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An influential U.S. lawmaker on July 27 urged the financial services industry to support efforts to strengthen the financial system or risk losing influence over the outcome of the debate.

House of Representatives Financial Services Committee Chairman Barney Frank (D-Mass.) said in a speech at the National Press Club “We invite the financial community to participate with us given what we believe is necessary and how we do it, but it’s going to happen one way or the other.”

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