Shelby says progress being made on financial reform legislation

Considerable progress has been made during the past couple of days especially on 'too big to fail' provisions, Senate Banking ranking member Richard Shelby (R-Ala.) told reporters Tuesday 

With the parade of cloture votes on the agenda, including the second today at 4:30 p.m., Shelby said talks still need to continue on regulating the over-the-counters derivatives market and a proposed consumer protection agency that would be set up within the Federal Reserve.

If Democrats would "meet us halfway we could get a bill," Shelby told reporters. 

Shelby wouldn't elaborate on any possible changes to the measure but said Democrats were considering several GOP recommendations on 'too big to fail.' 

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.).