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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.