The senator leading the effort to pass a financial reform bill said on Friday he has reached an impasse with his Republican counterpart and will begin drafting new legislation to be considered later this month.
Democratic Senator Chris Dodd said that he has reached an impasse with Republican Richard Shelby and it is time to move the process forward, according to a statement.
Last night, Senator Shelby assured me that he is still committed to finding a consensus on financial reform, but for now we have reached an impasse, he said.
Still, Dodd said Shelby has committed to work with him to find a consensus.
(Reporting by Kim Dixon, editing by Gerald E. McCormick)