waters, thank you. >> you are certainly welcome and thank you very much. >> chair of the house financial services> speaking of housing, look at the home builders, among the biggest losers on wall street today. we will discuss the fallout from rising interest rates, what the congresswoman was talking about next when we take you inside the market zone here dow now down autbo 44 points the s&p 500 still down 0.8 we'll be right back. to be strong. to overcome anything. ♪ ♪ to be... unstoppable. that's why the world's largest companies and over 30 million people rely on prudential's retirement and workplace benefits. who's your rock? power e*trade's easy-to-use tools like dynamic charting and risk-reward analysis help make trading feel effortless and its customizable scans with social sentiment help you find and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes complex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity ♪ >>> we are now in the "closi

he donated to house democrats on house financial services that were supposed to be grilling him. e house admits, wall street economists are already saying, massive government spending has fueled inflation. a court gives the green investors are looking at shake up in disney as bob iger returns. disney shares are down 40% this year. streaming losses doubled versus last year. it's a hiring freeze. cost cutting layoffs could follow. potential this, potential nationwide railroad strike. the largest railroad union representings conductors and engineers, they voted down a contract deal brokered by the white house and the president. we are now in the holiday shopping season. this is a serious story. also elon musk edward lawrence at white house with the latest. we have new warnings about china's ticktock and china's spying on u.s. users. edward. reporter: twitter is reinstated formedder president trump. he won't be on twitter anytime soon because he is contractually obligated to truth social but on social media the administration saying they're looking at a adding countries that might hav

welcome to the show congressman french hill from house financial services, ranking member of house budgets congressman jason smith. great to see you both. happy thanksgiving. >> happy thanksgiving, liz. >> happy thanksgiving, liz. elizabeth: good to see you. congressman hill, this disturbing case of corruption and greed. ftx unit, the crypto exchange that collapsed spent $300 million on luxury mansions in the bahamas. bankman-fried spent $19 million on luxury properties for senior staffers and a $16.4 million luxury home for his parents, stanford university professors. congressman hill, you sit on an oversight committee. is d.c. not about the little guy anymore? >> isn't this disgusting? and what's more disgusting about it after complaining about crypto finance for four years the democrats are on the take for over almost $40 million of campaign contributions from bankman-fried and ftx affiliates. i hope they give all of that money back before we have our oversight hearing in early december and try to get to the bottom of what is clearly an outrageous misappropriation of funds and fraud by

house financial services committee but i can't control the narrative. t hold the biden administration accountable and that's what we need to do when we get the gavels back in the house financial services committee and when we get it back on the senate side as well. we need to control the narrative and we need to talk about what the american people are talking about and that's inflation, that's crime, that's parents wanting a say in their children education. kjp is out of touch in north carolina when it comes to inflation. maria: you have everything just real tense and pressure for families with the federal reserve raising interest rates. we talked on sunday about the fact that as the fed raises rates the interest that we pay on our $31 trillion in debt gets more expensive and how do you pay off that debt, how do you pay off the interest payments without raising taxes? will you be able to stop this administration from raising taxes? >> well, that's part of the brake pedals, we want to stop bad ideas. why would you want to take one of the most challenging

your committee, house financial services, you're calling on sbf and binance to testify on this collapsenth. that is assuming sbf isn't in jail to be clear here, there is a push to extradite him back from the bahamas to the united states. have you heard from representatives on either side? >> i have not. the ftx hearing is important. i think it's a seminal hearing. i think the based on the new ceo of ftx referring to this something worse, more complex, more devious than enron, that deserve as full public hearing and i hope we start that process in december at our hearing. i encourage both sides who have been called to testify to bring, bring themselves to washington and present themselves before the committee. cheryl: what do you think the end goal should be for the committee? there is a lot of talk about in particular when the republicans take control of the house there, will be a lot of investigations launched. whether it is hunter biden, whether joe biden or afghanistan, there is a lot of talk. on the level of hearings, investigations coming from you and your colleagues once you take

the house financial services can be holding a hearing on the ftx collapse. hillary vaughan on capitol hill with the latest and reaction from inside. >> reporter: ftx founder sam bankman-fried is in talks to extradite from the bahamas and bring him to the us for questioning. investors that got fleeced are suing him in a class-action suit, the senate and house committee's announced hearings into ftx's fall from grace and bankman-fried is speaking out, regulators, in a direct message interview with fox he unloaded his real thoughts on what went wrong saying after regulators, they make everything worse, they don't protect customers at all, lawmakers disagree, top republican on the house financial services, detail me they need to act because regulators dropped the ball. >> after the meltdown of enron congress took action to address the legal failures and clarify our laws. we are at the moment it comes to centralized exchange with the digital acid ecosystem. that makes things worse. >> reporter: bankman-fried admitted he made some mistakes, just not the ones you w

