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COMMITTEE ON COMMERCE
HOUSE OF REPRESENTATIVES

ONE HUNDRED FIFTH CONGRESS

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For sale by the U.S. Government Printing Office

Superintendent of Documents, Congressional Sales Office, Washington, DC 20402
ISBN 0-16-057826-4

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MITTEE ON COMMERCE BLILEY, Virginia, Chairman

vania

JOHN D. DINGELL, Michigan
HENRY A. WAXMAN, California
EDWARD J. MARKEY, Massachusetts
RALPH M. HALL, Texas
RICK BOUCHER, Virginia
THOMAS J. MANTON, New York
EDOLPHUS TOWNS, New York
FRANK PALLONE, Jr., New Jersey
SHERROD BROWN, Ohio
BART GORDON, Tennessee
ELIZABETH FURSE, Oregon
PETER DEUTSCH, Florida
BOBBY L. RUSH, Illinois
ANNA G. ESHOO, California
RON KLINK, Pennsylvania
BART STUPAK, Michigan
ELIOT L. ENGEL, New York
THOMAS C. SAWYER, Ohio
ALBERT R. WYNN, Maryland
GENE GREEN, Texas

KAREN MCCARTHY, Missouri
TED STRICKLAND, Ohio
DIANA DEGETTE, Colorado

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Testimony of:

Campbell, J. Patrick, C
Eshoo, Hon. Anna G.,
California

Evensky, Harold, Certi
Levitt

Fink, Matthew P., Presi
Gardner, Thomas, Co-Fo
Hoadley, Frank R., Cap
ment of Administratio
James, William H., Sen

on behalf of The Bond Levitt, Hon. Arthur, Jr Director, Division of I Director, Division of M mission

Lipper, A. Michael, Chai McNabb, F. William, III, Rosenberger, Geoffrey, M Sundaresan, Suresh M.,

Trzcinka, Charles A., Pr University of New York Volpert, Kenneth E., Pri guard Group Material submitted for the red Crawford, Denise Voigt, trators' Association, Inc Dingell, Hon. John D., of Michigan:

Letter dated Septemb man, Securities and man and CEO, Nati Letter dated Septemb James, William H., Senior Comptroller Genera letter dated October 26 responses for the record

(II)

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Fink, Matthew P., President, ICI

Gardner, Thomas, Co-Founder, The Motley Fool, Inc

Hoadley, Frank R., Capital Finance Director, State of Wisconsin, Depart-
ment of Administration

James, William H., Senior Vice President, Lazard Freres and Company,
on behalf of The Bond Market Association

Levitt, Hon. Arthur, Jr., Chairman; accompanied by Barry P. Barbash,

Director, Division of Investment Management; and Richard R. Lindsey,

Director, Division of Market Regulation, Securities and Exchange Com-

mission

Lipper, A. Michael, Chairman, Lipper Analytical Services
McNabb, F. William, III, Managing Director, The Vanguard Group
Rosenberger, Geoffrey, Managing Director, Clover Capital Management
Sundaresan, Suresh M., Professor, Columbia University School of Busi-

ness

Trzcinka, Charles A., Professor of Finance, University of Buffalo, State
University of New York, Jacobs Management Center

Volpert, Kenneth E., Principal and Senior Portfolio Manager, The Van-

guard Group

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Dingell, Hon. John D., a Representative in Congress from the State
of Michigan:

Letter dated September 29, 1998 to Hon. Arthur Levitt, Jr., Chair-
man, Securities and Exchange Commission and Frank Zarb, Chair-
man and CEO, National Association of Securities Dealers, Inc

Letter dated September 29, 1998 to Hon. James F. Hinchman, Acting

Comptroller General, General Accounting Office

148

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