Sens. Chuck Hagel, R-Neb., and Charles E. Schumer, D- N.Y., on Wednesday said the Securities and Exchange Commission should be required to consult with banking regulators before challenging an institution's loan-loss reserves.

The two lawmakers urged Senate Banking Committee Chairman Phil Gramm to accept an amendment to the House financial reform bill by Rep. Marge Roukema, R-N.J., that would require the SEC to "consult and coordinate comments with the appropriate federal banking agency before taking any action or rendering any opinion" on a bank's loan-loss reserves.

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