Letter to the Editor: Frank: I Misspoke on Preemption

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.