he also served on the house financial services committee. before joining congress, he was a prosecutor in arizona and

in addition to being vice chair of the modernization committee, he serves on the house financial services committee. before joining congress he was

the chair of the security exchange commission testified before the house financial services committeens about online trading companies like robin hood and influence of social media on the market. also testifying, michael, president and ceo of the department trust and clearing corporation and robert cook who heads the financial industry regulatory authority. >> this hearing is entitled game stopped. who wins and loses, short-sellers. social media and rai

just moments away from sec chairman gary gensler testifying before the house financial services committeeng. the u.s. payrolls report for april. apparently there's a trade being put on that sees weekly tenure options targeting a drop in yield by 1.5. jobs being the risk event. guy: yes. a big day tomorrow. a really big day. we have great coverage lined up. earnings out from iag, bmw down tomorrow. coal is out tomorrow. in terms of what is happening today, the german health minister talking about the fact he will offer the astrazeneca shock to all age groups and offer all teens a vaccine by august if approved. that pushback from angela merkel also -- if you have the pictures of the new falcon jet. will finish on the airplane before we go to "balance of power" with david of weston. we do not have the picture -- with david westin. we do not have the pictures. ♪ [ sigh ] not gonna happen. that's it. i'm calling kohler about their walk-in bath. my name is ken. how may i help you? hi, i'm calling about kohler's walk-in bath. excellent! happy to help. huh? hold one moment please... [ finger snap

before the house financial services committee -- he appeared before the house financial services committee. >> bill gates holding company transferred securities to melinda gates this week, including shares in the canadian national railway. the two are divorcing up to 27 years of marriage but say they will remain involved in their foundation. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm vonnie quinn. this is bloomberg. ♪ haidi: top diplomats from g-7 nations have made a laundry list of concern that will get under china's skin in their latest comedic a. they call that human rights abuses, beijing actions on taiwan, and our government reporter emily wilkins joins us. emily, how does this potentially set the tone for next month when global leaders meet? emily: this plays into what president biden has wanted to happen. president biden's idea is that the u.s. can team up with its allies and more effectively pressure china to end some of these human rights abuses, as well as keep the u.s. stance

house financial services committee holding a third hearing on the gamestop story today.ry gensler will be testifying. in his prepared remarks, he said it hasn't legations for robinhood and the likes of citadel. joining us is the cio for qvr advisors, benn eifert. what do we expect? benn: we expect him to go through the wild swings we saw in gamestop and other stocks in late january, and basically here what he thinks for the first time the sec -- the first time what he think the sec should do in response. this is his first time facing lawmakers since he started the job, so i think we can expect them to be asked simply tough questions about does he think that some of these market-making firms, you mentioned citadel securities and some others, but he things about the role that they play in the stock market. we are getting into some weedy territory for equity markets that aren't often talked about in washington and a kind of high-profile venue, but thinking back to earlier this year, this gamestop story, the wall street versus main street narrative, it was national headlines

moments ago at a house financial services committee hearing gary gensler, the chairman of the securities and exchange commission, cracked the window open to give us a sense of who he might be hunting when it comes to more regulation. our floor show traders are here to react to all his potential changes to brokerage transparency lows, option trading, cryptocurrency and more. the large cap dow remain unchanged, we have the dow up 140 points. but the nasdaq's struggling, slipping 70 points right now. pandemic silver lining. yes, of course, it had a devastating effect on so many small businesses, but as many died, others have been born. the man with his finger on the pulse of these births, ceo of internet domain giant godaddy, he's got the real prognosis on the nation's small business health. it's a fox business exclusive. and stick with that timeshare? sick and toured of it as you're planning your first post-pa pandemic vacation? we have the marriott vacations worldwide ceo about how his company is now offering timeshare owners a chance to trade out for a fresher and perhaps more exciting g

the ceo testified before the house financial services committee on apps like robin hood and social media's influence on the market.

