Senate Dems push on financial reforms

WASHINGTON (Reuters) - Senate Democratic Leader Harry Reid said on Thursday he won't wait any longer for Republicans to support Wall Street reforms and that he plans to start debating a massive Democratic financial regulation bill.

"We are going to hold Wall Street accountable," Reid told reporters. "We are going to bring the strongest oversight ever to Wall Street."

Democrats on the Senate Banking Committee have approved a bill to impose new rules on banks, derivatives, financial products and the capital markets. The bill, which tries to ensure that no bank is too big to fail, now must be debated by the full Senate before it can face a vote by the full chamber.

If Democrats and Republicans cannot reach a bipartisan agreement on a package, Reid said he plans to hold a procedural test vote on Monday that would force Republicans' hand.

All 41 Senate Republicans signed a letter days ago saying they oppose the bill. If their ranks hold, they could block debate.

Senate Democrats are one vote shy of the 60 votes required to overcome procedural roadblocks Republicans are likely to throw up. But public anger over Wall Street's taxpayer bailout and recent fraud charges against major bank Goldman Sachs may convince some Republicans to let debate proceed.

(Reporting by Rachelle Younglai; Editing by Leslie Adler)