Make its way to the president s desk. Down ballot democratic victories on tuesday are putting more pressure on the gop to score a legislative win. Here to discuss this is Kevin Cirilli, chief washington correspondent, and on capitol hill is marty shanker, chief content officer. Kevin, let me start with you. I need to know one of the major differences between the senate and house bills. The house seeing changes in the last version of this bill. Give us the details here. Kevin a slow friday on capitol hill. I can tell you i just spoke with a source to a prominent Republican House member. The differences that exist between the house and Senate Versions are not substantial enough to derail it, at least according to this senior aide. The main difference in the Senate Framework we got yesterday is that first and foremost it would keep seven tax brackets. The white house wanted three. The house version had four. The implementation of the Corporate Tax rate from 35 to 20 . The Senate Framework according to orrin hatch would implement that in 2019. The house version what have that immediately. The white house with Public Comments yesterday was Steve Mnuchin in new york and on Bloomberg Television with Mick Mulvaney saying these are not differences the white house is going to not get on board with. It looks like things are moving ahead as planned and on schedule with a vote expected in the house as early as next week. David marty, there may be differences between these approaches. Does the senate really rule at this point . Marty im not sure the senate rules. What is interesting is that this is such an intricately manufactured tax plan on both sides. They build a 1. 5 trillion box. They cant go outside of that box. They basically have shaken the cushions for every coin of revenue they can get. If you change any provision in either bill, you will have to figure out how to make up the money. Justing to be a very like we saw the Obamacare Repeal bill, there are different factions in the senate that will push things one way or another. They are very constrained. Shery when we are talking about the 20 Corporate Tax cut being delayed until 2019, with that beat the purpose of what the gop has been trying to sell this bill is being it will pay for itself because it will produce growth and jobs . Marty i think that is a convincing argument on the house side. If you believe a tax cut is good for growth in america, why would you d delay in a year . They are trying to delay it and save Something Like 8 billion by doing that. Ultimately kevin is right. They are within shouting distance of each other and there probably will be some sort of compromise. David another issue is if this really helps the middle class or not. Politically as we talked about the elections on tuesday it looks like important for a lot of these people to get reelected. Which one favors the middle class more . Kevin what is interesting is how each party is framing this. Republicans say the democratic e was a result of this unless theye more pass tax reform ahead of the 2018 midterm elections. Democrats are saying, wait a minute. Those waves were because of the fact the legislative proposals from the right are not focusing on the middle class. Senator mark warner of virginia said we saw mini blue wave in virginia. All of this is going to come down to whether or not republicans, particularly senators like susan collins, lisa murkowski, dean heller, all mccain, bob corker, these folks who have criticized this administrations. If they dont think this will help the middle class, the math is not there for republicans in order for them to lose any significant vote. Shery as we continue this conversation on who the tax bill will benefit, we did hear earlier Mick Mulvaney, the budget director predicting there will not be a Government Shutdown in december. The tax bill distracting from this conversation altogether. He talked with david gura yesterday. Every time we come up to a finding deadline i hear the omb director was to shut the government down. We did not shut it down in april or september. We will continue to work with the hill on trying to figure out a way to fund the government. We run out of money on december 8. The goal of miracles, government continues to work and i guess there will be no change in december. Shery will we see another stopgap bill . Marty it may be that will happen. I heard that before and we have lived through these Government Shutdowns. I do think the forces will be there for some sort of a compromise at the end, at least to extend the funding level through the first of the year. As long as they get the tax bill passed. David many thanks to Kevin Cirilli and marty shanker. Shery we are seeing another day of declines for u. S. Stocks. Lets get a market check with julie hyman. Julie thank you. Clear seeing stocks selloff today. Not a huge selloff, not as large at the lows of the session yesterday. But investors are watching the progress or lack thereof and the details of than within the taxcut plan. Groups that are weighing the most our energy. Oil turned lower as well as health care. There are some groups doing quite well in todays session mitigating some of the declines. One is media. After he got the media earnings, disney coming out with earnings that actually missed estimates, by giving a more positive outlook as it spends more on new projects like the next star wars and marvel movies. Then news corp. , which really beat in a more decided fashion. The company benefiting in its Real Estate Services unit in particular. Time warner is also trading higher. We have gotten commentary around what and at t fight to continue to acquire time warner might look like. That might be helping the shares today. We are also watching the pharmacy stocks. A couple of things could be going on. An upgraded cdf to buy despite a potential threat from