and so we welcome the issuance of the rfi. with respect to the changes that will ensue, i think the jury is out on that. we have had something like 1900 comments that have been submitted so far. we've had some listening sessions hosted by ftc and doj, and so we are still in some ways collecting input from stakeholders. with respect to the changes that we might see, i can hazard a guess. if you take a look at the rfi it appears that there is some assumptions baked into the questions, and i believe that those assumptions are problematic. and so i would very much appreciate the submission of comments on a couple of topics that i'm going to mention now other a topics that commissioner phillips and i mentioned in our statement that was issued when the rfi was issued. so, for example, the rfi six examples of mergers that harms competitions to compete with the merged firm. this question clearly is equating harm to rivals with harm c to competition but we hae decades of precedent indicating that, in fact, the purpose of the antitrust

. >> i supported the issue of the request for information and as we expect when the rfi itself is issued to have a long history those recollecting for the stakeholders so we agree that it is a good thing to revisit those merger guidelines to make sure that they reflect down economic analysis and other emerging forms of competition in the industry and then we welcome with respect to the changes that would ensue because something like those 1900 comment submitted so far we have listening sessions so in some ways we're still collecting input from stakeholders. with respect to the changes we might see if you look at the rfi come it appears that there is some assumption they can to the question that i believe those assumptions are problematic so i would very much appreciate a couple of topics i would mention now but that was issued in our statement does rfi talk about how those mergers made it more difficult for the rivals and this question is clearly equating the rivals to the competition we have decades of precedent indicating to protect competitions and not competitors so that assumption m

the rfi questionnaire was ultimately sent to 8 firms and all of them, each of which responded within 30 days and atc reviewed and scored the submission from the responses. firms were scored across the polling dimension and people, processes, risk, performance, organization, in linement of interest and (indiscernible). score were compiled among staff and atc and three firm were selected as finalist for diligence. staff conducted additional reference calls of clients of each three firms and ultimately selected para metrics on the basis of the deep and experienced team, their dynamic allocation process, strong risk management and reporting and historical tracking arrow and organizational strength and competitive deed proposal. as a result of the search and comprehensive search, staff recommends expanding the services provided by para metric to include leverage implementation. secondly, i'd like to talk about the repurchase agreement. mentioned successful implementation plan for portfolio leverage. it's efficiently and it has returned of financial (indiscernible). leverage is the first a

the rfi questionnaire was ultimately sent to 8 firms and all of them, each of which responded within 30 days and atc reviewed and scored the submission from the responses. firms were scored across the polling dimension and people, processes, risk, performance, organization, in linement of interest and (indiscernible). score were compiled among staff and atc and three firm were selected as finalist for diligence. staff conducted additional reference calls of clients of each three firms and ultimately selected para metrics on the basis of the deep and experienced team, their dynamic allocation process, strong risk management and reporting and historical tracking arrow and organizational strength and competitive deed proposal. as a result of the search and comprehensive search, staff recommends expanding the services provided by para metric to include leverage implementation. secondly, i'd like to talk about the repurchase agreement. mentioned successful implementation plan for portfolio leverage. it's efficiently and it has returned of financial (indiscernible). leverage is the first a

rfi, the relative strength index, below 30, oversold territory. so we are waiting to see what happens next and we will open that inflation print that comes wednesday morning. look at the movers that come on the tuesday sessions. twitter, we are going to talk about this later in the show, down 1.5% after elon musk says if he is successful, he would reverse the ban on donald trump. a mover in after hours coinbase -- the problem with coinbase is you are looking at transaction volume depressed even further, down 10% in after-hours trading. we had been down more than that. this is a company that does well with volatility. we saw a lot of selling in the first quarter, but sales and earnings did not meet expectations. emily: also cryptocurrencies falling. i want to dive into the ongoing volatility in the tech sector where we've seen a big selloff since the start of the year. i'm joined by the chief market strategist at putnam investment. thank you for joining us. what do you make of this selloff when it comes to tech? have we hit bottom or is there more

as chairman mick williams has stated, when you demanded the fdic issue in rfi issuing bank merger policiesthe chairman expressed a willingness to work with you. you submitted a draft that fdic was filled with omissions, misrepresentation, and technical inaccuracies. they drafted a reflecting their expertise. you forced and unprecedented and illegitimate vote on your draft, disregarding the draft that reflected the expertise and knowledge of the staff of the fdic eye. have to say i have difficulty believing that you tore down the fdic's rules and norms simply over the question of the wording of a merger rfi. particularly since a few months earlier the center for american process began to very publicly seizing an unprecedented control of the fdic in order to eliminate all obstacles to the democrats natural agenda. you and your democratic actions snack of the planned partisan power grab to enact this agenda of the fdic has done lasting damage to its independence and its credibility as a financial regulator i want to get to this udaap expansion to disparate compact. >> senator may i respond? >

difficult to be living going down the rules and norms simply over a question of the wording of a merger rfi. a few months previously center for american progress began to publicly urge democrats to seize unprecedented control of the fdic's board to eliminate all obstacles democrats, radicals. the fdic's with lasting damage on independent and credibility as a financial regulatory. want to get to this expansion to disparate impact. >> may i -- >> i might run out of time -- >> you've leveled -- i don't believe any of it is in accordance -- >> i need to ask my second question. >> when it comes to process, there was long-established process for 90 years how the board operates, sometimes congress has changed the composition of the board. every single process was followed and what we heard back was staff is not going to be able to talk to you, disrupting all of the norms of career staff engaged. this was unbelievable and sad. honestly, we have to be committee to upholding the rule of law how the agencies are governed. we cannot simply make up the fact that a chair can overrules super majority -- >

one part, one way is through rfp's or rfi's. you don't have to go through that process, all of your service providers having systematic reviews and reviewing fees is important. using standard agreements with investment managers and consultants of risk management tool and save time and money. and you can have other tools that you use to monitor performance. you certainly use with investment reporting you get and reporting you get from staff with respect to interactions with your members, periodic meetings, watch list procedures that you have, all of those are a part of this or comply with or intended to comply with this obligation to monitor and provide fiduciary oversight with respect to your delegations. next slide, please. how do you share you have been comply with your fiduciary responsibilities? first of all, recognize that although you have broad discretion in your decision-making and you have exclusive authority over administration and investments with respect to the plan, it's not absolute. so what do you do to avoid abus