do you think we're going to come to a time when the s.e.c. is going to say, listen, i want another committee at the board level. you've got compensation, that's terrific. you've got nomination committee, got governance, and i want cybersecurity. and every single person, every single company is going to be tasked to find someone who would be able to address this. because right now i really would like to hear from the guy from the nyse that says, listen, i'm the cybersecurity guy on the board. i feel pretty good about it. maybe he tweets it. >> so that is an excellent point. and our regulator came to us and said they would like me to put a cybersecurity expert as a fiduciary of my company. i went back to them and said how about if i hire a consultant to my risk committee and my board, not the rest of the staff on cyber issues? so we have already donta, and it's been a great undertaking, and we are being educated every single day as it relates to cyber issues as fiduciaries of these public companies and as of these exchanges. so i think other ex-

>> weren't the s.e.c. guys looking at porn? >> among other things. >> absolutely. >> the bottom line, what adam described is not meddling. that is the role of government. we're talking about governments that come over and over again, local, state, and they keep buying favor, keep making promises lavish promises they know they cannot keep. >> like our government. >> like our government. hike our cities. our states. this is why anyone out there to gerri's point that will laugh, china's imploding, we spent all week dancing on the grave of china. forget about china, my man. worry about america because we're probably worse off than them. >> adam isn't worried about america. >> because he can always move back to china. >> ben stein will be back. >> let me see his birth certificate. >> ben stein, i'm looking that the -- >> the birther. >> i'm looking that the and i know we've gotten used to it dribs and drabs, but now, you know market can't advance in our country without quantitative easing and this expectation of seemingly low intere

the question the s.e.c. at is whether or not the payments made from those mutual funds to the brokerages are appropriate. they are allowed to use a certain percentage of mutual fund-managed money to deal with brokerages. the question is whether or not those fees are being hidden in a way that is not transparent to the consumers. that would not be fair to consumers. those of us who don't see these fees being disclosed. it's not necessarily clear whether the s.e.c. will ultimately take action in the wake of this two-year investigation. they have passed some of this investigation on to the s.e.c.'s an enforcement division. >> thank you very much eamon javers. should the industry be worried and should we consumers and investors, be worried? >> let's bring in s.e.c. lawyer mark powers. what is the rule? mutual funds are allowed to pay brokers a fee of some kind. it must be disclosed, right? >> right. >> what are they looking at now in the s.e.c.? what is this investigation about now? >> sure. basically, we know f

the s.e.c. are estimated to cost $100,000 a year. some go up to $250,000 a year. that's money. that's money that could otherwise be used for salaries, hiring more people and helping the economy. so it's important to note in conclusion to keep in mind that the small businesses that we're talking about often don't have an array of lawyers or compliance specialists to deal with registration, oversight from the s.e.c. oftentimes these are businesses that only have a handful of employees. so, again, i thank the gentleman, mr. luetkemeyer, and all my colleagues on the other side of the aisle who support this, financial services for all their hard work on this issue, and i urge support of the underlying bill. the speaker pro tempore: the gentleman from new jersey yields back the balance of his time. the gentlewoman from california is recognized. ms. waters: thank you mr. speaker. i will yield to the gentlelady from new york as much time as she may consume. the speaker pro tempore: the gentlewoman from n

again working with the s.e.c. working with our technology team, we identified the issue and we have that addressed. >> so the issue was a software issue? i'm trying to -- it is important for people to understand just what the problem was. we are relieved it wasn't a cyber security problem but still trying to piece together most likely explanation. >> when i say it is premature. it is because our system is more than just software. the network connectivity the various external/internal sources and the actual hardware. whether it was actually enshrined in the software code that returns the application or it was a configuration of connectivity of the networking i'm not absolutely certain but we have identified and more information will come. there will be an official write-up. we'll certainly report that information to the s.e.c. >> was it possible -- people have been asking -- let me ask you about the disaster recovery program. there was -- all of the exchanges have to file a disaster recovery plan in the event someth

