The chairmen of the House Banking and Commerce committees met Friday to begin hammering out a compromise on financial reform to send to the full House by July 4.

House Speaker J. Dennis Hastert on Thursday urged Banking Chairman Jim Leach and Commerce Chairman Thomas J. Bliley Jr. to work out a deal in time for a vote next week. The two committees have adopted reform bills in the past three months that differ in key areas such as privacy, powers for direct bank subsidiaries, and regulation of bank sales of insurance.

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