Senate Banking Committee Chairman Chris Dodd on Friday said he would introduce a revised regulatory reform bill this month after negotiations with the panel's senior Republican broke down.

"Last night, Senator [Richard] Shelby assured me that he is still committed to finding a consensus on financial reform, but for now we have reached an impasse," the Connecticut Democrat said in a press release. "While I still hope that we will ultimately have a consensus package, it is time to move the process forward. I have instructed my staff to begin drafting legislation to present to the committee later this month."

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