Bloomberg reported that the U.S. Senate Banking Committee plans to consider legislation next month that the panel’s chairman has said may seek restrictions on the Federal Reserve while freeing small and regional banks from parts of the Dodd-Frank Act.

Bloomberg said the committee has been holding hearings and negotiating on ways to boost Fed oversight and lessen the burden on community banks and regionals such as SunTrust and BB&T.

Bloomberg noted that members will meet in May to weigh legislation meant to provide regulatory relief.

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