Regulators discuss Thursday's market crash

The meeting by regulators comes as Sen. Chuck SchumerCharles (Chuck) Ellis SchumerSchumer: GOP efforts to identify FBI informant 'close to crossing a legal line' Patients deserve the 'right to try' How the embassy move widens the partisan divide over Israel MORE (D-N.Y.) urged leaders of the nation's top exchanges to adopt system-wide circuit breakers that would have likely slowed or stopped the wild swing in the Dow last Thursday. 

The term circuit breaker refers to a series of safe guards that are triggered if the market fluctuates widely. Currently, the New York Stock Exchange is about the only place where they exist.

Schapiro is slated to testify before a House Financial Services subcommittee on Tuesday and lay out to lawmakers how regulators intend to tackle the issue.