Congress begins "lengthy process" of regulatory overhaul

03/18/2009 | CNNMoney · Google

House Financial Services Committee Chairman Barney Frank, D-Mass., hopes Congress will begin work on a bill to overhaul regulation of the financial system by early May. The committee is hearing testimony from regulators and industry officials and is considering expanding the Federal Reserve's oversight of firms deemed "too big to fail," among other measures. "This will be a lengthy process," Frank said.

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