Some Senate Democrats are fighting among each other over how much power the federal government should have under an overhaul of the nation's financial regulatory system. Some see a need for more middle ground in divvying up oversight between state and federal regulatory agencies. Banks fear a rollback of the current pre-emption standard that grants federal regulations precedence over state rules may result in patchwork and overlapping regulation. "We cannot have a patchwork set of rules for federally chartered banks," said Richard Hunt, president of the Consumer Bankers Association. "Why would you add an additional layer of confusion?"
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