During two closed sessions before the luncheon, committee members discussed the latest in financial regulation issues. At a luncheon briefing following these sessions, SFRC members gave several statements and answered questions.

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.

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.

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.

The Shadow Financial Regulatory Committee (SFRC) will discuss the latest Dodd-Frank Act developments, Basel III standards for large institutions, living wills for complex financial institutions, and Securities and Exchange Commission accounting and policy initiatives.

On April 13, 2012, the US Department of the Treasury released new cost estimates for the Troubled Asset Relief Program. Looking principally at actual and projected contractual cash flows, the document concludes that: "Overall, the government is now expected to at least break even on its financial stability programs and may realize a positive return." 

On April 5, 2012, the President signed into law the Jumpstart Our Business Startups (JOBS) Act, which passed by a large bipartisan majority in the Congress. The Act is designed to facilitate the equity funding of new companies. Recent research has documented that from 1980 through the 2008-09 recession new companies have been main drivers of job creation in the United States. 

At this luncheon briefing, the SFRC, a group of independent experts on the financial services industry, issued a statement and answered questions.