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    News and Articles on Richard Shelby

    Archives: Richard Shelby

    Lawyers converge on Montgomery  Nov 21, 2009
    U.S. Senator Richard Shelby speaks in the morning at 10. The expo wraps up Saturday afternoon. (WSJA.com, AL)

    House panel votes to audit Federal Reserve  Nov 20, 2009
    Richard Shelby of Alabama, the top Republican on the Senate's banking panel, sharply criticized Dodd's proposed legislation. "It significantly expands the federal government's ability to bail out not only banks, but any large, politically connected company," Shelby said. (MSNBC -- Politics)

    Geithner, Under Fire, Defends AIG Bailout  Nov 20, 2009
    By David Lawder and Emily Kaiser November 19, 2009. WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner on Thursday defended the costly bailout of insurer AIG and urged swift regulatory reform to safeguard the economy from the failure of big financial firms. (ABC News -- Wire)

    Corps to tighten Lanier water  Nov 19, 2009
    Richard Shelby (R-Ala. issued a statement about the Corps decision Wednesday. (Atlanta Journal-Constitution -- Metro)

    Finance bill in Senate has zero support from GOP  Nov 18, 2009
    Richard Shelby of Alabama, the top Republican on the banking committee, said he was open to negotiating the proposal with Democrats but couldn't support the measure as it is written. Among the major sticking points is Dodd's insistence that a new federal agency be created to focus on consumer protections. (AZCentral -- News)

    Conservative Votes, Right-Wing Victims . . .  Nov 16, 2009
    Concerning Medicare Part D, John McCain it while such moderates as James Inofe, Richard Shelby and Rick Santorum voted in favor. Perhaps John Hawkins opposed cutting taxes in the face of two expensive war and led tea party demonstrations outside of the office of Rick Santorum, but I doubt it. (The American Conservative)

    Dodd Unveils Sweeping Financial Reform Bill  Nov 11, 2009
    Banking ranking member Richard Shelby (R-Ala. has been highly critical of creating an autonomous consumer protection agency that is not tied to another regulatory agency, as Dodd s outline proposes. (Roll Call)

    Financial Regulation: Way Easier Than Health-Care  Nov 9, 2009
    The key remaining player is Alabama's Richard Shelby, the ranking Republican on the Senate Banking committee, who has been in talks with Dodd for months. His office opposes the CFPA, likes the Dodd provisions that strip the Fed of authority, and backs a single regulator. (Time.com)

    237 millionaires in Congress...  Nov 7, 2009
    6 million gain, and Richard Shelby (R-Ala. gained about $2. (The Drudge Report)

    Meet the GOP's wrecking crew  Nov 6, 2009
    Richard Shelby, R-Ala. Foreign auto plants: Mercedes-Benz, Hyundai, Honda. (Salon)

    Geithner Leads a Fresh Charge on Financial Reform  Oct 30, 2009
    Earlier in the fall, Geithner's staff went through their proposals line by line with the Senate Banking Committee's top Republican, Richard Shelby. Geithner has been working Wall Street too. (Time.com)

    AL congressional delegation band together  Oct 28, 2009
    Republican Senator Richard Shelby stated, "it's not a level plyaing field. I believe it's a shame and this is not the way to procure anything out of the Pentagon.". Northrup Grumman plans to build an assembly in Mobile if it wins the $35 billion dollar contract. (WSJA.com, AL)

    Tooth by tooth, consumer watchdog weakens  Oct 26, 2009
    Richard Shelby of Alabama, top Republican on the Senate banking committee, said in an interview. "I wouldn't be interested in a stand alone consumer agency.". (MSNBC -- Business)

    Panel says NASA shouldnt revisit moon  Oct 23, 2009
    Richard Shelby, R-Ala. criticized the idea of using commercial carriers instead of the Ares I, which was designed in his state. (MSNBC -- Technology)

