Senator Dodd: Financial reform to Senate in "hours"

WASHINGTON (Reuters) - Senate Democratic leaders plan to seek a key procedural vote on Thursday on financial reform legislation and are targeting a final vote next Monday, a senior Democratic aide said on Wednesday.

At the same time, Democratic leaders are awaiting the outcome of continued negotiations over the bill toward a possible bipartisan compromise, said the senior aide and other Senate staffers involved in the closed-door talks.

As Democrats press what they see as a political advantage on a contentious issue, Senator Christopher Dodd in remarks on the Senate floor said that the reform bill he authored would come to the Senate floor "in a matter of hours."

"My hope is our colleagues will allow us to get to this debate," Dodd said, summarizing the main provisions of the legislation that he said "we'll present here in a matter of hours to our colleagues in this chamber."

Financial regulation reform has taken center stage in Congress as Democrats are still negotiating with Republicans over a potential bipartisan deal.

The legislation under discussion would impose the sharpest regulatory crackdown on banks and capital markets since the Great Depression.

The Senate Agriculture Committee approved a bill on Wednesday to impose new rules on the $450 trillion over-the-counter derivatives market. It was harsher than language backed last month by the Senate Banking Committee.

The agriculture panel's bill picked up one Republican vote in support, while the milder banking panel version garnered none at all, winning committee approval on a party-line vote.

The main vehicle for reform will be the banking committee's bill, according to Senate aides.

Democrats plan to call for a vote to try to block a Republican filibuster that could prevent formal debate from starting on the bill, under development for months now. Sixty votes are needed to invoke "cloture," blocking a filibuster.

Democrats control 59 Senate votes and would need at least one Republican vote for cloture to proceed.