mr. james runcie. mr. runcie serves at the department of education and the chief operating officer for student student aid a performance-based organization created to modernize the delivery of student financial systems. mr. runcie advises the secretary of education on matters in the departments operation of student financial assistance programs under title for three before turning to depart mr. runcie service company head of equity corporate finance of ubs investment bank held numerous executive positions of american securities corp. and the xerox corporation. mr. runcie is a graduate of the college of holy cross the bashur's degree in mathematics earned his masters in business of administration with distinction from harvard school of this is. mr. runcie welcome. your statement will be part of the record in its entirety and if you could sum it up in five minutes or thereabouts i would appreciate it very much. >> thank you. chairman harkin ranking member alexander and distinguidistingui shed members of the