president joe biden's nominee for the head of the securities and exchange commission faced questions tuesday from the senate committee on banking housing and urban affairs gary gensler who previously served as chairman of the commodity futures trading commission from 2009 to 2014 was asked about a myriad of issues ranging from the recent reddit fueled game stop stocks saga to big coal into the overall health and well being of markets and the economy so let's go over what that the nominee may have and take a look at what's moving markets with ahmed riaz go chief investment strategist with insignia oh and boom bust co-host christine thank you both for being here christy i want to start with you gary gensler faced questions over whether individual investors are being hurt by extreme trading and heavily shorted stocks driven by social media what did we hear from gensler and what is he expect to do if he is confirmed. gary is expected to focus on tougher regulation just as he did when he ran the commodities futures trading commission so right now you have the f.c.c. and the s.c. f.t.c. rev

been tapped to lead the consumer protection financial program and the others up for the security and exchanges commission. lawmakers are expected to grill the two on their plans to regulate the financial system and hold companies responsible. >>> twitter will ban accounts that post misinformation about the coronavirus vaccines. theythat's your cbs money watch report. for more head to cbs money watch.com. i'm diane king hall. >>> happening today a new art installation is being projected onto san francisco city hall. the artist did a test run last night. take a look. its being called we the people, a celebration of community. it features faces of bay area leaders and activists. the artist partnered with a church to make it happen. you can see it from 6:30 to 9:30 starting today until friday. what a cool art installation. >>> let's get a check on the weather now with mary. yesterday was so good. hopefully today is a repeat. >> it'll be beautiful. i think you will like it. we are looking at mild temperatures once again. very similar to yesterday. above average for this time of year. maybe a few more high clo

question ises are we going to respond to that in the right way and unfortunately the securities and exchange commission sec and center of the two main regulators are responding by shutting down speech and basically suspended trade after this subsequently a friday or two ago on more stocks about 15 more stocks and essentially who will be the next roaring kitty, mr. gill, who highlighted the potential of game stop and believed in it and created the phrase diamond hands because he held it in the face of opposition and was rewarded for it? who will be the next person that does the different stock than on his pain attended to and because so many people pay attention to a stock that is currently getting coverage and analysts aren't covering it and someone on the reddit thread says i believe in this company and as a future and they basically are saying that's causing market many ablation and market and the reality is this is the democratic access to capital and so if they respond by suspending treaty and respond by reforming the markets so we deal with the structural issues we will havewe more shutters and mo

stop saga is making or churn to capitol hill as president joe biden's pick to head the securities and exchange commission faces a concerned senate panel and later facebook is being are paying out hundreds of millions of dollars following a court ruling on its financial recognition technology we'll bring you all the details with a packed show today so let's dive right in. and the biden administration is taking a tough stance on china saying that it is willing to use quote all available tools to fight china and its reported unfair trade practices so what does that mean for trade agreements between the 2 nations moving forward we're talking about the world's 2 largest economies here join me now to discuss this boom bust co-host and investigative journalist ben swan ben always a pleasure to have you on bet i want to break this down for us what explain for us the statement by the by the administration that specifically are these tools that they're referring to you have the problem with this story is that we don't know what specifically the tools are britain because even though this very strongly worded statem

executives and this isn't your run of the mill change now according to a filing with the securities and exchange commission the change will affect c.e.o. elon musk and c.f.o. zack kirk corn and the final state effective as of march 15th 2021 the titles of elon musk exact her corn have changed to techno king of tesla and master of corn respectively both will of course retain their titles of c.f.o. and c.e.o. as well as we previously reported in february tesla made headlines after announcing it had bought $1500000000.00 worth of bitcoin now it's unclear why this change has been made other than just like to shake things up a little bit tesla stock was up more than one percentage point throughout the day on the news and that's it for this time you can catch boom bust on demand on the brain a portable t.v. have available on smartphones and tablets through google play and the apple app store by searching portable t.v. or t.v. could also be downloaded on newer model samsung smart t.v.'s as well as roku devices or simply check it out after portable t.v. see you next time a boom bust. i max kaiser one for my guide

