Senate to debate reform

DISCUSSIONS in the US Senate over landmark banking reform are set to begin today after the Republican and Democratic parties, which had been at odds over the proposed legislation, reached an agreement last night.

The move came after Republican Senator Richard Shelby and Senate Banking Committee chairman Christopher Dodd, a Democrat, reached an agreement over legislation concerning firms that are “too big to fail”.

Debates are expected to hit the Senate floor this afternoon after clashing opinions between the parties delayed the discussions.

The Republicans also made multiple attempts to block votes on the legislation over the last three days.

New protections for consumers and handing the government more power to deal with failing banks are some of the key components to the proposed banking reform legislation.