UPDATE 1-Dodd says bipartisan financial reform at impasse
* Dodd says he, Shelby at impasse on bipartisan talks
* Hopes to present new reform proposal later this month
* Seeks to incorporate some bipartisan work (Adds Dodd comments, background)
WASHINGTON, Feb 5 (Reuters) - The U.S. senator leading the effort to pass a financial reform bill said on Friday he has reached an impasse with his Republican counterpart and will begin drafting new legislation to be considered later this month.
Christopher Dodd, the Democratic chairman of the Senate Banking Committee, said that he has reached an "impasse" with Republican Richard Shelby and it is "time to move the process forward," according to a statement.
"Last night, Senator Shelby assured me that he is still committed to finding a consensus on financial reform, but for now we have reached an impasse," he said.
Dodd said he has instructed his staff to begin drafting legislation to present to the committee later this month.
The committee has been working for months to craft a bipartisan version of financial reform, fearing that a bill with only Democrat support would not get enough votes to defeat Republican opposition.
The House of Representatives passed their version of legislation late last year, which did not get any Republican votes.
Dodd, who had broken up the committee into bipartisan teams to work on specific reform issues, said he will incorporate that work into the new proposal.
Congress is trying to construct an overhaul of financial regulations in the wake of the market meltdown that led to multi-billion dollar taxpayer bailouts of individual financial firms and the collapse of others, including Lehman Brothers.
Proposals include creating a consumer agency to police financial products, forming a systemic risk regulator and drafting stricter capital and liquidity requirements for financial firms.
President Barack Obama earlier this week pressed Democratic lawmakers to redouble their efforts to pass financial regulator reforms, telling them "our mission is far from accomplished." (Reporting by Kim Dixon and Karey Wutkowski, editing by Gerald E. McCormick)
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