WASHINGTON, July 21 (Reuters) - The Obama administration's proposal to form a U.S. Consumer Financial Protection Agency needs more work, Representative Barney Frank, chairman of the House Financial Services Committee, said on Tuesday.
'There's more work to be done. I don't know where the votes are. The banks have done some lobbying. I think it needs to be refined,' Frank told reporters after a hearing.
The committee said earlier in the day that it had postponed until September a session to draft and vote on the proposal.
The panel also postponed until next week a session that had been scheduled for Thursday to draft and and vote on an administration measure to curb executive compensation.
'The leadership, I think, may want to put (executive compensation) on the floor. So we have to give a little more attention to that,' Frank said.
(Reporting by Kevin Drawbaugh; Editing by Dan Grebler) Keywords: FINANCIALREGULATION FRANK/ (kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax)) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'There's more work to be done. I don't know where the votes are. The banks have done some lobbying. I think it needs to be refined,' Frank told reporters after a hearing.
The committee said earlier in the day that it had postponed until September a session to draft and vote on the proposal.
The panel also postponed until next week a session that had been scheduled for Thursday to draft and and vote on an administration measure to curb executive compensation.
'The leadership, I think, may want to put (executive compensation) on the floor. So we have to give a little more attention to that,' Frank said.
(Reporting by Kevin Drawbaugh; Editing by Dan Grebler) Keywords: FINANCIALREGULATION FRANK/ (kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax)) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.