. >>> after the break, fdic chair jelena mcwilliams joins us in about two minutes.do money. without the commission fees and account minimums. so, you can start investing today, wherever you are even on the bus. ooh, like this guy. yeah, i bet he's investing right now. he's taking charge. he's grabbing the bull by the horns! and he - just missed his stop, yeah. it's time to do money, so what are you waiting for. download now and get your first stock on us. robinhood. >>> welcome back fin tech is in focus as the conference kicks off apple, facebook, amazon are continuing to explore the payment space. joining us exclusively with a view from the regulatory side, fdic chair jelena mcwilliams madam chair, good morning. >> good morning. thank you for having me. >> great to have you there's a lot of talk of the importance of the consumer to the current economy, so much of consumer spending is what continues to fuel this expansion. from your seat regulating the banks with a look at the health of those, including the consumer side, how do things look >> things look very healt

cash insured by the fdic? >> no, the cash is not insured by the fdic.money market funds that consists basically of u.s. security,it is also covered by c insurance. >> there have been a lot of new entrants into the marketplace recently. i look at companies like square -- do you worried you are flooding the market with too much credit? henrique: most brex customers want our card, despite credit. men might get a loan from square, but they still need a card to use those funds. they still use an account like brex cash to pay their vendors and employees, etc. we think we are giving them access to spend their money instead of the credit itself. >> who is your target estimate? henrique: three main verticals -- venture backed startups, e-commerce companies, and life sciences companies. better when the fed is raising interest rates, or does your business model work better when the fed is cutting interest rates? henrique: it is a question we get all the time from investors. we do better when interest rates are lower. it reduces our cost. from a technology perspect

be part of that in the united states, we would be breaking our charter breaking the law, lose our fdic insurance and lose our license. that would be a bad day. so what we are pushing for like many things, rather than this being governed at the state level, the national politicians need to take the topic on and i think they need to come to a decision from a federal perspective of how they should be approached and once that is decided we are more than happy to support that. >> there is one question that came in, i'm sure it's from a student. and i think your insight would be hopeful, you talked a little bit about with the student group, how can we make ourselves better problem problem solvers,e suggestions or thoughts that help to undergraduate and from college and moved on things that make a difference to an employer and maybe advice around that. >> is the same advice as i said earlier to the group, my wife and i have a 30-year-old and a 26-year-old, it's the same advice i give them and our people joining our company every year. keep your base wide. were in this world that is changing s

we would lose our fdic insurance and lose our license. that would be a bad day. [laughter] michael: what we are pushing for his rather than this being covered at the state level, our national politicians need to take this topic on and they need to come to a decision from a federal perspective how they should be approached. once that is decided we are more than happy to support that. michael: -- betsy: there is a question that came in that i am service from a student. i think your insight would be helpful. you talked about this with a student group. how can we make ourselves better problem solvers and make a stand out as we are leaving college and entering the workforce? what are some thoughts that may be helped you as you graduated from college and moved on? the things that make a difference to an employer and may some advice around that. michael: it's the same advice. themthe same advice i gave and it's the same advice i give our people joining our company. keep your base wide. this world is changing so rapidly. too often i sit down with, really energetic excite

in the u.s., the usual mix of the fdic as the primary regulator, the federal reserve looks after ours. in california, we have a state regulator. in new york, we have a state regulator. we have great relationships with our regulators. david: certainly sounds like an abundance. thank you for being here, noor menai, ceo of ctbc bank. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. i'm david westin. it is time for the stock of the hour. pg&e has fallen to a new record low, the stock plunging more than 25% today as wildfires raging california. kailey leinz is here. not just wildfires, but it may be because of the equipment. proven butis not five minutes before this fire burned in california, one of their transmission lines failed. david: the last time that happened, it didn't work out so well. kailey: in the market opinion, they are sort of guilty until proven innocent. blamedve already been for wildfires in 2017, 2018, facing $30 billion in liabilities because of those. anymore than they could be facing

fund that is -- which we have some nearly 2% in terms of interest rate if you want to be in our bank, fdicthose things, free checking, free atm cards all those things, it's a very valuable service too. so that examines sometimes with a little bit lower rate than you might find in a money market fund it's up to you to make that choice. >> the average investor, though, one of the great parts of your book talking about what it was like in the 70s for the average investor to buy and sell a stock, what a better deal. back then 100 shares of a $20 stock might have cost you 50, $60. >> i was looking at it yesterday. five years ago, you would be paying 10 times more in commissions and all the costs that go into buying than it is today. it's unbelievable the proechlts. >> you led that revolution. >> took us about 15 or 20 years. didn't happen overnight. >> joe terranova has a question. >> good afternoon, mr. schwab. i want to go back to the active passive debate how much of the debate do you think is about cost, active management has the need to lower fees, and do you think the passive argument has

