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, pension fund problems, GSE privatization, mutual fund issues, international accounting standards, and other accounting issues.

At the luncheon press briefing that follows these meetings, SFRC members issued the following statements:

• No. 208 - The Pressing Need for Corporate Pension Reform
• No. 209 - International Accounting Standards
• No. 210 - The SEC's Proposal for Regulating Hedge Funds