The 2010 Dodd-Frank Act was a major piece of legislation that regulated the United States’ financial sector.  This session of Congress, Senator Shelby (R-AL) introduced a proposal to overhaul the regulations on the country’s financial sector.  Unfortunately, it seems this proposal has lost its steam and is no longer on the fast track.

Legislation proposed by Senate banking committee Chairman Richard Shelby, R-Ala., that would provide exemptions to some provisions of the Dodd-Frank Act appears to have lost momentum. Democrats oppose the bill, and the business community has not united behind it. “The very largest banks don’t have very many benefits from this bill,” said Francis Creighton, FSR executive vice president of government affairs. “This bill is really designed to help community banks, asset managers and mortgage providers.”

The Hill reported on this, click here to read the whole story.