with inside information from the new york fed in the federal reserve now he's talking about gary gensler see if you see openly and corrupted lee rigging markets in this rate market capitals nightmare that's disenfranchising people all over europe all over america but they did a great job because we had it on our you tube look down below here people were screaming wreaking or that the fed won over prices are falling they're so powerful we are helpless people remember but at the top of the show we said people have the power it's the people who have the power organizer counterattack and you will win silver coin sales booming perfectly meant so there were a lot of people shrieking terrified of ben bernanke you they look at him and they see the wizard of oz before he's revealed they see a powerful all powerful. all knowing man and they're afraid of him others were out buying silver while the prices were being smashed probably bill gross but the perth mint for example says that they sold ten point seven million ounces of silver since july first of last year the sixty six percent increase over

against insider trading and trading on this sort of information is no longer illegal to say gary gensler former goldman sachs guy he gives his blessing to outright market manipulation of propaganda to the people of athens you're not protesting against capitalism you're protesting against transgressions against capitalism by market manipulators and insider traders like gary gensler to see if you see michael bloomberg of bloomberg or of jamie guy minutes you can morgan these are the new honda the new hunter remember the hunter back in the seventy's a polish stood up in a country where the troika is the new. big other thing about this oil going on to the markets is that obama now gets to claim that he's tough on speculators all those speculators driving up the cost of oil and gasoline well of course only speculators only these top guys these hedge funds these oil traders make money on the down side right contango why the release of oil from the s.p.r. is a doomed idea by dumping sixty million barrels of oil on the market or saying they're going to announcing it ahead of time the price of oi

chairman gary gensler today and began by asking him why regulators needed more time. >> um, the american public needs us to move forward and get all of these rules in place. congress gave us one year to do that. it's complicated subject and we substantially finished proposing 51 of these rules but it's going to take us more time. we hope to be able to complete the final rules over the course of the rest of the calendar year. >> so you're supporters have said to me, you know, he's the most aggressive regulator in washington. your critics say he's the most aggressive regulator in washington in fact so aggressive that these rules on margins and the way he's implementing the dodd frank reform law risks hurting american business. what do you say to that complaint? >> i say that transparent markets and well regulated markets benefit the american public and businesses and ultimately help promote jobs. the financial system fails america and the regulatory system failed. but what we know from prior failures out of the depression that well regulated markets help promote the economy. and this marke

chairman gensler has correctly observed that the proposed rules fit together in a mosaic. mosaics however nothing more than chips of stone and until they been pieced together into a work of art. the commission is shown as the individual chips but hasn't shown its vision on how it will fit together. the industry and the public deserve an opportunity to analyze and comment on this regulatory mosaic before it is set in concrete. in conclusion i would like to circle back to my opening theme, namely the international dimension of dodd-frank. when congress was considering this legislation, many of the financial services industry and congress cautioned that the extraterritorial reach of the rated thrust structure being established here would inhibit the ability of u.s. market participants to compete internationally. today there is increasing evidence that last year's fears will be this year's reality. we were pleased to learn as the chairman and ranking member of this committee recently wrote to their colleagues in the european parliament expressing their concern. as the senators

i think and chairman gensler alluded to this. if you look at the ct's experience in working with its regulations, the regulations create exemption for certain and be years if they're subject to rails or regime that is comparable to the u.s. regular toward regime. that part 30 regime has been in place for a long time. and has worked extraordinary well i think. what a key ingredient is again assessing the overall comparability of regulation and to the extent that a particular jurisdiction had margin requirements that were far less stringent than ours i think it would not qualify for that sort of reciprocal recognition. >> further to that question, if aig example, all other contractors the with u.s. counterparts, that was one of the reasons why -- and granted that all contracts in one direction assuming the realty industry would never go down and vowed to -- that assumption. but some of those contracts were with u.s. counterparts, and under the regular framework that we talked about in dodd-frank, those u.s. counterparts would've ca

of course as chairman gensler said, some countries are ahead of us. for example canada. >> senator lugar. >> thank you madam chairman. chairman born in testimony before a committee of the time the dodd-frank bill was being drafted we had many persons coming in and saying, we are just regular businesses in the united states doing manufacturing and trying to at least at some pricing of commodities, or we are wheat farmers are corn farmers or what have you. we are not aig and we are not very sophisticated people and as a matter fact they were drawing a distinction between persons in the backroom at aig or sophisticated bankers trying to figure out how to game the system. in due course as you have pointed out brought it to a crashing hault. was there any way drafting dodd-frank in ways that recognized these more modest uses of swaps and derivatives as opposed to some defense mechanism toward the cleverest of all may still be thinking even as we are talking today about how to outsmart dodd-frank or the systems we are talking about. in other words, is the i

the dodd-frank act and gensler to promote more resilient banking sector by proposing stronger capitaland liquidity standards. they raise the amount of regulatory capital and just as important the quality of that capital is improved. improved significantly by placing greater reliance on common equity and raising capital charges are riskier asset classes. thanks will be required to hold more liquidity in the form of short-term low risk assets and increase reliance on more stable long-term deposits. basel iii standards were designed around a crisis experience of the largest active u.s. banks to allow the otc to support capital surcharge of common equity for a small number of the largest banks. that ad on should be modest given where capital requirements have moved. this is not to argue that surge charges should not be higher in countries where large institutions represent greater risk to the national economy particularly where the asset to the largest banks exceed national gdp like switzerland or the u.k.. the u. s has imposed statutory caps on the size of our largest firms and even the

