As the Senate prepared to debate financial reform, Sen. Richard C. Shelby said Friday that he is crafting a bipartisan compromise on new powers for bank subsidiaries.

The Alabama Republican said he is working with Treasury Department officials, Senate Banking's ranking Democrat Paul S. Sarbanes, and Treasury ally Sen. Jack Reed, D-R.I., to resolve one of the bill's key sticking points.

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.