The Senate has approved an amendment that would limit states' ability to write consumer-protection laws, even if a federal law does not exist. However, the provision preserves the power of states to enforce federal rules. The banking industry was opposed to allowing for a patchwork of state laws. "We believe there should be strong consumer-protection laws, and they should be uniform," said Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable.
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