Frank: Financial bill will be signed by May

President Barack Obama will sign the financial reform bill by late May, Rep. Barney Frank (D-Mass.) said Thursday.

Frank, who is chairman of the House Financial Services Committee, said that the bill would pass through the Senate later this month then be cleared by the president by the end of next month. 

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"I think it will be passed in the Senate in April," Frank told a Boston Chamber of Commerce breakfast, according to Reuters. "I believe the president will be signing a financial reform bill before Memorial Day."

Frank's goal is more optimistic that the White House's and Sen. Chris Dodd's (D-Conn.), chairman of the Senate Banking Committee. The White House has said that it would like to sign a bill by August and Dodd has called for its passage by the end of the year.

Though the bill currently enjoys no Republican support in the Senate, observers believe it will pass with wide support.

The House passed its version of the legislation, under Frank's stewardship, late last year, without any Republican supporters. The House and the Senate must reconcile their two bills before it reaches Obama's desk.

Differences between the two bills include differing structures of the proposed Consumer Financial Protection Agency (CFPA).

Frank has said that the bill will likely pass with Republican support because the post-healthcare politics will be more conducive to cooperation between the parties. 

Sen. John McCain (R-Ariz.) and other Republicans have indicated that such support is unlikely on big issues for the rest of the year.

But Frank reiterated that he believes some GOPers will back the overhaul of the financial regulatory system.

"This isn't healthcare," he said, adding that the proposal contains "sensible market-oriented regulation."

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