The U.S. Shadow Financial Regulatory Committee (SFRC) meets with Shadow Committees from around the world every one to two years to discuss a theme of common interest and issue a joint policy statement. Past joint policy statements are available here.

Below are all statements of the Shadow Committee in reverse chronological order, from 1990 onwards.

For an archive of statements made before 1990, please click here.

 

September 14, 2009

• Video and Event Information

• Joint Statement No. 8: "Making Securitization Work for Financial Stability and Economic Growth"

• Statement No. 278: "A New Consumer Financial Protection Agency"

• Statement No. 277: "Reducing Interference with Accounting Standards and Devising Securities to Price Moral Hazard"

• Statement No. 276: "Regulatory Initiatives of the Securities and Exchange Commission"

• Statement No. 275: "Strengthening the Resiliency of Money Market Mutual Funds"

 

May 4, 2009

• Video and Event Information

• Statement No. 274: "Reinstatement of Short-Sale Restrictions"

• Statement No. 273: "Regulation of Financial Reporting"

• Statement No. 272: "Refocusing Financial Rescue Plans"

• Statement No. 271: "Monitoring Systemic Risk"

 

February 9, 2009

• Video and Event Information
  

• Statement No. 270: "Bank Bailouts and Borrower Bailouts"

• Statement No. 269: "Restructuring Financial Regulation"

• Statement No. 268: "The Need for More Transparency in Discretionary Financial Rescue Programs"

December 8, 2008

• Video and Event Information

• Statement No. 267: "Regulatory Responses to the Current Crisis Have Undermined the Integrity of Tier 1 Capital and Tier 1 Capital Requirements"

• Statement No. 266: "Fair Value Accounting"

• Statement No. 265: "Regulation of Credit Rating Organizations"

• Statement No. 264: "An Open Letter to President-Elect Obama"

September 15, 2008

• Video and Event Information

• Statement No. 263: "The Regulation of Investment Banking"

• Statement No. 262: "The Future of Government-Sponsored Enterprises"

• Statement No. 261: "Regulation of Short Selling"

 

May 5, 2008

• Video and Event Information

• Statement No. 260: "Reducing Inappropriate Political Pressure on the Federal Reserve"

• Statement No. 259: "Mortgage Delinquencies and Foreclosures"

• Statement No. 258: "If Bear Had Been a Bank"

 

February 11, 2008

• Video and Event Information

• Statement No. 257: "Reliance on Third-Party Credit Ratings"

• Statement No. 256: "Industrial Loan Company (ILC) Legislation"

• Statement No. 255: "Facilitating Mortgage Renegotiations: The Policy Issues"

• Statement No. 254: "Facilitating FDIC Bank Failure Resolution"

 

December 10, 2007

• Video and Event Information
  

•  Statement No. 253: "Would Basel II Have Helped Prevent the Subprime Turmoil?"

•  Statement No. 252: "Doubts about the Master Liquidity Enhancement Conduit (M-LEC)"

•  Statement No. 251: "Government-Sponsored Enterprises"

•  Statement No. 250: "Treasury Department’s Mortgage Foreclosure Program"

 

September 17, 2007

• Video and Event Information
  

• Joint Statement No. 7: "Lessons from Recent Financial Turmoil"

• Statement No. 249: "Financial Turmoil and Implications for Mortgages and Related Mortgage Securities"

• Statement No. 248: "Lessons for Basel II from the Recent Financial Turmoil"

May 7, 2007

• Video and Event Information
  

•  Statement No. 247: "Limitations on Auditors' Liability"

•  Statement No. 246: "Allowing U.S. and EU Corporations to Adopt U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS)"

•  Statement No. 245: "Subprime Mortgage Lending Remedies and Concerns"

•  Statement No. 244: "The Usefulness of Hedge Fund Post-Mortems"

•  Statement No. 243: "The SEC's Proposed Prohibition of Notching"

 

February 12, 2007

• Video and Event Information
  

• Statement No. 242:  "The Competitiveness of U.S. Securities Markets"

• Statement No. 241:  "The FDIC's ILC Moratorium"

• Statement No. 240:  "The Proposed Merger of Principal U.S. Futures Exchanges"

• Statement No. 239:  "Facilitating Bank Failure Resolution"

 

December 4, 2006

• Video and Event Information

• Statement No. 238:  "Basel II: One-and-a-Half Cheers for the Standardized Approach"

• Statement No. 237:  "Shareholder Access to Director Elections"

• Statement No. 236:  "A Financial Agenda for the New Congress"

September 18, 2006

• Video and Event Information

• Statement No. 235:  "Risks of Bank Concentration in Commercial Real Estate Lending"

• Statement No. 234:  "Enhancing Competition in the Sale of Stock Market Data"

• Statement No. 233:  "The FDIC's Proposed Risk-Based Assessment System"

May 8, 2006

• Video and Event Information

• Statement No. 232:  "Strengthening the Capital Structure of Federal Home Loan Banks"

• Statement No. 231:  "Welcome Actions by the Securities and Exchange Commission"

• Statement No. 230:  "Federal Preemption for Financial Services Firms"

 

February 13, 2006

• Video and Event Information

• Statement No. 229:  "Open Letter to Federal Reserve Chairman Ben S. Bernanke"

• Statement No. 228:  "The Disclosure of Soft Dollars by Investment Advisers"

• Statement No. 227:  "Margin Regulations"

• Statement No. 226:  "FDIC Replenishing of the Deposit Insurance Fund"

 

December 5, 2005

• Video and Event Information

• Statement No. 225:  "SEC Adoption of Communications Advances"

• Statement No. 224:  "Wal-Mart's Pending Application to Acquire an Industrial Loan Company"

• Statement No. 223:  "Whatever Becomes of Basel II, Prompt Corrective Action and the Leverage Ratios Should be Preserved"

September 12, 2005

• Video and Event Information

• Statement No. 222: "Open Letter to SEC Chairman Christopher Cox"

• Statement No. 221: "The Housing Enterprise Regulatory Reform Act of 2005 (S. 190)"

May 16, 2005

• Video and Event Information

• Statement No. 220: "Deposit Insurance Legislation"

• Statement No. 219: "Evaluating Section 404 of the Sarbanes-Oxley Act Concerning Internal Controls"

• Statement No. 218: "Limiting GSE Portfolios"

February 14, 2005

• Video and Event Information

• Statement No. 217:  "Regulation NMS"

• Statement No. 216:  "Proposed Legislation to Regulate the GSEs"

• Statement No. 215:  "Sunset the PCAOB"

• Statement No. 214:  "Expanded FDIC Examination Authority"

 

December 6, 2004

• Video and Event Information

• Statement No. 213:  "The Impending Crisis in Defined Benefit Pensions"

• Statement No. 212:  "The Financial Services Agenda for the Second Bush Administration"

• Statement No. 211:  "The Insurance Brokerage Scandal"

 

September 20, 2004

• Video and Event Information

• Statement No. 210:  "The SEC's Proposal for Regulating Hedge Funds"

• Statement No. 209:  "International Accounting Standards"

• Statement No. 208:  "The Pressing Need for Corporate Pension Reform"

 

May 24, 2004

• Video and Event Information

• Statement No. 207:  "The Possible Extension of the Terrorism Risk Insurance Act"

• Statement No. 206:  "Prohibition of Directed Brokerage and Other Abuses by Investment Management Companies"

• Statement No. 205:  "Regulation NMS and Securities Market Structure"

 

February 9, 2004

• Video and Event Information

• Statement No. 204:  "Enabling Institutional Investors to Play a More Effective Role in Corporate Governance"

• Statement No. 203:  "Toward a Single Transatlantic Market in Financial Services"

 

December 8, 2003

• Video and Event Information

• Statement No. 202:  "Simple Proposal to Deal with Market Timing and After-Hours Trading"

• Statement No. 201:  "New York Stock Exchange Governance and Market Structure Issues"

• Statement No. 200:  "Mutual Fund Expenses and Soft Dollars"

• Statement No. 199:  "SEC Proposals for More Shareholder Democracy"

 

September 22, 2003

• Video and Event Information

• Statement No. 198:  "Taxpayer Exposure to Liabilities of the Pension Benefit Guarantee Corporation"

• Statement No. 197:  "The Responsibilities of Financial Professionals and Firms in Recent Financial Scandals"

• Statement No. 196:  "Legislation on Fannie Mae and Freddie Mac"

• Statement No. 195:  "Predatory Lending and Federal Preemption of State Laws" 

 

May 5, 2003

• Video and Event Information

• Statement No. 194:  "Removal of Archaic Bank Regulatory Restrictions"

• Statement No. 193:  "The Latest Revisions to Basel II and Implementation Plans in the United States"

• Statement No. 192:  "Enforcement Settlement with Wall Street Investment Firms"

• Statement No. 191:  "The European Union's Financial Conglomerate Directive"

