Senate Banking, Housing and Urban Affairs Committee Chairman Chris Dodd and House Financial Services Committee Chairman Barney Frank sent a letter to President Barack Obama Monday, in which they pledged to work together on regulatory modernization.

Given the importance to our economic future of this set of issues, I will do everything I can to achieve the broadest possible support for legislation that is effective and comprehensive, Frank said in the letter.

As we prepare to write legislation that will modernize our financial regulatory system for the 21st century, the Banking Committee has strong partners both across the Capitol and in the White House, added Dodd.

I will also continue to work closely with Ranking Member Shelby and my other Republican colleagues to build upon our bipartisan record.

Dodd said Congress has already begun an intensive series of hearings, briefings and meetings on this subject which, combined with the important work of the House Financial Services Committee, will help us pave the way for this significant undertaking.

I am confident, Dodd said in closing his remarks, that through this process we will be able to design a system to better protect consumers and restore confidence in our banking system.

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