This morning, Illinois Attorney General Lisa Madigan appeared before the U.S. House Financial Services Committee to discuss her investigation of subprime lenders and specifically her role in negotiating an $8.7 billion settlement with Countrywide Financial. In her testimony, Madigan noted that her further attempts to stop deceptive lending practices in Illinois has been hamstrung by financial institutions' ability to preempt her authority by moving their state business to federally chartered subsidiaries. She urged the committee to either increase oversight and enforcement of these federal entities or give state attorneys general the authority to go after them. Watch it:
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