WASHINGTON — A House Financial Services Committee vote on a bill to create a systemic-risk regulator is likely to be a long, painful slog, given the myriad unresolved issues still outstanding.

Though debate is set to begin today on the legislation, observers pointed to a host of issues that need to be addressed, including how much power the Federal Reserve Board should wield over other regulators, how to create a resolution fund to handle the failure of systemically important firms and how high to set proposed risk retention requirements for securitizations.

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