U.S. Rep. Frank urges industry cooperation on rules

WASHINGTON (Reuters) - U.S. House of Representatives Banking Committee Chairman Barney Frank on Monday urged financial firms to cooperate in a rewrite of rules aimed at preventing another crisis like the one that has caused a deep recession, or risk losing influence over the revisions.

"We invite the financial community to participate with us given what we believe is necessary and how we do it, but it's going to happen one way or the other," the Massachusetts Democrat said.

Those who balk at the restructuring of rules will be outside the debate and invite a harsher treatment, Frank cautioned.

(Reporting by Mark Felsenthal; Editing by Leslie Adler)