Sen. Richard Shelby, R-Ala., is leading a group of Republican senators in drafting financial-regulation legislation as an alternative to that proposed by Sen. Christopher Dodd, D-Conn., after the collapse of bipartisan talks earlier this month, two Shelby aides said. Shelby's proposal is expected to forgo the stand-alone Consumer Financial Protection Agency proposed by the White House in favor of establishing a consumer-protection division within a new regulator.

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