Phil I want to talk specifically about
her plans to tax high-frequency trading
tell us about this well pen what we've
seen from a lot of folks particularly
Democratic side is kind of a broad
wide-ranging transaction tax with the
Clinton campaign will be announcing
today according to officials have spoken
with is a more targeted version of that
what they're going to be targeting is
excessive order cancellations and the
idea being that in high-frequency
training what you're trying to do
basically is get out in front and then
cancel and as a way to profit now so
where this comes from in large part is
from Gary Gensler and his team inside
the campaign if you remember him Gary
Gensler is the former CFTC chairman was
took an interest in high frequency
trading while he was there and that's a
key component of this plan another issue
to look at here PIM is on the Volcker
Rule obviously we all remember it from
the 2010 dodd-frank Act Hillary Clinton
be targeting hedge funds specifically
how much banks can invest in them at
this point the levels three percent she
would eliminate that entirely that's the
financial regulatory side of this
proposal then you have the enforcement
side of the proposal but it's the
regulation I think that will get most
interest on the campaign trail so is
this they take you know you give
something you take something away at the
same time for the industry I think
what's interesting about this pin is she
doesn't go as far as her key opponents
do you look at Bernie Sanders if you
look at martin o'malley the former
maryland governor who are on the
Democratic side advocating for breaking
up the banks or reimposing
glass-steagall the separation between
commercial and investment banking
Hillary Clinton doesn't go that far what
her team's point is is this pimp this is
a more nuanced approach to it if you
have a strong Volcker rule if you keep
banks from holding their swap portfolios
in subsidiaries that carry insured
deposits that is more effective in
today's banking sector than reimposing a
glass steagle but you've already seen
Martin O'Malley come out and attack
Clinton on this proposal saying it's not
going far enough you'll see similar
things going forward the big question
that Hillary Clinton has faced from the
left has been is she too close to the
wall street is she is a former New York
senator as somebody who is aligned with
her husband's administration too close
to those who care about how Wall
Street's doing this plan is an attack on
certain aspects of Wall Street but the
big question on the Democratic side
panel
be does it go far enough right and of
course we got the debate coming up next
Wednesday in Las Vegas the democratic
debate all right so what about the
debate in the house over who's going to
be the next leader well that's moving on
as we speak right now there have been
private meetings throughout the morning
giving nominating speeches Paul Ryan the
the well-liked and well-known chairman
of the House Ways and Means Committee
giving the nominating speech for Kevin
McCarthy the current majority leader who
is widely expected to win that vote
today the vote will start at noon pin in
a closed-door meeting it will be old
school as it gets paper ballots
lawmakers writing down the ballots will
be numbered so there are no extra
ballots there the expectation remains
Kevin McCarthy will become the next
speaker of the house but why the vote
matters today is there's a group of 40
really hard lined conservatives who have
already stated they will not support
Kevin McCarthy in this vote that won't
hurt them today but on October 29th the
full house will vote on the speaker
Kevin McCarthy needs 218 votes that's
where those votes worm out of mole
matter