Chairmen Say Financial Regulation Conference Process Will Be Public

The two men responsible for reconciling the differences between the House and Senate versions of financial regulatory overhaul legislation say that the conference process will be open to the public. After a meeting with President Barack Obama, Senate Banking Committee Chairman Christopher Dodd, D-Conn., and House Financial Services Committee Chairman Barney Frank, D-Mass., spoke with reporters about the bills and what the process will look like.

“It will be conducted – the formal parts – in public. That means that no agreements reached, no compromises, which are obviously being discussed will be made part of anything, without being publicly presented, and voted on, and discussed” said Frank.

The need for an open conference was echoed by Republicans, as House Minority Leader John Boehner, R-Ohio, sent a letter to House Speaker Nancy Pelosi, D-Calif., supporting Frank's idea. "We should have members of the House and Senate, Majority and Minority sitting in a public forum with C-SPAN coverage," Boehner wrote, "I believe the American public is demanding -- and deserves -- the opportunity to understand what is in -- and not in -- the laws we enact."

Frank told reporters Thursday that he hoped that the conference committee would be able to send a resolved bill to the president by the July 4th Congressional recess.