Washington
The House and Senate banking committee leaders today pledged in a letter to President Obama that they will get him a financial services regulatory overhaul bill by the end of the year.
Sen. Christopher Dodd, D-Conn., chairman of the Senate Banking Committee, and Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, also endorsed the financial regulatory system modernization principles that Obama and Treasury Secretary Timothy Geithner recently have announced.
Obama and Geithner are calling for systemic risk regulation; stronger consumer and investor protection measures; streamlined “prudential” supervision; and efforts to address gaps in regulation.