SPEAKER INDEX CONTENTS INSERTS BACHUS 1 12 13 17 25 26 31 34 39 43 68 71 74 76 79 83 86 87 BIGGERT 34 36 37 38 43 51 CRAFT 45 76 78 80 85 LEE 71 72 73 74 77 78 79 80 82 LOVE 69 70 MCENTEE 26 32 38 RAHN 58 81 86 SHERMAN 31 33 34 SNYDER 66 68 69 70 72 73 76 82 87 VAN DYKE 17 19 25 33 34 36 42 VARTANIAN 7 13 35 40 WINN 51 73 78 84 CONTENTS SPEAKERS INSERTS STATEMENT OF THOMAS P. VARTANIAN, CHAIRMAN OF ELECTRONIC COMMERCE AND FINANCIAL SERVICES TRANSACTIONS GROUP, FRIED, FRANK, HARRIS, SHRIVER AND JACOBSON, WASHINGTON, DC PAGE 7 STATEMENT OF JAMES VAN DYKE, SENIOR ANALYST, JUPITER COMMUNICATIONS PAGE 17 STATEMENT OF ELLIOTT C. McENTEE, PRESIDENT AND CHIEF EXECUTIVE OFFICER, NACHA, THE ELECTRONIC PAYMENTS ASSOCIATION PAGE 26 STATEMENT OF GARY R. CRAFT, CFA, MANAGING DIRECTOR, EQUITY RESEARCH DEPARTMENT, DEUTSCHE BANC ALEX. BROWN PAGE 45 STATEMENT OF JANE K. WINN, PROFESSOR OF LAW, SOUTHERN METHODIST UNIVERSITY PAGE 51 STATEMENT OF RICHARD W. RAHN, ADJUNCT SCHOLAR, CATO INSTITUTE; SENIOR FELLOW, DISCOVERY INSTITUTE; CHAIRMAN, NOVECON FINANCIAL LTD. PAGE 58 STATEMENT OF JACKI SNYDER, MANAGER OF ELECTRONIC PAYMENTS, SUPERVALU, INC., ACCOMPANIED BY DEREK LOVE, CONCORDE EFS PAGE 65 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING