Iowa AG: States must help protect consumers
The Associated PressIowa Attorney General Tom Miller says the states should continue to have a role in protecting consumers from fraudulent practices.
Miller is leading a group of 40 state attorneys general in urging Congress to uphold the role of the states in enforcing consumer protection laws.
In the letter released Wednesday, the attorneys general noted weakened consumer protections and limited enforcement authority already have damaged many consumers and the economy. The letter was sent to key congressional leaders as Congress considers legislation to create a Consumer Financial Protection Agency.
The letter asks Congress that the states be given authority to enforce federal law and be allowed enforce state consumer protection laws for state- and federally chartered financial institutions.
The attorneys generals claim allowing the states to enforce federal standards will maximize government resources.