Reforming the way Wall Street is regulated is proving to be a watershed moment - for banks, Barack Obama, Democrats, Republicans, and Main Street.
The U.S. President wants the big banks to stop fighting and embrace reform.
They aren't listening. For months now, everyone with even the remotest stake in financial reform has been girding for a showdown. They've loaded up with high-priced lawyers and lobbyists, while lavishing millions in political donations on key members of Congress.
It's not just the titans of Wall Street who want to be heard. Even labour unions (for) and manufacturers (against) have had something to say.
And for the politicians eager to respond to the financial crisis, the reforms are a convenient way to tap into widespread public outrage about bank bailouts, big bonuses and their own shrunken savings.
Here are some of the key players, where they stand and why:
Christopher Dodd, U.S. Senate banking committee chairman and author of the main Wall Street reform bill
"Here we are, 17 months after someone broke into our house, in effect, and robbed us, and we still haven't even changed the locks on the doors."
The Connecticut Democrat, who took a brief run for the Democratic presidential nomination in 2008, has made financial reform the final fight of his political career. Facing the prospect of defeat in the midterm elections, Mr. Dodd now says he'll retire at the end of the year to spend more time with his family. Last fall, Mr. Dodd first pitched a reform bill that was tough and sweeping. Among the highlight was a proposal to strip the Fed of most of its regulatory authority. But the loss of the Democrats' 60-seat Senate majority forced Mr. Dodd to start dealing. And the result is a reform bill, much of which the Republicans like.
Richard Shelby, ranking member on the Senate banking committee and lead Republican negotiator
"The message should be, unambiguously, that nothing is too big to fail, and if you fail, we're going to put you to sleep."
Mr. Shelby, who talks with a distinct Alabama drawl, has been the go-slow guy on financial reform. At every turn, he's urged the White House and the Democrats not to do anything hasty. He insists he and Mr. Dodd are still talking, even after Republicans stalled the legislation Monday. He's a conservative, but also a populist who has endorsed various consumer-friendly efforts in recent years, including tougher credit-card rules and the Sarbanes-Oxley accounting reforms. Now, he says he won't agree to a bill that perpetuates the notion that some banks are too big to fail.
Warren Buffett, billionaire chairman of Berkshire Hathaway
"Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal."
That was last year. Now, Mr. Buffett is worried that new rules on financial derivatives could force some of his companies to put up billions of dollars in collateral on existing contracts. He's been pushing hard for an exemption that would grandfather those existing contracts. He even convinced fellow Nebraskan, Democratic Senator Ben Nelson, to break ranks with his party on this week's procedural vote to start debate.
Paul Volcker, former Federal Reserve chief and Obama adviser
"The implication for Goldman Sachs or any other institution is do you want to be a bank? … You want to go out and do a lot of proprietary stuff, fine, but don't do it with a banking licence."
Towering 6-foot-7, Mr. Volcker is pretty tough too. In the early months of the Obama administration, he was virtually invisible. But he's back now, after the White House decided to embrace his idea of limiting the kinds of risky behaviour by banks that critics blame for inflaming the credit crisis. The so-called Volcker rule, now a key feature of Mr. Dodd's bill, would prohibit banks from trading on their own accounts and owning hedge funds.
Barack Obama, U.S. President
"Ultimately, there is no dividing line between Main Street and Wall Street. We rise and fall together as one nation."
The same may also be true of Mr. Obama's financial reforms. Like health-care reform, the financial overhaul is proving to be a key test of the President's ability to get stuff done. And sticking it to banks is proving considerably more popular with Americans than extending health care to the uninsured. Mr. Obama, who last week pitched his reforms directly to Wall Street CEOs, is just daring opponents to fight him on this one. A legislative win could prove popular with Americans, and a foil for Democrats running in tough races in the fall.
Tom Donohue, president and chief executive, U.S. Chamber of Commerce
"[The Dodd bill]would … place new burdens on Main Street businesses that had nothing do with the financial crisis."
The halls of Congress were already chocked with lobbyists on financial reform. But it was Mr. Donohue who has made the fight more than about Wall Street versus Main Street. The Chamber of Commerce, which was already battling to defang the new consumer financial regulator, has drummed up opposition to the proposed derivatives crackdown among a vast roster of non-financial businesses. Now companies as diverse as candy maker Mars, motorcycle maker Harley-Davidson and auto dealers want exemptions from various parts of the legislation. The White House says it's a red herring, and that these companies aren't affected by the new derivatives rules and other provisions.
Jamie Dimon, chief executive of JPMorgan Chase
"[The legislation]will be negative. Depending on the real detail, it could be $700-million or a couple billion dollars."
The final shape of the legislation isn't clear yet. But it's a pretty good bet that if the Dodd bill passes, it will change life for JPMorgan, Goldman Sachs and the other big Wall Street banks, which generate billions in profits designing and selling the kinds of exotic financial instruments at the centre of the financial crisis. And depending on what happens on the Volcker rule and derivatives, Mr. Dimon's business may be a lot less lucrative when the dust settles.