NU Online News Service, Nov. 6, 12:08 p.m.EST

WASHINGTON–Legislation to create a Federal InsuranceOffice should contain language allowing it to preempt state lawwhere it conflicts with some forms of international tradeagreements, an official said.

"We firmly believe that with respect to international agreementson financial matters that there should be an appropriatelytailored, narrow preemption provision associated with it so thatwhen there is a state law provision that is in conflict with aninternational prudential agreement on discriminatory treatment of aforeign firm that there is a method for dealing with that," saidMichael Barr, assistant secretary of the Treasury for FinancialInstitutions.

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