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 will discuss, among other things, subprime mortgage lending, the liability of accountants for errors on public company financial statements, the criminal indictment of corporations, proposals to regulate hedge funds, Basel II, and issues currently under consideration by the Securities and Exchange Commission, including the regulation of credit rating agencies.

At the luncheon press briefing that follows these sessions, SFRC members will issue one or more statements and answer questions relating to the topics discussed.

On Sunday evening, May 6, the committee will send out e-mail notices of the subjects that will be covered in Monday’s statements.