04/09/2008 05:12 am ET Updated May 25, 2011

Paulson Plan Blasted By Small Banks, State Officials

Small banks, state officials and others began an assault on the Bush administration's sweeping plan to overhaul the nation's financial regulatory system.

Their criticism presages the long fight between regulators, financial institutions and a host of others if the proposals become legislation.

"It reads like amateur hour and it's because none of those guys ever worked in a regulated, chartered bank," said Camden Fine, president and chief executive of the Independent Community Bankers of America, a Washington trade group representing small banks, referring to the authors at Treasury. "A bunch of guys from Wall Street decided this was going to be their proposal."

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