By Kevin Drawbaugh and Kim Dixon
WASHINGTON, Feb 5 (Reuters) – Bipartisan efforts to tighten U.S. financial regulation ground to a halt in the Senate on Friday, leaving Democrats to proceed on their own and painting Republicans into an uncomfortable political corner.
After months of public debate and closed-door talks, Senate Banking Committee Chairman Christopher Dodd, chief negotiator for the Democrats, said he is at an impasse with his Republican counterpart, Senator Richard Shelby.
Dodd said in a statement he will begin drafting new legislation to be considered later this month.
“Last night, Senator Shelby assured me that he is still committed to finding a consensus on financial reform, but for now we have reached an impasse,” Dodd said.
“While I still hope that we will ultimately have a consensus package, it is time to move the process forward.”