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Shelby's Goals for 2013: Restructure CFPB, Require Cost-Benefit Analysis for Regs

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Sen. Richard Shelby might be the Senate Banking Committee chairman in 2013, depending on which party is in control. If he does, he has his agenda ready.

"In his speech to the U.S. Chamber of Commerce, Shelby vowed to repeal parts of Dodd-Frank that had nothing to do with the financial crisis or are imposing unnecessary economic costs," writes American Banker’s Kevin Wack.

Changing the structure of the CFPB is one of his top agenda items. He'd like to see it governed by a board as opposed to a single director.

He'd also like to pass legislation, which he first proposed in 2011, that would "hold financial regulators accountable for rigorous, consistent economic analysis on every new rule they propose," he said in the speech.

For the full piece see "Shelby Describes Banking Committee Plans for 2013" (may require subscription).

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As Dodd-Frank's impact continues to be felt far beyond banks' compliance departments, American Banker is your eyes and ears. In addition to our award-winning coverage, we now also scour a range of resources to aggregate even more of the news you need on this vital topic.
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