Senate Republicans may offer their own measure to overhaul Wall Street

Senate Democrats are looking for 60 votes to open debate on a broad financial
overhaul measure, while Republicans say they have the votes to prevent passage.

The vote is scheduled for 5 p.m. on Monday.

Republican aides said they may quickly offer an alternate measure that
has been in drafting for months.

“We have been drafting an alternate approach from the very beginning,” an aide
said.

Asked whether Republicans would offer an alternate bill, an aide said it is
possible.

“I think so, yes,” the aide said.

Republicans on Sunday expressed confidence that Democrats would not get the 60th vote they need to proceed to the bill.

Republican aides on Monday described a breakdown in discussions
between Banking Committee Chairman Chris Dodd (D-Conn.) and staff for
Sen. Richard Shelby (Ala.), the panel’s ranking Republican.

One
aide said there is a discussion between Shelby and Dodd on “overarching
topics,” but the detailed discussions between staff ended a week ago.
The aide said all they hear is “crickets.

“Senator Dodd and Shelby continue to talk, but there is no staff work going on,” an aide said.

The Republican plan will include a provision on Fannie Mae and Freddie
Mac, the two government-sponsored enterprises taken over by the
government.

Republicans have repeatedly criticized Democrats for not including changes to Fannie and Freddie in the financial overhaul.

This story was posted at 11:58 and updated at 12:34 p.m.