The House Financial Services Committee voted to pass the Investor Protection Act (H.R. 3817) on November 4, by a vote of 41 to 28. The bill now goes to the full House floor. Rep. Barney Frank (D-Massachusetts), chairman of the House Financial Services Committee, said the previous day, November 3, that the full House will likely not begin debating financial services reform until the first week of December.
All of the various financial services reform measures must be reported out of the House Financial Services Committee before they reach the full House floor. The Financial Services Committee also began debating the systemic risk legislation on November 4 and was to mark up on the same day the Federal Insurance Office Act of 2009 (H.R. 2609), the Financial Stability Improvement Act of 2009, and the Overdraft Protection Act (H.R. 3904).