. >> fresh offer his appearance at the conference, chair gensler said there is concern over amt for orderigators may not be getting -- is it true are investors getting best execution when they send their orders to you. >> thanks, bob, for having me. i really appreciate it and i very much enjoyed watching the chairman's comments today and look forward to engaging with him. the ecosystem for retail is incredible we will be releasing a study that goes through what true price improvement is in virtue on its own in to 20 provided $3 billion of price improvement back to retail investors an investor in this country can pick up a smart phone of any time and for no money get a better price than any institutional investor in this country. it is phenomenal what has happened i welcome a review of this i think when smart people look at this they will conclude that the ecosystem really works for retail investors >> another point that chair gensler was making is this is commission free trading but there is a cost that is taken out of this. the implication here is somehow you are somehow exacting a toll,

chair gensler says billions of dollars in assets many tighter rules.ed by this year's market disruption. he spoke to bloomberg about what the sec is doing to review rules on everything from memes stocks to link it tech companies. -- two blanket check companies. >> working families need the protection and frankly, this is that 1930's and we need -- we know that president biden says it is about working families ensuring their will get disclosure to make choices in the market. it is protecting against fraud manipulation. that helps companies as well. ensuring that there is consistent disclosure to investors, i think companies benefit as well. >> disclosure is a broad concept, let's narrow and. where do you think we need more disclosure? >> there are trillions of dollars in assets now calling for greater and consistent disclosure around client risk and also staff around human capital. the most important asset of a company, the people that work there. >> they keep so much for joining us. i will go broader here, gary, i have never seen a primal cry for an se

now besides powell, treasury secretary janet yellen and sec chair gary gensler also in attendance. meeting comes as the president's scruitinizes the latest bipartisan infrastructure proposal, so a lot going on there. let's take it straight to the white house and blake burman, blake they got interest rates, debt, stronger dollar, crypto regulations to tackle what are you hearing from the inside? reporter: a lot to talk about in that meeting, liz potentially you just laid out the issues there all of the white house though is saying at this point, at least in the lee-in to the meeting was that that group and others were talking about three things in particular. one, climate-related financial risk, two, actions to promote financial inclusion, and three, increasing access to credit. not to say those are the only three things they are going to talk about but at least what the white house is saying going into this meeting. as you mentioned, this , indeed, is the very first meeting between president biden and that man right there, the fed chair jay powell. the president has been on-the-job

emily: sec chair gary gensler with important stuff on what is to come.e competitive landscape for new media with the ceo and founder of sub stack. pioneering a revolution. this is bloomberg. ♪ look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. emily: welcome back to "bloomberg technology." i'm emily chang in san francisco. let's get back to what we could call the abc's of. educate -- abc's of markets. ed: stocks are both lower on wednesday. class b shares owned largely by the managers of google who control the voting rights. over the last few weeks, class c shares that you're not have voting rights are out

we all know about game stop, amc and reddit speaking of which, we'll speak with sec chair gary gensler. we'll talk about the discussion him and jim were having about this whole issue around paper order flow what that means for future of free trading for robinhood and reddit and so much more. is it time to retire fang. one market strategist says it's over we begin with the state of play. >> so much happening in today's market s&p 500 trying to get to the fresh all time high. we're looking at the dow industrials as the sector under performs take a look at stocks like caterpillar, john deere. all of these stocks seen as beneficiaries of an structure deem and they are slipping after president biden ended infrastructure talks with a group of six republican senators there's talking about democrats using the process of reconciliation it's worth noting caterpillar raises dividend by 8%. there's game stop, amc, clover this week. are red dn legitimate fueled rally is becoming a market force to be reckoned with. even the market pros are watching for the next name that could be headed to the moon.

emily: sec chair gary gensler with important stuff on what is to come.will talk about the competitive landscape for new media with the ceo and founder of sub stack. pioneering a revolution. this is bloomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. (announcer) if you've struggled to lose weight, you might think you were born with a slow metabolism, but what you may have is insulin resistance. fat becomes trapped inside your body and it becomes very difficult to lose weight. now there's release from golo. it naturally helps reverse insulin resistance, stops sugar cravings, and releases stubborn fat,

lisa: fec chair gary gensler touching on meme stocks and specs. we did not get anything on bitcoin.ss is nervous about approving etf for an underlying asset in which he is looking for regulation, not only on crypto exchanges, but investor protections generally around cryptocurrencies. you saved is a question of if, -- of when not if, because in canada, the regulators have already green lit several currency ets, not just bitcoin, but also ethereum. lisa: there is also the question about who is taking the lead when it comes to regulating crypto assets. there has been a crackdown on certain bitcoin mining, as well as -- now a lot of people are saying u.s. regulators, show us your hand, tell us what you are going to do. it is a growing part of the portfolio of the likes of skybridge and other hedge funds. at what point will the fec have to make some sort of statement just to give certainty one way or another to an asset class at has gotten so big? this is something will -- we will be tracking increasingly. i hear from institutions that they will be more willing to invest in bitcoin once

