Democrats launched a counter-attack on financial reform Friday, setting up several key showdowns that will determine the fate of the long-sought and often-derailed legislation.

On the eve of a two-week recess, Senate Minority Leader Thomas A. Daschle and all nine Democrats on the Senate Banking Committee introduced an alternative to committee Chairman Phil Gramm's controversial bill.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.