By John Shaw

WASHINGTON (MNI) - House Financial Services Committee Chairman Barney Frank Wednesday said that his panel next week will begin writing the various bills that will comprise a sweeping financial services regulatory reform package.

In comments before the testimony of Treasury Secretary Tim Geithner, Frank said his panel will be intensely focused on regulatory reform over the next several months and he expects the full House to vote on a package this fall.

Frank said the comprehensive bill will be far-reaching and he anticipates a full and vigorous debate over three or four days on the House floor.

Frank said Senate Banking Committee Chairman Chris Dodd has indicated to him that the Senate will act on regulatory reform this fall.

"They expect to be acting this year," Frank said.

Frank traced the regulatory reform effort to a proposal that former Treasury Secretary Henry Paulson made in April of 2008.

"This is an effort that began with that speech," he said.

Frank did not disclose what his final package will contain, but said that it must confront head on the issue of "too big to fail."

He said that there is no "magic bullet" with dealing with this issue, but said that tools must be developed for faltering non-banks to be "put out of business in an appropriate way."

In this area, Frank said, "there will be death panels."

Last week, Frank announced a schedule of 11 hearings related to regulatory reform over a three week period in late September and early October.

Frank's hearings begin with Geithner and will include other regulators, including the FDIC's Sheila Bair, later in the day.

The Financial Services panel will examine systemic risk issues on Thursday and audit issues related to the Federal Reserve Board on Friday.

The panel will consider a Consumer Financial Protection agency and Credit Rating agencies in separate hearings on Sept. 30.

The panel has a hearing set on October 1 with financial regulators and will take up the issue of derivatives on Oct. 9.

Frank called his schedule "tentative," adding that additional hearings may be scheduled.

** Market News International Washington Bureau: (202) 371-2121 **