Senate Banking Committee chairman Christopher Dodd and House Financial Services Committee chairman Barney Frank yesterday pledged to cooperate with the Obama administration to enact legislation to "create a new, more robust" financial regulatory system by the end of the year.

In a two-page letter sent to President Obama ahead of this week's G-20 summit meeting in London, the two chairman noted that the country is in the midst of "the most severe economic crisis in generations." But they promised to work "expeditiously, carefully and deliberately to craft comprehensive reform premised on the lessons learned from this crisis and designed to provide a framework for more effective supervision and regulation going forward."

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