"We are today releasing for comment a staff draft of a basic bill for modernizing financial services.

"This legislative language is the result of consultation with members of the committee, key government officials and representatives of the industries to be affected by the legislation.

"The material being released is in two parts. The first part is an effort to embody in legislative language the principles outlined in talks among Republican members of the Banking Committee over the last few weeks. The second part contains draft legislative language for provisions still under discussion.

"We look forward to entering the next phase of deliberation, based on this draft, and we encourage comments on its principles and content as we prepare for hearings next week."