U.S. House panel nears exec pay action -Rep. Frank

WASHINGTON, July 16 (Reuters) - Representative Barney Frank, chairman of the U.S. House of Representatives Financial Services Committee, told reporters on Thursday that his panel will write and possibly vote in the last week of July on legislation concerning executive compensation.

"We're going to be marking it up in July, in the last week," Frank, a Democrat, said, adding that a discussion draft of the bill will be circulating soon on Capitol Hill.

He said, "It's 'say on pay,' and it's instruction to the SEC to not allow compensation schemes that do perverse incentives, or too much risk-taking." (Reporting by Kevin Drawbaugh; Editing by James Dalgleish)