otherwise they'll have to notify the s.e.c. and other government organizations involved in the regulation of the capital markets. what i thought was interesting to pete's point is that post-9/11 the new york stock exchange sort of dispersed its computer systems. obviously the nyse is located downtown on the famous wall street but the computer systems are out in new jersey and some other areas. so i guess for me the company would be and i'm answering it in the ether to nobody is we've got these other systems set up in case something happens. why are all the systems apparently down at one time. shouldn't some of these backup systems have kicked in? that's a question that i've got for maybe somebody else that's out there. >> and this is not just post post-9/11. after sandy there was concern that you cannot -- lower manhattan shouldn't webe left this vulnerable weatherwise. >> you've got computers in new jersey but one more thing, guys. chuck, this is really becoming a seminal day for the global capital markets because we were down

is sitting this out but i haven't heard boo from the s.e.c. >> unfortunately the s.e.c. . this isn't necessarily to say they're not doing anything. i would have to think they are in constant exact the new york stock exchange about what is going on right now. but they haven't said anything publicly at least to cnn at this point but they're going to have to. >> or maybe they like the statement from the fbi saying "we're good, we've called q. zblts the s.e.c. has been hit by budget cuts for the past few years and that's a big problem. it's easy to pick on s.e.c. but i don't envy their head at all. she has a tough job. >> well, we are awaiting a live news conference, you can see the small box on the bottom right-hand side of your screen. this will be a lively press conference from the press room at the white house and we will have our top people on it for you. thanks so much for riding this one out with us. we'll continue to watch the story here on cnn. i'm going make way for dana bash, she'll take over. she has wolf's show handled from here. >>> hello, i'm dana bash in for w

and the s.e.c. and in fact the key definition is taken in large measure from that 2011 report. >> on the fee structure that you mentioned on the example that you gave on the person that had $700,000 and annual -- what would be an appropriate free structure for a fee asset allocation? >> i won't be able to answer that question because i don't know about their risk threshold and what they told their client. >> so you can't really answer that question. do you have any idea what went into the actual fee structure in the product that was sold? was it just a basically a mutual fund or dish-- >> no, it was a variable annuity. a very complex instrument. >> did it have a lifetime income factored into the free sfrur. >> it did. and it was given to a person in his mid to late 70s. and who kept very copious records. and what i have seen -- >> did it have a life insurance component. >> i don't know whether it had a life insurance. variable annuity help guard against the risk and give you more reward. and what i'v

you didn't make a referral to the fbi, the s.e.c., the cftc, the doj, you did absolutely nothing. zero. and so you're trying to say that congress is going to obstruct your investigation when you had information, you did nothing to perpetuate an investigation that would lead us to the truth. eventually the ig did their own investigation. and then they closed it. and guess what, congress stood forward and said this is important stuff. we just, as elizabeth warren would say, we don't want to have those that are well connected get information through leaks. we should know who the leaker is. and so it was because we pressured the ig, with a closed investigation and we pressured you that all of a sudden there's now a second investigation and they go no, no, no. we can't give you that documentation now because it's a pending investigation. and we're concerned about you jeopardizing it. madam chair, it appears that you are the one who is jeopardizing or the fed is the one who is jeopardizing this investigation. am i wrong? >> the fomc has in place a clear set of rules for there are to be

of debate because many people believed he would never actually file his personal financial dweets the s.e.c. now he has done so. $10 billion. the third concession that fox is being pressured for now from the candidates, led by the ted cruz campaign, they're trying on get the networks to explain which polls they're going on count when they're coming up with their magic ten candidate cut-off number. but as this fight continues, inside republican politics, the early voting states of iowa and new hampshire and south carolina, they appear to basically be over it. over this whole mess. the new hampshire union leader, the newspaper there, had previously announced they would hold a competing event to participate in instead of the fox news debate in august. they've now announced that their event will be held in new hampshire but it will be three days in advance of the fox news debate. it will be held august 3rd in new hampshire and it will not be just a new hampshire event. it will be a new hampshire and south carolina event. it will be hosted by newspapers. so fox news thought they were going to be

the incentive is to go to the s.e.c. for that award. i think there are unintended problems resulting there. and speaking to the corporate governance provisions in title 9. let me point anyone interested in this to a book that came out around 2000 called "working capital." it is an accounting term. but it was funded by unions in looking how to further welfare agenda. so the working man's capital at work. it has a number of ideas included in title 9. so this is a 10-year-old idea that they sort of saw a window to implement these particularly pay ratio disclosures. and they took it. and i think that's evidence enough that title 9 had very little to do with the financial crisis. so in terms of particular corporate governance provisions we have an advisory vote on the executive compensation. we have disclosure of the ratio of ceo pay to the pay of the average worker. what does that have to do with the financial health of the firm? i don't know. in fact, it is potentially damaging to the health of the firm because it is intended i think to dis

