State Associations Welcome Shelby’s Reg Reform Bill

All 53 state bankers associations yesterday expressed their support for the financial regulatory reform proposal offered by Senate Banking Committee Chairman Richard Shelby (R-Ala.). The bill is set to be considered by the committee later today.

The associations noted in a letter to Shelby that “the ability of our nation’s financial institutions to support the needs of that economy has been limited by regulatory impediments that both restrict the flexibility to serve those needs and tie up substantial internal resources on unnecessary compliance exercises.” They added that Shelby’s bill “represents an imperative first step in that regard” that is “neither overly broad nor overly narrow.”