DODD, SHELBY MEET WITH ADMINISTRATION OFFICIALS ON MODERNIZING OUR FINANCIAL SYSTEM

WASHINGTON, DC – Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement after a meeting with Treasury Secretary Timothy Geithner and the Director of the National Economic Council (NEC), Larry Summers, on regulatory modernization:

 

“Today’s meeting was an opportunity for us to put our heads together with Administration officials on how to modernize America’s financial regulatory system.  With an undertaking so broad and complex, our efforts must be deliberative and coordinated in order to be effective.  We recognize the importance of moving beyond party lines to ensure that the problems in financial oversight that contributed to the economic crisis do not reoccur.”

 

The Banking Committee is pursuing an intensive schedule of hearings, briefings, and meetings to modernize our financial regulatory system.  The Committee has held five hearings in recent weeks and plans many more, with the intention of building a legislative record to help pave the way for this significant undertaking.

 

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