Business News

CCTV Script 13/02/17


This is the script of CNBC's news report for China's CCTV on February 13, Monday.

Welcome to CNBC Business Daily.

The Federal Reserve said Friday that Daniel Tarullo, the central bank's top financial regulator, has submitted his resignation, effective April 5.

This move created an opportunity for President Donald Trump to reshape the Fed and push his policies to loosen regulations over Wall Street.

64-year-old Tarullo has been a member of the Fed's board of governors since the year of 2009.

He served as chairman of the board's Committee on Supervision and Regulation and was chairman of the Financial Stability Board's Standing Committee on Supervisory and Regulatory Cooperation.

His resignation came after Trump took action to start easing regulations on the financial industry.

Trump, who won the White House on a populist platform filled with jabs at Wall Street titans, said previously he would cut "a lot" of the changes brought about by the Dodd-Frank Act.

"It is critical that we not forget our still quite recent history," Tarullo told a meeting of financial market researchers in Washington, referring to the 2008 housing bust that pushed global financial markets to near collapse.

Meanwhile, Tarullo is a voting member of the central bank's policymaking panel and has been considered to be dovish.

His leave would also give the new president the chance to redirect the course of monetary policy, though it is unclear whether he would seek officials who would alter Ms. Yellen's current course of cautious rate increases.

On Friday, stock prices for megabanks jumped on the news of Mr. Tarullo's imminent departure, with shares in Bank of America Corp. and Citigroup Inc. rising almost 1% in the half-hour following the announcement.

CNBC's Qian Chen, reporting from Singapore.