WASHINGTON (MarketWatch) -- Sen. Richard Shelby, the top Republican on the Senate Banking Committee, said Tuesday he's open to considering any idea to prevent another "calamity" like the financial meltdown and bailouts of 2008, including an Obama administration proposal known as the Volcker Rule that would restrict commercial banks from owning or operating as a hedge fund. Democratic Sen. Chris Dodd, chairman of the committee, said he "strongly supports" the proposal advocated by former Fed Chairman Paul Volcker, who testified at a hearing in favor of the proposed limits on banks.