A sweeping regulatory overhaul of the financial industry gained momentum Tuesday as Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, rejoined bi-partisan negotiations on the bill, CNBC has learned.
Senate Banking Chairman Christopher Dodd (D-Conn.) is already negotiating details of the proposal with Republican Sen. Bob Corker. The two have just returned from a recess trip to Central America where they continued discussions over the plan.
A revised bill is likely to be introduced next week and appears to have enough support to reach President Obama's desk. The main question is how many Republicans will support the final bill.