A special U.S. Congressional Panel is preparing to hold it first public meeting today to begin merging competing bills from each chamber into what could become the biggest overhaul of the banking industry since the 1930s.
Several parts of the bills directly affect bank profits, while some parts of the bills could force structural changes at larger institutions involved in over-the-counter markets.
White House economic advisor, Paul Volcker, is quoted as saying "that sweeping legislation would be passed "in reasonable form" and would provide a basis for the other major countries to get together".
The House named its members to the committee on Wednesday, selecting some of the chamber's toughest critics of banks and the financial industry, which are increasing unpopular with the general public since the 2007-2009 financial crisis.
The hearing will certainly bring about heated discussion regarding the banking industry. More later.
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