Hearings in the 111th Congress

House Committee on Education and Labor
Full Committee Markup
June 24, 2009
“HR 2989 – 401(k) Fair Disclosure and Pension Security Act of 2009”

On Wednesday, June 24th, 2009, the House Committee on Education and Labor held a markup of HR 2989, the 401(k) Fair Disclosure and Pension Security Act of 2009. HR 2989 is a combination of HR 1984 and HR 1988, and will amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to provide a minimum investment option requirement for such plans. It also amends the Act to provide for independent investment advice for participants and beneficiaries under individual account plans, as well as amending the Internal Revenue Code of 1986 to provide transitional relief under certain pension funding rules added by the Pension Protection Act of 2006.

Member Statements
Committee Chairman George Miller

Click here to view a copy of HR 2989
Click here to view a copy of House Report 111-244 on HR 2989

House Committee on Education and Labor
Subcommittee on Health, Employment, Labor and Pensions Markup
June 17, 2009
“H.R. 1988 – The Conflicted Investment Advice Prohibition Act of 2009”

On Wednesday, June 17th, 2009, the House Committee on Educations and Labor’s Subcommittee on Health, Employment, Labor and Pensions held a markup of HR 1988, the Conflicted Investment Advice Prohibition Act of 2009. HR 1988 is a bill to amend title I of the Employee Retirement Income Security Act of 1974 to provide for independent investment advice for participants and beneficiaries under individual account plans.

Member Statements
Subcommittee Chairman Robert Andrews

Click here to view a copy of HR 1988

House Committee on Education and Labor
Subcommittee on Health, Employment, Labor and Pensions Markup
June 17, 2009
“H.R. 1984 – The 401(k) Fair Disclosure for Retirement Security Act of 2009”

On Wednesday, June 17th, 2009, the House Committee on Educations and Labor’s Subcommittee on Health, Employment, Labor and Pensions held a markup of HR 1984, the 401(k) Fair Disclosure for Retirement Security Act of 2009. HR 1984 is a bill to amend title I of the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to provide a minimum investment option requirement for such plans.

Member Statements
Subcommittee Chairman Robert Andrews

Click here to view a copy of HR 1984

House Committee on Education and Labor
Subcommittee on Health, Employment, Labor, and Pensions
April 22, 2009
"401(k) Fair Disclosure for Retirement Security Act of 2009"

Member Statements
Subcommittee Chairman Robert Andrews

Witness Testimony
Mercer Bullard, Founder, Fund Democracy and Assistant Professor of Law, University of Mississippi
Kristi Mitchem, Managing Director US Defined Contribution Plans Barclays
Alison Borland, Retirement Strategy Leader, Hewitt Associates LLC
Julian Onorato, CEO, ExpertPlan, Inc.
Robert Chambers, Chairman of the Board, American Benefits Council & Partner, McGuire Woods
Larry Goldbrum, Executive Vice President and General Counsel, The SPARK Institute

Senate Committee on Banking, Housing, and Urban Affairs
March 26, 2009
"Enhancing Investor Protection and the Regulation of Securities Markets - Part II"

Member Statements
Committee Chairman Christopher Dodd

Witness Testimony
Panel I
Honorable Mary Schapiro, Chairman, U.S. Securities and Exchange Commission
Fred Joseph, President, North American Securities Administrators Association

Panel II
Honorable Richard C. Breeden, Former Chairman, U.S. Securities and Exchange Commission
Honorable Arthur Levitt, Former Chairman U.S. Securities and Exchange Commission
Honorable Paul S. Atkins, Former Commissioner, U.S. Securities and Exchange Commission

Panel III
Richard Ketchum, Chairman and CEO, FINRA
Ronald Stack, Chair, Municipal Securities Rulemaking Board
Richard Baker, President and CEO, Managed Funds Association
James Chanos, Chairman, Coalition of Private Investment Companies
Barbara Roper, Director of Investor Protection, Consumer Federation of America
David Tittsworth, Executive Director and Executive Vice President, Investment Adviser Association
Rita Bolger, Senior Vice President and Associate General Counsel, Standard & Poor’s, Global Regulatory Affairs
Daniel Curry, President, DBRS, Inc.

Senate Committee on Banking, Housing, and Urban Affairs
March 10, 2009
"Investor Protection and the Regulation of Securities Markets"

Witness Statements
John Coffee, Adolf A. Berle Professor of Law, Columbia Law School
Lynn Turner, Former Chief Accountant, U.S. Securities and Exchange Commission
Timothy Ryan, President and CEO, Securities Industry and Financial Markets Association
Paul Schott Stevens, President and CEO, Investment Company Institute
Mercer Bullard, Associate Professor and President, University of Mississippi School of Law and Fund Democracy
Robert Pickel, Executive Director and Chief Executive Officer, International Swaps and Derivatives Association
Damon Silvers, Associate General Counsel, AFL-CIO
Thomas Doe, CEO, Municipal Market Advisors

Senate Special Committee on Aging
February 25, 2009
"Boomer Bust? Securing Retirement in a Volatile Economy"

Member Statements
Senator Mel Martinez, Ranking Member

Witness Statements
Jeanine Cook, Baby Boomer, Myrtle Beach, SC
Dallas Salisbury, President & CEO, Employee Benefits Researech Institute
Dean Baker, Co-Director, Center for Economic and Policy Research
Ignacio Salazar, President & CEO, SER - Jobs for Progress
Barbara Kennelly, President & CEO, National Committee to Preserve Social Security and Medicare
Deena Katz, CFP, Associate Professor, Texas Tech Univeristy, and Chairman, Evensky & Katz

House Committee on Education and Labor
February 24, 2009
"Strengthening Worker Retirement Security"

Member Statements
Committee Chairman George Miller

Witness Statements
Dean Baker, Co-Director, Center for Economic and Policy Research
John Bogle, Founder, Vanguard Group
Alicia Munnell, Director, Boston College’s Center for Retirement Research
Paul Stevens, President and CEO, Investment Company Institute

House Committee on Financial Services
February 4, 2009
"Assessing the Madoff Ponzi Scheme and Regulatory Failures"

Member Statements
Committee Chairman Paul Kanjorski
Congresswoman Michele Bachmann

Witness Statements
Panel I
Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise, as well as a Chartered Financial Analyst and Certified Fraud Examiner

Panel II
Linda Thomsen, Director, Division of Enforcement, U.S. Securities and Exchange Commission
Andrew J. Donohue, Director, Division of Investor Management, U.S. Securities and Exchange Commission
Erik Sirri, Director, Division of Trading and Markets, U.S. Securities and Exchange Commission
Andy Vollmer, Acting General Counsel, U.S. Securities and Exchange Commission
Lori A. Richards, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission
Stephen Luparello, Interim Chief Executive Officer, Financial Industry Regulatory Authority

Senate Committee on Banking, Housing, and Urban Affairs
January 27, 2009
"Madoff Investment Securities Fraud: Regulatory and Oversight Concerns and the Need for Reform"

Member Statements
Committee Chairman Christopher Dodd

Witness Statements
John Coffee, Jr., Adolf A. Berle Professor of Law, Columbia University Law School
Henry Backe, Jr., Orthopedic Surgeon, Fairfield, Connecticut
Lori Richards, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission
Linda Thomsen, Director, Division of Enforcement, U.S. Securities and Exchange Commission
Stephen Luparello, Interim Chief Executive Officer, Financial Industry Regulatory Authority
Stephen Harbeck, President and CEO, Securities Investor Protection Corporation

House Committee on Financial Services
January 5, 2009
"Assessing the Madoff Ponzi and the Need for Regulatory Reform"

Member Statements
Committee Chairman Paul Kanjorski

Witness Statements
Panel I
H. David Kotz, Inspector General, U.S. Securities and Exchange Commission
Stephen Harbeck, President, Securities Investor Protection Corporation

Panel II
Allan Goldstein, a retiree and investor with Bernard L. Madoff Investment Securities
Tamar Frankel, Professor of Law and Michaels Faculty Research Scholar, Boston University School of Law
Leon Metzger, adjunct faculty member at Columbia University, Cornell University, New York University, and Yale University

Hearings in the 110th Congress

House Committee on Oversight and Government Reform
November 13th, 2008
"Hedge Funds and the Financial Market"

Member Statements
Committee Chairman Henry Waxman

Witness Statements
Panel I
David Ruder, Professor, Northwestern University School of Law, Former Chairman, U.S. Securities and Exchange Commission
Andrew Lo, Director, MIT Laboratory for Financial Engineering, Massachusetts Institute of Technology, Sloan School of Management
Joseph Bankman, Professor, Stanford University Law School
Houman Shadab, Senior Research Fellow, Mercatus Center, George Mason University

Panel II
John Alfred Paulson, President, Paulson & Co., Inc.
George Soros, Chairman, Soros Fund Management, LLC
James Simons, President, Renaissance Technologies, LLC
Philip Falcone, Senior Managing Partner, Harbinger Capital Partners
Kenneth Griffin, Chief Executive Officer and President, Citadel Investment Group, LLC

House Committee on Education and Labor
October 22nd, 2008
"The Impact of the Financial Crisis on Workers' Retirement Security"

Member Statements
Committee Chairman George Miller

Witness Statements
Shlomo Benartzi, Ph.D., Professor, UCLA Anderson School of Management
Steve Carroll, Retiree, Petaluma, CA
Mark Davis, Partner, Kravitz Davis Sansone
Jacob S. Hacker, Ph.D., Professor, University of California at Berkeley
Roberta Quan, Retiree, Richmond, CA
Tif Joyce, President, Joyce Financial Management

House Committee on Education and Labor
October 7th, 2008
"The Impact of the Financial Crisis on Workers' Retirement Security"

Member Statements
Committee Chairman George Miller (D-CA)

Witness Statements
Jerry Bramlett, CEO, BenefitStreet, Inc.
Teresa Ghilarducci, Professor of Economic Policy Analysis, The New School for Social Research
Peter Orszag, Director, Congressional Budget Office
Jack VanDerhei, Research Director, Employee Benefit Research Institute
Christian Weller, Associate Professor of Public Policy, University of Massachusetts-Boston, Senior Fellow, Center for American Progress

Senate Committee on Health, Education, Labor, and Pensions
September 17th, 2008
"401(k) Fee Disclosure: Helping Workers Save for Retirement"

Witness Statements
Panel I
Bradford P Campbell, Assistant Secretary, Department of Labor, Employee Benefits Security Administration, Washington, DC

Panel II
Olena Berg Lacy, Director and Senior Advisor for Financial Engines testifying on behalf of the Pension Rights Center, Washington, DC
R. Theodore Benna, Founder, The 401(k) Association, Jersey Shore, PA
Paul Hunt, President, Millenium Advisory Services, testifying on behalf of the US Chamber of Commerce, Glen Allen, VA

Senate Special Committee on Aging
July 16th, 2008
"Saving Smartly for Retirement: Are Americans Being Encouraged to Break Open the Piggy Bank?"

Member Statements
Committee Chairman Herb Kohl (D-WI)
Ranking Member Gordon H. Smith (R-OR)

Witness Statements
Christian Weller, Senior Fellow, Center for American Progress, Washington, DC
Mark Iwry, Principal, Retirement Security Project, Washington, DC
David John, Principal, Retirement Security Project, Washington, DC
Gregory Long, Executive Director, Federal Retirement Thrift Investment Board, Washington, DC
John Gannon, Senior Vice President, Financial Industry Regulatory Authority, Washington, DC
Bruce Bent, Chairman, The Reserve, New York, NY

House Ways and Means Committee
October 30th, 2007
"Hearing on the Appropriateness of Retirement Plan Fees"

Witness Statements
Panel 1
Bradford Campbell, Assistant Secretary of Labor, Employee Benefits Security Administration, U.S. Department of Labor
W. Thomas Reeder, Esq., Benefits Tax Counsel, Office of Tax Policy, U.S. Department of the Treasury
Andrew J. Donohue, Director, Division of Investment Management, U.S. Securities and Exchange Commission
Barbara D. Bovjberg, Director, Education, Workforce, and Income Security Issues, U.S. Government Accountability Office

Panel 2
Burgess A. "Tommy" Thomasson, Jr., President and CEO, DailyAccess Corporation, Mobile, Alabama, on behalf of the American Society of Pension Professionals & Actuaries, and the Council of Independent 401 (k) Recordkeepers
Harold L. Jackson, President and CEO, Buffalo Society, Inc., Lafayette, Colorado, on behalf of the U.S. Chamber of Commerce
Allison R. Klausner, Assistant General Counsel,- Benefits, Honeywell International Inc., Morristown, New Jersey, on behalf of the American Benefits Council
Lew I. Minsky, Senior Attorney, Florida Power and Light Company, Juno Beach, Florida, on behalf of the ERISA Industry Committee
Paul Schott Stevens , President and CEO, Investment Company Institute

