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Statement of Richard Shelby
U.S. Senate Committee on Banking, Housing, and Urban Affairs
"Consideration of Regulatory Relief Proposals"
March 01, 2006
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The Committee meets today
on the “Consideration of Regulatory Reform Proposals.” We will be hearing from a number of
witnesses including regulators, industry and consumer groups on regulatory
relief proposals for banks, thrifts and credit unions. Over the past two years, we have received
input from all the stakeholders and have compiled a matrix of suggestions for
regulatory reform.
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The financial marketplace is ever evolving because of shifts in consumer demand and changes in
technology. These changes occur quickly
and can often lead a once useful regulation to become obsolete and overly
burdensome.
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This Committee is
always mindful of the tensions that sometimes exist between the desire to
deliver an effective product, ensure safety and soundness, and protect the
American consumer. Accordingly, this
Committee has attempted to create a transparent and exhaustive process in order
to ensure that these concerns are not overlooked.Indeed, a key part of this process was
instituted in 1996 when Congress enacted the EGRPRA Act, which directed the
agencies to work together to eliminate outdated, unnecessary and unduly
burdensome regulations.
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The purpose of this
hearing is in furtherance of this process, but our focus lies in addressing any
areas where legislative change is required.
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Before we begin, I would like particularly to thank Senator Crapo and his
staff for their efforts and patience in creating a fair and transparent process
to review these proposals.
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I would like to welcome all of our witnesses this morning, and I look forward to hearing from each of
you.
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