That would be gary gensler, testifying in front of the house, and we have yahoo finances brian chung here to break down what we can expect. I know were gon na, be talking about payment for order flow crypto, any details here, brian yeah, well, a number of other topics too uh stable coins or esg corporate disclosures, theres gon na be a lot of different types of questions in that house financial services committee. Hearing which just kicked off about seven minutes ago, but we did get prepared testimony from the chairman of the securities and exchange commission. You can see maxine waters again. The chair of the house financial services committee kicking off those remarks in those. In the beginning of this hearing, but against his prepared testimony really emphasized the broad priority of transparency and competition, but he also highlighted a number of priorities like the treasury market operating okay. We know that there were issues in 2020 with regards to the greece that are thats inside one of the most liquid uh markets in the world. There were also equity markets, uh issues that he flagged. He has concern over one firm having half of all retail volume. Referring to uh citadel securities, most likely when it comes to the payment for order flow model, that was behind the meme stock trade issues of earlier this year, but he also talked about security swaps, issuer disclosures and, of course, crypto. I want to read you this. One quote that he had in his preparedness.

He said quote frankly at this time, its more like the wild west or the old world of buyer. Beware that existed before the securities laws were enacted. This asset class is rife with fraud, scams and abuse in certain applications. We can do better so very interesting and uh borderline inflammatory remarks from the sec chair with regards to crypto. We know that this isnt necessarily new. He may not be the friendliest person to crypto, despite his former position at mit, covering blockchain, but again no real hard news in terms of any new policy stances or rules from the sec merely just kind of his idea at large of what he sees in the Crypto space, but definitely worth watching and well have the updates. As that hearing does progress in the hours to come, guys and brian. I know youve also been following concerns around these security disclosures of fed officials. Senator warren certainly coming out strong um talking about how the rules need to change. What have we heard from her in light of the latest developments coming from richard clarida yeah? Well, on the house side, while the sec is over there on the senate side, elizabeth warren, the democrat from massachusetts, taking the senate floor about an hour ago to air out her concerns over the ethics scandal, really playing out at the federal reserve. We know three officials, the boston fed president eric rosengren dallas, fed president robert kaplan and now federal reserve vice chairman richard clarida, in view, because of some large trades that they made over the course of 2020 raising questions about whether or not they used inside information.

To. Personally, profit, the senator saying that uh, really a lot of the blame could be on fed chairman jay powell. All the way to the top for not being more swift in his response to these types of ethical issues. Take a listen to what she said on the senate floor about an hour ago, setting the right culture at the fed and making sure safeguards are in place to prevent self dealing and to protect the publics. Confidence should be the minimum standard. Any federal reserve chair should meet, and once there is a problem, a quick and aggressive response is critical. Chair powell has failed at both tasks. Last week i said that i would not support chair powells re nomination because in one decision after another he has consistently failed to serve as an effective financial regulator, but that is not his only failure. Chair powell has also failed as a leader now for whats worth the federal reserve said yesterday that last week it began discussions with its office of inspector general, its kind of their internal watchdog to quote, initiate an independent review of whether trading activity by certain senior officials Was in compliance with both the relevant ethics rules and the law well see what that yields, but, of course the senator from massachusetts may be trying to sway the white house as they weigh whether or not they want to renominate the fed chairman guys fed chair powell. The most dangerous man in dc, but thats not im embellishing a little bit, but i think that could stick and not necessarily a bad thing.

Either yahoo finances brian chung.