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12-11-2009, 05:18 AM #1
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House Debates Financial Rules Overhaul Reins in State Powers
House Debates Financial Rules Overhaul, Reins in State Powers
By Alison Vekshin and Lorraine Woellert
Dec. 10 (Bloomberg) -- The U.S. House debated legislation today to toughen rules policing Wall Street after leaders quelled a Democratic revolt by members seeking to scale back states’ power to regulate national banks.
The New Democrat Coalition of 68 pro-business lawmakers won concessions after demanding consideration of a proposal to bar states from overriding federal consumer-protection rules for banks. Financial companies support pre-emption, to avoid a patchwork of state laws, while consumer groups and state attorneys general want states to impose tougher rules on banks as part of the overhaul of Wall Street regulations.
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