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[0] HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE SUBJECT: INDUSTRY PERSPECTIVES ON THE OBAMA ADMINISTRATION'S FINANCIAL REGULATORY REFORM PROPOSALS WITNESSES: RICHARD BAKER, PRESIDENT, MANAGED FUNDS ASSOCIATION; WILLIAM BRODSKY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, CHICAGO BOARD OPTIONS EXCHANGE; RANDY SNOOK, EXECUTIVE VICE PRESIDENT, SIFMA; PAUL SCHOTT STEVENS, PRESIDENT, INVESTMENT COMPANY... (Part 6).

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HEARING OF THE HOUSE FINANCIAL SERVICES COMMITTEE SUBJECT: INDUSTRY PERSPECTIVES ON THE OBAMA ADMINISTRATION'S FINANCIAL REGULATORY REFORM PROPOSALS WITNESSES: RICHARD BAKER, PRESIDENT, MANAGED FUNDS ASSOCIATION; WILLIAM BRODSKY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER, CHICAGO BOARD OPTIONS EXCHANGE; RANDY SNOOK, EXECUTIVE VICE PRESIDENT, SIFMA; PAUL SCHOTT STEVENS, PRESIDENT, INVESTMENT COMPANY INSTITUTE; DOUGLAS LOWENSTEIN, PRESIDENT, PRIVATE EQUITY COUNCIL; DIAHANN LASSUS, PRESIDENT, LASSUS WHETLEY, ON BEHALF OF THE FINANCIAL PLANNING COALITION; ROB NICHOLS, PRESIDENT AND CHIEF OPERATING OFFICER, FINANCIAL SERVICES FORUM CHAIRED BY: REPRESENTATIVE PAUL KANJORSKI (D-PA) LOCATION: 2128 RAYBURN HOUSE OFFICE BUILDING, WASHINGTON, D.C. TIME: 11:08 A.M. EDT DATE: FRIDAY, JULY 17, 2009(Part 6)

Congressman Kanjorski, you and I have had this discussion. And we are supportive of the creation of an Office of National Insurance within the Treasury Department. ONI will ensure that knowledge and expertise is established at the federal level, which is critical to ensuring that insurance industry interests are represented in the context of international negotiations and regulatory harmonization efforts.

Again, thank you for the opportunity to appear before you today. I look forward to your questions.

REP. KANJORSKI: Thank you very much.

If I may just comment, I wish we had about three hours today just for my own questions, as all your testimony has excited me. I've tried to limit in my mind what we'd ask.

I think, Mr. Stevens, you talked about systemic risk regulator. And you raised the question of where that should exist, that it ought to be clear and separate. Have you had an occasion to examine Mr. Donaldson's suggestions in the most recent report?

MR. STEVENS: I've read the news reports about them, Mr. Chairman.

REP. KANJORSKI: Well, I don't have a full understanding, nor have I had the opportunity to read the report fully. But from what I gather, it's the closest thing to setting up the philosopher king elevated expert panel, the supreme court of economics, if you will.

And it's rather interesting, from the standpoint that I myself have extreme doubts...

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