Senate rejects curbing state AGs on bank laws

WASHINGTON (BestGrowthStock) – The Senate on Tuesday rejected an amendment to a landmark Wall Street reform bill that would have excluded state attorneys general from enforcing new federal bank consumer protection laws.

The amendment offered by Republican Senator Bob Corker would have weakened the powers conferred on state authorities under the wider bill’s proposal to create a new financial consumer watchdog agency within the Federal Reserve.

A related amendment from Democratic Senator Tom Carper that seeks a balance between federal and state powers in the same area was being voted on immediately after the Corker measure.

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(Reporting by Kevin Drawbaugh, Editing by Chizu Nomiyama)

Senate rejects curbing state AGs on bank laws