Frank in Davos says bank reform is coming

Jan. 27, 2010 at 2:31 PM
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DAVOS, Switzerland, Jan. 27 (UPI) -- Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, said a financial reform bill could be signed into U.S. law within months.

Frank said he was using his time at the World Economic Forum in Davos, Switzerland, to coordinate reforms in other countries.

"I think you're going to see substantial harmonization. That's one of the things I'm pushing here. We're talking to the EU and I'm hopeful we'll end up in the same place," Frank told the Financial Times Wednesday.

Frank said Britain was closest to passing similar reform measures, pointing to support for U.S. initiatives from Bank of England Gov. Mervyn King and Financial Services Authority Chairman Adair Turner.

Frank said he was surprised by the timing, but not the details of President Barack Obama's recent reform proposals, which included a limit on the size of banks and a measure to ban commercial banks from proprietary trading.

"We've been working with (former Federal Reserve Chairman) Paul (Volcker) for most of the year, so I wasn't surprised" by the proposals, Frank said.

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