Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, said on July 21 that the Obama administration's proposal to form a US Consumer Financial Protection Agency is not ready for a vote. "There's more work to be done," said Frank. "I don't know where the votes are. The banks have done some lobbying. I think it needs to be refined."

The committee announced earlier that day that it had postponed until September a session to draft and vote on the proposal.

Related Article: US Financial Consumer Agency Needs Work, Reuters (July 21, 2009) (HTML)