. >> today, a house financial services committee task force looks at whether artificial intelligence can address systemic racism in housing and financial services. live coverage begins at noon on c-span, online at c-span.org, or listen on their free c-span radio app. " continues. host: david baime is with us, with policy analysis, vice president, senior vp with the association of community colleges. he is with us to talk about the american rescue plan, president biden's proposal, of two years of free community college prude welcome. guest: good morning, great to be here on behalf of the american association of community

on c-span3, executives from the largest banks testify at a house financial service committee at noon eastern. >> on sunday, june 6, our guest on in-depth. >> the fall of saigon inflicted humiliation on the planets most powerful nation. on the evening of the 29th of april, fugitives ascended to a rooftop helicopter to secure the place of symbolic images. for all my generation, the struggle was among the foremost experiences of our careers. i was one of those who flew out of the u.s. embassy on that terrified day. >> his most recent book is "operation pedestal." other books include "catastrophe: 1914." and "overlord." join the conversation with your phone calls, texts and tweets on "in-depth" with matt hastings. tune in on sunday, july 4 for conversation with harvard university professor and pullets are prize-winning historian on book tv on c-span2. >> the ceos of the nation's largest banks testify before the senate banking committee about their operating practices, including their response to the coronavirus pandemic. they were asked about the pay gap between executives and employees,

considering new rules for wall street sec chairman gary gensler testify before the house financial services committeethursday. it was the last of 3 hearings to examine the gamestop robin hood, redick saga. washington, dc correspondent anna wiernicki reports. >> wall street's top regulator told lawmakers on thursday that the agency is considering new rules after a group of amateur investors on reddit work together in january to drive up stock prices for the video game company gamestop taking on wall street. investors who bet the company would fail. what happened on january 27th in 8 was not good for millions of investors democrats, including california congresswoman maxine waters says it's time congress and the sec hold wall street more accountable is critical for our cops on the block at the sec to protect investors and ensure that our markets transparent and fair water says the sec needs to crack down on private funds, especially hedge funds. but republicans say more rules would only make it harder for americans to invest or exploiting high-profile situation to push a radical progressive agenda that

both superb, active members of the committee on financial services here in the house. the committee reviewed many of the issues faced by the appraisal industry. there were two concerns heard loud and clear from the witnesses. the prolonged backlog for appraisals and the decreased quality in appraisals used in transactions involving loans insured by the federal housing administration, the f.h.a. h.r. 3008 addresses these concerns in two ways. first, the bill amends current law to expand the pool of appraisers eligible to participate in f.h.a.-insured transactions from being just certified afraid ers -- appraisers to include both certified and licensed appraisers. additionally, the bill addresses the different training requirements that each must meet. currently, certified appraisers must have 1,500 hours of supervised experience without any property value or complexity restrictions. licensed appraisers need only 1,000 hours of supervised experience. and there are some property value or complexity restrictions on licensed appraisers. so, h.r. 3008 sets minimum trending re

. >> today, a house financial services committee task force looks at whether artificial intelligence can address systemic racism in housing and financial services. live coverage begins at noon on c-span, online at c-span.org, or listen on their free c-span radio app. " continues. host: david baime is with us, with policy analysis, vice president, senior vp with the association of community colleges. he is with us to talk about the american rescue plan, president biden's proposal, of two years of free community college prude welcome. guest: good morning, great to be here on behalf of the american association of community colleges to talk about our support for two free years of community college. we think this is extremely important at this time of economic transition as we try to move out from the pandemic, particularly because community colleges bring people into higher education for those who are least likely to enroll in college and go on from there. host: how many community colleges do you represent? guest: 1044 community colleges across the united states. host: just a look at the

the ceos get to do it all again on thursday when they appear before the house financial services committee alexandria casey cortez. liberal critics, alexandria casey cortez. top trade officials from the us and china have held theirfirst talks since president biden took over the white house. they�*ve been described as �*candid and pragmatic�*... but do they signal an easing of the trade war between the two economic superpowers? sharanjit leyl and our asia business team are following this for us: what do you think any glimmers of hope that these two?- of hope that these two? well, erha -s of hope that these two? well, perhaps some- _ of hope that these two? well, perhaps some. i— of hope that these two? well, perhaps some. i mean, - of hope that these two? well, perhaps some. i mean, let's l perhaps some. i mean, let�*s take a look at the language that was involved in leisure site is really significant because these are the first trade talks between us and china the biden administration. the involved the trade representatives. they were described as candid and pragmatic as well as constructi

the house financial services committee on investor protection is holding a hearing.of last year, spanks absolutely hit superhard. nasdaq 100 is the white line. next generation ipo indexes the yellow line. end of last year, absolutely surging. outperforming the nasdaq. since then, nasdaq outperforming spac. where does that leave this space? we all knew this was going to happen. our investors, the kind of investors into these spac's getting a good deal, are we going to need to see our rule change because of the kind of fade? and is europe going to take a different angle? joining us now is sonali. sonali: you have a range of experts including from financial report -- reform and also andries and harwick. if you look at their early testimonies, what they really say is that there are questions around the forward-looking statements that exist right now for the spac market. the liability that banks need to be taking on in regard to those statements and the overall performance of spac's. this hearing is also out to direct listings and also to rationalize. it is a model work.

