By John Shaw

WASHINGTON (MNI) - Senate Majority Leader Harry Reid said Thursday that he is putting financial regulatory reform legislation on the front-burner, declaring that he wants the Senate to pass a regulatory reform bill by the end of May.

At a briefing, Reid said it's important to "move quickly" to pass financial regulatory reform.

"It's extremely important we do something," on regulatory reform, he said.

Reid praised Senate Banking Committee Chairman Chris Dodd for working up to now with Republican senators Richard Shelby and Bob Corker to craft a bipartisan regulatory reform bill.

"He's done his very utmost," Reid said of Dodd.

Regarding health care, Reid said that Congress's efforts to pass reconciliation legislation is proceeding, but declined to identify a specific time frame.

"We're not setting any arbitrary deadlines," he said.

"We have a few issues we need to work through," Reid added.

The Congressional Budget Office is expected to release new cost estimates in the next day. After this is occurs, Democratic leaders are expected to put health care reform on a fast track.

A key Democratic senator, Charles Schumer, said Wednesday that Democrats still would like to pass health care by March 26, the start of Congress's two week Easter recess.

** Market News International Washington Bureau: (202) 371-2121 **