alix: that was sec chair gary gensler earlier on bloomberg tv.ther concern is the volatility around two and how we wind up regulating that going forward, breaking below $30,000 earlier this week, now rebounding to find that wipeout risk. bloomberg cross asset report clara ballantine joins us now. when it comes to moving fast and furious on a lot of the topics, whether it is meme stocks or bitcoin, what are you expecting? clara: it is difficult to keep up with some of these things. the volatility is just wild. i think that really speaks to what chairman gensler was saying, with some of the things, we wonder about retail investors and how much they understand, and if there are accurate disclosures around it. guy: in terms of what we are seeing in price, everybody got very excited about the $30,000 level. we dipped below it, but bounced quite sharply off that position. what are people expecting now? are people still focused on that $30,000 line? what are people talking about? clara: the $30,000 was a huge thing that people were looking at. the fact

coming up will be catching up with the sec chair gary gensler.o that live on tv and radio starting in about 20 minutes. looking forward to the chat. tom: gary gensler, even people who may be political within the left or right are removed from his theories, they have an immense respect for his intellect. these guys come in all different flavors and i say this with great respect for arthur 11 of the bloomberg board, appearing with us on radio. arthur levitt has style. the individual investor. we do not know what gary gensler style is. jonathan: the individual investor has stayed a lot since arthur levitt's day. tom: he is up in connecticut with a laptop trading gamestop. jonathan: he is not. a lot of people are. lisa: the question is the democracy of the market. is this a good thing or a bad thing? how they deal with the meme stock phenomenon if people are not crying about it? who is losing on the others. jonathan: the first line of the mission of the sec chair, to meet our mission of protecting investors. that is the first question. how do you pro

them, and they're frantically seeking clarity from the securities and exchange commissioner chair gary gensler -- bushes on this one. what have you found? >> well, you know, the sec chairman is a bug job. it's going to be a -- a big job. it's going to be a transformational sec, at least that's what fenceler is promising and signaling to wall street executives and others who are meeting with him trying to figure out where he's going with tough. and what's kind of interesting about this, liz, is the timetable he has to push through this agenda which is haley on discuss closures of environmental issues and carbon footprints for companies, twrsty and things of that nature if, softer issues than in the past which was the sec mainly forcing companies to disclose material events that could impact the stock and its earnings. he's got a small window at least according to people at the sec, what they're signaling to people on wall street, that he knows that in 2022 you can have a republican congress. particularly if you have a republican senate, the senate provides oversight over the securities and exch

charles: sec chair gary gensler is concerned that investors getting a raw deal.e beat to go after the hedge funds. is that more ammo for the social media crowd? what reddit stocks should be in your buy list? we have some ideas for you after the break. ♪. ... we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. ♪ usaa ♪ stay restless, with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $449 a month for 36 months. experience amazing at your lexus dealer. that building you're trying to sell, $449 a month for 36 months. - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can clos

we all know about game stop, amc and reddit speaking of which, we'll speak with sec chair gary genslerre having about this whole issue around paper order flow what that means for future of free trading for robinhood and reddit and so much more. is it time to

i do want to ask about sec chair gary gensler.f comments yesterday, hinting at some form of regulation. some think he may curb excessive shorting. payment for order flow. establishment is taking a different read, no, they will stop the sharing of information, somehow figure out a way to regulate what people say on message boards, things like that. what are your thoughts? >> yeah, for people in that latter group, if you ask me, doesn't that sound dangerous, stopping the sharing of ideas? to me it is almost an argument of potentially in the realm of against free speech. very seriously, what is the difference between a wall streeter publicly sharing their idea and a regular person like me just like posting it socially? i just don't get it. i don't understand the obsession with don't forget, we're just dumb money. instead of obsession on us, why not, i don't know, attempt to look at things like payment for order flow? try to even the playing field with one set of rules. dark pools, for retail wholesalessers. charles: yeah. >> extreme

course along with the fed chair jay powell, the treasury secretary janet yellen, and the sec chair gary genslere fdic. a white house official telling me earlier today that the conversation will focus on a few issues, they say that includes things like climate- related financial risk, actions to promote financial inclusion, and increasing access to credit. now the white house says a meeting like this has happened in the past when you talk about the president, and key regulators, for example, they say there are meetings like this at the white house during the great recession. also of note, this will be the very first meeting, the first time, that president biden will be sitting down with the fed chair, jay powell. that coming up, later this hour. jackie? >> i find that very very interesting. we will be watching and hear more from you blake. joining me now to break down what we might hear former congressional budget office director douglas holt ekan. your thoughts on what's happening here. blake says we haven't seen meetings like this in quite some time. >> well, it's actually pretty conventional

