WASHINGTON, DC – Today, U.S. Senator Jack Reed (D-RI), a senior member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement after Banking Committee Chairman Richard Shelby (R-AL) unveiled a new financial regulation proposal:
“I have great respect for Chairman Shelby and he’s made it clear this discussion draft is a jumping off point, not a take it or leave it deal. Everyone on the committee understands that, ultimately, advancing a bill requires bipartisan support.
“While I am pleased the initial draft incorporates my proposal to strengthen oversight of the Federal Reserve Bank of New York, I am disappointed it contains several other provisions that would weaken needed safeguards for consumers and investors.
“A well-regulated marketplace is good for our economy. It improves consumer and business confidence and ensures fair competition.
“There is some common ground here to provide sensible regulatory relief for community banks and credit unions, and I hope we can move forward on those provisions without undercutting critical common sense rules elsewhere.
“So I look forward to working with my colleagues to try to build consensus and develop practical solutions.”