House Commerce's finance and hazardous materials subcommittee is expected to delay its vote on financial modernization until next week, congressional sources said Monday.
Rep. Michael Oxley, the panel's chairman, originally planned to hold a ballot on the legislation Wednesday, but a final draft of the proposal will not be available in time to brief lawmakers. The legislation is expected to be completed this afternoon.
Several bank industry sources said Monday that the subcommittee is planning to vote on the proposal Sept. 23, followed by a full committee vote Sept. 25.
Separately, House Speaker Newt Gingrich and other Republican leaders were expected to decide Monday whether financial modernization would be scheduled for a vote on the House floor before Congress breaks for the holidays in mid-November.