Final answer:
The conference committee reconciles differences between the House and Senate versions of a bill, which is not limited to instances of major discrepancies. They are an essential part of the legislative process to ensure both chambers pass the same version of a bill.
Step-by-step explanation:
The conference committee's function is not exclusively to create a singular bill only if there are major discrepancies between the House of Representatives and Senate versions. In fact, the committee serves to reconcile differences for any legislation that cannot otherwise be resolved between the two chambers, regardless of the scope of those discrepancies. Their role is vital when both chambers pass different forms of a bill, and a reconciliation is necessary for the bill to advance to the president's desk for signature or veto. It's important to note that conference committees are often bypassed if one chamber agrees to pass the other's bill without further amendment. However, they are still a standard procedure for most major pieces of legislation.