Sen. Christopher Dodd, D-Conn., chairman of the U.S. Senate banking committee, offered details about a 1,336-page bill to revamp regulation in the financial industry. The legislation includes a more active role for Washington, D.C., in overseeing Wall Street. Richard Hunt, president of the Consumer Bankers Association, said a provision in the legislation that would allow states to pass tougher rules affecting national banks "would disrupt the uniform and efficient operation of the banking system, increase the cost of compliance, and potentially confuse consumers and businesses with a hodgepodge of rules and regulations." Read the CBA news release.
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