WASHINGTON — The House Financial Services Committee will hold a series of hearings on regulation of the financial services industry and of financial markets, Chairman Barney Frank (D-Mass.) announced today.
The sessions are scheduled to begin in July and will feature Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke and other policymakers and regulators. They will focus on existing proposals, such as the regulatory overhaul proposed by Paulson in the Treasury Blueprint. That proposal has raised concerns among credit unions, which fear their existence could be jeopardized if they are placed under the same regulator as banks.
Frank said the hearings will help lawmakers learn how to measure and limit risk, without stifling innovation.
“As the extraordinary measures utilized to respond to the Bear Sterns crisis demonstrated, we have failed to develop a regulatory system with the reach and capacity to protect the system against the large risks embedded in our increasingly interconnected markets. These hearings are designed to focus on identifying how much reach and what new capacities are needed to avoid–or respond to–the next crisis, Frank said in a statement.
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