Also in this playlist...
This transcript is automatically generated
Some big -- on Capitol Hill today we told you about the HSBC's.
Scandal but Gary Gensler the chairman of the Commodity Futures Trading Commission.
Also called in to testify in front of the senate committee Gensler was trying to explain how he missed the PMG best scandal.
This makes the CFTC.
As they didn't taxable Libor rigging scandal or the missing one point two billion dollars at MF global either so was this chairman Gensler -- Last stand are they kicking them out the door my next guest is Republican senator -- He is calling for just -- the senator joins me now in a Fox Business exclusive senator.
Did -- -- or say anything today that means you feel better about him did he save himself.
I certainly didn't hear anything that causes need to rethink my my belief that the chairman needs to resign.
-- his term is expired you just not let the term expiring and let the president appoint someone new.
But I I did pay attention to the senate agriculture committee hearing today.
I think it's appropriate for -- greater.
Transparency in the yet.
In the bank account statements and to do that electronically makes a lot of sense it does that idea that idea really comes from that the futures association and from CMB.
Who proposed that several months ago.
Okay and is doing their for a second because our own rich -- caught up.
Gensler and and talk to him about the fact that your calling for him to resign wanna play as a response for you and and see you have to sand and -- Senator -- is called for your resignation.
I'm I'm deeply honored to be in this job I think there's a great deal more to get -- And I'm here to get that worked on.
So you -- you -- his term expired in April but he can stay insults when he thirteen it sounds like from that he's not going anywhere.
Well but that doesn't surprise me will see how things develop with other.
Developments -- at CFTC.
As you say -- for three of the Libor.
Issue is say is continuing to develop.
This morning in the senate banking committee which I'm a member we had -- chairman Bernanke Libor was a significant component.
Of the questions that that the chairman received.
And as I say -- -- senate agriculture committee hearing today.
I seem to me that the chairman Gensler was proposing things that have been been proposed in fact being put in place by.
The front -- regulators.
And also it it's it sounded like he had -- he had met with the CFTC commission to kind of very quickly.
Create some proposals that he could talk about the hearing this morning.
About your proposals because a lot of them -- really good you mentioned that he said that regulators the CME the national futures association should have direct in daily electronic access.
To see what's in the bank accounts and see what's in the custodial accounts.
So they can check in every day electronically if they needed to you if they -- -- they want a new spot check you made sure.
That those segregated accounts were really staying segregated that seems like a no brainer -- do that right away.
Absolutely seems like common sense somewhat surprise it's not the case.
But what we've learned is that those Frontline regulators are in a two step process to accomplish that.
First of all to get access direct access from the bank -- without authorization without a signature.
And of course we now know that in paradigms case it was that request for signature.
That really uncovered this problem and caused that the CEO -- To attempt suicide and do -- to do well.
Your information you're in charge can't you guys pushing heading get this -- I mean this is about keeping people's money safe and restoring.
Confidence to this system get -- -- But -- absolutely that is the government's responsibility which is in my view that the responsibility the CFTC.
I'm a member of the Appropriations Subcommittee that has the CFTC funding.
Certainly -- Gensler has asked for more money all the time today his defense was.
He just doesn't have the resources to do that that's despite the fact that we've nearly double the amount of money.
He was virtually no -- your money -- -- you get in there and you can electronically monitor this account you fix it it'll give you more money how about.
That's absolutely he has the authority -- -- it electronically monitor those accounts say he has the ability to accomplish that without us saying -- thing.
He just needs to do it alright senator thank you for coming on tonight we appreciate your time.
Filter by section