–But Hill Banking Chiefs Decline To Discuss What Final Bill Will Be
–Sen Dodd: ‘Status Quo’ Caused Massive Economic, Financial Dislocation
–Sen Dodd: ‘Full Throated’ Senate Debate Led To Strong Bill
–Rep Frank: Final Bill Must Provide Strong ‘Framework’ For Future Reg
–Rep Frank: Wants To Pass Final Bill ‘Quickly,’ By Fourth of July

By John Shaw

WASHINGTON (MNI) – Senate Banking Committee Chairman Chris Dodd and
House Financial Services Committee Chairman Barney Frank Friday said
they expect a House-Senate conference committee to work quickly to
assemble a final financial services regulatory overhaul bill and pass it
by the Fourth of July.

In comments outside the White House after meeting with President
Obama, both Dodd and Frank spoke confidently that a final regulatory
bill can be assembled quickly.

Frank said it was important for Congress to complete financial
regulatory reform “quickly,” adding that he believes the Fourth of July
deadline is realistic.

“I believe we will” pass the bill by this deadline, he said.

He added the final package must provide a strong “framework” for
financial regulators to oversee an industry that is fast-moving and
innovative.

“This is not a static bill,” he said.

Both Frank and Dodd declined to get into the details of what kind
of bill might emerge at the end of the House-Senate conference
committee.

Frank said the House-Senate conference committee will have its
“formal parts in public,” but will also have private deliberations.

Dodd sidestepped several questions on specific issues, by saying it
was not the time to “get in the weeds” on these matters.

“We are not going to be talking piece by piece about this,” Dodd
said.

Dodd said the Senate went through an “open process” in debating its
version of financial reform, adding that it had a “full throated debate
about ideas.”

Dodd said overhauling the regulatory system is urgently needed,
adding that “the status quo” was responsible for the recent economic and
financial meltdown.

The Senate passed its financial regulatory reform bill Thursday
evening while the House passed its version in December.

The differences in the two bills will be worked out by a
House-Senate conference committee that will be presided over by Dodd and
Frank.

Frank and Dodd are expected to take the lead role in the
negotiations over a final bill, with significant guidance by House
Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, Treasury
Secretary Tim Geithner, White House Chief of Staff Rahm Emanuel–and
even President Obama.

** Market News International Washington Bureau: 202-371-2121 **

[TOPICS: M$U$$$,MFU$$$,MCU$$$,MK$$$$,M$$CR$]