tesla filed official title changes with the securities and exchange commission.shington post" uncovered data showing workers at his tesla plant contracted covid even after he ordered them back to work after local health officials warned it would be dangerous for them to return to work. meantime, his company spacex continues to launch small sal lights into orbit intending to spread internet access around the world while perfecting its new starship spacecraft that may one day take humans to mars. eric is a reporter. he joins us from houston. i was in carmel yesterday, saw your book on the shelf. i was very excited that i was going to have you on the show. i want to mostly talk about rockets, of course. but what do you make of this techno king thing? he wants to be known as techno king. >> you know, musk is nothing if not a character i think. so he probably was having a bit of a lark, although clearly since he's filed paperwork he's serious. he's very serious on the spacex side of things for getting credit. his title is the chief engineer of spacex. >> which is inte

mcmaster among the witnesses. 10:00 a.m., hearing for the nominees picked to head the securities and exchange commission and the consumer financial protection bureau. at 10:00 a.m., the supreme court hears oral argument in a case challenging arizona's policy barring voters from casting ballots outside their assigned precinct and the collection of ballots by a third-party. that is all live at c-span.org. >> u.n. ambassador linda thomas-greenfield held her first press conference to outline her foreign policy priorities, including u.s. relations with russia, iran's nuclear program, and policy toward north korea. she holds the u.n. security council presidency during this month. spent good morning or is that amb. thomas-greenfield: good morning, or is it afternoon, i think? good afternoon. it is an honor to be here and i want to welcome all of you here. i look forward to having many such engagements with you in the future. as you know, today, the united states assumes the presidency of the united nation security council and we are ready to get to work. fortunately, i had the opportunity in my first three day

. >>> president biden's nominees to lead the securities and exchange commission and the consumer financialtection bureau appeared before the senate banking committee for a senate confirmation hearing. they answered questions on student loan debt, crypto currency and consumer protection. this is three hours. >>> the hearing will come to order. this hearing will format a few reminders as we begin, once you start speaking there will be a slight delay before you're displayed on the screen. to minimize background noise, please click the mute button until it's your turn to speak or ask questions. you should all have one box on your screens labeled "clock" that will show you how much time is remaining. for witnesses you'll have five minutes for opening statements. for all senators the five-minute clock still applies for your questions. at 30 seconds remaining for statements and questions you'll hear a bell ring to remind your that your time is almost expired. it will ring again when your time has expired. if there's a technology issue we will move to the next witness or senator until it's resolve

securities and exchange commission and was acting chair from january to may 2017. previously he was the republican chief economist for the u.s. senate committee and banking and housing affairs. welcome back. a senior affiliated scholar with the marcotte a center at george mason university. he is the director of the john w glenn junior business program at the university of virginia school of law. prior to that, he was a partner in the securities litigation and enforcement practice. he also served as deputy general counsel at the sec. welcome. professor fletcher, would you begin your testimony for five-minute, thank you. >> thank you for inviting me to testify today. i am a professor of law at duke university, where my research focuses on capital markets, and market and if you lay sure. our capital markets exist to channel investor capital into uses. it also is providing investors with simple returns, allowing and to save for retirement or send their children to college. we are here today because we are seeing trading activity that seems to be divorced from this esse

this coming as the securities and exchange commission is investigating the rise in special purpose acquisitiones to go public by merging in with a spac. what's your reaction to this new way of doing things and the rate of growth of spacs that we're seeing? >> i think that as a general proposition, there are a lot of advantages to it but there are also legitimate concerns about the welfare of those who are encouraged to invest. at the moment, i think a lot of people are hearing about spacs and without really thinking through the issues, they're following the herd, so-to-speak and investing without understanding exactly what it is they're buying into. in a sense, part of it is you are buying into a pig in a poke, if you buy a spac, because you don't know what the ultimate entity will be that the spac will acquire or whether it will acquire any entity. and there are other questions in terms of both disclosures and insider trading, so the s.e.c. i think is appropriately stepping back and looking at this of. right now, its inquiry is informal which means it's asking people to voluntarily turn over

former security and exchanges commission chairman jay clayton will advise affirm on cryptocurrency. a $2.5 billion firm whose cryptocurrency funds are backed by hedge funds. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika gupta. this is bloomberg. ♪ tom: -- >> you see the price action and you wonder is it fundamentally driven or is it something else? this is a big case of that something else. >> it highlights the risk people have not seen on positioning and it highlights the concentration in the market and also some of the leverage in the market, critically the hedge funds. you'll have to be careful. >> i would say your typical average investor, your retail investor, i would stay out of this for the next couple of days. tom: voices on the mystery on the margin call. if you're not a sophisticate on a global wall street, you need to know there is global tension on global wall street over the mysteries of the margin call. our team has put together a great set of interviews starti

insider trader, bogus information given to potential purchasers of stock, we created the securities and exchange commissionion of protecting public interest. we didn't leave it to the wall street brokerage houses to do that. and i think that's where we have to go here, because my republican colleagues, i think if they're saying why does dorsey get to take trump off of twitter, that's a fair question, because who's next? but on the other hand, it's not up to the private individuals like dorsey. it should be up to the public that establishes what the rules of the road are that are in the public interest as opposed to the private benefit of shareholders of facebook or twitter. >> i enjoyed this conversation. congressman, thank you for knrour time. ben collins, thanks for your time as well, as always. >>> we're just days away from opening statements in the derek chauvin murder trial. one of the biggest issues looming over it, what's happening with police reform? the effort to defund the police in minneapolis. we have new reporting on that. >>> and again, in less than two hours, president biden holding that fir

the securities and exchange commission as reportedly started an inquiry into the spac frenzy rubbing wall street. the concern is it may be insider trading. the inquiry is currently asking for voluntary information. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> thank you, just ahead, the latest is from washington. jay powell placed on ir yields well janet yellen and senator warren's bar over oversight of black. that discussion next -- senator warren's bar over oversight of blackrock. that discussion next. this is bloomberg. ♪ >> it is not obvious to me annemarie: that this is the correct -- to me that this is the correct tool. >> designation is what gives the fed increased oversight powers, is that correct? >> yes. >> and is blackrock currently designated to receive that current oversight? >> it is not designated but i think it is important to understand -- >> it is not receiving increased oversight from the fed. are you currently looking at designation for companies lik

the securities and exchange commission reportedly has started an inquiry into the frenzy over spac's,pecial purpose acquisition company's. the sec has sent letters to wall street banks about dealing with spac's. astrazeneca has reported a slightly lower effectiveness rate for its coronavirus vaccine after the results of an american clinical trial were criticized as outdated. astrazeneca says the vaccine was 76% effective in its u.s. trial, down three percentage points. it could delay the shot's approval in the u.s. global news 24 hours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ ♪ >> financial institutions look at -- now and i believe they should have some ability to return returns to shareholders. >> the big banks have a ready seen the green light. janet yellen, the u.s. treasury secretary, from new york city this morning, good morning. here's your price action this thursday morning. in a couple of hours, we will bring you initial jobless claims in america. the fx market, not much pri

president biden's choice to head the securities and exchanges commission goes before a senate committee. some might say that timing is perfect. the stock market drama has been a calling for more regulation of wall street. he has experience as a market regulator during the financial crisis. he was a chairman of the commodities and futures trading commission during the obama administration. in china, president xi jinping wants to mobilize the country for a tech revolution to reduce its dependence on the west. at the annual meeting of china's legislature, communist party leaders will approve a five-year policy blueprint aimed at cutting china's reliance on other countries components such as computer chips. meanwhile beijing will make big bets on technologies such as hydrogen vehicles. macy's is tapping the junk bond market to capitalize on record low borrowing costs. the department store chain is selling $500 million of senior notes to help fund an offer of the same amount. macy's reported better-than-expected holiday sales and also predicted the pandemic pressures will ease later this yea

been tapped to lead the consumer financial protection bureau while gary is up for the security and exchanges commissioncted to grill the two on their plans to regulate the financial system and hold companies possible. >> all right. diane king hall. thank you. >>> some restaurants in san francisco are deploying new technology to try to keep their indoor spaces free of the coronavirus. a system at lamar uses an electronic charge to create a plasma field filled with ions which attach to airborne particles. an expert said that the technology can be an effective tool as counties tein to the red tier. >> its been used in restaurants in japan where you kill the pathogems because are you ionizing the air and they need hydrogen in the air. >> south of market a restaurant has a different system that uses hospital grade uv light. both the ion and uv light systems can kill airborne pathogens to keep indoor spaces safe. >> happening today walnut creek leaders will hear a proposal to make the relief program more accessible to businesses. to get financial aid under the current guidelines the largest loss had to happe

swaps are not transparent by nature family offices don't have to file anything with the securities and exchange commission and prime brokers siloed so he had marg calls at six prime brokers, that is just mind-boggling to me. >> i think that is the response to most people have to what happened today as we starting to unpack what happened is how is it that no one knew the true picture of what was going on and it all comes down to disclosure, transparent, what is required to be disclosed, what is not required to be disclosed. the fact that he's a family office, if he manages outside capital, it is very little but mostly his own money here. and so buecause of that he's subject to different regulations than a hedge fund for outside investors. and because of that, part of that is what enabled what happened last week as well as the fallout today. >> leslie, thank you leslie picker tracking the story. i'll go to karen first on this what were your thoughts when you saw this a lot of people were saying this is not systemic. it is a probably a one-off thing but if this has happened across hedge funds that multiple w

president biden's pick to head the securities and exchange commission gary gensler goes before the senateming is perfect. the stock market drama has many calling for more regulation of wall street. gensler was chairman of the commodities futures trading commission during the obama administration. in china, president xi jinping wants to mobilize the country for a tech revolution to reduce its dependence on the west. communist party leaders will approve a five-year policy blueprint aimed at cutting china's reliance on other countries for components such as computer chips. meanwhile, beijing will make bets on technologies such as hydrogen vehicles. hertz has received an offer to buy the comedy out of bankruptcy. the price of the rental car company could be as much as $4.2 billion. the sum would but -- would depend on existing buyers' desire to take part in the financing. earlier, nike said the executive was not violating the company policy. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika

is it the cftc, is it the sec, the securities and exchange commission. rypto is both a security and a commodity, so they're going to have to work to that out. the treasury department is going to be sort of the uber-regulator trying to figure this out. janet yellen's deputy treasury secretary is going to be the point man on this, so that's the first thing they have to do, figure out who regulates. and then you're going to see some form of scrutiny. and what's really interesting is that the crypto industry expects scrutiny, they also expect that facebook's libra digital currency to get the once-around by the biden administration. and they say that, what's interest about this is that because it has the facebook, because so much retail meaning the average is getting into cryptos right now, you could also see the consumer financial protection board in on this and looking at libra from a consumer standpoint. is it appropriate to be used by consumers. so this is fascinating, what's going on here. again, liz, there's some logistical stuff they have to figure out