and the s.e.c. and in fact, the key definition is taken in large measure from that 2011 report. >> on the fee structure that you mentioned on the example that you gave on the person who had $700,000 and had -- what would be an appropriate fee structure for an investment with a proper risk allocation -- asset allocation. >> i wouldn't be able to answer that question because i don't know all of the facts about their risk tolerance threshold and what they told their client. >> i'm sorry. >> pardon. >> so you can't really answer that question. do you have any idea what went into the actual fee structure in the product sold? was it a mutual fund or was it -- >> it was a variable annuity. a complex instrument. >> did it had a lifetime income factored in the fee structure. >> it did. and it was given to a person in his mid to late 70s and who kept copious records. and what i have seen senator. >> did it had a life insurance component. >> i don't know if it did. what variable annuities help guard against the

as for the longer answer, the truth is while the s.e.c. does regulate and is the final regulator, we are the primary regulator for swaps based on underlying fixed income securities. joint rule making from 2012 defined the word swap. as many of you know, that was not easy. certain products are duly registered by both the cftc and s.e.c. as a commissioner i hear a great deal about liquidity for market participants including concerns that we have insufficient liquidity in our markets. the cftc's market risk advisory committee devoted half our meeting last month to discussing the subject. one of the make major takeaways from that meeting for me was that before we can do anything to address liquidity we first need to find a way to craft a generally accepted definition of liquidity. at the very least we need to make sure that market participants define what they mean by liquidity before they start talking about how it is growing or shrinking. at present liquidity is basically in the eye of the beholder. some people view the concept drastically di

the s.e.c. for years to require all the exchanges to upgrade their systems regularly. this year they did institute a new systems testing and upgrades. i think the s.e.c. is going to be investigating that to make sure that the nyse was in compliance. >> they are at a minimum, though, right? we're not talking about these types of things every week every month. >> last one was what? three years ago? >> there are little glitches that go on all of the time. this was an egregious example of what happened. it doesn't happen that often. it's amazing the systems work so well. the second thing is to make sure there's an adequate safety net out there. in fact, we saw that yesterday. archipelago which is the electronic trading system continuing to operate well. and nyse listed stocks own others that continued to operate well. so essentially think of trading as a river and there was a rock that was dropped right into the middle of the stream and the stream went right around it essentially. now, where i think

the fact that the s.e.c. hould be moving forward, because small businesses are the number bun creators and that is where innovation begins. >> i couldn't great more. in a twist of fate mullis oond company was an emerging growth taking advantage of some provisions in the growth act, and the growth is facilitated in part by the spirit of the jobs act. so thank you for your interest and i hope we'll see the s.e.c. and the bureaucrats there finally get off the dime and try to put these rules out so we can have small businesses competitive again in this country. >> i agree, it's about time they finish the job. >>> wen again, too much red tape and regulation. it's too hard in and out. >> right. i mean it's just a fact that we want everybody to have the potentially to earn success. >>> when we come back this morning, facebook's plan to bring the internet to far reaches of the world. here's a hint -- it involves drones, big ones, too. "squawk box" will be right back. two trains leave st. louis for albuquerque at the s

. >> reporter: the s.e.c. and the white house were kept informed while the stock exchange was down today. security experts say whatever the internal technical problem was, does not mean the exchange is any more vulnerable to outside attacks, scott. >> pelley: senior business correspondent anthony mason, anthony, thanks very much. that problem you heard mentioned at the "wall street journal," its web site crashed probably because so many folks were trying to find out what was happening with the stock exchange. the journal was offline for about an hour. at united airlines, the computers went down about 9:00 a.m. eastern time. planes sat idle, coast-to-coast. kris van cleave is following this. >> reporter: the computer glitch paralyzed united airlines, the nation's second largest carrier for roughly 90 minutes. in los angeles, a long line of passengers stretched well past the terminal. it was a similar story in boise, idaho, and at chicago o'hare airport. crowds at the nashville airport ticket counter greeted nanc

