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Sen. Shelby Says Pending Overhaul of Financial Regulations Flawed

WASHINGTON -- The Senate's top Banking Committee Republican says a pending overhaul of financial regulations is flawed because it does not impose controls on giant government-sponsored mortgage finance companies.Sen. Richard Shelby , R-Ala., singled out the two largest firms, Fannie Mae and Freddie Mac, which have been blamed for creating a demand for risky loans and inflating the housing bubble."Their legislation to reform the financial system touches nearly every corner of the economy," Shelby said of the Democratic regulatory proposal. "But these major contributors to the crisis are left unscathed."Shelby made his comments Saturday in the Republicans' weekly radio and Internet address.The financial legislation, the most sweeping changes in banking rules since the Great Depression , aims to prevent a recurrence of the near-meltdown that buckled Wall Street in 2008.The Senate bill would create a council of regulators to oversee risks in the financial system and set up a mechanism to l...

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  1. Dodd Unveils Plans to Expand Fed Powers Over Banks

    WASHINGTON -- A new Democratic Senate bill to tame the financial markets would give the government new powers to break up firms that threaten the economy and would f...

  2. Signature Bank Chairman: Volcker Rule Has No Impact

    Signature Bank Chairman Scott Shay on the state of business and regulation.

  3. FICO CEO: New Lender Rules a Victory for Consumers

    FICO CEO Mark Greene breaks down the new rules that give consumers better information on credit.

  4. GOP Targets Financial Overhaul Law For Revisions

    WASHINGTON -- President Barack Obama's financial overhaul law is nearly a year old. For congressional Republicans, the fight to weaken it is just starting.Wary of tr...

  5. GOP using budget, nomination fights to nibble away at Obama's financial overhaul law

    Congressional Republicans are greeting the one-year anniversary of President Barack Obama's financial overhaul law by trying to weaken it, nibble by nibble.Wary of a...

  6. Sneaking Warren Through

    Freedom Fighters Elizabeth MacDonald, Nancy Skinner, and Benjamin Powell on mounting pressure from the left for President Obama to appoint Elizabeth Warren while the Senate is away.

  7. Top white-collar crime prosecutor to lead SEC

    President Obama on Thursday nominated Mary Jo White, a former U.S. attorney who built a reputation prosecuting white-collar criminals, terrorists and mobsters, to le...

  8. New Rules to Curb Risky Mortgages

    AEI Resident Fellow Ed Pinto and Fmr. Fannie Mae Exec. VP Rick Sharga on new rules surrounding mortgages and homeownership.

  9. Rep. Issa on Debt Ceiling, Elizabeth Warren

    Rep. Darrell Issa, (R-Calif.), on raising the debt ceiling and questioning Elizabeth Warren as head of the Consumer Protection Bureau .

  10. What Financial Reform Means for You

    We break down what further financial reform will mean for you and the market

  11. Financial Reform: Consumers Left Out?

    Ernie Patrikis, partner at White & Case, on the Fed’s new role in the proposed financial reform and what it means for consumers.

  12. Deal Near on Sweeping Financial Overhaul Bill

    WASHINGTON -- Working into early Friday, lawmakers drafting an overhaul of bank regulations softened a contentious Wall Street restriction that would force large ban...

  1. Obama Signs Sweeping Financial Overhaul, Pledges 'No More' Bailouts

    Pledging "no more" Wall Street bailouts, President Obama on Wednesday signed into law a sweeping overhaul of financial regulations, saying the complex measures would...

  2. JPMorgan trading loss under microscope on Capitol Hill

    Senate Banking Committee holds hearing on huge trading error and federal oversight

  3. U.S. Chamber of Commerce Offers Fierce Opposition to Obama's Top Priorities

    If President Obama wants to take the measure of his opposition, he only has to glance across Lafayette Park from the White House . There, behind 10 massive Corinthia...

  4. Sen. Dodd on the Benefits of Financial Regulation

    Sen. Chris Dodd, (D-CT), on how the financial regulation bill will minimize another financial crisis in the future.

  5. With Health Care Down, Obama Turns Focus to Reshaping Financial System

    After claiming victory on health care overhaul, President Obama is now turning his attention to reshaping the financial regulatory system."I think it is one of the p...

  6. Ex-TARP Watchdog: 'We hit huge resistance from Day 1'

    Former inspector general for TARP details why failsafe for financial institutions has been abused and the opposition he faced in new book, 'Bailout'

  7. Government Gives Big Bucks to Consumer Protection Bureau

    Judicial Watch President Tom Fitton on excessive pay in the newly created Consumer Financial Protection Bureau.

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