press sec. psaki: hi everyone. >> hello. press sec. psaki: hey. just one update for all of you at the top. the president is obviously quite focused on the american jobs plan that he announced last week. as you all know, he has had to bipartisan meetings on infrastructure in the oval office and continues planning to speak with leaders from both sides of the aisle to get their input. either on the phone or when they return, he looks forward to welcoming members to the oval office. this work is being supported by the jobs cabinet. many of you might have seen members of them out over the weekend speaking on your airwaves, directly to the american people. the jobs cabinet members have been active in engaging with congress on both sides of the aisle. they will continue to play that role over the course of the coming weeks and months. jobs cabinet member has made 56 calls to 28 democrats and 28 republicans, chairs and members of relevant committees. we held readings with the entire house and senate inv

sec. psaki: i understand your line of questioning. in this particular area, i don't have any calls to report to you. we will certainly provide a readout if there is a call. in terms of delivering on his campaign pledge, i don't have anything to preview for you on that front either. i expect to have more in the coming days. reporter: regarding the republican counter offer, now that you have had a chance to peruse it, is there any public reaction? sec. psaki: only a day. as we said yesterday, the president's only redline is in action. we want to get ideas from both sides of the aisle. we are reviewing the proposal. we are starting to have conversations at the staff level today. we expect those to proceed through the course of next week. we will ask questions and exchange additional ideas. this is a good start and we look forward to having the conversation moving forward. reporter: do you have a different response to this counter offer than you did to the counter offer on the american rescue

sec. buttigieg: -- sec. psaki: first, let me say that we are not looking for confrontation with china. our focus and our relationship is one of competition. we have publicly and privately expressed growing concerns about china's aggression towards taiwan. china has taken increasingly coercive actions to undercut democracy in taiwan. we have seen concerning increases in the taiwan strait which we believe is potentially destabilizing. we are watching that closely. i cannot make any other predictions. the department of defense and others would be in the lead on making those assessments. >> thank you. the president's commission on expanding the supreme court is out, i know he will wait for the results. what is the president's view of the calls for justice breyer to step down? sec. psaki: he believes that is the decision justice breyer will make when he decides it's no longer time to serve on the supreme court. >> is the group pushing for him to go back off? sec. psaki: i think i can just speak to the president's

sec. psaki: afternoon. joining us today is another member of the president jobs cabinet, sec. of commerce gina raimondo. sec. was the first woman to be governor of rhode island where she kick started the state's economy and achieved a record number of jobs and the lowest unemployment in a proration thanks to education infrastructure and job-training investments. she prioritized creating jobs, supporting workers, and improving the quality and availability of services in the care economy including supporting wage increases for care workers. -- in 2010 she was elected general treasurer of rhode island receiving the largest numbers of votes of any statewide candidate and when she took office she tackled the unfunded pension liability and hurt she focused on a simple but vital mission, to spur good jobs and prow are entrepreneurs to innovate and grow and help american workers and businesses compete area she can stay for a few questions. we will turn it over to the secretary. sec. raimondo: than

sec. psaki: there are more questions to be asked. does he disagreed that our nations infrastructure is outdated and needs repair. does he disagree we need to do more to put american workers back to work and invest in industries that have growth potential over the long term? does he disagree that 1/3 of the country that does not have broadband access should have access. -- access question mark -- doing more to be competitive with china and what we are really talking about is how to pay for it. what we are looking for are proposals of alternatives. if you do not want to raise the corporate tax rate still lower then that is been across decades , if you do not want to put in place a global minimum tax what are the alternatives? we are happy to hear those proposals. >> yesterday when president biden spoke about corporate taxes he specifically named amazon that do not pay federal taxes. why did he just name amazon? sec. psaki: it is an example. as i noticed there were 91 companies who did not pa

sec. psaki: we are talking about paying for an eight year investment over the course of 18 years. that's given the investments, investments that are temporary, we would more than make up for the cost of these investments over time. >> one of the most colorful examples as people remember the bridge going down, but only 5% of the spending in the package goes toward roads and bridges. i'm curious why the number is so low. sec. psaki: we are selling it as a once in a century or once in a generation investment. american workers and the workforce, there are areas like broadband which is not a physical bridge. one third of the country does not have access to broadband. that impacts workers that it been working from home. kids that are trying to learn from home. parts of the country where they cannot have jobs where they are working remotely. we feel that that is an area where we can improve, expand access and be more competitive with other countries. >> immigration, has the white house considered

