The full Senate is closer to taking up the financial services regulatory reform bill now that Sen. Richard Shelby, R-Ala., has declared an impasse in his negotiations with Sen. Christopher Dodd, D- Conn. 

Sen. Shelby noted that the Dodd bill goes too far in regulating derivatives and creating a consumer protection agency with "unchecked authority." But he can no longer expect his fellow Republicans to block consideration of the bill by the full Senate.

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