GOP poised to abandon stall of banking bill

WASHINGTON (AP) — Republicans set the stage today for removing their blockade against legislation to tighten regulations on Wall Street, saying they still hope to change the bill on the Senate floor after reaching an impasse on consumer protection.

The end in talks comes after Sen. Richard Shelby, the top Republican on the Senate Banking Committee, received assurances that Democrats will adjust the bill to address GOP concerns that it would perpetuate bailouts of banks.

But Shelby said he and Banking committee chairman Christopher Dodd could no longer find common ground on other provisions of the bill, including Dodd's consumer protection language that Republicans say goes too far.

"Now that those bipartisan negotiations have ended, it is my hope that the majority's avowed interest in improving this legislation on the Senate floor is genuine and the partisan gamesmanship is over," Senate Republican Leader Mitch McConnell said.