and the s.e.c.'s going to ask questions about whether they're going to be updating the systems in compliance with that reg. >> and that will be coming up within the hour here. thank you very much. let's move from market logistics to price action shall we? we have with us chief technical strategist from btig to tell us what she sees. and cnbc market analyst from securities has joined us now. after one of the quickest trading days you've had in a while. 50 minutes. >> that's about it. we want to get your impressions on that a little bit here. first of all, our markets, i'm dying to hear your thoughts on china, as well. our markets, we've been stuck in a trading range for a while here since early march. and we're showing signs of wear and tear to the downside. do you see us breaking support? >> obviously the market is in pullback mode. and testing an important level. but it still does just look like a pullback not the start of something worse. and i say that because we have do have widespread short-term

bob pisani you have news. >> at the direction of chair mary jo white who runs the s.e.c. of trading and markets is meeting with senior nyse officials today in new york to further review yesterday's events and nyse's plans going forward. the chair and senior commission staff are continuing discussions with market participants. you saw tom farley walking by. >> i think what they are doing is monitoring the close here today. >> yesterday they were doing a software upgrade. they had problems with messaging. there was some coding problems. they appeared to have tried to fix it. that created a cascading series of other problems that shut it down. attempts to constantly upgrade the software can occasionally lead to problems. yesterday was a particularly egregious example. what the s.e.c. wants to make sure of is the nyse is following what are called best practices. that includes testing it adequately. >> a minute before the end of trading session here. all systems go right now. >> volume was not bad today. 600 billion. that is not a bad day. other stocks had notable action inclu

. >>> still ahead, students taking out federal loans for the upcoming school year got good >>> the s.e.c. is proposing a new rule that could impact what some executives are paid. the agency would require a portion of bonuses awarded to executiv to be recovered or clawed back if a public company restates its financial re prol would apply to all restatemen including those reissued becau of mistakes. some say that measure goes too far and should not be applied to smaller company. >> president oba says the u.s. and cuba struck a deal to open embassies in each other's capitals. it is the next step in the move to reestablish diplomatic and relations between the two countries for the first time in more than half a century. >> the progress that wy is another demonstration that we don't have to be imprisoned by the past. when something isn't working, we can and will change. >> the president went on to say it is time for congress to move forward on cuba and lift the embargo. the embassies will open on or after july 20th. >>> from cuba to puerto rico where the island is being co greece because of i

the s.e.c. is also monitoring the situation, but analysts already speculating that the s.e.c. is going to be holding some kind of investigation as to why this halt occurred. keep in mind it's been almost an hour and a half and that's a pretty long period of time for trading to be halted on the floor of the new york stock exchange. but again, we do want to note just as ron said earlier, a lot of the trading happens away from the floor according to cnbc. the total new york stock exchange trading volume that happens, only about a quarter of it occurs on the floor, the rest of it on electronic exchanges, et cetera. so as ron pointed out, you do see stocks continuing to trade. but again, we don't have a timetable as to when the new york stock exchange will fix this problem, so in the interim, of course we anxiously await the resumption of trading down on the floor. >> and mary just very quickly, the point ron made of this idea of what's the closing price today of a stock that trades on the new york stock exchange, is part of a mutual fund has been traded on other markets, what make

prior to the newman decision you could -- the justice department and the s.e.c. tently bring cases in which they would allege that friendship and friendship alone was sufficient. if you want to think about murky, that's about as murky as it gets in the age of facebook where you're friends with everybody. >> let's forget about cases going forward. let's look backward paul. if you're sitting in a jail cell somewhere because you had an insider trading conviction, are you phone with your attorneys lately saying let's try to reopen this case and appeal because we would have likely been found innocent? in other words, do you think there is going to be a mass retrying or massive appeals coming in from people already previously convicted? >> i don't think that's going to be the case. i don't think we've seen huge case where there's massive floodgates. i do think that there have been certain instances where there have been cases overturned. some of the high-profile cases from last year. the steinberg case for instance, it is very likely that will be overturned. but i think

