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."

The Obama administration and lawmakers are considering reforms to rules governing the financial services industry aimed at preventing another financial crisis like the one that erupted in mid-2007 and plunged the economy into the most painful recession in decades.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.