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 prior to the luncheon, committee members will discuss a financial institutions agenda for the new Congress, the Sarbanes-Oxley Act and the Gramm-Leach-Bliley Act, a European Union proposal to require supervision of investment bank holding companies, and a proposal for creating a transatlantic securities market. At the luncheon press briefing that follows these meetings, SFRC members will issue one or more statements.