in 1988, president ronald reagan appointed mary schapiro commissioner of the sec.he was named acting chairman in 1993 by president clinton. president clinton later appointed her another commission until 1996. in 2006, she was named chairman and ceo of the nesd, and she oversaw the merger with the regulation of in york stock exchange. she became the ceo of the financial industry regulatory authority the theme of this general membership meeting is investors. your career signals a lifetime commitment to protecting investors and the integrity of our capital markets. all this to investing in and depend upon our financial markets -- and that means all of us -- are greatly in your debt for the strong and able leadership you are providing. last year, we eagerly anticipated your remarks. but now something we know as the flash crash kept you away. in addition, you are playing a round table next week to explore possible future performance of money-market funds. with all that you have before you, we are grateful for your time today. thank you for sharing your views and insight

second question i wanted to ask and i may turn to share schapiro is to follow the flash crash from a year ago. the fcc of the league has had to address greater audit trail for about 20 years the flash can't put an exclamation point on the need to both develop a real-time audit trail can look at other issues related to preferential treatment for high-volume and high-speed trading. maybe you can update us on where the fcc process is in your personal perspectives on how important is this in terms of the confidence of small investors and others. >> i would be happy to. let me start with the last part 1. it's absolutely essential that we as a market structure that's resilient and capable and perceived by all market participants to be fair -- i mean, is fair. on may 6 we quickly made a number of changes in the market structure to deal specifically with the extraordinary volatility we saw on that day. so we instituted single stock breaks out the prices stop was for than 10% in a five-minute period, just time to catch their breath and come back into the marketplace. we also eliminated the ru

second question i wanted to ask and i may turn to share schapiro is to follow the flash crash from a year ago. the fcc of the league has had to address greater audit trail for about 20 years the flash can't put an exclamation point on the need to both develop a real-time audit trail can look at other issues related to preferential treatment for high-volume and high-speed trading. maybe you can update us on where the fcc process is in your personal perspectives on how important is this in terms of the confidence of small investors and others. >> i would be happy to. let me start with the last part 1. it's absolutely essential that we as a market structure that's resilient and capable and perceived by all market participants to be fair -- i mean, is fair. on may 6 we quickly made a number of changes in the market structure to deal specifically with the extraordinary volatility we saw on that day. so we instituted single stock breaks out the prices stop was for than 10% in a five-minute period, just time to catch their breath and come back into the marketplace. we also eliminated the ru

rob schapiro came running when he heard multiple sirens and saw first responders swarling the scene.> they were taking the kids into the bus off to rescue squads. >> reporter: the approximately two dozen children on the smashed bus were heading to little bennett elementary school. there were no children on the other bus. officials say none of the injuries but the 10 children and two drivers transported appeared to be serious. >> it looks like they got them taken care of, off the bus and made sure they were safe. that's the most important thing, that the students were safe. >> reporter: as part of the development at clarksburg, almost all of springtown road was designated for widening. builders say the taxpayers were supposed to pay and residents have fought it and want the district to pay for the improvement. >> we get fingers pointed in every direction except the direction to resolve the problem. it's not our problem, it's their problem, it's not our problem it's his problem, it's your problem, and we've been getting that a long time. >> reporter: the transportation committee has ap

second question i wanted to ask and i may turn to share schapiro is to follow the flash crash from a year ago. the fcc of the league has had to address greater audit trail for about 20 years the flash can't put an exclamation point on the need to both develop a real-time audit trail can look at other issues related to preferential treatment for high-volume and high-speed trading. maybe you can update us on where the fcc process is in your personal perspectives on how important is this in terms of the confidence of small investors and others. >> i would be happy to. let me start with the last part 1. it's absolutely essential that we as a market structure that's resilient and capable and perceived by all market participants to be fair -- i mean, is fair. on may 6 we quickly made a number of changes in the market structure to deal specifically with the extraordinary volatility we saw on that day. so we instituted single stock breaks out the prices stop was for than 10% in a five-minute period, just time to catch their breath and come back into the marketplace. we also eliminated the ru

all i can say is that i think mary schapiro and her colleagues are doing a very careful and thoughtful job about how to figure out how to bring a little bit more resilience in to that system without depriving the economy of the broader benefits that death provide. it is hard. your right to say that, you know, you -- it is okay to have a concern about something. it is one thing to have an objective to make it better, but until you can look at this is the -- specific consequences, you cannot be confident. again, you know, across all these days, these are complicated things to do. we want to get them right. we want to bring clarity as quickly as we can to dispel uncertainty as we shape rules to mall but we are not going to rush agreement where we are not confident that we have a good balance. one strength of of our system is we run a pretty transparent process. relay up proposals, let people comments, and that reflects the recognition. we are better making sure that people who make policy understand that a very specific level what the impact on markets will be so that you can reduce the r

miss you come july and wish you well in any future endeavors that you pursue the honorable mary schapiro was the chairman of the u.s. securities and exchange commission. the honorable gary eve ensler is the chairman of the committee future trading commission. mr. john walsh's the comptroller of the currency of the office of comptroller of the currency. i thank you all for being here. secretary, you may begin your testimony. >> thank you. jarman johnson, a ranking member shall be, members of the committee, i appreciate the opportunity to update you on the treasury department implementation of the dodd-frank act. although our economy and financial markets have made progress towards recovery, we cannot forget what the congress passed and the president signed the dodd-frank act last year. in the fall of 2008 we witnessed a financial crisis of a scale and severity not seen in decades. the crisis exposed from the entel failures in the financial system. our system favored short-term games over stability and growth. the system was weak and susceptible to crisis and the system left taxpayers to s

schapiro had a chance to meet with you and engage. it was clear from last time i was up here, the importance you attach to understanding what this movement is and who these people are. it is a challenge being put together in different circumstances and effective set of operating procedures and institutions to meet civilian and military requirements they are facing is a challenge. it is a disparate group of people motivated by a common set of objectives and we have seen strengthening of their cooperation. we learned in the last day or so that they expect to announce a new defense minister to organize their military activities. we have seen on the civilian side a strengthening of financial structures and the way they are coordinating their efforts. there is a more substantial international presence in ben ghazi sharing expertise to help them strengthen that capacity. they started from a difficult set of challengess but in the course of

all i can say is mary schapiro and her colleagues are doing a careful and thoughtful job about how toigure out how to bring more resilience into that system without depriving the economy the broader sense -- a broader benefits those funds provide. it is ok to have a concern about something. it's one thing to have an objective for how to make a better. but until you can look at the specific consequence of how the mckee proposal better, you cannot be confident on how to make a proposal better. these are really complicated things to do and we want to get them right and bring clarity as quickly as we can to dispel uncertainty as we shape these rules. but we are not going to rush agreement where we are not confident we have a good balance and one of the strengths of our system as we do run a pretty transparent process. we lay out proposals for comment and let people comment on those proposals and that reflects the recognition here. we are better than any place in the world in making sure that people make policy understand at a very specific level what the impact on markets are going to be