Testimony on the elimination of policy separating banking and commerce.

President Obama has made green jobs and alternative energy research and development a key fixture of his term. But are these efforts really the right course to stimulate job growth and increase America's energy independence?

The Shadow Committee argues thatthe Senate Banking Committeeshould not pass legislation that continues torestrict the ability of retailers and other nonfinancial companies to acquire or charter Industrial Loan Companies. There is little, if any, evidence that the policy of separating banking and commerce makes economic sense.

Paul Ryan wants the wealthy to give something back: the billions of dollars in government benefits, taxpayer subsidies and corporate welfare they receive each year and do not need.

With the change of leadership in the incoming Congress, the Shadow Financial Regulatory Committee believes it would be useful to review and reiterate some financial agenda items that the Committee has considered at this and past meetings.

Without a rational policy basis, the separation of banking and commerce is now only a way to protect banks and non-banks from competition from outside their industries.

Rapid growth in the P2P industry has given rise to concerns over appropriate regulation of this alternative form of lending.

H.R. 1375,if enacted, also would allow commercial companies, such as retailers, to compete with established banks.