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Shelby smells a rat in S. 3217

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Sen. Richard Shelby, R-Ala, doesn't believe the financial reform bill the Senate began debating today will actually regulate the large financial organizations whose risky actions threatened the entire economy in 2008. Instead, the ranking member of the Senate Banking Committee sees the bill as something that will further institutionalize bank bailouts in the future.

Shelby noted that many large financial firms -- like Goldman Sachs and Citigroup -- have expressed support for the legislation.

“(Large financial firms) know that the bill will bring them and Wall Street firms like them under the Federal safety net where they will get preferential treatment just like Goldman Sachs got in the AIG bailout," Shelby said.