May 25, 2010 / 8:57 PM / 9 years ago

UPDATE 1-Rep. Frank taps 8 conferees on Wall St reform bill

* Memo obtained by Reuters names eight Democrats

* Frank, in memo, says wants 8-to-5 ratio with Republicans (Adds Frank comment, memo details, background, byline)

By Kevin Drawbaugh

WASHINGTON, May 25 (Reuters) - U.S. Representative Barney Frank is recommending the appointment of eight Democratic House members, including himself, to a House-Senate conference committee on landmark Wall Street reform legislation, according to a memorandum obtained by Reuters on Tuesday.

Frank’s recommendation included some of the House’s harshest critics of Wall Street. It moved Congress closer to completing the roster of lawmakers who will determine the final shape of a bill that is one of President Barack Obama’s highest domestic priorities.

The other seven Democratic congressmen Frank wants to appoint to the panel are subcommittee chairs Paul Kanjorski, Luis Gutierrez, Maxine Waters, Melvin Watt, Gregory Meeks and Dennis Moore, as well as Carolyn Maloney, said the May 25 memo addressed to Democratic members of the House Financial Services Committee of which Frank is chairman.

Frank, who will also chair the conference, said in the memo that he was recommending to Speaker of the House Nancy Pelosi “that we have eight conferees, because I believe an eight to five ratio between us and the Republicans is optimal.”

He also said he has asked committee staffers to compile a list of differences between the House and Senate bills by Wednesday and to discuss it at a party caucus on Thursday.

The Senate named its 12-person contingent of both Democrats and Republicans to the conference earlier on Tuesday.

The House of Representatives and the Senate have each approved sweeping bills to tighten regulation of banks and capital markets after the severe 2007-2009 financial crisis.

The measures must be merged by the conference, which is expected to begin meeting in the second week of June.

Once it hammers out a single, final bill, it will have to be approved by both chambers, then sent to Obama to be signed into law. Analysts expect that by July 4.

A spokeswoman for House Agriculture Committee Chairman Collin Peterson declined to say if Peterson expects to be on conference committee. (Additional reporting by Charles Abbott; Editing by Andrew Hay)

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