Barney Frank, outgoing chairman of the House Financial Services Committee, suggested that his successor, Rep. Spencer Bachus, might try to launch an "assault" on financial regulation. "First, the assault he intends to lead against improved financial regulation is based on a seriously flawed view of the relationship that should exist between financial institutions and those who set the rules governing safety and soundness," Frank said. The Democrat rejected Bachus' comments that regulation exists "to serve the banks."

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