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Cooper hails court ruling on bank regulation

Tuesday, June 30, 2009
(Updated 9:07 am)

The U.S. Supreme Court ruled Monday that attorneys general can bring nationally chartered banks to account for violating state laws, something that pleases N.C. Attorney General Roy Cooper.

“It’s critical that states have the right to enforce their laws against unfair loans and irresponsible lending practices,” Cooper said in an e-mail. “Today’s ruling is a victory for consumers in states like North Carolina, where we have strong lending laws in place and success in fighting for consumers.”

Cooper’s office wrote a friend-of-the-court brief filed in the case, Cuomo v Clearing House, which 48 other states joined.

It’s a familiar issue for Cooper, who has been active in efforts to resist new laws that would curb states’ ability to regulate nationally chartered banks, particularly over predatory lending practices.

At issue in this case were efforts by the U.S. Comptroller of the Currency to shield banks that it charters from state regulation.

“While the OCC naturally is disappointed that the Court disagreed with the OCC’s interpretation of the scope of visitorial powers under the National Bank Act, everyone benefits from clarification of the law,” Comptroller of the Currency John Dugan said in a statement. “We will continue to look for ways to improve collaboration and cooperation between the OCC and the states.”

Energized

The big vote in Congress last week surrounded the House passage of the “American Clean Energy and Security Act,” a measure favored by President Barack Obama that is aimed at cutting greenhouse gas emissions and calls for 20 percent of the nation’s energy to come from renewable sources by 2020.

The legislation, which passed narrowly on a 219-212 vote, is controversial for many reasons.

Among them: Industries that released pollution would need to buy credits to release carbon into the atmosphere.

All five of North Carolina’s Republican Congressmen voted against the bill, along with Democrats Larry Kissell and Mike McIntyre.

“As we struggle to make our way out of a recession, I could not vote for the creation of a new national energy tax,” said Rep. Virginia Foxx, a Winston-Salem Republican. “North Carolina families and businesses can’t afford the financial strain of high energy costs in this bill. We should be working to ensure taxpayers are less burdened by taxes and red tape — not more.”

Rep. Howard Coble, a Greensboro Republican, also voted against the bill.

Reps. Brad Miller and Mel Watt, who represent parts of Greensboro and High Point, were among the six Tar Heel Democrats who voted for the bill.

“While the legislation is not a completed product and will require more work as it moves along in the legislative process, this is an important first step,” Watt said.

“Defeating this step or voting against it, in my assessment, was not a viable, prudent or responsible option.”

The measure now goes to the Senate.

Recess and traveling

Your friendly congressman may be a little more friendly and local this week as Congress takes its July 4 recess.

However, Coble and Miller will be out of the country this week.

Both are on a congressional trip to Moscow and will be visiting with their counterparts in the Russian Duma.

The group took off from Washington on Saturday and is due to return Thursday.

Coble’s news release on the topic says, “The group will fly on commercial airlines because U.S. military aircraft are being charged with discriminatory air navigation fees by the Russian government.”

More on Hagan and health

Sen. Kay Hagan spent part of her congressional recess at the UPS sorting center in Greensboro on Monday.

She was there to help UPS highlight its donation of $50,000 to Junior Achievement in support of the nonprofit’s financial literacy programs.

Hagan recently authored her first bill on the topic, and she has been pushing for greater financial literacy since she has been in the state Senate.

Of course, the appearance also provided an opportunity to once again ask the Greensboro Democrat about health care. Hagan sits on one of two Senate committees drafting a national health care plan and she has enraged members of her party’s left by not fully buying into the idea of a “public option” health care provider yet.

A key player in pushing for a public option has been the AFL-CIO.

The union brought members to Capitol Hill last week as part of an effort to “demand” legislators — many of whom got help from unions during the fall campaign — adopt health care reform.

As it happens, UPS is a union shop and I asked Hagan what she would tell people who have been critical of her efforts.

“The question is, how is this reform going to look like, how is it going to be paid for,” Hagan said. “Those are the issues we’re dealing with in our committee. And I’m very committed to health care reform and being sure that we have health care that’s affordable and accessible to every American.”

So why all the push-back from members of her own party?

“I think there’s a question about what’s the definition of a public plan, and that’s what we’re working through right now,” Hagan said.

“I dare say that I haven’t found anybody who agrees totally on what that definition is...I want to be sure that whatever we come up with at the end of the day is something that makes sense.”

Chip Roth, a representative with both the International Brotherhood of Teamsters and the local 391 that represents workers at the UPS center, said criticism of Hagan directly is “premature.

“I haven’t heard her say she’s not for a public option,” he said after Hagan spoke at the plant.

“Do we hope that she comes that direction? Of course we do,” Roth added.

Appointed

U.S. Sen. Richard Burr, a Winston-Salem Republican, was appointed to the board of visitors for the U.S. Military Academy at West Point.

According to a Burr news release, the board meets quarterly to review and receive updates on the academic, physical and military programs at the Academy.


Contact Mark Binker at (919) 832-5549 or mark.binker@news-record.com

How to reach your representatives

SENATE

  • nSen. Richard Burr, 217 Russell Senate Office Building, Washington, DC 20510; (202) 224-3154, burr.senate.gov
  • Sen. Kay Hagan, 521 Dirksen Senate Office Building, Washington, DC 20510; (202) 224-6342, hagan.senate.gov

HOUSE

  • Rep. Howard Coble (6th District), 2468 Rayburn House Office Building, Washington, DC 20515; (202) 225-3065, coble.house.gov
  • Rep. Virginia Foxx (5th District), 1230 Longworth House Office Building, Washington, DC 20515; (202) 225-2071, foxx.house.gov
  • Rep. Brad Miller (13th District), 1127 Longworth House Office Building, Washington, DC 20515; (202) 225-3032, bradmiller.house.gov
  • Rep. Mel Watt (12th District), 2304 Rayburn House Office Building, Washington, DC 20515; (202) 225-1510, watt.house.gov

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