Senator Shelby plans bill to heighten Fed scrutiny: WSJ

Reuters News
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Posted: May 11, 2015 10:50 PM

(Reuters) - Senate Banking Committee Chairman Richard Shelby plans to introduce a regulatory relief bill on Tuesday that would heighten congressional scrutiny of the Federal Reserve and revamp several rules faced by small banks, the Wall Street Journal reported citing Republican committee aides.

The 216-page draft bill proposes to create a commission to study on how to restructure Federal Reserve's 12 regional banks, the Journal said. (http://bit.ly/1AT0ok3)

The bill also proposes to increase the threshold for banks to be subjected to tougher fed supervision to $500 billion in assets from $50 billion, the newspaper said.

Senator Shelby's office could not be reached for comments outside regular business hours.

(Reporting by Rishika Sadam in Bangalore; Editing by Gopakumar Warrier)