press sec. psaki: the president has said whether to organize a union is their choice. there's a process for ensuring that there is an accurate count of the votes cast, so we can know what choice the workers have made. the president is going to wait for it to finish its process and declare its results to make further comment. but i will say, broadly, as you alluded in your question, we know it's difficult for workers to make the choice to form a union. that's why the american jobs plan includes the right of protecting the rights to organize act, giving workers the ability to organize and bargain collectively with employees. that's a fundamental priority for him, something he has fought for throughout his career. but we will wait for further comment. >> and north korea's leader says the country's economic growth is -- since 1990. are we under any obligation to deal with their humanitarian crisis? press sec. psaki: i would say no actions that we are taking is related to sanctions are meant to be ta

sec. psaki: hello. happy tuesday. no bunny today, i promise. chicks, may be. candy. a couple updates for all of you at the top. we provided a bit of an update on what the job's has been up to since the president announced the american jobs plan last week, so just wanted to provide you an update. as noted yesterday, they have been hard at work in the congressional recess making calls to democratic chairs and republican ranking members and appropriators. they have lead briefings for major house and senate caucuses. secretary buttigieg will meet with the moderate new democrats caucus this week. the office of public engagement will lead calls this week with private sector, rural, and agriculture groups. local chambers of congress, faith leaders, minority leaders community college groups, and , more. the office of legislative affairs is correlating about 30 briefings for majority and minority committee staff of committees with jurisdiction over the american jobs plan. these efforts will continu

sec. psaki: there's been reports out about cdc plans and we will leave it to the cdc to announce their guidance which i think was the second part of your question about what will be required outside and when masks will be required for individuals who have been vaccinated so you will get ahead of any final details for announcements. the president of course issued that at 100 days and we're not quite at 100 days so i don't have anything more to review in -- preview in terms of what might be next. >> looking ahead to the president's joint session of congress and you get a sense of how the speech is coming together and the president's involvement and how he wants to use that speech. to sell the latest in his legislative agenda. sec. psaki: first, the president has been working over the last couple of days as he will be over the next two on his feet. he deeply involved in the development of a speech and he's thinking a great deal about what message you can send directly to the american people a

sec. psaki: there's been reports out about cdc plans and we will leave it to the cdc to announce their guidance which i think was the second part of your question about what will be required outside and when masks will be required for individuals who have been vaccinated so you will get ahead of any final details for announcements. the president of course issued that at 100 days and we're not quite at 100 days so i don't have anything more to review in -- preview in terms of what might be next. >> looking ahead to the president's joint session of congress and you get a sense of how the speech is coming together and the president's involvement and how he wants to use that speech. to sell the latest in his legislative agenda. sec. psaki: first, the president has been working over the last couple of days as he will be over the next two on his feet. he deeply involved in the development of a speech and he's thinking a great deal about what message you can send directly to the american people a

sec. mcdonough: thank you, chairman, and welcome, mr. secretary. we were able to meet in person a couple weeks ago. thank you for testifying before the committee virtually this afternoon. i hope your appearance today is the first of many. if are taking the help of the department of veterans affairs as an interesting time. with the white house chief of staff in 2014 and made nationwide access [indiscernible] at the v8 the hard work of this committee and the trump administration lead to landmark legislation. the legislation has begun to transform virtually every aspect of the v.a. more importantly it is improve the lives of veterans and their families. veterans have greater access to care, education. the v.a. has gone from one of the worst to one of the best places to work in the federal government. the title of today's hearing, restoring faith by building trust, but the fact is trust reached its highest level last year according to a survey with veterans who had recently interacted with the

sec. mcdonough: we are obviously constantly reviewing questions around exposure but also preparing ourselves for extended -- for expanded care. this is why the expanded resources we anticipate needing with the increased demand for care post pandemic is so important. as it relates to exposure generally, what we have been putting in place is a posture where we are not passively waiting for information to come from us. that we are going to be actively looking for additional information from new partners who might have useful signs to -- useful science to help us understand the impact of exposure. making sure that we are constantly considering that new data. i have put in place a process by which each quarter, we will be spending time in a meeting i chair making sure we are looking , at the most recent science on exposure and what that means for our veterans. and the last thing about presumption -- what we also know is the lack of a presumption serves as a disincentive to vets applying for ben

