The issue focused on financial institutions that operate like banks in federal law. Lawmakers asked Attorney General Eric Holder to prosecute several financial firms for allegedly illegally engaging in illegal wire fraud.

After Justice Department lawyers argued they could not legally prosecute criminal prosecutions under federal laws because there was no statute criminalizing violations of civil rights, lawmakers suggested legislation that would prohibit prosecutors from prosecuting civil rights violations by private parties. The legislative proposal passed the House last week and now heads to President Obama's desk.

Mr. Romney made