WASHINGTON - House Banking Committee Chairman Jim Leach warned bankers last week that opposing his legislation granting the industry new securities powers and regulatory relief would backfire.

"I frankly wonder whether institutions such as yours really want to precipitate the defeat of landmark legislation to reform Glass-Steagall as well as the most comprehensive regulatory relief bill the banking industry has been provided in recent years," Rep. Leach wrote in a seven-page letter to banking executives.

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