amazon that has been much talked about in the industry. There is speculation perhaps amazon will not be getting into the pharmacy business after all. A lot of speculation going backandforth on that front. Rite a sparking by 12 aid spiking by 12 . The declines for the last couple of days, means a declining week for all three major averages. You see that on the far end. You have to go back to september 8 to find a lifetime all three were down on a weekly basis. The s p 500 has rallied for eight straight weeks going into this week. Now seeing a hiccup at the least, and something of a trend break as a go forward in the next week. Shery julie hyman, thank you. David new jersey congressman Leonard Lance will join us to talk about why he has problems with the tax overhaul plan. Live from new york, this is bloomberg. Shery this is Bloomberg Markets balance of power. David lets check in on the bloomberg first word news. Taylor riggs has more taylor President Trump once trade deal with asian nations if they are willing to play fair. He is in vietnam. He says the u. S. Will no longer joint multinational deals with the transpacific partnership. The president said he wants oneonone agreements with countries that will not try to take advantage of the u. S. In brussels, brexit talks have ended for the week with no breakthrough. He raised the prospect of the two sides failing to reach an agreement by next month. He has given the u. K. Two weeks to come up with a better offer on a financial statement. Russia is ready to retaliate against the u. S. In a fight over news media. The u. S. Is ordered russian state broadcaster rt to register as a foreign agent. Now russia is poised to make the u. S. Media outlets do the same. Acted as claims it a propaganda arm of the russian government. A man accused of bombing a german soccer teams bus will go on trial next month. To people were injured when three explosions hit the bus as a left for the teams stadium for a Champions League game. The 28yearold suspect faces 28 counts of intent to murder, two counts of bodily harm and setting off an explosion. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im taylor riggs. This is bloomberg. Shery thank you. We just learned the Senate Finance committee is planning a markup of the tax bill or monday at 3 00 p. M. One of the proposals drawing ire is eliminating the deduction for state and local property taxes. That change would disproportionately affect People Living in high tax states such as connecticut, new jersey, new york and california. Get a talk about the impact of losing the socalled salt deduction and the broader impact of the tax bill is republican congressman Leonard Lance from new jersey. Your district would be very hardly hit. We are cheering from the house bill that they are reserving the property Tax Deduction up to 10,000. Can you be supportive of this bill . Where do you stand as the bill currently looks . I do not support it in its current form for the reasons you suggested. The average salt deduction in the district everpresent is 21,000. We are making progress but we are not there yet. The Senate Version of the bill completely eliminates salt. David how much of this is really baked into the way senators are elected in representives are elected . You are a registered in a blue state. Senators dont have the same incentive as you do to make sure you take care of your constituents. Rep. Lance i would hope our u. S. Senators in new jersey would enter the fight. Im critical of the Democratic Party because the democrats have been on the sideline. They have been critics but the have not indicated what they would support. I would hope they might indicate what they would support. I favor many of the proposals of the tax reform bill, but salt is a deep hurdle for me because of the district i represent. Shery the house bill cuts the cap. Gage deduction not the senate bill which leaves intact. It intact. Rep. Lance i favor leaving that where it is. This only affects new mortgages. If you have a current mortgage, you would not have a negative impact. I favor leaving that where it is. This has been a criticism by the homebuilders and by the Real Estate Industry in the country. I think there is a strong tradition in this country to make sure as Many Americans as possible are able to purchase residences. David there are so many things in general that would like to have in tax cuts, do we have to pay for them. Whether it is sold or the eliminating the home deduction for mortgages, it is to pay for the tax cuts. How concerned are you about the deficit and how would we pay for some of these cuts . Rep. Lance i think we should recognize we dont want the deficits to the extremely high. I favor of modest amount of dynamic scoring, but not an unrealistic amount. I think it will be an issue in the senate, and the corporate rate is going to go down to 20 . Maybe that could be moved a little bit. I dont think it should be on the backs of those of us in states like new jersey. New jersey since border washington per capita and receives less back in any state in the nation. I want this to be a winner for all states. Shery how do you balance the fact you need a win your constituents but the gop needs a win on some legislative process . Does that give you pause when you go against this bill . Rep. Lance certainly i think we should have tax reform, but i dont think we should do it fast. I think we should do it comprehensively in a fair fashion. That is what i think it might take longer than november or december. The last time we had major tax reform was 1986. It took two years. David how do you read the elections on tuesday . As a republican representative in the house, either for yourself in your district or as you look at your fellow members of congress, how will that affect the tax reform plan . Rep. Lance speaking first about my district, we had