WASHINGTON — House Financial Services Committee Chairman Barney Frank said Tuesday that he plans to split reform of financial services regulation into two parts, focusing first on handing systemic risk authority to the Federal Reserve Board.

The Massachusetts Democrat said he would return later in the year to a broader overhaul of the system, including the creation of a financial product safety commission and the consolidation of other banking regulators.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.