Financial Regulatory Forum

US House to act on financial reform in November – Hoyer

October 6, 2009

House Majority Leader Rep. Steny Hoyer (file photo).  WASHINGTON, Oct 6 (Reuters) – The U.S. House of Representatives is expected to debate financial regulatory reform next month, Democratic leader Steny Hoyer said on Tuesday.

House Financial Services Committee Chairman Barney Frank, a Democrat, is moving ahead with hearings and expects to hold committee debate on the legislation later this month, Hoyer said at his weekly press briefing.

“We expect to bring that bill to the floor next month,” the House majority leader said.

“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.

He added that those failures led to the financial crises and “the worst economic downturn” the United States has seen in three decades.

(Reporting by Donna Smith; Editing by John Wallace) ((Donna.M.Smith@ThomsonReuters.com))

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