an election for the governor of new jersey. My side lost, by the republican candidate carried the district i served by about 14,000 votes. I was pleased to see that. Secretary clinton carried my district by 3800 votes. I carried it by 38,000 votes. I point out the republican candidate to carry our district. Regarding the elections in total, virginia and new jersey, we were not successful. I think that was based on circumstances and those states. I would not over read what happened on tuesday. Shery are you saying it was not a referendum on President Trump or the gop . Rep. Lance in new jersey after one party being in power for eight years, usually the other party comes in a power. Reformdoes it make tax more likely or less likely to get enacted . Rep. Lance i dont think the elections on tuesday will have a particularly strong imprint on tax reform. We should do tax reform but i want to do it right. Shery two more House Republicans announced retirement, including franklin the of new jersey. Does this put the house and play for the democrats to make a comeback . Rep. Lance i note congressman wally oddo very well. He will have served 24 years. I think it was his decision and his wifes decision that this was an appropriate time. The election will be based upon each district. Shery always great to have you with us. Thank you for joining us, congressman Leonard Lance of new jersey. David reports say special counsel mueller may be looking into if Michael Flynn was working with turkish authorities to hand over a controversial muslim cleric in pennsylvania. New york, this is bloomberg. This is david Bloomberg Markets balance of power. Shery new developments continuing to emerge in the dollar investigation. According to the wall street isrnal, the special counsel investigating an alleged plant where National Security adviser Michael Flynn and Michael Flynn junior for to be paid as much as 15 million in a plot to seize controversial muslim cleric and deliver him to turkish officials. For more on this, lets bring in chris from washington. Give us a little bit more details on this story. My question is how would flynn as National Security adviser be able to carry out turkeys request . Flint has been under investigation for lying about his contact with the russians for his lobbying work involved with turkey. Now it appears smaller is looking mueller is looking at a potential plot to remove this cleric in pennsylvania and return him to turkey. If flynn even if he did not actually carry through with doing anything, just the idea of a conspiracy to carry that out to be charged as a crime. David how did we get here from where we started . We started with possible russian influence in the u. S. President ial election. Now we are to turkey and Michael Flynn and maybe his son. Why does this fall within the mandate of the council . Muellers investigation is somewhat of a bulldozer. It is going to the landscape and bowling over whatever it finds. We have seen him pull the trigger on charging Paul Manafort and rick gates. Mueller is not shy about bringing charges. Part of the thinking is in terms of him wanting to prove collusion he needs to get the people with knowledge to actually talk. He is using the pressure of charges for crimes that are not collusion or not related to russian collusion, but are related to their financial dealings in order to put pressure on these people to cough up with a no about collusion what they know about collusion. Is a longterm stres strategy it is a longterm chest strategy. Shery Michael Flynn junior could be involved. Will this have an impact on it Michael Flynn cooperates with the investigation and talks . Chris it remains to be seen at this point how he will respond to this kind of pressure. Certainly the idea of his son facing criminal charges, im sure he would take that very seriously. It would factor into his decisionmaking. We saw it with Paul Manafort where he is continuing to contest the charges. He is ready to take muellers team to court. You can see a similar scenario playing out with flynn if he wants to do again. At this point we just dont know exactly all the evidence that mueller has collected. David do we know when this allegedly happened . Specifically was this before flynn was involved as National Security adviser or after . Was he doing it for money or to kerry favor with the turks . Chris it is our understanding that this was during the president ial transition, when flynn was already named as National Security adviser. He was acting in an official capacity. It is important to point out if there are charges against flynn related to russian collusion or to other crimes, this strikes at the heart of trumps inner circle. You can expect trump and his lawyers to take Something Like this very seriously and be considering retribution against mueller. David what you think is the next step . Chris there is definitely some thinking that mueller is picking up the pace by the charges he has already rolled out. It is anybodys guess at this point what exactly he will come forward with more indictments and who they will be involved in. It does seem what he is trying to do is put pressure on the key players who are involved intimately with a Trump Campaign to get them to give up Additional Information they may have been withholding. It is impossible to say how long it will go on. M, thank you stroh for your reporting. Shery chinas historic move coming in. An overnight announcement just hours after President Trump left. How u. S. Investors are reacting. That is next. This is bloomberg. David this is Bloomberg Markets balance of power. Shery lets get a start with the headlines from the first word news. Taylor riggs has more. Saysr a french prosecutor three Chinese Students were injured when a car drove into a group of students in southwestern france. None of the injuries are lifethreatening. The