Alex Ossola

Treasury yields retreated and oil prices fell, with Brent crude futures dropping almost 3 percent to about $90 a barrel.

Today, President Trump said he would nominate the U.S.

attorney for the Southern District of New York, Jay Clayton, to be the next director of national intelligence.

Clayton's nomination could defuse a standoff with Congress over who would oversee the nation's spy agencies.

Democrats have criticized Trump's plan to install his close ally, housing official Bill Pulte, as the acting director of national intelligence, saying he's unqualified and would weaponize the job.

Hours before the announcement, the House had rejected Trump's plan to temporarily reauthorize a crucial spying tool, Section 702 of FISA.

Many Democrats said they wouldn't back extending FISA until Pulte is pulled.

The House vote meant the federal surveillance program, Section 702, could expire tomorrow for the first time in nearly two decades.

Journal national security reporter Yoko Kubota joins me now from the Capitol.

Yoko, a major reason the House rejected today's vote was because lawmakers are unhappy with President Trump's nomination of Bill Pulte as acting director of national intelligence.

It's still early, but do we have a sense of whether Clayton's nomination will change things?

Either way, though, the House did vote today, and that vote may have consequences given that Section 702 is set to expire tomorrow.

So does today's vote definitely mean that Section 702 will go dark?

So what are tech companies and telecom companies expected to do under this law?

And will they have to stop doing that if it does, in fact, expire?

A lot up in the air still.

I suspect we'll be hearing from you pretty soon, Yoko.

That was Journal National Security Reporter Yoko Kubota.

Thanks, Yoko.

And that's what's news for this Thursday afternoon.