Panel 3
Bertram L. Scott, Executive Vice President, Strategy, Innovation and Policy, TIAA-CREF, New York, New York
Mindy L. Harris , President, National Association of Government Defined Contribution Administrators, Portland, Oregon
David L. Wray , President, Profit Sharing/401 (k) Council of America, Chicago, Illinois
Lisa A. Tavares, Esq., Partner, Venable Law Firm, LLP
Norman P. Stein , Professor, University of Alabama School of Law, on behalf of the Pension Rights Center
David Centner, Legislative Counsel and Legislative Policy Director, AARP

Senate Special Committee on Aging
October 24th, 2007
"Hidden: 401 (k) fees: How Disclosure Can Increase Retirement Security

Member Statements
Committee Chairman Herb Kohl (D-WI)
Ranking Member Gordon H. Smith (R-OR)

Witness Statements
Barbara Bovbjerg, Director, Education, Workforce and Income Security Issues, US Government Accountability Office, Washington, DC
Bradford Campbell, Assistant Secretary of Labor, Employee Benefits Security Administration, US Department of Labor, Washington, DC
Jeff Love, Director of Research, AARP, Washington, DC
Mercer Bullard, Assistant Professor, The University of Mississippi School of Law, University, MS
Michael Kiley, President, Plan Administrators, Inc., De Pere, WI
Robert Chambers, Chairman, American Benefits Council, Charlotte, NC

House Education and Labor Committee
October 4th, 2007
"H.R. 3185, the 401(k) Fair Disclosure for Retirement Security Act of 2007"

Member Statements
Committee Chairman George Miller (D-CA)

Witness Statements
Bradford P. Campbell, Assistant Secretary of Labor, Employee Benefits Security Administration
David Certner, Director of Federal Affairs, AARP
Jon Chambers, Principal, Schultz, Collins, Lawson, Chambers, Inc.
Lew Minsky, Senior Attorney, Florida Power & Light Co.
Matthew H. Scanlan, Managing Director, Americas Institutional Business, Barclays Global Investors
Tommy Thomasson, President and CEO,Daily Access Corporation

Senate Banking Committee
July 31,2007
"The State of the Securities Markets"

Member Statements
Committee Chairman Christopher Dodd (D-CT)
Senator Jack Reed (D-RI)
Senator Richard C. Shelby (R-AL)
Senator Mike Crapo (R-ID)

Witness Statements
The Honorable Christopher Cox, Chairman, SEC

Senate Finance Committee
July 31, 2007
Hedge Funds and Carried Interest, Part II

Member Statements
Chairman Max Baucus, (D-MT)
Ranking Member Charles Grassley, (R-IA)

Witness Statements
Joseph Bankman, Ralph M. Parsons Professor of Law and Business, Stanford Law School, Stanford, CA
Charles Kingson, Lecturer in Law, University of Pennsylvania Law School, Philadelphia, PA
Darryl Jones, Professor, Stetson College University of Law, Gulfport, FL
Adam Ifshin, President, DLC Management Corp., Tarrytown, NY
John B. Frank, Managing Principal, Oaktree Capital Management, LP, Los Angeles, CA
Bruce Rosenblum, Managing Director, The Carlyle Group, Washington, DC, and Chairman of the Board, Private Equity Council, Washington, DC
William Stanfill, Founding Partner, Trailhead Partners LP, Denver, CO

Senate Finance Committee
July 11, 2007
Hedge Funds and Carried Interest, Part I

Member Statements
Chairman Max Baucus (D-MT)
Ranking Member Charles Grassley (R-IA)

Witness Statements
Honorable Eric Solomon, Assistant Secretary for Tax Policy, U.S. Department of the Treasury, Washington, D.C.
Peter Orszag, Director, Congressional Budget Office, Washington, D.C.
Andrew Donohue, Director, Division of Investment Management, Securities and Exchange Commission, Washington, D.C.
Kate D. Mitchell, Managing Director, Scale Venture Partners, Foster City, CA
Marc P. Gergen, Foundren Foundation Centennial Chair for Faculty Excellence, The University of Texas Law School, Austin, TX

House Oversight and Government Reform Committee, Subcommittee on Domestic Policy
July 11, 2007
"After Blackstone: Should Small Investors be Exposed to Risks of Hedge Funds?"