gensler, since derivatives is your area, could you comment on competitiveness? >> i think that there is always that challenge. it was one of the reasons why i think this nation didn't regulate this market. it was one of the five or six key assumptions. i think there is international coordination and good consensus on central clearing, on capital because that is part of basel 3. i think we're going work together on the margining approach. i think there is good con -- consent on the guarantees. we have swapped execution facilities. europe is looking at something called o.t.f.'s but they may be different than what we're doing here on swap execution facilities. >> sexap iro? >> i agree. there is always a risk of arbitrage. there is a significant con sen us the among the financial stability board members who have put forth the recommendations about what needs to be done, particularly in the o.t.c. derivatives base. we have a lot of issues, there are a few as chairman gensler knows of trading platforms. i would speak to this particular where we are not exactly in the

gensler. i've been concerned about margin requirements on sovereign funds, margin requirements, when the non-us subsidiary of a u.s. bank is dealing with a non-us entity that it could be a margin requirement, my own view that's a very -- do you under this statute had the authority to take that into account? and can you and your fellow commissioners i just with regard to market, and those particular cases where they would be international setting, a competitors disadvantage, make it go away? >> we are working along with the prudential regulators, because the actual have authority under dodd-frank to set the margin for the banks. we just have the non-banks. but we are along with the sec initiating dialogue with international colleagues. >> you have existing statutory authority collectively to adjust if there might be a problem? >> i think we have existing authority. it has to be based upon rational reasons along with the administrative procedure act has us do it. >> i understand. assuming ration

it's about a half hour. >> well, chairman gensler, thank

gary gensler who is the chairman of the cftc and six other senators. i have to tell you that i was extremely disappointed in both the tone of that meeting and the complete lack of urgency at the cftc with respect to cracking down on oil speculators, as required by the law. therefore, today i have introduced legislation along with senators blumenthal, merkley, franken, whitehouse and bill nelson to end excessive speculation once and for all -- once and for all. the american people cannot continue to be ripped off by wall street, who are artificially driving up the price of oil and gas. i am very pleased to also announce that congressman maurice hinchey will be introducing this piece of legislation in the house. this legislation mandates that the chairman of the cftc take immediate actions to eliminate excessive oil speculation within two weeks -- two weeks. one, our bill requires the chairman to establish speculative oil position limits equal to the position accountability levels that have been in place at the new york mercantile exchange since 2001 --

chairman gensler. >> thank you. i thank you for inviting me to the hearing of regulatory reform. i thank ms. bair as this might be the last time we testify together, and best of everything you do. it's now been more than two years since the financial crisis, and when both the financial system and i would say the financial regulatory system failed america. so many people throughout the world who never had connection to derivatives or exotic financial contracts had their lives hurt by the risk taken by financial actors. all over the world, there's high unemployment, homes worth more than their mortgages, and gains not regaining value they had before the crisis. we have real uncertainties in our economy. though the crisis had many klauss, and i agree with the members' statements on that, it's clear that the swaps market did play a central role in the crisis. they added leverage to the financial system where more risk could be backed with less capital. they contributed particularly through credit default swaps to an asset bubble in the housing market and i believe accelerated the fin

. >> chairman gensler angela merkel is in the u.s. to discuss the u.s. chairman relations with president obama. tonight to host a state dinner in her honor. coverage begins at 5:45 eastern with toast and official photographs and the dinner at eight eastern. live this evening on c-span. the senate is currently in recess while members attend their respective weekly party caucus meetings. >> "washington journal" continues. host: joining us from new york is ethan nadelmann, the executive director of the drug policy alliance. we brought to want to talk about the report that came out recently, giving the global sense of the drug war. can you give us the general genesis of the findings? guest: it is a remarkable development in terms of global drug policy. a number of very distinguished former presidents from brazil, mexico, the european union, switzerland -- even paul volcker, richard branson, many others, they came out with a report that was devastating in u.s. and global drug control policies. they say that the reliance on criminal justice institutions devon'

. >> thanks, chairman gensler. thank you very much. >> thank you. >> combing up in half an hour, remarks from sheila bair, outgoing head of the federal deposit insurance corporation. she is speaking at the "national press club" about her time as chairman and the enactment of dodd-frank financial regulation law which granted the fdcic more large, systematically important financial institutions. we'll have that live for you at 1:00 p.m. eastern here on c-span2. earlier today president obama traveled to carnegie mellon university in pittsburgh. there he launched the advanced manufacturing partnership, a national effort to bring together industry, universities and the federal government to invest in emerging technologies that they hope will create manufacturing jobs. this is half an hour. >> ladies and gentlemen, the president of the united states. [applause] >> hello, hello. thank you very much. thank you. thank you very much. everybody please have a seat. thank you. hello, pittsburgh. it is good to be back. thank you