Both Democratic and Republican members of the Senate banking committee want a more ambitious reform of bank regulators than outlined by the Obama administration as Congress prepares to overhaul the financial system’s watchdogs.

A Treasury white paper said regulation was “lax and inconsistent” but Mark Warner, a Democratic senator and member of the Senate banking committee, said the proposal “would allow financial groups to continue to shop for the weakest regulator. The opportunity for regulatory arbitrage will encourage money to migrate to the most weakly regulated parts of the system.”

Read the full story in The Financial Times.