CONGRESS

Breakthrough on Finance Reform?

Democratic and Republican lawmakers tasked with hammering out legislation regulating the finance industry say they have reached a major breakthrough in negotiations. In a joint statement on Wednesday, Sen. Chris Dodd (D-CT) and Sen. Richard Shelby (R-AL), the ranking members on the Senate Banking Committee, said that "serious negotiations, with the goal of producing a bill that strengthens our regulatory structure and makes our economy more secure" had been "extremely productive." The House has already passed a finance reform bill, but a previous draft of legislation floated by Dodd had been rejected by Republicans.