By Kevin Drawbaugh

WASHINGTON, June 11 (Reuters) - A group of U.S. Republican lawmakers on Thursday unveiled proposals to reform financial regulation by reining in the Federal Reserve, expanding the bankruptcy code and merging two bank regulatory agencies.

Their five-page document, released at a press conference, could give political cover to lawmakers who are skeptical about some of the Obama administration's own proposals for reform in response to the worst financial crisis in generations.

"Regulatory reform is needed to make sure that financial companies are never again allowed to wager their consumers' money without consequence, nor to rely on the government for a handout when they make reckless decisions," said Representative Scott Garrett, the top Republican on a key House markets panel.

Democrats, who control both the White House and Congress, are setting the reform agenda. President Barack Obama is expected to unveil a set of proposals on June 17. Treasury Secretary Timothy Geithner will testify the next day before the House Financial Services Committee, it announced on Thursday.

Senate Banking Committee Chairman Christopher Dodd on Thursday called for creation of an independent consumer protection agency to oversee credit and bank products.

The Republican package examines many of the same issues that have been under study for months among Democrats, but predictably reaches some different conclusions.

For instance, the administration wants to establish a "systemic risk regulator" that would monitor and possibly intervene to address financial dangers in the economy.

The Republican package opposes giving systemic risk authority to the Federal Reserve, an idea that sources have said the administration favors, but many lawmakers distrust.