The House Financial Services Committee completed its work on a large scale financial regulatory overhaul on Wednesday, when the committee voted to approve the final piece of the Administration’s reform proposal – systemic risk legislation.  The bill – H.R. 3996 – was approved along party lines by a vote of 31-27, setting the stage for consideration on the House floor next week.

Financial Services Chairman Barney Frank (D-MA) announced that the House Rules Committee will take up the effort on Tuesday, December 8, at which time the systemic risk measure will be merged with other critical pieces of the financial regulatory overhaul agenda, including Consumer Financial Protection Agency legislation, a measure to regulate the financial derivatives market and tougher standards for credit ratings firms.

The combined measure will then move to the House floor on Wednesday, December 8, at which time Chairman Frank expects three days of debate.  We will continue to monitor this important issue as it makes its way to the House floor, and will provide updates on InsureReinsure.com.