Maine Sen. Susan Collins and Congresswoman Chellie Pingree are seeking to influence legislation Congress is crafting that would crack down on the financial services industry.

As Congress considers stricter oversight of the nation's financial services industry, Maine Republican Sen. Susan Collins says she wants to make sure that the new regs don't cut states out of the picture.

"I'm going to scrutinize the bills that would undermine or greatly dial back the authority that states have," Collins told Capitol News Service. "That concerns me because I've seen first-hand the good job that state regulators can do, particularly in responding to consumer concerns."

First District Congresswoman Chellie Pingree, a Democrat, says the committee-approved legislation is the first step in a process that may result in a final bill by the end of the month. says while the measure approved by the House Financial Services Committee is a good first step, its capital requirements are inadequate and it doesn't do enough to stem reckless banking practices.

Pingree says a final bill is expected to be crafted by the end of the month.