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Bachus Calls on Democrats to Immediately Appoint Financial Reg Reform Conferees


WASHINGTON, May 25 -

To see the letter Ranking Member Spencer Bachus sent earlier today to Chairman Frank click here

Politico reports: "Majority Leader Steny Hoyer (D-Md.) said the conferees are not likely to be appointed until after the Memorial Day recess, saying it will be done ‘shortly after we get back.' He smiled when asked if the delay was meant to prevent a clock from starting that would allow Republicans to offer politically painful motions ‘to instruct conferees.' But a Democratic source confirmed that ‘due to that concern, we will not appoint conferees until after the break.' Negotiators can meet informally whether or not conferees have been appointed."

Related News:

US House GOP Seek Formal Rules For Financial Bill Conference

By Michael R. Crittenden

DOW JONES NEWSWIRES

25 May 2010

(Dow Jones)--U.S. House Republicans are urging Democratic leaders to set a formal process for negotiations over wide-ranging financial overhaul legislation, wary of having a limited effect on the process.

Rep. Spencer Bachus (R., Ala.), the ranking Republican on the House Financial Services Committee and a likely conferee, said in a letter sent Tuesday to Rep. Barney Frank (D., Mass.) that negotiators should move quickly to establish a formal process for reconciling competing House and Senate versions of the bill.

"I appreciate your assurances that Democrats want a fair, open and transparent conference. For that goal to be met, we need to start the process now under an agreed upon set of rules," Bachus wrote.

House and Senate lawmakers are likely to begin finalizing the sweeping changes to U.S. financial markets after Congress' Memorial Day recess, which is next week. The Senate on Tuesday named its bipartisan team of negotiators, but House leaders are unlikely to officially name their conferees until after the break. That won't stop lawmakers such as Frank, who will chair the bicameral conference, from talking with his Senate counterparts ahead of time.

House and Senate conferences, which have become rare in recent years, have few formal rules and Republicans are wary of having little say in the negotiations. Bachus noted in his letter that previous conferences dealing with big financial services legislation, including 1999's Gramm-Leach-Bliley Act, had very formal rules for considering amendments and voting by conferees. That conference had at least five meetings just to determine how to run the process, he wrote.

"Republicans would ask that...we be consulted in developing a conference process that will be fair and balanced for all participants," Bachus said.

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