Shelby says progress being made on financial reform legislation

He suggested that credit rating agencies and a plan for Fannie Mae and Freddie Mac should be considered under any bill to revamp regulations for financial institutions. 

Shelby, joined by Senate Minority Leader Mitch McConnell (R-Ky.) called the bill far too intrusive and sweeping and it would tough “anyone dealing in finance.” 

Senate Banking Chairman Chris Dodd (D-Conn.) met with Shelby earlier today and more meetings are planned at lawmakers try to a hammer out a deal on the measure that has caused a stalemate in the Senate. 

The chamber voted Monday against bringing the bill to the floor with all Republicans opposed and one Democrat, Sen. Ben Nelson (D-Neb.).