Shelby Statement on Regulatory Reform
Sen. Christopher Dodd (D., Conn.) said he has reached an impasse over regulatory reform with Republican counterpart on the Senate Banking Committee, Sen. Richard Shelby (R., Ala.). Sen. Shelby released the following statement:
?There are two bedrock principles on which I will not negotiate: the safety and soundness of the financial system and taxpayer protection against bailouts. I fully support enhancing both consumer protection and safety and soundness regulation. I will not support a bill that enhances one at the expense of the other, but. In order to strike the appropriate balance they must be integrated with each other, not separated from each other.
?Consumer protection is not the only issue that remains unresolved. We must craft a resolution regime that ensures taxpayers will never again bear the losses for risks taken in the private market. I will not agree to any legislation until I am satisfied this goal is also achieved.
?I wait hopeful that a bipartisan agreement can be reached on these and other outstanding issues, including derivatives regulation and corporate governance. I wait willing to work with Chairman Dodd to see whether that is doable.?