Senate Banking Committee Chairman Chris Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Ala.) have sent a letter to SEC Chairman Christopher Cox, Fed Chairman Ben Bernanke, and Treasury Department Secretary Henry Paulson, telling them to halt actions to share more oversight of investment banks.

Dodd and Shelby said the plan needs to be put on hold until Congress can decide whether it makes sense. “It is Congress’s role to determine if and how any alterations to our financial regulatory system should be undertaken. We ask that no action regarding implementation…be taken before we can determine that it is in the best interests of our nation’s economy and the well being of its citizens.”

July 2, 2008