House Leadership Could Postpone Consideration of Regulatory Restructuring Bills
The full House is currently still scheduled to take up the bills aimed at restructuring the way financial institutions are regulated next week, but that is subject to change.
In response to an inquiry from Credit Union Times as a result of comments of those close to the process, House Financial Services Committee spokesman Steven Adamske said the "current plan is to consider the bill next week, barring complications in the legislative process."
Originally, Adamske confirmed reports that the House would take up the bill the week after the next, but later revised his answer, saying he misread the original e-mail question.
Several sources close to the committee negotiations said that a delay was likely because of concern among moderates in the Democratic Caucus about some provisions, including the creation of the Consumer Financial Protection Agency.
Although Committee Chairman Barney Frank (D-Mass.) has enjoyed the support of the vast majority of Democrats on the committee, it's not clear if he has enough support among all House Democrats to pass the bill.
Frank's committee passed the legislation creating the CFPA and is supposed to vote tomorrow on a measure to create a fund for rescuing companies deemed too big to fail. However, other committees have to complete work on some of the bills as well.
The Senate Banking Committee has just begun its consideration of a similar bill, introduced by Committee Chairman Christopher Dodd (D-Conn.).