Chairman Richard Shelby (R-AL) speaks during a Senate Banking, Housing and Urban Affairs Committee hearing

Senate Banking bill proposes several changes for Fed: source

Chairman Richard Shelby (R-AL) speaks during a Senate Banking, Housing and Urban Affairs Committee hearingBy Michael Flaherty WASHINGTON (Reuters) – The regulation relief bill drafted by the U.S. Senate Banking Committee Chairman includes changes to the Federal Reserve system and an easing of mortgage rules for the financial industry, according to a person familiar with the draft. Since taking over as committee chairman earlier this year, Alabama Republican Richard Shelby has made regulatory relief and financial regulation reform his top priority. Shelby wants to have one comprehensive bill to bring to the Senate floor, an approach that the committee’s top Democrat, Sherrod Brown of Ohio, opposes.

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