The House Banking Committee has scheduled an April 29 hearing on the recent rush of megamergers in the financial services industry.

"The critical question is whether these consolidations bring more products to more consumers at lower costs," said Banking Committee Chairman Jim Leach.

Rep. Leach said the committee will explore whether legislation is needed to ensure that regulators are equipped to supervise the new financial conglomerates.

The panel will also examine whether smaller financial firms need legislative changes to compete with huge companies.

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