capital shortfalls if banking bill passes

Get ready for Wall Street scare tactic campaign.
Truth is derivatives make a great deal of money for the banks, which translated means that Banks are ripping off the rest of the country. If JP Morgan is making it then American Airlines is paying it...It's a huge wealth transfer, which harms the greater economy.
Secondly banks were too leveraged and probably still are. A 100:1 leverage means a 1% change wipes you out.
Third the Goldman case shows the conflicts of proprietary trading and underwriting and how it's harmed the country. Being that banks have access to Fed's discount window and FDIC insurance, it's not so bad that they once again become a utility. Getting access to Fed privileges is an advantage and there should be a cost and a responsibility. If the banks want to act like private money, then become a hedge fund and have fun.
Wall Street makes money by having an information advantage over it's customers. Having to properly disclose CDO transactions and having swaps trade on an exchange scares the hell out of the banks who prize opacity.