he also served on the house financial services committee. before joining congress, he was a prosecutor in arizona and served in the south carolina [indiscernible] he serves the country as a first lieutenant in the south carolina air national guard. let me thank you both for joining us today. before we start, i want to make sure attendees are aware they can submit questions within the live chat on youtube or facebook or twitter. i would like to begin with a question. for those joining us and are less familiar with the committee, [indiscernible] go about breaking that down. maybe we will start with you. >> thank you for having us. willie amand i have taken to doing rock paper scissors to determine who goes first when we do these joint appearances. unfortunately, i only play rock. he has figured me out. you mentioned at the get go about 2-3 decades ago -- this is the latest iteration of that. our goal, our mission is to have congress work better for the american people, make it more effective, make it more efficient. that was really the nature

the house financial services committee will hold a hearing on bats and direct listings, investor protection, at a time where people are worried some normalization of fed policy could lead to disruptions in these markets. and today, the u.s. commerce secretary will be heading to macron technology in virginia, talking about the chip shortage. how quickly can the u.s. act to shore up chip supply at a time when the amount of the lag time between when you get it is at a record? jonathan: thank you. two-your nose come tomorrow from the treasury, five-year notes shortly after, a day later -- two-year notes come tomorrow. there seems to be some weakness, which we have seen again and again over the last several months. not sure why. lisa: not sure anyone totally understands why. it has to do with a bunch of issues, but it has been a key marker of just how much pushback there can be. vigilantes, something like that. jonathan: back in the bond market. our vigilantes making a comeback? tom: the iron ore vigilantes are out in force. jonathan: matt horn bok with us -- matthew hornbach with us now. morgan

it will be his first appearance before the house financial services committee.m optimistic you will agree we need some torch of -- some sort of light touch regulatory clarity for this space to flourish. i was touched by the federal reserve's openness to allowing access to the fed payment system. tom: could chairman gensler take a middle ground in the polarity? do you expect that gensler is a wizened wall street veteran that will find middle ground? rep. davidson: i think a bright line test for digital assets is a nonpartisan issue. the token taxonomy act is completely balanced with republican and democrat sponsors. we started working on this in 2017, got the draft language in 2018, and as one of the attendees at the meeting we put together on it, people from the community in crypto, but also big companies like fidelity and state street, market participants like the new york stock exchange were in this dialogue. it is not a partisan issue. it is really just whether you understand the space were not. i am confident gensler will understand it and be able to help mo

. >>> big bank ceos testifying on capitol hill in front of the house financial services committee. wilfred, what were some of the highlights. >> as mentioned yesterday, the opposition to the banks is not as unified as it was for most of the last decade. republican ranking member mchenry kicked off his opening remarks by saying, quote, we're here for the sequel that nobody asked for, end quote also fresh angles of attack that have materialized over the last couple of days congressman mchenry on woke capitalism. >> we don't need the business world to become the political world. i don't think we're better for that and our economy is better for that and shutting law-abiding businesses to appease to the woke left as well won't help employers, won't help our economy recover. >> another exchange with representative luke meyer on continuing to do business in china, despite human rights violations >> i think the bilateral relationship between the u.s. and china is incredibly complex. there are places where obviously we cooperate and places where we're confrontational but we'll follow very c

in addition to being vice chair of the modernization committee, he serves on the house financial services committee. before joining congress he was a small business owner, and served in the south carolina state legislator. he served the country as a -- officer and first lieutenant in the air national guard. so let me thank you both for joining us today. >> before we start i want to make sure the attendees are aware that if you have specific questions you can use the live chat on youtube, or using and as -- . i'd like to begin with a question, for those who are joining us and are less familiar with the modernization committee, i want to give you a brief overview of the issues that we have and some of the recommendations that we made last congress. and it is a monumental task, so how do you go about breaking that down. it was huge wasn't it? >> you bet first of all, thank you to you and to the bipartisan policy center for having us. william and i have taken to doing rock paper scissors to determine who goes first when we do these joint appearances. fortunately i only play rock, so he's figured me out

