I know the whole house will join me in sending our profound entities to the family and friends at the 49 people who died in the horrific attacks in orlando on sunday. This is a naval attack of hatred of me condemn both of them. This along with the callous murder is a stark reminder of the challengers face to defeat the poisonous ideology both online and on a street. I believe together with our friends, allies, we will prevail. This morning i had meetings with ministerial colleagues and others in addition to make duties i shall have such meetings today. Thank you, mr. Speaker. I share the Prime Ministers sentiment for the victims families and friends of those in orlando. The australian Parent CompanyUnited Kingdom ltd. We see europe as a major Market Expansion have put on hold for a to build a factory. Enormous potential for serving, but does the Prime Minister share my concern the opportunity would be placed at risk if the u. K. Leads the e. U. Assures me share my honorable friends concern. Hes right that Many Companies come to britain and invest in britain for many reasons. One of the most important has access to the Single Market of 5000 customers it next week we have the opportunity to put our place in the market beyond doubt and i hope we wake up knowing businesses will invest more in our country, create more jobs because that will help the families and another welcomed falling unemployment continued progress moving forward. [shouting] thank you, mr. Speaker. I concur with his remarks about the terrible deaths in orlando. I joined thousands of lgbt in soho in london to mark the deaths of the 49 replace a thank you to does all of the country who attended vigils on monday night to show their concern. Quite simply we defeat atrocities to love and solidarity and we need to send a message out. Three ago thursday across policy for the implementation of section 40 and to proceed once criminal prosecutions were concluded. The Prime Minister will be aware today theres a lobby of parliament by the big guns of phone hacking. The Prime Minister said a few years ago we all do too much cozying up to Rupert Murdoch. Some of his colleagues are certainly cozying up at the moment. For the Prime Minister gave a commitment today that he will make the big dance and assure them he will keep his promise on this . By me again after what he said about the event of bombings in terms of the love is an issue, we said we would make a decision about the second stage of the inquiry once the criminal investigations and prosecutions were out of the way. They still continue so that is the situation there. We will do so again. Right now cozying up to Rupert Murdoch is not one of them. Will he make the victims of phone hacking i hope you will be promised he would make them. A major funder of the League Campaign said, and i quote, if it were up to me i would privatize the National Health service. The honorable member said if people have to pay for nhs services, table valued them more. The honorable member of the government that is that the nhs into record deficit. These people are now masquerading as saviors of the nhs, wolf in sheeps clothing. In the honorable member get it right when she rejected the duplicity of this argument and decided to join the remained in campaign . Wanting of changing her mind which is a brave thing for politicians to do and the nhs would be safer if we remain inside the reformed European Union. I believe that profoundly because the key to nhs is a Strong Economy and there cant be any doubt that nine out of 10 economists come in the imf, oecd, other organizations say in our economy will be stronger and its a Strong Economy that delivers a strong nhs. Thank you, mr. Speaker. Last week the Prime Minister gave a welcome commitment with the closing of the loophole in the posting of workers directive. We will hold him to that. But we are concerned about the x location of microbrokers in the undercutting of wages in this country as a result of that. On that issue, while issue, what the Prime Minister today commit to the outline of the practice of agencies that only advertise jobs in reality jobs in this country . First of all, he and i agree about the evils of modern slavery. We pass without Party Support in with double the fines that can be put on companies for exploiting labor in this way. We strengthen the Licensing Authority and theyve carried out a number of prosecutions including the east of england where he left yesterday and we will continue to take action to make sure people are paid the wages they should be paid and protections are in the minimum wage in a National Living wage. We will continue at those measures. I want people to get a fair days pay for a fair days work. Mr. Speaker, the practice of advertising agencies in other countries. Tens of thousands of e. U. And other people have migrated to britain working on Public Services and do a fantastic job. Many people are also concerned about immigration in local communities. What communities need is Practical Solutions like the Migrant Impact Fund set up by gordon brown when he was Prime Minister to do with the extra pressure on housing, schools and ask those. Will the Prime Minister now can be that it was a mistake to abolish the plan and will he work with us to reinstate as a matter of urgency to give support to those communities facing problems on School Places in doc tears searches. Is absolutely right. Advertising about employment agencies that advertise overseas workers, we are looking to see if weve can ban that practice because we dont believe