High Court to Rule on State Inquiries on Banks

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Rosemary Sims's picture
Rosemary Sims
Status: Bronze Member (Offline)
Joined: Oct 2 2008
Posts: 81
High Court to Rule on State Inquiries on Banks

I think that this decision reached the Supreme court is mind boggling.  It's a matter of State's Rights and I was a denizen of the 1960's Civil Rights movement.  I'd love to hear comments about this.

Rosemary

http://www.nytimes.com/2009/01/17/business/17bizcourt.html?ref=business

jrf29's picture
jrf29
Status: Gold Member (Offline)
Joined: Apr 18 2008
Posts: 453
Re: High Court to Rule on State Inquiries on Banks

This is a dangerous centralization of power being pushed for by the Bush administration.  Isn't federal pre-emption of statutes supposed to be the Democrat's line?  Of course, the Supreme Court reverses appeals court cases regularly.

Since banks deal with interstate business and electronic currency which crosses state lines in a flash, it seems rational that the regulation of banks must be largely federal in order to protect consumers.  However, that the Office of the Comptroller of the Currency can claim that states are barred from enforcing their own state laws is almost absurd, particularly if those laws are not in conflict with federal regulations.

"The Obama administration’s brief is due at the end of March"

I wonder what it will be...

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