During floor debate in the House of Representatives today, House Financial Services Chairman Barney Frank (D-Mass.), who was allotting time for fellow members to speak, took a moment to pledge that serious reforms to the U.S. financial system will be put before the House next year.

"This is not all that needs to be done," Frank said, urging skeptical members to support the Wall Street assistance package up for a vote early this afternoon. "We will be back next year to do some serious surgery on the financial structure."

Some members have called for further reforms, as well has further measures to assist struggling homeowners, saying the package focuses too narrowly on bailing out collapsing Wall Street firms while ignoring the middle class and failing to punish Wall Street greed.