ICBA - Publications - Bills Introduced to Overturn OCC Preemption

Bills Introduced to Overturn OCC Preemption

WWR ARTICLE
MAY 7, 2004

 

Thirty members of the House of Representatives have introduced bills to overturn preemption rules issued by the Comptroller of the Currency (OCC). The bills are identical to resolutions introduced by Sen. John Edwards (D-NC). Edward's resolutions have not attracted any co-sponsors. Rep. Luis Gutierrez (D-IL) is the lead sponsor in the House. Gutierrez and Edwards apparently hope to use expedited procedures under the Congressional Review Act to repeal the regulations.

ICBA did not support adoption of the OCC regulations when proposed (recommending instead that OCC continue to act on a case-by-case basis). Nonetheless, ICBA does not support the Edwards/Gutierrez attempts to pass their measures under the Review Act. Adoption of the resolutions could call into question long-standing agency and court decisions and chill additional case-by-case preemptions.