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December 11, 2003

Bush Attacks States Rights, Again

NY's Attorney General Eliot Spitzer is fighting another Bush assault on state powers to regulate corporations:

The Comptroller of the Currency ruled in August in an individual case that national banks did not have to comply with state predatory lending laws. It then proposed to make formal its decision to grant all national banks exemptions from state lending laws.

State officials and consumer groups have opposed the move to override state laws aimed at protecting consumers, including those to curb "predatory" lending practices.

These lending abuses include exorbitant fees and interest rates and payments for undisclosed insurance products.

But the comptroller has the power to override state banking laws. "Federal pre-emption is not unprecedented," a spokesman, Bob Garsson, said.

Yes, and Bush would like nothing more than to preempt most state regulation of abusive corporate practices.

Please, can we just bury any rhetoric now that the GOP believes in respecting state sovereignty.

Posted by Nathan at December 11, 2003 01:22 AM