To the Editor:

I recently misspoke when I was discussing the issue of preemption with a reporter from the American Banker. As reported accurately by your publication, I said that the issue of preemption would not be resolved in a collegial manner in the House of Representatives ["Treasury Gives Some Ground on Reg Reform," Sept. 24].

Quite the opposite, however, is true. The question of preemption has to be solved in a collegial way. I am currently working with many members of the House Financial Services Committee on this issue, and the committee has scheduled a hearing on Wednesday, Sept. 30, to discuss the subject of preemption as well as many others regarding the Consumer Financial Protection Agency.

Rep. Barney Frank
Chairman
House Financial Services Committee
Washington

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