hypocritexposer
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* APRIL 23, 2009
Rep. Frank Slows Market Regulation Bill
By DAMIAN PALETTA
WASHINGTON -- Slowing a rapid-fire attempt to revamp regulation of financial markets, House Financial Services Committee Chairman Barney Frank (D., Mass.) said he no longer plans to expedite a bill that would allow the government to place large financial companies into receivership.
Rep. Frank said in an interview that the complexity of the bill and the fact that his Senate counterparts were poised to move more slowly prompted him to instead decide to package the measure with broader legislation to create a new regulator to oversee systemic risks to the economy later in the year.
"It was a mistake to think it could be done early," Rep. Frank said, adding that the "whole package will have to go together."
Treasury and Federal Reserve officials had floated language to Capitol Hill that spelled out how the new receivership powers would work. Senate Banking Committee Chairman Christopher Dodd (D., Conn.) and Sen. Richard Shelby (R., Ala.) said they were inclined to move slowly. They have said that changes should be done at once and not piecemeal.
http://online.wsj.com/article/SB124045153751646097.html