the agency is a primary regulator. what does that mean in real terms? cftc's role with regard to the volcker rule is significant but it's a supporting member along with bank regulators who have the lead on the bank holding companies. the dodd-frank act requires the various regulators consult and coordinate and that is what we've done though we were a bit later than others just sheer capacity at the cftc. but the proposed rule would apply to the activities that we register at the cftc. what is the future commissions merchants and swap dealers. for the swap dealer that's part of a larger bank, the cftc rule will apply just to the activities of the deal were not the broad activities of the lead bank or for the future commission merchant it's also registered as a broker-dealer to our role would be about their futures activities for the brokerage activity that would be over at chair shapira's commission. in adopting the volcker rule congress prohibited in titties from trading in the activities that may put taxpayers at risk. but at the same time congress permitted

where we have responsibility for determining at least initially the appropriation for the s.e.c., the cftc, ftc, the treasury department. while you're not subject to our subcommittee's jurisdiction, i can't speak for mr. durban, i would indicate to you a desire, a willingness to have conversations with you about the appropriations process through the federal reserve, and your funding, if you're willing to visit with me. >> be glad to visit with you and glad to have our staff come and speak to your staff and make sure you know everything you need to know about what we're doing. >> mr. cordray, thank you. >> thank you. >> senator? >> thank you very much, mr. chairman. i thought i'd focus on this issue of the remittance fee that has come up. it's not addressed in any detail in our report. i assume that's because your report was covering through december 31st, and the july was completed in january. but i just want to say my understanding is when people seek to transfer money internationally, this rule says they need to be told up front how much money is going to actually arrive. in other words

and this is particularly, in fact, because the cftc has an impact on this as well. how does that work between the two of you? >> congressman, i'm going to have to get back to you, from my staff where those come from but chairman gentzler may have more information. >> the two agencies are working together on swaps and security base swaps and this regulation and this one area that you mentioned credit default swaps where narrow-based and individual swaps are the jurisdiction of the sec and the individual swaps are over at the cftc, i share the goal that you mention that market participants can get the benefit of central clearing and the benefit of portfolio margining and, of course, the devil is in the detail because of two statutory regimes. but i know staffs have been working together with market participants on how to achieve that and the cftc i believe is committed to do that. i haven't heard any concern from the sec but given the capacity of all that we're doing, your highlighting it just helps us to remind us to keep attention to it. >> thank you so much. finally

and the cftc must be empowered to investigate these cases to provide additional teeth. such action would also be in violation of congress' own rules to make it clear that the activity is inappropriate. and second, members should be required to disclose transactions within 30 days to make this information available online for their constituents to see, providing dramatically improved oversight and accountability from the current annual hard copy reporting. i am pleased that the final product that passed with bipartisan support out of the committee is a strong bill with teeth and includes measures such as ensuring members of congress cannot tip off others with nonpublic information gained through their duties and ensures trading from this information would also be a violation of congress' own ethics rules. some critics have said that this bill is unnecessary and already covered under current statutes. i have spoken with experts in the past with these investigations of this nature, and they strongly disagree. we must make it unambiguous that this kind of behavior is illegal

hi they have asked the cftc assistance if needed. >>darya: 49ers flail see this go on sale today. $120 apiece in your limited to life 40th month of the season ticket holders for just tickets already furious see its workforce that the 49ers offensive coordinator is a finalist for place joe paterno at fancy. they say he is on the short list to take over the program that was dropped by a sex abuse scandal here if his agent says they expect an answer from penn state fanfare they are not saying whether or not he wouldn't need to coach the 49ers in the playoffs. we are back with more in a moment. >>darya: we are in store for more dry and economy weather would sunshine but we did. mid-60's for the next seven and maybe even an autumn crude jackie sissel is in oakland where police have found a stolen car. >>jackie: police spotted what they determine was a stolen car. how the content of the car and jumped out and ran into an apartment building. cox the oakland police department were in and around 580. the entire incident could be under control

