Reconciliation
The Senate has appointed twelve of its members to the House-Senate conference committee that will soon meet to resolve the differences between the financial regulatory reform bills that each body has now passed. (Click here for the recently-finalized text of the Senate-passed bill.) The Senate’s list is below along with the list of representatives that House Financial Services Committee Chairman Barney Frank (D-MA) sent to House Speaker Nancy Pelosi (D-CA) as recommended Democratic conferees. Frank explained the rationale behind his choices in a memo to his committee colleagues; essentially, he picked his subcommittee chairs, with the exception of Carolyn Maloney (whom he selected because she was a subcommittee chair until she took over as Chairman of the Joint Economic Committee at the Speaker’s request).
Frank has also floated the following timetable for the conference, but Financial Services Committee Ranking Republican Spencer Bachus (R-AL) sent Frank a letter yesterday expressing concerns that the timetable is too compressed for legislation of this magnitude. In addition, House Republican Leader John Boehner sent a letter to Speaker Pelosi last week asking for a bipartisan and open conference process, but Republicans have yet to name their conferees. FR Watch will update the timetable and conferee list as more information becomes available. --
Frank’s Proposed Conference Timetable
Tuesday, June 8th- House conferees appointed
Wednesday, June 9th- First open meeting of the conference; organizational issues and opening statements only
Tuesday, June 15th through Thursday, June 17th and Tuesday, June 22nd through Wednesday, June 23rd - Conference meets to consider substantive issues
Thursday, June 24th- Conference concludes and conference report will be filed shortly thereafter
Monday, June 28th - House Rules Committee meets to grant rule for floor consideration
Tuesday, June 29th - House passes the conference report; Senate will have three days to pass the conference report before the July 4th recess.
Senate Banking Committee Members appointed as conferees – Dodd (D-CT), Johnson (D-SD), Reed (D-RI), Schumer (D-NY), Shelby (R-AL), Corker (R-TN), Crapo (R-ID), Gregg (R-NH)
Senate Agriculture Committee Members appointed as conferees – Lincoln (D-AR), Leahy (D-VT), Harkin (D-IA), Chambliss (R-GA)
Chairman Frank’s recommended list of House Conferees --
1. Barney Frank (D-MA) – House Financial Services Committee Chairman
2. Carolyn Maloney (D-NY) -- Joint Economic Committee Chairman
3. Paul Kanjorski (D-PA) -- Subcommittee Chairman on Capital Markets, Insurance, and Government Sponsored Enterprises
4. Luis Gutierrez (D-IL) -- Subcommittee Chairman on Financial Institutions and Consumer Credit
5. Maxine Waters (D-CA) -- Subcommittee Chairman on Housing and Community Opportunity
6. Melvin Watt (D-NC) -- Subcommittee Chairman on Domestic Monetary Policy and Technology
7. Greg Meeks (D-NY) -- Subcommittee Chairman on International Monetary Policy and Trade
8. Dennis Moore (D-KS) -- Subcommittee Chairman on Oversight and Investigations