its right. The answer to so many questions is to make sure we are training, educating and employing british people and getting them the qualifications they need to take on the jobs our economy is creating a peer in terms of funds to help communities impacted by migration, where the pledge in in our manifesto which were looking forward to bringing forward which is a controlled migration on to make sure we put a name to communities where there are pressures because there are some pressures and we do need to address them and im happy we will overcome to cross party basis to do that. There are good ways of controlling migration on one of them is the import rule said people dont get instant access to welfare system a bit there about ways of controlling immigration, wrecking our economy is certainly one of them. Thank you, mr. Speaker. Today campaigning on fishing quotas not going to the u. K. Domestic reach. Look out the window and i havent seen them come yet, but reasonably on the way. The Prime Minister will be aware that reforms that were made three years ago actually put the power back into the hands of Member States and its the u. K. Government giving nearly two thirds of the english and welsh fishing quotas to just three companies. If excluding small communities all along our coast. Can the Prime Minister stop blaming brussels and tell our sustainable Fishing Community what action he will take to allow them to continue their work and indeed go further out in collecting fish. First of all, can i thank him for the reforms we carry through in the last parliament in my honorable friend was actually crucial in delivering those changes. What was actually seen in the last five years is an increase in the value of the u. K. Fishing industry is Something Like 20 . The points i would make is to export every year a billion pounds of fish to the e. U. And theres no country in the world that has a trade agreement that doesnt involve tariffs, taxes on the sale of its fish. Theres no way to get a better deal from the outside them until they get on the inside. Working with our fishermen, keeping the market open in making sure that we manage our stocks locally and appropriately as part of our plan. The government still did end quote is over to three very Large Companies at the expense of small communities around written. I hope he will reflect on that. But just eight days to go before the referendum, the labor position is we are going to be voting to remain because they believe it is the best way to stop tad to protect jobs and Public Services. We would oppose any budget just as theyve opposed any austerity budget proposed by this government. For the Prime Minister take this opportunity to condemn the opportunism of 57 colleagues who have sent in the numbers to back the bedroom tax, and care for the elderly who suddenly have now had a devastating version to the entire stare at a movement. Does he have any message for him at all . What i say to the right honorable gentleman is there are very few times when he and i are on the same side of an argument. This may save the people watching back in home doing it got the leader of the labour party and indeed almost all of the labour Party Conservative government, and the Scottish National party saying we have huge disagreements, but on this issue, the best option for britain is to remain in the European Union. This is a huge choice for our country. Choices have consequences. If we wake up and we remain in our economy and continue to move forward, if we thought out, the experts warn us will have a smaller economy, less employment, lower wages and less tax receipts. That is why we would have to have measures to address a huge hole in our public finances. Nobody wants to have an emergency budget. Nobody wants cuts in Public Services. Nobody wants tax increases. But i would say this. Theres only one thing worse than not addressing the crisis in public finances and that is ignoring it. If you ignore crisis, you see your economy go into a tailspin. Confident that your country reduce. We can avoid all of this by voting next week. [shouting] thank you, mr. Speaker. [inaudible] the finest answer like the taste from many brewed locally recognized the u. K. Can the Prime Minister they must benefit small and mediumsized arrays in the country. Happy to agree with my honorable friend. Having spent last week, i agree with eric that a large quantity is one of the best ways to get through this Referendum Campaign and i would recommend it to everybody. The british industry is in good health because of the duty cuts for my right honorable friend a chance there because of the microburst tax regime. Theyve got cry still coming through in our country. Its an industry in good state did they want the Single Market open and they want us to remain in. Thank you, mr. Speaker. On orlando and on the death of condolence has been expressed by the Prime Minister and leader of the opposition, we are now a week away from the biggest question of the u. K. Has faced in a long time and that is the continuing membership of the European Union. Exports of goods and services from this Irish Economy are massively important. Hundreds of thousands of jobs depend on them come and meanwhile Public Services including the nhs are supported by many hardworking people from elsewhere. Does the Prime Minister agree with me if we want to protect jobs, protect Public Services, we must vote to remain in the European Union. I do believe the most important argument, but the most important is the future of our economy and it seems