    Bernanke May Compromise on Regulatory Powers  Oct 1, 2009
    Richard Shelby (R-Ala. -- are reluctant to approve additional powers for the Fed. (Fox News)

    Task force gets funds  Sep 30, 2009
    Richard Shelby, R-Ala. said in a recent news release. (Brewton Standard, AL)

    submitted Brewtons Lee Otts had the chance to go to Washington last week on an Honor Flight for World War II veterans.  Sep 24, 2009
    Bob Dole and Alabama s Senate delegation, Richard Shelby and Jeff Sessions. Everyone was very nice and helpful and I appreciate it, Otts said. (Brewton Standard, AL)

    Idea of a weakened Fed gaining traction in D.C.  Sep 22, 2009
    Richard Shelby of Alabama, the top Republican on the banking panel. advertisement. (MSNBC -- Politics)

    Post-Crisis Financial Watchdogs: A New Push for Reform  Sep 22, 2009
    Congress cant go back to the American people and say business as usual," countered Elizabeth Warren, the Harvard University professor who chairs the Congressional Oversight Panel of the Troubled Asset Relief Program, the $700 billion financial bailout Congress approved in October. Hearing It Out On Wednesday, the House Financial Services Committee kicks off a run of 11 hearings over three weeks on regulation reform. At the first hearing, Treasury Secretary Timothy Geithner will make his... (Fox News)

    Dodd pushes new plan to oversee banking institutions  Sep 20, 2009
    Dodd said he decided to remain chairman after conversations with the senior committee Republican, Senator Richard Shelby of Alabama. He said Shelby convinced him that it would be possible to get bipartisan support for stronger financial regulation despite major disagreements between even the two senators. (Boston Globe)

    GOP seizes on ACORN funding  Sep 17, 2009
    Search Type Choose a search type from the items below. More on Congressional Elections. (Yahoo News -- Politics)

    Senate Introduces Bill to Boost Participation in Clinical Trials for Rare Diseases  Sep 17, 2009
    The "Improving Access to Clinical Trials Act" is co-sponsored by Senators Ron Wyden (D-OR), Chris Dodd (D-CT), James Inhofe (R-OK) and Richard Shelby (R-AL). Researchers who develop drugs to treat rare diseases such as cystic fibrosis often struggle to recruit participants for clinical trials because of limited patient populations. (PR Newswire)

    Gates Restores Air Force Authority In Tanker Deal Involving Boeing  Sep 17, 2009
    Richard Shelby, R.-Ala. a Northrop supporter, sent a letter last week to U.S. Trade Representative Ron Kirk saying it would be a "grave mistake" by lawmakers to seek retaliation on the WTO's decision through the tanker contract. (KIRO TV, WA)

    Shelby wants ACORN investigation  Sep 16, 2009
    WASHINGTON, DC - Alabama Senator Richard Shelby (R) is calling for an investigation into actions of the Association for Community Organizations for Reform Now, commonly referred to as simply ACORN.. Shelby, who is a ranking Republican on the Committee on Banking, Housing and Urban Affairs, sent letters Tuesday to Chairman Christopher Dodd (D-CT) and U.S. Department of Housing and Urban Development (HUD) Inspector General, Kenneth Donohue, demanding they look into ACORN's activities. (WSJA.com, AL)

    On Financial Reform, Obama Collaborating with a Most Unlikely Senator  Sep 14, 2009
    Richard Shelby (R-AL) while hearing testimony from Federal Reserve Bank Chairman Ben Bernanke on July 22, 2009 in Washington, DC. Chip Somodevilla / Getty Images ... If you were to pick the least likely Senator to help Barack Obama win a major legislative victory, Alabama's Richard Shelby, the ranking Republican on the Senate Banking Committee, would be a fine choice. (Time.com)

    Census Bureau severs ties with ACORN in 2010 count...  Sep 13, 2009
    Richard Shelby, R-Ala. and David Vitter, R-La. (The Drudge Report)

