Bloomberg News
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WASHINGTON — House GOP leaders have outlined an ambitious overhaul of tax policy that for the most part has been greeted warmly by the banking industry.

The plan would cut the corporate tax rate, simplify tax brackets and take other steps designed to both cut taxes and make the process simpler.

Though Republicans have begun a hard push to pass the plan by yearend, that remains a significant challenge. The last time the tax code was simplified was in the 1980s and it took four years to work its way through Congress. With a bill just introduced in late October, the administration is hoping to accomplish a major goal in just two months.

Though the bill could theoretically pass with just Republican support, many business groups have big problems with the proposal and have vowed to change it. Fiscal conservatives, meanwhile, are worried that the plan would add to the deficit without corresponding budget cuts.

For the most part, banks are pleased with the plan, and would likely benefit from it. Yet some provisions have triggered concern and uncertainty even among financial institutions. Many bankers have indicated they'd be willing to accept a similar deal anyway, arguing that the benefits outweigh the drawbacks. But there are some executives who fear certain provisions could end up hurting them further down the road, or that bankers are missing out on what is likely to be their only major chance to reshape the tax system by not lobbying for other measures.

Here is a rundown of specific aspects of the plan and its implications that are of particular interest to the financial industry: