mr. brennans. when i discussed the view, i'm going to discuss the view of our six million clients and tole you in the behavior that is they've kpibltsed in the last couple of years, it would be trading accounts increase 31%. it indicates how much exposures people are taking into market. are they participating in the rally that's happened over the last couple years. and a significant portion of them being half. that being said, i would agree with you that there is a perception problem in the segment of these clients, those would be the clients that are probably closest to this. most of mom and pop, really, these terms don't immediate anything. they're just terms to them. the problem is in that segment, as senator johnson pointed out, that we don't spook them. we don't want them to think that they're being treated unfairly. >> thank you. i thank the witnesses. >> thank you. >>> mr. brennan, earlier this year, you said that some high-frequency traders play a role in knitting back together a fragmented

mr. brennan, earlier this year you said that some high-frequency traders played a role in getting back together a fragmented market structure. other traders may be unfairly taxing the system through their behaviors. that someentioned high-frequency traders unfairly tax the system, were you talking about firms that engage in rebate arbitrage or they tried to capture ones? >> there are folk there. they contribute to that problem. >> i think the market structure improvede has genetically over the past 20 years. >> i'm talking about the part that has not improved. >> some high-frequency traders unfairly tax the system. you are referring to the firms that engage in rebate arbitrage. thek you whether or not iser/taker system contributing to that problem? that in combination toh data speeds contribute potential issues. >> any have rebate arbitrage without rebates? >> no. >> they contribute to the problem. >> yes. i think you were critical about the testimony. i am wondering whether you would be able to provide him with the order routing data so that he could analyze it? we were there at her was tore w

mr. brennan and then mr. quirk. >> thank you. >> kindly thank you all for being with us. >> chairman levin, senator johnson, we appreciate your interest in regulatory structure of the u.s. capital markets. my name is tom farley and i'm the president of the new york stock exchange. i have been in the business of running exchanges for most of my career, including as president and c.o.o. vice futures u.s., formerly the new york board of trade. as market operators, we have come to the view that the u.s. equities market is highly fragmented, making it overly complex and opaque. the regulations and structures in place today incentivize participants to make it more complex and more opaque. numerous surveys have shown that this structure does not contribute to investor confidence or high systems reliability. as the dominant rule setting the boundaries of equity market structure, regulation set out to accomplish several objectives. the first was to increase competition among markets and among orders. while the rule di

mr. brennan. >> thanks, senator mccain. as to whether the markets dr there's a perception problem or not and a confidence issue, the only thing i can judge that on is generalitily our business and our customers, our clients. at vanguard we have seen record interest over the last few years in our products, the majority of the flows we have seen have been into our ecity market products, vanguard at 138 billion of client assets come in the door last week, and 76 billion in the first five months of this year. again, the vast majority of those sums have been going into the equity products. >> well, mr. brennan, i think it's like the old story of a guy some of the small town that said to the other guy, what are you going to do on saturday night? he says i'm going to the poker game. he says why? because you know the game's crooked and the guy says, it's the only game in town. so mr. brennan, i don't accept your allegations that everything is final, but if that's your view, i respect it, but i don't agree with it. when i discuss th

mr. brennan. when i discuss the u.s. will discuss the view of our 6 million clients and tell you, and the behavior as they have exhibited in the last couple of years they would be consistent. we have seen trading accounts increased 31% and have a proprietary index which recreated a couple of years ago which indicates how much exposure people are taking in the market. they are participating in a rally that is happening of the course of the last couple of years, and a significant portion have. that being said, i agree that there is perception problem in this segment of these clients. those would be the clans that are probably closest to this. most of the mom-and-pop, these terms do not mean anything to them. they are just terms to them. the problem for us is in that segment trying to make sure that, you know, as i think senator johnson pointed out, we do not spooked them. we do not want them, you know, to think they're being treated unfairly. >> thank you. i think the witnesses. thank you, mr. chairman. >> thank you. earli

mr. speaker, we have the best ice cream company in the world brennan, texas, and their motto is we eat all we can and we sell the gas. that's what should be our motto for natural gas. we should use all we can and sell the rest. as chairman of the trade subcommittee on foreign affairs, i did a hearing on more l.n.g. exports in april. every witness at the hearing from the union representatives to the professor agreed that we should export natural gas. we have too much gas, and our allies have too little, and then there's russia. russia has an energy strangle hold over europe including ukraine, and just this past reek russia announced they would require payments upfront from ukraine and russia has increased the price of natural gas and even stopped sending natural gas to ukraine. isn't that lovely? ukraine needs access to natural gas down the road. that could be the united states. we need to compete with gas prom. that could be the united states. that's how we could help thwart russian aggression in eastern europe. so technically, the united states can export natural gas, but the approval pro

mr. vickers, you probably remember at the o, -- oss dinner john brennan got up and said there was not a better relationship that exists today. how much of that is personality driven? and a few years ago the former dni testified in front of the senate committee about do we need to relook at title x and title 50r authorities? do we need to look at something to codify those relationships under something like a title 60? >> the fact that a number of us have worked together for a lot of years clearly helped, but i forgot the french politician who said graveyards are filled with indispensable men. i think that we've put enough things in place that it will survive the current leadership. it's a very good way to do business and the challenges we face dictate it. i don't think we need a, you know, we've evolved a lot since 2009 and beginning of the administration and the title x, title l, title lx debate. we are very, very integrated and go back and forth, and that part of the system's working very well. >> right back here. >> peter humphrey, i'm an intel analyst. are you happy with the level of our de

brennan taking a break from her travels. time magazine's foreign affairs correspondent michael crowley and james jeffrey former u.s. ambassador to iraq. mr. ambassador, you have heard the discussion this morning. what would be the main point you would make right now? >> the most important thing is this is a national security emergency for the united states. president obama laid out how important it is as senator john barrasso says it is a possible civil war in the middle of the middle east. and it's even impact on our oil and energy security. so we need to act and we need to continue acting quickly. >> schieffer: here you have maliki who is not at the point of thumbing his nose at us at this point he is saying look i'm not making promises about being more inclusive here. can this thing work if he stays? >> it cannot work in my view if he stays but he has to win as john barrasso said a majority in the parliament and it's not guaranteed he will do this because people are unhappy with his leadership >> schieffer: what happens margaret. you have been with the secretary of state and know what he has been pushing. where does he see this going?

mr. kennan brennan. >> thank you mr. speaker. the prime minister. >> thank you mr. speaker. minister colleagues and others in addition i shall have further such meetings later today. >> thank you mr. speaker. i spoke yesterday to my constituent thompson who let constituents across the house was anxious because of his sons passport had arrived on time. she was quite shocked to find that the passport agency returned a surplus of 73 million pounds. what does it say about the values of his government that the chancellor is made into profits over her constituents misery? >> first of all what i would say to his constituent and indeed any other constituent in this house this is an important issue. it is a difficult issue. we must get it right is this. anyone who needs to travel within the next weekend who has waited more than three weeks through no fault of their own will be fast-tracked at no extra cost of a can get a passport in time because i don't want anyone to miss their holiday because of these difficulties. in terms of what has happened we have seen a 15% increase over the