and today i am proud to be here as president biden's nominee to chair the securities and exchange commission. i have spent my entire professional career in and around financial markets, in the private sector, in state and federal government, and now in academia. and i believe our markets are the finest in the world. but they didn't become that way through happenstance. in the shadow of the great depression, congress created the sec to protect investors, maintain fair, orderly, and efficient markets, and to facilitate capital formation. in the decades since, we have seen that when the sec does its job, when there are clear rules of the road and a cop on the beat to enforce them, our economy grows, and our nation prospers. but when we take our eyes off the bail, when we fail to root out wrongdoing or adapt to new technologies or to really understand novel financial instruments, things can go very wrong. and when that happens, people get hurt. 12 years ago when i became chair of the commodities future trade commission, our economy was reeling from the financial crisis. my fellow commissioners a

the securities and exchange commission thousand con confirming it's looking into archegos capital's highlyrades that blew up late last week. charlie gas perino -- gasparino, who else? >> it could go into his foundation, the grace and mercy foundation. i've done a lot of reporting on this, i haven't uncovered anything that looks illegal here. if the sec looks at this, which is almost perfunctory, that doesn't mean bill wang did thinking wrong here other than some bad market bets. so before we start saying the guy's in big trouble, you know, just because he took risks, risk is not illegal. you lose money, that's the consequence of taking risk and betting wrong. it's not necessarily a regulatory investigation that catches you in something. but the sec does, basically does these preliminary investigations on everything that pops in the market that looks a little, that gets a lot of controversy. but here's what we know, because we've been doing -- meaning myself and my producer, lydia moynihan -- a little deep dive into some of the facts and circumstances surrounding this charity, the grace and

tesla's filing paperwork with the securities and exchange commission saying musk's new title at the company will be technoking and they're serious. writing abou >> i think it reflects the fact that he would like the public to know that he is like a technical person in these companies. he's not just providing the funding and the vision. we've seen it in spacex. it's not the founder of spacex in official press releases, referred to as the chief engineer of spacex. he wants to be known as the person in the technical meetings. >>> other we were just talking about working from home. dick's sporting goods launching a line of men's athletic leisurewear to compete with lululemon called vrst, high price point just like lulu. the line rolls out to stores starting today. you're wearing athletic urewear, more leisure than athletic and at >> i have to say, i've never worn jeans more in my life than i have in this past year. strange for me. it's strange for me. >> i've only seen you in jeans a few times. >> all right, thanks so much. >>> new this morning, there is some hope for a return, the place where

you now have the securities and exchange commission saying that if certain chinese-american depository receipts that trade here in the u.s. do not follow the important aspects of auditing standards here in the u.s., they will be delisted. bill wanged wang had these hugen calls, do you think in any way through no fault of their own they will now have more scrutiny by the sec because of these huge margin calls? >> i don't know why they don't have, you know, an enormous amount of cite gnu right now. what you're -- scrutiny right now. what you're talking about is chinese companies or really any company that's able to adhere to u.s. listing standards. other western companies have to do this. if chinese companies don't do this, then they shouldn't be listed on u.s. exchanges. will this afternoon up the temperature even more? sure. but i think people are finally getting down to looking at this issue and saying you've got to have transparency, disclosure. this is not a u.s. versus china issue, this is a let's be fair to investors issue. liz: leland miller of china beige book, thank you so much

president biden's pick to head the securities and exchange commission taking aim at online trading apps like robinhood. former cftc chair under president obama gary gensler raised alarms about -- okay, work with us here -- behavioral technology embedded in robinhood's stock-trading app. what is behavioral technology? well, like when virtual confetti rains down on users after they complete a trade. saying, quote: at the core he's concerned about protecting investors from gimmicks that kind of lure them in. it was really one of the topics of questioning for gensler, so we head to edward lawrence in d.c. you cannot talk about robinhood and reddit without talking about short sellers, right? >> exactly. senators on both sides wanted to know exactly what regulations he would put into mace and what reviews would need to happen because of what happened with the gamestop trade and reddit, but specifically on robinhood. now, he talked about it from the investor side of this. he said he wants to protect the investor. he never once mentioned the loss of money from the big firms on the other side of