Witness Statements
Mr. Andrew J. Donohue, Director of the Division of Investment Management, Securities and Exchange Commission
Professor Mercer Bullard, University of Mississippi Law School
Professor John Coffee, Columbia Law School
Mr. Joseph Borg, President of the Board of Directors of the North American Securities Administrators Association
Mr. Peter Tanous, President and CEO, Lynx Investment Advisory, LLC

House Financial Services Committee
July 11, 2007
"Hedge Funds and Systemic Risk: Perspectives of The President's Working Group on Financial Markets"

Witnesses
Kevin M. Warsh, Governor, Federal Reserve Board
Robert Steel, Treasury Under Secretary for Domestic Finance
Erik R. Sirri, Director, Division of Market Regulation, Securities and Exchange Commission
Jim Overdahl, Chief Economist, Commodity Futures Trading Commission

House Financial Services Committee
June 26th, 2007
"A Review of Investor Protection and Market Oversight with the Five Commissioners of the Securities and Exchange Commission"

Member Statements
Ranking Member Spencer Bachus (R-AL)

Witness Statements
Christopher Cox, Chairman
Paul S. Atkins, Commissioner
Roel C. Campos, Commissioner
Annette L. Nazareth, Commissioner
Kathleen L. Casey, Commissioner

House Financial Services Committee
March 13, 2007
"Hedge Funds and Systemic Risk in Financial Markets"

Witness Statements
E. Gerald Corrigan, Managing Director, Goldman Sachs & Company; and former President of the Federal Reserve Bank of New York
Kenneth D. Brody, Co-Founder and Principal, Taconic Capital Advisors LLC; Chairman, Investment Committee, University of Maryland
James S. Chanos; Founder and President, Kynikos Associates LP
George Hall, Founder and CEO, Clinton Group
Jeffrey L. Matthews; Ram Partners, LP
Andrew Golden, President, Princeton University Investment Company
Professor Stephen J. Brown, David S. Loeb Professor of Finance, New York University, Stern School of Business

House Education and Labor Committee
March 6, 2007
"Are Hidden 401(k) Fees Undermining Retirement Security?"

Member Statements
Chairman George Miller (D-CA)

Witness Statements
Barbara Bovbjerg, Director for Education, Workforce and Income Security Issues, U.S. Government Accountability Office
Matthew Hutcheson, Independent Pension Fiduciary
Stephen Butler, President and Founder, Pension Dynamics Corporation
Robert Chambers, Esq., Partner, Helms, Mulliss & Wicker, PLLC and Chairman, American Benefits Council

Hearings in the 109th Congress

Senate Banking Committee
July 26, 2005
Nomination Hearing

Member Statements
Chairman Richard Shelby (R-AL)
Ranking Member Paul S. Sarbanes (D-MD)
Senator Jim Bunning (R-KY)
Senator Debbie Stabenow (D-MI)
Senator Elizabeth Dole (R-NC)

Witness Statements
Panel 1
Honorable Christopher Cox, Chairman - Designate, Securities and Exchange Commission
Roel C. Campos, Commissioner - Designate, Securities and Exchange Commission
Annette L. Nazareth, Commissioner - Designate, Securities and Exchange Commission

House Judiciary Subcommittee on Commercial and Administrative Law
June 7, 2005
Oversight Hearing on "Mutual Fund Trading Abuses."

Witness Statements
Panel 1
Richard J. Hillman, Director, Financial Markets and Community Investment, U.S. Government Accountability Office
Lori A. Richards, Director, Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission
Honorable William Francis Galvin, Secretary of the Commonweath of Massachusetts
Eric W. Zitzewitz, Professor, Stanford Graduate School of Business


House Financial Services Committee
May 10, 2005
"Mutual Funds: A Review of the Regulatory Landscape"

Witness Statements
Panel 1
Meyer Eisenberg, Acting Director, Division of Investment Management, Securities and Exchange Commission
Paul Schott Stevens, President, Investment Company Institute
Barry P. Barbash, Partner, Shearman & Sterling LLP
Michael S. Miller, Managing Director, Planning & Development, The Vanguard Group

Hearings in the 108th Congress

Senate Governmental Affairs Subcommittee on Financial Management, the Budget, and International Security,
Sept. 30, 2004
"Oversight Hearing on Section 529 College Savings Plans: High Fees, Inadequate Disclosure, Disparate State Tax Treatment and Questionable Broker Sales Practices"

Member Statements
Senator Peter Fitzgerald (R-IL)
Senator Daniel Akaka (D-HI)

Witness Statements
Panel 1
Steven T. Miller, Commissioner of Tax Exempt and Governmental Entities Division, Internal Revenue Service
Mary L. Schapiro, Vice Chairman and President of Regulatory Policy and Oversight, NASD
Ernesto A. Lanza, Senior Associate General Counsel, Municipal Securities Rulemaking Board

