By Vicki Needham - 04/29/10 05:56 PM EDT
Debate began Thursday on a financial regulatory reform bill and is expected to continue Friday and Monday with work on amendments starting Tuesday.
Senate Banking and Housing and Urban Development Chairman Chris Dodd (D-Conn.) suggested to Senators to discuss amendments over the weekend to determine if those changes can be accepted or modified to keep time constraints on what is expected to be a long debate on the measure.
The bill is still a work in progress and staff is still writing the language, Dodd said.
Senate Banking ranking member Richard Shelby (R-Ala.) has gotten changes on 'too big to fail' provisions but he argues the measure would force derivatives trading to shift offshore and not allow any oversight and it "threatens the ability of companies to reduce risk."
"I look forward to improving the deficiencies and shortcomings of the bill," Shelby said on the floor today.