To hear U.S. Bancorp's top executive tell it, a regulatory reform bill looking very much like Senate Banking Committee Chairman Chris Dodd's proposal will pass by Memorial Day, go into effect by July 4 and leave plenty of unanswered questions about the future of banking.

"Lest you think that it will provide more clarity, it will not," Richard K. Davis, the Minneapolis company's chairman and chief executive, said Tuesday at the UBS global financial services conference in New York. "It will simply create the next level of uncertainty. So we'll deal with it, we'll handle it — we can handle anything — but we're not looking forward to it."

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