Lucas Named a Conferee to the Financial Services Regulatory Reform Conference Committee

Washington, DC – This week, Congressman Frank Lucas was named a conferee to the financial services regulatory reform Conference Committee.  Typically, when the House and Senate draft differing pieces of legislation regarding the same topic, a Conference Committee is formed to iron out the differences between the two bills.

“I am honored to have been chosen as a member of the Conference Committee on the regulatory reform legislation.  The far-reaching implications of this legislation will impact every American.  Not only will it establish rules to govern our financial industry, including our banking industry and financial markets, but it will also affect everything from retiree’s pensions, to available credit for family farmers, to regulations of small businesses, even to rules governing the credit and debit cards of American consumers; so it is imperative that we get it right.  For that reason, we must have an open and transparent Conference Committee where all ideas and opinions are thoroughly discussed and a fair and balanced compromise among all sides is created.

“A claim has been made that this Conference Committee will be conducted in an open forum, and I truly hope that will be the case.  The more open and transparent our negotiations are, the better the final legislation will be.  However this claim has been made many times in the past with no actual follow through.  I sincerely hope that Chairman Frank will ensure that all discussions pertaining to this important legislation are conducted in a public forum and that all members of this Conference Committee will be able to participate,” stated Lucas.

The Conference Committee began negotiations Thursday, June 10th and is expected to continue meeting over the next several weeks until a final draft is completed.  A total of 31 House members were selected to serve on the Conference Committee, including 11 Republicans and 20 Democrats.  Twelve Senators will serve on the committee, including seven Democrats and 5 Republicans.  Lucas is the only member of the Oklahoma delegation to serve on the committee.

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