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Hoyer: Financial Reform Floor Vote Coming Next Month

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Look for financial regulatory reform to get a House floor vote in November, Majority Leader Steny Hoyer said Tuesday.

"We expect to bring that bill to the floor next month," Hoyer (D-Md.) told reporters during a press briefing.

House Financial Services Committee Chairman Barney Frank (D-Mass.) is two weeks into hearings on the four bills that comprise his financial reform package, and Hoyer said he expects the bills to be passed out of committee by the end of the month. That jibes with Frank's stated expectations for the committee, but the Massachusetts Democrat said last week that leadership had yet to settle on a schedule for final passage. The sooner, the better, Hoyer said Tuesday -- if they're ready earlier, debate might start this month.

"Regulatory reform is critically important as we take every effort we can to prevent a repeat of the failure of our financial system to self-regulate and the failure of the regulatory system to operate in a vigorous manner," Hoyer said.

Next week, the financial services committee is slated to draft new regulation for over-the-counter derivatives and the proposed Consumer Financial Protection Agency, a committee staffer told the Huffington Post. The following week, they'll consider regulating hedge funds and giving some teeth to the Securities and Exchange Commission. The House already has Frank's bill to limit executive pay.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) said last week that he also wants his bill passed sometime next month, but no discussion draft has been released and Senate leadership is loathe to add anything controversial to the schedule with health care reform still on the table.

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