Panel 2
The Honorable Michael A. Ablowich, Treasurer, State of New Hampshire, On behalf of the National Association of State Treasurers
Jacqueline T. Williams, Executive Director, College Advantage Savings Plan, Ohio Tuition Trust , On Behalf of the College Savings Plan Network
Martin M. Noven, On Behalf of Judy Baar Topinka, Office of the State Treasurer of Illinois
Richard O. Davis, Deputy Executive Director for Finance and Administration, Utah Higher Education Assistance Authority
Dan McNeela, Senior Analyst, Morningstar, Inc.
Mercer E. Bullard, Founder and President, Fund Democracy

Senate Banking Committee, July 15, 2004
"Regulation of the Hedge Fund Industry"

Member Statements
Chairman Richard Shelby (R-AL)
Senator Michael Enzi (R-WY)

Witness Statements
Panel 1
Mr. William H. Donaldson, Chairman, Securities and Exchange Commission

Panel 2
Mr. Mark Anson, Chief Investment Officer, California Public Employee Retirement System
Mr. James Chanos, President, Kynikos Associates
Mr. Adam Cooper, Senior Managing Director and General Counsel, Citadel Investment Group, L.L.C.
Mr. Charles Gradante, Managing Principal, The Hennessee Group, L.L.C
Mr. Patrick McCarty, General Counsel, Commodity Futures Trading Commission

House Government Reform Subcommittee on Government Efficiency and Financial Management, April 20, 2004
"Strategic Planning, Resource Allocation and Crisis Management - Is the SEC Ready?"

Member Statements
Congressman Todd Platts (R-PA)

Witness Statements
Panel 1
The Honorable Eliot Spitzer, Attorney General, State of New York
Mr. Richard Hillman, Director, FInancial Markets and Community Investment, United States General Accounting Office
Mr. James McConnell, Executive Director, Securities and Exchange Commission
Mr. John Bogle, Bogle Financial Markets Research Center, Founder, Vanguard Mutual Funds
Dr. Matthew R. Morey, Ph.D, Associate Professor of Finance and Economics, Pace University

Senate Banking Committee, April 8, 2004
Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry"

Member Statements
Senator Richard Shelby (R-AL)
Senator Mike Enzi (R-WY)
Senator Paul Sarbanes (D-MD)
Senator Jon Corzine (D-NJ)

Witness Statements
Panel 1
Mr. William H. Donaldson, Chairman, Securities and Exchange Commission

Senate Banking Committee, March 31, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Costs and Distribution Practices"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Honorable Susan Collins, United States Senator
Honorable Peter Fitzgerald, United States Senator
Honorable Carl Levin, United States Senator
Honorable Daniel K. Akaka, United States Senator

Panel 2
Mr. Paul G. Haaga, Jr., Executive Vice President and Director of Capitol Research and Management Company, and Chairman of the Investment Company Institute
Mr. Chet Helck, President and Chief Operating Officer, Raymond James Financial
Mr. Thomas Putnam, Founder and CEO, Fenimore Asset Management
Mr. Edward Siedle, Founder and President, The Benchmark Companies
Mr. Mark Treanor, General Counsel and Head of Legal Department, Wachovia Corporation

Senate Banking Committee, March 31, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Examining Soft-Dollar Practices"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Mr. Harold Bradley, Chief Investment Officer of U.S. Growth Equity, American Century Investments
Mr. Geoffrey Edelstein, Managing Director and Co-Founder, Westcap Investments
Dr. Howard Schilit, Founder and CEO, Center for Financial Research and Analysis
Dr. Benn Steil, Senior Fellow and Director of Economics, Council on Foreign Relations
Mr. Grady Thomas, President, The Interstate Group
Mr. Joseph Velli, Senior Executive Vice President, The Bank of New York

Senate Banking Committee, March 23, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Mr. Mercer Bullard, Assistant Professor of Law, University of Mississippi Law School
Mr. William D Lutz, Professor of English, Rutgers University
Mr. Robert Pozen, Non-Executive Chairman, Massachusetts Financial Services Co.
Ms. Barbara Roper, Director of Investor Protection, Consumer Federation of America

