The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry, including banking, insurance, and securities, who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before the luncheon, committee members discussed, among other things, GSEs, Regulation NMS and other SEC developments, sovereign debt, Eliot Spitzer's allegations on insurance brokerage, and a second-term financial services agenda for President Bush. At the luncheon press briefing that followed these meetings, SFRC members issued the following statements:

• The Insurance Brokerage Scandal (Statement 211)
• The Financial Services Agenda for the Second Bush Administration (212)
• The Impending Crisis in Defined Benefit Pensions (213)