SPEAKER INDEX CONTENTS INSERTS CANNON 7 11 12 15 19 21 24 26 30 37 41 42 45 48 50 54 55 57 60 62 65 66 DELAHUNT 10 14 15 45 46 47 48 49 50 62 63 64 65 66 GALVIN 26 46 48 49 52 55 56 57 58 HILLMAN 12 15 JAMES DALEY 4 PERRY H. APELBAUM 3 PHILIP G. KIKO 3 RAYMOND V. SMIETANKA 4 RICHARDS 21 43 44 45 51 53 59 60 61 63 64 65 STEPHANIE MOORE 4 SUSAN A. JENSEN 4 WASSERMAN SCHULTZ 50 52 53 54 WATT 7 13 14 15 42 43 44 45 60 61 66 ZITZEWITZ 37 44 CONTENTS SPEAKERS INSERTS TESTIMONY OF RICHARD J. HILLMAN, DIRECTOR, FINANCIAL MARKETS AND COMMUNITY INVESTMENT, U.S. GOVERNMENT ACCOUNTABILITY OFFICE PAGE 15 TESTIMONY OF LORI A. RICHARDS, DIRECTOR, OFFICE OF COMPLIANCE INSPECTIONS AND EXAMINATIONS, U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 21 TESTIMONY OF WILLIAM FRANCIS GALVIN, SECRETARY OF THE COMMONWEALTH OF MASSACHUSETTS PAGE 26 TESTIMONY OF ERIC W. ZITZEWITZ, STANFORD GRADUATE SCHOOL OF BUSINESS, STANFORD, CALIFORNIA PAGE 37 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING