With Sen. Richard Shelby, R-Ala., stating that closed-door negotiations with Sen. Chris Dodd, D-Conn., would ‘not produce additional results,’ Republican Senators have agreed to allow a full Senate debate on financial reform legislation.
Republicans blocked a full debate for two consecutive days in the hope that talks between Dodd and Shelby – the Senate Banking Committee's chairman and ranking member, respectively – would yield further compromises relating to several of the bill's provisions, including those pertaining to consumer protections.
"Although I am disappointed that we have been unable to reach an agreement on across-the-board improvements to this legislation, I appreciate Chairman Dodd's assurance that my concerns relating to ending bailouts will be included in his bill," Shelby said in a statement Tuesday.
Dodd, in a statement, said, "It is time for this debate to begin. And it must be a serious, vigorous debate. It is time for the Senate to operate as the Senate should."