I point out that since the mid-1990s, as the gentleman knows, the SEC has been funded through section 31 fees and other fee operations. During our debate on the legislation that reduced the fees, we came to understand that, clearly, those fees in this case would cover the operation of the SEC. As a matter of fact, history would suggest that the fees generate six times currently what it takes to run the SEC.
Discussing the funding of the SEC and the impact of fee reductions.
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