The ranking member “of the Senate Banking Committee told the nation’s top financial officials Thursday that changes in the new financial regulation law are ‘inevitable,’” POLITICO reports.
Republicans have not been shy about their dislike of the sweeping financial overhaul, But Alabama Sen. Richard Shelby’s definitive statements in a congressional hearing exploring the law’s future seemed like a firm warning to a Democratic Party they believe strong-armed the bill and likely will lose seats in this fall’s midterm elections.
“Under the current law, the responsibility rests largely with the regulators to avoid future difficulties,” Shelby said. “Congress, however, can continue to exercise its oversight authority by having hearings such as this one and also, when necessary, visit the law and make changes consistent with our findings and the demands of the electorate.”
“In this particular instance,” he added, “change is not only a good thing, I believe that it is inevitable.”
Federal Reserve Chairman Ben Bernanke, FDIC Chairwoman Sheila Bair, Securities and Exchange Commission Chairwoman Mary Shapiro, Deputy Treasury Secretary Neal Wolin and other administration officials, testified before the Senate Banking Committee on Thursday on the implementation of the regulatory reform law crafted in response to the 2008 global financial crisis.
(credit image – daylife/reuters)
Congress in Your Pocket
