Stephanie Kirchgaessner and James Politi in Washington write February 5:

Hopes that the US Senate would pass bipartisan financial reform legislation faded on Friday when a senior Democratic lawmaker said talks with his Republican counterpart had reached an “impasse”.

Christopher Dodd, chairman of the Senate banking committee, said that he hoped ultimately to reach a “consensus package” with Republicans, led by Richard Shelby of Alabama, but that it was now “time to move the process forward”.