• Statement No. 190:  "Access by Institutional Investors to Foreign Electronic Trading Venues"

 

February 24, 2003

• Video and Event Information

• Statement No. 189:  "The Registration of Mortgage Backed Securities of Fannie Mae and Freddie Mac"

• Statement No. 188:  "Glass Steagall, Tying and Conflicts of Interest"

• Statement No. 187:  "The SEC's Concern with Short Selling"

• Statement No. 186:  "State and Federal Securities Market Regulation"

 

December 9, 2002

• Video and Event Information

• Statement No. 185:  "A Financial Agenda for the New Congress"

• Statement No. 184:  "Disclosure of Portfolio Holdings of Registered Investment Companies"

• Statement No. 183:  "SEC Standards for Designating Nationally-Recognized Credit Rating Organizations"

 

September 23, 2002

• Video and Event Information

• Statement No. 182:  "A Proposed Federal Backstop for Terrorism Insurance and Reinsurance"

• Statement No. 181:  "Fannie Mae's Duration Gap"

 

May 6, 2002

• Video and Event Information

• Statement No. 180:  "The Responsibility of Independent Auditors to Shareholders of Publicly Traded Corporations"

• Statement No. 179:  "The Basel 2 Approach to Bank Operational Risk"

• Statement No. 178:  "The Shays-Markey Bill on GSE Disclosure"

February 25, 2002

• Video and Event Information

• Statement No. 177:  "Pension Reform in the Wake of Enron's Collapse"

• Statement No. 176:  "Enron and Accounting Issues"

• Statement No. 175:  "Deposit Insurance Reform"

 

December 3, 2001

• Video and Event Information

• Statement No. 174:  "The Gramm-Leach-Bliley Act"

• Statement No. 173:  "Predatory Lending"

• Statement No. 172:  "Terrorism Insurance"

May 7, 2001

• Video and Event Information

• Statement No. 171:  "Assuring Discipline of the Housing GSEs"

• Statement No. 170:  "Optional Federal Chartering of Insurance Companies"

 

February 26, 2001

• Video and Event Information

• Statement No. 169:  "The Basel Committee's Revised Capital Accord Proposal"

• Statement No. 168:  "Requiring Large Banks to Issue Subordinated Debt"

 

December 4, 2000

• Video and Event Information

• Statement No. 167:  "Comptrollers' Proposed Pilot Program Permitting Increased Lending Limits for Community Banks"

• Statement No. 166:  "An Open Letter to the New President and Congress on an Agenda for Financial Reform"

• Statement No. 165:  "Deposit Insurance Reform Options"

 

September 25, 2000

• Video and Event Information

• Statement No. 164:  "Privatizing the Housing GSEs"

• Statement No. 163:  "The Regulation of Derivative Instruments"

May 8, 2000

• Video and Event Information

• Statement No. 162:  "Increasing Deposit Insurance Coverage to $200,000"

• Statement No. 161:  "Full Cost Pricing of Supervisory and Examination Services"

March 2, 2000

• Video and Event Information

• Statement No. 160: "Reforming Bank Capital Regulation"

 

December 13, 1999

• Video and Event Information

• Statement No. 159:  "Federal Home Loan Banks"

• Statement No. 158:  "Proposed Federal Catastrophe Reinsurance"

 

September 27, 1999

• Statement No. 157:  "The Failures of BestBank and First National Bank of Keystone"

• Statement No. 156:  "The Basle Committee's New Capital Adequacy Framework"

April 26, 1999

• Statement No. 155:  "The Latest Round of Bills on Financial Modernization"

• Statement No. 154:  "Revising the Basle Capital Standards"

 

December 7, 1998

• Statement No. 153:  "The Federal Reserve Board and Prudential Supervision"

• Statement No. 152:  "The G7's New Precautionary Credit Line Facility for the IMF and its Use in Brazil"

 

September 28, 1998

• Statement No. 151:  "The Issues Posed by the Near-Collapse of Long-Term Capital Management"

• Statement No. 150:  "The Senate’s Version of H.R.10"

• Statement No. 149:  "The Use of Private Credit Ratings for Determining Capital Requirements for Securitization"

• Statement No. 148:  "Principles for Reforming the 'Global Financial Architecture'"

 

May 4, 1998

• Statement No. 147:  "Mergers and Acquisitions in the Banking Industry"

• Statement No. 146:  "The Credit Union Membership Access Act, H.R. 1151"

• Statement No. 145:  "International Monetary Fund Assistance and International Crises"

• Statement No. 144:  "Expanded Powers for Federal Home Loan Banks"

