critical state and a county that could tell the story >> and later, sec chair jay clayton warns corporatemerica about a heightened risk for cyber attacks. he'll tell us what's keeping him up at night. as "power lunch" starts right now. >>> hi, at thisltyler, hi, every tech is lagging again and as the hours roll on, it's getting worse. let's go to bob pisani for more details. >> what's going on is there's a little bit of a rotation here. stimulus is coming back. some are investing in the idea there's going to be stimulus however, it's coming at the cost of big cap technology and all those work-from-home stories, kelly, that worked so well three or four months ago amazon, that's a six-week low for amazon right now apple's at probably a five-week low, microsoft, facebook, nvidia, also on the down side. it's the same with those other stay-at-home, the not mega caps but the stocks that did really, really well at the stay-at-home story, the docusign, the zoom video. what are they doing? they're playing the quasi reowing plare reopening play gap and tapestry have been up, small caps have been ou

chairman, jay clayton plans to step down at the end of the year.to 3,000 enforcement actions and took in more than $14 billion in financial remedies chairman jay clayton joins us now. chairman, it's great to see you. thank you so much for joining us i think we could describe this perhaps as the exit interview. i want to talk about your tenure in just a moment i want to get to a piece of news that the "wall street journal" reported on earlier this week which is your view of this 10 b 5 program, insider trading among executives, and your push potentially against that given what we have seen now with some of these pharmaceutical drug sales, including the ceo of pfizer i know you're not going to be able to enact any meaningful changes in the last month, but what do you think should happen? >> andrew, it's a great question, and look 10b51 programs are part of an approach for executives with their shareholders you want to compensate executives with stock, but at some point they need to be able to sell the stock for the personal needs we have and how do y

. >>> securities and exchange commission chair jay clayton was at a senate banking committee hearing looking at s.e.c. priorities related to capital markets and other regulatory actions. he recently announced plans to step down from his position at the end of the year. this hearing is just over an hour and a half. >> this hear willing come to order. this hearing is another remote hearing by video, and a few of the video conversationing reminders again. once you start speaking, there will be a they on your screen, so don't be bothered by that. before you are displayed on your screen. to minimize the background noise, i again remind you to click the mute button until it's your turn to speak or ask questions. if there's a technology question, we will move to the next senator until resolved. i remind all senators that the five minute clock still aflies. you should have a box on your screen labeled clock that shows how much time is on your screen labeled clock that shows how much time is remaining. but we have had some troubles, and i have had senators who can't find that box or don't see

it is likely that will be passed to jay clayton to whoever the biden administration picks. what it comes down to is a long-running dispute over china's refusal for almost 20 years now to let u.s. inspectors . chinesee audits of companies listed inthe united states . bothsolution has eluded sides since 2022. within the context, you touched on this, is the souring u.s-ch ina ties. china says there are confidentiality reasons they do not want u.s. inspectors going through the books of their chinese companies but again, it has been accelerated by the tensions -- and also the accounting scandal of lukin coffee earlier this year. shery: what are the practical implications for those companies listed like alibaba and baidu, for example? tom: we have already seen steps by many of these companies to set up secondary listings in hong kong or the mainland, whether that is alibaba. the flipside of that coin is we have seen 170 companies either based in mainland china or hong kong list in the u.s. this year raising 60 billion u.s. dollars. some of them may be playing for time. as i said,

today we will receive testimony from the security and exchange commission chairman jay clayton, regarding the work and agenda of the sec. i thank you chair clayton for your appearance before the committee today, which is essential to our oversight of the sec. and welcome. you last appeared before this committee in december of last year. the covid-19 pandemic hit the united states shortly after that hearing, and the sec has taken many important steps to help limit the economic shot to our markets of governments have attempted to confront this unprecedented event. the sec used tools such as the market wide circuit breakers for the first time since the adoption. when markets dropped 7% from the loss -- s&p 500 index. there were a number of uses of limit bound circuit breaks, when overnight stock futures hit their 5% limit, which resulted in halting further downward trades. despite the high levels of volatility, or volatility, it is my understanding that the current mechanisms in place serve their intended purposes of increasing market stability. additionally, in order to comply with cdc guid

