Frank to Head Financial Regulatory Reform Conference Committee
Rep. Barney Frank (D-Mass.) will head the conference committee charged with reconciling the House and Senate versions of financial regulatory reform. The committee is comprised of legislators who worked on the initial bills, from the Senate Banking Committee, House Financial Services Committee and Senate Agriculture committee. The Senate might name its members as soon as today, and the House is expected to name its members next week.
At 5:30 p.m. today, the Senate is voting on whether to recommend its representatives on the conference committee push for provisions in two amendments that did not receive votes. (The “will of the Senate” measures are not binding.) They are Sen. Sam Brownback’s (R-Kans.) amendment exempting auto lenders from Consumer Financial Protection Agency rules (identified by consumer advocates as a highly problematic measure) and Sen. Kay Bailey Hutchison’s (R-Texas) amendment weakening restrictions on proprietary trading.