. >>> the bank ceos testifying at the house financial services committee.imon threw down the gauntlet and wilfred frost has the details. >> yes indeed. that sound bite. it kind of continues, jamie dimon'srelatively feisty approach tothis set of hearing we got a glimpse of yesterday. >> what do you see as the greatest threat to the financial system right now and to your company? >> public policy probably not acute in the united states of america and not taking a leadership role in the world for the rest of our lives. >> congressman first and then when the other ceos posed that question gave one word answers like cyber security. that answer from dimon did come across a little bit like taking on the lions whilst in the lion's den overall probably the most combative conversation today not too heated overall. >> all right thank you very much. looks like he is poking the bear there by saying public policy is the main problem thank you very much. >>> coming up, check out this mystery chart climbing today on strong earnings. today's earnings reveal an under the rad

was sharp on criticism of the biden tax plans as he and other ceos were grilled by house financial services committeeawmakers. we have someone in new york with the details. jenny, good to have you in the studio. what was different from yesterday? jenny: it was much bigger committee today and they had lots of different interests, but there were some common themes. overdraft was the common enemy. these banks were pushed on how they could bring unbanked americans into the financial ecosystem and they were also pressed on the commitments they have been making around finance and what they are really doing on the esg agenda. hayley: how would you rate their performance? heidi: i think they did a pretty good job. there wasn't so much of a fiery exchange that you could point to and they, for the most part, were well prepared. this was a different crisis than we had in 2008, so you have a different enemy that these banks can point to, which is the pandemic. they can say that they were not responsible, and this was not a financial crisis, it was a health crisis. haidi: did we get any points on how they see the

washington ceos faced another round of questioning, going back for round two today in the house financial services committee. bloomberg wall street reporter sonali basak covering it yesterday. she's back for round two as well. what did we take away from round one? what do we think round two is going to look like? sonali: round two is going to be longer and a little more complicated. we are expecting many more questions in many different directions. there was a little but a focus yesterday in terms of minimum-wage, about ceo pay relative to their staff, and of course, that elizabeth warren-jamie dimon dispute that really went viral about overdraft fees. elizabeth warren said jp morgan was charging customers much more than the other banks were. there's different ways to look at it. i like how alison williams a bloomberg intelligence put it. you opt into overdraft. you opt into it, and there are products you can get in which you don't pay overdraft. but the question itself is very complicated. there's five minutes to really answer every question. so whether it is more based on rhetoric and less on detail, or m

banks will return to capitol hill for a second day of hearings, this time before the house financial services committeeu that hearing as soon as the question-and-answer period begins. to set us up we welcome ben bain who covers financial regulation for bloomberg. maybe one way of looking at is what is likely to happen is looking at what happened yesterday and how different is it likely to be? ben: yesterday you saw two different universes. you sought democrats coming at this from the starting point of these bank ceos and their institutions need to do more on climate change and diversity. they need to pay

the ceo, bank ceos, they are back at it again tomorrow another virtual hearing, the house financial services committee is who they will appear before. liz: very interesting, the big banks of the pandemic are not unchanged, we will fix that board in just a second period thank you very much, folks we have major breaking news that could affect the markets going forward and i mean going forward in the next couple of minutes and maybe that's why the dow is negative, federal reserve vice chair speaking at the brookings institution just said while he's optimistic about the path of the economy he said in fact it is so strong specifically inflation is important and substitute enough that it meets the bar for tapering beginning later this year, tapering meaning scaling back the big bond purchases that the fed is been doing to lift up and stimulate the economy. will we see a taper tantrum randall says it meets the bar with what were seen the fed insist current inflation from commodity to material is transitory, the markets are not so sure and neither are ceos on the front line, yesterday i asked daniel the belsk

heads of american citigroup, wells fargo, morgan stanley will appear before the house financial services today. that committeeen the bill always comes due. the white house is now looking to pay for the new facilities that its built at the border asking for one and a quarter billion dollars as part of 2022 fiscal year request. department of homeland security request alejandro mayorkas says it will go to care and combat drug and weapon smuggling. 178,000 apprehensions in april alone even as the administration quickens the pace of processing the migrants and mayorkas continues to say the border is closed and we can see it's not with our own eyes. meanwhile a ninth person has died overnight after shooting in california ray yard, he was an employee with the transportation authority sincen 2012. police believe he opened fire in board meeting, victims range from 29 to 63. time for the word on wall street. top investors watching. alli mccartney and strategic partner and ceo mark tepper, great to see everybody, thank you so much to go with you. alli, standing by on goods and this as inflation is still, of course, worr

