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%. despite this tremendous growth in resources over the past decade, the s.e.c. failed to detect ponzi schemes such as madoff and stanford, the u.s. financial system nearly collapsed, and judges continue to question s.e.c. settlements and regulations. in recent years, the s.e.c. has also had several embarrassing management lapses, such as purchasing unneeded space, destroying investigative documents and repeating material weaknesses and sec of own financial statements to name a few. those are problems with the se

chicago magazine has recently reminded us, fred schapiro at the yale law steel police richard poser is the most cited jurist of the 20th century and i presume now 21st century. there is good reason to come to this conclusion. first he has been a member of the second circuit of the united states court of go since 1981 and has written a vast body of legal opinions. second, during that time he's published many, many books and articles and in recent years has become a much discussed blogger. third, taken as a group has publications explore what i think it's a remarkable range of intellectual interest. doing so with great subtlety. of course he is held to educate and train a large number of students at the university of chicago law school, where he has remained on the faculty since becoming a judge. among what i think are his most interesting books is his study of the decline of public intellectuals. and i might add, the observing introduction he wrote for a new addition of a largely forgotten classic, genes that james stephen's liberty, equality and fraternity. it is a good introduction i

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

the body of war, a production by phil donahue and maria schapiro. i am going to be talking more about this because this young man is paralyzed from his breast down, and what he has to go through to live. this congress needs to meet its constitutional responsibility. any other involvement by our country needs to be a declaration of war. mr. robertson, thank you, again, and i close, god, please, god, please continue to bless our men and women in uniform. the families of our men and women in uniform and the wounded. god, continue to bless america. with that i yield back the balance of my time. the speaker pro tempore: the gentleman yields back. the chair recognizes the gentleman from texas, mr. green, for five minutes. mr. green: mr. speaker, i rise this morning with good news and bad news. this news comes by way of my hometown newspaper, "the houston chronicle" and i am proud that they have printed and published the news i am about to share with the public. the bad news is that mr. johnson was beaten on the streets of houston, texas, simply because of