Senate Banking Committee, March 10, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: The Regulatory Landscape"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Honorable David M. Walker, Comptroller General of the United States
Ms. Lori Richards, Director, Office of Compliance, Inspections, and Examinations, Securities and Exchange Commission
Mr. Paul Roye, Director, Division of Investment Management, Securities and Exchange Commission
Ms. Mary Schapiro, Vice Chairman of NASD and President of NASD Regulatory Policy & Oversight, National Association of Securities Dealers

Senate Banking Committee, March 2, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Honorable William L. Armstrong, Former U.S. Senator and current Independent Chairman, Oppenheimer Funds
Mr. Marvin L. Mann, Chairman of the Independent Trustees, Fidelity Funds
Ms. Vanessa C.L. Chang, Independent Director, New Perspective Fund (A Member of the American Funds Family), El & El Investments
Mr. Michael S. Miller, Managing Director, The Vanguard Group
Panel 2
Ms. Ann E. Bergin, Managing Director, The Depository Trust & Clearing Corporation
Mr. William A. Bridy, First Vice President and Senior Director, Merrill Lynch
Mr. Raymond K. McCulloch, Executive Vice President, BB&T Trust
Mr. David L. Wray, President, Profit Sharing/401(k) Council of America

Senate Banking Committee, February 26, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Fund Operations and Governance"

Member Statements
Senator Richard Shelby (R-AL)

Witness Statements
Panel 1
Mr. Jack Bogle, Founder, The Vanguard Group
Ms. Mellody Hobson, President, Ariel Capital Management
Mr. David Pottruck, President, Chief Executive Officer and a member of the Board of Directors, Charles Schwab
Mr. David Ruder, Former Chairman of the Securities and Exchange Commission and Founder of the Mutual Fund Directors Forum

Senate Banking Committee, February 25, 2004
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry: Understanding the Fund Industry from the Investor’s Perspective"

Member Statements
Senator Richard Shelby (R-AL)
Senator Paul Sarbanes (D-MD)
Senator Michael Enzi (R-WY)

Witness Statements
Panel 1
Mr. Tim Berry, Treasurer, State of Indiana
Mr. Gary Gensler, Former Under Secretary of the Treasury for Domestic Finance
Mr. James K. Glassman, Resident Fellow, American Enterprise Institute
Mr. Don Phillips, Managing Director, Morningstar, Inc
Mr. Jim Riepe, Vice Chairman of the Board of Directors, T. Rowe Price Group, Inc.

Senate Governmental Affairs Committee, January 27, 2004
"Mutual Funds: Hidden Fees, Misgovernance and Other Practices that Harm Investors"

Member Statements
Senator Susan Collins (R-ME)
Senator Peter Fitzgerald (R-IL)
Senator Carl Levin (D-MI)
Senator Daniel Akaka (D-HI)
Senator Frank Lautenberg (D-NJ)

Witness Statements
Panel 1
Richard J. Hillman, Director , Financial Markets and Community Investment Team, General Accounting Office
Eliot L. Spitzer, Attorney General, Office of the New York State Attorney General
Panel 2
Peter Scannell, Weymouth Landing, Massachusetts
James Nesfield, Nesfield Capital
Panel 3
John C. Bogle, Founder and Former CEO , The Vanguard Group
Jeffrey C. Keil, Vice President , Board Analysis Services, Lipper, Inc.
Travis B. Plunkett, Legislative Director , Consumer Federation of America
Paul S. Stevens, Partner, Dechert LLP , On Behalf of the Investment Company Institute
Marc E. Lackritz, President , Securities Industry Association
John P. Freeman, Professor of Legal and Business Ethics , University of South Carolina

Testimony of Niels Holch, Executive Director, Coalition of Mutual Fund Investors

Senate Banking Committee, November 20, 2003
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry" (Part II)

Member Statements
Chairman Richard Shelby
Senator Tim Johnson

Witness Statements
Panel 1
Robert Glauber, Chairman and CEO, National Association of Securities Dealers
Stephen M. Cutler, Director, Division of Enforcement, U.S. Securities and Exchange Commission
Eliot Spitzer, Attorney General, State of New York

Senate Banking Committee, November 18, 2003
"Review of Current Investigations and Regulatory Actions Regarding the Mutual Fund Industry" (Part I)

Chairman Richard Shelby
Ranking Member Paul Sarbanes

Witness Statements
Panel 1
William H. Donaldson, Chairman, U.S. Securities and Exchange Commission
Panel 2
Matthew Fink, President, Investment Company Institute
Marc Lackritz , President, Securities Industry Association

House Subcommittee on Capital Markets, November 4, 2003
"Mutual Funds: Who's Looking Out for Investors?" (Part I)