    Census Bureau cuts ties with ACORN for ’10 count  Sep 13, 2009
    Partly citing ACORN s role, two Republican senators, Richard Shelby of Alabama and David Vitter of Louisiana, earlier this year blocked a full confirmation vote of Groves for several weeks. Representative Michele Bachmann of Minnesota also has been calling for a census boycott because of her concerns about whether the group would tamper with the high-stakes population count. (Boston Globe)

    Why No More 9/11s?  Sep 12, 2009
    Richard Shelby, R-Ala. "You can just about bet on it.". (Slate)

    Boeing hurt by Airbus subsidies: WTO  Sep 12, 2009
    Brownback, whose state is home to Boeing military production, was responding to a letter sent by Senator Richard Shelby on Thursday to U.S. Trade Representative Ron Kirk. Shelby said the WTO had ruled that a "launch aid" loan mechanism used by European governments to help Airbus develop aircraft was legal under global trade rules and that Boeing "was not materially injured by action taken by Airbus.". (Crain's Chicago Business)

    SEC Contrite About Missing Madoff, Vows Reforms  Sep 11, 2009
    Richard Shelby, the top Republican on the Senate Banking Committee, threatened the agency with legislation if it refused to reform itself. Democratic Senator Robert Menendez asked who should be held accountable and suggested that staffers who dropped the ball on the Madoff case be fired. (ABC News -- Wire)

    Meet the knuckleheads of the U.S. Senate (124)  Sep 9, 2009
    Let us not forget Richard Shelby. -- garage [] Monday, September 7, 2009 06:51 PM. (Salon)

    Aerial Tanker Bidding Should Take WTO Ruling Into Account, Lawmakers Say  Sep 5, 2009
    Senator Richard Shelby, a Republican from Alabama, said the trade bodys ruling is preliminary and shouldnt affect the tanker acquisition. The Northrop-EADS team intends to build the final assembly plant in Alabama plans if the two companies win the contract. (Bloomberg -- US)

    Analysis: Bernanke is Obama's safe choice at Fed  Aug 27, 2009
    Richard Shelby of Alabama, the committee's senior Republican, said he wanted to explore "the impact ad hoc decision-making had on the financial markets during the crisis," including what he called a "panicked response" by some regulators. Senate Republican leader Mitch McConnell, R-Ky. (Jefferson City News Tribune, MO)

    Bernanke to Face Tough Questioning From Banking Committee  Aug 26, 2009
    But Banking ranking member Richard Shelby (R-Ala. foreshadowed the potentially tough questions Republicans will likely pose to Bernanke during his confirmation hearing, saying the Fed has failed in a number of instances to perform adequately in setting monetary policy and regulating financial institutions. (Roll Call)

    Obama Nominates Bernanke for Second  Aug 26, 2009
    Richard Shelby (R.-Ala. cautioned that "consideration of Chairman Bernankes nomination to serve a second term raises several important issues. The Banking Committee should carefully examine the impact of the Feds failures as a bank regulator, how such failures contributed to the financial crisis, and whether Chairman Bernankes performance as the chief regulator merits his reconfirmation.". (Fox News)

    Bernanke's cool head, imagination win Obama nod  Aug 25, 2009
    The chairman of that committee, Connecticut Democrat Christopher Dodd, and the top Republican, Richard Shelby of Alabama, have criticized the Obama administration's proposal to give the Fed greater power to set rules and oversee financial system risks. Bernanke will also be closely watched by financial markets who want details on the Fed's plans to eventually dismantle or "exit" its emergency measures. (India Times)

    Health Insurance Debate Turns to Issue of Co-Ops  Aug 22, 2009
    Richard Shelby, R-Ala. have suggested the insurance cooperatives are worth considering. (13WMAZ.com, GA)

    No Health Care Middle Ground As Dems And GOP Scorn Co-Ops  Aug 22, 2009
    Chuck Grassley, R-Iowa, and Richard Shelby, R-Ala. have expressed openness to the idea without endorsing it. (Investors Business Daily)