will be the house financial services committee.rom minnesota has raised that possibility already. i think things might go too far in terms of a regulatory monopoly. i don't think the sec can grant a monopoly to anybody. say they granted this thing, guys, go for it, liz claman and charlie gasparino can theoretically copy that. liz: i want a toke edge of my own. >> not a token. we can start a red exchange. >> thank you very much, charlie fast. four 1/2 minutes before the closing bell rings. dow, s&p 500 just hit a session lows. the dow gave up gains in final hour of trade. when we came into the session, loss of 118. now it is worse than that. it has been a choppy averages where major averages seesawed from gains to losses, move from negative to positive, short-lived, coming from lael brainard the vice-chair of the federal reserve who is a voting mel per, do expect we'll probably see a slowing down of the pace of interest rate hikes. holiday season, did you guys see this, underway in new york with the iconic rockefeller christmas tree

congressman andy barr sits on the house financial services committee and he joins us now.t and center when you guys start the new session in january? >> well, it needs to be. this a scandal that is worse than enron. it's worse than bernie madoff. when you think about it, jesse. these are not sophisticated investors in many cases. these were retail investors giving hundreds of dollars, maybe $1,000 to ftx and sam bankman-fried and they lost it all. up to $8 billion lost in this ftx failure. and what's terrible about this, again, is that this is a democrat mega donor, clearly we need to get to the bottom of not only what the events were that led to the collapse of ftx, but also why the regulators were asleep at the switch and obviously the majority in the house financial services committee, they were not interested in looking into this. he did testify before our committee but the investors in ftx in this crypto exchange they deserve answers and we need to get to the bottom of it. >> jesse: democrats always say they care so much about the little guy. where are they now talkin

i mean, for example, this house financial services committee hearing that's coming up is going to beby congresswoman maxine waters who, you know, has been photographed with sam bankman-fried's arms around her. he has really worked to ingratiate himself with the committees of jurisdiction over the clip to currency industry. so while democrats in the media have tried to make the story of the collapse about this need for regulation in the cryptocurrency industry and that's certainly a big part of it, you know, they've really tried to steer away from questions about how he was able to pull off a scam of this proportion. arthel: let's look at how much the crypto industry spent lobbying washington during the last five election cycles. 2014, 80,000. 206, 80,000 -- 2016. 2018, $1.5 million. 2020 the, $2 million. and then 0232 -- 2022, 14.8 million. so, you know, with this kind of money being spent, it does seem impossible that it stayed on one side of the aisle. but might the ftx fiasco cause lawmakers now to really scrutinize lobbyists a bit better? >> well, certainly with regards to the cr

tier might drive even more upside from here plus, the walatest ftx fallout a member of the house financial services committee will tell us. congress can meet right now to try to get the first crypto collapse and more retail earnings coming your way the story and the trade on both target and t.j. maxx we begin with today's markets. dom chu back with all the numbers and more green on the screen >> we'll get to that in just a moment if you talk about the moves that we're seeing, 4,000 has been reclaimed on the s&p 500 4,006 is what we're up at right now. to give you an idea of the trading range, this has been a very positive day, but tilting more towards the lower end of the range. at the highs, the s&p was roughly 71 points. at the lows of the session, up around 44 to give you some context on where that plus 50 lies on the trading day so far the dow has been the real underperformer, about one-half of 1%. the nasdaq composite really shining, up about 250 points 11,446 up about 2.25% now, one of the big reasons why that nasdaq trade is outperforming has been semiconductors those computer chip stocks ge

a lot of them on the house financial services committee in charge of oversight of the industry, but also become the new leader of the house democratic party, with speaker pelosi announcing plans to step aside. congressman hakeem jefferies who received the maximum individual donation from bankman-fried, another democratic congressman richie torrez tells me democrats still will do due diligence. >> are you concerned that democrats as they received millions of dollars from him might not be able to conduct the oversight effectively because they had benefited from his money? >> well as i understand it, there were republicans who received money from his business partner. 92% of his money was spent for democrats. >> the business partner that contributed heavily to republicans. i'm confident in the ability of congress to conduct robust oversight. reporter: other democrats on capitol hill making it clear that even though they may have ties with sam bankman-fried's family they are not skimping on oversight. exam bankman-fried's father help ed senate elizabeth warren who sits on the senate banking

