On June 17,2009, the Administration published its proposals for the regulation of the financial services industry. Reinsurance Focus presents its analysis of these proposals as they may affect the reinsurance industry. The prior day, the U.S. House Subcommittee on Capital Markets, Insurance and Government Enterprises held a hearing on the regulation of systemic risk in the economy, which is one of the principal focuses of the Administration's proposals. Franklin Nutter, President of the Reinsurance Association of America, testified at that hearing, and a written copy of his testimony is provided here to add background to the potential reinsurance implications of the regulation of systemic risk. Other written testimonies from the hearing are available on the Subcommittee's web site. There is also a link on that page to a video webcast version of the hearing.