WASHINGTON, May 28 (UPI) -- House Financial Services Committee Chairman Barney Frank said Thursday he was opposed to the creation of a single U.S. banking regulator.
The Hill reported that the White House is considering such a plan under a proposal to be announced in the coming weeks. Frank, a Massachusetts Democrat, said that would be the wrong path for the Obama administration to take.
"The suggestion that we're going to get to a unilateral bank regulator -- something equivalent to the Financial Services Authority -- is simply wrong," Frank told CNBC on Thursday, referring to the Britain's FSA regulator.
Rather than a single regulator, Frank said that he preferred "dual-track regulation" that combined existing banking regulators with a new systemic risk regulator.
The Hill reported that Frank's committee is scheduled to hold hearings on financial restructuring the second and third weeks in June.
