[Don Lemon, Cnn Ancdhor:] So, Chris, the inspector general believes these details are part of a bigger problem?
[Chris Lawrence, Cnn Pentagon Correspondent:] Without a doubt, Don. I mean, it really brings to mind the fact that there are 5 million people out there with some sort of security clearance. And it brings up the question of how many of their background checks were done adequately. Plus the fact that the inspector general has already said he's going to spend a lot on this hearing basically saying, I don't know, or we haven't looked into that. Because he says they simply do not have the resources to do the kind of oversight that this kind of important job entails. I think nothing points that out better than the fact that that woman that you just mentioned, Don, the one who admitted that she falsified 1,600 credit checks.
[Lemon:] It's 1,600.
[Lawrence:] It's 1,600. That woman's own background check, the one that she had to go through to get her job, that was also fabricated by yet another inspector who subsequently was convicted in a separate case. It just just really goes to show you. Let me read you something from what you're going to hear during this testimony today. In fact, we learned that a contract background investigator who was removed from an OPM contract for falsifying reports was later able to obtain contract employment performing background investigations for another federal agency while a criminal indictment for fabricating reports was pending. Nothing sums up the problem more than that Don.
[Lemon:] Nothing better than that. So let's talk solutions here. Any reforms to the vetting process that you're hearing about in reaction to Edward Snowden?
[Lawrence:] Well, I just got off the phone a couple minutes ago with a former defense the president official who has spent extensive years going through background checks and also overseeing some of these programs. He says the entire system is broken. He said, look, they're spending $4,000 when they could be spending 100,000. You have people sitting there asking questions on a form. Did you live at this address in 1982? Is Julie really your wife, things that a computer could do easily, He says a lot of that could be, you know, done for $100 by a computer. And then you take the people and move them out to do more thorough investigations, to go out and talk to folks. That you're not going to catch on just a surface background, to look more deeply into people's online activities, which is where a lot of our lives are led now. Not so much with our neighbors down the street. It's who we're interacting with online Don.
[Lemon:] Chris Lawrence, thank you. Appreciate that. And the man who prompted today's hearing is in crunch time right now. It's thought that Edward Snowden is using a 90-day tourist visa while hiding out in Hongkong. He reportedly flew there May 20th. So the visa could expire in August. So far U.S. authorities have not charged him. Not charged him. So stay tuned for that. Want to get you to some developing news. See that there in the corner of your screen. The Dow Jones Industrial average is down 300 points. As promised, we'll get back to Felicia Taylor if something happened. What's going on, Felicia?
[Felicia Taylor, Cnn Business Correspondent:] You know, it's pretty interesting because any headline can actually move the markets at this kind of a juncture. I spoke to one trader. Evidently there's a headline that crossed that said literally the fed is seen tapering QE to $65 billion at the September FOMC meeting. The point of this, though, is that the Federal Reserve did not make that announcement. I have to be very, very clear about that. The Federal Reserve has not said that they were going to begin tapering in September. What this was, was based on a survey of economists that believe it could begin in September. So that accelerated the selling on the marketplace. Because literally sometimes you just see a headline and you react to that, anticipating that, you know, you're not going to find the real nugget of information that's in there. That is that it was based on a survey of economists. The Federal Reserve has not made that pronouncement. Nevertheless that did accelerate the selling off. We're now down about 292 points. I would begin to think people would get back out of the marketplace. Again, this is all based on what the Federal Reserve chairman has said already. Once again, I'm going to re-emphasize this. He has hedged his bets. He's waiting for data points to be collected over the next few months before he actually makes any kind of a move Don.
[Lemon:] Goodness. The power of being the fed chair and what you say. Thank you very much, Felicia. We'll get back to you again as this progresses here on CNN. Up next, remember Exodus International? Exodus International, the group that spent decades trying to convert gay people to straight by saying just pray the gay away? Well, they announced yesterday they're closing their doors. The head of the group had some interesting things to say about why, next.