Mr. Dodd, Connecticut Democrat, characterized his negotiations with Mr. Shelby as “productive” but said he “cannot agree to his desire to weaken consumer protections given the enormous abuses we have seen.”
Republican leaders faced pressure in their own ranks from members who said the filibuster of the measure - upheld almost entirely with GOP votes - could not be sustained indefinitely, in light of public polls supporting action in Congress to limit Wall Street abuses.
“I would not want to be a public official who was seen in any way of standing in the way of getting this reform done,” said Sen. Bob Casey, Pennsylvania Democrat. “It’s a very, very dangerous place to be.”
Senate Democratic leaders earlier Wednesday announced that they were prepared to keep the chamber open all night and portray Republicans as being cozy to Wall Street, an action they hoped would pressure Republicans to back down.
The all-nighter become a moot point, however, when Republicans agreed to end their filibuster.
“It took Joshua seven trips around Jericho leading the Israelites before those walls came down, and it only took Harry Reid three trips around Republican obstruction and three votes before these walls have now come down,” said Sen. Sheldon Whitehouse, Rhode Island Democrat.