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Senator Richard Shelby, the top Republican on the Senate Banking Committee, said today he liked the idea. “I don’t think anything is too-big-to-fail,” said Shelby, of Alabama. Full Article at Think Progress
Related Articles
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Nov. 4 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said he will unveil legislation next week to overhaul regulation of U.S. financial markets without Republican support after failing to reach a compromise. Full Article at Bloomberg.com
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Senator Richard Shelby opposes the Obama administration's proposed Consumer Financial Protection Agency, which would strip existing regulators, such as the Federal Reserve, of consumer protection duties and centralize them. Full Article at International Business Times
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Shelbys cash-on-hand total is enough to buy a small island, and he continues to stuff his war chest. At the end of September, Shelby reported more than $15 million in the bank. Democrats do not have a plausible challenger to speak of. Full Article at Roll Call
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House Financial Services Committee Chairman Barney Frank is backing his colleagues in the upper chamber who have called for an end to the practice of banks appointing their own regulators to the Federal Reserve regional banks. Full Article at Huffington Post
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I don’t think anything is too-big-to-fail ... We ought to be looking at legislation to deal with a bank beforehand if we can, or an institution that would cause systemic risk, to make it stronger, or make it smaller.
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People are skeptical of that. We will adopt an amendment that will establish the fund
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There’s still a very good chance we’ll be done with it this year
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I can’t imagine us finishing up a bill and completely disregarding the American consumer of financial services