jay clayton is leaving at the end of the year. his term was set to expire in june.t is the latest bloomberg business flash. the bloomberg new economy form is underway with business and political leaders discussing various issues from the fallout of the pandemic to the future of global trade and climate change. thet yellen weighed in on necessity of fiscal policy going forward. the notion that the fed can do all that it is required at this point to support the economy is just wrong. the fed is really pleading for fiscal relief. i believe it is essential. course, we know the former fed chair has also been placed as a potential treasury secretary candidate. for more on the mornings on how limited central-bank action can be, we are joined by tom orlik. give us the motivation behind what the former fed chair said. it is not usual for former fed chair's to comment on monetary policy, but she clearly did. tom: this was a very senior economic panel officials, janet yellen, larry summers, the former chief of the reserve bank of india, mervyn king, former governor of the bank

jay clayton will leave at the end of the year. he is a former corporate deal law your who has led the sec since 2017. his term is set to expire in june. president-elect joe biden's top coronavirus advisor says national lockdown is not on the agenda. one of them says the preferred that we is a dial turn up and turn down depending on severity. u.s. case records have hit records of the past two weeks. president trump could potentially tie the hands of joe biden it comes to china. the president plans several new hard-line moves against beijing in the remaining weeks of his term. the national security council says future presidents will find it politically suicidal to reverse what it calls president trump's historic actions. in sports, dustin johnson made history winning his first masters tournament. the world's top-ranked golfer shot a record 20 under par to win by five shots. it was the largest margin of victory at the masters in 23 years. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journa

still ahead on "power lunch", jay clayton will join us with a warning before election day. we know responsible investing is hard. if you're concerned about the environment and climate change, how do you find companies that are driving the right outcomes? if you care about economic equality and social justice, which firms are addressing it in their workplaces and their communities? for nearly 40 years, calvert has delivered competitive returns by investing in companies making a difference because we see value in doing good. talk to your financial advisor about investing responsibly with calvert. (har(betsy)our financial advisor twelquarter mile of tinsel.bly lights. (harold) and real snow all the way from switzerland. (betsy) hmmhm... gonna be tough to top. ♪ (betsy) well played. (vo) add some thrill to your wish list. at the season of audi sales event. get exceptional offers now. ♪ ♪ >>> good monday afternoon, everybody. welcome to power lunch the dow and the s&p are higher ahead of tomorrow's presidential election, but paring back an early rally and nasdaq has turned negat

jay clayton will leave at the end of the year. he's led the sec since 2017.is term is set to expire in june. the u.k. is signaling it won't back down as brexit talks with the european union enter another crucial week. iticials from both sides say will be pivotal in trying to reach a trade deal. two of the senior officials from the brexit campaign left boris johnson's inner circle last week. the u.k.'s chief negotiator insists he will not be changing his position. it is a milestone trip for elon musk's spacex. four astronauts are aboard one capsules onny's their way to the international space station. spacex and boeing have won contracts from nasa to fly crews to the space station. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> we are going to have meetings between our top scientific advisors and the officials of these drug companies, not just pfizer. there are other common thing seems as well. we will start those consultatio

jay clayton is retiring at the end of the year.i saw so far about this is their vice chairman of their securities regulatory agency said they should be able to work this out, no problem, under a biden administration. the impact will be whether or not we continue to move forward and again the transparency that u.s. investors want so we can feel safe. china is a huge economy. it's the second largest economy in the world. there are great, innovative companies there. but without that transparency, i think there's a little bit of a cloud over this. maria: well, the pentagon has identified 30 companies that are tied to the chinese military. china of course wants to become the leading super power and, you know, they're going to be more you aggressive in terms of these companies trading on the new york and the nasdaq. so we'll see what kind of impact this has and whether or not it sways investors into not buying things like the msci index and some of the etfs that hold the chinese companies. that was really my point. i'm not sure we know t