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Public Statements

Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

Location: Washington, DC


Mr. WATT. It is an inconvenient fact that the Constitution reserves certain rights to the States and allows the Federal Government to have certain rights. And it sometimes gets inconvenient for those people who profess to believe in States' rights that we have to accommodate them.

One of the most difficult parts of making the appropriate accommodation has been finding the right preemption of State law standards to put into this bill. I am deeply indebted to all of the members of the committee, particularly Ms. Bean, who has been very active on this issue.

We worked out 10 different things on Federal preemption, some reserved to the States, some reserved to the Federal Government. And as I said at the very outset of the discussions about this, we knew we would find the right place to be on preemption if the consumer groups were unhappy and if the industry was unhappy. And we have succeeded in making both of them unhappy. And they are equally unhappy, so I think we have found the right balance on preemption.

That is about all I can say because I don't have time to go through the 10 things that we were able to agree on. Nobody is jumping up and down and threatening to shoot any of us, but I can tell you that everybody is kind of equally unhappy.

I appreciate the chairman giving me the opportunity to explain that. And I am sure nobody understands it, but that's okay.


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