Nasdaq – A key U.S. House lawmaker on Thursday unveiled draft proposals to bolster the U.S. Securities and Exchange Commission’s powers, to federally regulate hedge funds and to establish a federal insurance office.

The three drafts are the latest to be circulated by House Financial Services Capital Markets Subcommittee Chairman Paul Kanjorski, D-Pa., who is among the lawmakers playing a major role in working to enact broad new regulations for the financial sector. Last week he unveiled a controversial bill which would make it easier to sue credit-rating firms in an effort to hold them more accountable for the quality of their ratings.

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controversial bill, credit rating, federal insurance, financial-sector, financial-services