Action on Legislation Financial Modernization The House Commerce finance subcommittee is expected to vote soon on financial reform so the full committee can approve the legislation by the end of the month. House Republican leaders had given the committee a May 14 deadline, but Committee Chairman Thomas J. Bliley Jr. has asked for an extension.

The Senate adopted reform legislation May 6 on a 54-to-44 vote that was mostly along party lines. President Clinton has threatened to veto it unless rollbacks of the Community Reinvestment Act are reversed, more reinvestment requirements are added, and direct bank subsidiaries are granted more powers.

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