Rep Frank: Street Needs Stricter Regs, Capital Standards

House Financial Services Committee chairman Barney Frank, D., Mass., said he will push for stricter regulations and capital standards for investment banking firms in the wake of the nation's mortgage crisis. "These investment houses are going to have to be regulated so they are not able to get themselves into the kind of trouble that then causes a serious economic problem for the whole country or requires us to help them out," Rep. Frank said late Wednesday. His comments came a few days after the Federal Reserve arranged for the sale of Bear Stearns -- a major securitizer and investor in subprime loans -- to JPMorgan Chase for $2 a share. (A year ago Bear was trading at $160 a share.) "There should be some reserve requirements, yes," said Rep. Frank when asked whether investment banks should face similar requirements as commercial banks. Speaking after a town hall meeting in Boston, Frank said placing stricter regulations on Wall Street will be a top priority in the coming year.