senator stevan and the state of michigan. >> there will be another day >> am glad the fight is between two democrats. we will wait. >> welcome, and we look forward to your presentation. sen. brown has a senator brown has a tight schedule. we will turn. >> good morning. >> ranking member, other members of the committee, i am honored to be with you. my career in the financial services field began more than 63 years ago. i found the vanguard group. three trainings to $53 trillion worth of other people's money. the the principal reason for that success is that since 2008 the single firm has accounted for almost one half of the mutual fund industry entire cash flow, we were founded with a single focus, mutual fund investors, a management company, and this is important, owned not by its managers nor by the public nor by us or foreign insurance companies or financial conglomerates. today the industry has a corporate structure. owned by mutual funds which are owned by our 20 million mutual fund shareholders. we are uniquely mutual mutual fund. we operate the funds on an app cost basis. the sub