Executives from Goldman Sachs and JP Morgan Chase will weigh in on the Obama administration's latest salvo against the nation's biggest financial firms in a hearing before the Senate Banking Committee Thursday.

Goldman Managing Director Gerald Corrigan and JP Morgan Executive Vice President and Chief Risk Officer Barry Zubrow are scheduled to testify at the hearing, according to a copy of the hearing notice obtained by POLITICO.

The witness line up also includes John Reed, former CEO of Citigroup; MIT economist and big bank critic Simon Johnson; and Harvard international finance professor Hal Scott.

At issue are two new proposals from the White House that aim to curb the size and risk taking of the biggest financial firms. The first proposal is a ban on deposit-taking institutions from using their own money to trade stocks, bonds and other products -- known as proprietary trading.

The second proposal consists of new limits on "excessive growth" of the market share of liabilities at the largest financial firms. It would also block banks from owning, advising or investing in hedge funds and private equity funds. It's being called the "Volcker rule" after former Fed Chairman Paul Volcker who conceived of and lobbied the administration for the new rules.

Volcker himself will testify before the banking committee on Tuesday.

The pair of hearings next week is crucial to the success of the administration's newest Wall Street reform proposals. The Senate financial reform bill, which is still being drafted, is the best vehicle for the proposals to become law since the House has already passed its bill. Democrats and Republicans on the committee, however, have withheld endorsement until they hear more details. The financial industry -- and the White House -- will be watching senators' reactions closely. post-gazette.com is a member of the Politico Network