Frank to chair financial reform committee

WASHINGTON Mon May 24, 2010 10:07am EDT

WASHINGTON (Reuters) - Democratic lawmaker Barney Frank will get the influential position of chairing the committee that will merge the House and Senate's versions of financial reform legislation, a spokesman for Frank said on Monday.

Frank, the chairman of the House Financial Services Committee, will hold sway as the two chambers try to hammer out major differences in their bills, including rules for derivatives and restrictions on types of trading.

The Senate is expected to name its conferees as soon as Monday, while House Speaker Nancy Pelosi may not name her chamber's conferees until after Congress returns from its Memorial Day break on June 7.

Frank, the chief architect of the bill in the House, said last week that he believes it will not take more than a month to merge the two bills.

(Reporting by Rachelle Younglai, editing by Gerald E. McCormick)

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