U.S. Representative Barney Frank (D-Mass.)—who will be promoted from senior Democratic member of the House Financial Services Committee to chairman following Tuesday’s election—has promised to go easy on hedge fund regulations but scrutinize executive pay and work to create more affordable housing, Bloomberg reports.

Frank has vowed to take a more activist role than his predecessor, Michael Oxley (R-Ohio), on the committee, which oversees the Securities and Exchange Commission and the Federal Reserve.

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