BILLY AU COMMITTEE ON COMMERCE TOM BLILEY, Virginia, Chairman W.J. BILLY TAUŽIN, Louisiana MICHAEL JOE BARTON, Texas FRED UPTON, Michigan CLIFF STEARNS, Florida PAUL E. GILLMOR, Ohio JAMES C. GREENWOOD, Pennsylvania VITO FOSSELLA, New York ED BRYANT, Tennessee JOHN D. DINGELL, Michigan EDWARD J. MARKEY, Massachusetts RICK BOUCHER, Virginia EDOLPHUS TOWNS, New York BART GORDON, Tennessee ROBERT L. EHRLICH, Jr., Maryland JAMES E. DERDERIAN, Chief of Staff JAMES D. BARNETTE, General Counsel REID P.F. STUNTZ, Minority Staff Director and Chief Counsel 1 CONTENTS Page 1 49 Baker, Hon. Richard H., a Representative in Congress from the State Greenspan, Hon. Alan, Chairman, Board of Governors, Federal Reserve Levitt, Hon. Arthur, Chairman, Securities and Exchange Commission Roukema, Hon. Marge, a Representative in Congress from the State Rubin, Hon. Robert E., Secretary of the Treasury, accompanied by Rich- ard S. Carnell, Assistant Secretary of the Treasury, Department of Schultz, Arnold, Board Chairman, the Grundy National Bank Sinder, Scott A., Partner, Baker and Hostetler, LLP, on behalf of Inde- pendent Insurance Agents of America, National Association of Life Underwriters, and National Association of Professional Insurance Sutton, Mark P., President, Private Client Group, PaineWebber Inc Material submitted for the record by: Bentsen, Hon. Kenneth E., Jr., a Representative in Congress from the State of Texas, prepared statement of Investment Company Institute, prepared statement of National Association of Independent Insurers, prepared statement of |