The impact of some bits of the package will remain unclear even after the conference finishes its work. Ratings agencies will downgrade banks' debt, raising their funding costs, if they see the bill as reducing government support. This is “the thing most likely to trouble my sleep”, says the head of one Wall Street firm. A leading agency, Standard & Poor's, promised this week to take a “measured” approach, waiting until later this year or early next to see how regulators implement the rules before deciding whether to act.

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