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Hearing next week on Asian markets

In Washington, Rep. Merrill Cook, R-Utah, said Tuesday the House Banking Committee will hold a hearing next week on the unstable Asian financial markets and their impact on the sell-off of U.S. stocks.

"The committee will examine the financial instability that apparently has its epicenter in Thailand but has spread to the Hong Kong stock exchange," said Cook, a member of the committee and three of its subcommittees.

"The early implications for the U.S. market were certainly clear last week and today. Now we need to study the long-term implications, as well as consider any changes in U.S. monetary policy."

Cook said the committee will announce the date and witnesses for the hearing later this week.