. >>> meantime the s.e.c. ted to make requirements testimony "wall street journal" reports the agency expects companies to exclude 5% of its overseas workers from its pay calculations. firms had been pushing for a much larger percentage though. critics say the rules won't provide investors with meaning meaningful information about its financial health. >> still to come on "worldwide exchange." joining forces. a new study says they're at a record high. how will this accommodate affect the bottom line? we'll take look at health care and which stocks to be bullish on. the dow up about 116 points in premarket trade after an ugly selloff yesterday, a lot of that being attributed to the chinese stocks. nasdaq also positioned to open higher by 32 points. we're looking at facebook, twitter, yelp. and s&p up 15 in premarket trade. you're watching "worldwide exchange." we're back in two minutes. >>> all right. it's 10:30 a.m. in london 5:30 in london. hi everyone. you're watching "worldwide exchange." i'm carolyn rocket.

a division overseas does something wrong that is not necessarily corporate action and so i think the s.e.c. should do an interpretative lease and that would resolve the bad actor exemption debates going on right now. >> let me pick up on j.w.'s point. when former chairman bernanke said there was no housing crisis when the housing crisis was already started that was an incredible mistake but not a crime. >> right. >> i had a question here but then a gentleman over here. wait for the microphone, please. >> hi. rath boya. thank you for this fascinating panel discussion. i understand this is quite complex given the number of too big to fail banks and regulation and a number of agencies with power and a number of financial products. my question to you is if you look at all of the advanced countries, which advanced country do you think has come up with reasonable regulations that encourage economic growth in light of financial products but at the same time have reasonable tools and measures in place to prevent the financial crisis are effectively manage a financial crisis where you would be like

exchange was also in close contact with homeland security and the treasury department as well as the s.e.c. he says the government is vigilant in protecting federal government computer systems. >> the kind of security measures in place are sometimes obvious to the general public, sometimes they aren't. we also work -- >> because types of cyber threats can change the measures they put into place are also constantly evolving. >> joining us now with more on this is nbc news justice correspondent, pete williams. all this started the first thing we all think about is some kind of a cyber attack that has been ruled out. how do they rule that out? >> the first thing the government look and the, took and thought of it quickly, the agencies that watch internet traffic basically take a snapshot when something like this happens and try to go back and look and see what happens happening in the moments beforehand. they were confident, based on what the companies were saying this was into the cyber attack, united quickly said they thought it was a technical problem with one of their pieces of equipment.

hosting a round table on liquidity concerns on the fixed income markets joined by regulators with the s.e.c. and commodities future trading commission. live coverage from the library of congress here on c-span3. >>> -- financial services. first of all, i want to welcome our distinguished panel today and thank them personally for coming and sharing, i think some very important subject that if you've picked up a paper lately or watched the news or seen a speech or heard a speech, this is a very timely subject. and so i appreciate our panelists participating in that. also thank our guests for coming. i think you're in for a real treat. a lot of folks said well, why don't you have a hearing? and i said, well we don't want to have a hearing. we want to have a discussion. and this is a panel discussion. and really i'm going to get to do the very same thing that you're doing, those of you in the audience and those watching on c-span, is get to hear these folks have a very important dialogue about a very important subject. one of the things other than the fact that it seems to be out in the news an

it's on the s.e.c. web site. i implore you to take a look at it. i've identified after committing my own staff resources for six or nine months 300 or so regulations that apply to a hypothetical u.s. financial services holding company since dodd-frank. not only related to dodd-frank some international measures, too, but since. if you look at this chart it reeks impossibility. how do you do it? you're not too big to fail, how do you pay for compliance costs? how do you provide liquidity in a situation where you have all of these rules which if you're lucky the cost benefit has been analyzed rule by rule and not in the aggregate. it's something we policymakers have to look into. >> can i quickly say something about the hft question? the hft has gotten a really bad name and they're not the boogieman in the room, if you will. in fact, i think the report that was just released today will show that the hfts actually provided by liquidity during the event window when there was increased volatility. but i do think the report does say we need to look at thi

what he about h so far before this filing came out and we should clarify we don't actually have the s.e.c. filing what we have is a press release from the trump campaign summarizing what we can expect to find. until we see that we won't be able to see the full details, but that being said the press release says that trump's net worth is now in excess of $10 billion. that's compared to $8.7 billion that they had previously reported in his summary, and that was as of june 2014 so over the course of a year it sounds like his net worth probably went up by about $1 billion if i'm doing the math correctly. >> what's $1 billion among friends? >> exactly. >> sarah, i want to bring you in because there was some doubt as to whether he would in fact release this form and he talks about that in his statement and the press release, you know that there were nay sayers and not only did i do this and i did it before i even could have essentially. what's your reaction to this? >> yeah. i mean there were a lot of people a lot of republicans who said once donald trump has to reveal his financials he'll get