now remember, he didn't do much of that because the democrats controlled the house financial servicesht a figure that the robinhoods and the interactive brokers of the world, because of these market makers they have been able to offer free-trades. charlie: well does schwab offer free? liz: sure. charlie: okay, i thought you have to pay a marginal fee at schwab. liz: no. and i'll tell you, you've got to figure out what doesn't work about there has always been a question, do you get ripped off other do they skim too much on the execution because payment for order flow system. right? robinhood send the order flow to virtu. they match buyers and sellers with electronic trading and skim a little bit. liz: fraction of a penny, something like that. >> it is done nanoseconds maybe screwing people. maybe they are trading on the side. there is never any evidence of that. we do have evidence that when you go to robinhood you pay almost nothing. we do have evidence, planned parenthood has issues with execution. meme stock, didn't have enough capital. by the way no one really lost money in that, r

[laughter] >> and the idea they gave $300,000 to the house financial services committee to make a fairt one committee member did give the money back for $2900 so good for him but the elections are over. shouldn't members of congress give the money back? if you accepted money from the organization wouldn't you give the money back? >> when you have this many victims that sam bankman-fried is still there many as the bankruptcy progresses i would give the money so the victims could get their cash back and is not everybody tom brady and gisele. >> but here's another part look at the democrats and leadership in the administration are in the leadership with the sec these are partisan hacks and left-wingers and to think they will not let him go he is part of the family we will prosecute him and do oversight. so the sec does it with the liberal hacks. >> and it's comical to think the really believe there is an impartial investigation? of course not. this is a much bigger issue we have seen play out the effective all truism who have more influence in our policy than voters interest. one of the t

. >> ahead of the house financial services committee hearing scheduled for next month democrats are tryingo distance themselves from disgraced ftx crypto currency exchange founder sam thanks and freed spent a lot of money rolling democrats during the 2022 midterm elections. according to open secrets, he made me nearly 37 million in campaign donations to democrats, eclipsing to $40000 he gave to republicans among those who benefit is your congressman jeffries waste to succeed house speaker nancy pelosi as next house caucus leader. he's received 5800 axonal campaign contribution by law and he's not alone. democrats who sit on financial committees with oversight duties of the crypto space got campaign cash from brinkman breed including your congressman she boris, foxbusiness hillary gone he donate the money to charity while insisting the donations from brinkman breed have no effect over his her colleagues judgment. >> republic and who received from his business partner. >> 90% of his money was spent for democrats. >> that contributed to the republicans, i'm confident in the ability of congres

esteemed members of the house financial services committee, chairman himes, ranking member mchenry, chairwoman waters, ranking member barr, i would like to thank the committee for inviting me to testify in this often ignored area of the modern financial world. i would like to briefly describe the outlines and the risks presented by the use of virtual currencies to the united states and its allies in the western world. police also refer to my written testimony for greater detail regarding my thoughts on the great advantages of many but not all of these systems and the billions of unbanked wheeler on the role. it's not all bad. the scope of virtual currencies extends far beyond businesses and other currencies. in a close alternative payment systems you are familiar with such as paypal or western union, but include are hundreds more you might not be familiar with. some of these, such as russia's dark paypal, including web money and perfect money, have often been used by criminals, especially russian criminals. key we, as i previously testified before the senate judiciary committee, was used to pu

so the idea that he is also giving money to at least seven democrats on house financial services, which grilling this guy and holding hearings on this. >> gillian: a watchdog. >> who is watching the watchdogs? this should never happen again. the little guy has to think of this. no one is looking out for them in d.c., no one. that's really scary, right, for investors out there, gillian. >> gillian: thank you so much for taking time for us today. wonderful to talk to you and illuminating as always. mike. >> mike: are we about to see the return of the mask? a new study says masking and social distancing should be encouraged or mandated. is it necessary? dr. marc siegel on call next hour. good advice to pack your patience when traveling on a holiday weekend. the challenges facing those who chose to fly this weekend. ♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i pro

at taking the house in the senate and if that happens the republicans are planning on the house financial servicesg committee to defund parts of the biden regulatory agenda and something that will definitely happen is particularly if they get the senate no more controversial nominees will get through. the nomination to the fcc, and able, smart person, very controversial and progressive. that is not going to happen, definitely out. then look at the sec. cancer defund the sec, and this is during the obama years, attack -- attached riders to the bills, since the house, the senate is controlled by republicans, these get on their and the bills get before the president and it is his decision whether to sign them not with the riders, no money goes to gary gansler's chaff -- stafford disclosure work, they did that any obama years, political donation disclosure forcing companies to disclose how much money they give the chain of commerce and that is how they plan to go. this presupposes republicans win not just the house and senate, we don't know but internally, good ones, not public ones are talking that i

