* Banking panel chairman to hold noon news conference

* Bill expected to provide for single bank regulator

* Fed seen losing power to proposed strong council

* Months of debate in Senate likely (Updates attribution with Dodd statement, adds analyst's comments, background)

By Kevin Drawbaugh

WASHINGTON, Nov 9 (Reuters) - U.S. Senate Banking Committee Chairman Christopher Dodd will unveil long-awaited draft legislation on financial regulation reform on Tuesday, his office said on Monday.

Marking another step forward in a bid by the Obama administration and congressional Democrats to tighten bank and capital market rules, the Dodd bill has been under development for months behind closed doors.

Analysts said it will garner little immediate support from Republicans, likely forcing significant changes in some of its major provisions before final Senate action is possible.

In a departure from the Obama agenda, Dodd will call for centralizing bank supervision in one agency -- a contentious proposal that would pit him against other lawmakers and the administration, sources said.