Rep. Frank Calls for More Regulation

On the same day Congress launched its first hearing on causes of the financial crisis, Massachusetts Congressman Barney Frank called for increased regulation to avoid another meltdown.

In Newton Monday, Frank, a lead negotiator of the $700 billion bailout, said there should hearings to consider more stringent policing of hedge funds, investment banks, and private equity firms.

In a conversation with WBUR's Bob Oakes yesterday, Congressman Frank said right now the country is stuck somewhere between a depression and a recession.