On the recordJuly 8, 2004
The dual banking system in our Nation has a long and very productive and rich history. It has played a major role in making ours the strongest and most confirmed banking system in the world. The balance between the State-chartered banks and the national banks provides critical fuel to our economy, fosters innovation and competition, and provides Americans with a safe and sound banking system as a whole. I am deeply concerned that the OCC's preemptive rules would take that balance and put it into jeopardy. These rules could radically change our financial regulation structure, and overriding State law enforcement authority and the State laws for national banks can have serious repercussions on our Nation's banking economy and on the consumers in the State of Idaho. We do not have to look back very far in history, Mr. Chairman, to see the long-reaching effects of preempting State financial laws.
Source
govinfo.gov
