Acting US currency comptroller defends pre-emption
Hood says principle is in line with federal law and court precedent
Rodney Hood, the acting US comptroller of the currency, published a letter on June 9 arguing that pre-emption was legal and necessary, following criticism of the principle from a trade association representing state banks.
Pre-emption allows each national bank to follow federal regulations and the laws of the US state in which it is chartered, as opposed to the laws of each state in which it operates.
Hood said the principle was in line with federal law, Supreme Court precedent and president
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com test test test
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com test test test
More on Economics
Tariffs not increasing activity or jobs in US manufacturing – study
Labour supply constraints and increased input costs are holding sector back, say Fed researchers
Cook: US labour market solid, inflation to remain elevated
Governor differs from fellow members of Fed board in first speech since Trump’s attempted dismissal
France faces ‘gradual suffocation’ by debt, BdF governor says
Villeroy de Galhau finds notion of being under IMF tutelage 'insulting'
Trade fragmentation not always inflationary – BoE study
Tariffs influence prices based on how sudden the shock is and how demand adjusts, researchers say
US long-term unemployment uptick worries researchers
Minneapolis Fed authors point to ‘large and consequential trend’ upwards
Lagarde calls for EU-wide clean energy strategy
Integrated capital markets to finance affordable and sustainable sources of power, ECB president says
AI, low productivity, and trade in focus at G30
Georgieva, Bailey and Lagarde speak on stretched AI evaluations and distortionary trade policies
Nobel committee recognises theories of tech-driven growth
Joel Mokyr, Philippe Aghion and Peter Howitt share economics prize