WASHINGTON — Reps. Jeb Hensarling, R-Texas, chairman of the House Financial Services Committee, and Scott Garrett, R-N.J., are warning that the Securities and Exchange Commission failed to conduct an economic analysis of the Volcker Rule, violating federal law.

The lawmakers on Monday requested a legal justification for the decision to forgo the analysis, in a letter to Mary Jo White, chairman of the SEC. The agency has come under fire several times in recent years over the issue of its cost-benefit analyses for new rules. Regulators have said the SEC didn’t provide a separate analysis under the Volcker Rule because the law they wrote the rule under didn’t require it, though it’s possible that decision could spur a legal challenge.

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