Financial regulatory reform hits U.S. Senate opposition
Following House passage in December, the regulatory reform bill now faces stiff opposition in the U.S. Senate which is considering reshaping or altogether replacing the current package.
One of the most controversial elements in the House package is the creation of the Consumer Financial Protection Agency, which is intended to protect consumers from abusive lending and other deceptive financial practices. Sen. Richard Shelby, R-Ala., said the idea of creating a “freestanding” consumer agency would never win Republican support. While Democrats still control the U.S. Senate, political momentum for some of President Obama’s priorities slowed with Massachusetts’ election of Republican candidate Scott Brown.
Senate Banking Committee Chairman Christopher Dodd, D-Conn., is hammering out a plan with Sen. Shelby. Dodd previously drafted his own financial regulatory reform legislation, but reportedly dropped his initial proposal after receiving little support from the banking committee.
A related House bill, the Wall Street Reform and Consumer Protection Act, was voted out of the House in December.
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