By Vicki Needham - 04/26/10 07:35 PM EDT
Sen. Banking Chairman Chris Dodd (D-Conn.) urged his colleagues to let debate begin and tackle contentious issues on a financial regulatory reform bill on the Senate floor.
"How can we resolve the issues if I can't bring up the bill," Dodd said on the floor. "I urge my colleagues to let us get to this debate so we can resolve these matters."
He said even if the bill could come to the floor more talks would need to take place to determine how to manage the legislation on the floor.
He suggested bringing amendments to the floor. Republicans have suggested trying to work out the bill's major issues including a $50 billion fund to help unwind failing financial institutions and language that ends 'too big to fail.'
With a cloture vote scheduled in about 90 minutes, Dodd pleaded with Republicans to let a public debate start on the bill saying it was "unrealistic" to think that all issues on the measure could've been resolved before the vote today.
Dodd and Senate Banking ranking member Richard Shelby (R-Ala.) met this afternoon to discuss the bill ahead of the 5 p.m. vote. All 41 Republicans are expected to vote against allowing debate to start.
Senate Republicans have said they are opposed to the bill in its current form and will keep Democrats one vote short of allowing debate to begin on the legislation.
"We have yet to stand up and address what caused this to happen in our country," Dodd said of the 2008 financial crisis.