Sean Patrick Maloney: “I rise in support of the Gutierrez amendment barring the use of funds to enforce the OCC preemption regulations. This…”

“I rise in support of the Gutierrez amendment barring the use of funds to enforce the OCC preemption regulations. This amendment is supported by a bipartisan group of members of the Financial Services Committee who have been frustrated in our efforts to bring legislation on this important issue before the Committee for full debate and action. We are concerned that the recently issued OCC preemption and visitatorial regulations deny our constituents the benefits of State predatory lending and other consumer protection laws. The OCC's assertions that it will provide the same level of consumer protection are simply not realistic. To duplicate the State regulatory apparatus would require a huge increase in the size and budget of the OCC--and more to the point, a huge increase in regional experience and intelligence that the agency simply does not have. Recent crises such as the Riggs Bank fiasco have put in doubt whether the OCC can do the job it has now, let alone taking over the job of the 50 State banking regulators. Legislation has been introduced to address this issue. Ten members of the Financial Services Committee, including myself, signed a letter asking that it be brought up under regular order. But there has been no action to allow members of the Committee to debate and vote on it, and to bring it to the floor. This matter is urgent, and it is not appropriate to simply bury it by inaction.”