Standoff in the House
December 10, 2009 | federal legislation, industry | Comments (0)From tomorrow’s Washington Post:
A standoff this week that threatened to stall House debate over sweeping financial regulatory reform ended with a deal seen as a victory for the nation’s big banks.
Rep. Melissa Bean (D-Ill.) and other moderate Democrats briefly held the so-called Wall Street Reform and Consumer Protection Act hostage on Wednesday, demanding consideration of a proposal that would allow federal laws governing consumer protection to preempt those set by individual states.
The current draft of the legislation would allow states in most cases to impose tougher restrictions, using federal standards as a floor rather than a ceiling. The financial industry has lobbied relentlessly against that structure, saying it would add layers of burdensome bureaucracy and confuse consumers.
It was all supposed to be over by Friday afternoon. Looks like the excitement could go into next week.
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