U.S. Senator's bill targets Fed, bank and mortgage rules

By Michael Flaherty WASHINGTON (Reuters) - A draft Republican bill in the U.S. Senate takes aim at bank rules and insurance regulations, also limiting restrictions on mortgage requirements and proposes restructuring the Federal Reserve and other financial regulators. The 216-page, eight section report released on Tuesday was crafted by the staff of Senator Richard Shelby of Alabama who chairs the Senate Committee on Banking and has made easing rules for small banks and imposing reforms on financ