Sens. Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.), the chairman and ranking member of the Banking, Housing and Urban Affairs Committee, declared Wednesday they have made “meaningful progress— in negotiations to overhaul financial regulations.

“For the last few weeks we, and other members of the Banking Committee, have been engaged in serious negotiations, with the goal of producing a bill that strengthens our regulatory structure and makes our economy more secure,— the Senators said in a rare joint statement. “These talks have been extremely productive, with members providing great insight and demonstrating a desire to get this done and get this done right.—

The Senators added, “We have made meaningful progress and we hope to resolve the remaining issues before we reconvene in January.—

Dodd and Shelby have worked for weeks to reach an agreement on financial regulatory reform after Dodd’s original package was panned by Republicans and received only tepid support from Democrats. Last month, Dodd asked six Senators to pair up into three groups to find a way forward on the massive reform bill, and he hopes to introduce a new measure early next year.