Sen. Shelby plays key role in financial regulatory reform

12/18/2009 | Washington Post, The

The future of financial regulation is expected to be shaped largely by the highest-ranking Republican on the Senate banking committee, Sen. Richard Shelby, R-Ala. "I believe that we have to have a new regulatory regime for our financial system," Shelby said. Sweeping legislation overhauling financial regulation is essential because the old system "failed us" last year, he said. Fellow senators said if Shelby and committee Chairman Christopher Dodd, D-Conn., can agree on the legislation, there is a good chance that vast changes in financial regulation will come.

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