Frank to chair Wall Street bill conference

Rep. Barney Frank (D-Mass.) will lead efforts to reconcile House and Senate legislation overhauling Wall Street regulations, a spokesman for the congressman confirmed Monday.

Frank, chairman of the House Financial Services Committee, will be chairman of the conference to merge the two bills, which Democrats vow to send to President Barack Obama's desk before the July 4th recess. 

The conference is expected to have a dozen senators, including seven Democrats and five Republicans. It's unclear how many House members will be included in the conference.

The basics of the House and Senate bills are similar, but lawmakers will need to reconcile many specific provisions.