Wednesday September 30, 04:11 PM
UPDATE 1-Watchdog, OTC derivatives votes in mid-Oct - Frank
WASHINGTON, Sept 30 (Reuters) - A U.S. House of Representatives committee will draft and likely vote in mid-October on bills to form a financial consumer watchdog agency and to regulate over-the-counter derivatives, the panel's chairman said on Wednesday.
Describing the schedule for the House Financial Services Committee, Democratic Chairman Barney Frank said that 'a markup ... will occur the week after next' on a proposal to form a Consumer Financial Protection Agency, or CFPA.
He said the committee will also deal in mid-October with a proposal to move more OTC (Brussels: OTCB.BR - news) derivatives trading through exchanges, electronic platforms and clearinghouses.
'We'll have finished marking up certainly ... by late October,' Frank said at the opening of a hearing on the CFPA.
A & (Paris: FR0000075160 - news) apos;markup' in the U.S. Congress is a meeting in which a committee amends and typically votes on legislation.
Frank said Democratic leaders were still discussing a possible schedule for consideration of the bills on the House floor.
(Editing by Dan Grebler) Keywords: FINANCIAL REGULATION/FRANK
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