driver says he acted deliberately and has been arrested. Secretary of state Rex Tillerson says he could see the u. S. And north korea agreeing to start talks at some point. He told reporters at first it would only be a conversation with kim jonguns regime and not formal negotiations. North korea has not launched a missile in almost two months. U. S. Secretary of state Rex Tillerson is warning countries and groups against using lebanon as a vehicle for larger proxy fight in the middle east. He says the United States strongly backs lebanons independence and recognizes the prime minister. He only speculate televised his resignation last week from riyadh where Authorities Say he is being held against his will. Tillerson says that is an isication tha but washington monitoring the situation. Industrial production rose more than forecasted in december. The trade deficit dick groat but it was did grow. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. Im taylor riggs. This is bloomberg. David china is making a historic move to move Foreign Ownership on local banks. To get u. S. Bank the opportunity to move into the Chinese Market in a big way. Here is what steve ratner had to say about the opportunity when i talked with him earlier today. It is a step. The big question really will be how much of the nonchinese banks play in this game. At the end of the day china favors chinese annuities. Yes, you can own 51 of a bank now, but how much business will you do . How much pressure will be on you to do things that are not commercially in your interests . I think you are in Financial Firms move slowly and edge and do this. We are this david joined by michael moore. There was a time when banks seemed eager to get into the Chinese Market. Now there has been some pullback. Do we have a sense of how eager they are this time . Michael it depends on what business you are talking about. On the Asset Management side there is some eagerness. On the more traditional banking side, i think what steve said is correct. They tend to favor the domestic players. There is a question of a credit bubble and whether china has one and do you want to be stepping into that in what could be the late stages of that credit cycle. I think they will take a wait and see approach. Historically what you see are these joint ventures on more of the Investment Banking and securities side. Shery we have seen two years of big changes for china. We saw the yuan devaluation. How big of a shift is this for the chinese Banking Industry . Michael it has a chance to be significant. We are still waiting on details about the timeline and how quickly this could happen if the banks were itching to get in there. Partly depends on the timeline. Over time it seems like this will open it up quite a bit. David do we have a sense of what the motivation of the chinese is . President trump specifically pushing for trade. Financial services has been an issue with china for a long time. You also refer to the credit problem. Is there a chance the Chinese Government is saying you can recapitalize our banks for us, thank you very much . Michael it could be a diversification move and getting new capital. You mention trump. He is pushing for this more openness. At the same time he appears not to have known about this move. It was not included in the white house statement about the accomplishments of this trip. It appears for the chinese announcement coincided with this trip, it was not something that came up in the talks. Shery that was a very interesting point. Lets talk about the eagerness by foreign banks in getting to china. Shares ining foreign china dropping to record blows in 2016. In 2016. Lows the share drops significantly after the foreign banks have their own issues to deal with. Given where they stand right now can they make such a big difference when they have their own liquidity and capital issues going on . Michael the drop was less about china and more about the new bank rules. If he had a minority investment in another bank, it was very punitively treated under the new capital rules. That is why a lot of banks moved to get rid of that. You saw goldman selloff their icd stakes. Icb stakes. Those capital rules still exist. I dont think you will see a large majority stake in a huge bank. What they tended to be was more on the joint venture side. Now they are able to take majority stakes you can see some consolidation. It could help on that front. David you really note the u. S. Banks in particular. You cover them over period of years. Which banks extended benefit the most . Michael you have to look at all the big ones that have an interest. Goldman has a history there, Morgan Stanley as well. Jpmorgan had a joint venture of the last year. Citi has a strong presence as well. I think all those major banks, we have not seen some of the smaller boutiques show as much of an interest because there are obstacles and hurdles they getting into this market. I think all of them see a tremendous amount of growth opportunities. You heard Lloyd Blankfein talk about this being chinas century. David and he was on the trip with President Trump. Michael not a coincidence. I think there is a lot of interest across the board. Shery starting from zero, expanding market share. That will not be easy. Michael bankers of talked about the difficulty of hiring local talent. There is a lot of times they brought people in, westerners. There was a desire to have local chinese employees, but the bidding wars for those people is quite high. Shery that is why when you talk about job losses, you were talking about the west and not asia. David interesting point. Michael moore, thank you very much for being with us. Shery coming up, the differences in the house and senates tax bills. Republican senator pat toomey says the bills can be region signed. Reconciled. This is bloomberg. David this