Congress will next month start the biggest regulatory overhaul of the US financial system in decades, bringing into the open a frantic lobbying effort between banks, regulators and policymakers on what it contains and who pays for it.
The House Financial Services Committee, chaired by Democrat Barney Frank, will hold hearings early in June into reforms outlined by Tim Geithner, Treasury secretary, say people familiar with the timetable.
But the complexity, coupled with a crowded legislative agenda, means one key pillar – a resolution authority allowing a regulator to seize a failing bank holding company – is unlikely to be set up until the year end.
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