sec. he served as the ceo and president of the u.s. dairy x or counsel -- expert counsel. he was the 40th government of iowa. a former member of the iowa state senate and a former mayor of his hometown of -- hometown. thank you. a pleasure to have you before the committee and we look forward to your comments. sec. vilsack: thank you, madam chair. i appreciate the opportunity to be here and i appreciate the invitation from you on the ranking member for the opportunity to be in front of this committee. it would be helpful if i could highlight three recent announcements in my opening statement. i will be glad to respond to questions that the committee has. as we all know, we are dealing with a situation involving infant formula thanks to the quick action of congress, you all provided the department of agriculture additional authority in terms of wic that will allow us to work with those who produce formula in this country to create more supply. we just sent a letter to all of the state health

sec. becerra: good morning. thanks for taking the time. on friday, june 24, five americans decided to use the vast power bestowed on them by our democracy and our constitution to unconscionably put at risk the life and health of millions of our fellow americans. they chose to unconscionably limit americans established freedoms and economy to control their own body, decisions usually made in consultation with their doctor, not a politician. they chose to strip away the fundamental health care protections that every american of childbearing age has known all of their lives. fridays supreme court decision was despicable, but it was not unpredictable. hhs has been preparing for this for some time. that is why earlier this year we launched our hhs reproductive access task force to prepare for every action necessary to protect women's access to reproductive health care. there is no magic bullet, but if there is something we can do we will find it and we will do it at hhs. indeed, that was the in

sec.uttigieg: this is a huge achievement that we need to make sure is well understood, even if that means being maybe a little shameless compared to how we're used to being on my side of the aisle. geoff: then... climate costs -- with democrat'' agenda staed in congress, we look at the economic effects of unchecked climate change. and... metaverse dangers -- how future technologies could accelerate the spread of dangerous conspiracy theories, like the ones that fueled the capitol attack. all that and the day's headlines on tonight's "pbs news weekend." ♪ >> major funding for "pbs news weekend" has been provided by -- >> for 25 years, consumer cellular's goal has been to provide wireless service that helps people communicate and connect. we offer a variety of no contract plans, and our u.s.-based customer service team can find one that fits you. to learn more, visit consumercellular.tv. ♪ >> and with the ongoing support of these individuals and institutions -- ♪ and friends of the "newshour

why should the sec regulate crypto?regulator, existing rules might cover crypto, cryptos again, a very broad topic, certainly things we could have done by crypto lending, one area where we might have written rules and might have prevented what happened from happening, there are other areas they could help people buying these crypto tokens to get disclosures to make decisions about these tokens but congress is considering whether they want us to have regulatory authority, and looking at other agencies, whether they have the authority to other agencies. i hope we would be able to step up and show we do a better job if congress decides to give us more of already. jack: a lot of problems, counterparty risk, wasn't actually sustainable. to many other asset classes. one specific thing the entire crypto industry is thinking about that desperately want an exchange traded fund that owns bitcoin or whatever. where does that stand? >> the last four years, bitcoin has been around a long time and people are wondering about a product

sec. smith: of course tribal nations are sovereign nations and they decide for themselves. and while they should, according to treaties on power on tribal land. that is the situation. health care is available for people who receive health care through the veterans administration and they want to thank my colleague who has worked so hard on that. it is very important for us to consider. the other thing i'm very focused on is what can we do to shore up access to abortion care in states where it is still legal, including on federal land like my state of minnesota, where the governor who is running for reelection made an executive order clarifying he will use his power to preserve abortion care for people who live in minnesota and will come to minnesota from other places. president is talking about this as well, freedom to travel is one of the fundamental freedoms in this country and we should not allow state legislatures to infringe upon it. what other thing, administration has also been clea

joining him, the lawyer who the sec is trying to get kicked off the case.'s with us, right here live, next. closing bell, we're 19 minutes away. dow is still up about 58 points the nasdaq though at the start of the session a gain of 1.6% or 194 points, you can't miss the last 18 minutes of this hour . in a recent clinical study, patients using salonpas patch reported reductions in pain severity, using less or a lot less oral pain medicines. and improved quality of life. that's why we recommend salonpas. it's good medicine. reliq health is a profitable global medtech company achieving strong quarter over quarter revenue growth. with a rapidly expanding base of over 120 us clients, reliq expects to uplist to the nasdaq this year. reliq health technologies - look, this isn't my first rodeo, and let me tell you something. i wouldn't be here, if i thought reverse mortgages took advantage of any american senior or worse, that it was some way to take your home. it's just a loan designed for older homeowners and it's helped over a million americans. a reverse mortg