is Bloomberg Markets balance of power. Shery time for the stock of the hour. Shares of news corp. Are the best performer in the s p 500 today after its results in a tough media landscape. Julie hyman is here with the details. What is the story . Julie a couple of things working for news corp. That are perhaps not working for its competitors. Most has to do with digital. The growth it is seen in digital. Even in its Information Services, news and Information Services segment that includes dow jones and the wall street journal, digital has grown to 26 of that segments revenue. That has been a big growth driver. Even more, the company back in 2013 bought the operator of realtor. Com, a Company Called move, an rea group. The real estate website business has been doing very well. Take a look at the bloomberg. We have the right down here for the various business lines. , the orange line is digital Real Estate Services which is now the biggest contributor to the company. News and Information Services is white. Then you have Book Publishing which is stabilizing. That is in the blue on the bottom. That is essentially what you are seeing. We have got an analyst saying Digital Real Estate should be growing quicker than the Newspaper Division is declining. They are making up for the declines we are seeing. David it is fascinating because there are any number of print Traditional Media Companies to try to make this transition and have a old have failed. Why is news corp. Succeeding where everyone else has not made it . Julie that has a lot to do with the digital side of the business. It has to do with the fact it has these Properties Like the wall street journal that have continued to draw in readers, at least digitally, if not folks who are getting the print editions. That is something that helped. Acquiring things like real estate companies. If you look at the stocks, especially because of todays gains, news corp. Is the best performing media stock in the s p 500 this year. It is up about 33 depending on if youre looking at the class a or class vb shares. There is a lot of m a talk. You have discovery communications, viacom. One of the things that is helped is it is not a cable company. You and i were talking during the break. It splitnic because from 21st century fox. It was supposedly the weaker part. David this is what Rupert Murdoch loves, the print media business. Julie even though it is not necessarily doing the best, the other is doing enough to support it at this point in time. Shery julie hyman, great to have you here and have that whole industry explained. It is interesting to see the difference with news corp. David house and Senate Republicans each released their own tax reform proposals, for the are key differences that could threaten one of the keystones of President Trumps agenda. Republican senator pat toomey spoke about what might be in the final bill. Sen. Toomey that is not noble yet. My guest is it will be elements of each. The important thing is the big fundamental things are really the same. These bills have the same architecture in the sense that as a one b director mullaney pointed out, there is direct tax relief for middleclass families on the individual side. Together with some Movement Toward simplicity. On the business side we have got the same big policy change. Your medical reduction in corporate rates from 25 35 to 20 . And moving to a territorial system for the international part. Vonnie there might be some similarity, but there is massive differences. Take the salt deductions. The senate side, full repeal. Some republicans in the house dont want a full repeal. Sen. Toomey even there i would suggest there is we completely disallowed the reduction. The house does the same thing except there is a carveout for up to 10,000 in property tax reductions. We will property Tax Deductions. Vonnie is there some wiggle room . Youre from a state that would potentially be punished quite a bit. Sen. Toomey the pennsylvanians on the house ways and means voted for this in the house. I am supporting it because it is good for pennsylvania on balance. It is good policy to get rid of the state and local Tax Deduction. We will move away from them. There are some differences, absolutely. They are not wide chasms. Vonnie will the senate bill address carried interests. Sen. Toomey the text we have now does not. The committee for work its will and the senate will work its will. I expect it will be amendments. I expect some amendment to make some changes in the current policy on carried interest will probably prevail. My guess is by the time this is over there will be a change in the policy. Vonnie the mortgage Interest Deduction stays. Sen. Toomey it remains of a cap of 1 million. The house takes it down to 500,000. We will work that out. The estate tax, we both take the same initial step to double the exams it amounts. An individual will be able to be completely exempt from the state couple,11 million, a 22 million. Beyond that would be the policy for the duration. Whereas the houses repeal it over time. Vonnie up until now you said yes, there is a big difference and there should be some compromise. Where . Sen. Toomey on all of these things. The corporate rate goes down to 20 immediately in the house bill. 20 on january 1, 2019. A 12 month difference of when we get to the exact same place. We will find a way to reconcile that. One of the challenges we have is there is a limit to how much revenue we can forgo in the budget window. If the matter of putting the pieces together. We will get there. Vonnie you are on the supercommittee back in the day. Washington with the goal of reducing spending. Sit with this 1. 