WASHINGTON, Dec 23 (Reuters) – The top Democrat and Republican on the U.S. Senate Banking Committee said on Wednesday they hoped to resolve their differences on financial regulatory reforms before the Senate reconvenes in January.
“For the last few weeks we, and other members of the Banking Committee, have been engaged in serious negotiations, with the goal of producing a bill that strengthens our regulatory structure and makes our economy more secure,” Senators Christopher Dodd and Richard Shelby said in a joint statement.
“We have made meaningful progress and we hope to resolve the remaining issues before we reconvene in January,” they said.
The U.S. House of Representatives passed a far-reaching package of financial regulatory reforms on Dec. 11. But progress has been much slower in the Senate, where the banking panel has yet to take up a bill.
Dodd, the Connecticut Democrat who chairs the Senate panel, unveiled a set of proposals on Nov. 10, but the plan drew sharp criticism from Republicans. Shelby, a Texas Republican, said the draft bill needed a “complete rewrite.”