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:
| 11:45 a.m. | Registration | |
| Noon | Luncheon | |
| 12:30 p.m. | Press briefing: | George G. Kaufman (cochair), Loyola University of Chicago |
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| Richard J. Herring (cochair), University of Pennsylvania |
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| George J. Benston, Emory University |
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| Marshall Blume, University of Pennsylvania |
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| Kenneth W. Dam, University of Chicago |
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| Franklin R. Edwards, Columbia University |
| Scott E. Harrington, University of South Carolina | ||
| John Hawke, Arnold and Porter | ||
| Paul M. Horvitz, University of Houston | ||
| Randall S. Kroszner, AEI and University of Chicago | ||
| Kenneth M. Lehn, University of Pittsburgh | ||
| Robert E. Litan, Brookings Institution and Kaufman Foundation | ||
| Hal S. Scott, Harvard Law School | ||
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| Kenneth E. Scott, Stanford University |
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| Peter J. Wallison, AEI |
| 1:30 | Adjournment | |
