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, recent developments concerning the GSEs, the SEC's re-proposed Regulation NMS, and Social Security personal accounts. At the luncheon press briefing that followed these meetings, SFRC members issued the following statements:
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