Wednesday, November 08, 2006

Financial Power Shift in Washington

The upset on Capitol Hill has many in the financial-services industry asking one question: What will Barney Frank do? With the Democrats winning back control of the House in Tuesday’s elections, Mr. Frank, who has long represented a district in suburban Boston, is widely expected to succeed Michael Oxley, a Republican who is retiring, as head of the House Financial Services Committee.
While Mr. Frank’s priorities as the committee chairman are likely to be issues such as affordable housing and consumer protection, some items on his agenda are apt to affect Wall Street more directly. High on that list is the issue of executive pay, one of the most hotly disputed corporate-governance issues of recent years.

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