Posted: Feb 18, 2013 9:37 AM by MTN News
Updated: Feb 18, 2013 1:34 PM
HELENA - Montana Attorney General Tim Fox is challenging the Dodd-Frank Act, which imposes stricter financial regulations on the banking industry.
The bill passed in 2010 had support from both Montana senators, who say they are continuing to monitor the restrictions passed to make sure compliance doesn't hurt Montanans.
Senator Jon Tester's office says before 2010 there here were no referees to keep Wall Street from gambling with the savings of the middle class.
Tester's office says he supported the bill because it put consumers ahead of big banks, and will continue to push for common sense legislation that protects consumers.
"He will continue to push for common sense legislation that protects consumers and prevents giant banks from failing and then demanding taxpayer bailouts," Tester spokeswoman Andrea Helling said in a statement.
Senator Max Baucus also voted in support of the bill, and his office says he is "watching carefully to make sure the bill is implemented in a way that works for Montana."
He's also weighing in with regulators so community banks don't get swept up in the rules that are meant for Wall Street.