everyone is thrilled by the actions taken.

A big tight over the vocal role.

-- volcker rule.

It is overseen by the senate agriculture committee.

It all has to do with the origination of the cftc in terms of overseeing commodity regulation.

It has more to do with wall street right now that a lot of farms.

The agriculture committee does not want to give that up.

On of my questions for mary jo watson is it is -- is it time to merge them at?

They were talking about it when they started.

I do not think she cries.

It is a question people are not asking.

One of the reasons is because there is such a turf battle, no one wants to give it up.

Let's bring in matthew c klein.

Why is it the cftc does not get any respect?

One problem that they have, unlike most of the other industries, they are funded for appropriations congress.

If they sue a bank -- say libor manipulation, they cannot collect them.

It makes it very hard for them to step up and do the research they need.

An active effort by republicans to defund because they do not like what they are doing.

Where is it on derivatives performing?

It was tasked during the crisis.

Where are we in that effort?

They have done a lot of the lion share of the work in terms of overseeing derivatives for the first time.

We have seen them in a way we never have before because of tough decisions made by congress to impose in dodd frank.

Gary gensler leading the charge to the dismay of a lot of his colleagues.

I have been to several events where he has spoken and interesting to see the criticism he gets.

The heart of the debate is the idea of we want things separate and apart because we do not want to consolidate like the british.

The answer is the merger is to be more london-like.

It is to simplify things and maybe not have such a large enteral workforce.

For the industry and for the government, to make it easier.

It is going to be so difficult to do.

That is why we have not seen much movement on it.

I also want to bring up janet yellen hearing this week.

She is widely supported by both sides of the aisle.

There could be issues here, financial regulation being one of them.

I do not think her confirmation is in any big trouble.

I do not think she will clear the 60 vote rush holt, pretty compelling.

We will hear more about what she thinks about too big to fail and whether there needs to be additional regulatory fronts on that.

The commissioner said this is what he is going to be looking for.

I think they will ask about monetary policy going forward.

Wall street should watch this, not as a confirmation hearing but an update to fed policy.

This is more like a press conference ben bernanke has been holding, if she is asked to berkeley about it, and i think she will be.

Democrats would like to see it continue.

The redskins, will they lose their name and washington?

That is a really tough call.

I do not see it happening in the short term.

Daniel snyder says it will not happen.

There is a loyalty to the train -- to the system.

It will change but not in the short term.

Might need to take a new owner am a much more controversial issue than it ever has been before.

The diehard redskins fans -- it would change a lot in washington, but maybe the time has come.

News you can use with peter cook.

Nominating a new chairman.

You can catch the interview with mary jo white today on bloomberg television.

Let me do a data check.

Interest rates moving.

Really focused on the bond market.

Suddenly back to august.

Not quite there yet.

You just make it up there he.

10-year yield two point 71 friday.

2.78. the yen is 99.73. if we continue to see

This text has been automatically generated. It may not be 100% accurate.


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