Sen. Bob Corker (R-Tenn.) signaled Wednesday that he won't support the financial regulation reform bill he helped craft.
Corker told the Wall Street Journal that he "absolutely cannot support" the financial reform bill in its current form.
"I couldn't support the bill in its current form," Corker told the Journal.
But the Tennessee Republican vowed to try to continue to work for a bipartisan solution on financial reform.
"I am absolutely not throwing in the towel," he said. "I have no plans to support the current legislation. I hope we'll get back to the negotiating table."
The senator's words deal a serious blow to the efforts for a bipartisan financial reform bill. Corker had joined in talks with Senate Banking Committee Chairman Chris Dodd (D-Conn.) in early February after Dodd's talks broke down with the top Republican member of the committee, Sen. Richard Shelby (R-Ala.).
Dodd and Corker had been negotiating for weeks before Dodd decided to pull his bill and put it through a quick committee vote, setting up a floor debate after lawmakers return from recess in which Republicans will seek some of their desired changes to Dodd's bill through amendment.