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Senate Leaders Closer on Financial Reform

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Democratic and Republican Senators appear to be closer to a deal on financial regulatory legislation today.

The Associated Press reports that the Senate's Banking Committee Chair Christopher Dodd (D-CT) agreed to toughen rules on derivatives on Sunday. “I think we will get a bill," Senator Richard Shelby (R-AL) said on NBC's Meet the Press on Sunday.

Passing a bill to regulate Wall Street is a top priority for President Barack Obama. The House already approved its version of the bill. The Senate's bill would create a mechanism for liquidating large firms that get into trouble and set up a council to detect systemwide financial threats. It would also establish a consumer protection agency to regulate lending and would require derivatives to be traded in open exchanges, according to The AP.