U.S. Treasury Secretary Henry Paulson's plan to overhaul the nation's financial regulatory system would strip Massachusetts of its power to provide consumer protections and even gut the state's new auto insurance program, local leaders and industry experts warned yesterday."It's a Trojan horse" for Wall Street, Massachusetts Secretary of State William Galvin, who oversees the securities sector in Massachusetts, said of Paulson's sweeping plans, which ultimately would reduce the clout of states to regulate the securities, banking and insurance industries.U.S. Rep. Barney Frank (D-Newton), chairman of the powerful House Financial Services Committee, praised Paulson's plan for at least recognizing the need for regulatory changes in the wake of the subprime-mortgate meltdown that's crippled the capital markets.....
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Car Insurance News: Paulson Plan Hit ; State, Banking Groups See U.S. Power Grab...Get an auto insurance quote!