House Financial Services Committee Chairman Barney Frank has sent Speaker Nancy Pelosi a list of his Democratic candidates for the House-Senate conference panel that will create a compromise version of sweeping financial reform legislation.
Frank, who will chair the conference, has recommended Joint Economic Committee Chairwoman Carolyn Maloney (NY) and six heads of various subcommittees, according to a Frank memo obtained by CNBC.com.
According to House rules, the majority and minority leaders get to pick the so-called conferees but Frank's preferences will be almost certainly be accepted.
It's unclear when Pelosi will act on the proposal, but a final annoucement was not expected to be made until Congress returns form its memorial day recess June 7, according to Capitol Hill sources.
The Senate Tuesday picked its 12 members, seven of which will be Democrats. On the House side, there will be eight Democratic members, and five GOP ones, according to the Frank memo.
The Frank candidates are:
- Subcommittee Chairman on Capital Markets, Insurance, and Government Sponsored Enterprises Rep. Paul E. Kanjorski (Pa.)
- Subcommittee Chairman on Financial Institutions and Consumer Credit Rep. Luis V. Gutierrez (Ill.)
- Subcommittee Chairman on Housing and Community Opportunity Rep. Maxine Waters (Calif.)
- Subcommittee Chairman on Domestic Monetary Policy and Technology Rep. Melvin L. Watt (N.C.)
- Subcommittee Chairman on International Monetary Policy and Trade Rep. Gregory W. Meeks (N.Y.)
- Subcommittee Chairman on Oversight and Investigations Rep. Dennis Moore (Kan.)
The Senate appointees named Tuesday all come the banking and agriculture committees, including the respective Democratic chairs, Sen. Christopher J. Dodd (Conn.), and Sen. Blanche Lincoln (Ark.).
The other Democrats are Tim Johnson (S.D.), Charles E. Schumer (N.Y.), Tom Harkin (Iowa), Patrick J. Leahy (Vt.) and Jack Reed (R.I.).
The Republicans, all of whom voted against the Senate bill last week, are Richard C. Shelby (Ala.), the GOP's ranking banking committee member, Judd Gregg (N.H.), Bob Corker (Tenn.), Michael D. Crapo (Idaho), and Saxby Chambliss (Ga.), the most senior Republican on the agriculture committee.
Sources say Republican members likely to be named as House conferees will include Spencer Bachus (Ala.), the ranking member of the financial services committee, Jeb Hensarling (Texas), and Scott Garrett (N.J.), all of whom are key authors of the GOP's alternative bill for financial reform. They will be named by minority leader John Boehner of Ohio.
House and Senate conferees are expected to begin work the second week of June. Though the two bills have much in common, there are key differences in some areas, such as new derivatives regulation.
Many of the provisions, from too-big-to-fail authority to new capital requirements, are meant to avoid the possible collapse and government bailout of big firms, as was the case with AIG , Citigroup and Bank of America in 2008.
Some restrictions would also affect the two big remaining Wall Street firms, Goldman Sachs and Morgan Stanley
President Obama has made financial reform his top priority. Frank says he hopes to have a bill completed by July 4th holiday.