The Senate Banking Committee approved a broad regulatory reform bill Thursday on party lines, with lawmakers on both sides of the aisle vowing to continue negotiations this summer.

Chairman Richard Shelby, R-Ala., and Democrats have clashed in recent weeks over a GOP bill to provide regulatory relief for small and regional banks, along with changes to the insurance industry, the Federal Reserve and the Financial Stability Oversight Council. Democrats have repeatedly charged that the legislation goes too far, rolling back key parts of the Dodd-Frank Act. But committee members did signal that they plan to continue working on a bipartisan compromise in coming months, with the hope of getting a bill signed into law.

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