US Congress still struggling on the financial reform bill

The Senate and House negotiators have struggled to fulfill their self made deadline of Thursday to complete the massive financial regulation bill. The chairman of the Senate Banking Committee, Senator Chris Dodd discussed with other senators to resolve the dispute over the fact of restricting the banks from engaging in securities deals.

In order to break the deadlock, Dodd proposed for limits on the ability of the banks to deal with the investment in hedge funds, private equity funds and high risk trades. Dodd and the other democrats are still not clear whether to force the largest bank holding companies to spin off their business or not.

The key votes of the Senators will decide the outcome of that massive talk. The House-Senate panel has been working till the evening for past two weeks to solve the dispute of the bills. Till Thursday Dodd got frustrated as he was not able to find agreements to have the 60 votes for passing the bill in the Senate. After a long private discussion Dodd found an alternate way to implement the trade limits to the banks.