SPEAKER INDEX CONTENTS INSERTS BAKER 1 5 6 7 8 9 10 11 17 18 19 25 26 28 32 34 35 38 40 41 42 44 45 46 50 53 57 60 63 66 69 71 72 77 80 84 87 89 90 93 95 102 CAPUANO 35 37 38 CUNNINGHAM 50 94 95 EGAN 47 73 74 82 83 84 89 90 92 95 97 99 102 EMANUEL 7 JOYNT 60 80 91 98 KAITZ 63 96 KANJORSKI 3 19 20 21 22 23 24 25 44 45 72 73 74 75 76 77 78 79 80 88 90 91 93 MCDANIEL 66 70 71 72 73 74 75 76 77 81 82 83 84 85 86 90 91 93 97 98 MILLER 26 27 28 41 42 NAZARETH 11 12 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 37 38 39 40 41 42 43 44 45 46 NEY 39 40 OXLEY 6 25 26 80 81 82 83 84 ROOT 54 81 99 SCOTT 9 32 33 34 35 45 46 SHAYS 8 29 30 31 32 44 45 84 85 86 87 94 95 96 97 98 99 100 101 102 SHERMAN 10 WHITE 57 78 79 80 81 82 86 87 100 101 CONTENTS SPEAKERS INSERTS STATEMENT OF ANNETTE NAZARETH, DIRECTOR, DIVISION OF MARKET REGULATION, SECURITIES AND EXCHANGE COMMISSION PAGE 11 STATEMENT OF SEAN J. EGAN, MANAGING DIRECTOR, EGAN-JONES RATINGS CO. PAGE 47 STATEMENT OF DEBORAH A. CUNNINGHAM, SENIOR VICE PRESIDENT, FEDERATED INVESTORS PAGE 50 STATEMENT OF GREG ROOT, EXECUTIVE VICE PRESIDENT, DOMINION BOND RATING SERVICE PAGE 54 STATEMENT OF LAWRENCE J. WHITE, PROFESSOR OF ECONOMICS, STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY PAGE 57 STATEMENT OF STEPHEN W. JOYNT, PRESIDENT AND CEO, FITCH INC. PAGE 60 STATEMENT OF JAMES A. KAITZ, PRESIDENT AND CEO, ASSOCIATION FOR FINANCIAL PROFESSIONALS PAGE 63 STATEMENT OF RAYMOND W. MCDANIEL, PRESIDENT, MOODY'S INVESTORS SERVICE, INC. PAGE 66 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING