romaine: we are focused on the new breed of retail investors. the ones that send gamestop and amc to new heights. how do you balance the appetite for investing, while balancing protection for them? this speaks to finfluencers who

are looking to educate retail investors. you're looking at the increased hours that a lot of people are spending on these trading apps. taylor: i'm in the wrong business. finfluencers are making $500,000. take a look at these companies, who need to educate people on these apps. it's a lot of the u.s., really, when you talk about the year-over-year growth that we are seeing in the outward spend on some of these mobile investment and trading apps. how do you increase the financial literacy? how do you make it relatable? that's where this idea of the finfluencers has come on. we are not just throwing confetti emojis everywhere. caroline: some of them are excellent. they do offer prime education. others, it's a little bit more just a desire to show off their

latest purchase. romaine: let's bring in our next guest, who wrote a story about this. a bloomberg reporter who has been writing about this. earlier today, i went down this rabbit hole of tiktok finfluencers. they were entertaining, to say the least. whether i learned anything, i'm not quite sure. what are these people trying to get across? is it information, education, or just look at this nice car i was able to buy? >> what we are seeing here is influencers trickling into the financial industry, which is a first. it makes sense if you look at the post-pandemic economy and these wild swings we have been seeing in the stock market, the boom in retail trading. they have brought in this surge of demand for personal-finance content online, because people

want to know how to get in. they have a massive appetite to learn how to better manage their money. there are people who have taken advantage of that boom and have created profiles on tiktok and instagram, offering advice about how to be part of it. these are not -- they have developed massive followings. what's interesting is seeing financial companies turn to these finfluencers for the first time, trying to raise brand awareness or promote products through those followers they have amassed, because they are potential customers. caroline: i've been following taylor kilbride for a while. you tell your story through -- there's this guy who started it as a side hustle, making videos. it went from there. >> i don't think he understood

the possibilities that could come for him as a financial influencer. this is a 25-year-old man from tennessee who was a betterment advisor for years. he made a random tiktok where he told his followers, if you put a certain amount of money into a roth ira every month, you might retire a millionaire when you are 60. >> betterment headquarters in new york had a communication seems thing that trickle in. they had no idea what was happening. they put austin on payroll. they have them posting videos on social media. remain --romaine: taylor, you sent me money on benbow. it said, you can take this money

-- on widmer --venmo, it said, you can take this money invested on the app. taylor: it is fascinating when we think about the game of vocation of this. isn't there any regulation around us? do you need to put a disclaimer? what are the risks people are giving advice but not legally trained to give that advice? >> this is a question everyone is asking. there is a dark side. when you talk about financial influencers, you cannot talk about it without this information. the companies that hire these influencers have vetting processes and make them sign contracts that have stipulations that if they violate, they terminated their relationship. tiktok put a ban on promotional content that was not labeled. if we are talking about

regulators, these influencers tend to dispense financial advice without being registered. it comes down to the investment advisers act of 1940 which allows them to give advice in a general platform. so, no one is stopping them. the question is, if someone is harmed, are they willing to bring a civil suit to court? regulators on the -- and the state are ultimately going to have to decide. when it comes to influencers giving advice online, they have no law governing them at the moment. romaine: that is a great set up for next guest. we are going to say goodbye to misyrlena. our next guest is john hope brian of operation hope. he aims to encourage firms to

incorporate financial literacy and transparency. that is up next.

romaine: today we are focused on the future of investing. a lot has been talked about about the meme stock frenzy in the retail traders driving the market. it has raised questions about financial literacy and how much should people really know about what they are investing in or what they are talking about? caroline: exactly. and trying to rectify that balance making sure people are getting the right education. john hope brian has put together and investor's bill of rights

about the financial services industry. basically for brokers and regulators to embrace reforms, trying to look at increasing transparency and understanding all the areas of risk when you get involved in retail investing. let's look into this more. not only on the bill of rights, but about financial literacy in itself. we welcome john hope ryan. --bryant. it is great to have you with us. tell us about this investor bill of rights. john: it is nice to be with you. this is conscious capitalism. this is the future of markets. you want to have something everybody feels comfortable in. you want gdp to rise and increase on a sustainable basis. the majority of our economy.

the investor bill of rights is a moral high ground. i think of -- if dr. martin luther king jr. was alive today and was a businessman, this is what he would be focusing on. even if he was not a businessman, given the shift from civil-rights issues of black and white to the rights of you has the green and how do you keep it and how do you build generational wealth and protect people from scam stirs endosperm to separate them from their wallet. -- from scamsters trying to separate them from their wallet. we have so much focus on trying to keep bad things from happening and how to make good things happen for good people in a responsible way. the investor's bill of rights seeks to strike a balance by components of more disclosure. don't encourage, do not entice

bad things to happen to seemingly good people by that people. then, financial literacy. that is embedded into the business plan. that is what the financial literacy for all movement is about. that is cochaired by me and the ceo of walmart. it is to try to get ceos and leaders to embed financial literacy into business plans to resource the effort appropriately. 14 years, make -- for 10 years, make it part of your culture. so the mission of that is very targeted. let the angels and white knights and those who want to do well regulate. taylor: you mentioned the word "balanced out". a lot of people think these brokerages -- balance -- you

mentioned the word quote balance -- you mentioned the word balance. you have the game of acacian -- gameification. that kind encourage not responsible behavior. how do you think about balance? john: i think a lot of people mean well but they do not know what they do not know. it is not just folks i am trying to protect who do not know what they do not know. talking to founders of new age companies, including the founders of robin hood, they live in almost a different world than where i grew up. in their world, there are certain things taken for granted. in households, different conversations about investment growing up, what a stock is, what bonds are. a lot of people from where i grew up our -- are beginning to

believe that gambling is investment. no. investment is short-term. if you invest long term, you are probably going to be ok. these things are not explained to everybody. this train is going really fast now. dr. king once said that the world was moving at jet-like speed. apply that to economy -- to the economy now. it is leaving a lot of folks behind. you do not want to drag them into a system that folks are not qualified to talk about. folks are not qualified to talk about futures and margin calls. let me make this clear. even well-intentioned people, and i believe the folks at robin hood mean well.

but if they had to do this over again i would hope they would embed financial literacy into their business plan. i think that financial literacy nowadays needs to be embedded into every responsible business plan. i mean coaching and counseling. when somebody does not have a dog in the fight, when somebody is not benefiting, that is why the influencers you mentioned earlier. romaine: you talk about the idea that there are a lot of people who do not understand futures and options and some of these things that became hallmarks of the retail trade. you invoked dr. king and some of the economic messages we started to hear towards the end of his life. there are a lot of black and brown people out there who have look at these last two years, 2.5 years, and saw an opportunity to address their financial situation in a way that, frankly, a lot of young white people have had an

opportunity to do. so, when we talk about getting that pace back up to something that is a little bit, i guess, more fruitful, how do you do that? how do you encourage that while at the same time mitigate or try to tamp down risk? john: opportunity and response ability at the same time. folks who invested in gamestop, danger, danger, danger. that stock has only one place to go. that is probably down. look at the financials and the price. no disrespect to gamestop, it is a nice company, but it does not equate. it was hyped up. lucas bitcoin and cryptocurrency. i have no problem with cryptocurrency -- look at bitcoin and cryptocurrency. i have no problem with cryptocurrency but you should not be investing your rent money on cryptocurrency. if you want to speculate, don't do it with your rent money.

if people are saying it is ok, that is irresponsible. it is immoral, unethical, and wrong. only 13% of black folks are invested in the stock market. that means you miss out on a whole trillion dollar industry. romaine: the point you make is great. i am wondering, is there an argument to be made that people from a certain demographic that have been left behind in finance, that she -- they should not be taking a greater risk than other folks, other demographics? john: common sense sense is not so common. nobody should be taking an unreasonable risk with money they cannot afford to lose. no one should take an unreasonable risk with money they cannot afford to lose. i think any to educate people so they can make a sustainable investment.