there are actually many financialing aretors such as the fed, the fdic, the o.c.c., cfpb, .c., cftc,hfa and many more, and to be clear, libra would affect all of those regulators. so which of those regulators do you believe need to approve libra before you will support the launch, and what kind of approval do you believe is necessary? you need to see brain approval from each regulator. will those approvals be public? >> congress woman, thanks for the question. my understanding is probably all of them, for different things. different regulators focus on different areas, whether it's financial stability or fighting crimes and fraud and terrorist, different areas if the work needs to get zpon are overseen by different regulators. i think the profits for each of them might be a little bit different. but we're committed to getting all of the appropriate u.s. approvals before launching the libra payment system in any country in the world, even where those approvals might not be strictly required. >> just to be clear, will you commit to waiting until you get approval from every u.s. regulat

we're discussing that with our colleagues at the fed, the fdic, occ and others. but that is the reality. more of the credit that is underpinning our economy is outside the banking sector and private sector. >> gido you see a systemic issu? >> if i did i would be doing something about it. >> the answer is no. >> the answer is no. >> commissioner, purse, the business round table published a revised statement of purpose, despite that it's a restatement of existing practices. some on this committee, have interpreted this as a shift away from the bedrock principle that they owe a fiduciary duty. it's not to engage in politically correct causes, it's to maximize shareholder value. that's not to say that a company's environmental considerations or activities to insure the well being of employees, suppliers or customers are irrelevant. it means that shareholders may care about those issues and the market may dictate they help drive profitability. can economies effectively serve their customers and communities without an undivided focus on maximizing shareholder value? >>

." >>> hey, david we have an exclusive with fdic chair joanna mcwliilams in a few minutes on "squawk and implement a dell emc unity xt all-flash unified storage platform. it delivers speed and efficiency, while providing simplicity and flexibility. for unified storage platforms, you need dell technologies, and it orchestration by cdw. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. the street." stocks are higher, the s&p 500 hitting a fresh record in early trading, dow less than a percent away now, strength in tech stocks offsetting weakness in defense groups like utilities and real estate. let's go to one of the other outperforming groups, health care it lagged the broad other mashlgt this year, is 2% off recent highs december last year. among names leading higher, i will lumina, eli lilly watch

there are actually many financial regulators such as the fed, the fdic, the fcc, cftc, cfpb, and many more. to be clear, libra would affect all those regulators. which need to approve libra before you support the launch and what approval do you believe is necessary? do you need to see written approval from each regulator? >> thanks for the question. my understanding is all of them for different things. regulators focus on different areas whether it is financial stability, fighting crimes, fraud and terrorism, different areas of the work need to get done and overseen by different regulators. the processes of each of them might be different but we are committed to getting all of the us approvals before launching the libra payment system in any country of the world where they might be required. >> will you commit to waiting until you get approval from every us regulator libra affects before you support launching libra? >> all of the regulators that have jurisdiction over part of what we are doing, we are working with them and we will seek approval. >> a bill of mine passed the house yest

there are many financial regulators, such as the fed, the fdic, the occ, sec, cfpb, hffa and many moreclear, libra would affect all of those leg rregulators so which do you believe need to approve libra before you support the launch and which approval do you believe is necessary do you need to see written approval from each regulator will those approvals be public >> congresswoman, thanks for the question my understanding is probably all of them for different things different regulators focus on different areas, whether it's financial stability or fighting crimes and fraud and terrorism, different areas of the work need to get done and are overseen by different regulators, i think the processes with each might be a little bit different but we're committed to getting all of the appropriate u.s. approvals before launching the libra payment system in any country in the world, even where those might not be required. >> will you commit to waiting until you get approval from every u.s. regulator that libra affects before you support launching libra? yes or no? >> all of the regulators that h

fdic,en, according to the an additional 24.2 million households are underbanked, which means that has limited d ccess to traditional banking ut has to rely on the use of risky alternative financial to manage just basic financial n their lives. moment, madamke a speaker, to fully explain and nature of this problem. nd i hope the american people understand g, will now we i say we have a national risis, and this is why we need my bill. the financial inclusion in proud act, a bill i was to introduce earlier this year, to the heart of this issue. this is what it does. the consumer financial protection bureau to, research factors standing in the way of financial american people hurdlesn understand the that these individuals and our consumers face. the bill will also irect the cfpb to recommend best practices to increase the formal n in anking sectors, to bring our onsumers out of the shadows of risky, predatory, alternative services. and three, my bill will direct to work with minority epository banks, african-american-owned banks and nstitutions, consumer advocates, civil rights groups o m

there are actually many financialp regulators such as te fed, fdic, cftc, cfp b., fhfa and many more, and to be clear, libra would affect all of those regulators. what kind of approval do you believe is necessary? do you need to see written approval for the regulators are those approvals would they be public? >> fighting crime and terrorism into different areas that are overseen by different regulators i think that the process with each of them might be a little bit different. but we are committed to getting all of the appropriate u.s. approvals before launching the payment system in any country in the world even where they might not be strictly required. >> would you commit to waiting until you get the approval from every u.s. regulator in the process before you will support launching libra, yes or no? >> all of the regulators that have jurisdiction over part of what we are doing we are working with them and we will seek approval from them. >> a bill of mine passed the house yesterday for the terrorism financing and criminal activity now with the creation of the various digital curre