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"[FHFA] is not the primary regulator for review or enforcement of consumer laws and regulations that sell loans to Fannie Mae or Freddie Mac, or those that service loans on behalf of the two enterprises," the letter said.
Some lawmakers and former regulators also have reservations about the comptroller's office, which is investigating the trade and was the primary regulator for JPMorgan's chief investment unit.
Mr. Lockhart has led the agency for more than three years, serving as the primary regulator for Fannie, Freddie and the Federal Home Loan Banks as the housing market skyrocketed and then cratered.
"No one thinks the A.G.'s office is supposed to be the primary regulator for the financial industry in this country, but there are times when it has had to be in that role," he said.
The response, which will include sending investigators into the field, also demonstrates how seriously the allegations are viewed by the commission, the primary regulator for the mutual fund industry.
The legislation would empower regulators to seize and dismantle a failing financial firm to reduce the chance of a disorderly collapse; force giant banks to hold more capital and more liquid assets; and designate the Federal Reserve as the primary regulator for the biggest financial institutions, not just banks.
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The states have been the primary regulators for more than 150 years.
Banks could apply to their primary regulators for permission to return the TARP money to the Treasury Department early.
The results also indicate that emission control strategies are primary regulators for NO2 and PM10 levels.
He has also lambasted the Securities and Exchange Commission SECC), the federal agency which is the primary regulator of mutual funds, for being "asleep".
Glial cell line-derived neurotrophic factor (GDNF) has been identified as a critical factor in vivo for the replication of SSCs and a primary regulator of the fate decision for SSCs in vitro.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com