Moderate House Democrats are drafting a proposal that would continue to shield big U.S. banks from potentially tougher state regulations of credit cards, mortgages and savings accounts.
The plan would differ from President Barack Obama's proposal to give states a role in regulating large financial institutions. The lawmakers say it is a practical, low-cost approach to regulating firms that have customers in multiple states.
But their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean and discussed at a hearing Wednesday, is not sitting well with consumer advocates who say banks should not be allowed to skirt state regulations if the restrictions …
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