are you harassing the sec? >> i mean, you know, i -- it's hard for me to imagine a small company like ripple against the united states securities and exchange commission could be described as harassing. jay clayton, under his leadership, decided to bring this lawsuit, and we're going to defend ourselves. we think it's so important for the industry to have clarity. innovation here in the united states in some ways is on trial. we want innovation here in the u.s. around crypto, around blockchain to thrive. and without that clarity, you know, that innovation goes to markets where there is clarity. one of the ironies is the united states is the only country on the planet that has viewed xrp as a security. whether it's japan, u.k., switzerland, singapore, they all view xrp as a currency, yet here at home the united states has taken a different position. liz: we do not want to be that country that squelches innovation. this is an emerging world when it comes to cryptos and digital payments. we'll be watching it. brad

the sec is a disclosure regulator, so one of the most important things that the sec can do is provide investors with information to make informed choices. one example of that, professor fletcher mentioned better information about best execution. i agree. in my written testimony, i attempted to look at whether robinhood customers in particular, how their order executions were done, and with public the available information, i could not do that. i think better information about how and why brokers are routing their trades and outcomes from that could go along way. >> thank you, senator. i will be quick. two things. first, reduce the cost and complexity of public offerings. second, i am in agreement that in private transactions, the difference between accredited investors and nonaccredited investors should be eliminated and instead, in certain private offerings, there should be core disclosures. sen. tester: thank you all. sen. brown: thank you. senator tillis is recognized. sen. tillis: thank you, and thank you all for being here. i have two other committee meetings going on at the same

sec. walsh: i am sorry. thank you very much, it is an honor to be here. i want to thank the president and vice president for inviting me to share an update on the economic recovery at this moment in time. the news under the leadership through the american rescue plan, the workforce is climbing out of a deep hole that covid put us in. our recovery is building momentum in many americans are returning to work, that we have a long way to go in there is a lot of work to do. the bureau of labor statistics reported that the american economy not -- added 9016 jobs in march and the unemployment rate is down to 6% from six point 2% in february. that is good news for over 900,000 working men, women, and families in this country. we saw significant job growth in most sectors of our economy, and it is clear that the national vaccine programs is not only saving lives that enabling more people to get back to work. relief checks and expanded unemployment benefits are not only putting food on the table but

kevin, great to see you. >>> crypto mom of the sec is next. don't go away. ♪ ♪ living with metastatic breast cancer means being relentless. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2- metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor, start an anti-diarrheal, and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low white blood cell counts, which may cause serious infection that can lead to death. life-threatening lung inflammation can occur. tell your doctor about any new or worsening trouble breathing, cough, or chest pain. serious liver problems can happen. symptoms include fatigue, appetite loss, stomach pain, and bleeding or bruising. blood

sec. kerry: i'm really happy to share this day and the subject matter with all of you. i want to begin by sharing with you what a spectacular job gina and her team have done. the president will aim -- the aim was not that he had any other question on how to do that. whether anyone could pull together all of the parties that had to be part of preparing the ndc. a gigantic administrative task, which gina and her team have done superbly. it is hard to get all of the disparate elements of your government together by issuing an executive order to make the climate issue and all of government enterprise and instructing every single officer and agency officer to comprehensively factor climate consequences in every decision that they were making. they have done that and gina created this task force. we have it now because it is gina's creation and it worked. that is what brought everyone together. achievable goal in place so i salute her and i thank her for that. everywhere that i went in the world

and the ceo of ripple joins me, currently under sec scrutiny. what he has to say about that, currency exchanges, and the future of ripple. all that in a moment, but first, markets and movers. pretty: a fabulous a day for technology stocks today. check out the board behind me. you see the s&p 500 in the green, lifted by this tech stocks and even the nasdaq 100 had a good day today, even though you saw those yields rising. let me show you how it did on a year-to-date basis. we know the quarter has ended, but the nasdaq 100 is not really going anywhere, kind of making a pretty sideways move. this is important because they actually lagged on a sector basis, so this really tells you where we are headed. let me show you some of the movers on a year-to-date basis. the top two and the worst two, the top two young applied materials, so that ship demand coming back to the forefront. we know semiconductors have been rallying. we have also seen walgreens and pharmacies coming back as more people get vaccinations. to the downside, some 2020 favorite -- pelot

