WASHINGTON --Two of the government's top economic policymakersare scheduled to appear on Capitol Hill tomorrow to discuss theirviews on revamping regulation of financial services.


Federal Reserve Chairman Ben Bernanke and Treasury SecretaryHenry Paulson are testifying at the first of a series of hearingson the subject by the House Financial Services Committee.


According to the committee, Bernanke and Paulsen will focus onproposals to measure and limit risk, without stifling innovation,the need for enhanced capital and reserve requirements forfinancial firms and the adequacy of the current powers of theFederal Reserve and other regulatory agencies to protect thefinancial system and taxpayers.


One of the proposals that has caused concern among credit unionsis in the regulatory overhaul unveiled earlier this year by Paulsonin the Treasury Blueprint. The proposal would place credit unionsunder the same regulator as banks, which sparked fear among some,including CUNA President Dan Mica and NAFCU President Fred Becker,that such a set up would jeopardize the future of creditunions.

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