Key senator sees unsettled issues hindering financial reform

11/3/2009 | Reuters

Sen. Richard Shelby, the top Republican on the banking committee, wants bipartisan support for overhauling financial regulation, but he sees unsettled issues and opposes establishment of the Consumer Financial Protection Agency, an aide said. Shelby supports stronger protection for consumers, but he thinks "the creation of a stand-alone agency is neither necessary nor wise," said Jonathan Graffeo, a representative for the lawmaker. Shelby is also interested in further debate on derivatives, bank supervision and systemic risk, Graffeo said.

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