obvious to me you can listen to experts or make a commonsense argument today we have full access to 500 Million People for an economy like scotland. There is no way we get a better deal with a Single Market on the outside can we get on the inside. If weve laughed, we would see our economy suffered. We would be job suffered. That is just plain common sense. I agree with him for jobs and for likely does we should remain in. But as a consequence for finances because if our economy is doing well, public finances would be doing a spell and have consequences for scotland, too. On that issue, may raise that with the Prime Minister. Today weve learned from a conservative chant the ibx checker in the former labour chancellor that they would be likely to be 30 billion pounds in cuts to Public Services or tax writers. What impact would that have on Public Services in scotland . Please can we learn now before we vote what impact would that have on the budget in scotland that pays for the nhs and for all key Public Services. Another reason we must go to remain in the european. The what i say is that these figures are not days on what the chancellor of the exchequer is saying. They are based on the institute of fiscal studies and Economic Social Research talking about 20 to 40 billion hole in our public finances if you were to go ahead. These organizations often quoted across this house many times against the government because they respected for independence. Clearly if that is the impact on public finances, decisions to cut public spending in the u. K. Budget to have an impact on scotland. To anyone who says these warnings of coors could be wrong or inaccurate. This uncomfortable point to make to the right honorable gentleman. There were warnings before the scottish referendum. It turned out to be worse than the experts warn. Thank you, mr. Speaker. Since the terrorist attack in paris and brussels, many of my constituents are worried that remaining in the e. U. With fears exacerbated by people like nigel for roche. Does my right honorable friend agree that they are helped, not hindered by the e. U. Out save directly to my honorable friend ive done this job for six years. Id working with the secretary, seeing how closely intelligence and Security Services work with other services around the world. By the way we work and i am in no doubt the increasing extent of Information Exchange and takes place through the European Union is a direct benefit to our country here at its not just that you need a border. You also need information and intelligence to police the border properly. The passenger name records. Of course outside the e. U. We could negotiate and we are and then driving them and making them keep people safe in our country. Mr. Speaker, they expect to receive 10 Million Pounds in e. U. Funding over the next three years. They keep to attract businesses to the qvc which created 2. 5000 jobs. Isnt the case that this important funding from the e. U. Could be lost if we both leave the European Union. The gentleman makes an important point, which if you look at the independent report, they say there is no financial saving from leaving the e. U. The issue for fiscal studies conclude that leaving the e. U. Would not leave more money to spend on the nhs. Preferably by spending less on Public Services are taxing more. I would argue that there is a dividend from remaining inside the e. U. And we start to feel it next friday. Britain made a decision and investors would know that britain meant business and they are investing in our country. Theres no saving from leaving and thats what the experts agree. Thank you, mr. Speaker. The number of children growing up in something nearly half a million since 2010. Will the Prime Minister continue wages are no more jobs in a growing economy. I think my honorable friend is right that the most important thing we can do is to help them get the job to earn a living and provide for their family and in our strategy measuring work crews i think are really important in helping to ensure we continue to let children out of poverty. The mr. Speaker, we live in businesses but the chairman said tonight the votes next week are hurt by the trail of immigrants that the first friends on sunday and are considering leaving permanently if we exit the e. U. While the Prime Minister to stay as they are highly valued. There are many people who work hard and make a contribution and help to build our communities. It is important to get the numbers in some days. E. U. Nationals, italians, germans and the rest of it. Only five are going to be e. U. And National Spirit as he says, but get nhs pay 50,000 e. U. Nationals working as doctors and nurses. 60,000 e. U. Nationals helping to look after elderly relatives with dementia and other conditions as they come towards the end of our life. Pointing to make sure people who come here make a contribution but we should celebrate the contribution they make. The thank you, mr. Speaker. Given the government enthusiasm for making forecasts and predictions, can the Prime Minister please tell the house in which year will we meet our manifesto commitment to reduce immigration into the tens of thousands . Last year for which e. U. Migration with imbalance and british nationals leaving our shores to work in europe and a number of e. U. Nationals coming to live and work here. The last year that was imbalance was 2008. I would say to my honorable friend we need to do more to control migration from outside the e. U. And we are doing that with the closure of colleges and other