mr. becker's interest. nevertheless, i have serious questions about the conclusions of the sec's ethics office, chairman shapiro, that these issues had no effect on mr. speaker of's financial interest. someone else of question might have tried to get vintage of the situation. i also have questions about whether mr. becker's interest should have been disclosed more widely within the sec, and i hope we can learn more about this process today. i also invite my her republican colleagues to join us in making sure the sec has all the resources that it needs. the proposed cutting $148 million from their budget. and we do need a robust sec. chairwoman shapiro i read what you have done and accomplished. you inherited a mess. an agency that chairman mccain said should resign. we understand that. and so again, i'm looking for a fair hearing and one where we can get to the bottom of all of this yield back. >> i thank the ranking member, and all members may have seven days to submit opening statements for the record. we

mr. becker. mr. becker and the sec's decision appeared to have been completely against his financial interest. you got a id coming out that would clarify things more but first reading the information it appears that the decision made was against him and against his financial interest and what he thought was the right way to go. if the sec supported bank interpretation or the law firm's interpretation instead of the trusty's interpretation mr. becker might have had no exposure at all. is that correct? >> yes. the point is the five hundred thousand dollars that started the becker investment was going to come back. as you indicated, it was for fictitious profits that would be the claim as a trustee independent reporting to the court, not the sec. it dealt a little difference whether this should be a modest way to return or whether there should be some adjustment for inflation. that is still not determined a month after he left the agency to scroll down and individual compensated to give that up with no p

mr. becker's suggestions been taken, in fact, mr. becker's mother's estate of $2 million would have benefited while all those who were there to the end and lost so much p would have been victimized. the problem we are going to be probing into this this hearing in addition to others -- in this hearing in addition to others is can we trust an sec where the process allows an individual to inform the chairwoman, to inform the ethics individual who actually reports to the general counsel and get, effectively, a clean bill of health not to disclose and not to recuse and even to be involved in an action that had it been accepted, as our understanding is, by the trustee would have led to a distortion of the process in fare of mr. becker's family? now, we take mr. becker at his word that, in fact, he intended no wrong. we're willing to take factually the 25 minutes, the ethics individual at sec made a determination there was no problem and stuck by it. we're willing to hear the chairwoman out here today. what we're not willing to do as a commi

mr. becker had recused himself, absolutely. >> reporter: the s.e.c. is now asking congress for ramped-up funding to better police wall street. but republicans argue the agency must change the way it does business before it gets more money. darren gersh, "nightly business report," washington. >> susie: you know it is a bad day of trading when all the dow kpon ens that trade here were in the red except for one, and that was mcdonald's up by almost a dollar. other than that, it was all in the red. >> tom: broad-based selling as we mentioned off the top of the program, not too many places to hide at all either in the stock market or elsewhere. let's get everybody updated in tonight's market focus. no doubt about the weakness we saw today-- even as oil prices dropped, stocks still couldn't find buyers. here's the past 90 sessions of the s&p 500. the index has broken below its previous lows last month, and is below 1,300 for the first time since the last day of january. two of the best performing dow stocks over the past two years were among the worst perfo

well first of all it's a pleasure to be here as always and it's good to know that mr becker hasn't starts on the wonderful fantasy that america's the great evil everybody else is the great good these hearings are about the radicalization of muslims as pacifically as as as i have read things muslim use there is a conversation to be had about what's happening in america and why is it that we would allow people like like al qaeda and other groups to come try and radicalize americans bring them back out of the country to do harm to the west and this isn't just about america although peter king is focused on america like he should be these are people these radicalized muslims who are doing the attacks in london in mumbai in bali in madrid you would have to you were quite literally have to be a member of an answer to not actually understand that this is happening but tell me i want to get in there really quick and just ask you and to sort of respond to sort of answer that i mean you talk about this these terror attacks in other countries one of the ones that have taken place in this country the

mr. chairman. you have many roles, one of them is banker in chief for the 80 industry. you provide loan guarantees for nuclear power plant -- becker in chief for the energy -- banker in chief or the energy industry. do you think this will make it easier for investors to make investments in energy? >> i cannot predict what wall street will do. the events in japan will cause everyone to look back had their nuclear plants. that is a good thing in the sense that you take this opportunity to look back and see what you are doing and are you doing everything possible to maximize safety. >> along those lines, are you going to reassess, as the banker in chief, what you charge for the loan guarantees given the events in japan? >> the risk premium is a credit subsidy issue. >> are you going to examine it in light of what happened in japan? so you are going to re- examining? >> the omb is the part of the government responsible for that credit rating. >> should omb examine the risk premium? >> they will include anything happening in japan in their risk determination. >> the department has awarded an $8.30 billion loan guarantee. three days bef