the crypto platform is facing an sec looking into filings. what is the sec contending?sec is trying to weigh in on one of the biggest issues facing the crypto industry. whether these exchanges like coinbase are -- if the tokens they are listing our securities and if the sec determines that they are, that potentially requires these firms to register as exchanges with the regulators. it could be a big deal. it comes at a time where a lot of these exchanges are arguing that they don't offer any securities that all of the tokens on their platforms are commodities. it's a hot debate right now. emily: why is it so confusing? why is it so hard to answer that question? is crypto a security? >> imagine how many renditions this argument has taken. and fts, or crypto itself. when i go back to what was said in a big tweet last year, this is when it started to get contagious between industry and the agencies. what ryan armstrong said was they refused to tell us why they think it's a security and instead they subpoena a lot of records from us. we comply then they tell us they will su

sec. haaland: hello and good afternoon. chairman schatz. vice chairman murkowski. and members of the committee . [speaking native language] it is deeply meaningful for me to speak to you from the ancestral homelands of the antique austin and piscataway people. thank you for the opportunity to present the department's testimony at this important oversight hearing on the federal indian boarding school initiative, an s-2907, a bill to establish the truth and healing commission on indian boarding school policies in the united states. the biden-harris administration is determined to make lasting a lasting positive difference in response to the trauma that federal indian boarding school policies have caused. i would also like to thank my dear friends, senator warren and co chairs of the congressional native american caucus, representative sherice davids and tom cole, for prioritizing legislation to address these policies. for over a century and a half, the federal government, including the depar

sec.n: we are in an important moment for our economy and it presents an opportunity for us all to take stock. the united states experienced his start economic recovery, a rebound unmatched in our nation's modern history in its speed and scale. right now, even in the face of global headwinds including a war in europe and variants of the pandemic, our economy remains resilient. our unemployment rate stands at a 6.3%, household finances are strong, and industrial output continues to grow. this outcome was not preordained. in january 2020 one when president biden and this administration took office, the unemployment rate was 6.4%. 834,000 new jobless claims were being filed each week on average. 20 million americans were receiving unemployment benefits. only 1% of americans who had been fully vaccinated against covid-19. over 3000 people were dying from the virus each day. in many respects, by the time president biden took office, our economy had been brought to a standstill. at its core, rema

they could not do it without the wonderful support from the sec. i am wondering how the pandemic has changed -- the understanding of digital gaps and the role libraries are playing? jessica: it has become apparent that they can and should play a bigger role. just today, we -- it is amazing the program has never thought to do that. the largest program that goes to libraries and schools and there is i am left and -- imlf. why don't we work together? we managed to put it on paper so we are going to look for opportunities to make sure we work more in concert to connect libraries in more places. patricia: that is wonderful. [applause] as we were talking back stage we both said it is life-changing because it is a different way of looking at the way we can play together in strong partnerships across line. that is going to make a significant change for libraries and our community. thank you. last summer, alas public policy and staff spoke with library directors who were planning to apply for ecf, emergency connectivity fund. one a librarian was misty hawki

it has been publicly trading since 15, sec reporting since 2020.asking the sec to bring this closer into the regulatory perimeter, give additional protections, give additional disclosure and the sec is kind of shunning the opportunity to do that for investors. investors want this. investors deserve this and they're a disclose sure regulator to f the disclosures are out there, risks are outlined investors should be free to invest in anything they want. charles: just like they do with everything else? >> indeed. charles: you know, really interesting to me is that i mean, to a degree obviously you would seem like this is a slam dunk but your lawsuit was ready. you filed the lawsuit immediately. you knew there was always a slim chance that they would reject. this was it just being crossing the ts and dotting the is or was there some other indication there would be pushback? >> our team has been working on this literally since 2013 when we first launched this fund. so we were prepared for any and all scenarios no matter which way the sec ruled here. cha

gary gensler at the sec he thinks ethereum might be a security.istered. that you're essentially operating illegally. that opens the company up to a lot of damages. it has sunk the price of xrp since they brought the case back in 2020 but that is a big if. it looks like, we're all reading tea leaves everyone that wants to follow this the sec is starting to get its rear end handed to it. the judge is deciding with ripple in this case, motions for discovery, documents related to a guy named william hindman, head of corporation finance at the sec who was essentially part of the decision making on what is a security and what isn't during the jay clayton years, that is under trump which brought the case ultimately, the enforcement division brought the case. hindman wasn't part of that but he gave a famous speech where he said what was a security, what wasn't. he said bitcoin wasn't a security. actually said ethereum wasn't a security. everything else was, subject to the sec the documents surrounding his decision making is key to this case. sec wants to

