WASHINGTON, Feb. 11 (UPI) -- Sen. Christopher Dodd, D-Conn., said Thursday he would negotiate with Sen. Bob Corker, R-Tenn., to draft a financial reform bill in the Senate.
Dodd, chairman of the Senate Banking Committee said last week months discussions with the top Republican on the committee, Richard Shelby of Alabama, had reached a dead end. Dodd said he had instructed his staff to draft a bill without support from Republicans, The New York Times reported.
Democrats and Republicans are largely divided on the issue of creating a consumer protection agency for financial products, such as credit cards and mortgages, one of President Barack Obama's key proposals.
Corker had previously been working on a proposal to grant the government broad powers to wind down any company in jeopardy if the problem threatens the economy or the financial system.
In a meeting this week Corker agreed to negotiate on the consumer protection agency "given the importance of these issues," Dodd said.