Dodd, Shelby kick off debate on Wall Street bill

Senate Banking Committee Chairman Chris Dodd (D-Conn.) Thursday started debate on the financial regulatory reform bill after it was stalled by Republicans for over a week.

The Senate moved to begin debate Wednesday evening after Republicans agreed to lift objections to moving forward. Dodd said that serious work on the bill would begin next week, as early as Tuesday.

The retiring senator said he and Ranking Member Sen. Richard Shelby (R-Ala.) both agree that more work needs to be done on the bill, but that progress could be made if both sides work together.

"We're both confident this can become law if we work together to find common ground," Dodd said.

Before Thursday, the Senate took three straight votes to begin debate on the measure, which were blocked by the GOP.

Republicans agreed to move forward, citing negotiations on preventing future bailouts for "too big to fail" financial firms. The announcement came after Democrats threatened to hold an all-night session Wednesday to force movement on the bill.

With regard to bailouts, one of the most contentious issues in the bill, Dodd said Shelby and he have agreed "on principle of what needs to be done" and that their staffs will work through the weekend to finish compromise language.

Shelby said "Chairman Dodd has assured me" that he will address bailouts but said there are not yet "no substantiative changes" the the current bill. The Alabama senator said he hopes to get an agreement on bailouts by Tuesday.

Despite the hard feelings on both sides, Dodd and Shelby struck conciliatory tones, praising one another for helping the bill get to the floor.

Dodd said that he would "like to accommodate amendments" to the proposal. Several Democratic amendments have already been offered and Republicans are expected to introduce several themselves.

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