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WSJWASHINGTON -- Small banks, state officials and others began an assault on the Bush administration's sweeping plan to overhaul the nation's financial regulatory system.
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"It reads like amateur hour and it's because none of those guys ever worked in a regulated, chartered bank," said Camden Fine, president and chief executive of the Independent Community Bankers of America, a Washington trade group representing small banks, referring to the authors at Treasury. "A bunch of guys from Wall Street decided this was going to be their proposal."
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Large financial-services companies have had a seat at the table as Treasury crafted its plan, and many welcomed some of its broad principles, such as streamlining regulation. But groups such as Mr. Fine's community bankers, representing the smaller end of the spectrum, hold considerable sway in Washington. With members in nearly every congressional district, they are vital to the success of the plan.
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Other groups expressing early opposition include credit unions, which are concerned that a single depository regulator would force them into a structure dominated by traditional banks. Smaller banks fret that creation of a single banking regulator will favor the desires of their bigger competitors. State prosecutors complain that a proposal to create a national insurance regulator would substitute their vigilance with weak federal oversight.
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