the trading platform filed paperwork with the security and exchanges commission.d coulding to multiple report itself will list shares on the nasdaq. robin hood is not out of the woods with regards to that trading frenzy as it faces lawsuits over restricting trading in january. >>> so you and i -- we both work the morning shift. we know what a good night's sleep is, what we don't know what a good night's sleep is all about but apparently teenagers do. >> i know. yes. more than two thirds of adults say they haven't had a night of good sleep since they were a teenager. according to a new one poll survey they said they logged an average of five hours of sleep a night. 38% cited college as the turning point while 15% said that becoming a parent induced the sleepless nights and i can attest to the becoming a parent part and of course the hours. >> i became a parent 21 years ago. i haven't had a good night's sleep at least since then. >> i have heard it doesn't change. i have heard. >> it doesn't. >> thank you so much. i know. >> break it to me easy. >> know. i got you.

after the electric vehicle trucking company reported a fourth quarter loss and said securities and exchange commissioneport alleging that lordstown misled investors about orders for its endurance electric pickup truck. lordstown is down 12.8%. but another early hindenburg target nick la, is down 3.5% after south korea-based investor said it's selling half of its stake in the electric maker of the badger truck. plus, deutsche bank saying nikola needs a billion dollars more before it even breaks even. we should look at lyft shares at this hour after the ride-hailing company recorded the best ride volume in a single week is since the pandemic began, shares moving here i by 1% even in this -- higher by 1% even in this down market. daily ridership for the first time in a year. keep in mind, of course, the bottom fell out, so the comps are a little bit easier. lyft's stock is up 310% over the past year while uber is up 290% for the -- 290% for the same time period, down half a percent at the moment. the reopening optimism spilling over to amc entertainment stock. first new york city, then los angeles and no

>>> tesla wants to be called tesla techno king, he's filed official papers with the securities and exchange commission. the electric car company telling government regulators "effective as of march 15, 201 the title of elon musk and zach kirkhorn have changed to technoking of tesla and master of coin respectively." tesla invested herself nil bitcoin. i wonder if the new king realizes that today is the ides of march. >> we'll call you our business king, how about that? >> i'll tell the king. >> thank you, scott. >>> more rough seas ahead for the cruise industry. that's a word from carnival's ceo. carnival hopes to have its full fleet operating again by the end of the year. >>> yes, you are paying more at the pump for gas. oh, yes, aaa says the average is up to $3.88 per gallon, in santa clara county. it's a penny less in alameda county and in san francisco, you're going to pay more than $4 a gallon. average price has jumped up 25 cents over the last three weeks, the spike is due to last month's texas power outages that was caused by all the snose refineries to shut down. >>> san francisco's music scene

it's regulated by the securities and exchange commission. did you know that? taylor: no.ed. jeff: if it went the wrong way, yes, i'm up [bleep] creek, but i've protected him against any -- lemonis: how have you protected him? he's an officer of the company. they'd come after him, too. taylor: i didn't actually know that. i should not be an attorney. i shouldn't be involved in all this kind of stuff. i don't trust what's going on. how the hell -- lemonis: do you trust your dad? taylor: on a business standpoint, no. lemonis: what did you tell me in the car in the drive-through? taylor: i told him that i never felt like you're my father. he asked me about it because i say jeff, like, i use your name when i talk to most people professionally. jeff: don't ever reference me by my first name, or i'll put you on your ass. i don't care if we're in front of him or in front of that [bleep] camera. i'm dad. you ever refer to me as jeff in public or anywhere else, this giant physique is going to put you down. i won't be disrespected. reese's eggs are back and we hid them somewhere you

