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00:0023,000 PAGES OF DODD-FRANK AND 270 FOUR PLUS RULES COULD BE FOR THE CHOPPING BLOCK, IS THIS THE BEGINNING OF A REINSTATEMENT OF GLASS-STEAGALL? >> FOR A LONG TIME, I THOUGHT DODD-FRANK IN THE VOLCKER RULE WOULD DO ENOUGH AND YOU WOULDN'T HAVE TO RE-INSTATE GLASS-STEAGALL, BUT I THINK IT IS APPARENT FOR SOME OF THE COMPLEX OF SOME OF WHAT THE LARGE FINANCIAL INSTITUTIONS ARE DOING, WHICH IS CONVERSE AT TIMES. AT TIMES. THAT'S TO THEIR OWN CUSTOMERS. GLASS-STEAGALL WOULD BE -- KEVIN: HOW WOULD GLASS-STEAGALL PREVENT ANY TYPE OF ECONOMIC DOWNSIDE. THEY SUGGESTED WAS NOT THE CAUSE OF THE 2000 AND EIGHT FINANCIAL COLLAPSE THAT TWO DOZEN EIGHT FINANCIAL COLLAPSE AND THE ECONOMY HAS MOVED ON. WHEN I FOCUS ON STOPPING OTHER POTENTIAL PROGRAMS LIKE TECHNOLOGY AND CYBER HACKING? BART: THEY ARE NOT MUTUALLY EXCLUSIVE. I DIDN'T SAY THAT WAS A PROBLEM THAT CAUSED IN 2008. THAT WAS THE MORTGAGE BUBBLE AND CREDIT DEFAULT SLOTS WHERE THEY CREATED THESE INSTRUMENTS AND TRADED REPEATEDLY AND THEY IMPLODED. THAT IS THE MAIN THING, BY THE WAY, KEVIN, THAT DODD-FRANK FIXED. THE VOLCKER RULE HAS THE ADDED BENEFIT OF TRYING TO, AND I'M NOT SURE IT IS EXCESSIVE FOR -- IT IS SUCCESSFUL, IN SEPARATING THE INVESTMENT FROM THE COMMERCIAL BANK. WE HAVE SEEN SOME A TIMES IN THE LAST SEVERAL YEARS, WHERE BANKS WOULD ENCOURAGE THEIR OWN CUSTOMERS, SAYING, GET INTO THIS NEW PRODUCT WE HAVE. ONCE THAT FUND WAS POPULATED, WITH THEIR OWN INVESTORS, THE BANK TOOK THE OPPOSITE POSITION. PSYCH. I WANT TO TAKE CARE OF THAT STUFF. BLOOMBERG HAS REPORTED THEM, HUNDREDS OF MILLION DOLLARS IN FINES. I THINK ENOUGH IS ENOUGH. WHICH CLOSE THE DOOR ON THAT ONE AND PROTECT INVESTORS. IT IS ABOUT PROTECTING INVESTORS, FROM MY PERSPECTIVE. VONNIE: IT IS NOT SITUATION. YOU HAVE SEVERAL SENATORS AGREE WITH GARY COMBS ON GLASS-STEAGALL. I'M NOT -- BART: AND THE PRESIDENT HAS ALSO CALLED FOR, VONNIE. VONNIE: YOU CHANGE YOUR POSITION VERY SLIGHTLY, BUT LET'S PULL A POWERFUL SCREEN OF THE CRUISE -- BLOOMBERG CRUISE AND WHAT THEY ARE PUTTING UP ON THIS. THERE MAY NOT BE ENOUGH PUBLIC SENATORS ON THE STATUTES AND IS MORE LIKELY TO BE ON SMALLER SKILL TO TWEAK IT UP RIGHT. JUST IN GLASS-STEAGALL, WOULDN'T SOLVE EVERYTHING. BART: NOT AT ALL. MAYBE THE BALL PAROLE COULD HAVE A COUPLE THINGS AROUND THE EDGES DONE. GOOD LUCK TO THEM. THAT IS FIVE DIFFERENT AGENCIES, AND I WAS ONE OF THEM THAT VOTED FOR THE VOLCKER RULE WITH IT CHANGES IMPLEMENTING IT. I THINK THE PRESIDENT PULLING BACK FROM WHERE HE WAS, WHICH WAS THE REPEAL OF DODD-FRANK, TO DOING THINGS AROUND THE EDGES IS PROBABLY THE RIGHT APPROACH. WE NEVER THOUGHT THAT'S WHEN WE WERE DOING THE RULES, THERE SHOULD BE A CARVED IN STONE -- THEY SHOULD BE CARVED IN STONE. AS LONG AS THEY DO THE IMPORTANT THINGS LIKE THE OTC TRADE REGULATION, CAPITAL AND MARGIN REQUIREMENTS TO ENSURE THE BANKS HAVE THE JEWS BEHIND THEIR TRAYS -- JUICE BEHIND THEIR TRADES. I'M FINE IF THEY FIND TO SOME OF THE RULES AND REGULATIONS. DODD-FRANK ON THE WHOLE HAS MADE US SAFER AS A COUNTRY AND MADE INVESTORS SAFELY. KEVIN: IT SEEMS LIKE THE HOUSE IS MOVING FASTER ON THIS THAN THE SENATE BANKING COMMITTEE. HOW REALISTIC IS THAT THE SENATE BANKING COMMITTEE WILL CHANGE THEIR MIND AND GET AGGRESSIVE ON THIS? BART: FRANKLY, I DON'T SEE MUCH MOVING. AS A RESULT OF THE FIRING THE OTHER DAY, I THINK, THE PRESIDENT FIRED A SHOT AT HIS LEGISLATIVE AGENDA. I DON'T SEE MUCH HAPPENING AS THEY REFER TO THE CHOICE ACT, HEALTH CARE, NEEDED TRANSPORTATION, OR TAX REFORM. VONNIE: I WANT TO ASK YOU TO VERY QUICK QUESTIONS IF I MAY. THE COURT OF APPEALS IS HEARING A CASE ON THE CONSTITUTIONAL ANALOGY AND WHETHER THE PRESIDENT WILL HAVE THE RIGHT TO GET RID OF RICHARD CORDRAY. IN YOUR ESTIMATION, DOES IT SURVIVE THE STRUCTURE, OR THE AGENCY AT ALL? BART: THE AGENCY HAS DONE GOOD THINGS. A LOT OF REPUBLICANS CONCERNED WITH IT IN THE OBAMA ADMINISTRATION ARE LESS CONCERNED ABOUT IT NOW. THEY WANT TO CHANGE THE POLITICAL MAKEUP OF IT. I THINK IT WILL CONTINUE TO EXIST, WITHSTAND THE COURT

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Ex-CFTC Commissioner Hopes Glass-Steagall Is Reinstated

Former CFTC Commissioner Bart Chilton discusses the future of financial regulation with Bloomberg's Vonnie Quinn and Kevin Cirilli on "Bloomberg Markets." (Source: Bloomberg)

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