i'm plead to have gary gensler at the table for the first time. welcome. >> good to be here. >> let's start with definitions. first, where you are. your term has expired. >> so i am the chair of a five-person commission. we each get five-year terms. >> charlie: right. >> which you're right, my sixth term was up in april. but under the laws, i'm able to continue to serve until the president nominates somebody else, or nominates me, and the senate gets around to doing their actions on that. so, in essence, i'm here well into, you know, 2013, depending upon, of course, what happens in november and so forth. >> charlie: if the president is elected, would you like to continue serving? >> i think public service is a great honor. i think the job we're doing at this agency is really critical. it matters to the american public, trying to complete this reform to lower the risk of these very complex markets to the american public. >> charlie: part of your job now is to define the regulations that come out of dodd-frank. >> it is, but within the law. congress

we talk to gary gensler, one of the people in charge of making the rules. and our summer travel series: fewer americans may take vacations, but those who do will likely spend more money. we speak with the c.e.o. of online travel site orbitz. that and more tonight on "n.b.r." from stocks to gold, it's been a miserable may for investors. the s&p 500 fell 6%, once again giving credence to the adage sell in may and walk away. but it wasn't just stocks investors were walking away from, gold also fell 6%. erika miller reports. >> reporter: stock investors are only too happy to say goodbye and good riddance to may. after all, the steep sell-off this month leaves the dow industrial average barely up for the year, after a record first quarter. so why was this month such a downer? >> once earnings season ended, people did not have a catalyst to hold onto stocks any more. they sold into it. >> reporter: and, of course, there are also growing worries the crisis in europe will slow global growth. it's not just stocks that had a terrible month. gold had its worst may in

gary gensler, appreciate it. coming up, becky?r. >> i'm going to toss to you to intro andrew. >> he weighs in on tech deals like the union of e bay and skype. stick around, we'll be right back. ♪ ♪ [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. >>> welcome back to squawk. we have green futures across the board ahead of the market and ahead of the bernanke speech that starts at 10:00 a.m. eastern time this morning. getting back to sean parker, he's launching a new venture, "airtime" this weekend and one of the things i asked him was whether this deal was going to uppen skype. take a look at this. it's pretty interesting

financial agencies with gary gensler. a first, this news update from c-span radio. >> at 9:18 here are some of the headlines. states expect to add -- to collect higher revenues. this is according to a new survey out today by the national governors' association and the national association of state budget officers. the increase could increase pressure on states to lay off workers. modest growth have boosted sales and income taxes which provide nearly 3/4 of state revenue. many states are still continuing to struggle with budget shortfalls and some, not just california, are saying that a greater revenues only after raising taxes. the church of england is objecting to the government's proposal to allow gay marriage. in a document released today, it says that its historic understanding of marriage is that it is the union of a man and woman. the church of england says that case can already in germany the illegal benefits of marriage through several partnerships. -- that gays can already enjoyed many of the legal benefits of ma

gary gensler will take your questions about the role of his agency.washington journal" live on c-span every day at 7:00 a.m. eastern. >>> nato's supreme allied commander for europe and special assistant to president obama also spoke at the u.s. aid conference. they discussed nato challenges in libya, somalia, and afghanistan such as the balance of military power and development work, famine, and the rise of social networks and activism. this is a little over an hour. >> good afternoon, everybody. i'd like to first start by reminding everybody that in your folders you have those crowd hall cards. and we welcome people going online to browse the panels, submit your questions, and vote for your favorites. look for the cards in your folders. great to see everybody here this morning and it is my great pleasure to introduce our next speaker. the first time that i met admiral james steverides at a dinner, his first question is whether i read prous or not. which is how i knew he truly embodied the idea of a soldier-schooler and statesman. he has decades of ex

sheet so see you have to see the commodity futures trading corporation which is by the way run by gary gensler a former goldman sachs guy says two wrongs make a right if you commit to greed just criminal actions then passed all fine and by the way that money will probably end up on the positive part which bank and you can continue doing what you've been doing in the criminal justice system if you're involved in a conspiracy it's always worse here the c. of t.c. is noting that this conduct occurred regularly and was pervasive in addition the attempts to manipulate included barclays traders asking other banks to assist in manipulating europe or as well as barclays aiding attempts by other banks to manipulate u.s. dollar live or in europe or in addition certain barclays euro swaps traders led at the time by a senior trader coordinated with an aided and abetted traders at other banks in each other's attempts to manipulate europe or even scheming to impact europe or on key standardized dates where many derivatives contracts are settled or reset but it's racketeering they're bringing in other banks

he is gary gensler. it chairman, thank you for joining us.how to explain about your organization and what it does? guest: we have two market regulators. you may be more familiar with the securities and exchange commission. president roosevelt requested another to see the commodities market. it is a department of agriculture. we overseas markets for contract that help people locked in a price. originally it was for corn and wheat. a farmer and wanted to lock in a price of their corn or wheat at harvest time. later, complex products. it is today known as a swaps which is part of the problem in the 2008. it is a bright light shining in the market. just as there are in a securities market. host: can you explain the role of derivatives and its role in the market? guest: derivatives include both the historic product called futures and the more recent product called swaps. it is a vast market. it is measured in size over $300 trillion. there is over a $15 of trevelyan's for for every quarter in the economy. that is just the swaps. why does it matter

