Elizabeth Warren

So you are saying it is just a mixed fund at this point, and it was never a high-frequency trading fund primarily or exclusively?

High-frequency traders are not making money by taking on risk.

I think the exchanges are working toward improving those situations.

If you are buying a stock and turning it around and selling it within a minute, within a second later to someone else, how does that provide liquidity to the markets?

High-frequency trading is not really trading in the traditional sense.

Confidence in the market seems to be going down.

Lack of trust in the stock market means less capital for growing companies, slower growth in the economy, slower job growth.

But I at least want to ask the question how it is that--this is the principal claim for high-frequency trading, is that it provides liquidity in the marketplace.

So you are saying you do not do high-frequency trading?

SEC Chair White's plan for a holistic review of the equity markets.

Something needs to be done here.

So you collect no data from the military academies?

They should at the least feel safe on campus, and they should feel confident that if they are victims of crimes, the people around them will respond quickly and with respect and compassion.

Does that mean they're not reporting data, either? Do they report data to you?

Actually, then, let me switch it over to Ms. Lhamon. Do you use these data as part of your enforcement strategies and designing your enforcement strategies?

And do you make all of those reports public when you do these analyses? Are you putting them out there, making them public?

Are there other data that you should be collecting or that you would find helpful in making your decisions about where you have compliance and where you don't that you feel ought to be there?

Data can be a powerful tool in helping us understand the problems we face and possible solutions.

Now if that report confirms that too-big-to-fail is still a serious problem, will the Department rethink its opposition and support taking steps directly to reign in the size of the biggest financial institutions?

Well, all right, but they have gotten bigger. So whatever you are doing is obviously not causing them to get smaller, and that adds additional risk.

It seems like we are playing a game of Whack-A-Mole. As we address some sources of risk, others start popping up.

These banks are taking on new forms of risk

I want to thank you for highlighting, once again, the importance of dealing with student loan debt.

But, Mr. Secretary, what has been the consequence of your having imposed these, as you put them, costs on size? We have watched over the last 5 years the largest financial institutions have gotten substantially larger.

We could address the to-fail part by trying to eliminate all the different ways that massive financial institutions could take on too much risk, or we could address the too-big part of it by breaking up the biggest banks so that even if…