This story appeared in Bank Digest.
Senate Banking Committee Chairman Richard Shelby (R-Ala) gave a speech entitled "The Trouble with Dodd-Frank" at Harvard Law School on Oct. 14, 2015. Shelby criticized the law, saying: "Since its passage, the nation's biggest banks have become even bigger, and even more concentrated." He also said the power and size of financial regulators have grown and that these regulators have "become more independent and insulated from meaningful congressional oversight." He went on to criticize the operations of the Consumer Financial Protection Bureau, the Financial Stability Oversight Council, and the Financial Stability Board.
Towards the end of the speech, Shelby said: "As Chairman of the Banking Committee, I am leading an effort to address a number of concerns identified during the implementation of Dodd-Frank. We now have better information on how financial regulation should be tailored to help prevent another crisis and reduce systemic risk. We also know where it should be pared back to provide relief to smaller and regional financial institutions, and where transparency and accountability are needed the most at regulatory agencies."