Senate Banking Committee Ranking Member Richard Shelby (R-AL) “said on Friday that hearings were needed to explore the merits of President Barack Obama’s proposals to limit banks’ risk taking,” Reuters reports.
Shelby joined with nine other members of the committee to call on Chairman Christopher Dodd to convene the hearings.
"If the Obama Administration believes this plan should be included in the financial regulatory reform package, Chairman Dodd should hold a series of hearings so the Banking Committee can determine whether the proposal has merit," Shelby said in a statement.
On Thursday, Obama proposed new limits on banks’ proprietary trading operations, other risky activities, and on their overall size.
(credit image – associated press)
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