the sec chairman testified before the house financial services committee today.it was the last of 3 hearings to examine the gamestop robin hood reddit saga. our washington dc correspondent anna wiernicki is in washington. what is next. >> wall street's top regulator told lawmakers on thursday that the agency is considering new rules after a group of amateur investors on reddit work together in january to drive up stock prices for the video game company gamestop taking on wall street. investors who bet the company would fail. what happened on january 27th in 8 was not good for millions of investors democrats, including california congresswoman maxine waters says it's time congress and the sec hold wall street more accountable is critical for our cops on the block at the sec to protect investors and ensure that markets transparent and fair water says the sec needs to crack down on private funds, especially hedge funds. but republicans say more rules would only make it harder for americans to invest or exploiting high-profile situation. >> to push a radical progress

waters on the second day of big bank ceos appearing before capitol hill today before the house financial services committee. let's bring in wilfred frost to what has now been a two-day event. >> different committee and different set of questioners today and we only just got into the questions 40 or 50 minutes of opening remarks from the ranking members and six ceos the first set of questions from maxine waters focused largely on whether the ceos would preemptatively offer mortgage relief following the pandemic. interesting slight overlap to the coquestioning that got yesterday. whether people should begin preemptive relief versus when they need. the banks saying we can't respond specifically on something, a measure that we really haven't encountered yet she moved on to focus on low-cost housing will be interested to hear from the questions about republican ranking member mchenry because in his opening remarks he did say at the top that we are here for the sequel that nobody asked for. his general tone in his opening remarks was one of less of criticism, not quite in support of the ceos, but less of critici

largest banks to capitol hill will testify before the senate banking committee before, house financial services committeedz sharing your bankat flows with irs joining meh me north dakota senator banking committee memorized armed services committee member budget committee member kevin he cramer, dagen mcdowell bob nardelli thanks very much for being here you have met with five of six ceos ahead of today's testimony what are you expecting? >> well, maria, thank you for having me. what i expect is that big banks day are like big tech both sides mad at them for different reasons you know in your intro point to record profits, as weird as seems there is entire political maert oftentimes takes you know offense to profit making, so i think you can expect the left will be going after them for that, and more importantly kwigd about june 30 when fed is lifted -- their lid on dividends he increases, shareholder buybacks i imagine taking a fair bit of heat from some democrats on that for me and my colleagues on republican side i think you can expect to us challenge some esg policy positions that are the categorical

moments ago at a house financial services committee hearing gary gensler, the chairman of the securitiesn to give us a sense of who he might be hunting when it comes to more regulation.

we'll hear from the ceos again round two tomorrow as they appear before the house financial services committee there. they will do so once again virtually. a lot of topics and follow up to get to tomorrow, neil. >> yeah, anything like the senate, should be a pay per view thing. >> neil: blake burman on that. senator steve daines was at the shin dig today. senator, great to have you with us. how did you think the banking ceos fared? they were criticized going in for the money they had been making and the fact that they made a lot during the pandemic. the fees that they change, all of that. elizabeth warren brought it up. what did you think? >> well, the concern i have with what is going on across the banking industry and in the board rooms across america is, you know, once upon a time, we looked at what is going on with liberal ideologies with the universities and colleges. that now is infiltrated the board rooms of america. take a look at woke capitalism. you can see the woke mobs. ceos are listening to them instead of doing the right thing for shareholders and customers. in banking, should be

expected to say trading rules should be ev evaluated in light of technology with the house and financial services committeell applications to reward users decision to trade may encourage frequent trading that results in worse outcomes gensler will talk about the archegos blow up >>> and tencent is in talks to keep ownership stakes in the u.s. video game developers the company is negotiating agreement with a u.s. national security panel surrounding riot games and epic games the u.s. has been looking at if those companies handling of the personal data constitution a risk because of the chinese ownership. >>> hilton's ceo offering an optimistic outlook on travel speaking to cnbc yesterday, business travel is back to 50% of pre-covid levels. some markets showing more strength >> i talked to our big customers and friends who run businesses and the like is there is a huge amount of pent-up demand to travel for business and group meetings and events. just because it has been so long since they have done it and they can't accomplish from a venture point of view doing it virtually forever. they are straining under