December 7, 1997

• Statement No. 143:  "Sweep Accounts and the Prohibition on Paying Interest on Reserve Balances and Demand Deposits"

• Statement No. 142:  "Congress and Financial Reform"

• Statement No. 141:  "Strategic Plans of Federal Financial Institution Regulatory Agencies"

September 22, 1997

• Statement No. 140:  "Mortgage Lending by Federal Home Loan Banks"

• Statement No. 139:  "H.R. 10 ("Leach Bill") and the Commerce Subcommittee Draft"

May 5, 1997

• Statement No. 138:  "Restrictions on Banking-Commerce Affiliations"

• Statement No. 137:  "Bank Activities and the Extension of Bank Subsidies"

 

December 9, 1996

• Statement No. 136:  "Recent Fed and OCC Rulings on Permissible Bank Activities"

• Statement No. 135:  "An Open Letter to President Clinton on Financial Reform"

 

May 6, 1996

• Statement No. 134:  "A Proposal for Privatization of the Federal Home Loan Bank System"

• Statement No. 133:  "Proposed Legislation on Enterprise Resource Banks (The "Baker Bill", H.R. 3167)"

• Statement No. 132:  "Disclosure of Examination Reports and Ratings"

 

February 12, 1996

• Statement No. 131:  "Extending the Credit Reform Act to GSEs"

• Statement No. 130:  "Expansion of Bank Powers by Regulation"

December 11, 1995

• Statement No. 129:  "Ownership of Stock by Bank Directors"

• Statement No. 128:  "Bank Merger Law and Policy"

• Statement No. 127:  "Reduction in Premiums for BIF-Insured Institutions"

• Statement No. 126:  "Values of Bank Capital Tripwires for Prompt Corrective Action and Least Cost Resolution"

 

September 18, 1995

• Statement No. 125:  "Alternatives to Recapitalizing the Savings Association Insurance Fund and Defeasing the FICO Bonds"

• Statement No. 124:  "The Banking Agencies' Proposed Interest Rate Risk Capital Standards"

 

May 22, 1995

• Statement No. 123:  "Alternatives to Recapitalizing the Savings Association Insurance Fund"

• Statement No. 122:  "Federal Reserve Proposal for Pricing Daylight Overdrafts"

• Statement No. 121:  "Proposed Amendments to Part 5 of the Regulations of the Office of the Comptroller of the Currency"

• Statement No. 120:  "The Leach Bill"

• Statement No. 119:  "Wholesale Banking Proposal Under H.R. 1062"

• Statement No. 118:  "Principles of Bank Reform-Guidelines for Assessing Pending Legislative Proposals"

 

February 13, 1995

• Statement No. 117:  "Emergency Assistance for Mexico"

• Statement No. 116:  "Open Letter on Financial Reform to the Senate and House Banking Committees"

 

December 12, 1994

• Statement No. 115:  "Repeal of the Bank Holding Company Act and Restrictions on Product Diversification for Banking Organizations"

• Statement No. 114:  "FDIC Insurance Assessments"

• Statement No. 113:  "Proposed Community Reinvestment Act Regulations"

• Statement No. 112:  "Regulatory Agency Measurement of Bank Capital for Prompt Corrective Action"

 

September 26, 1994

• Statement No. 111:  "Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994"

• Statement No. 110:  "Final Rules on Incorporating Concentrations of Credit Risks Into Risk-Based Capital Standards"

 

May 23, 1994

• Statement No. 109:  "Financial Accounting Standard 1.1.5"

• Statement No. 108:  "Proposed Increases in FHA Insurance Limits"

• Statement No. 107:  "Federal Displacement of State Laws: Fair Credit Reporting and Interstate Branching"

• Statement No. 106:  "Proposed Lengthening of Examination Schedules and Required Independent Audits for Thrift Institutions"

 

February 14, 1994

• Statement No. 105:  "Proposed Revisions to Community Reinvestment Regulations"

• Statement No. 104:  "Mutual to Stock Conversions of Thrift Institutions"

• Statement No. 103:  "Principles of Regulatory Restructuring"

 

December 13, 1993

• Statement No. 102:  "Deterioration in the Financial Condition of the Pension Benefit Guarantee Corporation"

• Statement No. 101:  "Safety and Soundness Standards"

• Statement No. 100:  "The Proposed Federal Banking Commission"

 

September 20, 1993

• Statement No. 99:  "Proposals to Permit Banks to Branch on an Interstate Basis"

• Statement No. 98:  "The New Depositor Preference Legislation"