gary gensler spoke the other day about the differences that they have between his regulatory agency and the sec. it seems there's foot dragging. the major financial interests want to stall. the banks are not investing in our economy any more. where's the money going? guest: let me try to pick up on a couple threads of what you said. i think there's a great deal going on in washington in terms of changing the system. i appreciate the fact that from the outside it looks like it's not happening quickly enough. i would say we are interested in getting these things right, making sure there are tougher rules and they are enforceable and workable, that we preserve the good things about our financial system but we get rid of the things that create. unnecessary risk so i think the important message i would send is we are very vigilant about the rule-writing process and changes that are taking place. we think that banks need to be held accountable. we understand that investors -- the public has had a very big shock and are very concerned. they need to have confidence in our financial markets and

gary gensler spoke the other day about the differences that they have between his regulatory agency andec. it seems there's foot dragging. the major financial and it interests want to stall. the banks are not investing in our economy any more. where's the money going? guest: let me try to pick up on a couple threads of what you said. i think there's a great deal going on in washington in terms of changing the system. i appreciate the fact that from the outside it looks like it's not happening quickly enough. i would say we are interested in getting these things right, making sure there are tougher rules and they are enforceable and workable, that we preserve the good things about our financial system but we get rid of the things that create. unnecessary risk so i think the important message i would send is we are very vigilant about the rule-writing process and changes that are taking place. we think that banks need to be held accountable. we understand that investors -- the public has had a very big shock and are very concerned. they need to have confidence in our financial markets and

disclosure could have flagged the losses earlier for regulators and management and from the cftc gary gensler about the derivatives behind the losses. as for jamie dimon, he is in the building and expected to start testifying at 11:30 today. outside of the hearing room there are said to be protesters that have been kept fairly quiet. we'll bring you all the details when mr. dimon starts testifying later today. back to you. >> we think 25 minutes but presumably that could move back, mary. >> reporter: about 25 minutes or so and the hearing is expected to go sometime between 2 and 2:30. >> thank you very much for that, mary thompson live as we prepare to tap into what jamie dimon has to say. break back to microsoft's launch last night, julia bore steen was there for the unveiling of the surface and she joins us now. julia, let me ask you a very simple question. would you buy it? >> i want to know how much it costs, simon. i can't tell you if i would buy it until i know how much it costs and how much the data plan would be. the real question is whether or not it plays my macbook. i have a macboo

host: gary gensler joining us for a discussion this week. cftc.gov is the website. do not forget, if you want to watch this or any of the series so far, you can go to our web site, c-span.org. with the former head of [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] host: we are momentarily going to go to the house. hearingll go off to the on oversight with eric holder. c-span.org and c-span video library available to you. that's it for "washington journal." the speaker pro tempore: the house will be in order. the chair lays before the house a communication from the speaker. the clerk: the speaker's rooms, washington, d.c. june 12, 2012, i hereby appoint the honorable mac thornberry to act speaker pro tempore on this day. signed, john a. boehner, speaker of the house of representatives. the speaker pro tempore: the prayer will be offered by the guest chaplain, reverend dr. allen karenen, office of the united states senate chaplain, washington, d.c. the chaplain: let us pray, lord god almighty in the mids

host: gary gensler joining us for a discussion this week. cftc.gov is the website. john cobb on eric holder to resign for the handling of probes into a federal gun investigation. that hearing its next on c-span. hillary clinton expressed concerns that russia is sending helicopters to syria to help the president stay in power. later, a discussion on national security and the federal budget. >> this weekend, it marked the bicentennial of the war of 1812 mmchenry. mcinerne also this weekend, more for my series on key political figures. it is sunday at 7:30 p.m. american history television this weekend on c-span3. >> next, eric holder testifies about his handling of the fast and furious investigation and his decision to report u.s. attorneys to investigate national security leaks. he said he has no intention of stepping down after several republican lawmakers called for his resignation. patrick leahy is chairman of the senate the judiciary committee. this is two hours and 55 minutes. >> is everybody here taxable let's set grassley get in. i think everybody will give as

at this time, gary gensler, the cftc chairman. thank you. i believe this is my eighth time. >> i sleep better note that there are common sense rules of the road. there are stop signs and speed limits. there are cops on the streets to enforce all these roles. they invested their settings. their family benefit it. it was during the great depression that president roosevelt ask congress to put in play roles to bring transparency to the security markets and protect investors against fraud manipulation and other abuses. i believe these reforms are at the foundation of our strong capital markets and many decades of economic growth. these provide a means to lock in a price of a commodity. our economy benefits from a well functioning market as it is essential that companies have the ability to manage their risks. the swaps market place lacks street lamps to bring it out of the traffic signals to protect the public. in 2008, swaps concentrated risk in the financial institutions and contributed to the financial crisis in the worst economic crisis amer

thank you chairman schapiro for that thoughtful opening statement and at this time cftc chairman gary gensler who is -- has been before our committee many many times we welcome me back. >> i see get is my age and this job. thank you chairman bachus. >> police pulled him i closer. >> ranking member frank and members of the committee, when i hand one of my three daughters the car keys i sleep better knowing that there are commonsense rules to the road. there are stop signs, traffic lights and speed limits. there are prohibitions against drunk driving and there are cops on the streets to enforce all these rules to keep my daughters they. similarly when my mom and dad worked in finance or even completed college invested their savings our family benefited from the securities market commonsense rules of the road. it was during the great depression that president roosevelt asked congress to put in place rules bringing transparency to the securities market as well as the futures market to protect investors against fraud, manipulation of their pieces. i believe these critical reforms of the 1930s are