Chairman, Arthur Levitt, President Trump discussed on Bloomberg Surveillance


Bloomberg stocks, Dave Wilson. Thank you so much even in any range-bound market. We've seen over the past couple of days debut, always fine. Where the action is. Thank you. Going back down to Washington DC, President Trump intends to nominate Alison Herron Lee of Colorado to serve at the securities and Exchange Commission Lee democrat would fill the seat already vacated by CARA Stein, restoring the five member commission to full strength. She would serve a five-year term that expires on June fifth two thousand twenty two devastate into this story a little bit. We welcome. As we always do every week, Arthur Levitt, former chairman of the securities and Exchange Commission. So Arthur, thank you so much for joining us. Again, what are your thoughts on this new nominated nominee? I it's good. And I think it's unique in recent years, almost without exception every new presidential nomination as been a member of the staff of the House Financial Services committee or the Senate banking committee, and with that came political agenda if you. You came out of a staff position for a Republican or democratic member of any of those critical committees, you can do embrace the same philosophy that your former boss embraced and. Generally, speaking, the commissioners that came from the offices of politicians either democratic or Republican. Were less creative and open in their approach and sensitive to the possibilities of. Starting out on new ground, and perhaps even embracing investor initiatives and calling for public meetings. Investors things of that kind were not generally embraced by former Senate or house staffer. So I applaud this appointment as being a really good and constructive one. I look forward to hearing more from the new Commissioner, so are is your expectation. That miss Lee will be confirmed. Yes. Absolutely. That name would not have appeared at not already that it with. Both Republicans and Democrats are is this a Trump SEC. He has his tone, and he's implied that in part of that imputed that under different divisions bodies institutions is it a Trump SEC in two thousand nineteen. That's that's a great question. Tom. I've asked myself the same question, and I think because of the strength of the chairman of the SEC Trump has a lot of confidence in it's not a Trump SEC. And the appointments I think have been sound and good appointments not leaning too far left or too far. Right. Right. So if it is a Trump at C C, it's a darn good SEC in my book. Right. And it's it's even better because of the personal skills of the chairman I've been trotting out history. Arthur you, and I are the only ones that remember LBJ after the assassination of John F Kennedy had to jump start the economy and William mcchesney Martin was running the fed and LBJ said come on you gotta get on board and they'll Martin get onboard. He he didn't want to push towards an inflationary America's is a generalization. And once again, we've got chairman Powell with is independence question is the president. Maybe look for alternative prince Arthur Levitt replacing Sherman Paul, but tell us about your Washington years, Arthur and the independence of the fed. Well, my Washington years were blessed because my President Bill Clinton. Allowed me the freedom that all independent he should have. But rarely do have. And I was able to initiate programs and bark and bark upon initiatives that few chairman wherever able to because the president allowed me to do pretty much anything I wanted to even with respect to the appointments of commissioners. The president was willing to listen to my recommendations and often embrace them. So that's not usual. Usually there is tension writing the White House and commissioners and certainly the chair, but this particular chair that sitting in the seat today is strong in his own right. And because of that, I think the president has a lot of respect for him and his leaving the commission alone allowing him to set his own agenda. Thank you so much. The former chairman. The Securities Exchange Commission. Let's go to the gossip of the pages at London, Paul, sweetie. You are expert on this. And this is of course, the divine actress Helen Mirren, she is front of the papers this morning is she went after net flicks over this Titanic battle of traditional movie going in that flicks. I know Mr. Spielberg spokes talked about this. Well, yes, explained to me mortals, like me why Helen Mirren is using four letter words and said he Spielberg's upset I think they want to preserve a lot of what has been the traditional mystique of soda feature filmmaking, which is it's meant to be enjoyed within the theater, it's a communal experience. And that's kind of what they want to preserve as opposed to the Netflix experiences, which it's really just a one to one relationship you're sitting down and just kind of tuning into Netflix, watch it what you want when you want where you want it. And so I think it's a little bit of pushback from some folks in Hollywood. No, we need to preserve some of what made feature film making great go run a museum, isn't exactly isn't this distribution question. It really is. Really what it is. It's a personal choice issue. How do people wanna consume content? It is much different today than it was before. And that's kind of what there's a push pull coming up Paul sweeping. I review the value. The economic power of Cinerama stay with us. This is Bloomberg. Good morning. Let's get some national headlines right now with Michael Barr. Michael, thank you very much. Thank its own. Preliminary findings around on the crash of the airline's flight that killed one hundred fifty seven people if the OPN officials say the pilots flying Ethiopian Airlines flight three oh to repeatedly performed all of the.

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