Today. But im recalling today a great line from a great democratic leader, William Jennings brian who talked about the power of one individual to make a difference and the power of an issue or a set of issues to drive that persons success in public life or even beyond public life as citizens. William Jennings Brian once said the humlest citizen in all the land when clad in the armor of a righteous cause is strongest than all the hosts of error, unquotes. So said William Jennings brian about what citizen clad in the armor of a righteous cause. Now, harry reid was a United States senator and hes been a leader. But hes also a very humble man at his core. And his righteous cause wasnt just one issue but if you had to encapsulate it or summarize it, the righteous cause for harry reid was fighting on behalf of those workers, fighting on behalf of those people who did not and ever have power in their lives. And his ability to not just articulate their concerns and their struggles and literally their hopes and their dreams was one of the reasons why so many of us have such a high regard for him. We of course commend and salute his service. We appreciate his commitment to strong values, but we especially appreciate his steadfast support for those who needed his voice, who needed his work, who needed his votes and needed his leadership. So to senator reid we say thank you for your service. Thank you for what you did for your home state of nevada. And thank you for what you did for the United States of america. With that, mr. President , i would yield the floor. And note the absence of a quorum. The presiding officer the clerk will call the roll. Mr. Casey mr. President. The presiding officer the senator from pennsylvania. Mr. Casey i would ask consent to vitiate the quorum call. The presiding officer without objection. Under the previous order, the inate stands in rees the mountain and pacific time zones. Joining us on the phone right now to discuss action in the senate when it takes a look at medical issues, alex rogers with National Journal, a staff correspondent. We are having you want to talk about something called the 21st century cures act. What is not and how would you explain it to people . Guest the 21st century cures act is a Major Health Care reform piece of legislation that funds a number of Top Priorities for the obama administration, providing 4. 8 billion dollars. , the canceritiative somehot, and it provides reforms of the fda expediting the development of new medical treatments and streamline the approval process, trying to bring some medicines to the market more quickly. Host what is the price tag for this legislation . Guest 6. 3 billion total overall. Democrats really like it and it brings regulatory reforms that republican support. Talking about a threeyear process, and the house passed it overwhelmingly and the senate is looking to consider and pass it within the next 24 hours. Host talk about the drug companies, what is their response . Do they benefit . Companiesrmaceutical are broadly in favor of it, and some advocacy groups like publicist and who oppose it Public Citizen who oppose it. They would say it you roads the standards of the fda. Lobbyists hundreds of have been working on this bill for years trying to get it passed. Just because of how they are including some things for democrats, when billion dollars for opioid funding, they have variety ofo marry a different issues to get this across on the lameduck. Host on the senate floor yesterday when this was being considered, talk about what was going on. Guest Vice President joe biden came yesterday. He is the presiding officer and chair. The Vice President w the Vice President of course was also a senator for her to ask tears and talk to reporters who followed this felt like home to him. M senator Mitch Mcconnell, majority leader brought up a measure to rename parts of the 21st century act for the Vice President s son, beau died of brain cancer last year. As he was considering a run for president , he was clearly grieving over the loss of hisnal son and was also extremely emotional yesterday the presiding officers chair and saw the senators clark and cheered as they renamed aspects of his bill for his son. The senate consider in this 21st century cures act and alex rogers of National Journal talks to us about it. One more quick question about harry reid and the senate this week. Guest thats right. The democratic leader will have his last floor speech tomorrow and around thursday evening there will be a number of different speeches and Senate Majority leader Mitch Mcconnell is big and is expected to speak and also Vice President titan. Thanks for your time this morning. Guest thanks for your time. Appreciate it. [inaudible conversations] good morning, how are you . Everything fine . Weve got some great people coming in today. Youll see him. Talk about mayor bowser from washington d. C. Today. A lot of things to a lot of people. A great group of people doing very well. Kids in the contract the air force one. The plane is out of control. Over 4 billion for air force one program. I think its ridiculous. The win is doing a little bit of a number. We want boeing to make a lot of money, but not that much money. Okay, thank you. [inaudible conversations] mr. Speaker, i just got a call from a reporter about a tweaked which the president elect has made canceling the contract with boeing co. And the federal government to build air force one. The last time i looked, and i think the president of the united state is still barack o obama. He will be president of this country until the 20th of january. What we have right now is the president elect running around the world with his tweet bar making statements that are disruptive and therefore the american public. He calls taiwan and raises questions about her relationshia with china as though she were the secretary of state. But he has not even