Hearings In The 108th Congress

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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"


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"


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"


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"


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"


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"


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"


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"


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"


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"


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)


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
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