Sen. Richard Shelby, R-Ala., the top Republican on the Senate banking committee, will not support efforts to overhaul the nation's financial-regulatory system being pushed ahead by Chairman Christopher Dodd, D-Conn. Mr. Dodd said the two lawmakers reached an "impasse" after months of negotiations. "While I still hope that we will ultimately have a consensus package, it is time to move the process forward," Mr. Dodd said.

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