September 14, 2009 / 2:51 PM / 8 years ago

Rep Frank says financial reform "will be done"

<p>Barney Frank (D-MA) chairman of the House Financial Services Committee waits for President Barack Obama to speak about the global financial crisis at Federal Hall in New York, September 14, 2009.Jeff Zelevansky</p>

WASHINGTON (Reuters) - A lawmaker at the heart of efforts to overhaul U.S. financial rules in the wake of the deepest crisis since the Great Depression said on Monday that legislation will be completed despite distractions.

"We are very much on track," House of Representatives Financial Services Committee Chairman Barney Frank said in an interview on CNBC. "This will be done."

Frank said his panel would vote on separate pieces of legislation covering derivatives, resolution authority for failing non-bank financial institutions, and regulating risks that threaten the entire financial system.

His panel also would vote on measures to ensure that securitizers of loans retain responsibility for some of the risk. Lawmakers will address restraints on compensation and ratings agency reform, he said.

Frank said Sen. Christopher Dodd's decision to stay on as chairman of the Senate Banking Committee bodes well for progress on financial regulatory reform legislation. Dodd was considering a switch to lead the Senate's health committee.

"That's a sign that Chris is determined on his side to get this done," he said.

Reporting by Mark Felsenthal, Editing by Neil Stempleman

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