Sen. Shelby- Fed central in oversight shortcomings

WASHINGTON Tue Aug 4, 2009 9:55am EDT

WASHINGTON Aug 4 (Reuters) - A senior U.S. Republican lawmaker who will play a role in overhauling financial rules after a devastating crisis said on Tuesday much of the blame for the turmoil can be put on the Federal Reserve.

All roads lead to the Fed when looking for regulatory shortcomings, said Sen. Richard Shelby, the ranking Republican on the Senate Banking Committee, at a hearing. (Reporting by Mark Felsenthal and Alister Bull; Editing by James Dalgleish)

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