Roland Gutierrez: “I regret having to offer this amendment, which blocks funds to implement and enforce the OCC preemption regulations…”

“I regret having to offer this amendment, which blocks funds to implement and enforce the OCC preemption regulations issued earlier this year. The last time we addressed this issue on the House floor was during consideration of the Commerce, Justice, State appropriations bill. The gentleman from California (Mr. Sherman) and the gentleman from Idaho (Mr. Otter), my able colleagues, offered an amendment at that time that would have prevented any funds in that bill from being used to enforce these preemption regulations. At that time the opposition did not argue against the substance of our concerns, these ill advised preemption regulations that prevent State attorneys general from protecting their consumers. Instead, those opposed to our amendment merely put forward procedural arguments and indicated that this matter should be taken up under regular order, considered in the Committee on Financial Services. We strongly agreed with those sentiments. In fact, 10 members of the Committee on Financial Services sent a bipartisan letter to the chairman of the committee as well as to the chairman of the Financial Institutions and Consumer Credit Subcommittee.”