it's not an new f.t.e.. it's an inc. management and you will see -- increment and currently they're filled with principle planners and chester and rachel and we have them filled as principles. the idea is change the title and the job description slightly to encompass more management functions so more staff management, more representing us externally with agencies and giving more responsibility to coordinate with the rest of the region and work on our behalf and alleviate the managers in those divisions as well. thank you. so these eight f.t.e. represent a quarter percent interest -- 24% increase over what we had. this is less than the last round of increases in 2007 when we expand d by nine. that was after prop k and aa was coming and we knew there was a growth period coming and we wanted to be ready. in this round i would characterize this as a way to respond to some new initiatives and reset our focus in the future but be more responsive on the board and the ground and the public and right size our own operations which

increases in almost every office and division across the s.e.c., including overall requests of $467 new f.t.e. we heard the claim that the s.e.c. needs increased staffing and funding to get through the dodd-frank mandated rule makings, however, the staffing and funding levels that the s.e.c. cannot exponentially increase forever. this is not an efficient use of your funds, nor will it protect american investors. i'm eager to hear how the s.e.c. plans to judiciously use its funding in key areas in order to best leverage its expertise and capabilities to protect our capital markets and investors and facilitate the overall growth of capital. so thank you, again, for being here today. i look forward to your testimony and now i'd like to recognize the ranking member serrano. >> thank you, mr. chairman. i join you in also welcoming chair white before the subcommittee to testify on the fiscal year 2015 budget request for the securities and exchange commission. last year when we spoke, chair white, you were just settling into your new position. now almost a year of service in this new position, i hav