questioned by regulators and lawmakers publicly, as we wait to hear what will happen with the house financial servicesand the senate banking also want to bring in sam bankman-fried for testimony as well as his deputies. separately as you think about what is happening with regulators, tomorrow there is going to be a hearing in a delaware bankruptcy court starting at 11 a.m. so you are hearing both the issues of the ftx empire unravel at the same time as we hear about authorities and their concerns between the links between ftx and alameda. caroline: let's go to further links, further contagion. let's go to genesis. because your scoop just before us coming on air, the fact they may have to file for bankruptcy. the focus right now is, this is not immanent and they are looking for other sources of funds? sonali: something interesting about not just the breaking news we have today as well as what we have had as we have been talking about, u.s. authorities looking at ftx over months, this is just another indication that some of these issues go back many months, they go back to three arrows, for example, and

>> keep your eye on a couple of things house financial services committee, if the republicans take themittee will be led by patrick mchenry of north carolina. he has been very interested and involved in fintech and cryptocurrency related issues. he is engaged on the issue i think he pushes for legislation. the senate is complex. it has to be bipartisan and you have a little more compromise necessary in the senate. there are a couple of bills floating around last couple months there would be a new head of the banking committee. probably tim scott of south carolina we don't know that for sure. senator scott is lessen engageo cryptocurrency there are some members that want to push for clarity on rules around cryptocurrency. there is a push with the republican sweep at passing cryptocurrency legislation it has been better than the last couple months. it is far from a slam dunk. >> a lot of material for the potomac perspective podcast. brian, thank you tune in to our special "business on the ballot" at tomorrow night at 7:900. >>> still on deck, investors look to the big week ahead with the

maxine waters the house financial services committee and reported friend of bankman freed says it isthere are major consequences when crypto currency entities operate without robust federal oversight and protections for customers. bankman freed's assets have dropped from $16 billion down to zero in recent days is worth more than 26 billion just a few months ago, bret. >> bret: tough to watch that one. lucas. >> a little slow to the hip. >> bret: exactly. thank you. up next, analysis of the midterm elections from pollsters kellyanne conway and mark penn where we are right now. first, beyond our borders tonight be french presidential emmanuel macron places a wreath on the tomb of the unknown soldier to mark armistice day in france. it's the anniversary of the november 11th 1918 truce that brought an end to the first world war. and this is a live look at jerusalem. one of the big stories there tonight israel's president asks former prime minister benjamin netanyahu to form a new government. netanyahu was the winner of last week's national election in israel the fifth in four years. neta

>> there were eight on the house financial services committee.of the crypto lobbying, there are a number of firms involved, and ftx was certainly one of them. some of these lawmakers who wrote this letter, even as it's unclear if it was -- ftx directly our coalition of these groups, but some of these lawmakers were beneficiaries of the spending by the super pacs that were funded by ftx executives, including ted budd of north carolina, who's now senator elect. ted budd was the beneficiary of hundreds of thousands of dollars of spending by this ftx. coach if executive ryan -- representatives -- i called their offices but they didn't respond my request for comment. >> when they successful in this letter? did they get the fcc to stop? >> it's not clear. we don't know what the fcc ultimately was going to do. they certainly preferred, and they actually indicated an a questionnaire that they sent around, but the super pac that was funded -- sent around to candidates sort of intimating that they would prefer that this regulation take place outside of the

maria: you're on the house financial services committee and we are talking about the amount of moneyt to be appropriated from the covid relief package. we all know the root cause of this spiking inflation is the $1.9 trillion covid relief package sign intoed law back in march of 2020. we are all here on this program mystified that all of that money hasn't even been appropriated yet. do you have an estimate in terms of how much that package has not been appropriated and -- and what that means for inflation? we are waiting on the consumer price index this morning. >> yeah, you're exactly right. that was 1.9 trillion injected into the economy. when you look at the old milton freeman would have said, too much money chasing too few goods. it was completely inappropriate and we didn't need it and the money that's still out would only drive inflation further up. i don't know if we need to rescind that but it's government spending that's the problem and not the solution, maria. maria: president biden says the red wave didn't happen because americans vote today preserve democracy, protect the

but, again, the republicans, if they get control of congress in the house financial service services,hey're going to ask, okay, we want to know what you knew and if you're going to do a crackdown on cryptocurrency enforcement, we want to understand some of your conflicts of interest with various industry players. cheryl, back to you. cheryl: thank you for that so much, sir. >>> well, all eyes are on the border crisis as control of congress remains up for grabs. charlie just mentioned that. former acting i.c.e. director tom homan joins me now. so, tom, how do you expect the outcome of the elections to impact immigration policy and, more importantly, the border? >> well, i'm disappointed. i don't think it's going to affect it as much as if there would have been the red wave, correct? but if we take -- if the republicans take the house, they will have power of the purse, right in and that's about the only thing heavy got because president biden still has the power of the executive pen. he can make executive decisions. but if the house republicans control the budget, then they can hold th

