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, limiting government-sponsored enterprises' (GSEs) portfolios, federal deposit insurance legislation, and section 404 of Sarbanes-Oxley. At the luncheon press briefing that followed these meetings, SFRC members issued the following statements:

• Limiting GSE Portfolios (Statement 218)
• Evaluating Section 404 of the Sarbanes-Oxley Act Concerning Internal Controls (Statement 219)
• Deposit Insurance Legislation (Statement 220)