As we (and Attorney General Lisa Madigan) feared, an amendment to the Senate financial reform bill was filed that would strip the power of state regulators to enforce consumer regulations on national banks and their subsidiaries. More ominously, four Democratic senators -- Sens. Tom Carper (D-DE), Mark Warner (D-VA), Tim Johnson (D-SD), and Evan Bayh (D-IN) -- have already come out in support of the measure. For an explanation about why this issue is important, read Mike Konczal. And check out Matt Yglesias's post warning about the potential of Wall Street reform opponents from both parties loading up the bill with bogus amendments and then voting against it anyway.

UPDATE (3:40 p.m.): "If there is a remaining amendment fight to engage in on Wall Street reform," writes Open Left's Chris Bowers, "this is probably the best one."