The House Banking Committee's financial reform bill, by stripping bank regulators of the power to keep banks out of risky businesses, would turn them into "Keystone Kops" running after malefactors with cease-and-desist orders.

So says Rep. John Dingell in letters to Federal Reserve Chairman Alan Greenspan, Treasury Under Secretary John D. Hawke Jr., and Securities and Exchange Commission Chairman Arthur Levitt Jr.

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