A gathering of industry heavyweights this week was the first step in "a frontal assault" against the political logjam blocking financial services reform legislation, a key Republican congressman said.

"We have had to take on the naysayers, the hand-wringers, and the bed- wetters for the last several months," Rep. Michael G. Oxley, R-Ohio, said late Wednesday. He was fresh from a meeting with 19 banking, insurance, and securities executives in New York. "Now is the time to act," he added.

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