secretary, lafrt year we wrestled with how to put together a budge for your department that was fair and balanced. i am proud of our product. i want to thank my ranking member once again as a former chairman and ranking member for his many contributions, his sound advice and experience and that very essential institutional memory. our joint tass thk budget tik will is no different. funding our most critical needs with an eye towards those that protect our nation and, yes, create private sector jobs, sustainable jobs and opportunities. not jobs which rely on government. i hope you'll be able to explain today how the budget request before us does just that. please be sure that any records are delivered in final form no later than four weeks from the time you receive them. members will have additional questions for the record will have to -- until the close of business tomorrow to provide them to the subcommittee office w that, i turn to my ranking member for any comments he may wish to give. >>ic th >> thank you. i reciprocate at the group this morning that i'm blessed in life, obvious

one lafrt point, i've been in congress 22 years and in the state assembly 16. years past this was the only commission that ever came before congress and said we don't need any more money. and that's because obviously they didn't want to enforce what they had to enforce. and so i hope that that has changed. i think it has changed and you're responsible for making sure that what happened in the past doesn't happen again. i thank you. >> and now recognize you, chairman schapiro, for an opening statement. if you'd keep your comments to five minutes, more or less, that will give us more time for questions. thank you so much for being here. >> thank you very much. ranking member sorano and members of the subcommittee, thank you for the opportunity to testify and support of the president's fiscal year 2013 budget request of $1.566 billion for the sec and about how the sec would make effective use of the funds. over the past three years with this subcommittee support, the sec significantly improved the core operations, revitalized and restructured our enforcement and e