Dodd won't be pressed by deadlines to finish financial reform

Completing financial regulatory reform legislation by the end of June is "a goal, not a deadline," Senate Banking Chairman Chris Dodd (D-Conn.) said Tuesday. 

Ideally, the White House would like Congress to be largely finished with a conference report on Wall Street reform by June 24, when President Barack Obama leaves for a meeting of the Group of 20 in Toronto. 

With the economic crisis brewing in Europe, a greater sense of urgency has developed around finishing the bill. 

House Financial Services Chairman Barney Frank (D-Mass.) has said White House Chief of Staff Rahm Emanuel has asked him to produce a consensus report that indicates the direction of the legislation on derivatives and other issues by June 24.

House and Senate negotiators are beginning work this week to meld the bills. The Senate bill will be used as the base bill and "nothing is agreed to unless all is agreed to," Dodd said. 

Lawmakers hope to finish their work before adjourning for the July 4th recess. 

Obama "looks forward to discussing the significant progress we have made on financial reform in the United States at the G20," a White House spokesman said Tuesday.