measures and we are doing more inside the e. U. , not saying if they dont get a job after six months they have to leave. If they do work, they have to contribute for years before they get access to the welfare system. Those are sensible ways of controlling immigration. A nonsensible way is damaging jobs, economy and having to explain why we self imposed a recession on our economy. Many from my constituency are struggling to make ends meet. The World Trade Organization say if we leave the e. U. We could save major terrorist state and would have to renegotiate over 163 agreements. Does the Prime Minister agree with me that leaving the e. U. But take the cost of living is too big a risk to take. It is always the poorest of those and economy suffers a recession. There are two ways in which the cost of living could be a factor. If we lived the Single Market, go to wto rules, well have tariffs imposed on the goods they sell to europe and that would make us suffer. Many independent experts forecast the cost of living rises in the cost of family shop rises in holiday rancid and shes right its not worth the risk. We should keep our country safe. Thank you, mr. Speaker. File in the chance is very welcome announcement to the Growth Commission, could the Prime Minister outlined the focus to deliver the muchneeded infrastructure and Economic Development that would allow my wonderful constituent did. Whenever i get a question, i remember how grateful i am that she is sitting or rochester and representing happy days. [shouting] in terms of the 2050 Growth Commission from the key areas are still in infrastructure and there is a serious amount of money committed to the infrastructure and we need to look at things including the crossing to make sure they can make the most of its potential. Thank you, mr. Speaker. 2. 5000 in my constituency jobs are dependent on e. U. Trade. The rights are protected by the chapter and may have been rebuilt. Are they producing more spend than a potters wheel . Despite europes loss, they could give us picking up the pieces of a broke and economy for years to come. Im going to make that sound bite. Its a good one. The honorable lady is spray. If we leave the Single Market and the European Union, the process probably takes two years and after that you then have to negotiate a trade deal with the European Union undergoes a trade deal like canada, that could take seven years and were seven years and were looking at decade of uncertainty for our economy. I am advised by my parliamentary private sector before they did do a worthwhile job of working in that industry [laughter] [shouting] he may not be spending pots anymore, but a spinning from effectively. We exported 38 billion pounds in china to the e. U. And if we were outside without a trade deal, there would be a 12 tax. I dont want to stay british manufacturers, car makers. We should be investing in most industries in helping them support and not making the situation difficult. Thank you, mr. Speaker. 30 years ago when i was a little flat, my parents quit their jobs jobs [laughter] 30 years ago, my parents quit their jobs and founded a school Manufacturing Business around our kitchen table. Today, british manufacturers were particularly Small Businesses are worried. They are worried because if we leave the European Union, theyll continue to make their product to common european standards because they value the free market. They value the Single Market. They value and want to export. They are aware the United Kingdom will have no say whatsoever in the formulation of those standards and their competitive advantage will be destroyed. What advice does my right honorable friend have for my parents, for Small Businesses and for the millions of jobs that depend on them. I always assumed that honorable friend was under 30. Im shocked to get this news. He makes an important point that if we were to leave, we lose the seat around a table that fits the rules of a Single Market. Sometimes those rules can be annoying or burdensome. At the end of the day they are the most we have to meet. If you have no say over those rules, you dont gain control, users control. Thats an absolutely crucial argument on why Small Businesses are back in the e. U. As well as a large majority of. Dr. Alastair make donald. Mr. Speaker, could i endorse the comments that the comments of the Prime Minister about our window and pirates of the death they are. Could assured the Prime Minister it is fully behind them fully behind him in his efforts to secure. But the campaigners have been securing our borders are spending more crime. When it comes to building order for the u. K. And the rest of the e. U. We are dismissed until would change there. He returned to customs passport checks and hard border would be critical critical economic issue. Can the Prime Minister once and for all tell the people of Northern Ireland what will become of the border if the u. K. Wants to leave the European Union. And thank him for his remarks about dear linda shooting. On this issue if we vote to stay in, we know what the situation is. When of the common travel area works. We know it can continue under can continue to never one can have confidence. If we were to leave and make a big issue about borders, outside the European Union and therefore you could only you there have been new border controls between the republic and Northern Ireland for which we would regret some sort of checks on people as they left belfast or other parts of Northern Ireland to come to the rest of the United Kingdom. We can