Senate leadership agreed Wednesday night to move to debate on the financial regulatory reform bill without a fourth vote.
After three votes to move to debate, Senate Republicans opted to let the measure come to the floor for debate after Senate Banking Committee leaders agreed to a tightening of 'too big to fail' provisions, which was enough to break the stalemate.
Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) came to the floor tonight to announce the agreement to begin debate.
Senate Banking ranking member Richard Shelby (R-Ala.) said he still has concerns about the role of a consumer protection agency and the derivatives title but he was optimistic changes could be made to the bill to gain bipartisan support.
"I hope we will resolve these issues on the floor of the Senate," Shelby said.
Senate Banking Chairman Chris Dodd (D-Conn.) said he hopes to "resolve matters and to have a good outcome for this bill."
Dodd said discussions so far have been "worthwhile and productive" and he expects to set up shop over the weekend and examine possible amendments.
"Now let's get to work," Reid said.