congressman french hill from house financial services along with wall street pro, author carol roth.ood to have you both with us tonight. first to you, congressman, the president just spoke touting his student loan bailout, more spending there, look what columnist george will is saying he is saying vice president harris and president should not run again because biden falsely claimed the congress passed bailout. they never voted out it. this false claim is frightening. he is questioning biden's mental condition. that is george will. for you congressman? >> liz, great to be with you, liz, carol, i think every american is questioning joe biden's fitness. i can't recommend that he run again but let me tell you, he is talking about inflation as if it is not created by his spending policies and he is making jay powell's job tougher because he is putting up headwinds in the face of the rate increases by the fed. what, tax increases on energy? more regulatory costs. tax increases on our families. and not unleashing american energy? and spending $9 trillion more next year's deficit in my vie

you know, mitch, we've got seven democrats on house financial services got at least $300,000 in campaignions from ftx but that committee is supposed to hold hearings to grill this guy after all of that money? >> it's crazy. in fact, you know, the notes that i scribbled down before the segment i wrote at the top of it, maxine waters blows the guy a kiss. if you're a company, it is inevitable that you will get regulated just like technology companies throughout you know, history, what do you do? you try to chum up with the regulators so you can write the rules. better to write the rules yourself then have congress do it for but this is a highly complex enterprise. i'm certain maxine waters doesn't understand it. getting too chummy with the ceo is not a good look. elizabeth: ftx as we've been reporting, breaking the news on, they actually took, the ceo, sam bankman-fried, took four billion dollars in money and loaned it out the door to cronies including a billion dollars for himself. how do, how does the d.c. powerful take that money from a 30-year-old, mitch, who was treating investor mone

the top lawmaker on the house financial services committee they need to act because the regulators dropped >> current regulators in this current a administration is not doing anything to protect consumers. in fact made things worse. reporter: bankman-fried admitted he mistakes not ones you probably think. telling a reporter a biggest single f-up was filing for chapter 11 bankruptcy. liz? elizabeth: here is steve moore. democrats are not returning campaign donations. some are giving them to charity. this guy running the bankruptcy, the guy running it, he liquidated enron. he is saying he is speechless. never seen anything like it, steve. walk you through the numbers. throwing money into a furnace. only 740 million lower case magic beans cryptocurrency left 10 billion to $50 billion in liabilities, sieve. >> so this was the classic ponzi scheme. we saw this 15 years ago you know with the bernie madoff scandal. don't forget, liz, guess who gave all his campaign contributions to? democrats. amazing how many of these crooks are big democrat campaign contributors. now here is the important thing

. >>> congress is gearing up to crack down on crypto the house financial services committee schedulingcember sam bankman fried tweeting about his willingness to work with regulators the disgraced crypto mogul was more pessimistic writing, "f" regulators this candle is the enron moment for the crypto industry. in the new ftx ceo who helped lead enron following their bankruptcy said in a delaware court filing quote, "never in my career have i seen such a complete failure of corporate controls of such a complete absence of trustworthy, financial information as occurred here. ." he spoke about his own exchange's assets on "squawk box" this morning. >> there's an operational fund for the business itself. that should be a combination of cryptocurrency's stable coins and every different business can allocate that differently depending on the business model and so even today, we are profitable and sustainable our allocation is about a third in stable coins and a third in some of the larger, and also, we keep the bnb, that we have in ouraccounting. >> okay. let's dig in to stable coins which ma

>> good morning, guys, the house financial services committee is set to hold a hearing on the ftx collapse committee chair maxine waters continues to dodge questions about whether lawmakers should give back their donations. >> do you think some lawmakers that got donations from ftx's founder should give that money back. >> well, i don't want to get into that matter, both sides, democrats and republicans have received donations. >> by every measure, regulators are beginning to follow the money. ftx dolling out major cash to democrats for the midterms including $27 million to protect our future pac, 6 million to the house majority pac, that's aligned with nancy pelosi and 2 million to the gmi pac. now bankman freed faces possible extradition to the u.s. that comes amid news that his father drafted legislation for massachusetts senator elizabeth warren now sbf as is he known is treating his way through the financial calamity adding 18 more tweets to a meandering thread for which he apologized to his failings adding we got overconfident and careless this as fresh reporting he may be blaming fo