sec. mayorkas: thank you. it is an honor to speak with everyone and to frankly participate here at ucla. it is my pride to follow in the shadow of the one and only kathy mayorkas. so thank you so much. >> mr. secretary, before we begin, i want to thank you again. it is truly unusual and important that you are willing to come here and have this conversation with me. we greatly appreciate that. we did have a discussion with your staff and shared some of the topics in advance. as adjusted also may be even sharing some of the questions, and you rejected those, saying you wanted the conversation to be free-flowing and organic. let me jumping, if that's ok with you. >> i look forward to it. thank you. >> you tweeted, "the united states provided me and my family refuge. now i'm going to be the dhs secretary to protect americans and those who flee prosecution and search for a better life for them and their loved ones." i was almost brought to tears when i read that. i was born here, but i'm also f

sec. buttigieg: the main changes that americans will be able to count on having the absolute best infrastructure. as the report mentioned, we are 13th in the world and headed in the wrong direction. americans are expected to settle for less and you see that with the holes in our roads, the conditioned of our bridges, to say nothing of how things like airports and train systems are lagging so far behind what citizens and other developed countries can count on just as a matter of course. the other way americans are going to feel the difference is in the jobs this will create. this will open economic opportunity, not only to those who work in the transportation sector but every american who counts on great infrastructure to be able to get to where they need to be. judy: can you say now how many new jobs are going to be created and how quickly will they be sec. buttigieg: created? sec. buttigieg:now that the plan has been released i expect economists are looking at that now and i look forward

caroline: the sec singing this has always been the case. is this demonstrative of the sec getting more more worried? crystal: in the past few weeks, we have seen more communications from the sec about the spac market. the spac market had a very good run for perhaps 16, 18 months. it has been the past month or two with regulator direction or guidance on deals. as a result, things have really calmed down. these spac's that have gone public have traded below $10. newly public companies are not trading as well as they used to. not getting as big of a jump in share prices as they used to. the signal from the sec seems to be that this is going a little too hot. and maybe this is at least what the market is revealing. romaine: what happens with all those folks who maybe bought into all of the spac's that are already out here? is this a losing proposition or is there still good value that a lot of these people are looking for? crystal: the good thing is, if you are an investor who bought in at the beginning of the deal, you can redeem. do not need

sec. granholm: some of you may recall there was a bipartisan commission on what to do about spent nuclear fuel. there has to be a constant based process to be able to do that. we are beginning that work inside of the department of energy and have to find a solution, but it has to be based on community agreement. >> is there a timetable? sec. granholm: we will be making an announcement on that. not ready to say get. >> -- not ready to say yet. >> the last administration [indiscernible] with new and improved nuclear [indiscernible] a lot of that development falls under year department. sec. granholm: we have to modernize the nation's nuclear arsenal and keep and maintain the stockpile to make sure it is safe and effective. we will continue to do that to ensure we can deter nuclear aggression from other countries, so i nuclear deterrent is important and embedded on that stockpile, and we will make sure our people are safe. >> thank you. i've heard you talk about the corporate tax rate and wha

this attention from the sec could have an impact on the market? >> absolutely and it could disrupt filings waiting to come to market until the accounting issue is resolved. some analystss have said the sec is signaling it is not going to approve the paperwork until the issue is sorted out. the sec again, has been focused on this, because of the huge amount of money being raised. these stacks became popular ways to raise money because their jobs -- spacs became popular ways to raise money because they're like ipo's. the goal is to merge your company with a closely held company, it allows less paperwork unless transparency and raises a ton of money. blank check companies raised $79.2 billion last year. haslinda: that was bloomberg's su keenan in new york. still to come on the show, japan plans to release radioactive water from the fukushima plant into the ocean. more on those plans next. this is bloomberg. ♪ rishaad: coming through from chinese government officials, reaching -- a break -- a briefing on march trade data. we saw overseas demand driv

sec. cardona: thank you for having me. i am happy that we can provide more vaccines across the country. ultimately we know they are effective and helping us reduc spread and ultimately get back to some sense of normalcy. are working closely with our partners at cdc to make sure we follow the guidance. amna: but do you think schools should be requiring vaccinations for kids coming back? sec. cardona: unless it is a requirement of cdc, i don't want to jump the gun. we will support decisions made by our health experts. this is an educational emergency, but we will always follow the lead of our health experts. amna: cases are rising in many parts of the country. do you think schools could face mask closures again if cases continue to rise? sec. cardona: that is a great question. it is important to know we are still in the middle of a pandemic. there are positive signs we're able to recover. however, i have seen this before, in my time in connecticut. once we relax a little too much in the comm

