Federal officials are converging in support of a sweeping overhaul of financial regulation, making it likely that Wall Street investment banks and other major financial institutions will be subject to a tighter government grip.
Regulators and lawmakers differ on key details about how to move forward, but the impetus for an overhaul appears firmly entrenched, putting it high on the list for action by Congress next year.
At a House Financial Services Committee hearing Thursday, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke agreed that regulators need new tools to deal with financial crises and stronger oversight authority ...