found anyone to do that job. He should be in the transitionma office, figuring out how he makes a smooth transition of the American Government from the efficiently run government of mr. Obama to his administration, not making the decisions himself and going out and announce team through his tweet at 3 00 in the morning because he cant sleep this kind of operation is the operation of somebody whos used to running a big business. When his president of trump casino or trump towers, he cannot like that. He can come in and they do this, do that. I dont know if he understands,s mr. Speaker, that you in the house of representatives are the ones who made the contract and appropriated the money for that plane. That is the process. That the democratic process of this country. In its not done by the president getting up in the morning and tweaking of 147 characters in and in a contract with hundreds of jobs at the people in my district. Good hardworking americans. You go down to indianapolis, indiana and walk around and sayt i saved a thousand jobs. We still havent seen the contract. We dont know what the deal is, how long the jobs have to last. We dont know anything. We just know that a tweet went out that we have in many ways a big rally down there and did a victory lap, but there is no piece of paper. The people in indianapolis if i were to make a recommendation to ban, mr. Speaker, would the talk native americans about the treaties that have made the United States of america and how good they are and how hard you have to fight to make those treaties work. He made a treaty or on trade treaty with carrier. My assistant, mr. Vice president , mr. Pence will get 7 million from indiana to the carrier and then, maybe there will be no one knows what is going on. But the president elect should spend his time in the Transition Office deciding who is going to hold the job that will make this country run. This is not going to be run by one man in the white house, making pronouncements and thinking that all the world is going to throw themselves down on the ground and worshiped him. We have a democratic process. The burden on the house of representatives, in some ways i am sorry to be leaving because i think it is going to be a very tough session and help in the new president understand how a democracy actually works. Its not a big business. It is a business of the people. The 435 members of this house take the money that comes in and taxes and appropriate them out as they see fit for the country. The president doesnt do that. When the congress is done, they passed the bill to him and he spends the money as the congress has decided it should be spent. When you look at the constitution, perhaps the new president elect has looked atl the constitution. The first article is the congress. We are the preeminent body in this government because we are elected by the people. E the gentlemans time is expired. And we have the power. Stop tweeting, mr. President elect. Back from the house floor this morning. President elect trump will be in fayetteville, North Carolina later today as he continues his victory tour to the state effort from democratic four years ago to voting for him. The rally starts at 7 00 p. M. Eastern. Financial reporters on prospects for change in the Financial Services industry with the Incoming Trump administration and who some of the key players might in the cabinet and congress. If everybody could put their knives and forks down or at least quiet them, i think we are going to get started. That was really good. Thank you. So, welcome back to the clearinghouse annual conference and welcome to lunch. So, for lunch we are going to do a Little Something different. They will be illustrated discussion of regulatory policy and capital ratios and things like that. Instead we thought it would be instructive and having spoken to them, quite a lot of fun to hear from the media their perception of the environment for your institutions and even more broadly of course with recent events that politics the topics get even more interesting. As you know im capable of long introductions, but i will not do them here because you know these people. I wake up every morning with ben white. Like many of you, loaning money is my first reappeared i spend all day with steve reason then because he pops up periodically and i turn the volume back up. I think with Ben Mcclanahan from the financial times, they actually dont pop into my office in the morning. I read them or it might be sure, but certainly always had great detail. They are true resources when it comes to these issues and obviously a big read for a lot of for a lot of you in this audience. Probably less known she would be candy wolf is going to be our moderator from citigroup. Shes had a Global Government Affairs at citigroup which given the reach of citigroup is quite a job yet she always seems unruffled to me. One reason is because shes had vast experience in the area in which she works issues previously worked in the senate, office of Vice President and his assistant to the senate for legislative affairs in the bush administration, so she knows where shes geeks. You could not be in better hands with candy gave it back, let me turn it over to her to introduce the rest of the game. Welcome to my panel. I usually have to be the one answering the questions from press so its actually a pleasure to be appeared and mask all of these questions. I think we will start a little bit with politics and set the stage for the environment and then we will move there to some of the policy issues as we go along. I was going to start open to all of you after the doc on Election Night and the numbers are coming back and ill decided dates that were supposed to be in play were now in play and pennsylvania was moving in the direction of trump and michigan and ohio in all those states. What was kind of going through your mind as the election was