On the recordMay 18, 2010
let me try to be clear on one point, as we come to the close of this discussion. For States or their national banks, under what is proposed and what would occur under our amendment, if a State AG wants to try to enforce a State law on a national bank, the bank can go in and say to the courts, they can go in and say to the regulator, the Office of the Comptroller of the Currency, that State law is preempted. That cannot be enforced against a national bank. The question here--and this is a point where I gave on and our side gave on in negotiations--how about if the State AG or State officials want to come in and enforce the rules that have been developed by the new consumer bureau? Under the compromise we have reached, while they cannot come in and enforce their own State laws, or, really, come in and enforce the Federal law we are debating today, the State AG can come in and enforce the rules, which have been worked out over a period of months--draft regulations, proposed regulations, common periods, revised regulations with guidance, and finally adopted regulations with guidance.