firms, the sudden and catastrophic collapse of fdx has sparked a hearing next month by the house financial servicesommittee. important for congress hits the bottom of this so that we can then respond to make sure that consumers are protected still od digital assets fdx filed for bankruptcy last week, leaving investors without access to their accounts. checking in on san francisco and across the bay in berkeley. set temperature in san francisco right now is 50 degrees, berkeley's 50 degrees as well. it's a cool night, but not freezing temperatures above freezing enough cold, though, to get you some frost as we've seen the last couple of mornings, but again, just a very, very pleasant period. this last week has been with temperatures in the mid sixties and low seventies. here's the forecast for tomorrow. friday looks good. few clouds on saturday they fly slide out sunday looks pretty good to weekend looks okay. and then late into sunday, monday and tuesday, this happens and there's more behind that, so we're going to go steady as she goes for the next few days, right through the weekend, except add t

tier might drive even more upside from here plus, the walatest ftx fallout a member of the house financial servicesl tell us. congress can meet right now to try to get the first crypto

looking like she has blowing a kiss to the sky last december and she's going to grill him as house financial servicesring is a proud party second largest donor after george soros and she blowing kisses to him. >> yes, this is the part that is really concerning to me, have you look at the other major financial frauds coming when i think that those people would want to be surrounding themselves with all of these government officials and you have sam freight who is completely entrenched with all of these different tendencies and so it really makes me wonder what is going on here and i don't think this is just a typical hit-and-run situation in a very worried that is, the congress is going to use this as cover to not only regulate crypto we get the congressional authority for a central bank of digital currency which requires congressional approval so we have to keep our eyes on it sweetie will be back because it was a question about relating crypto and government documents show more than 90 percent of the donations went to democrats ending and we broke the news last night about this, freed give himself o

. >> steve: the house financial services committee will hold a hearing on the collapse of that cryptoed yesterday by hillary vaughn on capitol hill on the enormous donations he gave the democrats. >> do you think some lawmakers that got donations from the founder should give that money back? >> l, i do want to get into that, as a matter of fact both have received donations. thank you. >> brian: wow, is that true? pete hegseth joins us now. this is a big deal. you think these lawmakers understand crypto that they are able to get to the bottom of this? >> absolutely not. it's almost impossible to understand. i'm a big fan of crypto. it's really hard to get your arms around all the different variations of it. all i know is it's had a huge impact. ftx has collapsed itself, but i've got a bunch of different wallets where you can store crypto if you're not doing cold storage. two of them right now are frozen, one directly because of ftx. they said updates to the account, they are shocked and dismayed, can't operate business as usual. you can't withdraw your funds. so the money i have and th

joining us congressman brian steil from house financial services and economic pro mitch rochelle.w the u.s. senate races to toss-up, gang. these are the volatile, unpredictable in the nation, congressman. fox has toss-up, nevada, georgia, arizona, pennsylvania. other analysis, new hampshire and washington state moving to toss-up. congressman what is going on here? >> i think people are realizing what is going on in washington, d.c., one party democratic control is clobbering them. they feel it at the gas pump. they feel it at the grocery store. they feel it when they're not safe at home. people want to check on the administration. we can do that by retiring nancy pelosi and electing republican senators like ours in the ron johnson in the state of wisconsin f we do that we can get the country back on check. elizabeth: what the congressman is saying, mitch, fact checks on the president, "washington post" gave democrats four pinocchios claiming gop wants to end social security and medicare. this says republican senator rick scott all federal legislation should sunset in five years. h

brand names on stadiums and advertising, so, you know, i think we did actually speak to house financial servicesaxine waters about this, and it seems as if there's going to be some movement in congress, at least. let's listen to what she had to say. >> he was in support of regulations, which is very interesting, because he never showed any attempts to deny that regulations were needed. as a matter of fact, he supported, along with other crypto companies, and that's what we were moving towards. >> "he" there is referring to sam bankman-fried, so perhaps it feeds into what you're saying that a founder in this area actually wanted to have some kind of boundaries >> well, i would commend the -- i would suggest that all of your viewers read the filing from the bankruptcy administrator yesterday about bankman-fried's business practices my guess is that he is going to end up not in very good shape. so, he may have wanted regulation at some level, but my guess is that he wouldn't have been able to meet the requirements in fact, i would say that, you know, if you were to force that industry to meet all t