sec. was the first woman to

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is the sec implying the 5%, is the issue the 5% that day or 5% permanently? you know what i'm saying i guess it's because people thought they were serious. >> it's confusing what they would charge them with this is a waste of sec time. the only thing they are guilt of is cal dendar abuse. i wasn't april 1st it was march 31st. it wasn't april fools. you got your calendar wrong. you should be ashamed. get better calendar maintenance. the sec especially is a time with so much froth and investor deception in the market, this is not where they should be spending their time. >> i'll counter that >> i think they should change their name to swvolkswagen i like the name. >> i hope the sec punishing here only for the reason this teaches every company to stop with april's fools jokes. that's my wish here. just please stop this is what it take, i'm sorry, volkswagen >> that's true good taking one for the family thank you all very, very much. >>> next, from ketchup to chicken, a lot is out of stock you can add rubber to that list. the ceo of bridgestone joins us to discus

the sec has a massive probe. what have we learned that is actually new? su: bloomberg has learned the sec begin a formal civil investigation into bill in the last few days. a person close to the matter is telling us the investigation them a while still in the early stages, is being led by the asset management group of the sec's enforcement division. we also know the sec routinely looks into or reveals situations where there has been a massive hedge fund blowup, and the inquiry might not necessarily lead to misconduct. when hwang's archegos capital -- banks unwound positions in excess of $20 billion, goldman, credit suisse among them. the sec earlier confirmed to bloomberg they previously looked into hawng in -- hwang in 2012. his former hedge fund was accused of trading on illegal tips and pled guilty and paid more than $60 million in penalties. juliette: we are continuing to hear more about the losses incurred by the banks and brokers involved. we have mitsubishi usj stating its losses were lower than initially thought. su: the securities unit of japan's

it would be nice if the sec does that pre-will see what happens. liz: i'm not going to compare bill wong to bernie made off but when 70 present themselves that i worked in tiger management on this and that and i'm friends with everybody and wall street closes his eyes and says here's some money. it's a problem and they should learn. >> before we start making comparisons like that we have no evidence of bill wong wide, no one is saying that he lied. liz: exactly that's why i said they just handed over because they think they know him. thank you very much, charlie gasparino, we are coming back with a big baseball story. with one companion that hedges the risks you choose and those that choose you. the physical seam of a digital world, traded with a touch. my strongest and closest asset. the gold standard, so to speak ;) people call my future uncertain. but there's one thing i am sure of... trelegy for copd. ♪ birds flyin' high, you know how i feel. ♪ ♪ breeze drifting on by you know how i feel. ♪ ♪ it's a new dawn... ♪ if you've been taki

the sec says the warning might not be equity instruments. japan plans to release more than a million cubic meters of treated radioactive water from the fukushima nuclear power plant. it won't start for about two years and the u.s. says the move is in line with global standards but japan's neighbors are critical with south korea expressing grave concern. resident bi -- president biden is calling for calm after police shot a 20-year-old black man during a traffic stop on sunday. it comes as derek children, a white -- derek chauvin stands trial in nearby minneapolis. 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. this is bloomberg. anna: laura wright here in london. let's move on looking at some of the things on our radar today. opec releases its monthly oil report this afternoon including demand forecasts and production estimates. the much anticipated u.s. march cpi data will be published at 1:30 p.m. u.k. time and is expected to show acceleration fr

i think gary will be great as an sec commissioner. he is smart. he wants to be perceived as smart and articulate, so he is not going to not answer things. and i think he will lay out rules. the big question in crypto are really 2 -- one is around centralized finance. when i am trading with someone in a smart contract, do i need to know who is on the other side of that? we take the approach right now, unless you can have some way of high probability knowing you're not dealing with a bad actor, we don't ky see that person. that is going to be solved, and the regulars will put some bumpers around or real guards around that. the second really is, the same theme. know your customer, unposted wallace versus hosted wallace. how we think about. to p or transfer in daniel -- know your customer, unposted wallets versus hosted wallets. how we think about securities offerings versus nonsecurity's offerings. a lot of these took in economies were launched in 2017 and 2018, and you can go back, and say that looks like a securities offering, so now they are in tr

