Lawmakers in the US Senate on Wednesday night agreed to allow a financial regulatory reform bill to be debated openly, after rejecting the proposal on three straight days.

The bill, put forth by Chris Dodd, a Democrat and the head of the upper chamber's banking committee, was blocked by Republican senators and a sole Democrat in a conflict over a proposed consumer protection bureau, and a package of derivatives reforms.

Richard Shelby, the most senior Republican on the banking committee, said