Talk Radio News Service: News, Politics, Media

By Benny Martinez - University of New Mexico / Talk Radio News Service

Republican Senators told reporters Wednesday that they are getting very close to drafting a bipartisan financial regulatory reform bill, despite receiving a letter from Senate Majority Leader Harry Reid (D-Nev.) announcing that negotiations were over.

Earlier this morning, the Senate Agriculture Committee approved legislation that would increase transparency in the derivatives market.

Sen. Richard Shelby (R-Ala.), who has been in negotiations with Sen. Chris Dodd (D- Conn.), said that the Senate Banking Committee has been meeting tirelessly and is making progress towards drafting a “good bill” that will be embraced by both sides of the aisle.

“I’m optimistic that we’re going to get a bill,” Shelby said. “It’s going to be a good bill. We’re not there yet, but I think we’re closer than ever.”

In an effort to protect taxpayers from another bailout, the Republican Senators agreed that financial reform should include provisions specifically targeting too-big-to-fail firms.

“We don’t represent Wall Street, nobody does,” Shelby said. “I can tell you, Wall Street is not going to be writing this bill.”