U.S. Lawmakers to Create Broad New Financial Panel

The House Rules Committee has proposed establishing a new Committee on Financial Services, abolishing the Committee on Banking and shifting securities and insurance issues from the Commerce Committee to the new forum. The new plan, revealed in the committee’s outline of rules for the next Congress, and in direct response to last year’s overhaul of financial services, is expected to be considered this week in the House of Representatives after lawmakers are sworn in.