. >> mary schapiro: the events of may 6 scared people. they're...'t think there's any question about that. >> kroft: s.e.c. chairman mary schapiro had already proposed rule changes before the crash that would allow regulators to track and identify high- frequency trades, and she is now considering further measures. >> kroft: are you comfortable with computers making, you know, 50% to 70% of the trades on... on wall street? >> schapiro: one of the concerns is, if one goes wrong, if it operates in an unexpected way, given market conditions, what's the impact of that algorithm that has... has behaved in an unexpected way on lots of other investors in the marketplace? >> kroft: and chairman schapiro says it's happened since the mini crash, even though circuit breakers were put in place that automatically halt trading in a stock that moves more than 10% in a five-minute period. >> schapiro: a number of times that those circuit breakers have been triggered has been because an algorithm operated in a way nobody intended for it to, causing a stock price to

that's a good segue into the question. >> who has questions for mary schapiro? >> and i'm not going to comment. i think the sec does a fine job. [laughter] >> so there's been a general -- >> would you mind identifying yourself. >> i'm jeff campbell. there's more years to give more shareholders more voice in corporate governance and certainly several provisions in dodd-frank further move in that direction. as a cfo one of the challenges i find is that when i try to engage our shareholders who are under tremendous pressure to financially perform -- when i try to engage them in discussions around governance and proxy issues, they're often not interested and they say, jeff, i'm trying -- i need to understand your company and your business so i can make a decision whether to buy or sell your stock. that's what i'm going to focus on. as a result, a lot of them outsourced to independent agencies or to create very separate groups within the larger institutional shareholders that's somewhat independent of investment decisions, make decisions about proxy and governance, s

mary schapiro of the securities and exchange commission.our fifth witness is gary gensler of the futures trading commission and the last witness is john walsh, acting comptroller of currency. we welcome our panelists and we will start with undersecretary brainard. >> thank you, chairman bachus and ranking member frank. i appreciate the opportunity. some would argue the united states is moving too fast on financial reform, that we should slow down and see what other countries implement. i don't agree. by moving first and leading from a position of strength we are elevating the world standard. with financial markets that are more globally integrated than ever we need financial reforms that are more globally convergent than ever. we don't need to synchronize across all issues there are a few key reforms that must be global in scope if they are to proceed. the risk of regulatory arbitrage carries real impact. it means a race to the bottom for standards and protections. it means potential loss of jobs in the american financial sector if firms mo

[inaudible conversations] >>> securities exchange commission chairman mary schapiro spoke this week toporate executives at able street journal conference in washington, d.c.. she discussed the u.s. financial system and the implementation of new financial regulations. this is a half-hour. >> thanks, everybody. we will try to make this interesting. i am the editor of the investor which is of course the when you read first. [laughter] and we have the pleasure of talking to mary shapiro and she really doesn't need any introduction. the only thing i would point out from personal experience i was their working on the financial crisis, and there were a lot of people, serious intelligent people saying the sec would never survive, there would be no fcc after the financial crisis given the performance of the agency, mary's predecessor, during the financial crisis. the fact is the fcc is still here and mary has been a great job of removing it and expanding its capability and it is now past with a number of important and crucial tasks including of course writing the detailed rules in dodd-frank an

next witness is mary schapiro, and our fifth witness is chairman of commodities trading commission, and our last witness is mr. john walsh, acting comptroller, and we welcome the panelists. we start with undersecretary brainard. >> well, thank you, chairman baucus,. i appreciate the opportunity. there's some who would argue the united states is moving too fast on financial reform, that we should slow it down, wait to see what other countries implement. i don't agree. by moving first and leading from a position of strength, we are eellating the world standards to ours. with financial markets that are more globally integrated than ever, we need reforms that are globally convergent than ever. while we don't need to be the same across all issues, there are a few in scope that are needed to succeed. arbitrage carries real impact. it means a race to the bottom for standards and protections, and it means a potential loss of jobs in the american financial sector. if firms move overseas, and it may increase the possibility of future financial instate if riskier activities migrate to areas with l