chair of the house financial services committee.ve you have a listen to minnesota state attorney general who i interviewed on friday and asked him about qualified immunity. listen to what he had to say. >> so, look, i want cory booker and karen bass to fight like hell. i want tim scott to go back to his colleagues and say we have to pass this even if qualified immunity is in it but don't let the bill die over an item can we come back for later. i don't think the absence of qualified immunity is that. i think that if we can get everything except that, i say pass it. don't quit and keep going. >>> is he right? >> he's right about it being tough and our negotiators are fighting as hard as they can and should continue to fight but i'm not giving up on qualified immunity. i do not want to send any message to anybody that i'm willing to support legislation that does not have it in it. i think we've got to be tough. we've got to be consistent. understand that we've got to hold police officers accountable. even since the death of george flo

crypto, but tomorrow, her boss, gary gensler, the sec chair is speaking before the house financial services committeet you'll get some indication about what type of regulation is coming at them tomorrow in the gensler hearing. now remember there's two parts to this thing. there's what the sec is going to do, there's a potential for the ftc, the commoditieses futures trading commission, to do something, because there's a little bit of a turf war here as to who controls crypto, and then there's stuff that yellen will do. yellen is the treasury secretary and she's been asked to come up with a broader framework from what i understand that will lead to a much more coherent policy. it's all in the air. i will say this , neil. they don't really, the biden administration is right now is so focused on stimulus and covid , and covid as it should but stimulus as we're coming out of this whole thing, and pushing through the $5 trillion package, that much of its regulatory dynamic is still up in the air. there is no chairman or chair person of the ftc, there's no chairperson of the f cc, there is no head of the a

on thursday house financial services committee 12:00 p.m. titled holding mega banks accountable.n anything to preview it he said no i wouldn't have any idea what to write nothing shocking to defend themselves on at the same time a slew of topics they might get grief on from the pp p loans to pay, to junior bank culture, to diversity to buy backs the starting point is the of, r coming out of this crisis is much better than from the last one gives them a chance to snatch defeat from the jaws of victory. they will be trying to avoid too many headlines >> mike, will you be looking for anything there what else should we watch tomorrow big earnings movers, urban up, nordstrom down >> more than that if a popular congress member asks about the goldman sachs numbers i'd be shocked. >> that's tomorrow, kicking off at 10:00 we're out of time on "closing bell." >> "fast money" begins right now. >>> i'm melissa lee and that is "fast money" tonight's trader lineup guy adami, tim seymour, brian kelly, and james mcdonald. tonight we have earnings alert on nordstrom, toll brothers and zscaler, st

the fourth quarter so today, big story is gary gensler is testifying in front of the house financial services committeeis is the third hearing on gamestop the first hearing as the head of the s.e.c. the testimony is out already not surprisingly he's addressing game-ification of trading and payment for order flow and a big discussion whether the broker/dealers have conflicts of interest, whether encouraging more trading, and the more trading, the more they get paid, the conflict there, and the disclosure of short position, you don't have to disclose short positions unlike you have to disclose long positions. should people do that? and that's a big debate. you will hear a lot about that and he does address the archegos fallout to a certain extent, talking about whether there is a need for more regulation of swaps. i'll tell you what i find interesting about the written testimony. there is no specific recommendations. it doesn't say i am going to do this what he does say, time after time, is i am asking my staff for recommendations on what we ought to be doing. and at the end, he says he's going to publis

>> reporter: gary gensler told the house financial services committee that specifically the rise andexperience played a big role in the volatility. he has directed staff to see whether expanded enforcement mechanismings are necessary. mechanisms are necessary. >> the sec must remain attuned to rapidly changing technologies with an eye to freshening up our rule set where appropriate to continue to achieve our mission. if we don't address this now, the investing public -- those saving for future retirement and education -- may shoulder the burden later. >> reporter: now, gensler went on to say that apps with behavioral prompts like notification, they have social trading, that could affect decisions outside of the fundamentals. gensler says the sec will deepen its understanding, resources and capabilities around social media adding that there are dangers of wrongdoers hyping a stock that may not warrant investment. gensler also saying that our modern economy is leaning toward market concentration like google for search and amazon for shopping, and he wants to see what that means for cle

