Pay bill likely on US House floor July 31-Rep Frank

WASHINGTON, July 24 (Reuters) - Legislation that would impose new curbs on executive pay is likely to move to the floor of the U.S. House of Representatives on July 31, said a key Democratic lawmaker on Friday.

The House Financial Services Committee plans to draft and act on the bill "on Tuesday, probably on the floor on Friday," said Representative Barney Frank at the opening of a hearing on the Obama administration's financial regulation reform plan.

The bill would give shareholders the right to cast non-binding votes on executive compensation plans at publicly traded companies, while also banning pay schemes at financial institutions deemed to encourage excessive risk-taking. (Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)