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Democrats Said to Plan Alternative to Shelby’s Dodd-Frank Bill

Democrats on the Senate Banking Committee are drafting financial legislation as an alternative to a Republican bill they see as an effort to dismantle the Dodd-Frank Act, a committee aide said Monday.

Ten Democrats, led by Senator Sherrod Brown of Ohio, are signing onto the proposal ahead of a Thursday meeting of the committee, according to the Democratic aide. The lawmakers have signaled support for measures to help community banks and credit unions, while criticizing Republicans for pushing plans that would help banks with as much as $500 billion in assets and relax some mortgage regulations.