avoid these risks. Risk to her childrens jobs, risks to economic future, border community. I say avoid the risks. Thank you, mr. Speaker. Next week ill be visiting 25 stores in my constituency to explain both sides of the referendum argument to the most heavily impacted by a decision which they cannot make. But the Prime Minister have been a worse for the young people for the remaining segment . And very grateful. But i would say it this is a vote for those people in the schools unable to vote will affect their futures. I hope they will talk to their parents and grandparents after being inspired by the honorable friend about wanting to grow up in a country with opportunity. We are bound to have more if we remain in a reformed European Union with 27 other countries. Also it goes to a point about wizard of country want our children to grow up in. Not just one of economic job opportunities, but were country is able to effect change and get this done in the world. We dont diminish ourselves, we enhance the power britain and the greatness of our country. [shouting] thank you, mr. Speaker. Approximately 11,000 most loyal employees with overt or a tv or service are about to get a serious pay cut. Cuts to sunday pay, holiday and antisocial hours pay almeida on the back of the National Living wage means theyll take home less next year than they do this year with some losing up to 2000 pounds. This is not just any pay cut. This is a take that marketing expenses pay cut. Could the Prime Minister agree with his chancellor that anywhere else on the back of the National Living wage is wrong and if so, will to make this possible . Obviously we want the National Living wage feeding through into people that having higher takehome pay, not lower takehome pay would urge all companies to make sure that is the case. I havent seen the information, but they now like any retailer that they need to attract and retain and motivate what they have. It is crucial in retail particularly with Competition Online that they continue to do that and they wont do that if they cut peoples pay. Mr. Speaker, i agree with the Prime Minister and europe. On the night of november last year, and i quote, some people seem to say britain couldnt do it for the European Union. I dont think that is true. The argument is the mother they could survive. Of course it could. So despite the panic driven negativity from the remaining street, the british people vote next week to become a nation again. Will my right honorable friend join me and racing the optimism and opportunity and people in this momentous decision. I say to my honorable friend. Of course britain can survive outside the e. U. No one is questioning now. The question is how are we going to create the most jobs . How will we create the most investment and opportunities for children . How are we going to get things done . Im all those issues covered the arguments are on the side. Thank you, mr. Speaker. That i associate myself and indeed all of my party across the country with the remarks made earlier on the killings and friend in the brutal murders in florida. The killer and his vicious act not the fur is why the wealthy elite campaign will be unharmed by the inevitable hike in Interest Rates that will follow britains exit from the European Union and the decline in sterling. The race will however have a hit on millions of ordinary british people. It will push people to lose their homes to repossession and pushed low in people further into crippling debt. There is a longterm economic plan on offering which economic those people who are hardworking families not to suffer and the folks remain on thursday. E. And i are off and on opposing sides of arguments, but it says volumes about the breadth of the campaign to remain in a european you that we have built democrats as well as the trade unions, business and so many others coming from different areas but ill save crucially our economy will be better off so families will be better off if we remain in. Hes absolutely right when he says about Interest Rates. The last thing homeowners need an homebuyer state and the last thing our country needs is a hike in Interest Rates damaging our economy. Im glad he supports the plan and as part of his plan remaining and a reformed European Union. Thank you, mr. Speaker. Can i congratulate my right honorable friend for delivering this historic referendum. Unfortunately, we have hers done hysterical scaremongering during this debate and there are those in this house and in the other place to which they believed the british people decide to leave the e. U. There should be a second referendum. Can he assure the house in the country do whatever the results on june 24th, his government will carry out the wishes of the british people and will remain and if the vote is to leave, then we leave. And theyre happy to agree with my honorable friend. It means we remain in a reformed European Union. Out means they come out. As the late campaigners have said can out inside of the European Union, out of the Single Market, out of the council of ministers, out of all of those things. And it means a process of delivering that which would take at least two years in delivering a trade deal which could take as many as seven years. I would say to anyone still in doubt and there are members in this house still again about how to vote. If you havent made up your mind yet, if you are uncertain, when you think of the decade of uncertainty, dont risk in and remain. Mr. Speaker, the hospital accident and emergency unit is in complete meltdown. Will