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Shelby Banking Bill Advances in Face of Democrat Opposition

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Tough Road Ahead for Dodd-Frank Revamp

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Republicans on the U.S. Senate Banking Committee voted unilaterally to ease regulations for dozens of mid-size lenders and toughen oversight of the Federal Reserve, prompting a clash with Democrats that threatens the legislation.

The banking panel voted 12-10 along party lines on Thursday to advance a bill that could free SunTrust Banks Inc., U.S. Bancorp, PNC Financial Services Group Inc. and other banks from the Dodd-Frank Act’s stiff supervision and capital requirements. Under the legislation, the Fed would need to disclose more information to Congress about monetary policy decisions, while the head of the New York Fed would need to be confirmed by the Senate.