US hopes for financial regulation bill by August

WASHINGTON, March 2 (Reuters) - U.S. lawmakers are striving to complete legislation by August to overhaul regulation of the financial services industry, Rep. Spencer Bachus said on Monday.

The White House wants a set of principles outlining reforms of that industry by the time President Barack Obama attends the Group of 20 (G-20) summit in Britain in April.

The G-20 includes finance ministers and central bank governors from industrialized and developing economies, who meet, along with world leaders, to discuss the global economy and international finance.

U.S. lawmakers have said they cannot get a comprehensive package together in time for the G450 summit, but they hope to propose legislation making the Federal Reserve the systemic risk regulator by the time the world leaders meet.

After a speech to the Institute of International Bankers, Bachus, the ranking Republican member of the House Financial Services Committee, said Congress' goal was to reach a consensus on guidelines for Obama to present to other leaders.

"We are hoping to get a bill by August," Bachus told reporters.

Revamping the way federal regulatory agencies oversee banks, securities markets, the commodities industry and insurance is a top priority of the Obama White House. (Reporting by Rachelle Younglai and John Poirier)