UK Lawmakers Look To Block EU Banking Reform

LONDON (AP) — British lawmakers on Monday urged their government to veto the European Union's proposals to reform financial regulation, saying they were put together too hastily and would undermine the nation's sovereignty.

The Treasury Committee, a bipartisan panel from the House of Commons, said it was concerned about some of the details of the proposed regulation and urged the EU to slow down and think again.

"There is still more unease about the speed with which it is hoped to agree them," the committee's report said, noting that the European presidency hopes to get the rules confirmed on Dec. 2.

"The timetable would be less worrying — although still over hasty — if the proposals were without controversy. However, even on a short examination we have found serious cause for concern," the committee said.

A key worry was whether the proposed European Systemic Risk Board would have the power to override national decisions.

The committee also expressed concern about the size of the proposed 61-member board and complained that there is no guarantee that the board's steering committee will include members from outside the eurozone such as Britain and Sweden.