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In rush to reform, consumers could lose; Balancing state, federal oversight is key to financial reform.(NEWS)(Editorial)

More than 30,000 Minnesotans call the state Department of Commerce each year with questions about the sometimes arcane and confusing products sold by insurance companies. It's not the sexiest work around, but Commerce Commissioner Glenn Wilson believes it's a vitally important consumer protection role.

That's one reason why Wilson and regulators from other states are less than thrilled with U.S. Treasury Secretary Henry Paulson's proposal to overhaul the nation's financial regulatory system by taking responsibility away from the states in favor of federal oversight. It will be a very cold day in Washington before a federal agency is equipped to handle all of the necessary ...

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