. >> host: another piece of legislation that's making its way through congress is representative mary bono macs data security breach legislation. what's the position on that? >> guest: actually, we don't have a position on that. as we go into the cloud and give up information, these are really critical issues coming for us. how much of your information do you own? what's the responsibility of a company that uses it? what happens as we proceed along? there's so much more happening in the application world about gathering information about yourself, your where abouts, what rights you have, but i think in a reasoned way, public policy can deal with the issues. when the credit card was first introduced, there was great concern about losing everything, and congress did something smart saying, you know what? the most you'll lose is $50 if you lose the credit card. that unleashed a great use of credit cards, but helped the economy with financial transactions, made the passing of dollars bills a lot less, and it's helped society. we'll find our way out of the privacy issues recognizes the tradeoff

gary shapiro, another piece of legislation that's making its way through congress is representative mary bono mack's data security breach legislation. what's your position on that? >> guest: we don't have a position on that. as we go into the cloud, these are really critical issues which are coming first. how much of your information, what is the responsibility to the company that uses it, what happens as we pursue -- [inaudible] because there's so much more happening about gathering information about yourself, your whereabouts, what rights you have. but i think in a reasonable way public policy can deal with these issues. when the credit card was first introduced, there was great concern about losing everything, and congress did something really smart. they said, you know what? the most you'll ever lose is $50 if you lose your credit card. and that unleashed this great use of credit cards. it made the passage of actual dollar bills a little bit -- a hot less, and it's helped society. i think we're going to find our way out of these private issues recognizing there's a trade-off between someo

we talked to mary bono. i think there's a good chance something will happen. >> one part about implementation while you are still years oversight of investment advisers. what is your stand and chairman baucus to establish one or more self-regulatory -- ly> very skeptical of self-regulatory agencies. i would not want to detract at all olvom the responsibility -- part of it is a self-way. cometling augment. we have to have a private agency. in answer to that if public agencies have enough money particularly the fcc which is not given by the repselflicans spend the money it brings in, i amablery skeptical of selirmregulatory and it should e -- during the debate on the bill that was up and adopted and everybody said it was rescinded. i am not in favor of that. if people want to do stuff -- self-regulatory work that is one thing but i would not detract from the public regulatory responsibometity. ly> herne any thoom eners. anything about an f global's collapse and should congress be involved. >> it shows the impo