security and exchange commission is monitoring the holdings.e more than $20 billion in holdings. we expected there might not be too much widespread panic because it was confined to just nine names. haidi: you can read more about the saga in today's edition of daybreak bloomberg. it's on your terminal and available mobile -- on your mobile in the bloomberg app. we are half an hour from trading in japan. >> markets are taking concerns in stride. clawing back monday's losses. most indexes are in the green. we are seeing some gold miners and iron ore names under pressure. the yen is trading at a one year low. there could be more things related to fundamentals. the lira at 8.26 this morning. a morgan stanley banker was appointed to replace the banker at the central bank. the -- the deputy governor at the central bank. there has been some calm amid the bond rout globally. yields are above 3% on the china tenure. it was expected to draw tens of billions of dollars in inflows earlier this month. haidi: coming up, we take a look at bank earnings season

coming up, president biden's security and exchange commission pick going before the senate panel todayegulation on wall street. we're going to take a look. and then buddying up in hard times, we're introducing you to a new platform that matches surge call patients with someone who has had the same procedure. that's next. stay with us. labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so do businesses. so, today they're going hybrid with ibm. a hybrid cloud approach lets them use watson ai to modernize without rebuilding, and bring all their partners and customers together in one place. that's why businesses from retail to banking are going with a smarter hybrid cloud using the tools, platform and expertise of ibm. living with insulin requiring type 1 or 2 diabetes? how does no daily insulin injections sound? omnipod delivers insulin through a tubeless, waterproof pod. and the best part.. no more daily injections! plus, omnipod is covered by most medicare part d plans. get started with a benefits check today. go to omnipod.com for risk information, an

securities and exchange commission.ng is coming in above the range at $35 a share according to reporting from dow jones. that is going to be a big jump when it comes to the ipo for the e-commerce giant planning it's ipo. we are hearing the pricing a little higher than expectations. let's get you a check of the headlines. a conservative social media site has been denied entry into the app store. it is said to have removed seven staff. apple had asked the app to change its moderation practices and now says community guidelines remain incompatible with app still -- with app store rules. the $30 billion deal signals the end of ge capital. the remanence will be folded into a parent company. aviation analyst question whether bigger is better. we do have the market open coming up next in tokyo and seoul. lots more to come. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solutio

those are the nominees to run the securities and exchange commission and the consumer financial protectionpra, appearing before the senate banking and housing committee. they are two independent agencies expect today take a pro-regulation turn under the biden administration, and in advance of questions about a surge in retail trading and the spake in cryptocurrencies, gary gentzler, a familiar name to cnbc viewers, nominee for the s.e.c., is fielding questions about how he would regulate markets and specifically the very first question he fielded was on gamestop. >> well, we take our eyes off the ball, when we fail to root out wrongdoing, or adapt to new technologies or really understand novel financial instruments, things can go very wrong. and when that happens, people get hurt >> reporter: so he is talking about the need to protect consumers. he was critical of the gamification of a lot of these apps, but some of the other issues that are going to figure very prominently not only in a potential agenda of the s.e.c., but also in today's hearings are the s.e.c.'s efforts on climate. a bro

. >>> president biden's nominees to lead the securities and exchange commission and the consumer financialureau appeared before the senate banking committee for a senate confirmation hearing. they answered questions on student loan debt, crypto currency and consumer protection. this is three hours.

the securities and exchange commission has started an inquiry into the frenzy over spac's, special purposeuisition company's. they have sent letters to wall street companies on their dealing with spac's. they want to know about deal fees and compliance. kailey: i have to say, i am not too surprised that regulators are going to look at spac's at this point. two and a half months into the year, they have raised $70 billion. it is insane. guy: i think there is this concern about the phase one, phase two, and whether or not the whole process is openly rewarding to the phase one investors. as you say, i am shocked that anybody is shocked that this would be happening. you have seen the spac index coming off. i think that is probably unsurprising. i think there's probably also a quarter end, month end effect. we will stay with the text theme. coming up, ceos of the biggest tech names are going to be facing lawmakers again. the issue today, who is responsible for policing the content? we are going to discuss all of that. ellen patrick off -- ellen patrick off will be joining us. this is bloomberg.

