UPDATE 1-Dodd says bipartisan financial reform at impasse

* Dodd says he, Shelby at impasse on bipartisan talks

* Hopes to present new reform proposal later this month

* Seeks to incorporate some bipartisan work
(Adds Dodd comments, background)

WASHINGTON, Feb 5 (BestGrowthStock) – The U.S. 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.

Christopher Dodd, the Democratic chairman of the Senate
Banking Committee, 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.

Dodd said he has instructed his staff to begin drafting
legislation to present to the committee later this month.

The committee has been working for months to craft a
bipartisan version of financial reform, fearing that a bill
with only Democrat support would not get enough votes to defeat
Republican opposition.

The House of Representatives passed their version of
legislation late last year, which did not get any Republican
votes.

Dodd, who had broken up the committee into bipartisan teams
to work on specific reform issues, said he will incorporate
that work into the new proposal.

Congress is trying to construct an overhaul of financial
regulations in the wake of the market meltdown that led to
multi-billion dollar taxpayer bailouts of individual financial
firms and the collapse of others, including Lehman Brothers.

Proposals include creating a consumer agency to police
financial products, forming a systemic risk regulator and
drafting stricter capital and liquidity requirements for
financial firms.

President Barack Obama earlier this week pressed Democratic
lawmakers to redouble their efforts to pass financial regulator
reforms, telling them “our mission is far from accomplished.”

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(Reporting by Kim Dixon and Karey Wutkowski, editing by Gerald
E. McCormick)

UPDATE 1-Dodd says bipartisan financial reform at impasse