sec. granholm: the most obvious is the transmission grade, which is part of our nation's infrastructure. can you imagine us today sticking polls in the ground with wires on top? much of it was built in the 1950's. you saw what happened in texas last month, and clearly that is one example of so many every year where our infrastructure, in this case our electric infrastructure, fails us. we need to add both capacity to the electric grid as well as resiliency, and that is one of the pieces of this bill. another one that i think is important that relates to our efforts to have clean energy and zero carbon emissions is the transportation sector and electrifying our roads to be able to allow people who buy electric vehicles to be able to charge up if they are going long distances, and that is a very important piece of our energy infrastructure addressed in the bill. judy: madam secretary, the president speaks about this being an effort to catch up with china, that the united states does not want

let's start off with the latest of the sec. su: the implosion has prompted regulators to take a close look on how firms reveal their holdings. the sec is now exploring how to provide or increase transparency for the type of derivative death that sank archegos so spectacularly. it involved a multibillion-dollar loss for many banks as a result. the review we are told is in the early stages. here is some of what we are understanding is in focus. public documents, they typically reveal the big stock holdings of hedge and family offices. investment firms that hold shares have to file a 13 maybe that shows -- 13 b is required after the ms a large stake exceeding 5% in any one company. archegos did not appear to have ever filed a 13f or a 13 b. they amassed a huge off book position including an estimated $10 billion wager on viacomcbs. the blowup left many banks holding the bag and regulators asking significant questions. we know the sec is under pressure from capitol hill in wake of the kim stock mania -- wake of the gamestop mania.

because of that, i think the sec needs to look at this. last week, they did signal they would treat spac's as they treat ipo's as well. they will not get any special treatment just because they are not the traditional ipo. manus: it all comes down to disclosure and whether you want to redraft the middle of disclosure. dani burger on spac mania. could it becoming to a temporary halt? the u.s. banks kickoff q1 earnings season. we discuss the numbers. this is bloomberg. ♪ >> good morning from bloomberg's european orders -- headquarters. this is daybreak europe and this is what you need to know. stocks look for direction ahead of u.s. inflation data. china's export growth misses forecasts as janet yellen is said to decline labeling beijing a currency manipulator. a leadership battle within angela merkel's conservative bloc as to uncertainty ahead of september's election. a lot coming out later today. we are going to get the 30 year auction. before that is the u.s. cpi number, 1:30 p.m. london time. we had a little more inkling of what the fe

i think the sec has announced that it's taking a look at this. there are several problems because you have somebody who pled guilty to a felony who should have been out of the securities business and he was making use of the family office exemption that the sec had e ena enacted. that's a valuable exemption, but it really was used here to mask very over leveraged trading and it was used to hide from the banks that funded him the fact that they were funding the same transaction multiple times that simply can't go on. >> so what happens what would the sec crack down on in this case, family offices >> well, i think in this particular case there may well be grounds depending on what the ultimate facts show about an enforcement action under existing rules but i also think there needs to be far more disclosure because what happened here is arche ears used swap transactions to hide his -- the full extent of his equity position. i would expect to see greater disclosure requirements coming out of the sec going forward >> hey, harvey i want to go back to s

i can't tell you when the sec, it could be weeks, could be months, could be days. it's, you know, that's a type of clarity i don't have. but i do know that the ipo document contains pretty detailed warnings about robinhood's business model and how potential regulation on the gameification of wall street, meaning does congress, do the regulators, the securities and exchange commission crack down on some of the sort of parts of robinhood's business model which takes trading into a whole new area more like gambling, more like having fun. i will say this, now, in preparation for this thing, they've done one thing from what i understand that's kind of marginal, but it speaks to their worry about the gameification of wall street. no longer at robinhood when you make a trade will you get confetti thrown at you. liz: confettiment. [laughter] no! confetti. i know about the confetti. >> yeah. that, from what i -- that's been gone now for a couple weeks. and i think, i mean, that's part of what they're doing to try to show the sec that they're trying to be a much more serious

