1:55 PM EDT
Steven C. LaTourette, R-OH 14th

Mr. LaTOURETTE. If the gentleman would yield to me on his reservation, I would make this observation to the gentleman and to the House. This amendment that Mr. Miller and I crafted, obviously, one of the things that vexes, and it doesn't matter whether it's financial services or anything else, one of the things that continues to vex and cause tension between the Federal Government and the States is this whole issue of preemption.

So when Mr. Miller came to me with the original amendment, we began to hear some concerns. And quite frankly, the concerns were are you opening the door to a Maryland-type situation, where they can pass a State law that says that nobody can foreclose on property for 5 years, 10 years, 15 years. And clearly, although I happen to think that that kind of abrogation of property rights is an unconstitutional exercise of legislative authority, I understood the concerns.

And so I will tell the gentleman on his reservation that we sought the advice of the OCC and the OTS and received a list of things that are already preempted. And as I think the gentleman has accurately stated, the manner, the process in which foreclosures have happened have always been the purview of the States. And then the boarding up of properties or the maintenance of properties that are foreclosed. [Page: H3292]

And so it is my attempt through this unanimous consent request, I think, from all Members, and I think Members on both sides of the aisle have some concerns about this. This wasn't limited to Republican Members. There were some Democratic members that had concerns as well. The OCC has indicated to us that this answers that concern. It doesn't deprive them of their authority under the National Bank Act. Some of the banking institutions that were originally concerned about the amendment have indicated

the that this is language that they can live with.

And just as a Republican Member of the House, I would say to the gentleman from Georgia, under his reservation, that this is typically the point in our debates where our distinguished chairman of the Financial Services Committee skewers us as Republicans for being for States' rights on some days and being against States' rights on other days. It was my goal to make sure that States' rights were preserved on those things that they've always had the opportunity to regulate, and not impinge upon

those, but also recognizing that not all the best ideas in terms of how to proceed on process or maintenance necessarily emanate from this Chamber.

I thank the gentleman for yielding on his reservation.