the Prime Minister committee taking swift actions to tackle this crisis . Well, i do understand its a very busy unit. As received 13,600 patients in april alone, but its managed to carry out 40,000 operations and 62,000 diagnostic tests every year. If we look at what has happened since 2010 there is 20 more doctors, 280 nurses recruited the trust. They will monitor this closely. This comes to the core argument if we remain in, we have to make sure we take the proceeds of growth and continue to put them into the nhs as ive always done. The mr. Speaker, im looking forward to the british people giving many opportunities for the vindictive emergency. Though my right honorable friend explained that if the government is so strapped for cash, why is it still intent on spending 50 billion pounds . We will be strapped for cash if you believe the institute for fiscal studies at the National Institute of economic and social research both impeccably independent state there at rio our public finances between 20 and 40 billion. You dont have to be an Economic Expert to see if the economy shrinks and you have fewer jobs and low wages, you get less tax receipt. If you have less tax receipt, you either have to make cuts or put a taxes were increased borrowing. Its a simple matter of mathematics. Theres an easy way to avoid the situation that is devoted to stay next thursday. [shouting] order. Point of order. A point of order. Thank you, mr. Speaker. According to newspaper reports reports we will leave the british house of commons as members of a bunch of other business. Youve been watching Prime Ministers question time here by the 7 00 a. M. Easter when parliament is in session. I often say that it is not mere 30 and 30 is not the new 40. 50 is the new safety and it looks good and thats okay. People ought to own their age in which ive not be talking about being over 50 as a period of decline. The Fastest Growing age they going to miss his people over the age of 85 and the second is people over 100. Mondays programs are put in place, Life Expectancy was 67 or 68. Not only are there more people in the system and, that they are living longer. We have to be able to look at these programs and make meaningful adjustment thats going to allow people to live with dignity for a much longer period of time. A Senate Hearing securities and Exchange CommissionMary Jo White talked about her agencys role in protecting investors and regulating the equities market. Schanzer questions about a proposal to require Public Companies to disclose political contributions. This is two hours. This morning we will receive testimony from securities and Exchange Commission chair mayor joe wyatt. Oversight of the commission is an important part of this committees jurisdiction. The fcc is an independent agency tasked with protecting investors maintaining fair, orderly and efficient market in facilitating Capital Formation. The sec is responsible for ensuring transparency so that investors have adequate information to make Investment Decisions and to mitigate conflicts of interest, fraud and manipulation. This regulatory paradigm is one reason why our Capital Markets have long been that we have the world and the lifeblood of our economy. Excessive and unnecessary regulation however may endanger americas status as the worlds preferred financial senate. First and foremost, i believe the sec should focus on its core mission. This has become art difficult as the commission has come under increased pressure to expand its mission and cater to special interests. Examples of such efforts include attempts to force the fcc to mandate disclosure of Climate Change and political contributions. These efforts are not male and the sec has withstood clinical pressure in the past. It is my exit patient data will continue to do so in the future. Share alike, as you pointed out in the 2013th speech and ill quote you, we make our decisions based on an impartial assessment of the law and the facts and what we believe will further our mission and never in response to political pressure, lobbying or even public clamor. The sec must, i believe, continue to adhere to those principles and uphold its fundamental mission. They should also periodically review the appropriateness of its existing rules. For example, while the commission has undertaken work to review equity Market Structure, it is not engaged in a comprehensive or view of its rules, even in light of the socalled flash crash which happened over six years ago. I also hope that the sec will continue to take very seriously the importance of strong Economic Analysis from promulgating rules. As hussein, agencies have failed to undertake such an analysis and legal challenges as well as they should be. In an agency with thousands of employees like this should be able to analyze in detail the impact of its rules on the market, investors, Financial Products in the broader economy. This is especially true today given the cumulative impact and unintended consequences of the new rules stemming from the financial crisis. If the cost of their cost of a role outweighs its benefit, the rule should be eliminated. If they will cost his past benefit of monster past benefit muster, it should then be implemented by the appropriate agency. The sec has a primary expertise and Capital Markets and should be the lead agency and regulating them. Specifically, i am concerned attempts by other federal agencies to erode, madam chair, the secs jurisdiction can undermine the integrity and function of these markets. Recent examples of this