Fannie Mae Preferred S (FNMAS)

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from wsj
WASHINGTON—Democrats on the Senate Banking Committee said Friday they plan to oppose a regulatory relief measure from Chairman Richard Shelby (R., Ala.) if he moves ahead with a plan to mark up legislation next week.

In a letter to Mr. Shelby on Friday, Democrats said the senator hasn’t giving them enough time to analyze and review a regulatory relief proposal before the committee considers the bill. That move, they said, “does not speak well to the past history of bipartisanship on the Senate Banking Committee.”

“Given that you have not shared text of the legislation with all members of the Banking Committee, we are writing to inform you that we will be united in opposition if you go forward as planned,” the lawmakers said in a letter, which was reviewed by The Wall Street Journal.

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Mr. Shelby has struggled to reach a compromise with Democrats for his yet-unreleased legislation. His talks with Sen. Sherrod Brown of Ohio, the panel’s top Democrat, stalled in recent weeks after Mr. Shelby’s staff felt they weren’t making progress, though Mr. Shelby still hopes his draft will attract Democratic backing.

In the letter, Senate Democrats said they agreed with Mr. Shelby’s recent remarks to the Independent Community Bankers of America that the panel “will move whatever is doable.”

“We are ready, willing, and able to work with you to provide regulatory relief to financial institutions like community banks and credit unions,” the letter said. “However, a markup in one week on a broader proposal will not lead to a positive outcome.”