WASHINGTON, Jan 22 (Reuters) - Richard Shelby, the leading Republican on the Senate Banking Committee, said on Friday that hearings were needed to explore the merits of President Barack Obama's proposals to limit banks' risk taking.
Shelby joined with nine other members of the committee to call on Chairman Christopher Dodd to convene the hearings.
'If the Obama Administration believes this plan should be included in the financial regulatory reform package, Chairman Dodd should hold a series of hearings so the Banking Committee can determine whether the proposal has merit,' Shelby said in a statement.
On Thursday, Obama proposed new limits on banks' proprietary trading operations, other risky activities, and on their overall size.
(Reporting by Karey Wutkowski) Keywords: OBAMA FINANCIALS/SHELBY (E-mail:karey.wutkowski@thomsonreuters.com; +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shelby joined with nine other members of the committee to call on Chairman Christopher Dodd to convene the hearings.
'If the Obama Administration believes this plan should be included in the financial regulatory reform package, Chairman Dodd should hold a series of hearings so the Banking Committee can determine whether the proposal has merit,' Shelby said in a statement.
On Thursday, Obama proposed new limits on banks' proprietary trading operations, other risky activities, and on their overall size.
(Reporting by Karey Wutkowski) Keywords: OBAMA FINANCIALS/SHELBY (E-mail:karey.wutkowski@thomsonreuters.com; +1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.