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Its no secret that Sen. Richard Shelby (R., Ala.) would like changes to the 2010 Dodd-Frank financial overhaul law, which he and almost all Republicans opposed when Congress passed it nearly five years ago.

On Wednesday, Shelby, who gained the gavel on the Senate Banking Committee after Republicans took control of the Senate this year, gave a status report on those efforts. The short answer: Hes still trying to figure out where he can find agreement with Democrats on the panel.

Were going to look at whats doable, whats doable politically, Shelby said during an event at the U.S. Chamber of Commerce Wednesday morning. He noted the obvious challenge: Republicans only have 54 votes in the Senate, short of the 60 needed to overcome procedural hurdles, and President Barack Obama can veto legislation.

Shelby told reporters after his remarks that its possible Democrats will band together and oppose any regulatory bill he tries to advance, but at this point he still has hope. Its early, he said, adding that his staff hasnt put together any specifics of what might be in a bill. Were still probing, were still looking for areas that we can work together.

An expanded version of this story is available at WSJ.com

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The Wall Street Journal: Shelby seeks Democrat buy-in on Dodd-Frank changes