abraham lincoln tried to teach us about money. we are brilliant people. think about the arts, think about professional sports. but in capitalism, no one gave us these rules. we are brilliant but it is what we do not know we do not know that is killing us. people praying on that are predators. caroline: at what age is this starting? you are going to robin hood. it seems like it is falling on the right ears at the moment. they are embracing what they want to see even though it is too late to the game, as you might say. what about the education system in itself? why aren't we teaching this in schools. in the u.k., i was not taught about financial focus, a mortgage, my own taxes, and certainly not how to invest. why is it so hard from an education perspective to get that embedded?

john: money is emotional. some people are depressed and they do not want to admit they don't know anything about money. teachers are financially illiterate. principals are financially illiterate. members of government bodies are financially illiterate. it is not something you pick up in your dreams. you need somebody to walk you through this. you need somebody to give you the memo on how capitalism works. people will spend it but they do not want to talk about saving it. it is like somebody says, eat your vegetables. you know it is good for you but it is not an attractive conversation. so, make it interesting. connect education with aspiration. now you have the kid's attention. you have 500 bucks to invest in your business but you have two

minutes to pitch your idea on stage. the money goes to your bank account and requires financial coasting and aim -- coaching and a mentor. now you get the money. connect education with aspiration. i got my first course in financial literacy when i was nine years old. i think are going to my classroom. i said, what do you do for a living and how did you get rich legally? he said, i am a banker and finance under par noor. i said, i don't know what an entrepreneur is. i had never heard that word in my life. but whatever it is, if it is legal, i am going to be one. a light comes on in my head in aspiration. now, i am interested. taylor: on that note, regulation. you don't want to stifle innovation. i am curious what your thoughts are. the other day we went out to dinner and i then mowed him. --venmoed him.

it asked if he wanted to invest in crypto. romaine said, no, i want to make -- i just want the money for the dinner. john: regulation need to step in so we can have responsible capitalism. this is a great example. a survivor mentality, a thriving mentality, and a wedding mentality. when i go out to dinner -- a winning mentality. when i got to dinner, these guys have a wedding mentality, a building one -- a winning mentality. people from underserved neighborhoods have a survival mentality area -- mentality. a survival mentality with a lack of financial literacy is easiest to prey upon. these are all wonderful people.

we can take no pleasure from the fact that american gdp is 70% consumer spending. we are all in this mess together. we have to got to wrap each other up. people have to realize that when other people win, they went too. i think that is where regulation may have to come in. i would like to believe people want to self regulate. this is people saying, let me write --right this wrong myself. everybody can make a mistake. acknowledge it. say, i mean well, but i might have unconsciously done wrong. i want them to win. taylor: we love the enthusiasm.

we wish we had more time. we hear you. really well done. thank you for the time. john hope bryant, founder of operation hope. from new york, this is bloomberg. >> bloomberg television is brought to you by abbott. life to the fullest.

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caroline: it's the biggest cryptocurrency exchange in the world. it is now being investigated. into possible insider trading. the investigation is expanding, looking at how they front run their customers. part of the inquiry is taking advantage of customers. the ceo recently stepped down. they had a new one that came in a week ago. interesting times in the world of cryptocurrency and binance.

romaine: the previous guy was only there for a few months and the new guy has a lot on his shoulders. taylor: bloomberg technology is up next. romaine: this is bloomberg.

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innovation money, and power collide in silicon valley and the audit this is newburgh technology with emily chang. -- bloomberg technology with emily chang. emily: this is bloomberg technology. coming up in the next hour, a panel of fda advisers pulls back on the idea of boosters for all, instead, backing boosters for a smaller