not in that sec jurisdiction.this, maximalist, would you call yourself that? >> yeah, i would probably call myself that. charles: would you welcome this? i look at, i have just 1.1 bitcoin for the record. i put a toe in the water but i'm dubious. i get worried. i know it needs guardrails. it is kind of like the wild west right now. do you think there might be some nefarious you know, alternative really measures by the government for wanting to be involved so deeply? >> i think we need regulation really are got clarity, so it opens up more avenues for people to invest, for pension funds to get in, for more retail awareness really. i'm not worried about nefarious activity because bitcoin has never been hacked. look at fallout from companies we see from companies were not properly collateralized, or collateralized against bitcoin. they dropped a bit. we need regulation what is a token, security, all of that. >> what we've been seeing the sec only regulating through enforcement action which isn't active enough in prev

sec.o: thank you, lisa. as you just said, every piece of modern medical equipment, every piece of military equipment, everything that needs a computer or that is digital runs on chips. the reality is we don't make very many chips in the united states of america. in fact, alarmingly, for the most sophisticated chips, we buy almost all of them from taiwan. we are incredibly dependent on asian countries for our supply of chips, including those that are necessary in all of our military equipment. so the united states is at a risk and we need to make more of these on our shores in the united states so we cannot only create jobs, but also protect our people. lisa: i haven't heard anyone disagree that there is a need, but some folks say there is other needs as well. we are talking upwards of $50 billion. that could perhaps go to freezing student loans for a year or needs for the pandemic. why is this more important than those other things our country needs right now? sec. raimondo: first of all,

it never happened, he was sued by the f sec. a similar plan of attack may be going on here, where, potentially, he went into this half-baked and now, when he saw what he was buying for the price, maybe he truly decided, you know what? i don't need this and by the way, he was able to unload quite a bit of tesla shares in the meantime, in an effort to fund his deal. so, he has sold billions of dollars of tesla, that may have been a way for him to do this more artfully, other than sending alarm bells to people that he thought tesla was overvalued, but is also on the table. >> alex, no you're not an attorney but you know an awfully lot about this deal and how things have gone up to this point. you made an interesting point to me earlier when you talked about elon waving that right to due diligence, now this letter from the attorney says hey, i want more information, i did not get the information, i asked twitter repeatedly and still did not get it and that is why i am terminating the deal, how can he do both? waive his right to due

the sec's rule proposals go well beyond disclosing what is material.it is saying even information that isn't material has to be disclosed. that is really a very dangerous trajectory to the sec to be taking, and one that causes great concern to people like me, who believe in the agency, and believe in its mandate. maria: of course, you do, and on that point, you also have wealth managers being questioned by the sec in terms of how much of its investing he is esg, of course, environmental governance. a that you have asset administration out there saying we want to make sure following all rules have much money in esg alienating series parts of the market like fossil fuels, that is the point. >> the difficulty here is that unless this rules are tailored to deal with financial materiality and unless they are set forth in very clear format all of these money managers, all of these companies are going to be at sea going to be at a loss to know exactly what to do. and what is worse is -- once these rules are adopted, they will be a heavy enforcement component

i mean, now sec commissioner and as you can see he got a warm welcome by gary gensler.s on expanding the powers of the agency, which is having a tough time let's face it, keeping up with the current duties especially those that entail protecting the individual investor. of course, the history of the sec has been nothing but disdain for individual investors from the very beginning. i mean, think about the first chairman joseph kennedy famous for selling all of the stock after he got a shoe shine and the shoe shine guy looked up at hem and says what do you think about this market? he looked at the guy, went upstairs and sold it all thus creating a belief that if retail is buying institutions should be selling. by the way that was a 1934 and since then, not a single major scandal has ever been stopped in his tracks. instead, once the favorite guys and gals, right, but mostly guys , once they finish plundering the public, or their greed pushes the envelope to the point point of no return and it all boils up then the sec springs into action. so now the agenda is to make sure

