US lawmaker wants answers on SEC Bear Stearns probe

WASHINGTON, April 2 (Reuters) - A senior U.S. lawmaker said on Wednesday he wants answers on why the Securities and Exchange Commission declined to bring a case against Wall Street investment bank Bear Stearns Cos Inc BSC.N for improperly valuing mortgage-related investments.

Iowa Sen. Charles Grassley, the top Republican on the finance committee, is sending a letter to the SEC's inspector general about the investigation.

"Given the later collapse and federally backed bail-out of Bear Stearns, Congress needs to understand more about this case and why the SEC ultimately sought no enforcement action," said the letter that was obtained by Reuters.

News of the letter was first reported on CNBC television. (Reporting by Rachelle Younglai; Editing by Andre Grenon)