tomorrow the bank ceos will be appearing virtually before the house financial services committee. neil? neil: these virtual hearings are still the rogodeu are, right? they're not getting away from that or having hearings in person, right? reporter: some witnesses have been testifying here in washington, d.c., in person. some have been in person, and some virtual as well. that is the nature as we feel our way out upcoming months. the senate the whole thing is virtual. interesting dynamic when you have a virtual hearing. five questions virtual. not necessarily the best format per se. we mare from the bank ceos. there has been a lot back and forth. neil: blake, thank you very much for that. elizabeth warren as blake touched on, stuart getting into this in the last hour had her sights set on jamie dimon. this is the same elizabeth warren wants to beef up the irs budget to the tune 31 triple what it is now to go after rich people. request and demand of the banks that they report account flows among wealthy clients. some people interpreting that starting with the wealthy but extending t

and that's titled annual oversight of wall street firms tomorrow the house financial services committee12:00 p.m. titled holding megabanks accountable. six attendees at both. and as for what we are to expect, carl, to your question, we don't really know the specifics. it could be, therefore, a slew of topics they might get grief on from help provided during the pandemic including ppp, worker pay, junior banker culture, diversity, and those are the types of topics preemptively covered in remarks unlike the aftermath of the last crisis, banks don't have anything specific to defend themselves on. but the fact that pr is better than it was, they are framing the hearings as giving the banks a chance to snatch defeat from the jaws of victory relative to the position they were in ten years or so ago. >> wilf, it feels like this thin window of topics that it will provide at least bandwidth for them to dive into crypto a lot of the statements frame the bank's view on where crypto may be going >> interesting you mention that. there were specific comments on crypto, but specific as addressing the

joining me right now is kentucky congressman, house financial services committee member and foreign affairsy and tell me about the impact a of revealing such information that he may have learned from israel to pretty much the enemy, the iranians. >> well, thanks for having me on, maria and we've always known that john kerry supported appeasement of the world's leading state sponsor of terrorism, iran. because after all he was the architect of the flawed iran nuclear deal in 2015. what we didn't know is that while secretary of state, if these allegations are true, he divulged sensitive and perhaps classified information about military activities of our key strategic ally in the region to our enemy, iran. and we also want to know from special envoy kerry whether or not he divulged sensitive information to the iranians, to foreign minister zarif during the trump administration and undermined u.s. foreign policy during that period of time when secretary pompeo was re-establishing deterrence against iran, deterrence that was needed because of course the jcpoa, the iran new clear deal -- nuclear

sachs wells fargo morgan stanley to receive tomorrow before senate banking committee house financial services committeehere are new regulations on the horizon, including, sharing your bank accounts flows, the money in and out with irs directly joining me right now chief financial strategist bovee. >> great to see you. thank you for being here. >> thank you i want to talk about cryptocurrency the dollar versus what is going on in china but let's start first with hearings, what are you expecting ceos to face this week, as they testify, on the hill? and what about that story, of joe biden want to go give tens of billions of dollars to the irs? so that the irs can catch more revenue in your bank account, they want direct surveillance they want the banks to provide the look into your bank account by the treasury. your thoughts. >> well i think the biggest issue going to face is the request why not lending more money does economy is trying to recover monday created by fed banks have seen a decline in amount of loans they are making the banks are going to argue that is not their fault nobody wants to borrow t

appearing in front of the house financial services committee gensler spoke about the meltdown of shortifically an issue that gensler has spent a lot of time on since being sec chair gary gensler joins us, his first since taking on the job. chair gensler, great to have you on the program this morning. let's start, if we could, by trying to get your thoughts on the gamestop situation but really because it's a microcosm of so many things going on in the marketplace all the time, right, you have sort of the social media enabled interest in this stuff, you have these new apps, the gamefication of it, you have issues about payment for order flow it captures all of it, but in terms of risk and how you're thinking about it, what's top of mind right now >> well, first, let me say thank you, andrew, for inviting me back it's good to be back on "squawk box" and see joe and becky as well look, i think that markets evolve and technology comes along and changes markets on a regular basis, but what we're seeing in the markets right now as we're city seeing across the country in everything that we're

every one of them will not vote for this, joining me right now is missouri congressman house financial services committeellars in new spending? >> no, i am not maria. this is a disaster most ranking members small business, and this plan is a disaster for small businesses, i mean, when you look at 95% of the small businesses pass-throughs, yet one million small businesses are c corps devastating to small business community you look at tax plan raising the rates on individuals, that is devastating to small businesses. when you look at raising the capital gains rate that is the devastating to small businesses, the stepped up, up elimination of stepped up basis for inheriting property is going to crush small businesses i was talking the other night to a friend of mine a farmer telling me he bought this farm 40 years ago for -- an architecture today worth 6,000 he said if this goes through, i won't be able o to pass farmer on to my kids they will not be able to take my farm able to use, pay taxes this is going to crush small businesses. maria: i mean inheritance tax learning more about this morning also a dou

