The talks between Senate Banking Chairman Mike Crapo (R-Id.) and his ranking Democrat, Sherrod Brown of Ohio on a bipartisan financial regulatory overhaul have broken down without a deal being struck, Brown confirmed today.

“After working in good faith, it’s clear we will not be able to reach a compromise that protects consumers while supporting small banks and credit unions,” Brown said, in a statement.  “I continue to support small banks and credit unions, but I cannot agree to gutting protections for working people and taxpayers.”

The two had sought to reach agreement on changes to the Dodd-Frank Act that would be able to gain 60 votes needed to pass legislation in the Senate. The exact issues that led to the stalemate weren’t clear Wednesday.

 

continue reading »