Senate Republicans united against financial regulatory reform bill

Senate Democrats and Republicans have been sparring all week about a bill proposed by Senate Banking Chairman Chris Dodd (D-Conn.). Dodd has been critical of Republican arguments that bill creates a framework to provide for more bailouts and allows too many loopholes for the Treasury Department and the Federal Deposit Insurance Corporation to financially help failing firms. 

The two parties have worked for more than a year on legislation to tighten regulations on financial firms. On Thursday, relations thawed a bit when Dodd and Banking panel member Sen. Bob Corker (R-Tenn.) agreed on the floor to continue discussions and bring a bipartisan bill to the floor. 

Corker suggested a 10-day timeline while Reid is teeing up the measure for next week. 

“We urge you to support the bipartisan negotiations by the Banking and Agriculture committees. We are confident that the Senate can overcome political tensions and provide a bipartisan approach to financial reform this year.”