GOP circulates alternative banking regulatory plan

Posted on April 28, 2010 by

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WASHINGTON (AP) – Republicans are circulating an alternative plan for financial regulation that would provide more limited consumer protections than Democrats and would impose new regulations on mortgage giants Fannie Mae and Freddie Mac.

The 20-page document describes what Republicans have been seeking in negotiations with Democrats.

The top Republican on the Senate Banking committee, Sen. Richard Shelby, says the biggest sticking point with Democrats centers on consumer protections. Shelby said Democrats should seek to meet Republicans half way.

But the Banking Committee chairman, Democratic Sen. Chris Dodd, is adamant that he will not make changes to consumer protections in his bill.