This story appeared in Bank Digest.
Senate Banking Committee Chairman Richard Shelby (R-Ala) spoke at the American Bankers Association Summit on March 16, 2016. Shelby discussed the impact of the current regulatory framework in the United States on the future of banking in the country. Shelby said, "More regulation does not necessarily mean better regulation or a financial system that is less prone to crisis. In fact, an over-reliance on regulators to achieve financial stability can sometimes mean just the opposite."
In his remarks, he also said he believed "a well-capitalized banking system is much more preferable to the Dodd-Frank approach of regulatory micromanagement." He stated that under the structure put in place by the Dodd-Frank Act, "Main Street banks and other financial companies that had nothing to do with the crisis are treated as if they caused it.
Shelby referred to the Financial Regulatory Improvement Act of 2015, which was reported out of the Banking Committee in May of 2015, as a bill that "addresses dozens of concerns raised by small and community banks" and that "holds regulators more accountable and provides for a regulatory framework based on an institution's systemic risk profile, and not just its size."