The U.S. Securities and Exchange Commission cited confidentiality for its decision, the report said.
NEW YORK (Reuters) - Regulatory officials turned down a congressional request to reveal why they aborted an inquiry into whether Bear Stearns Cos <BSC.N> improperly valued complex debt securities, hurting investors in the process, the Wall Street Journal reported on Wednesday.
The U.S. Securities and Exchange Commission cited confidentiality for its decision, the report said.
Sen. Charles Grassley, an Iowa Republican, sent the SEC a letter on April 2 asking for details on why the regulatory body dropped its investigation into the Wall Street firm, the Journal said.
The report added that SEC Chairman Christopher Cox replied in an April 16 letter, saying: "The Commission does not disclose the existence or nonexistence of an investigation or information generated in any investigation unless made a matter of public record in proceedings brought before the Commission or the courts."
!ADVERTISEMENT!Bear Stearns agreed last month to be bought by JPMorgan Chase & Co <JPM.N> for $10 a share in an all-stock transaction to save it from bankruptcy.
The SEC and Bear Stearns were not immediately available for comment.
(Reporting by Aarthi Sivaraman)
