Richard Shelby on Consumer Financial Protection Bureau

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May 5 (Bloomberg) -- U.S. Senator Richard Shelby of Alabama, the ranking Republican on the Banking Committee, talks about opposition from 44 Republican senators to any nominee for the Consumer Financial Protection Bureau unless Democrats agree to change the agency’s structure and funding. The lawmakers, led by Shelby, said in a May 2 letter made public today that they want the agency’s director to be replaced by a board of directors, its funding brought under congressional control and its operations subject to increased oversight from banking regulators. Shelby speaks with Matt Miller and Carol Massar on Bloomberg Television's "Street Smart." (Source: Bloomberg)

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