Congress Seeks 'Broad Reform' After Bailout

Law360, New York (October 15, 2008, 12:00 AM EDT) -- The U.S. Congress is being called on to find the right regulatory structure for the nation's ailing financial markets, Rep. Melvin Watt, D-N.C., told the Financial Services Committee at a Tuesday hearing to tackle the need for “broad reform.”

Usually, the Congress tries “to decide what we legislate and what we punt to some regulator to regulate,” Rep. Watt told the committee.

“This may be the first time that we are called on to address a different question,” he added. “We have got to find out...
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