Hearings In The 111th Congress

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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 University, 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