WASHINGTON — Revamping the nation's oversight of financial services is going to be far tougher than most people realize, according to Rep. Mel Watt, a senior member of the House Financial Services Committee.

In an interview Thursday, the North Carolina Democrat agreed that restructuring was a critical issue facing the next Congress, but he said logistical, turf, and other obstacles would likely hamper the process. The first and most serious issue, he said, was that while policymakers realize there is a problem, there has been no accord on a solution.

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