Senate Banking Proposes Fed Oversight Bill
Senator Richard Shelby (R – AL), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, is expected to unveil a proposed bill today governing the Federal Reserve. The bill proposes increased congressional oversight over the central bank. Senator Shelby’s bill would also review Federal Reserve regulations for their impact on small and mid-sized banks.
The enormous breath of the proposed bill is already drawing comparisons to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The bill will include a host of financial services issues that have been proposed in previous bills, which is likely to stir up opposition from Democrat members of Congress.