In order to achieve meaningful reform of the financial services industry, Congress should create two key regulatory positions to oversee financial markets, according to a proposal last week by the Investment Company Institute.

"The financial crisis highlights the longstanding need for regulatory reform to develop a more effective framework for overseeing modern financial markets and mitigating risks to the financial system at large," said ICI President and CEO Paul Schott Stevens. "Such a framework should, among other things, close regulatory gaps, bolster regulatory expertise and improve interagency coordination."

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