WASHINGTON -- Eight major financial trade groups yesterday announced their unified opposition to a pending derivatives bill that they said will reduce the availability and increase the costs of derivatives products.

The announcement was released on the eve of a hearing on the bill by the House Banking Committee's subcommittee on financial institutions supervision, regulation, and deposit insurance. The subcommittee hearing, which is scheduled for today and is to be chaired by Rep. Stephen Neal, D-N.C., a sponsor of the bill, is a precursor to a subcommittee or full committee vote on the measure.

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