    Sebellius: Public Insurance Plan Not Critical  Aug 18, 2009
    Republican Senator Richard Shelby, a sharp critic of the administration's healthcare reform effort, said a public cooperative option would be "a step in the right direction.". "I think the Democratic administration -- President Obama and his Cabinet -- have read the tea leaves of America right now," he said on "Fox News Sunday.". (Newsmax)

    White House may drop public option in health care plan  Aug 18, 2009
    Richard Shelby, R-Ala ... Richard Shelby, R-Ala. (Hartford City News-Times, IN)

    Read Chris Wallace's interview  Aug 17, 2009
    Republican Senator Richard Shelby, a leading critic of the president's plan, comes to us from Boston ... SEN. RICHARD SHELBY: Well, that would be government involvement, but it would be a I believe a step in the right direction, away from a government takeover of our health care in this country. (Fox News)

    Health Care — What Else? — Dominates Sunday Shows  Aug 17, 2009
    Health Care What Else. Dominates Sunday Shows - Roll Call. (Roll Call)

    Read the story  Aug 17, 2009
    Richard Shelby, R-Ala. said co-ops might be a politically acceptable alternative as "a step away from the government takeover of the health care system" that the GOP has assailed. (CBS News -- Evening News)

    White House backs off public health plan  Aug 17, 2009
    Richard Shelby, R-Ala. said Obama's team is making a political calculation and embracing the co-op alternative as "a step away from the government takeover of the health-care system" that the GOP has pummeled. (News & Observer)

    Car buyers cash in (404)  Aug 17, 2009
    Richard Shelby, R-Ala. voted against an infusion of money for the program. (Brewton Standard, AL)

    Public Option Up in the Air After Comments  Aug 17, 2009
    Richard Shelby, R-Ala. said co-ops might be a politically acceptable alternative as "a step away from the government takeover of the health care system" that the GOP has assailed. (CBS News)

    Sen. Shelby: Insurance Co-Ops Worth Looking At  Aug 17, 2009
    Alabama's Richard Shelby is a vocal opponent of the healthcare overhaul proposed by President Barack Obama. Shelby says he sees insurance co-ops as "a step away from the government take over of the health care system.". (Newsmax)

    Guest lineup for Sunday's TV news shows  Aug 17, 2009
    Kent Conrad, D-N.D., and Richard Shelby, R-Ala. J. James Rohack, president of the American Medical Association; John Rother, executive vice president for policy and strategy at AARP. 10 a.m. and 3 p.m. on FNC.. (San Francisco Chronicle -- Politics)

    Late TV listings  Aug 16, 2009
    Guests: Senators Kent Conrad of North Dakota, Richard Shelby of Alabama; Dr. James Rohack, president of the American Medical Association; John Rother, AARP executive vice president for policy and strategy. 10 a.m. (25). (Boston Globe)

    Dem Leader: 'We'll Pass Cash for Clunkers'  Aug 14, 2009
    Richard Shelby, R-Ala. The first $1 billion in funding is expected to lead to sales of 250,000 vehicles and the additional $2 billion would generate sales of perhaps a half-million more vehicles. (ABC 7 News, DC)

    AP: U.S. 'Cash-for-Clunkers' Program Gets $2B Refill  Aug 8, 2009
    Richard Shelby, who opposed the plan. Auto industry analyst Aaron Bragman of IHS Global Insight said it was unlikely that demand will remain as high as it is now. (Missourian Publishing, MO)

    UPDATE: House provides $500 Million for 8 gov't VIP jets...  Aug 8, 2009
    Richard Shelby (R., Ala. is taking a group of senators and their spouses to Europe for three weeks. (The Drudge Report)

