Alabama senator denounces financial overhaul bill

WASHINGTON (AP) - Sen. Richard Shelby of Alabama is denouncing a new banking and consumer protection bill awaiting President Barack Obama's signature.

Shelby, who is the top Republican on the Senate Banking Committee, says the bill is not "real reform."

He says it it doesn't address the problems of mortgage giants Fannie Mae and
Freddie Mac, whose questionable lending helped start a collapse in the housing market.

Speaking Friday on ABC's "Good Morning America," Shelby also complained the bill creates a massive bureaucracy but doesn't create jobs.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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