House ethics investigators Monday formally said they will hold a public trial to determine if Rep. Maxine Waters violated congressional rules by helping steer federal funds to a bank in which her husband owned stock.

Ms. Waters said she welcomed a trial before the ethics committee as an opportunity to prove she did nothing improper.

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A report released today by ethics investigators shows that the probe centers on Ms. Waters' help in steering $12 million in federal funding to a Boston-based bank in which her husband had a financial interest.