at 10:00 a.m., a confirmation hearing for the nominees picked to head the securities and exchange commission, and the consumer financial protection bureau. also at 10:00 a.m., the supreme court hears oral argument in a case challenging arizona's policy barring voters from casting ballots outside their assigned precincts, and the collection of ballots by a third-party. that is live at c-span.org. coming up in 10 minutes, usa today network correspondent discusses the investigation of new york governor andrew cuomo about -- after a sexual harassment allegation. after -- at 8:00 a.m. representative judy chu on the rise on violent attacks against asian americans. at 8:30 ethics and public policy senior fellow henry olson talks about the future of the republican party. ♪ [washington journal theme plays] host: good morning, it's the washington journal. new york governor andrew cuomo facing up third allegation of sexual harassment after a woman accused him of unwanted advances at a wedding. the claim prompted calls for his resignation from a new york democratic representative and calls for investiga

mcmaster among the witnesses. 10:00 a.m., hearing for the nominees picked to head the securities and exchange commissionnd the consumer financial protection bureau. at 10:00 a.m., the supreme court hears oral argument in a case challenging arizona's policy barring voters from casting ballots outside their assigned precinct and the collection of ballots by a third-party. that is all live at c-span.org. >> u.n. ambassador linda thomas-greenfield held her first press conference to outline her foreign policy priorities, including u.s. relations with russia, iran's nuclear program, and policy toward north korea. she holds the u.n. security council presidency during this month.

and secondly, as a way forward to help us resolve these issues or work with them would you support the creation by congress of a public agency, one like the federal trade commission or securities and exchange commission , one that has experts in policy and technology and has rulemaking and enforcement authority to be an ongoing representative to the public to address these emerging issues . mister zuckerberg >> congressman, i agree with what you're saying and i said at a number of times i think that private companies should not be making so many decisions alone that they have to balance these obligated social and public equities and i think the solution you're talking about t could be very effective and positive for helping out. what we've seen in different countries around the world is there are lots of different public equities at stake here. free expression, safety, privacy, competition and these things trade off against each other and a lot of these questions and the reason why people get upsetat the companies, it's not because the companies are negligent . these are complex trade-offs between n these different equities . >> pardon my interruption but iwant to go to mister pichai, than

let me point out that the securities and exchange commission has been monitoring this forced liquidationhe s.e.c. gave an e-mailed statement to bloomberg saying we're monitoring the situation, communicating with market participants. maybe it's a blip. ryan, dennis, great to see you. shana, you'll be with us all morning long. great word on wall street. good tuesday to you all. quick break and then much more ahead this morning. the national security threat at the southern border, ohio congressman mike turner and former u.s. immigration and customs enforcement acting director are here to talk about the migrant surge hitting record levels. in the next hour, dana perino with us giving us her take on how the white house is handling the border messaging. joining the conversation all morning long, dagen mcdowell and shana sisell. we'll get back to the fantastic panel when we come right back. you're watching "mornings with maria" live on fox business. ♪ it's game time, let's meet the defending champs. g. hargrave thomas, point guard. bryce matthias, forward. kim kietz, investor. oh, i invested in

ask about robinhood, the retail investing app announced it filed paperwork with the securities and exchange commission company needs to raise money. it could begin trading by the second quarter of this year. robinhood was the major platform behind the gamestop day trading frenzy earlier this year. what's your take on an ipo? >> i want to applauds their management. i think they're nailing it right now. they opened up a whole segment of the market that never was able to invest before. they changed the market. they made big players like fidelity and schwab change how they price things. i applaud them. they're striking while the ironies hot. the ipo market is as hot as anything right now. the average ipo is up 40 something percent in the last year, it's up five times more this first quarter of this year compared to last year. so you're going in with a market that's flush with cash, a bunch of stimulus checks wept out, another round of cash that's sitting out there. we don't know exactly a whole bunch of details on when they'll put this out but the truth is, their base will put a floor on it. they're not g