The next Congress will make overhauling the financial regulatory system one of its first priorities, Sen. Charles Schumer yesterday told financial executives.

The changes will seek to fix an outdated system that allowed many financial institutions and products to go unregulated, which helped lead to the excess risk-taking that has played a part in the current crisis, the New York Democrat said yesterday at a Securities Industries and Financial Markets Association conference on the Treasury Department's $700 million Troubled Asset Relief Program.

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