Time is running out for US banks in their battle with Congress. At the moment, it looks likely that the most draconian aspects of the financial regulation bill will be retained and passed on up to the White House in the next week or two.

Most worryingly for the banks, it seems Senate agriculture committee chairman Blanche Lincoln's provision, known as Section 716, which would mean leading banks are forced to spin off the derivatives businesses into separate units, will be included in the bill.