. >> yes, the release saying the s.e.c. report was, quote, not designed for a man of mr. trump's massive wealth. and i love this part. his net worth is in excess of $10 billion. that's $10 billion in all caps. and his income for the year of 2014, was $362 million. some skeptics doubted trump would actually follow through with this but he did file this form here is the headline. he will be on that debate stage in 22 days. and right now, he's number one if the polls. today he was on "morning joe," vowing he'd win the hispanic vote. >> i would beat hillary. and a vote that i will win is the hispanic vote. i employ thousands of hispanics and i will tell you, i will win that vote. i'll create jobs and i'll get the hispanic vote. i have so many thousands that work for me and thousands that have over the years. and the hispanics love me. so i will win the hispanic vote and you would be surprised to hear that because i talk about illegal immigration, which i'm opposed to. but i will win the hispanic vote because i will create jobs. and by the way, jeb bush wouldn't know where to

the trace data first became publicly available, mike piebar now a commissioner of the exchange of the s.e.c. and i and another woman named amy add ward did a tudy of transaction costs and bonds. and that study showed something that very few people have appreciated. and it's a shame that they don't. it shows that an issuer who has lots and lots of issues that are very complicate that those issues trade in less liquid markets than the issuers who have few issues outstanding and issues that are very simple. and so we should somehow try to figure out how to great the issuers, which they are municipal issuers or whether they are corporations to issue fewer bonds. they can reissue existing bonds. the states can form municipal bond banks. so the mosquito -- distinct doesn't know anything about it. if we could just beat down the number of names these markets would operate more effectively. they'll be liquid again and it's according to the demand. one other very quick comment, mr. leland said something that really bothered me. which is that he -- there is a story that you had about holding a bond th

the filing with the s.e.c. comes ahead of next week's ex-praix of the company's post-ipo stock lockup. shares of shake shack are sliding in after hours, down about 6%. melissa? >> morgan brennan thanks for nap for more on shake shack let's get to the one and only herb greenberg of pacific square research. on the "fast" line. you've been looking at the filing. what did you find? >> they're selling 4 million shares, insiders selling 4 million shares or at least registering to share 4 million shares of the 19.8 million this gruch insiders own. of course you could have more sales as a result of this but the thing you have to think of is this. not every company files a secondary. some do, some don't. we have so many companies with very limited shares outstand zmeng it's almost like as they come into the marketplace they want these registration statements to prime the pump, get people ready for it. but you look at how some of these have performed once they've done that and you get a fireeye which has collapsed, a gopr

what he about h so far before this filing came out and we should clarify we don't actually have the s.e.c. filing what we have is a press release from the trump campaign summarizing what we can expect to find. until we see that we won't be able to see the full details, but that being said

this because of dow jones headlines saying that the securities exchange commission s.e.c. is investigating whether diageo has shipped excess inventories to distributors. something known as channel stuffing. allegedly, the company may have been pushing product on to distributors to book sales earlier than it otherwise would have normally done so. according to this dow jones report diageo has confirmed to them that they are at least in contact with the s.e.c. again, we placed a call to diageo to confirm this story. for those who are wondering why diageo shares are lower, that's the reason why. we'll bring you more details. back to you. >> thank you, dom chew. here we go with about 45 minutes to go before the closing bell. earlier the dow was up as much as 92 points now down 144. 3m caterpillar weighing on the dow. s&p 500 down almost 0.75%. nasdaq bowen 0.6%. >>> microsoft chairman john thompson will talk windows 10 to be released next week. >> up next packaged coffees and in-store k-cups put a drag on sales. the stock is falling. ceo nigel travis gives us the story. ♪ ♪ ♪ it

he stood up against the s.e.c. because he has the balance sheet to do it.ies you is just brought suth little industries don't. this is a travesty. >> we do not. >> all americans should be upset by this. >> our industry is four days of sales at walmart. a low-margin industry too. >> keep me up on any new developments. >> thank you very much. >> simon hobbs, if you play guitar you better be careful going through airports back to you. >> thank you very much. let's send it turnover to kayla tausche for more. >> the big news in the tech world is the parade of earnings we're going to get after the bell. microsoft, yahoo and of course apple. we will have all that you need to watch for. and we'll have discussions on those names. plus the co-founder of lyft john zimmer will talk to jon fortt about the cap of on-demand taxis in new york city and the exclusive interview with the new ceo of hulu. his first time speaking to media in years. ♪ ♪ no student's ever been the king of the campus on day one. but you're armed with a roomy new jansport backpack, a powerful new de

