by Sarah Curry
Director of Fiscal Policy Studies
Saw this article on the Wall Street Journal and thought it was relevant with there being so many small banks in North Carolina….
Senate Banking Committee Chairman Richard Shelby (R., Ala.) said he and Federal Reserve Chairwoman Janet Yellen, in a meeting Tuesday, discussed his plans for a legislative package aimed at reducing the regulatory burden on small banks.
Ms. Yellen had no public comment after meeting with Mr. Shelby in his office on Capitol Hill for about 25 minutes.
“We had a candid and I’ll call it worthwhile discussion,” he told reporters after the meeting.
Mr. Shelby said he and Ms. Yellen also talked about the economy and issues facing the banking system. He declined to say whether they discussed proposals to restructure the Fed, including a plan from Dallas Fed President Richard Fisher to shift power away from the New York Fed.
Mr. Shelby has said he is considering legislation to change the Fed’s structure and governance, given its broad new powers over the financial system.
“I want to be fair but I also want to make sure that Congressional oversight of the Federal Reserve is real,” Mr. Shelby said Tuesday.