 

May 24, 1993

• Statement No. 97:  "FDIC Pilot Reinsurance Program"

• Statement No. 96:  "Modifying Risk-Based Capital Standards to Account for Interest-Rate Risk"

• Statement No. 95:  "Fair Value Reporting for Insured Depository Institutions Required Under FDICIA"

• Statement No. 94:  "The Policy of Authorizing "Minimal Documentation" Loans"

 

March 1, 1993

• Statement No. 93:  "Taxpayer Risks in the Pension Benefit Guarantee System"

• Statement No. 92:  "FDIC Action on Critically Undercapitalized Banks"

• Statement No. 91:  "Proposed Changes in the FDIC's Risk-Related Premium System"

December 14, 1992

• Statement No. 90:  "An Open Letter to President Clinton"

 

September 14, 1992

• Statement No. 89:  "Standards for Safety and Soundness"

• Statement No. 88:  "Proposed Rule on Interbank Exposure"

• Statement No. 87:  "Rule Proposed by Bank Regulators to Control Interest Rate Risk"

 

June 1, 1992

• Statement No. 86:  "SEC Listing Requirements for Foreign Companies"

• Statement No. 85:  "The TDPOP's Proposed Early Resolution/Assisted Merger Program"

• Statement No. 84:  "Brokered Deposits and Capital Requirements"

• Statement No. 83:  "The FDIC's Proposed Schedule of Risk-Sensitive Premiums"

 

February 17, 1992

• Statement No. 82:  "Need to Regulate Interest Rate Risk"

• Statement No. 81:  "Using Risk-Related Capital Standards to Promote Housing"

• Statement No. 80:  "FDIC's Program for 'Hospitalizing Sick Banks'"

 

December 16, 1991

• Statement No. 79:  "Interagency Policy Statement on Commercial Real Estate Loans"

• Statement No. 78:  "United States Listing Requirements for Foreign Companies"

• Statement No. 77:  "Accounting for Taxpayers' Stake in the FDIC's Bank Insurance Fund"

• Statement No. 76:  "FDIC Improvement Act of 1991"

 

September 16, 1991

• Statement No. 75:  "Protecting Taxpayers from Risks of Government Sponsored Enterprises"

• Statement No. 74:  "Bank of Credit & Commerce International"

• Statement No. 73:  "Additional Comments of Deposit Insurance Reform Legislation"

• Statement No. 72:  "OMB & CBO Statements Calling for More Informative Accounting & Budgeting for Deposit Insurance"

 

May 20, 1991

• Statement No. 71:  "Need to Develop a Satisfactory Databasae with which to Analyze the Economic Condition of Insurance Companies"

• Statement No. 70:  "Funding of the BIF and Depository Insurance Reform Proposals in H.R. 2094"

 

February 11, 1991

• Statement No. 69:  "FASB's Proposed Statement of Financial Accounting Standards Concerning 'Disclosures About Market Value of Financial Instruments'"

• Statement No. 68:  "OTS Proposal for Capital Requirement for Interest Rate Risk"

• Statement No. 67:  "Concerns About the Availability of Bank Credit"

• Statement No. 66:  "Proposals to Inject Additional Funds into the Bank Insurance Fund"

• Statement No. 65:  "Treasury's Deposit Insurance Reform Recommendations"

 

December 10, 1990

• Statement No. 64:  "FDIC Ownership of Continental Illinois Stock"

• Statement No. 63:  "National Branching"

• Statement No. 62:  "Congressional Intercession with the Financial Regulatory Agencies"

• Statement No. 61:  "Limiting Taxpayer Loss Exposure in Government-Sponsored Credit Enterprises"

• Statement No. 60:  "RTC Property Disposition Policies"

• Statement No. 59:  "Condition of the Bank Insurance Fund"

• Statement No. 58:  "Provision of Seller Financing by RTC in Asset Sales"

 

May 7, 1990

• Statement No. 57:  "Proposals to Consolidate the SEC and CFTC"

• Statement No. 56:  "The Elimination of Restrictions on Bank Securities Activities and Affiliations"

• Statement No. 55:  "RTC Thrift Resolution Policies"

 

February 26, 1990

• Statement No. 54:  "The Failure of the Treasury's Study of the Federal Deposit Insurance System to Focus on Identifying and Correcting Defects in Government Incentives"

• Statement No. 53:  "Subsidized Federal Reserve Assistance"

• Statement No. 52:  "The FDIC's Proposed Regulation on Purchased Mortgage Servicing Rights"