richie torrez who sits on the house financial services committee tells us he is donating the money hebankman-fried to charity and insists the cash to him and his fellow democrats won't cloud their judgment. >> there were republicans who received money from his business partner are. >> 92 was spent on democrats. >> i'm confident in congress to conduct robust oversight. people will receive hearings and tough cross-examination and decide for themselves. >> paper trail leads to democrats on capitol hill. what happened as ftx filed for bankruptcy is still a mystery. there is a new lead in the bahamas where sam bankman-fried is hold up in a penthouse. they transferred money from ftx company wallet to their company for quote safekeeping and bankman-fried is speaking out uncensored admitting to vioxx in a direct message he says he did not intend to be published that he quote f.ed up big multiple times. bankman-fried also telling the vox reporter sometimes life screens up on you, bret? >> bret: that it does. hillary vaughn on capitol hill. thanks. twitter's ceo elon musk is clarifying policy o

what about that house financial services committee?ey have invited you to speak. will you go to d.c.? >> i i personally won't, but of we have teams in the u.s -- >> reporter: why not? why not go and answer the questions yourself and represent the company that you founded? >> first of all, i'm busy building things outside of the u.s. bidance does not service users in the u.s., and we focus on other parts of the world. >> reporter: u.s. is binance's u.s. trading arm, he says the u.s. respective will be there. now, i also asked him let's clear the air here because, obviously, in cryptocurrency there's a lot of distrust taking place, and there has been this pervasiveness that maybe cz has some beijing backing. i said tell me if you do have any links to the chinese government. listen to this. >> we have zero ties to the chinese government. i've not been a chinese citizen for 33 years. i've been a canadian for 33 years. my company, we were kicked out of china, we were banned in china. we're not involved in politics, we're not involved with c

know, he is going to have some answering to do in congress because republicans control the house financial services. they're going to bring it up. >> charlie, thank you. >> anytime. not the end of this story for sure. the closing bell ringing in about four minutes. we're looking at a market that really struggled on this monday. so much of this we talked about, was china and obviously the protests which have completely erupted and everybody is pretty much expecting some type of a government crack down. meantime we have the dow down 512 points. that is off the lows of the session. you can see the nasdaq down 1.6%. russell 2000 down 39 points, 2%. s&p not looking good either, down 64 points, 1.2%. we were talking about crypto. as bitcoin got very close to going below 16,000 today, dogecoin has been on a tear, jumping more than 22% in the past week on speculation the meme coin may be used in plans for twitter to incorporate crypto payments. that is just a musing by elon musk in a conversation with jack dorsey a while back. but dogecoin is very close to 10 cents a coin. this sculpture we referenced elon

they do win the house, from what i understand, patrick mc henry whose the chairman of the house financial servicesill hold meetings and they are raising issues about gary gensler, his regulation of crypto, and apparently, the sec had meetings with bankman-fried over the last recently, they want to know what happened in those meetings that you didn't see , meaning you, mr. gensler, what's going on here. so there's some tweeting about this , from various members of the republican caucus on the financial services committee and from what i understand, they are going to ask gensler, what's up with this. now gensler went on cnbc today. liz: yeah, this morning. charlie: and mentioned there was meetings between bankman-fried and himself, we should point out bankman-fried is a huge from what i understand a very big democratic contributor. liz: yes, he is. charlie: so this is going to be, this is high drama, it involves wall street, it involves politic s. again, the gop hasn't gotten the house yet, but if they do, which a lot of people thinks is likely, it's going to be a hear ing on this no doubt and gary

have a bipartisan call for hearings and that is the reason why the outgoing chair of the house financial servicesr, maxine waters and i have called for a hearing and we're going to have a hearing in december this is the first bipartisan hearing under the democratic congress in the last four years and our committee, this is noteworthy because it is the entry point for our long-term conversations around how you put up consumer protections and regulatory framework for a really important new set of technology >> so, congressman, here is the real question, though, and straight up could this have been avoided. >> -- yes. >> if this was a massive fraud, a ponzi scheme, a mismarking assets purposely, of potentially stealing assets, of comingling assets and the like, do you believe that regulation and by the way in another country, do you believe that regulation here could have prevented it? >> for u.s. consumers, yes we've had a complete failure by the regulators we do not have clarity from the ftc or s.e.c we don't have clarity from bank regulators so banks can't even hold these assets as a kcustodian f

we certainly heard that in washington from the white house to the chairwoman of the house financial services many others now calling for some action. i suspect we will see positive outcomes on the regulator side. haslinda: dante, how many ftt's do you hold right now? dante: circle does not have exposure right now to ftt's and the totality of our regulation is not only bank grade, but the way we operate our company is equivalent if not better than the top 10 global systemic banks and financial institutions. take it very seriously when we have the custody and trust of usdc token holders around the world. circle is a market neutral payments infrastructure provider, so we care deeply about cross contagion and other risks in the crypto industry and it is not a good look at all that crypto, which is a technology, is being drawn down by offshore or nearshore operators that are loosely operating within the boundaries and the rules. this is an important call to action and urgency but as a general matter, our company has fared very well. we do not take any excess exposure at all and certainly not when