investor in mf global, i have a segregated account which backs my trades, which is a requirement of the cftc a position on the market. mf global was just the fcm, the futures commission merchant who was transacting positions within my account and other accounts similar to mine. so when mf global went bankrupt our accounts were swept into the bankruptcy, freezing us out of our accounts. megyn: have you heard any explanation, martin, other than what we all heard when john corzine testified before congress saying, i don't know where the money went, have you heard any explanation other than that? >> no, there's been no explanation. we are two and a half months past the bankruptcy, there has been no information from anywhere other than what you read in the media, which doesn't look good for the surrogate account holders. we are frozen out, and we have -- it appears we have no position at the bankruptcy table. we are not being protected. so this was our way of i guess getting ourselves taken care of. there are institutional barriers that were broken. megyn: i want to bring mark in on that. mark, j

a follow-up question to what karen raised earlier about the intersection between the cftc and the other regulatory agencies. we are concerned about potential regulators and the safety and soundness issues about rules that come out, etcetera, and how that will overlap with the rulemaking of the cfpb. >> it is inouye relationship. we are a new agency, the new kid on the block. we are all trying to find our way. i am sure the other agencies are as concerned as we are about developing the right relationship. we are trying to build good communication back and forth, and learning to work together so we work through some of the awkward this or newness of this and build a cooperative relationship that has our eye on the right ball, which is what i can do to fulfill our mission and serve the public that we all represent together. i am not saying that is entirely uncomplicated. there are difficulties in that, but if we communicate well, we will avoid duplication, overlap , and disagreements that can be ameliorated. that is important for us to do. everybody should expect that of us, and we expect

so the president is absolutely committed to the commission the commission that the cftc has to the mission that richard cordray specifically has. yes. >> thanks. how will jack daley take over as the chief of staff, which will not be before the end of the month. he has some loose ends to tie it up as the omb director, and he will obviously make some decisions about how the office is structured going forward but he does an invaluable senior advisor to the president. his role under bill daley was highly effective in terms of helping the operations of the west wing to run smoothly. and i am very confident he will continue to be, you know, one of the most valuable players here in the west wing. >> under the transition hasn't been determined who the person for converse will be? >> i'm sorry, for what? >> who will be the lead person that we see when we revisit the payroll tax cut for example. >> we have a variety of folks who engage on that, but we do have the head of legislative affairs speaking of the most valuable players might be my top vote-getter. so he will come as he has come to take the

the sec and the cftc must be empowered to investigate cases and provide additional teeth. such acts should also be in violation of congress' own rules to make it clear that the activity is inappropriate. and second, members should be required to disclose transactions within 30 days to make this information available online for their constituents to see, providing dramatically improved oversight and accountability from the current annual hard copy reporting. i am pleased that the final product that passed bipartisan support out of the committee is a strong bill with teeth, and includes measures such as ensuring members of congress cannot tip off others with nonpublic information and assured trading information would be a violation of congress' own ethics rules. some critics have said this bill is unnecessary and already covered under current statute. i have spoken with experts in the past, and they strongly disagree. we must make it unambiguous that this kind of behavior is illegal. as my home state newspaper, the buffalo news, noted, the stock act will ensure that it's the

where we have responsibility for determining, at least initially, the appropriation for the s.e.c., the cftc, the treasury department. while you are not subject to our subcommittee's jurisdiction, i can't speak for mr. durbin, i'll express a willingness to have conversations about the appropriations process through the federal reserve and your funding if you're willing to visit with me. >> be glad to visit with you and glad to have our staff come and speak to your staff and make sure you know everything you need to know about what we're doing. >> mr. cordray, thank you. >> senator. >> thank you, mr. chair. i thought i'd focus on the remittance fee that has come up. it's not addressed in any detail in your report. i assume your report was covering through december 31 and the rule was completed in january. but i just want to state my understanding is when people seek to transfer money internationally this rule says they need to be told upfront how much money is actually going to arrive. no hidden fees. you see the full impact of the exchange rate that's being assigned to it. and in addition, i

and the cftc must be empowered to investigate these cases to provide additional teeth. such action would also be in violation of congress' own rules to make it clear that the activity is inappropriate. and second, members should be required to disclose transactions within 30 days to make this information available online for their constituents to see, providing dramatically improved oversight and accountability from the current annual hard copy reporting. i am pleased that the final product that passed with bipartisan support out of the committee is a strong bill with teeth and includes measures such as ensuring members of congress cannot tip off others with nonpublic information gained through their duties and ensures trading from this information would also be a violation of congress' own ethics rules. some critics have said that this bill is unnecessary and already covered under current statutes. i have spoken with experts in the past with these investigations of this nature, and they strongly disagree. we must make it unambiguous that this kind of behavior is illegal