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Shelby Proposes Dodd-Frank Revamp

Senator lays out reform ideas including reducing oversight for midsize regional banks and establishing commission to make recommendations on restructuring the Fed.

By Silla Brush and Jesse Hamilton, Bloomberg | Updated on May 12, 2015

The head of the Senate Banking Committee unveiled his long-awaited bill to toughen oversight of the Federal Reserve and ease the regulatory burden on dozens of banks, setting off what could be intense negotiations with Democrats.

In legislation that Senator Richard Shelby calls a “work in progress,” he laid out ideas to make the Fed disclose more information to Congress about its monetary-policy decisions and free some lenders from stringent capital requirements. While the bill is unlikely to win broad support in its current form, many of the proposals could intrigue Democrats who’ve backed some of the ideas in the past.

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