Advertise
Resources
Member, Beacon International Group, Ltd.
WASHINGTON—The top Democrat and top Republican on the Senate Banking, Housing and Urban Affairs Committee have reached an “impasse” on financial services reform, Sen. Chris Dodd, D-Conn., the panel’s chairman, said in a statement Friday.
As a result, Sen. Dodd said he has instructed his staff to prepare legislation that will be presented to the committee later this month.
He said the panel’s top GOP member, Sen. Richard Shelby, R-Ala., assured him Thursday that “he is still committed to finding a consensus on financial reform, but for now we have reached an impasse.”
Sen. Dodd said in his statement that “while I still hope that we will ultimately have a consensus package, it is time to move the process forward.”
He added that he appreciated “the good work that has been done to this point by Sen. Shelby and the other Banking Committee members who have worked so hard in this process. Over the past two months, we have had productive bipartisan negotiations in a number of areas, and I intend to incorporate many of those agreements in this new proposal.”
The House of Representatives already has passed a comprehensive financial services regulatory reform bill.