If Senate Banking Committee chairman Richard Shelby was hoping to ignite the passions of financial regulation experts across the political spectrum with his proposed regulatory relief bill, he’s certainly succeeded.
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However, Shelby’s proposal could turn out to be a Trojan horse smuggling gifts to large banks, as Dennis Kelleher, head of the public interest group Better Markets, argues. If this is the case, the Alabama senator and his supporters — be they Democrats or Republicans — would do an immense disservice to American taxpayers who could wind up bearing the cost of future bailouts.
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Read the full American Banker article by Mayra Rodríguez Valladares here.
