Connect with us

Hi, what are you looking for?


Shelby Says Dodd-Frank Should be Repealed

By Brandon Moseley
Alabama Politcal Reporter

Tuesday, December 8, US Senator Richard Shelby (R-Alabama) urged legislators to repeal the controversial Dodd-Frank Act.

shelby_richardSen. Richard Shelby said in a statement, “More than five years ago, the 2,300 page financial overhaul known as Dodd-Frank was signed into law. Since its enactment, the negative impacts of Dodd-Frank on our regulatory structure, our financial system, and our economy have become clear. It is now time to fix what is broken.”

Sen. Shelby continued, “Our financial institutions help fuel the economic engine that drives a cycle of prosperity that is uniquely American. Towns and cities in Alabama and across the country thrive when banks and other institutions provide loans to finance home ownership, private consumption, and business development. A strong, vibrant financial system is an absolutely essential precursor to a strong and vibrant economy.”

Senator Shelby was a fierce opponent of Dodd-Frank when it passed in 2010. Then Democrats controlled both Houses of Congress and were able to move the legislation, which was supported by President Obama.  Republicans had vowed to repeal the massive regulatory expansion bill which delegated authority to the Consumer Financial Protection Bureau that historically had been reserved to the United States Congress.  Republicans had hoped to repeal the controversial law; but the people re-elected President Obama instead of Republican nominee Mitt Romney.

Sen. Shelby said, “Although the Obama Administration and many congressional Democrats view Dodd-Frank as untouchable, I believe that the status quo is unacceptable. That is why, as Chairman of the Senate Banking Committee, I have promoted commonsense reforms to tackle the troubles with Dodd-Frank head-on. The Financial Regulatory Improvement Act, which I authored and has been approved by the Banking Committee, provides much-needed regulatory relief for community banks and credit unions and takes steps to allow financial institutions to reduce systemic risk, among other measures.”

According to information provided by the American Bankers Association (which supports the legislation), the bill would, “Provide, to varying degrees, regulatory relief for banks of all sizes, tailor the regulatory structure for systemically important banks and begin the restructuring of the Federal Reserve System and the housing finance system – Fannie Mae and Freddie Mac. The bill does not contain provisions that would increase credit union business lending authority or otherwise provide major benefits to credit unions or the farm credit system.”

Advertisement. Scroll to continue reading.

Senator Richard Shelby is the Chairman of the Senate Banking Committee.
Senator Shelby, age 81, was first elected to the US Senate in 1986 after representing the state of Alabama and his hometown of Tuscaloosa in the US House of Representatives and the Alabama legislature.  Shelby is seeking a sixth term in the United States Senate in next year’s election.


Brandon Moseley is a former reporter at the Alabama Political Reporter.

More from the Alabama Political Reporter


Shelby appropriated a mind-boggling $660 million of extra earmarked dollars to our state.


Peeples most recently served as an inspector in the Inspection Division at FBI Headquarters in Washington.


Court of Criminal Appeals Place 2 will be an open seat in the 2024 campaign after Judge Chris McCool announced a run for Supreme...


The session in the Senate lasted approximately 13 minutes, with little discussion on the rules package taking place on the floor.


Over the past month, APR has released a series of profiles on the new faces joining the Alabama Legislature.

Featured Opinion

Katie Britt now has the ability to help millions of Alabamians. Why wouldn't she?


Alabamians will soon begin to realize what immense power Shelby had in Washington.


In addition to the annual funding bills, the legislation includes $47 billion in emergency funding to support Ukraine.