Feb 05, 2010

"Senate Banking Committee Chairman Christopher Dodd (D., Conn.) said he had reached an "impasse" with Sen. Richard Shelby (R., Ala.) over new financial regulations, and has told aides to begin drafting their own version of legislation.

The political gamble could set up a showdown on the Senate floor akin to the monthslong slugfest over health-care legislation. Mr. Dodd will likely have enough Democrats in his committee to narrowly advance the measure but will need to find some Republican support to get the 60 votes needed to avoid a filibuster in the full Senate.

Messrs. Dodd and Shelby have negotiated for months over the bill but haven't been able to craft a final deal on the legislation, which is a top domestic priority for the White House. Democrats had been hoping to use the legislation to show they could be tough on big Wall Street banks."

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