, the big ten and sec will be dommen dominant conferences.ts making a mockery of rivalry and tradition. joining us now brady quinn, former all american at notre dame. fox sports football analyst, thank you, what do you make of schools from california joining the big ten? >> trey, does that surprise you, southern california now big 10. everyone right now, in realm of college sports is looking for stability, big 10 and sec provide, that from that stand point looking at changes in college sports in particular football with nil, name, image and likeness, transfer portal, and changing landscape and looking for more tv rights deals makes sense, the last thing, look at usc and ucla. hard on west coast being a part of noon, eastern time window, the most watched window in college football. when you are a part of pac-12, now a part of the big ten. they will have the opportunity to be a parts of that every week. trey: i'm ask you about noon kickoffs. but, i will -- in honor of you and ratcliffe, i will ask about notre dame, the biggest catch of all, do

hester peic -- hester peirce is an sec commissioner.i notice away from the themes the president will talk about, business investment off of a cliff. lisa: that is what we are seeing from companies in their anecdotal reports, that they will curtail spending. you are seeing that from company to company, and now you are seeing that in the data. right now, the soup of uncertainty is making it very difficult. i don't see how people are viewing this as giving the fed a green light to back away from rate hikes which is how it is being treated in markets. tom: massive curve dynamics since yesterday. the twos-tens spread was -31 basis points. we have basically halved that down to -17, -18 basis points. it is really dynamic now, linking what the fed will do into our economic data. lisa: dynamic is one word. we are all sort of in a dark room trying to feel for the walls. that is what forward guidance is now from the federal reserve, at a time when we are facing something we have not faced for 40 years which seems like all of the contours of stagfl

i think thatt everyone right now in realm of college sports is looking for stability,po big 10 and sec conferences that provide that. from that stand point, all of thehe changes in college sports in particular football with nil, and the transfer portal and now realign ams and looking for more stability and lucrative tv rights deals it makes sense, last is, looking at ucla and usc. the west coast part of the noon eastern time window. the most watched time slot now for college football. now a part of big 10, moving forward, they will have an opportunity to be a part of that each week. >> i'll ask about noon kickoffs in a second, i'm asking notre dame, they are in the acc now, where theydo they wind up? >> i think i a mis-- misconception they need to make a decision right now, they still have a contract with nbc football. what does that tv contract rights look like. and the money side, but finally, what do may want to do from a scheduling stand point, i said, notre dame would always remain independent. the big ten, offers that bringing on ucla and usc, and potentially whatever other west

internet to libraries across the u.s., with the chair of the sec, jessica rosenworcel, and the access to bridge the digital divide. she spoke during an interview at the american library association's annual conference. >> now, i'd like to introduce you to our opening speaker, federal communications commission acting chairwoman, jessica rosenworcel. fcc chairman rosenworcel works to promote greater opportunity, accessibility and affordability in our communications services in order to ensure that all americans get a fair shot at 21st century success. from fighting to protect net neutrality, to ensuring access to the internet for students caught in the homework gap, she has been a consistent champion for connecting all. she is a leader in spectrum policy and is responsible for developing policies to help expand the reach of broadband to schools, libraries, hospitals, and households across the country. as acting chairwoman. she has continued to be a fierce advocate on consumer protection issues, most notably taking swift action to improve the agency's ability to combat unwanted robo call

so, we know the sec is interested, we've seen another filing the sec asking about -- it's unclear what they might do or what they will do about this. but it certainly opens him up to scrutiny. i should say, he is someone who has expressed outright and open disdain for the regulator for a long period of time. of course, he got into hot water with them, when he announced on twitter a few years back that he had secured funding to take tesla private. for example, that funding hadn't been secured quite to do that -- so, he paid final $20 million. he settled with the fcc on that front. in recent months, he's gone to court to try to get that thrown out. a judge said that that couldn't happen. so, there is a history here, there's an outright dismissive -ness of the regulator. that presents another problem as well. when you have somebody of them means that elon musk has, flatter norms, flouting the role of regulators, what does that say for how we are protected as investors, and how people of his wealth and means are regarded in this economy. i quickly before we go, you mentioned morale at twit

the sec will not look at it probably. they might kick the tires.hing but you know, calls essentially to pass another bill that prevents information edge on congress which is probably not going to pass as well. we'll talk about this story forever. let's switch to elon musk. ellie did a great investigation that musk was under investigation at the beginning of the year, under multiple regulatory probes including a doj probe we should point out. the latest filing from tesla came out today, confirming much of her reporting, that they have gotten, they have gotten information requests specifically on musk's tweeting and whether they, he is following the rules that the sec crafted that he should follow after, remember that infamous 4/20 taking it private funding secure tweet, that proved not to be true. liz: okay. >> part of that sell meant involved him not tweeting or going through processes to tweet market moving information. liz: lawyers, got to get embedded. >> sec wants to know if they're doing that. i would be surprised if they don't ding him on thi