dani burger has been looking at some of the sec digestions. good morning. dani: good morning, manus. it is becoming clear it is a global regulatory effort. you just broke the lines that fit my -- finma is looking at archegos and confirmed they were already looking at them in response to greensill. on the sec side, these rule changes are much more broad. it is about disclosure changes. can they make sure they are able to see possible risks coming down the pipeline before they happen? they are looking at more disclosure around different derivatives. swaps, for example, what bill wong used to make his bets, do they need to disclose that more? and do they need to file more frequently? they are looking at short positions, saying, do managers need to disclose that? annmarie: that is a huge debate, the short position. how hedge funds going to respond to this? i can't imagine this is welcoming news. dani: isaac you are right. i do not think this is going to go through without heavy lobbying between hedge funds and activist investors. if you're targeting a company v

sec. raimondo: right. so no one can outcompete to the american worker and american businesses if we have a level playing field. and china has been anti-competitive, coercive. frankly, they break the rules as it relates to ip. they have flooded our market and the european market with massive quantities of steel, making it impossible for us to compete. so it is true, we want to continue to do business with china and in china, and it does obviously make sense to continue doing that. but it is also true that we have to stick up for american workers and make sure that they have a chance to compete. as it relates to the supply chain, it is amazing how we've lost a lot of ground. i think 25% of small and medium-sized manufacturers have gone away in america in the past 20 plus years. so suddenly -- not suddenly, but we wake up today and realize we don't make leading semiconductor chips in america. we make none of them. that's a problem. so that is going to be a big focus of my work, which is working with industry

sec. yellen: action must go hand-in-hand with international leadership in significantly enhancing global action. we are working closely with international partners and international organizations to implement ambitious emissions reduction measures to protect critical ecosystems, build resilience against the impact of climate change, and promote the flow of capital for climate aligned investments and away from carbon intensive investments. we are also working to ensure that climate risk is integrated into the financial system so that financial institutions, regulators, and investors can make informed decisions. i am pleased that treasury is cochairing the newly launched g20 sustainable working finance group, where finance ministries and central banks will work together to identify mechanisms for promoting green investments and accelerating transition to a net zero economy. as i prepare to meet with my colleagues from around the world this week at the imf and world bank spring meetings, i fi

none of this yet has been regulated in a meaningful way and it feels like the sec, at least under your watch, had decided not to necessarily take a position on it at what point do you think that regulators will have to take a position if you will >> well, andrew, it depends on the character of the particular instrument you're discussing bitcoin was decided not a security before the time i got to the sec therefore the sec's jurisdiction over bitcoin was rather indirect its integration into the securities regulatory architecture that does not mean it should not be regulated in fact, where digital assets land at the end of the day, which is very much a wide range in question as you can tell from, well, just the opinions of you, joe and becky and the many guests you have on, will be driven in part by regulation, both domestic and international. and i expect, just speaking as a citizen now, i expect that regulation will come in this area both directly and indirectly, whether it's through how these are held at banks or securities or accounts, taxation and the like i mean, we will see this re

big thing or stopped in his tracks lawyers are playing the guessing game as gary takes over at the sec, we have a lot of headlines this hour, charlie gasparino is about to break more. >> we kind of started the ball rolling downhill the best we can say on friday we reported exclusively about what regulation might be coming and who's gonna lead the regulation and have abiding the administration is going to react to crypto currency and essentially its widening use and the concerns surrounding it. over the weekend prices taint from there down today and it's i would unpack what i know now, here's what we know and we can address more specific, the biden administration is described to me from people close to them as the early stages of developing a regulatory approach to the crypto market, what is number one infrastructure, taxes, number three, i don't think it's number three but is being debated inside the fighter administration. the sec chair is one half of this equation in terms of regulatory approach is waiting for direction from treasury for the overall policy before he develops a regula

> and we do have some breaking news on regulation more broadly under gary gensler are, the incoming sec chief. i'll get to that, particularly as it relates to crypto and fin-tech. let's get to morgan stanley. most people don't believe that this is one of those events like you had during the football crisis that was -- financial crisis that was the canary in the coal mine. morgan stanley had a huge financial trading loss in the early days of the financial crisis, and it was the canary in the coal mine that more problems were ahead and eventually the firm needed a bailout to survive. that's not what we have here. we have what a lot of people believe, analysts believe is a one-off. it's going to -- it affected today's earnings call, this quarter's earnings call. the stock off today, but that's about it. morgan stan arely had a pretty good quarter other than this loss. where i think people, meaning lawyer, securities lawyers and analysts are worried is, you know, this type of loss at major u.s. bank, does that, you know, foreshadow regulation from gary gensler, and i think that's where this