he's the ranking member of the house financial services committee.stock never did go back to 20. it's still up with a very high valuation. i don't know if it's high. a lot has happened now we know, you know, that the gentleman that all the hope is being placed on, the chewy founder, installed some new people trying to transition it now to an emodel and i don't know do we need a hearing the market is working well people who were in early, maybe they were on to something. who's to say >> it's capitol hill so i don't think this is ever about gamestop or reddit or reddit users. it was about the attempt to change market structure. i don't think -- that's much more about a policy agenda or an ideological agenda among hill democrats than it is about the realities in the market. and, frankly, the policy that they attached to the hearing, they want to discuss they attach to the first hearing before you had a single fact about the nature of the gamestop trade, we wanted that. this is all about changing market structure, regulating differently, in fact, pushing

the ceo testified before the house financial services committee on apps like robin hood and social media's influence on the market. >> and social media companies, as well as keith gill, a trader involved in the wall street bets subreddit. we heard from those directly involved and we got the facts. in our second hearing, we received testimony from a number of capital markets and experts to hear their views and to begin to assess possible legislators and regulatory steps that may be necessary. we have examined conflict of interest in the market, scrutinize interest in order flows and risk to our system, the game of occasion of trading, the clearance process and the evolution of trade with the rising use of social media and this technology. today, we will focus on the regulatory side and specifically hear testimony from the security and exchange commission, the financial industry regulatory authority and the trust and clearing corporation about their responses to events we are examining. it is critical for our cops on the block at the sec to protect investors and make sure our markets are tra

at 2:00 p.m., gary gensler testifying in front of the house financial services and government committees. the question is on bitcoin. how much is the sec going to come out in crypto assets and try to crack down or have oversight as volatility continues to pick up? i don't know how much it is imminent, but the pressure is rising. jonathan: thank you. if you are just tuning in, in the previous hour i actually quoted the dow. tom, i will afford you some time to quote the dow this morning. tom: i think it gives us a great historical perspective. jonathan: sometimes. [laughter] tom: i really think going over 125 years of the dow, dow jones, "the wall street journal" don't own it anymore, but the good of the change of amazon. will amazon split so they can enter the dow? that is a huge debate now among those in the know. but seriously, there were not one, but two seven your periods where the dow didn't change its makeup. jonathan: the conversation i have another phone daily, will amazon split to get into the dow jones. tom: why do you say the dow doesn't matter? jonathan: i'm joking. lisa: that

jamie dimon, the ceo of jpmorgan chase, he was talking about this recently at a house financial services committee reopened up, and including the fact that people actually have a lot of money and they don't particularly feel like going back to work. will: judge, what's your reaction, people don't feel like going back to work. >> well, you know what? i totally agree with what he's saying. look, i have a friend who owns a small business, many friends who own small businesses, and they say to me, jeanine, we can't get people to come back to work. they are basically saying i make more money not working, and once in a while i'll do a home visit and make cash or do something under the table. this is a nightmare. this is a prelude to socialism. what they're trying to do is get people so comfortable that they don't go back to work, and unfortunately, you know, one of the things that the federal government and the state governments have to figure out is if you are not going back to work, but your old job has offer ed you a job, why should your old job be able to report to the federal government, look, i of

and chair of the house agricultural committee, you have five minutes. >> thank you for this interesting hearing the question before us today is this, how can we, on the financial services committee, and sure that our investors have access to our market but also are able to participate in our market, investing safely? with accurate information posted on social media sites, it has the ability to broadly influence investors and move the market sometimes drastically, is gentlemen poses a serious question for you. our regulators -- there is huge the regulatory process within experienced investors relying on unverified information from unqualified social media. let me start with you, how can we effectively regulate the impact of mobile technology, social media as they pertain to experiencing investors? also, how do we treat that investmente that we are getting from unqualified people on social media? than the real question. who is held accountable? when that investment advice leads to market volatility like we've seen for our investors? [inaudible] answer this important question in the three parts outlined. this is what the american people need answers to from you. thank you