    US boosts car scrappage by $2bn  Aug 7, 2009
    Republican Richard Shelby, of the Senate Banking Committee, said the plan had "squeezed months of normal activity" into several months. Economist Richard Yamarone of Argus Research said: "Once these clunker rebates expire, it is over.". (BBC News -- Americas)

    Autos 'clunker' extension cleared  Aug 7, 2009
    Richard Shelby, the top Republican on the Senate Banking Committee, said the program "has squeezed months of normal activity" into a short period of time. "When the backlog is met, interest in the program will 00004000 fade, and the facade of economic benefit will disappear," Shelby said. (India Times)

    Congress OKs $2B Refill Of 'Clunkers'  Aug 7, 2009
    Richard Shelby, R-Ala. who opposed the plan. (Click2Houston, TX)

    Sotomayor confirmed by Senate  Aug 7, 2009
    Alabama's senior senator, Richard Shelby also apposed the nomination. "Because of my concerns with her willingness to properly and dutifully uphold fundamental rights guaranteed under the Constitution, I could not vote in favor of Judge Sotomayor's confirmation," Shelby said. (WSJA.com, AL)

    AP: US Senators to Vote on Car Purchase Program  Aug 6, 2009
    Richard Shelby, a Republican. The first $1 billion in funding is expected to lead to sales of 250,000 vehicles and the additional $2 billion would generate sales of perhaps a half-million more vehicles. (Missourian Publishing, MO)

    Southern Co. key in water wars  Aug 6, 2009
    Richard Shelby have decried the appointment of Georgia Power President Michael Garrett. But Perdue, calling the Alabama complaints hypocritical, pointed out Wednesday that Alabama Power has always had an active role in fighting the water wars. (Atlanta Journal-Constitution -- Metro)

    'Clunkers' rebates look likely for another month  Aug 6, 2009
    Richard Shelby, R-Ala. Car companies have credited the clunkers program with driving up sales in late July. (Ionia Sentinel-Standard, MI)

    Geithner vs. the Regulators: A Time for Swearing  Aug 6, 2009
    "Everyone's opposed in one way or another." Some Senators, including the banking committee's top Republican, Richard Shelby, dislike the broad regulatory and oversight powers of the consumer-protection agency and are strongly opposed to increasing the power of the Federal Reserve. Other regulators, like the FDIC and the Comptroller of the Currency, don't want to lose their power to supervise banks and financial institutions in the consolidation that Geithner has proposed. (Time.com)

    Car Rebates: Populist Stimulus Or Clunker?  Aug 6, 2009
    Richard Shelby, R-Ala. Officially called the Car Allowance Rebate System (CARS), the program is designed to help struggling car dealers, boost consumer spending and send old, polluting vehicles to the scrap yard. (Click2Houston, TX)

    GOP relents on auto rebates  Aug 5, 2009
    Richard Shelby, R-Ala. WON'T SAVE THE CLIMATE: Environmental experts say the program could have the same effect on global warming as shutting down the entire country -- every automobile, every factory, every power plant -- for an hour per year. (News & Observer)

    Liberal Dems best take this health-care deal  Jul 29, 2009
    Richard Shelby of Alabama * Lisa Murkowski of Alaska * John McCain of Arizona * Mel Martinez of Florida * Johnny Isakson of Georgia * Mike Crapo of Idaho * Chuck Grassley of Iowa * Sam Brownback of Kansas * Jim Bunning of Kentucky * David Vitter of Louisiana * Kit Bond of Missouri * Judd Gregg of New Hampshire * Richard Burr of North Carolina * George Voinovich of Ohio * Tom Coburn of Oklahoma * Jim DeMint of South Carolina * John Thune of South Dakota * Kay Bailey Hutchison of Texas * Bob... (Atlanta Journal-Constitution -- Opinion)

