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Fed's Geithner,SEC's Cox before Congress next week

Fri Jul 18, 2008 2:52pm EDT

WASHINGTON, July 18 (Reuters) - New York Federal Reserve President Timothy Geithner and Securities and Exchange Commission Chairman Christopher Cox will testify before Congress next Thursday about financial regulatatory reform.

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House of Representatives Committee on Financial Services Chairman Barney Frank said in a statement on Friday that the two would appear before his committee to discuss the adequacy of current oversight and regulatory tools.

Frank, a Democrat from Massachusetts, said he wanted to explore the extent to which existing structures are adequate to respond to future problems.

World financial markets have been rocked by losses from a meltdown in U.S. subprime mortgages, prompting lawmakers calls for stronger bank oversight and higher levels of capital.

The hearing on Thursday will be the second in a series that Frank plans to conduct on the risks and policy implications of the explosive growth of financial markets beyond the borders of the commercial banking industry.

(Reporting by Alister Bull; Editing by Chizu Nomiyama)

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