Senators Rebuke Cox, Bernanke, Paulson

Law360, New York (June 30, 2008, 12:00 AM EDT) -- Two powerful senators cautioned the heads of the U.S. Department of Treasury, the U.S. Securities and Exchange Commission and the Federal Reserve not to implement policies to increase regulation of investment banks without congressional approval.

Sens. Christopher Dodd (D-Conn.) and Richard Shelby (R-Ala.), respectively the chairman and ranking minority member of the Senate Committee on Banking, Housing and Urban Affairs, sent a letter Friday.

The letter asked that the Treasury Department's Henry M. Paulson Jr., the SEC's Christopher Cox and the Federal Reserve's Ben Bernanke put...
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