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, hedge funds, Basel capital standards, the mutual fund industry, federal chartering of insurance companies, the SEC shareholder voting rights proposal, and an update on government-sponsored enterprises. At the luncheon press briefing that follows these meetings, SFRC members will issue one or more statements.