Monday, 18 May 2009

US poised for finance regulation shake-up

By Tom Braithwaite, Sarah O’Connor and Krishna Guha in Washington

Published: May 17 2009 23:30 | Last updated: May 17 2009 23:30

Congress will next month start the biggest regulatory overhaul of the US financial system in decades, bringing into the open a frantic lobbying effort between banks, regulators and policymakers on what it contains and who pays for it.

The House financial services committee, chaired by Democrat Barney Frank, will hold hearings early in June into reforms outlined by Timothy Geithner, Treasury secretary, say people familiar with the timetable.