Democrats crafting bill to shield big banks from tougher state laws

[Guy Whitey Corngood]

http://www.app.com/article/20090930/BUSINESS/90930033/1003/Democrats+crafting+bill+to+shield+big+banks+from+tougher+state+laws

THE ASSOCIATED PRESS

Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.

The plan would differ from President Barack Obama's proposal to give states a role in regulating large financial institutions that operate nation-wide. The lawmakers say it would be more practical and less expensive not to force the banks to comply with 50 different regulatory regimes.

But their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean and discussed at a hearing Wednesday, isn't sitting well with consumer advocates who say banks shouldn't be allowed to skirt state regulations if the restrictions don't suit them.

"That's the system we have now. That's the system that failed," said Ed Mierzwinski, consumer program director for U.S. Public Interest Research Groups.

[mdmc]

1. democRATS doing the publics work

:eyes:

[fascisthunter]

2. how progressive of them... hopefully they get paid well

for helping their masters.

[Guy Whitey Corngood]

4. This photo of Max Baucus should give you some indication.

[fascisthunter]

5. that's alright... let him laugh

[MisterP]

3. oh yes, we definitely need more blind faith and unconditional party-line voting

'cos if the GOP gets back in, they'll make an even STRONGER bank shield law!!!111
we can't let that happen because of you short-sighted big-picture people, so anybody who doesn't vote for one of the major parties will have their citizenship revoked. that should take care of that.

[wiggs]

6. Bush squashed states' efforts to regulate banks too. nt