February, 26, 2010

The prospect of a financial regulatory overhaul’s passing Congress brightened on Thursday, as representatives of the banking industry left a meeting with the Treasury secretary saying that they had agreed on the need to get a bill through Congress this year, Sewell Chan reports in The New York Times.

Members of the Senate Banking Committee, which has wrestled for months over the legislation, said they believed an accord might be possible, though significant differences remained over the extent of new consumer protections, among other matters.Richard C. Shelby of Alabama, the senior Republican on the panel, said that he and the committee’s Democratic chairman, Christopher J. Dodd of Connecticut, who met on Wednesday evening, “agree on probably 90 percent” of “just about everything” in the legislation.

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