    The birthers in Congress  Jul 28, 2009
    Richard Shelby, R-Ala. Asked about the president's eligibility at an Alabama town hall meeting back in February, Shelby said, "Well, his father was Kenyan and they said he was born in Hawaii, but I haven't seen any birth certificate. You have to be born in America to be president." Almost immediately afterward, his spokesperson was saying that the local paper had distorted what happened, adding, "While [Shelby] hasn't personally seen the president's birth certificate, he is confident that the... (Salon)

    Bernanke Takes More Hits From Congress  Jul 27, 2009
    Richard Shelby, a Republican, raised the same concerns about expanding the Fed's duties to police big financial companies, as envisioned by the Obama administration. On the economy, high unemployment is "the most pressing issue" as the U.S. struggles to emerge from recession, Bernanke told the Senate panel. (CBS News -- Politics)

    U.S. financial authorities differ on consumer protection plan  Jul 25, 2009
    Senator Richard Shelby of Alabama said expanding the Fed's powers "could be very dangerous.". Congressman Ron Paul, R-Texas, said it was foolish to give "unelected bureaucrats" the authority to determine what financial products are fair. (Xinhuanet, China)

    Real competition can stop insurance gouging  Jul 25, 2009
    Richard Shelby of Alabama is all for the congressional effort to produce health-care reform as long as the legislation we end up with doesn t contain any actual reform. Indeed, the senator gets fainting spells at the mere mention of Barack Obama s proposed reforms, gasping that they add up to socialized health care. (Paragould Daily Press, AR)

    SEC, FDIC heads want new council as supercop  Jul 24, 2009
    Richard Shelby of Alabama, the committee's senior Republican, said expanding the Fed's powers as called for in the administration's plan "could be very dangerous" and "inconsistent with the principles of democratic government.". A number of lawmakers of both parties insist that the Fed failed to prevent the economic crisis and shouldn't be entrusted with more responsibility but should stay focused on its primary duty of setting monetary policy. (MSNBC -- Business)

    Bernanke defends strategy to save economy  Jul 23, 2009
    Richard Shelby, R-Ala. raised the same concerns about expanding the Fed's duties to police big financial companies, as envisioned by the Obama administration. (MSNBC -- Business)

    Ala's senators react to water war victory  Jul 18, 2009
    Senator Richard Shelby issued this statement. "Today's ruling represents a huge victory for Alabama. The Court made clear that Atlanta and the Corps can no longer substitute their will and judgment for that of Congress. I look forward to working expeditiously with my colleagues in Alabama, Florida and Georgia toward an equitable water allocation agreement worthy of Congressional consideration and approval. It is imperative that we proceed to a fair resolution without delay.". (WSJA.com, AL)

    Georgia is suddenly thirsty for friends in Congress  Jul 18, 2009
    Richard Shelby, the Republican from Alabama, was able to insert language favorable to his states water position into a 2010 appropriations bill. House Republicans from Georgia Nathan Deal was the face of the effort attempted to answer with language of their own, in the House version. (Atlanta Journal-Constitution -- Metro)

    Senate confirms Obama's pick to lead 2010 census  Jul 14, 2009
    "To advance the stalled nomination, Senate Majority Leader Harry Reid, D-Nev., used a procedural motion that required 60 votes in the 100-seat Senate. After that motion passed 76-15, senators quickly confirmed Groves.Groves, 60, had been easily approved by the Senate Homeland Security committee in May after he ruled out the controversial use of statistical adjustments in 2010 to make up for undercounted populations. But Sens. Richard Shelby, R-Ala., and David Vitter, R-La., blocked a full... (Fresno Bee -- Nation)

    Senate to Begin Consideration of Census Chief  Jul 11, 2009
    By Roll Call Staff July 10, 2009, 8:52 a.m.. The Senate will begin consideration of Robert Groves nomination to lead the Census Bureau on Monday, after Majority Leader Harry Reid (D-Nev. (Roll Call)

    Reid to Dislodge Census Pick  Jul 9, 2009
    By Roll Call Staff July 9, 2009, 12 a.m.. Senate Majority Leader Harry Reid (D-Nev. (Roll Call)

