UPDATE 1-Volcker to headline US House fin reg discussion

(Adds details on participants, background)

WASHINGTON, March 23 (Reuters) - Paul Volcker, a senior economic adviser to the Obama administration, will speak to lawmakers on Monday at a bipartisan roundtable session on financial regulatory reform that will be closed to the press and the public, lawmakers said.

"I am pleased to announce that Mr. Volcker will be the keynote speaker in our discussion," said Rep. Paul Kanjorski, a Pennsylvania Democrat who chairs the House of Representatives capital markets subcommittee, in a statement.

Also scheduled to take part in the Bipartisan Policy Center meeting are Larry Lindsey, former economic adviser to the Bush administration, and Eugene Ludwig, chief of the Promontory Financial Group and former U.S. comptroller of the currency.

The session is intended to be the first in a series of six educational roundtable discussions for members of Congress on the financial crisis, focusing on the financial regulatory system and ideas for reform, said Kanjorski's statement.

Volcker was chairman of the Federal Reserve during the Carter and Reagan administrations. He is now chairman of President Barack Obama's new Economic Recovery Advisory Board.

"The severity of issues facing our financial regulatory system calls for us to put aside partisan differences and elevate the level of dialogue," said New Jersey Rep. Scott Garrett, top subcommittee Republican, in a statement. (Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)