Shelby aims to attach bank rules overhaul to spending bill

Posted On Dec 18 2020 by

first_imgby: Victoria McGrane and Ryan TracyOn Tuesday, Senate Banking Chairman Richard Shelby cryptically informed the financial world to “stay tuned this week” for possible developments in a broad financial regulatory bill he wrote in May.On Wednesday, the Alabama Republican revealed his plans: Getting his legislation attached to a Senate spending bill.A subcommittee of the Senate Appropriations Committee voted Wednesday morning to add Mr. Shelby’s legislation to a bill that would fund financial-sector regulators. The full Senate Appropriations Committee is slated to approve the spending bill, with the Shelby text, on Thursday.The maneuver is the latest twist in Mr. Shelby’s efforts to push the most significant set of changes to the financial regulatory regime since the 2010 passage of Dodd-Frank. The Senate Banking Committee approved his legislation in a party-line vote in May. While Democrats on the committee support some of the bill’s provisions, particularly those aimed at lightening the regulatory burden on smaller banks, they strongly oppose others. Mr. Shelby needs the support of at least some Democrats to get the bill passed by the full Senate. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more