The Senate Committee on Banking, House and Urban Affairs began its markup of legislation reforming federal regulation of the U.S. financial system. Under consideration is a proposal put forward by the panel's Chairman, Senator Chris Dodd of Connecticut. A summary of the proposal can be found here. The full text of the Committee Print being used as the text for purposes of the markup can be found here. While the Committee's Republican Members are opposed to the legislation as it now stands, the Ranking Member, Senator Richard Shelby of Alabama, pledged to work with Dodd in an effort to develop a bi-partisan proposal, indicating that he was in agreement with "about 70 percent" of the legislation. Chairman Dodd's opening statement can be found here. The Committee will continue it's markup on days to be announced after Congress returns from the Thanksgiving recess.