the house committee on financial services announced on wednesday it plans to call on several people involvedstify next month. they include former ceo sam bankman-fried. committee chairwoman maxine waters sd the exchange's collapse posed tremendous harm to its users. she added the house probe would help identify what legislative action neelds to be taken to ensure this never happens again. meanwhile crypto investors filed a class action lawsuit, seeking damages from celebrities who promoted ftx. baseball super star, owe hanny show shay, and osaka naomi are blamed in the suit. they convinced them the platform was trust worthy. the amount of damages being sought has not been specified. now, the company's japanese unit, ftx japan has responded to demands by local authorities for a plan on how it will protect its customers' assets. this comes after the finance ministry ordered the subsidiary to halt activities last week, as it lacked the systems necessary to carry out its business. ftx japan has not disclosed the details of its plan but the finance ministry provided assurances that the customers'

this situation is observed in the field of housing services and food financial insurance activities, as well as the industry with the largest increase in bankruptcies observed in hungary, spain or lithuania is a trend attributed to the rise in valuable energy carriers, which bring in increased costs for the company and, finally, global shipments of smartphones. in the third quarter. fell almost 10% total 300 million units. the indicator fell for the fifth time in a row, due to weakening global demand amid economic uncertainty, while at the end of the year it is expected to fall more significantly than expected, and recovery next year will be weak market analysts suggest that the worst performance will be in developing countries. and on this i have everything stay with us. and don't miss today's fresh issue of the area of ​​interest, have a nice day. belarus 24 continues the program. hello investigators charged the owner of a dog that bit passers-by in borisov, the incident happened back in may. now esca shared the details of the investigation. a tibetan mastiff dog bit six passers-by

in fact, the house financial services committee has now announced just in this hour that it will holddecember on that collapse of ftx. saying it expects to hear from the founder, sam bankman-fried, alameda research, binance, who knows a lot of others. kate rooney joins us now to bring us up to take. >> reporter: the latest fallout this morning we're getting news from one of the biggest lenders in the space genesis saying it's pausing new loan organize nations and redemptredemptions. saying the custody business remains operational. and with regard to lending the number one priority is to serve clients and preserve assets. they have taken a difficult decision to suspendredemptions this is a major player in the space. they have about $2.8 billion in total active loans and genesis is also a major source of liquidity in this market it comes as another big lender block five paused withdrawals in the past week or so due to its exposure to ftx. all of this could have a price impact at least on bitcoin analysts have been worried about what it means on liquidity sam bankman-fried's research is

we'll see what house financial services can discover next month along with u.s.ulators, and as for binance, cz was on "squawk" this morning, pushed back on criticism, and talked about whether he thought there was a misappropriation of funds. >> it was pretty clear pretty soon that there's, you know, there's misappropriation of user funds. the user funds are gone. and at that point, it's clearly that he lied to his users, his investors, his visa investors, his employees. at that point, i thought i couldn't -- like, whatever data that's in the data room, we couldn't trust anymore >> meanwhile, whether it's the tweets, jim, or his text interview with vox, which he's now trying to push back on, that's another element of ray's argument that his tweets and his communications now are undermining their ongoing case >> well, david, where's justice? where's s.e.c. how many times did we ask gary gensler about this stuff >> i don't know. >> look, caveat emptor okay, but you do look at the outfits that you mentioned, and you know, caveat emptor wasn't going to protect you we

. >> ceos from america's biggest bags testify before the house financial services committee on a regulatory and oversight matters in the banking industry. they also touch on customer data protection, and working with underserved, under-banks communities. >> the committee will come to order, without objection the chair is authorized to declare recess of the canadian anytime. this hearing is entitled holding mega banks accountable, oversight of america's largest consumer facing banks. i now recognize myself for four minutes to give an opening statement. testifying before us today we have the ceos of the seven largest u.s. commercial banks that each serve millions of consumers, as chairman of this committee i have prioritized conducting rigorous oversight over our nation's largest banks, and their activities. last year, four of mega banks testify before us, since then our nation continues to battle an ongoing epidemic, inflation that is affecting every household budget. russia's invasion of ukraine, rising interest rates and other crises that have battered our economy. in this environment, the

this house financial services subcommittee hearing lasts about an hour and a half. the subcommittee will come to order. without objection, we declare recess of the subcommittee at anytime and without objection members of the full committee not on this subcommittee are authorized to