Shelby Says Republican Majority Might Revisit Financial Reform Bill

A Republican majority “in the Senate would ‘revisit’ the Wall Street reform bill passed earlier this year, Sen. Richard Shelby (R-Ala.) said Tuesday,” The Hill reports.

Shelby, the ranking member of the Senate Banking Committee who might become chairman under a GOP majority, suggested that Republicans might strip out elements of the bill most favored by President Obama and congressional Democrats if Republicans win control of Congress.

“The bill is so sweeping and such a game-changer in many ways that it’s incumbent upon us to revisit it,” Shelby said at the Reuters Washington Summit.

In particular, Shelby named the “new Consumer Financial Protection Bureau as one of the most distasteful parts of the law.”

Shelby said a GOP majority would look to reform Fannie Mae and Freddie Mac, the government-sponsored enterprises supporting the mortgage market. Tackling those would be a “very high priority” for a Republican-controlled Banking Committee, Shelby asserted.

(credit image – daylife/reuters)

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