The House Financial Services Committee has approved a compromise bill that would give the federal government the authority in some instances to keep states from regulating major national banks. The Obama administration does not want the federal government to have the power to pre-empt state banking rules. Some Democrats have pushed for the federal government to have total authority to pre-empt states. The compromise bill would give the Office of the Comptroller of the Currency the authority to override the states when their laws "significantly" interfere with federal policies.
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