Bank Regulator May Have Mislead Congress

September 18, 2000, 1:00 a.m. EDT 1 Min Read

- WASHINGTON (09/18/00) - House Banking CommitteeChairman Jim Leach, R-Iowa, angered over recent actions by theComptroller of the Currency, said last week the regulator fornationally chartered banks may have mislead him when he said theregulator approved three banks' equity investment for hedging only.Leach said last week the banking regulator may have issued broaderorders allowing for equity investments beyond hedging. Leach andother lawmakers were adamantly opposed to commercial banksinvestments in equities when Congress rewrote the banking laws in1998 as part of the Gramm-Leach-Bliley Act. Leach has called for anaccounting of the matter from the comptroller.

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