Yesterday, less than a week after Senate Banking Committee Chairman Christopher Dodd (D-CT) declared negotiations with Republican members of the Committee to be at an “impasse,” Senator Dodd (D-CT) and Committee member Bob Corker (R-TN) (R-TN) announced their plans to continue negotiations of financial reform legislation, following a meeting on Wednesday.

Senator Dodd described Senator Corker as “a serious thinker and a valuable asset to [the Banking] committee” and reinforced the possibility of a bipartisan effort by stating that “[w]hile many difficult questions remain, financial reform is in a strong position due to the good work done by the Banking Committee members, both Democrats and Republicans, to work out this bill.”

Senator Corker echoed Senator Dodd’s desire for a bipartisan approach, stating that “I hope to make it clear that I am stepping forward purely as one Republican senator who believes this is a piece of legislation that needs to be passed and is willing to see if it is possible to do it in a bipartisan way.” According to Senator Corker, “foremost on most Americans minds are jobs and financial security, and the longer there is uncertainty in the financial community about what comes next, the longer it will take to remove on the impediments to restarting growth in our economy. Senator Dodd also stressed the importance of the bill, noting that he was “more optimistic than [he has been] in several weeks that we can develop a consensus bill to bring about the reforms the financial sector so desperately needs to prevent another economic crisis.”