Member Statements
Committee Chairman Michael G. Oxley
Representative Michael N. Castle
Representative Ed Royce
Representative Paul E. Gillmor
Representative Rubén Hinojosa
Representative Rahm Emanuel

Witness Statements
Panel 1
The Honorable Eliot Spitzer, Attorney General, State of New York
Mr. Stephen M. Cutler, Director, Division of Enforcement, Securities and Exchange Commission
Panel 2
The Honorable Arthur Levitt, former Chairman, Securities and Exchange Commission
Mr. Don Phillips, Managing Director, Morningstar, Inc.
Mr. Mercer E. Bullard, President and Founder, Fund Democracy, Inc.
Mr. Paul G. Haaga, Jr., Chairman, Investment Company Institute

House Subcommittee on Capital Markets, November 4, 2003
"Mutual Funds: Who's Looking Out for Investors?" (Part II)

Member Statements
Representative Paul E. Gillmor
Ranking Member Paul E. Kanjorski

Witness Statements
Panel 1
Ms. Mary L. Schapiro, Vice Chairman and President, Regulatory Policy and Oversight, NASD
The Honorable William Francis Galvin, Secretary of the Commonwealth of Massachusetts, Chief Securities Regulator
Panel 2
Mr. Charles Leven, Vice President, Secretary and Treasurer, American Association of Retired Persons
Dr. Eric Zitzewitz, Assistant Professor of Economics, Stanford University, Graduate School of Business

Senate Governmental Affairs Committee Hearing, November 3, 2003
"Mutual Funds: Trading Practices and Abuses that Harm Investors"

Member Statements
Senator Susan M. Collins
Senator Peter G. Fitzgerald

Witness Statements
Panel 1
Congressman Richard H. Baker, (R-LA) , Chairman, Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises,Committee on Financial Services, U.S. House of Representatives
Panel 2
Stephen M. Cutler, Director, Division of Enforcement, U.S. Securities and Exchange Commission
Paul F. Roye, Director, Division of Investment Management, U.S. Securities and Exchange Commission
The Honorable William F. Galvin, Secretary of the Commonwealth, Massachusetts
Attorney General Eliot L. Spitzer, Office of the New York State Attorney General
Mary L. Schapiro, Vice Chairman and President of Regulatory Policy and Oversight, National Association of Securities Dealers
Panel 3
John C. Bogle, Founder and Former CEO, The Vanguard Group
Mercer E. Bullard, Founder and President, Fund Democracy
Matthew P. Fink, President, Investment Company Institute

House Subcommittee on Capital Markets, June 18, 2003
Hearing on H.R. 2420, "Mutual Funds Integrity and Fee Transparency Act"

Member Statements
Chairman Michael G. Oxley
Representative Paul E. Gillmor
Subcommittee Ranking Member Paul E. Kanjorski
June 11 Memorandum, correspondence from Congressmen Paul E. Kanjorski and Robert W. Ney
Representative Wm. Lacy Clay

Witness Statements
Panel 1
Mr. Paul F. Roye, Director, Division of Investment Management, U.S. Securities and Exchange Commission
Mr. Richard J. Hillman, Director, Financial Markets and Community Investment, U.S. General Accounting Office
Mr. John C. Bogle, Founder, The Vanguard Group
Mr. Mercer Bullard, Founder and President, Fund Democracy
Ms. Mellody Hobson, President, Ariel Mutual Funds
Mr. Paul Haaga, Chairman, Investment Company Institute

House Subcommittee on Capital Markets, March 12, 2003
"Mutual Fund Industry Practices and their Effect on Individual Investors"

Member Statements
Chairman Michael G. Oxley
Representative Bob Ney
Representative Paul E. Gillmor
Subcommittee Ranking Member Paul E. Kanjorski
Representative Rubén Hinojosa
Representative Wm. Lacy Clay

Witness Statements
Panel 1
Mr. John C. Bogle, Founder, The Vanguard Group
Mr. Wayne H. Wagner, Chairman Plexus Group, Inc.
Mr. John Montgomery, Founder and President, Bridgeway Funds
Mr. Harold S. Bradley, Senior Vice President, American Century Investments
Mr. Paul Haaga, Jr., Executive Vice President, Capital Research and Management Company
Mr. Gary Gensler, Co-author The Great Mutual Fund Trap, former Under Secretary for Domestic Finance, Department of the Treasury
Fidelity Investments

 

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