you go through a broker, the s.e.c. looks over the shoulder of the market to make sure it operates. by law the derivatives market was unregulated and dodd-frank says it does not make sense and said if you are going to trader i have vatives, you are going to do it over an exchange, the way we trade stocks. if you are going to trader i have vatives, especially risky ones. you are going to put up capital so if you lose, you are going to pay it off. a.i.g. took bets and had no ability to pay them off. who lent them money? banks and brokerages. there was no money coming to them, that's when we got into real trouble. so we said, crazy as it may sound a market as complicated as large as the derivatives market ought to be subject to the same standards that the stock market. dodd-frank said, we ought to actually have a mortgage market that is a little friendlier to the american people, because for most americans, the savings that they have is in their homes. for generations, until 2008, generaly home prices have gone up. not making a lot of extra money. so the growth and the value of their h

however the s.e.c. has interpreted the language in the fact as still requiring ledge strare. if a fund's advisors. this is not consistent with the act and i applaud the authors of the bill for solving this problem. this bill would also exclude sbic fund assets from the calculation of fund assets triggering the $150 million registration threshold. another provision i believe is reasonable. the sbic program was created in 1958 to help small businesses grow. it is a self-funded program and has provided needed capital to communities via the partnership between the small business administration and private businesses. i'm also comfortabled by the provisions in this legislation because the s.b.a. actively oversees sbic's ensures compliance and restricts leverage. i'm pleased that we're able to work together in this committee to ensure the continued vitality of this long-standing program. last congress i met with an sbic low catted -- located just outside of my district. escalot financial fartherers in which manages technology firms. since 2010 the

the s.e.c. o comment in response to our calls and e-mails today. >> i give a lot of credit to dominic chu. i was in the newsroom and he came running back. he said look at the website address on this thing. it doesn't look real at all. he was on that very early on in that case. >> that is the reality in media today. things are moving so quickly and there are so many hoaxes now i've got to be attuned to it. >> hardly a week goes by twitter is not subject to a false buyout rumor. the buyout that cried wolf. >> we'll believe it if it does happen. >> shares of twitter up today. dow is 85 points higher. >> sergy marchionne is revving up the auto industry's engines. >>> the auto business is all about deal making, whether it is moving cars off a lot or making moves in the corporate suite. >> and sergio marchionne is in detroit today. phil lebeau is in the motor city joining us with more. >> the main question people have is whether or not fiat chrysler can find a merger partner in the relatively near futu

of course, we have seen some heightened attention to risks by the s.e.c. in money market funds, which was an important piece of the shadow banking system where risks leading up to the crisis. but you're absolutely right to focus on that and we are attempting to address those risks as best we can. senator donnelly: thank you madam chair. thank you, mr. chairman. senator shelby: senator scott. senator scott: as i travel across south carolina and people express concerns about people leading from behind, whether my conversations with folks have been about the administration's failure to enforce their own red lines in syria or more recently about the ill-advised deal with iran south carolinians have a sense that our nation is timid that it is comfortable sitting back and taking keys from foreign actors rather than occupying our traditional role as leader of the world. i'm certainly not suggesting that you somehow are in charge of military policy or middle east diplomacy, but you are in charge of our regulatory policy for some of our country's most successful bus

also in the wings, headline-grabbing rules on the ceo pay ratio, a rule the s.e.c. id would complete this year but is unlikely to be implemented by 2016 and a final ruling on the fiduciary standard for brokers so certainly investors will be watching all of that in the days and probably years ahead. >> 100 stocks in the large-cap russell 1,000 index are within 5% of their recent highs. they are the ones keeping this market afloat and we will name some of them after this short break. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge for my bottom line. what's in your wallet? bring us your aching and sleep deprived. bring us those who want to feel well rested. aleve pm. the only one to combine a sleep aid... plus the 12 hour pain relieving strength of aleve. be a morning person again, with a