chair mary schapiro recently testified before a house appropriations subcommittee about the budget request. >> hearing's going to come to order. thank you all for being here, and i'd like to welcome our witness, s.e.c. chairman schapiro. thanks so much for being here today. thanks to my colleagues for being here as well. joe and i decided not to talk baseball today, since both of our teams lost yesterday, so we're sad, but it is only the beginning, so, hopefully, it will all turn out well at the end. we'll be playing each other in the world series, right? anyway, again, welcome, chairman schapiro. the s.e.c. has the complicated mission of protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation, while at the same time, not overregulating our markets and hindering economic recovery. the committee must be vigilant in our oversight of regulatory agencies like the s.e.c. that play an influential role in our economy and have the power to help and hinder american consumers and businesses. since 2001, s.e.c.'s budget has increased over 200%. despit

in fact, sec chairman mary schapiro voiced her concerns in a letter to the senate banking committee ande, i am concerned that we lack a clear understanding of the impact the legislation will have on investor protection. the bill should cause real and significant damage. labor unions are also worried afl-cio president richard trumka said in a statement, the bill will do nothing to create good jobs and stabilize the u.s. economy. instead it will deregulate wall street, voiding investor relieses put in place after enranda the 2008 financial crisis. now, joining me now to talk about the jobs act and jocks themselves is austin gould'sby an advisor and professor of economics at the university of chicago's booth school of business, joining us from chicago. awrch, welcome into the war room. >> great to see you again. >> yeah, it's great to see you too. let me start with the thing everybody is most concerned about with the jobs overall and, of course, jobs numbers are coming out tomorrow. do you have a prediction? >> yeah, i think people have got an little too optimistic. we've had three or four

chair mary schapiro sounded a warning in a letter to senators. she wrote: the president vowed today not to let that happen. >> to make sure ordinary americans don't get taken advantage of the websites where folks will go to fund all these start ups and small biz will be subject to rigorous oversight. the s.e.c. is going to play an important role in implementing this bill. and i have directed my administration to keep a close eye as this legislation goes into effect. we get two views of the new law now, from albert santalo, founder and c.e.o. of care- cloud, a health information technology company in miami, florida. he attended the white house ceremony this afternoon. and john coffee is a professor of law at columbia law school, who specializes in corporate and securities law. he testified about it on capitol hill. robert santalo, i'll start with you. why is this bill a good idea? how would it help someone like you? >> jeff, it's great to be here. you know, for the last ten years since the passing of sarbanes-oxley the whole venture world has chan