Rep. Maloney Calls for Bank Regulation

New York Congresswoman Carolyn Maloney says there's a serious need for regulation of the financial system.

MALONEY: We need to look at how we got here. We need to look at legislative reform but there is an emphasis placed on the need to act, on the need to stabilize these markets.

REPORTER: Maloney and other members of congress met this afternoon with Treasury Secretary Henry Paulson and Fed chairman Ben Bernanke to discuss establishing a fund to buy toxic debt from struggling banks.

She says there's heavy work ahead for Congress.