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Post date: February 25 2004

Statement By Attorney General Eliot Spitzer Regarding A House Amendment Pertaining To Occ Preemption

Attorney General Spitzer today commended U.S. Rep. Luis Gutierrez and U.S. Rep. Ron Paul for offering a legislative amendment pertaining to new regulations by Office of the Comptroller of Currency (OCC). Spitzer said:

"As I noted yesterday at a speech at Georgetown Law School, the OCC's recent actions purporting to preempt states from enforcing their laws, including important predatory lending laws against national banks, are both misguided and legally unsupportable. The notion that the OCC has the resources to protect consumers from these practices without help from the states is laughable. Consumers need more protection, not less. The amendment by Congressmen Gutierrez and Congressman Paul reflects this reality and I applaud their efforts. I urge the Committee to adopt this amendment."