House Speaker Newt Gingrich made clear in a letter last week that Congress should decide bank securities powers, not the Federal Reserve.

Rep. Gingrich composed the note to House Banking Committee Chairman Jim Leach following a Dec. 7 meeting with chief executives from five big banks. A few of the bankers walked away convinced the speaker supported dumping Rep. Leach's stalled Glass-Steagall repeal bill and asking the Fed to accomplish the same goal by raising Section 20 underwriting limits.

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