Senate Reaches Deal On State Consumer Preemption

Law360, New York (May 18, 2010, 6:32 PM EDT) -- The U.S. Senate voted Tuesday to give state attorneys general a narrowly tailored authority to enforce federally written rules against national banks within their borders, striking a balance to appease critics on both sides of the thorny question of federal preemption in finance reform legislation.

Following last-minute revisions that attempted to address concerns from critics in the White House and in both political parties, senators voted 80-18 in favor of the preemption amendment offered by Sen. Tom Carper, D-Del., as part of S. 3217, the Restoring...
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