5 trillion increase in the deficit . Sen. Toomey i am convinced if we passed this reform we will shrink the size of the deficit. This is not just a tax cut. This is a complete reform of our entire corporate system, and significant reforms on the individual side. It is extremely progrowth to lower from 35 to 20 . To move to a territorial system where we are not double taxing overseas income. We will create the incentives are a huge influx of investment to the United States, both foreign and domestic investment. All it takes is for tens of 1 of extra Economic Growth 4 10th of 1 of Economic Growth to fill in the hole. Shery republican senator pat toomey with vonnie quinn. David as we observe veterans day we learn about a new program from j. P. Morgan chase and help vets as Small Business owners. This is bloomberg. Shery this is Bloomberg Markets balance of power. David as we honor those who served in the armed forces, we are reminded of many challenges vets faced when they return to the workforce. Morgan chase announced you talk about the initiative is ross brown, head of military and Veterans Affairs at j. P. Morgan chase. Ross it is a pleasure to be here. David you are involved in a broader set of issues. Out of theyear, 200,000 veterans that transition from the military, 25 want to go on to own a Small Business. Unfortunately, due to a lack of access to capital, only for half percent 4. 5 going to do that. We focus on the delta between the 25 that want to own the business and the 4. 5 they can want to do so. That go on to do so. Shery i was so surprised to see the numbers. 9 of all businesses in the country are ve years. That is so many more that will own businesses. Ross after the korean conflict there was a great effort in our country with the new g. I. Bill dt Small Business loans and they go on to own their own business. David how does them . Do you also give them a little bit of advice . Ross that is a great point. When you leave the military you might have a Good Business idea, you dont understand how to run a business, how to read a Balance Sheet and all the rest involved. That is what is so great about our Financial Institutions. Butnot only get a loan, associated with that is the education that goes along with that. It will be advertised. It has been advertised as an avenue for veterans. We are starting off in three states, North Carolina, georgia and North Carolina texas and california. We have identified three Financial Institutions specifically that will support our veterans and those states. You deal with a broader set of issues. When it comes to veterans getting a job in the civilian workforce, how long does it take them to get readjusted and breaking their skills into the civilian workforce . Ross i dont think there is one set time. What we have identified is there are too many veterans that is they come into the private sector are not acclimating as rapidly. But we see is about 50 of our veterans are transitioning out of their first job they have an elite the military. That is not acceptable for anyone. What we are doing is trying to create acclamation and other mentor ship programs that 11 to acclimate more rapidly. David tell us what the problem or the challenge is here. You were in the army for 27 years. What is the biggest hurdle, the biggest difficulty . Ross i dont think there is one. It is a completely different context. They are different ways of communicating. There are Different Things right . It is a different work style. And the military you are an integral part of a team. When you leave you find yourself to be a vessel contributor. There are several transitional issues that face of veteran. Will be tried to do it j. P. Morgan chase is identify the ten most pronounced in a create them Internship Program between the seasoned veteran and those newly hired to help the macrame to the new environment. Shery you carried out a study called chase Business Leaders outlook. Veterans have a more optimistic view of the world . Ross absolutely. Capital andtself to owning her own Small Business. David how would you know if he succeeded . . Ross when every veteran who wants a job has a job. Right now veteran unemployment is lower than the national average. Businesses have found veterans are good for business. It is not altruism. They demonstrate they are good for business. What every veteran has a job that once a job, we have ca succeeded. Shery how long to transition into the workforce . Ross we are with them as soon as they are interested in joining a private organization. About a year out they know they are leaving the military. The minute they transition we begin work with them. David many thanks to ross brown, head of military and Veterans Affairs for j. P. Morgan. Great program. Ross thank you for having me today. Shery sign up for the balance of power newsletter on bloomberg. Com. Get the latest on Global Politics in your inbox every day. Joins us to discuss chinas to stewart moved to open the markets for Financial Firms. David you can catch all of our interviews on the bloomberg with the function tv. Watches with from new york. This is bloomberg. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Scarlet its 2 00 p. M. In new york, 11 00 in san fransisco, and 7 00 p. M. In london. Im scarlet fu. Julia im julia chatterley. Welcome to Bloomberg Markets. We are live at bloomberg World Headquarters in new york over the next hour. Here are the top stories we are covering on the bloomberg and from around the world. Taxing times for the gop. House and Senate Republicans struggle to contain almost 1 trillion in reading in their dueling tax plans over the next decade. And are we witnessing chinas big bang moment . The nation finally removes the Foreign Ownership limits on acid managers. And we speak to a top city Group Executive on how wall street is recruiting those who have worn the uniform. U. S. Markets close in two hours a time. Tgif, first of all. You are very excited about this. You are not alone. But we are seeing some selling going on in the markets. That is not quite as