include the department of labors fiduciary duty rule, the fs oc focus on Asset Managers and the Federal Reserve targeting of a broker dealers under the guise of reining in what it calls shadow banking. The sec has 88 decades have specific expertise in these matters be at the should outweigh the desires of other regulators to expand their powers that these have been investors in the markets. Chairman y, i look forward to hearing your thoughts on these issues in the future agenda of the sec. Senator brown. Thank you, mr. Chairman. Over 10 years ago you were confirmed as chair is the sec and assume the task of guiding them will make an agenda under the wall street before my and the jobs act. At that time the destruction of 13 trillion in wealth from the craze says was still fresh in our minds. The sec and other financial regulators completed [roll call] inside were evaluated how to finish the implementation of the rest. When he last appeared before the committee, you said the staff was on the rules and expect to see will shortly. Although several of us have been proposed in some finalized, many are still incomplete and the commission is not finished the derivative rules under title vii of the wall street reform act in the past to their completion seems unclear. Rules are important because title vii is a key part to the Financial Markets by increasing and enhancing oversight by moving to more resilient stable trading platforms. And it would do less damage. This is an entirely on your shoulders on the sec shoulders, but there are certain markets such as credit default swaps that japan. Until the rows are completed, other regulators wont have the benefit of a framework that provides transparency and access to market data. Another wall street reform act would or have it incentive compensation that could be to risk taking or losses in the financial firms. We know what happened during the crisis in that regard. The multiagency role as opposed in 2011 and we pope rose last month after wall street reform became up the rule still wasnt finished. A final rule will provide the market in the public with some assurance that Senior Executives and financial executions will be rewarded for taking inappropriate risk that could harm the market, harm employees, harm the economy. I urge you in other regulators to finish the rule as quickly as possible. You stated you would make strengthening enforcement high priority throughout her tenure. I agree that investors and Market Participants need to know that the Playing Field of fire markets its level and rob dewars, individual and institutional of whatever position or size will be aggressively and successfully called to account by the sec. Time and again we see repeat offenders enter into settlement after settlement they seem to have no effect on stopping the problem in the first place. The question is out what point is the fcc going to stop handing out warnings and start giving tickets. This is evident in the waiver process. Ftc is routinely granted a variety of regulations that could have resulted in privilege is unfortunately it eliminates a significant consequence. A significant consequence could promote better overall compliance at those institutions. Finally, i would like to return to an issue discussed many times in this committee. Democrats have repeatedly asked you to begin work on a political spending disclosure rule. This is not a plea from a special interest as some on the other side of the aisle might say. When you were last year, you acknowledged the intense interest of investors and others on this issue, but you pointed to the low priority of mandatory rulemaking. I realized this years bill limits the secs work on that role but it shouldnt prevent you from doing anything at all. I sincerely hope you begin work on a spending disclosure rule. The interest will only become more intense. Im interested in your update, madam chair. Madam chair, your written testimony in its entirety will be made part of the record. Proceed as you wish. Thank you, mr. Chairman. Ranking member ground, other members of the committee, before i express my thoughts and prayers are with the vic guns at the atlanta shootings and their families. Thank you are inviting me to testify today on the current work in initiatives that the sec which is the chairman indicated summarized in some detail in my written testimony. As you know, the sec is an Agency Charged with protecting millions of investors in safeguarding the most vibrant markets in the world and the commission has been busy since i last testified in 2014. The last three years have each been marked by a vigorous Enforcement Program empowered with new tools and messages to hold wrongdoers accountable. In fiscal year 2015 allowed the commission brought up for it on up for it on the first and actions in unprecedented numbers secured over 4 billion in orders directing the pavement of penalties, an alltime high, performed 2000 exams, and for your height and even more importantly developed cutting edge cases and more efficient exams. The strength of our program can be seen and at be seen in the times, complexity and importance of the cases we the cases be buried thursday in the securities industry, includes numerous actions and focus heightened attention on market gatekeepers like ats exchanges, accountants and lawyers. Significantly, two thirds of our substantive action in fiscal year 2015 also involve charges against individuals and continue to obtain certain cases which weve not done in 40 instances which we changed our settlement protocol. They