A House Commerce subcommittee is tentatively scheduled to vote Sept. 17 on financial reform legislation, a spokeswoman for panel Chairman Rep. Michael Oxley said Monday.

The finance and hazardous materials subcommittee on Friday is expected to unveil proposed changes to a financial modernization bill passed June 20 by the House Banking Committee. The full Commerce Committee is expected to vote on the package Sept. 25.

Banking industry officials have criticized preliminary versions of the committee's plan, which would bolster state regulators' power to restrict bank insurance operations and would strip the comptroller of the currency of the power to permit most new insurance activities for national banks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.