. ♪ alix: coming up, yup treasury secretary janet yellen, fed chair jay powell, gary gensler all meetingbiden at the white house. the main event is powell testifying tomorrow at capitol hill. guy: that is piles first meeting with biden, isn't it? -- that is jay powell's first meeting with biden come isn't it? alix: i think it is. guy: frost will be giving testimony before parliament. and we have the new york city primary election. make sure you vote. alix: this is bloomberg. guy: this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strength

chair gary gensler yesterday about the closer scrutiny he's taking at some of these market structurects for the underlying structure of the way things are traded and how different entities make their money on those order flows. >> morgan, i thought it was an absolutely brilliant interview, and the fed chair encouraged me because he was talking about all the right issues, you know, i have said from the beginning when these things broke out that if the s.e.c. can do it, they need to go into the chat rooms, and see if they can find a way to identify mr. x, who is arthur cashin, saying, oh, i just saw these trade up, we don't care if we lose money, we're going to break wall street. things like that, and then go and check what kind of positions he had it is my rather pessimistic opinion that you will find a couple of pretty big players, not retail joe's, pretty big players in there taking big positions and riding the wave that they create in the chat room, and i thought he was -- he was excellent, and his other point is something, again, over 60 years you learn there is no free lunch and

that one co-host of "the view" you've never heard of before. [ laughter ] then, we have gary gensler position, chairen mommy eagle stops by with fresh worms. [ laughter ] that' just - >> steve: oh oh snap >> jimmy: next, it's samantha power position, head of u.s. agency for international development. unique skill, looking like she just heard from the principal what her kids have been up to. [ laughter ] then, it's mike braun. position, senator from indiana favorite thing to say when he's having a good time, "i am having a good time." [ laughter ] and finally, we have rick scott position, senator from florida favorite food, human food. [ laughter and applause this has been "fast stats. we'll be right back with "tonight show" hashtags. come on back [ cheers and applause ♪ ♪ welcome to allstate, ♪ ♪are you down, d-d-down, d-d-down, d-d-down♪ where we're driving down the cost of insurance. ♪ ♪ are you down, down♪ ♪d-down, down? are you♪ drivers who switched saved over $700. ♪ allstate. here, better protection costs a whole lot less. you're in good hands. click or call for a lower rate today. come in for

case here, so that's kind of where we are hearing is like they want to bring cases in gary gensler, the sec chairemely concerned about the meme stock mania, as you saw, they had the latest healthcare company is up i don't know, 60% today, healthcare company what is it called? ashley: clover health. charlie: it's up 70% or so. ashley: 88% it's up now. charlie: how much? ashley: 88. charlie: that's insane. i mean, obviously the sec is monitoring all of this and looking foreman in you legislation because these stocks are trading well above their valuation. we should point out that amc, as you pointed out is up something like 2,500% since the beginning of the year. the company itself has warned that the shares are overvalued and maybe you shouldn't be buying them at these levels, the company said that last week. clearly, the sec is worried as well that they are overvalued and that small investors are going to be holding the bag at some point. it's tools to go after the manipulation are very difficult. one thing that is being floated out there from the sec, from my understanding, gensler has been just

they're riding on the backs of amc apes, meme stock apes, that is why gary gensler the se chair is lookingl of this stuff. he is worried about wall street playing games here. liz: yeah. >> 2022, he said i might -- liz: no, he didn't. seven fed members say 2022. not him. >> should be tomorrow. liz: that is why andy brenner we lost control of the soldiers if you're talking about the jay powell. >> that is crazy. liz: good stuff, charlie. >> all right. that is just so nuts. the whole thing is just so nuts. they will never raise rates. what is this, zero rates forever? liz: everybody is scared. >> it is nuts. it is so psycho! psycho! liz: like you. not really like you. >> psycho! liz: thanks, charlie. fed chair jerome powell talked inflation after the fomc meeting that the central bank is ready to address it when it gets out of control if it gets out of control. our "countdown" closer says pinocchio. alex manages $1.4 billion. what do you mean by that, alex. >> i think that is referring to the index that we have with wisdom tree. wisdom tree's growth index. liz: okay. but you're talking about

internalizers in defacto duality you have issues around corporate power and trust and gary gensler said that when becoming s.e.c. chair an issue that's going to get a lot of attention and the concentration of information is problematic. 70% of gamestop is trading through citadel and virtue and they're making markets on exchange and the designated market maker on the nizi for example have a huge information advantage. that kind of information advantage means they have a lot of power to set the price of that stock now, it doesn't mean that they're affirmatively manipulating, i'm not saying that, but it does mean that they have a lot of power and they can swing it, you know, in all sorts of ways to help improve third period profitability or change the quote at which they are then internalizing. >> hey, david, it's jeff mills here quick question for you obviously the s.e.c. regulation cycle is very long we're shining a light here on some issues that impact retail traders, is there anything they can actually do today to better position themselves for the environment in which they're operating >> in terms of what should reg

gensler is the sec chair. jerome powell is the new chair of the federal reserve.irements. they will have to ask every company, wall street firms included, essentially how much of a carbon footprint do you have, or can you cut it back? how much board diversity do you have? how much to improve it. and those disclosures are going to cost a ton of money for corporations and people are just trying to get their hands around just how far gensler and company, because it will mainly be through the sec, through disclosure requirements as we first reported on fox business. he will push for the disclosure requirements. it will cost them a lot of money. it will also make some people a lot of money. law firms and consulting firms. the ernst & youngs of the world, maybe makenzies of the world. they will make a ton of money making sure companies properly disclose with the new rules when they do come out. there will be a battle over the new rules. lobbyists will make a lot of money in the next couple months. they will hash this out and lobbyists, business lobbyists will go to the