unfolding and perhaps we can talk a little bit to not only focus on your mind, but what were you thinking with respect to our industry, Financial Services, if anything i see watch the results come forward. I will open a brother to the conversation and we will keep working around. What was i thinking us returns are coming in . My first thought it might read that we got this one wrong. [laughter] slight possibility that i didnt call it right. There was that initial send a while, this is remarkable. I clearly missed the extent to which tribes message would resonate in the rest about and clinton was not getting the number she needed in the Obama Coalition as we are not getting particularly some of the suburban female white voters that i thought would turn out in big enough numbers and trump ran a score in a lot of places where obama had won in 08 and 12. The nature of the elect are it and the way it moved surprise to me and it surprised a lot of people who trusted the poll. When you look at the margin, we are not that far off if she winds up with 1 or 2 win in the popular vote that might be slightly below where she was. A lot of the state surveys, michigan, wisconsin were subtle point and so it was surprising to me. I wouldnt say i was spending a lot of time at that moment thinking about whether it be for the Financial Services industry that i started quickly thinking about that in the days following and im sure other people again and today is the extent to which this is a complete seismic change in which there will be a massive deregulation and evisceration of doddfrank or whether people are opposed to trump in favor of some of the staff jeb has certainly wants to do in the house that would include higher capital levels. They will be the tugofwar between those who really want to completely gut doddfrank and not go and raise capital levels significantly. I just dont think we have an answer to that. Shock, awe, surprised all those things went through my mind and then i thought about the cobra of columns dont have to write and got very depressed. Van, were you one no, you would not bet on the Conference Call. As a Conference Call than im probably not supposed to talk about, but i will anyway, early in the meeting with nbc and i remember trying to listen to him, the person who was talking. It was very early on in the evening that i realized something was not about to happen the way it was expected to happen. I cant quite describe to you what he said except that it reminds me of that guy from the rocketry company and apollo 13 who cap saying its not supposed to do this. Its not designed for this. Give me an answer. Its not designed for this. Something is weird here. And then the stuff starts coming in. Heres a weird name, right . Something like several thousand times the following conversation has to take place. Exit poll or, do you think donald trump is trustworthy to be president . Respondent no. Exit pollster who did you vote for . Donald trump. If you look at the exit polls, that have been some enormous number of peopleoverall and seventh in like 30 or 40 of trump voters. I had the displeasure at this point of having conducted a National Poll two weeks earlier. Cnbc has done a poll every quarter now and showed hillary with a ninepoint lead, which is a weird name. On one hand he hoped for a poll in line with everyone else. On the other hand he hoped for a poll that is busy. When i go back and think, could i have been smarter thinking about that poll . What i think about is the data that shows how dissatisfied people were with the political system, how dissatisfied they were with the economic system, how angry they were, how much concern there was about the Economic Future and said to myself, okay, there is no way they can put essentially the incumbent back in. I would have to have tilted in my analysis again the top line. You can read the bottom line of this in the exit polls as well explaining what happened. Then. Very much set up on the evening we had a fridge to stop with, with which we did. A group of us trying to stay busy that evening. I went down to the pub at 7 00 and by then the script was intact at that point. I remember watching that climbing and climbing against the dollar. If you actually can see a movement inching up a movement inching up and up and at that point i realized we could be in for a bit of a shock in that point the pieces didnt get eaten. And i just tried to stay useful by hammering out something about folks in japan, which were open at that point. They cranked up and got into action. There is a similar dynamic today at the election. We have put in a plan or half of us on the banking team would be very late, sort the market and the other half would come in early the next morning. I was on the late shift and early through the next day was sort of kind of joking with all the sentiment that will be able to come in at normal time if this is an uneventful election and everything goes as land, but obviously that didnt take place. An event site is scummy certified partner to looking at the political dynamic of it and wondering how everything was so surprising to so many pollsters. But also we were following the market and watching stock prices with a very interesting reaction to the gathering is that it was going to be a trump when and then changing sort of around four, five, 6 00 a. M. After the accepted beach that he was going that they started to remount. We saw within an eight hour time frame the markets reaction go from very worried too optimistic about what it meant for u. S. Stocks. I think some of that optimism comes from the fact that there is this there is this fear that there is dispute that all of a sudden you have a Republican House and the question in the election was whether the republicans would maintain the senate. In history, if we look back, theres only been certain periods of time in which an administration is contr