Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, and Congressman Barney Frank (D-MA), Chairman of the House Financial Services Committee, today pledged to work with each other and the Administration to modernize our country’s financial regulatory system.  In a letter to President Obama sent as he prepares to leave for the upcoming G-20 Summit Meeting in London, the Chairmen said they would work expeditiously, carefully and deliberately to create a framework for 21st century regulation that will enhance financial stability and protect consumers and investors.

 “Given the importance to our economic future of this set of issues, I will do everything I can to achieve the broadest possible support for legislation that is effective and comprehensive,” said House Financial Services Committee Chairman Barney Frank.

 “As we prepare to write legislation that will modernize our financial regulatory system for the 21st century, the Banking Committee has strong partners both across the Capitol and in the White House,” said Dodd.  “I will also continue to work closely with Ranking Member Shelby and my other Republican colleagues to build upon our bipartisan record. We have already begun an intensive series of hearings, briefings and meetings on this subject which, combined with the important work of the House Financial Services Committee, will help us pave the way for this significant undertaking.  I am confident that through this process we will be able to design a system to better protect consumers and restore confidence in our banking system.”

 Click here for the text of the letter.