it's related to a previous settlement with the sec. that settlement was the fallout from musk's 2018 tweet that he had, quote, funding secured to take tesla private, a claim the sec says is false. musk lawyers have already filed a complaint. the sec is looking into his tweets about the effort to buy twitter. >>> meanwhile, twitter stock continues to fall. it was down 1.5 percentage points today. google, amazon, microsoft, and meta all also reported losses today. >>> and speaking of, checking in on wall street, it was a mixed day. the dow gained 90 points. nasdaq was down 51. the s&p was up by 5. and despite a dip in the nasdaq, july is so far theet in 2022. >>> coming up, the drought is taking its toll on california's trees. the danger dead trees pose for wildfires. >>> plus, the fight over fowl continues in foster city. when i make decisions as a leader, it's not about me or the folks that are here. it's about the next seven generations coming behind us, making sure that they have the ability to move forward. prop 27 will help small r

and so going back to the sec, we have had an agency dedicated to materiality.disclosures are material to think about the sustainability of an investment in a company. all this and you have an agency go rogue and decide it's going to look at things it's not an expert in. require companies to spend a lot of money disclosing things investors are not even going to be able to weed through it. it really makes no sense particular in this economic environment. maria: we had steve moore on this program last weekend particular health report showing most of biden's economic team has zero business experience. maybe they do not even understand the impact on business, what you think? >> well, it's why the chamber of commerce talked to them, to the administration comments of congress, to policymakers all day every day for their things demonstration could be doing right now to help american businesses. to help american families counteract inflation in these higher prices. until focusing the administration on only things they can do as part of our job. maria: what can they do?

this move follows last year's powerhouse sec allowing texas and oklahoma to join them.eft many wondering if it would change the balance of power forever. has the ncaa outgrown its usefulness? what is the significant nance of them moving out of the pac 12. >> for the normal fan out there, right thousand we have five major conferences in college football. but two of those conferences, the sec and the big 10 are about to enter into media rights fields with fox and espn to pay them far more money than other conferences will be getting. so the revenue share is about to be drastically different. therefore, the valuable brand like texas, oak home a, usc and ucla needed to get on those life boats. you need to get in that spot where you will grow your revenue into the future and keep your longterm stability alive in the athletic department. we are heading into an era with college athletics where we have two major conferences and minor conferences that will be following the lead of the. brian: the nfl having franchises moving divisions without check with roger goodell. so why hav

one that there is regulation according to the chair of the sec, former chair of the sec, but companieslistening, are not coming forward. what do you think? >> at coinbase, we bite ourselves on being compliant, so we are regulated by more than 42 state licenses, we have a truck carter, so we view ourselves as very well regulated. we are regulated at the federal level, by the sec, a broker-dealer license, we are -- we think there is a regulatory framework that is pretty effective. but what we need to do is make sure we modernize those rules and bring them into a space that can really and truly understand the technological capabilities of blockchain and digital assets and help consumers achieve and understand those benefits. emily: if those rules were modernized, do you think the spectacular crash we've just seen could have been avoided? the crash of a major crypto hash fund and crypto lender could have been avoided? kara: it's difficult to pick what may have happened but if we had clear rules of the road for all different companies invade -- engaged in the crypto ecosystem, we have more

one they received subpoenas from the sec this is in may they released it.s are coming out now. they actually released receive this in may but the story is now released. this is why the market is crumbling. in gary gensler believes xrp is a security, which he does, obviously, if they win the case, the ripple, xrp case he also believes etherium is security. unregistered obviously because ethereum is unregistered. he said everything is on the table concerning crypto. everything maybe except for bitcoin could be illegal. if that is the case, coinbase is actually selling or actually, coinbase's platform is actually transacting illegal securities. that is what the market is saying. >> they're not the only one if that is the case. >> they're the leading one. that is why they go after the big guys first. brad sherman, from colorado? liz: california. >> california. he spoke to my producer ellie he was talking to gary gensler bringing cases against exchanges that, that actually allow these non registered securities to trade on their platform. when you start putting a

within corporate sphere former sec commissioner paul atkins here great to see you.w, to -- identify specific risks they face their colleagues face their customers face any other business that does business with those companies, tell me about those climate rules why you think this is the wrongheaded move. >> well, thank you maria it is great to be here one thing i should say, the rules are not final yet, and teller -- the proposal stage important to pay attention now, and to register their thoughts, and objections, it is over first offall he mentioned letter my former colleagues and i wrote richard breed, fill lochner roberts and i sent a alert talking about how this preferred proposal is a highjack overreach, what sec has historically done. it is really, undermines the concept of what is material, to shareholders for company to spend money to report for the public. and basically, undermines any kind of principled focus of this, kind of makes whatever three people on the five person commission at one time think should be done even by sec's own estimates going to more