[Congressional Record Volume 150, Number 56 (Wednesday, April 28, 2004)]
[Extensions of Remarks]
[Page E689]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 INTRODUCTION OF LEGISLATION TO OVERTURN THE OFFICE OF THE COMPTROLLER 
              OF THE CURRENCY'S ``PREEMPTION REGULATIONS''

                                 ______
                                 

                         HON. LUIS V. GUTIERREZ

                              of illinois

                    in the house of representatives

                       Wednesday, April 28, 2004

  Mr. GUTIERREZ. Mr. Speaker, today, along with Congressman Paul and a 
number of our colleagues, I am introducing legislation to overturn the 
Office of the Comptroller of the Currency's (OCC) ``preemption 
regulations.'' These misguided, unprecedented, and unchecked pair of 
regulations expand federal regulatory authority by preempting state 
consumer protection laws. The OCC regulations exceed the limited 
preemption authority granted the agency by Congress. Our legislation 
will stop the OCC from eroding strong safeguards that have been used by 
the states for more than a century to enforce consumer protection laws.
  The Congressional Review Act (5 U.S.C. 801) provides a mechanism for 
Congress to review and nullify regulations and prohibit the agency from 
promulgating substantially similar regulations--without changing the 
underlying statute. In this case, each Congressional Review Act 
resolution--one for each rule--will function like a ``referendum'' on 
an OCC rule. Similar legislation was introduced in the Senate before 
the recess.
  Last week, in testimony before the Senate Banking Committee, Federal 
Reserve Board Chairman Alan Greenspan expressed concern about the OCC's 
actions and their potential to undermine the dual banking system. He 
urged legislators to maintain an ``appropriate balance'' in the 
nation's dual system of federally and state-chartered banks. I would 
hope that my colleagues would join our effort to accomplish that 
balance by overturning these misguided rules.

                          ____________________