By By Chandler Myers
The economy needs better regulation of banks, said U.S. Sen. Richard Shelby, who told Escambia County residents that is why he voted against the reconfirmation of Federal Reserve Chairman Ben Bernanke last week.
Shelby, R-Ala., said he is against government bailouts, but for a better system of banking that could create jobs.
United Bank’s Dale Johnson asked the senator about his recent dissent to confirm Federal Reserve chairman Ben Bernanke. The Senate approved Bernake to a second term, but only on a 70-30 vote, one of the weakest shows of support for achairman in the agency’s 96-year history.
Shelby said he has known Bernanke for a long time, but doesn’t think the chairman does a good job regulating banks.
Shelby also told residents his office would do what it could to help alleviate the conditions that led to flooding in December.
One resident told Shelby he thought the flooding in Brewton and East Brewton had been worse because of fallen timber.
Shelby said he would speak to the Army Corps of Engineers about the problem.
Shelby, who faces another re-election campaign this year, said he is going to run on what has made him senator.