Published: May 09, 2010 5:56 PM EDT

WASHINGTON (AP) - The chairman of the Senate Banking Committee says federal regulators need to take a close look at computer-based high-speed trading and whether that new phenomena triggered the dizzying plunge on Wall Street last week.

Democratic Sen. Chris Dodd of Connecticut said on CBS' "Face the Nation" that the Securities and Exchange Commission needs to come up quickly with regulations to ensure there is no repeat of the chaos Thursday when the market fell nearly 1,000 points in a matter of minutes.

Dodd said that while he plans hearings on the market fall, he does not see a need for legislation.

Experts are still examining last Thursday's events.

The focus is on computerized high-frequency trading that can buy and sell stocks at lightning speed.