McConnell: Dodd reform bill guarantees perpetual bank bailouts

Dodd's bill creates a consumer protection agency as well as a systemic risk council whose primary task is identifying unsafe financial products and practices. It also seeks to create oversight for exotic instruments like hedge fund and derivatives. 

After bipartisan talks broke down on creating a financial reform bill, Dodd introduced his own legislation last month. Sen. Richard Shelby, ranking Republican on the Banking Committee, today said a bipartisan bill is still possible. 

"We can get a good bill, but they [Democrats] have to meet us half way," he said. 

Shelby did not say what issues need to be addressed to win Republican support for the bill.