    Congress's Travel Tab Swells... Spending on Taxpayer-Funded Trips Rises Tenfold...From Italy to the Galpagos...  Jul 3, 2009
    Richard Shelby in June on a river cruise in Paris, where U.S. politicians met with defense-industry executives ... Richard Shelby, took a cruise on the River Seine with defense-industry executives and elected officials from Alabama, Mississippi and Florida. (The Drudge Report)

    Obama pitches Fed plan  Jun 23, 2009
    " Obama is proposing new powers for the Fed as part of what he s billing as the biggest overhaul of the financial system since the Great Depression. But some in Congress, including Senate Banking Committee Chairman Chris Dodd, have whether the Fed should get more power. Many in Congress blame Fed policy over the past several years for contributing to the nation s financial meltdown, and others worried that expanding its regulatory role could interfere with its primary responsibility of... (Denver Business Journal, CO)

    War Supplemental bill misses the point  Jun 23, 2009
    I joined Governor Bob Riley, Senator Richard Shelby, Mayor Sam Jones as well as other elected officials and business leaders from Mobile at the 100th Anniversary of the Paris Show in a series of back-to-back meetings. This trans-Atlantic economic development mission was an excellent opportunity for the Alabama delegation to sell our home state to the world. (Atmore Advance, AL)

    Senators skeptical about Obama plan  Jun 21, 2009
    Richard Shelby (R-Ala. said it was unrealistic to expect the Fed to handle so many roles. (Dayton Business Journal, OH)

    Congress Scrutinizes Federal Reserve  Jun 20, 2009
    The proposal "represents a grossly inflated view of the Fed's expertise," said the ranking Republican on the Senate banking committee, Alabama's Richard Shelby. There's no national tidal wave of anti-Fed sentiment, members acknowledge, but constituents are becoming more suspicious of the Fed's expanding role in propping up the American economy and the opacity of its inner workings. (CBS News -- Politics)

    Congress carves into Obama reforms  Jun 19, 2009
    "The Federal Reserve system was not designed to carry out the systemic risk oversight mission the administration proposes to give it," Senator Richard Shelby, the top Republican on the US Senate Banking Committee, said at a hearing. Obama unveils bank reform plans. (Sydney Morning Herald -- Business)

    Congress Carves Into Obama Financial Rule Reforms  Jun 19, 2009
    "The Federal Reserve system was not designed to carry out the systemic risk oversight mission the administration proposes to give it," Senator Richard Shelby, the top Republican on the U.S. Senate Banking Committee, said at a hearing. Concluding that the Fed is better qualified than any other government agency to handle such a job "represents a grossly inflated view of the Fed's expertise," Shelby said, reflecting the rapid spread of 'Fed fatigue' on Capitol Hill. (ABC News -- Wire)

    * Obama initiative seeks to overhaul finance regulations  Jun 19, 2009
    We have to evaluate it, weigh it, slow it down and make sure we do it right, said Richard Shelby, the top Republican on the Senate Banking Committee. Because if we dont, we will pay dearly. (Taipei Times, Taiwan -- Business)

    Geithner Fields Questions About Financial Overhaul  Jun 19, 2009
    Richard Shelby says it's not reasonable to expect the Fed or any other agency "to effectively play so many roles.". The Alabama Republican points out that the Fed also sets monetary policy, regulates banks and handles an array of other functions. (KWTX.com, TX)

    Senators skeptical of expanding Fed power  Jun 19, 2009
    Richard Shelby, R-Ala. said it was unrealistic to expect the Fed to handle so many roles, and that its structure is not suited for the role of a systemic risk regulator. (San Jose Business Journal, CA)

    Lawmakers unsure Fed is up to oversight job  Jun 19, 2009
    Richard Shelby, R-Ala. noting that it also sets monetary policy, regulates banks and handles an array of other functions. (USA Today -- Money)

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