have pursued very consequential rules in initiatives to protect investors and open avenues for capital raising. Since i last testified, we advance the, we advanced miniature rules addressing key equity Market Structure issues including controls on the Technology Used at the transparency of alternative Trading Systems than that validated audit trail while moving forward with a broader assessment of other fundamental changes. We issued a series of proposals to address the increasingly complex portfolios and operations of mutual funds and Exchange Traded runs. We adopted new rules for crowd funding and smaller security offerings under regulation may fall proposing additional avenues for Small Business to raise capital. We finalize component of security base often continue to execute a comprehensive review of the effectiveness of our disclosure regime. This work marks the latest phase of extraordinary regulatory efforts by the agency before and after i became chair. Beyond our discretionary initiatives, the commission has now adopted final rules for 66 of the mandatory rulemaking, the majority since i became chair and a major priority for 2016 which im sure well get into. Weve now completed the rulemaking is directed by the jobs i could have made significant progress under rulemaking is required late last year under the fact that people were making are the most prominent examples of the agencys achievements, the imperatives are also carried over each day at a dedicated staff of our divisions and offices. The appropriation plan is reviewed annually periodic reports that thousands of issuers each year helping ensure investors receive full and fair disclosure about the Public Companies in which they invest pathos to the division of trading and markets review 2100 islands from exchanges another selfregulatory organizations to preserve a fair and orderly marketplace for all investors that the division of Investment Management covering more than 12,500 mutual funds and Investment Companies for many individuals invest their hardearned money to save for retirement, college and other goals. Our economists and risk analysis produced more than her decisive papers and publications of 2015 including two major analyses to help inform our work on asset management. This afternoon i will have the privilege to participate in the annual awards ceremony where we bracket match the tremendous work of some of our staff. The commission is a stronger and more Effective Agency and im honored at this time. Significant challenges remain to address the size and complexity. It is critical of the sec has resources required to discharge a spot abilities. The new ads and many others in the face of a growing and ever more sophisticated Financial Services industry. We have Prisons Service and we strive to demonstrate how seriously we take the obligation by the work we do. At the same time or resources are insufficient and that had some limitations to the budget proposes would seriously imperil the progress weve made and diminish our ability to fulfill her mission. More remains to be done and achieved and im proud of the agencys impressive accomplishments across the range of responsibilities. I want to thank first and foremost the exceptional staff of the sec as well as fellow commissioners present and past and i want to thank the chairman, Ranking Member and this committee as a whole for your support. Your continued support will allow us to better protect investors and facilitate Capital Formation more effectively and entities we regulate and build on significant work we are doing. Thank you. Im happy to take your questions. Thank you. Madam chairman, i understand the commission can vote to delegate certain of its authorities to the secs staff including enforcement proceeding. Once the commission has voted to delegate, how were you and your fellow commissioners made aware of the staffs use of that authority and if the chair is recused on a specific matter, the staffs use of the delegated authority. The Exchange Activesync listed on this, mr. Chairman, that the commission as a nation has the authority to delegate the daytoday functions. It doesnt have the delegated rulemaking to the staff. It is statutorily done. Obviously we have hundreds and hundreds of daytoday things they must do it the commission. Its very important staff had delegated authority to act the safeguards however of the delegated authority, the commission can review any actions. The staff itself camera for something to the Commission Even though it may have delegated authority for the commission to decide. The review really can be precipitated a anyone commissioners desire to do so. Once the Commission Goes to delegate its authority to the staff, and its my understanding that the delegation remains in place under future commissions, you do not have a chance to improve existing delegation of authority. Is that correct . Yes it is. The way of works if one were to review or change the delegation, it would be up to the chairman to put that on the net whoever the chairman is. Madam chair, would you support an sec review of existing delegation including an analysis of their appropriateness. You do oversight i hope in your agency like we do here. Is to bring that to my attention and we will look at it. You have often stated, madam chair, that the securities and Exchange Commission is an independent agency, that is the way we wanted to be. One can expect some split votes because of the way the commission is set up, there have been many party line votes under your chairmanship. By