i had one magic wand and i would merge the fcc and cftc.f you were starting a new country you'd have one, but they represent deeply rooted economic and social and cultural divisions and it would be very difficult to do that. >> sometimes people forget america is a complex country. one of the reasons we have a multiblissity of bank regulators is we have state-charted banks and nationally charted banks and there was a proposal by senator dodd to give all the regulation of the banks to the occ and the state-charted banks, mainly the community banks said no. we don't want to be in there with the big banks and we want to stay with the fed because we want a regulator that pays attention to us and isn't overly influenced and here the the problem is this and one of the best things that happened from my standpoint with the regulation going forward, with senator reid getting the senate to say we're not going to allow judges to be filibustered because you have an imbalanced court in the circuit in d.c. you had a lack of funding and i think the biggest

bart chilton was a cftc commissioner and left earlier this year.t of famous for referring to high-frequency traders and cheetahs and saying they needed to be caged and reined in. he never said they need to be eliminated all together. always very consistent on that point. now he's left the cftc, gone to work for the law and lobbying firm dla piper and dla piper has been hired by an hft lobbying group to work on this issue. >> bart, do you not feel as though you are the very embodiment of this revolving door people are decrying between regulators and the industries they regulate? >> no, absolutely not. i agree with eamon, i've been consistent in what i've called for. i guess if anything, i'm just a glutton for public policy punishment. i love it, it is in my blood. i've been doing it 30 years. whether or not that's within government or outside of government in this new role. but i think all too often you have people that are in government and they're insular and they don't understand what's going on in the real world and visa versa. so i appreciate t

frank, but the lack of funding for critical agencies that are supposed to carry it out like fcc and cftc do you have anything to say about that? >> yes. i am proud of the fact that we insulated this consumer financial protection bureau from that strangulation by non-appropriation that's happened to the cftc. again, i think. >> i think the republican chairman's said it's as bad as the health care bill, but the reaction to the republican party to these two bills has been very different. there has no bill to my knowledge to repeal the whole of the reform bill or any substantial part of it. there have been some things at the margin and some of which i think are good and some of which aren't and there's been no attack on the thrust of it. >> the gentleman from north carolina, would you shield to the chairman, police? >> i think it was leah who said you have charlotte where i lived we've had a number of consolidations and banks that could not address the continued requirements and obligations cost compliance issues and it's been bad for consumers and bad for the banking system. >> i would like

well, now bart chilton has left the cftc, gone to the lobbying firm here in washington known as dla pipernd the modern markets initiative, a trade association just announced today bart chilton will be working with them as they help unveil a serious of proposals throughout this year on what should be done in terms of regulation and hft. so bart chillton working alongside the lobbying group for high frequency trading. take a listen to him talking on "squawk box" last year about what he thinks about high frequency trading. >> i've been sounding this alarm on your show and a lot of places for three years now, and i want to keep them in the narcotmarke. they're important to the market. i'm not so sure they're not just a new version of the floor trader and new middleman. and if they're only holding liquidity for two or three seconds and they're really not -- we're not transferring any risk, i'm not so sure that that's as valuable to market as it once was. >> i talked to bart chilton earlier today. what he says about all this is he's not changing his position on how frequency trading. he says he

most recently, he panned an op-ed for bloomberg view taking him at his critics including the former cftcreat to see you this morning. >> thanks for having me>>. >> let's begin the conversation with a quotation from bart chilton the former commissioner had issues who has with high-frequency trading but was quoted as saying that -- at the very least, you take issue with that so-called fact of 50% high trait just hyper busy trading volume. has he got it wrong? >> yes, he's got it wrong. >> how? what's wrong about what he says? said -- what he said is untrue. we never had a chance to clarify that statement prior to writing that. we were never contacted. part of the reason for saying four-- and we heard that months -- for months covertly in meetings and anonymous twitter trolls. into a platform that was supposed to give people an alternative to trading venues that were dominated by high-frequency trading? >> we wanted to build a market that first and foremost was fair. it does not mean eliminating all computerized trading but it meant taking away certain advantages we knew high-frequency trad

quarter nation on regulation, just making sure that all regulators, whether it is with the cftc, theeir counterparts overseas are all approaching things -- macro -- veryf quickly, macro prudential, are we anywhere near that? >> i'm not sure what they mean by that. -- iey fischer, others mean, i think that is going to be how the fed will manage the economy going forward, and that is what it is currently debating. >> tim bitsberger with bnp paribas. overet, we need to wonder to you for a data check. >> before we get to the data check, just an update on the news we had run you earlier -- burger king and tim hortons to merge. this is a headline. they are in a packed with 3g, the brazilian private equity company, will own 51% of this new company. they will keep two iconic and independent brands. this is according to a company statement. burger king has commitments for $12.5 billion of financing. we had heard earlier that warren buffett would be involved through berkshire hathaway. the new announcement here is that this new global company billion in aut $23 system sales, over 18,000 restau

the cftc has created a number of tools to assess, but of course there is more that should be done. >> the time of the gentleman has expired. >> thank you, senator. very good testimony. thanks to all three of you. when it seems to me that one of the things that we talked about -- and you touched on this in answer to your questions of senator murray -- there are programs like the income based repayment that apparently have a very low uptake rate. isn't one of the things we should do regardless of what we do about interest rates or refinancing, to make more information available to borrowers both at the beginning and at the end of their schooling so that they know what these options are? that would have helped you dramatically apparently. >> it definitely would have felt in the beginning to know instead of -- well, to know what i was getting into when i signed my promissory notes. at the beginning you're told this is what you need to get through college. you can deal with it afterwards. he won't be encouraged and trees. take those first. then you take care of subsidized loans. we will ta