Senator Shelby Moves Forward With Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework for financial institutions, and a formal markup of the bill has been set for May 21, 2015. The legislation is styled as a discussion draft and is titled "The Financial Regulatory Improvement Act of 2015." The bill seeks to toughen oversight of financial regulators and ease the regulatory burden on many financial institutions across the nation. According to Chairman Shelby, the bill is a "working document" intended to initiate a conversation about improving access to credit and reducing risk in the financial system.