Senator Christopher Dodd, the chief negotiator for the Democrats on financial regulation reform in the U.S. Senate, said on Thursday he will unveil a reform bill on Monday, after talks with Republicans broke down.
Together we have made significant progress and resolved many of the items, but a few outstanding issues remain, Dodd said in a statement.
He said he plans for the Senate Banking Committee to debate the bill the week of March 22. It is unclear whether the Senate has enough votes to pass a sweeping financial regulation reform bill without some Republican support.
Dodd, chairman of the banking committee, has been locked for weeks in intense negotiations with Republican Bob Corker in hopes of reaching some sort of bipartisan deal.
Talks broke down, however, over the level of independence for a consumer watchdog for financial products and other issues such as how much power to give shareholders for public companies, industry sources said.
Corker scheduled a news conference for 11 a.m. (1600 GMT) to discuss financial reform.
Dodd said that his goal is still to produce a consensus package but it is unclear if any Republicans will sign on.
We have reached a point where bringing the bill to the full committee is the best course of action to achieve that end, he said. Our talks will continue, and it is still our hope to come to agreement on a strong bill all of the Senate can be proud to support very soon.
(Reporting by Karey Wutkowski and Rachelle Younglai; Editing by Andrea Ricci)