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Wall Street reform: The hang-ups

  1. WASHINGTON (CNNMoney.com) -- With President Obama pushing hard, the Senate is on the verge of taking up a hotly disputed Wall Street reform measure.

    On Monday afternoon, the Senate will vote on whether to begin work on the bill - although there's no assurance that Democrats will have the votes to get started.

    Should the debate begin, there's broad bipartisan agreement to prevent bailouts, increase capital cushions at banks, protect consumers and shine a light on complex financial contracts now traded in the shadows.

    But Democrats and Republicans disagree about a lot of things, ranging from how to prevent bailouts to how to empower a new consumer regulator.

    "Details matter here," Sen. Richard Shelby, R-Ala., said Thursday. "What is the main goal? To do it right. Don't just do it, but do it right."

    Shelby, the ranking Republican member of the Senate Banking Committee, has been negotiating for months with panel chairman Christopher Dodd, D-Conn., on the remaining differences. Republicans want to wait until the two reach an agreement. Democrats say it's time to move forward. [full story here]