House Banking Committee Chairman Jim Leach's speech before the Institute of International Bankers created quite a stir last week. Veteran observers have difficulty recalling a more vitriolic attack directed at a bank regulator.

Mr. Leach accused Comptroller of the Currency Eugene Ludwig of violations of law of constitutional gravity. He added that Mr. Ludwig's actions are "exclusively responsible for the delay in consideration of Glass-Steagall reform and regulatory burden relief legislation." Moreover, Mr. Leach charged Mr. Ludwig with abusing his position by lobbying banks to influence legislation.

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