04/11/2010 05:12 am ET | Updated May 25, 2011

Richard Shelby: Chris Dodd 'Is Gonna Go With His Bill And Go It Alone'

Senate negotiators are at an impasse over the Consumer Financial Protection Agency, Richard Shelby, the ranking Republican on the Senate Banking Committee, told the Huffington Post Tuesday night.

After talking with committee chair Chris Dodd (D-Conn.), Shelby said: "I'm sure at this juncture that he's gonna go with his bill and go it alone. We don't believe he can pass a bill without us. To pass a meaningful bill it's going to have to be, in my judgment, a bipartisan bill."

HuffPost asked Shelby if Dodd had confirmed to him on the floor that he was moving ahead with an independent Consumer Finance Protection Agency.

"Well, that's been our biggest split, okay, and it's still at impasse there," Shelby said. "But we're talking."

Dodd, after the Senate floor conversation, also said that the talks would continue, but not forever.

"We're down to a couple of issues here that we need to work on and I'm determined to continue to work on those over the next few days to see if we can put something together. If not, then we'll go forward with a bill. And there may be another day in this process before we're at that point, but we're working on it," Dodd said, predicting a committee vote in the next few weeks.

Asked if he specifically told Shelby he was moving ahead with an independent CFPA, Dodd said: "No, I didn't say that. I said the door was open."

"We've gone a great distance in major areas in my view. Obviously, nothing's done until everything's done," he said.

Shelby recently gained national notoriety by placing a "blanket hold" on 70 Obama nominees in order to win a defense contract for a European company that hires non-union labor in his home state of Alabama.